TermsofService&BankingAgreement.
These Terms of Service constitute a legally binding agreement between you and AjePay Microfinance Bank Limited governing access to the AjePay Android mobile banking application, NIP inter-bank payment rails, and automated utility vending services.
Contractual Relationship
By downloading, installing, registering, or operating the AjePay mobile banking application or accessing services via ajepay.ng, you confirm that you have read, understood, and agreed to be bound by these Terms of Service and our Privacy Policy.
AjePay is operated by AjePay Microfinance Bank Limited, a financial institution incorporated under the laws of the Federal Republic of Nigeria and duly licensed by the Central Bank of Nigeria (CBN), with customer deposits insured by the Nigeria Deposit Insurance Corporation (NDIC).
Onboarding and Statutory Limits
Age and Legal Capacity: You must be an individual of at least 18 years of age with full legal capacity to enter into a binding contract under Nigerian law.
Statutory Identity Match: Opening an account requires submitting an active Nigerian mobile phone number and your 11-digit Bank Verification Number (BVN) or National Identification Number (NIN). In accordance with Central Bank of Nigeria Customer Due Diligence (CDD) guidelines, all identity information is verified in real-time against central NIBSS and NIMC databases.
Compliance Tiers: Your account is subject to CBN transaction thresholds:
- • Tier 1: Phone & OTP verified. Maximum single deposit ₦50,000; daily cumulative transfer ₦50,000.
- • Tier 2: BVN / NIN verified. Maximum single deposit ₦200,000; daily cumulative transfer ₦200,000.
- • Tier 3: Full KYC with verified residential address and valid government ID. Maximum daily transfer ₦5,000,000+ (extendable for corporate treasuries).
Safeguarding Your Security Credentials
Your 4-digit Transaction PIN and Android Hardware Keystore biometric enrollment are your confidential electronic signatures. Every transaction authorized with your correct PIN is deemed to have been executed by you.
Never share your 4-digit PIN with anyone, including AjePay concierge personnel.
Enable Android StrongBox hardware fingerprint/face authentication for additional protection.
Notify us immediately at concierge@ajepay.ng if your phone is lost, stolen, or subject to a SIM swap.
NIP Inter-Bank Transfers
Automated Name Enquiry: Prior to authorizing any inter-bank transfer, AjePay's system automatically performs a real-time account name validation via NIBSS. You are strictly responsible for confirming that the recipient's verified legal name matches your intended beneficiary before authorizing payment.
Irrevocability: Because NIP transfers settle in sub-second timeframes (< 0.8 seconds), once an instruction is authenticated with your 4-digit PIN and submitted to the switch, it cannot be canceled, reversed, or recalled by AjePay.
STS Meter Tokens & Telecom Rails
Electricity STS Tokens: AjePay vends 20-digit prepaid tokens for all 11 Nigerian DisCos (IKEDC, EKEDC, AEDC, IBEDC, PHED, etc.). Tokens are generated based on the exact meter number provided. You acknowledge that under Nigerian Electricity Regulatory Commission (NERC) rules, DisCos may automatically deduct historical arrears or debt components from purchased units.
Telecom SME Data & Airtime: Airtime and SME data are provisioned directly through carrier gateways (MTN, Airtel, Glo, 9mobile). Delivery is instant upon successful carrier handshake.
Cable TV Subscriptions: Decoder error codes (E16/E30) are signaled for clearance upon renewal, subject to MultiChoice satellite connectivity.
Zero Account Maintenance Charges
AjePay does not charge monthly account maintenance fees, card holding charges, or SMS alert fees. Statutory government levies (such as Electronic Money Transfer Levies - EMTL) and statutory third-party switch fees are displayed transparently before transaction authorization.
Zero Tolerance for Financial Crime
You agree not to use AjePay for any unlawful purposes, including but not limited to money laundering, terrorist financing, cybercrime, identity fraud, unauthorized commercial scraping, or attempting to exploit banking switch vulnerabilities. AjePay reserves the right to immediately freeze suspicious wallets, reverse fraudulent credits under CBN guidelines, and report offending entities to the Nigerian Financial Intelligence Unit (NFIU) and law enforcement authorities.
Applicable Law
These Terms of Service are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising from or relating to your account shall first be submitted to our Client Concierge Desk for amicable settlement. If unresolved within 30 days, disputes shall be referred to arbitration under the Arbitration and Mediation Act 2023, seated in Lagos, Nigeria.
AjePay Microfinance Bank Limited
Corporate Headquarters: Plot 14 Admiralty Way, Lekki Phase 1, Lagos, Nigeria
Legal & Compliance Enquiries: concierge@ajepay.ng | privacy@ajepay.ng
Official Portal: https://ajepay.ng