Terms of Service
1. Acceptance of terms
By checking the acceptance box during registration, downloading the Fendo app, or using our web interface, you agree to these Terms of Service and our Privacy Policy. If you do not agree, do not use our services.
2. Eligibility
To use Fendo, you represent and warrant that you are at least 18 years old, have the legal capacity to enter into a binding contract, and are eligible to hold and use the identity documents you submit for verification. Registration currently requires a valid Nigerian mobile phone number. By creating an account, you confirm that all information you provide, including during identity verification, is accurate and belongs to you.
3. Account registration and identity verification (KYC)
You must complete identity verification before you can use your wallet. You provide your date of birth and residential address in the app, then complete verification on our licensed payments partner's hosted verification page, which checks your identity document (such as a national ID, international passport or driver's licence) and that a live person is present.
That partner performs its own verification and its decision is final: we cannot approve an account it has declined. The documents, identity numbers and liveness check you complete on its page are collected by it, not by us. Until it has approved you, your account cannot transact.
Once you are approved, these transaction limits apply:
- •up to $5,000 per transaction;
- •for purchases of cryptocurrency with Naira, up to $5,000 in any period of 24 hours;
- •up to $25,000 across all purchases and sales together in any rolling period of 30 days;
- •higher limits may be agreed for your account after an enhanced review, meaning documentary evidence of the source of your funds, a stated purpose for the account, and verification of your residential address, reviewed and approved by our compliance team. You can ask for it in the app or through our support team, and we may decline, ask for more, or agree a lower limit than you asked for.
We may apply lower limits where the law requires it or where we reasonably suspect misuse, and our payments partner may apply limits of its own. Separately, as required by the Central Bank of Nigeria, transactions are capped at the Naira equivalent of 20,000 Naira for 24 hours after you sign in on a new device. The limits that currently apply to your account are always shown in the app, and they may be revised from time to time.
You are responsible for maintaining the security of your account credentials, your transaction PIN, and any device on which you have enabled biometric login, and for all activity that occurs under your account. Money-moving actions always require a second proof of identity beyond your password: either a multi-factor authentication check, or your transaction PIN. An account with neither cannot move money.
4. Permitted use and prohibited conduct
Fendo may be used only for lawful purposes. You may not:
- •Exchange funds that are proceeds of criminal activity, or use our platform to launder money or finance terrorism.
- •Use our platform to circumvent Nigerian foreign exchange or capital control regulations.
- •Engage in structuring, or any activity designed to evade our transaction limits or AML controls.
- •Use another person's identity, documents, or account without authorisation.
- •Attempt to forge, replay, or tamper with webhook or callback signatures used by our platform or its service providers.
- •Repeatedly probe or attempt to circumvent transaction limits, or cycle multi-factor authentication enrolment in a manner consistent with attempting to bypass our security controls.
- •Run our app on a device with root or jailbreak access enabled, with debugging or hooking tools attached, or install our app from a source other than the official App Store or Google Play Store.
We monitor for these and other indicators of fraud and abuse, and we may restrict, suspend, or terminate your account, or decline to process a transaction, where we reasonably believe this section has been violated.
5. Holding, buying, selling and withdrawing cryptocurrency
Fendo lets you hold supported cryptocurrency in a wallet, buy it with Naira, convert one coin into another, withdraw it on chain to an address you choose, and sell it for Naira paid to your bank account. Cryptocurrency in your wallet is held for you by our exchange partner, Busha; Fendo does not take custody of it itself. The coins available for each action are those shown in the app, and may change.
When you buy, you pay the Naira amount shown to the temporary bank account issued for that purchase, and the cryptocurrency is credited to your wallet once our partner confirms your payment. If you choose a preferred coin in the app, a deposit received in another coin may be converted into it automatically at the rate in effect when the deposit is processed.
When you withdraw, the cryptocurrency is sent on chain to the address you enter, on the network you choose. The network fee and the minimum are shown before you confirm. A confirmed withdrawal cannot be reversed: you are responsible for the address, and for any memo or destination tag the receiving wallet requires.
When you sell, your cryptocurrency is received by our payments partner into an account we hold with them, converted to Naira, and paid to your bank account, normally within minutes. Between those two steps the Naira sits in our account with the partner. It is owed to you in full at the rate you were shown, and it is not used for anything else. Where the balance you sell is already Naira, no conversion is needed: the Naira moves from your wallet to us, and the figure shown on the quote is paid to your bank account with the same transfer charges deducted.
Where a rate or a coin amount is shown to you before you confirm, it is an estimate. The final exchange rate, and the final amount you receive or are charged, is determined and locked in only once your transaction is confirmed by our exchange partner, Busha, which may occur after you submit your request. Fendo is not liable for differences between the estimated and final amount arising from ordinary market rate movement between those two points in time.
A minimum of 1,500 Naira, all fees included, applies to every sale and every purchase. On a sale it is judged on the Naira your cryptocurrency converts to at the rate shown, before the payout charges described in section 6 are deducted; on a purchase it is the Naira amount you pay. The equivalent in the coin or amount you are entering is shown in the app before you confirm, and a transaction below the minimum is declined rather than settled at a loss to either side. Your transaction limits are described in section 3, and both the minimum and those limits may change with reasonable notice.
6. Fees
You pay no separate fee to sell: the rate you are shown is the rate you are paid at, and it already includes our margin. A purchase carries our fee, itemised on the quote before you pay. A conversion is made at the rate shown before you confirm. Our margin and fees may change from time to time; any change applies only to transactions confirmed after it takes effect.
Our payments partner charges a fee to send your Naira to your bank account, and Nigerian law applies a 50 Naira stamp duty to electronic transfers of 10,000 Naira and above. Both are deducted from your payout, and both are itemised on the quote you confirm and on your receipt. The figure shown to you as what you get, before you confirm, is what reaches your bank account.
Send exactly the amount shown. If you send less, your payout is reduced accordingly. If you send more, the excess is not converted for you: contact our support team and we will return it to you, less any cost of sending it back.
Charges that are not ours, such as any fee taken by the blockchain network you send funds over or withdraw funds on, are outside our control and may reduce the amount that reaches us to sell on your behalf, or the amount that arrives at your address.
7. Rewards and referral program
We may award points to your account for eligible activity, such as completing a sale or a purchase, or successfully referring another user whose account completes a qualifying transaction. Points and referral rewards are paid out of the margin a transaction earns: where a transaction does not carry the platform fee it was priced to earn, no cashback or referral reward is awarded for it. Points can be redeemed for Naira once your balance meets the minimum redemption threshold displayed in the app, at the conversion rate then in effect. Redemption is paid to a bank account you have previously been paid out to, so you must have received at least one such payout before you can redeem. Redemption requests may be reviewed before payout and may be rejected at our discretion (for example, where we suspect abuse of the program); if a redemption request is rejected, the points are returned to your balance. Points and referral rewards associated with a transaction that is later reversed under section 8 will be reversed or clawed back accordingly. We may change the terms of the rewards and referral program, including earning rates, conversion rates, and minimum redemption thresholds, at any time.
8. Transaction reversal
In limited circumstances, such as to correct an operational error or respond to a compliance requirement, we may reverse a transaction on your account. A reversal changes the recorded status of the transaction and, where applicable, initiates recovery of funds through the appropriate channel; it does not automatically move funds back to you or from you in every case, and any required refund may be processed separately. If a transaction that earned you rewards points or activated a referral is later reversed, the associated points and referral rewards will be clawed back from your balance. We will notify you if one of your transactions is reversed.
9. App integrity and mandatory updates
To protect your account and our platform, our app performs the on-device security checks described in our Privacy Policy, and will not operate if it detects that it was not installed from the official App Store or Google Play Store. We may also require you to update to a newer version of the app before you can continue using it, where we reasonably believe an earlier version poses a security, compliance, or operational risk. We are not liable for any inconvenience caused by these protective measures.
10. Service availability
We may temporarily suspend the ability to create new transactions or release held funds, platform-wide and without advance notice, where necessary for security, regulatory, or operational reasons. We will make reasonable efforts to restore full service as quickly as practicable and to display a notice in the app while such a pause is in effect.
11. Account suspension and termination
We reserve the right to suspend or terminate your account, and to end any active sessions on your account, where:
- •We suspect fraudulent, illegal, or policy-violating activity.
- •Your account is flagged or restricted under our own or our service providers' anti-money laundering or sanctions screening.
- •You provide false or inaccurate identity information.
- •We reasonably believe you have violated section 4 of these Terms.
Where practicable, we will provide you with the reason for a suspension.
You may close your account yourself, from Profile in the app. Closing signs you out immediately and permanently prevents sign in with that account, and it remains subject to the data retention requirements described in our Privacy Policy. You cannot close an account that still holds a balance, has a transaction in progress, or is subject to an open compliance review; withdraw your balance and let any transaction finish first. If you are unable to complete closure in the app, contact support@fendomoney.com.
12. Limitation of liability
Fendo is not liable for losses arising from: market rate fluctuations between the time you submit and the time your transaction is confirmed, failures or errors of third-party service providers (including SmileID and Busha), events beyond our reasonable control, temporary service pauses described in section 10, or your failure to maintain the security of your account, device, PIN, or multi-factor authentication. Our total liability for any claim is limited to the fees paid by you in the 3 months preceding the claim.
13. Governing law
These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute shall be subject to the exclusive jurisdiction of the courts of the Federal Capital Territory, Abuja, Nigeria.
14. Changes to these terms
We may update these Terms from time to time. Material changes will be communicated at least 14 days before they take effect via email or in-app notification.
15. Invoicing
You may create invoices, quotes and recurring invoice schedules for your clients, and share a link through which a client can pay an invoice. The link shows what you entered: your name, the amount, the description, the dates and whether it has been paid, together with the wallet address to pay. A client payment is credited to your wallet once it is confirmed by our exchange partner. We do not contact your clients: you send the link, and an unpaid invoice creates no obligation on us. You are responsible for the accuracy of your invoices and for the tax treatment of your income.
16. Contact
Legal and compliance enquiries: legal@fendomoney.com
Fendo Technologies Limited, Abuja, Nigeria.