Terms of Service

1. Acceptance of Terms

By downloading, installing, accessing, or using the FavyXchange mobile application ("App") or website at favyxchange.com.ng ("Website"), you ("User," "you," or "your") agree to be legally bound by these Terms of Service ("Terms"), our Privacy Policy, and all applicable laws and regulations.

If you do not agree to these Terms, you must immediately stop using our services and delete the App from your device.

2. Eligibility

To use FavyXchange, you must:

• Be at least 18 years of age.
• Be a resident of or legally authorized to conduct financial transactions in Nigeria.
• Have the legal capacity to enter into a binding agreement.
• Not be prohibited from using financial services under Nigerian law.
• Not have had a previous FavyXchange account terminated for violations.

By registering, you represent and warrant that you meet all of the above eligibility requirements. We reserve the right to verify your eligibility at any time.

3. Account Registration and Security

3.1 Registration

To use FavyXchange's exchange services, you must create an account by providing accurate, complete, and current information including your full name, email address, and phone number.

3.2 Account Security

You are responsible for maintaining the confidentiality of your password and PIN, all activities that occur under your account, and notifying us immediately of any unauthorized use at support@favyxchange.com.ng.

FavyXchange will never ask for your password or PIN via email, phone, or any channel outside the official App.

3.3 One Account Policy

Each user may only maintain one active account. Creating multiple accounts to circumvent limits or bans is strictly prohibited and may result in permanent termination of all accounts.

3.4 Accurate Information

You must provide accurate bank account details for withdrawals. FavyXchange is not responsible for funds sent to incorrectly provided bank accounts.

4. Our Services

FavyXchange provides a platform for Nigerian users to exchange gift cards for Nigerian Naira (NGN). Our services include gift card exchange (submission, verification, and processing), wallet management, bank withdrawals, rewards programme, and transaction history.

We reserve the right to modify, suspend, or discontinue any aspect of our services at any time with reasonable notice. We are not liable to you or any third party for any modification, suspension, or discontinuation of services.

5. Transactions and Payments

5.1 Exchange Rates

Exchange rates are set by FavyXchange and are subject to change at any time based on market conditions. The rate displayed at the time of submission is the rate that will be applied to your transaction. Rates are not negotiable.

5.2 Transaction Processing

All gift card submissions are subject to manual verification by our team. We reserve the right to approve or reject any submission at our sole discretion, request additional information before processing, or delay processing during peak periods or for security reviews.

5.3 Wallet and Withdrawals

• Approved trade amounts are credited to your in-app wallet.
• Withdrawals are processed to verified Nigerian bank accounts only.
• Minimum withdrawal amount is ₦500.
• FavyXchange does not charge withdrawal fees, though your bank may apply standard charges.
• Withdrawals are typically processed within 24 hours.

5.4 Transaction Finality

Once a gift card is submitted and approved, the transaction is final. FavyXchange cannot reverse approved payments. If you believe an error has occurred, contact support immediately at support@favyxchange.com.ng.

6. Prohibited Activities

You agree not to engage in any of the following activities. Violations may result in immediate account termination and potential legal action:

• Fraud: Submitting stolen, counterfeit, altered, or already-redeemed gift cards.
• Money Laundering: Using FavyXchange to launder money or conceal the origin of funds.
• Multiple Accounts: Creating multiple accounts to circumvent limits or bans.
• Unauthorized Access: Attempting to access other users' accounts or our systems without authorization.
• Manipulation: Attempting to manipulate exchange rates, rewards points, or any system feature through technical exploits.
• False Information: Providing false identity, bank account, or card information.
• Illegal Activities: Using our platform for any activity that violates Nigerian law or international regulations.
• Reselling: Reselling, sublicensing, or commercially exploiting our services without written permission.
• Reverse Engineering: Decompiling, disassembling, or reverse engineering the App.
• Abuse: Harassing, abusing, or threatening our staff or other users.

7. Refund Policy

• No Refunds on Approved Trades: Once a gift card is submitted, verified, and approved, the transaction is final and non-refundable.
• Rejected Cards: If your card is rejected, you will receive a notification with the reason. Rejected cards are not charged.
• Wallet Balance: Wallet balances are withdrawable at any time. If you close your account, we will process a final withdrawal of your remaining balance to your registered bank account.
• Erroneous Payments: If a technical error results in an incorrect payment amount, please contact us within 48 hours. We will investigate and make corrections where verifiable.

8. Anti-Money Laundering (AML) Policy

FavyXchange is committed to full compliance with Nigerian anti-money laundering and counter-terrorism financing laws, including the Money Laundering (Prevention and Prohibition) Act 2022.

• We may request identity verification documents at any time.
• We are required to report suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU).
• Large or unusual transaction patterns may trigger additional verification steps.
• We reserve the right to freeze or suspend accounts under investigation.
• We cooperate fully with law enforcement agencies upon receipt of lawful orders.

By using FavyXchange, you confirm that all funds and gift cards exchanged through our platform are of legitimate origin.

9. Intellectual Property

All content, features, and functionality of the FavyXchange App and Website are the exclusive property of FavyXchange and are protected by Nigerian and international intellectual property laws. You are granted a limited, non-exclusive, non-transferable, revocable license to use the App for personal, non-commercial purposes only. You may not copy, modify, or distribute our content without written permission.

10. Disclaimers

THE FAVYXCHANGE APP AND SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. FavyXchange does not guarantee that gift card trades will always be approved. Approval is subject to card validity, market conditions, and our internal policies at the time of submission.

11. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY NIGERIAN LAW, FAVYXCHANGE SHALL NOT BE LIABLE FOR any indirect, incidental, special, consequential, or punitive damages; loss of profits, revenue, data, or goodwill; damages resulting from unauthorized access to your account due to your failure to maintain security; losses caused by third-party services beyond our control; or service interruptions caused by maintenance, technical failures, or force majeure events.

Our total liability to you for any claim arising from your use of the service shall not exceed the total amount of Naira credited to your wallet in the three (3) months preceding the claim.

12. Account Termination

12.1 Termination by You

You may close your account at any time by contacting support@favyxchange.com.ng. Any remaining wallet balance will be transferred to your registered bank account before closure.

12.2 Termination by FavyXchange

We may suspend or terminate your account immediately, without prior notice, if you violate any provision of these Terms, we detect fraudulent or suspicious activity, you provide false or misleading information, or we are required to do so by law or regulatory authority.

12.3 Effect of Termination

Upon termination, your right to use the App ceases immediately. Sections 8, 9, 10, 11, and 13 of these Terms survive termination.

13. Governing Law and Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes shall first be attempted to be resolved through good-faith negotiation. If unresolved within 30 days, disputes shall be submitted to the courts of competent jurisdiction in Nigeria.

14. Changes to These Terms

We reserve the right to modify these Terms at any time. When we make material changes, we will update the "Last Updated" date, send a push notification through the App, and display an in-app notice. Continued use of FavyXchange after changes take effect constitutes your acceptance of the revised Terms.

15. Contact Us

If you have any questions about these Terms of Service, please contact us: