FAYA BY XEGO

Terms of Service

The rules for using the Faya payment and messaging service.

Last updated 16 October 2026

These Terms of Service (“Terms”) govern your use of the payments and messaging service operated by Faya by Xego (“Faya”, “we”, “us”). By onboarding, transacting or otherwise using the service, you agree to these Terms. If you do not agree, do not use the service.

1. Definitions

  • Customer — a person who funds a Faya wallet and pays a business, requests money, joins a thrift group, or buys mobile data.
  • Merchant — a business that registers with Faya to receive payments from customers.
  • Service — the Faya chat-based payment experience (WhatsApp, Instagram, Telegram, TikTok), the secure web checkout and web flows, the merchant dashboard, the customer wallet, invoices, thrift, data top-ups and the partner API.
  • Chat channel — the third-party platform you use to reach Faya.

2. Eligibility and capacity

You must be at least 18, have the legal capacity to contract, and comply with all laws that apply to you. If you use the service for a business, you confirm you are authorised to bind that business.

3. The service

Faya connects a conversation to a completed transaction. Depending on the flow you use, the service lets you:

  • pay a merchant by card or bank transfer through our hosted checkout;
  • hold and fund a wallet, and pay from the wallet;
  • create, send and pay invoices;
  • request money through a shareable link;
  • set up or join thrift (ajo/esusu-style) groups;
  • buy mobile data; and
  • pay or be paid through the partner API.

Payment success is recorded only after the result is independently verified on our side. Bank-transfer payments complete on the hosted checkout, and we verify the outcome before marking a payment successful.

4. Accounts, identity and verification

  • You must give accurate information and keep it current.
  • We verify your identity before you can hold a wallet or transact above the basic tier. Our verification ladder is tiered (L0–L3, mapping to CBN tiers); higher tiers require more evidence, such as a government-issued photo ID plus verified BVN and NIN, and address proof.
  • Merchants complete business verification (KYB), including company registration, tax identification, beneficial ownership, location and any compliance certificate.
  • We may refuse, restrict or withdraw service, require more information, or re-verify you at set intervals, on significant changes, or where the law requires.

5. Customer terms

  • Funding your wallet. You can add money by card or bank transfer through the hosted checkout. Money becomes available once the payment is verified.
  • Paying. When you pay, you must review the merchant name and amount before confirming. Payments from a wallet require sufficient, active funds and confirmation.
  • Money-in is not blocked by tier, but moving money out requires the appropriate verified tier.
  • Refunds. Refunds of eligible payments are returned to the original source or credited to your wallet as described at the time of refund.

6. Merchant terms

  • Registration and approval. Merchant requests start as pending and become active only after Faya reviews and approves them. Approval links the requesting user as the merchant owner and unlocks merchant-only features.
  • Settlement. Collected funds are settled to your registered settlement account. Settlement batches are cut, a settlement fee applies (see section 7), and payouts run through the applicable bank-transfer rail. The first settlement account you register becomes your default; payouts target the default active account.
  • Chargebacks and disputes. We will notify you of disputes and work with you to resolve them. We may hold or reverse amounts connected to a dispute, fraud or an error.
  • Reversal. A failed or reversed payout is recorded and the batch can be reopened so a new payout can be requested.
  • Tax and compliance. You are responsible for your own tax, licensing and record-keeping, and for the lawfulness of what you sell.

7. Fees

Fees, where they apply, are shown in the dashboard or at the point of payment. A settlement fee (a percentage of each settlement batch, currently set at 2.5% unless your dashboard says otherwise) is deducted at cut time. Payment-channel fees may apply. We may change fees with notice; continued use after the change is acceptance.

8. Acceptable use

You must not use the service to:

  • break any law, including AML/CFT, sanctions, consumer-protection or tax law;
  • launder money, finance terrorism, evade sanctions, or commit fraud or any financial crime;
  • infringe intellectual property, or distribute malware or unlawful content;
  • impersonate another person or business, or give false verification information;
  • interfere with, overload, probe or reverse-engineer the service; or
  • use the service in a way that harms Faya, other users or the payment networks.

9. AML/CFT

We are required to identify customers, monitor transactions and screen against sanctions, PEP and watchlists. We may freeze a wallet or account, refuse or reverse a payment, refuse or exit a relationship, and make reports to the CBN/NFIU, without telling you where the law prohibits it. You must cooperate with our verification and provide source-of-funds information on request.

10. Third-party platforms and services

The service relies on third parties, including the chat channels (Meta for WhatsApp and Instagram, TikTok, Telegram), the payment gateway (Interswitch), the payout rail and VTPass for data. Your use of those platforms is also governed by their own terms, and their availability and rules are outside our control. Some channels have limited interactive features, so menus appear as text.

11. Intellectual property

The service, its software, brand and content are owned by Faya or its licensors. We grant you a limited, non-exclusive, revocable licence to use the service under these Terms. You retain ownership of your own content and grant us the licence needed to operate the service.

12. Availability and changes

We aim to keep the service available but do not guarantee uninterrupted service. We may change, suspend or withdraw features, and may carry out maintenance. The service is offered on the basis described at the point of use; where it is presented as a preview or concept, no real payments are moved.

13. Disclaimers

The service is provided “as is” and “as available”. To the extent permitted by law, we disclaim implied warranties, including fitness for a particular purpose and merchantability. We do not guarantee that a chat message will always be delivered on time, or that a payment network will always be available.

14. Limitation of liability

To the extent permitted by law, Faya is not liable for indirect, incidental, special or consequential losses, or for lost profits, data or goodwill. Our total liability arising from the service is limited to the greater of the fees you paid us in the three months before the event, or the amount of the transaction concerned. Nothing in these Terms limits liability that cannot be limited by law, including for fraud or wilful misconduct.

15. Indemnity

You agree to indemnify Faya against claims, losses and costs arising from your breach of these Terms, your misuse of the service, or your violation of a third party’s rights.

16. Suspension and termination

We may suspend or terminate your access if you breach these Terms, if we are required by law, or to protect the service or others. You may stop using the service at any time. On termination, amounts owed and regulatory records survive, and retention is handled under our Privacy Policy.

17. Governing law and disputes

These Terms are governed by the laws of the Federal Republic of Nigeria. The courts of Lagos State have jurisdiction, and we will try to resolve disputes with you in good faith before either of us starts proceedings.

18. General

If a provision is found unenforceable, the rest stays in force. These Terms, together with our Privacy Policy and any terms shown at the point of use, are the whole agreement between us. We may assign our rights; you may not without our consent. Notices to us go to support@myfayago.com; notices to you may be sent through the channel you use.

19. Contact