Terms of Service
Terms of Service
Effective Date: January 2026
Last Updated: January 2026
Welcome to CollatePay
These Terms of Service (“Terms”) govern your access to and use of CollatePay’s website, mobile application, and services (collectively, the “Services”). By creating an account or using our Services, you agree to be bound by these Terms.
Please read these Terms carefully before using CollatePay. If you do not agree to these Terms, you may not access or use our Services.
1. About CollatePay
CollatePay is a digital wallet platform that enables users to buy, sell, and hold cryptocurrency assets, make bill payments, and withdraw funds to linked bank accounts. Our Services are designed for users in Nigeria and are subject to applicable Nigerian laws and regulations.
2. Eligibility
To use CollatePay, you must:
- Be at least 18 years of age
- Be a resident of Nigeria or an eligible jurisdiction
- Have the legal capacity to enter into a binding agreement
- Not be prohibited from using our Services under applicable law
- Complete our Know Your Customer (KYC) verification process
By using our Services, you represent and warrant that you meet all eligibility requirements.
3. Account Registration
3.1 Creating Your Account
To access CollatePay’s features, you must create an account by providing accurate and complete information, including your email address and a secure password. You are responsible for maintaining the confidentiality of your login credentials.
3.2 Account Security
You agree to immediately notify CollatePay of any unauthorized use of your account or any other security breach. CollatePay will not be liable for any loss arising from unauthorized access to your account due to your failure to protect your credentials.
3.3 One Account Per User
Each user may maintain only one CollatePay account. Creating multiple accounts may result in suspension or termination of all associated accounts.
4. KYC Verification
4.1 Identity Verification
To comply with regulatory requirements and protect our users, CollatePay requires identity verification. You agree to provide accurate identification documents and information as requested.
4.2 Verification Levels
Different verification levels unlock different transaction limits. Higher limits require additional documentation. CollatePay reserves the right to request further verification at any time.
4.3 Rejection of Verification
CollatePay may reject verification requests that do not meet our requirements or raise compliance concerns. Users whose verification is rejected may have limited access to Services.
5. Services
5.1 Multi-Asset Wallets
CollatePay provides digital wallets for holding both fiat currency (NGN) and supported cryptocurrency assets. You are responsible for all activity within your wallet.
5.2 Buy and Sell Cryptocurrency
Users may purchase and sell supported cryptocurrencies at prevailing market rates. All transactions are final once confirmed. Exchange rates are displayed before confirmation and may fluctuate.
5.3 Bank Payouts
Users may withdraw NGN to linked bank accounts. Withdrawals are processed according to our standard processing times and are subject to applicable fees displayed before confirmation.
5.4 Bill Payments
CollatePay enables payment of utility bills, airtime, data, and other supported services. Bill payment transactions are final once processed.
6. Fees and Charges
6.1 Transaction Fees
CollatePay charges fees for certain transactions. All applicable fees are displayed transparently before you confirm any transaction. By confirming a transaction, you agree to pay the associated fees.
6.2 Third-Party Fees
Your bank or payment provider may charge additional fees for transactions. CollatePay is not responsible for third-party fees.
6.3 Fee Changes
CollatePay reserves the right to modify fees at any time. Changes will be communicated through the app or via email before taking effect.
7. Prohibited Activities
You agree not to use CollatePay for:
- Money laundering, terrorist financing, or any illegal activity
- Fraud or misrepresentation
- Circumventing transaction limits or verification requirements
- Accessing accounts belonging to others without authorization
- Interfering with or disrupting our Services
- Violating any applicable laws or regulations
- Any activity that could harm CollatePay, its users, or third parties
CollatePay reserves the right to suspend or terminate accounts engaged in prohibited activities and report such activities to relevant authorities.
8. Transaction Limits
CollatePay imposes transaction limits based on your verification level. These limits apply to buying, selling, withdrawals, and other transactions. Attempting to circumvent limits through multiple accounts or other means is prohibited.
9. Intellectual Property
All content, trademarks, logos, and intellectual property associated with CollatePay are owned by or licensed to CollatePay. You may not copy, modify, distribute, or create derivative works without our written permission.
10. Privacy
Your use of CollatePay is also governed by our Privacy Policy, which describes how we collect, use, and protect your personal information. By using our Services, you consent to our data practices as described in the Privacy Policy.
11. Disclaimers
11.1 No Financial Advice
CollatePay does not provide financial, investment, or legal advice. Cryptocurrency investments carry risk, and you should conduct your own research before making any decisions.
11.2 Service Availability
CollatePay strives to maintain continuous service availability but does not guarantee uninterrupted access. Services may be temporarily unavailable due to maintenance, updates, or circumstances beyond our control.
11.3 Third-Party Services
CollatePay may integrate with third-party services. We are not responsible for the availability, accuracy, or reliability of third-party services.
12. Limitation of Liability
To the maximum extent permitted by law, CollatePay shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of our Services. Our total liability shall not exceed the fees paid by you to CollatePay in the twelve months preceding the claim.
13. Indemnification
You agree to indemnify and hold harmless CollatePay, its officers, directors, employees, and agents from any claims, damages, losses, or expenses arising from your use of the Services or violation of these Terms.
14. Modifications to Terms
CollatePay may modify these Terms at any time. We will notify you of material changes via email or through the app. Continued use of the Services after changes take effect constitutes acceptance of the modified Terms.
15. Termination
15.1 Termination by You
You may close your account at any time by contacting support. You must withdraw any remaining balance before closing your account.
15.2 Termination by CollatePay
CollatePay may suspend or terminate your account at any time for violation of these Terms, suspected fraud, regulatory requirements, or other reasons at our discretion.
15.3 Effect of Termination
Upon termination, your right to use the Services ceases immediately. Provisions that by their nature should survive termination will remain in effect.
16. Dispute Resolution
16.1 Informal Resolution
Before initiating formal proceedings, you agree to contact CollatePay to attempt informal resolution of any dispute.
16.2 Governing Law
These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes shall be resolved in the courts of Lagos, Nigeria.
17. General Provisions
17.1 Entire Agreement
These Terms, together with the Privacy Policy, constitute the entire agreement between you and CollatePay regarding the Services.
17.2 Severability
If any provision of these Terms is found unenforceable, the remaining provisions will continue in effect.
17.3 Waiver
Failure to enforce any right or provision of these Terms does not constitute a waiver of that right or provision.
17.4 Assignment
You may not assign your rights under these Terms. CollatePay may assign its rights without restriction.
18. Contact Us
If you have questions about these Terms of Service, please contact us:
Email: support@collatepay.com
Address: Lagos, Nigeria
By using CollatePay, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.