Paga is provided by Pagatech Limited ("Pagatech" or "We"), a private limited liability company licenced by the Central Bank of Nigeria to provide electronic payment systems services.
"Account" or "Wallet" is an electronic stored value account on Paga created for use by the customer or Agent. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone, the Paga online systems, and mobile applications.
"Agent" refers to any party or device, including authorized Paga Agents, Merchants, ATMs, connected kiosks and bank tellers that facilitate Paga transactions on behalf of customers.
"ATM" means automated teller machine.
"BVN" means Biometric Verification Number used by the banking industry in Nigeria and issued by a CBN approved financial institution.
"CBN" means for the Central Bank of Nigeria
"Content" means all information whether textual, visual, audio or otherwise, appearing on or available through the services.
"Credit" means the movement of funds into an Account or Wallet.
"Debit" means the movement of funds out of an Account or Wallet.
"IVR" stands for Interactive Voice Response system, the automated phone line that allows a computer to recognize voice and keypad inputs.
"Level 1 customer" refers to a new customer who provides the minimum requirement listed in [4.9] below and as defined in the CBN three tier Know Your Customer (KYC) requirements, either in a self sign-up process or to a Paga agent or authorized administrative centre.
"Level 2 customer" refers to a Paga user who has submitted his phone number, full name, full address and a copy of a verifiable ID card or phone number and BVN as defined in the CBN three tier KYC requirements either in a self sign-up process or to a Paga agent or authorized administrative centre.
"Level 3 customer" refers to a Paga user who has linked his Paga Account with his BVN or has linked his Paga Account to his bank account with one of the banking institutions licensed by the CBN and has provided all required KYC information as defined in the CBN three tier KYC requirements, either in a self sign-up process or to a Paga agent or authorized administrative centre.
"Linked Bank Account/Card" refers to the bank account or bank debit or credit card that you have linked to your Paga Account. This allows you to carry out transactions using funds from your bank account or bank card instead of using your Paga Account balance.
"Merchant" means any person or entity who offers and or accepts payment for goods or services using Paga.
"Mobile Payments" describes the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels. This service is available as part of Paga.
"Mobile phone" means a GSM or CDMA device, whichcan make and receive telephone calls and send and receive SMS, among other communication options.
"NUBAN" means Nigerian Unified Banking Account Number.
"OTP" means One Time Pin, used to authorize transactions or processes.
"Paga" refers to the financial services products offered by Pagatech, with a central feature being a transactional account(s) that may be used in relation to a wide variety of services.
"PIN" means personal identification number being the secret code you choose for secure use of (and access to) your Paga account.
"Products" refer to Paga products, including person-to-person money transfer, bill payments, airtime top-up, Paga retail payments services or other Merchant products and services provided through Paga.
"Registered phone number" refers to any phone number that has been registered on Paga.
"Services" any products and services provided to the customer as part of Paga.
"Paga Wallet" means an electronic stored value account on Paga used to perform transactions.
"Partner Service Provider:" means any person or entity that offer its services or products through Paga.
"Transaction Savings Wallet": An electronic stored value savings account on Paga, used by the customer or Agent to save, earn interest and perform typical Paga transactions
"SMS" or "Short Message Service" is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.
"USSD" or "Unstructured Supplementary Service Data" is a real time messaging channel accessed from a mobile phone and allows user to interact with Paga.
2. The Paga Offering
Paga is a service offered by Pagatech and designed to allow you to:
Sign up as a customer
Receiving access to our broad set of products and features within Paga.
Credit a Paga account with cash by;
depositing at our agent locations;
depositing at any of our collection banks;
transferring funds into Paga from a Linked Bank Account/Card;
receiving money into Paga from another customer.<
pay or transfer money to a third party for personal reasons or as payment for physical or virtual goods or services already received or to be received in the future;
transfer to bank account;
transfer to a Paga Account;
receive money from another party for personal reasons or as payment for physical or virtual goods or services already provided or to be provided in the future.
withdraw cash at any of our Agent locations, Paga centres or ATM;
No interest will be paid on the balance in Paga Accounts or Wallets unless you are subscribed to a product on Paga that pays interest;
Any available funds in your Paga Account or Wallet can be utilized. However, the use of funds in your Transaction Savings Wallet will be subject to the restrictions set out in this Term of Use.
We will endeavour to notify you of additional features that may be offered on Paga and where necessary, the applicable means or requirements to activate any such features.