Introduction
These terms and conditions serve as a basis of your banking relationship with us, DesolaNeo Limited (“Desola” or the “Firm”). By choosing to open an account with us, you agree to the terms and conditions contained herein. You also confirm that you have provided us with the accurate and complete information required to create your virtual account and that you have supplied all documentation, photographs and information that allow us to comply with our regulatory obligations.
If you do not agree to these terms and conditions, please do not proceed to use the Desola app. Also, please be informed that we can terminate your relationship with us if we believe that you have violated any of these terms.
These terms and conditions, customer privacy policy and any other terms and conditions that apply to our services, form a legal agreement (the “agreement”, or the “terms”) between:
- you, the account holder; and
- us, DesolaNeo Ltd.
The objective of our relationship with you
The objective of establishing a relationship with Desola is to receive services on offer by Desola for its customers. Desola will manage a bank account for the customer, as well as provide additional services such as transfer and payment services.
The primary way we provide our services is through the Desola mobile app. However, we provide our services in other ways too, like through web pages and other means. These terms apply whenever and however you access our services. This means they apply to all the ways you can access a particular service, even if we refer to the service being accessed through a specific means in these terms. For example, when we talk about Desola Card payments, we mean payments using a physical card, but also a virtual card or a card added to Apple Pay or Google Pay.
The prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of the Desola app.
When these terms take effect
These terms are applicable when you choose to open an account or wallet with Desola. We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on this website and when you update your Desola app. You will be able to access the latest version of our terms at any given time.
We may make change to these terms and conditions for the following reasons:
- If we think it will make them easier to understand or more helpful to you.
- To reflect the way our business is run, particularly if the change is needed because of a change in the way any financial system or technology is provided.
- To reflect legal or regulatory requirements that apply to us.
- To reflect changes made by our partners and 3rd party service providers
- To reflect changes in the cost of running our business; or
- Because we are changing or introducing new services or products that affect our existing services or products covered by these terms and conditions.
If we add a new product or service that doesn’t change the terms and conditions of your account, we may add the product or service immediately and let you know before you use it.
Otherwise, we’ll give you notice through the Desola app before we make any change. We’ll assume you’re happy with the change unless you tell us that you want to close your account before the change is made.
What is the scope of our relationship between Desola and our account holders?
Opening an account
You can open an account with us on the condition that you are at least 18 years old, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with prospective customers who don’t meet these conditions.
When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your Desola account and/or wallet. If you would like us to stop doing this, your account will need to be closed.
Verify your Identity
Banking regulations require us to verify your identity before we can open an account for you. You will need to have an active phone number, provide a personal picture, proof of ID, proof of address and BVN details.
In line with regulations, we perform due diligence prior to offering you services and so it is your responsibility to ensure details provided including mailing address, email address, physical address and other contact information are up to date.
Language and Communication
English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English. If you have any questions about your relationship with Desola, you can contact us via email on [email protected].
We’ll usually communicate with you through the Desola app. This is how we will provide account information and tell you about any fraud, or suspected fraud, relating to your account. It is also how we will tell you if there is a security threat to your account. Make sure you regularly check the Desola app for this information.
To help keep your account safe, download the latest software for your mobile device and the latest version of the Desola app as soon as they are available.
We may also communicate with you by text message, WhatsApp or email, so you should regularly check your text messages and email account.
Notifications
By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage because of unauthorised access to the information sent.
In addition, by opening this account, you agree to opt out of mandatory SMS alerts directed by the CBN in favour of push notifications. You agree to indemnify Desola against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Firm as well as against all actions, proceedings or claims (including attorney’s fees) whether civil or criminal, which may be brought against Desola by reason of such notifications.
How do I get information on payments into and out of my account?
You can check all payments into and out of your account through the Desola app. We will not make any changes to your account information – it will be available to you through the Desola app while you are a customer. If you need to keep a copy of the information after your account is closed, you will need to make a request to Desola customer service team.
We will send a notification to your mobile device each time a payment goes into or out of your account except for inter account transfers between your Desola accounts. You can turn off these notifications, but if you do, you should regularly check your payments on the Desola app. It’s important that you know what payments go into and out of your account, so we recommend that you do not turn off notifications.
Desola Accounts/ Wallets
When you open a Desola account, you will have access to a Basic account and two sub-accounts: a Desola sub-account for Desola-to-Desola transfers along with bill payments and an activity sub-account for your every-day transactions.
Your Desola Basic account can be funded via bank transfers as it comes with bank account details. Funds in the Basic account can be applied:
- To make transfers to external accounts in other banks
- To receive payments from other external bank accounts
- To make internal transfers to and from your other Desola accounts
- To make different bill payments directly on our app and
- To make card-based payments
The Desola Activity sub-account is designed so you can determine and control the amount of funds set aside for everyday transactions. With the activity account, you can make individual, business and merchant payments using your personalised QR code.
The Desola sub-account can be used to facilitate Desola-to-Desola payments and bill payments.
Desola Card
Desola is not offering any debit or credit cards now. If you are interested in having a payment card, please express your interest on the app. When we commence our card services, we will reach out and advise you on next steps. Our invitation to express your interest does not in any way place any obligation on Desola to provide such card services at a set future date.
Desola QR Code
Desola provides the mechanism to make QR Code based payments by scanning Desola QR codes via the app. It is your responsible to secure the use of your app to make or receive QR Code based payments. You agree to indemnify Desola against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Firm as well as against all actions, proceedings or claims (including attorney’s fees) whether civil or criminal, which may be brought against Desola by reason of use of the QR Code scan function or your designated Desola QR Code on the app.
Desola Conversion Services
Desola customers with primary location outside Nigeria will have the opportunity to exchange non-naira currencies for naira payments into their Desola basic accounts or any other Nigerian bank account. The conversion service will be available on the major G7 currencies and will be carried out at disclosed exchanges rates.
The exchange rate may change between the time you told us you wanted to exchange currency and the time we actually carry out the conversion. This means that if you ask us to exchange currency, you may receive a little more or less back than what you had expected. Once we’ve converted a currency, your transaction history in the Desola app will show the exchange rate that was applied.
However, Desola reserves the right not to carry through any conversion that has been executed on the app or by any other means if there are sudden movements in exchange rate post execution of the transaction. We’re not responsible if you lose any money as a result of a currency exchange.
By accepting these terms, you agree to indemnify Desola against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Firm as well as against all actions, proceedings or claims (including attorney’s fees) whether civil or criminal, which may be brought against Desola due to our refusal to carry through those conversions.
Payment Limits
Please note due to regulatory measures or directives from government agencies we might limit how much you can receive into or pay from your account, or how much you can withdraw or spend. We might also limit the value of currency exchange you can carry out at any one time or over a period of time.
These limits can change from time to time. By agreeing to these terms, you agree to abide by these limits.
Can I cancel a payment or currency exchange?
A payment cannot be cancelled after it is made. This means you won’t be able to cancel any payment which you ask us to make instantly (like an Instant Transfer or a currency exchange).
When we will refuse or delay a payment
We must refuse to make a payment or delay a payment (including inbound and outbound payments) in the following circumstances:
- If legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks
- If you have broken these terms and conditions in a way that we reasonably believe justifies us refusing or delaying your payment
- If we believe that processing your instruction would break these terms and conditions or that your instruction doesn’t contain all the information we need to make the payment properly.
- If the amount is over, or would take you over, any limit that applies to your account.
- If there is not enough money available in your account to make the payment and cover any charge.
- If a bankruptcy order is made against you.
- If, even after doing everything reasonably possible, we won’t be able to make the payment on time.
- If a third party prevents us from making the payment.
- If you owe us money or we intend to exercise our right of set-off.
- if we have asked you for important information we reasonably need and you have not given us that information; or
- if we have suspended or frozen your account.
When we refuse to make a payment, we’ll always try to let you know. If we can, we’ll use the Desola app to tell you that we have refused to make a payment. If you’d like to find out why we refused the payment, and what you can do to solve any problem, please contact us on [email protected].
We won’t be responsible for any losses you suffer as a result of us refusing or delaying a payment.
Fees and charges
We do not charge any form of maintenance fees or monthly account charges.
There are charges that might apply when you are making payments from or receiving transfers into your Desola account. These include:
- 3rd party charges for transfers/deposits received into your account.
- NIBSS, VAT and other 3rd party charges for payments made from your Desola account
- Transactions charges relates to QR code payments
- Transaction charges related to card payments
- There is additional 3rd party charge for payments above 10,000,000 naira to external accounts.
When we might block your account
The safety of your money is important to us. We might prevent you from making payments from your account or with your Desola Card if we’re reasonably concerned about its security or that it might be used fraudulently or without your permission.
We might also have to block your account or Desola Card to meet our legal obligations.
We’ll tell you via email if your account is blocked. We’ll also let you know why we’ve done it (unless it would reduce your or our security or it would be unlawful).
How Is your money protected?
Desola does not issue loans and advances. Desola also does not invest clients’ funds. As such your deposits are safeguarded and entirely held in cash current accounts in a CBN licensed bank.
When we become aware of a transfer to your Desola basic account, the app is updated to show the equivalent value received in your account immediately.
When money is received into your account, it is immediately placed it into your dedicated segregated client bank account in a CBN licensed bank (client money accounts keep your money separated from our own money). Here your money is safeguarded and can only be accessed via the Desola app.
Please note telecommunication and interbank transfer infrastructure systems are out of our control and as such there could be a time lag between when the money is sent from another bank and when it arrives in your Desola account. If your app notification settings are activated, you will receive a notification the moment the amount is reflected in the app.
Desola to Desola transfers are spontaneous and the transfers should be reflected in your account immediately with the rare exception of cases where there are system disruptions from our 3rd party partners which are outside our control.
We keep safeguarding your money until you pay it out. This happens when you spend or withdraw it using your Desola card, send it to another bank account or Desola user, or spend it in any other way.
What would happen In an insolvency?
Safeguarding helps protect you if we were to become insolvent. If that were to happen, you (and all our other customers) would be paid your balances from designated client money bank accounts as these accounts are segregated. Given your funds are always in cash as Desola only facilitates payments from your account, you have access to 100% of your funds immediately and this will be paid into your designated transfer account.
Desola app security – Keeping your Desola account safe
We do everything we can to keep your money safe. We ask you to do the same by keeping your Desola app access and security details safe.
This means you shouldn’t keep your password / passcode details where they can be accessed, and you should disguise or protect them if you write them down or store them. Don’t share your password or passcode details with anyone including any Desola staff.
Sometimes it’s easy to forget to take the steps you should take to keep your money safe. Here are a few tips:
- Make sure you close the Desola app (or any other means of accessing your account) when you’re not using it.
- Keep the devices you use to access your Desola account secure.
- Keep the factors used to log into your Desola account (like your email account and or phone number) secure and don’t let other people use them; and
- Download the latest software for the device you are accessing Desola from and the latest version of the Desola app as soon as they are available.
If your QR Code gets unduly exposed or if your Desola passcode is compromised, we recommend you change your app access passcode and /or delete existing QR code and generate a new QR Code. You should also change your account password if this gets compromised.
You are responsible for maintaining the security and confidentiality of your passwords, passcodes or any other identifier that you use to access your account and our services. We recommend you use a strong password and limit its use to your Desola account. We also recommend you activate the two-step factor verification on the app as an additional security measure. Do not allow anyone including Desola staff to have or use your password or Desola passcode details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.
Are you responsible If something goes wrong with my account, my Desola Card or the Deosola app?
We’ll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can’t promise that this will always be the case or that the services will be free from faults. We also rely on some third parties to provide services to you, which can sometimes disrupt our services. We’ll always do our best to solve any problems with our services, no matter what the cause may be.
If you have a Desola Card, we will let you know about any changes to our system that will affect your ability to use the card.
We will not be responsible for losses resulting from us failing to meet our obligations for payments into and out of your account because:
- you have breached these terms and conditions or have acted unlawfully.
- of a legal or regulatory requirement.
- because of failure of third party and other telecommunication and national payment infrastructure systems.
- because of failure of national power grid or breakdown in internet and data transmission systems.
- unforeseeable events outside our control, which were unavoidable at the time.
- because of directives from law enforcement and other government agencies.
We will only be responsible for foreseeable losses. If we break the agreement, we will only be responsible for any loss that we could have foreseen at the time we entered into the agreement.
How you might owe us money
You cannot borrow money on your account (for example, make payments of more than the value of the money in it). However, if you owe us or a third-party money for any charges or fees, we can take the amount you owe us from any amount we are due to pay to you. We call this our right of set-off.
You may be responsible for paying taxes or costs that apply to payments you make or receive through your account and that we are not responsible for collecting from you.
If you owe us money and you don’t top up your account or repay us within seven days, we can recover the amount by:
- Exercising our right of set-off; or
- Taking other legal steps to recover the money you owe us, such as instructing lawyers or debt collectors.
- If we take any (or all) of these steps, we might charge you our reasonable costs.
When you might be responsible for our losses
You may be responsible to us for certain losses. If you have broken these terms and conditions, and this has caused us to suffer a loss, the following will apply:
- You will be responsible for any losses we suffer as a result of your action (we will try to keep the losses to a minimum);
- If your actions result in us losing profits, you may also be responsible for those losses. You won’t be responsible if this would mean that we are compensated twice for the same loss; and
- You will also be responsible for any reasonable legal costs that arise as a result of our losses.
Closing an account
You can close your account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access our mobile application.
If your account has been temporarily restricted, we may not be able to close your account until we have completed our enquiries.
We reserve the right to close, suspend, freeze or limit access to your account, if:
- The information we obtain from you does not comply with regulatory requirements.
- You haven’t given us any information we need, or we have good reason to believe that information you have provided is incorrect or not true.
- You do not meet, or are in breach of, the terms and conditions contained herein.
- We have good reason to suspect that you are behaving fraudulently or otherwise criminally.
- We have good reason to believe that your use of the Desola app is harmful to us or our software, systems or hardware.
- We have good reason to believe that you continuing to use your account could damage our reputation or goodwill.
- You create risk or possible legal exposure to us.
- We are required to do so by law.
- There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Desola account.
- We have asked you to repay money you owe us and you have not done so within a reasonable period of time.
Please note that the list above is not exhaustive.
As a firm providing transfer and payment account services, we are required to comply with the international sanction laws and regulations issued by the United States of America’s Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom’s Treasury (HMT) , as well as local laws and regulations applicable to financial institutions. Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any OFAC, EU, UN and HTM sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.
In addition, Desola is required to comply with all extant laws in Nigeria, including the rules, regulations, guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time.
You further confirm that your account shall be used solely for legal purposes and shall not be used for illegal or criminal activities, including but not limited to obtaining funds under false pretences or any other fraudulent activity in contravention of extant laws in Nigeria.
What happens after my account Is closed?
Your remaining account balance will be transferred to your designed bank account. Please note we’ll hold back enough money to cover any payments that you approved before your account was closed. You’ll also still owe us any money that you owed us while your account was open.
Data Protection
By opening this account, you consent to us processing your personal information:
- To provide products and services to you in terms of this agreement and any other products and services for which you may apply.
- To carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
- in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policy.
For more information about how we use your personal information, see our customer privacy policy.
Confidentiality
Some of the features we make available in the Desola app are social in nature. This means that other Desola customers may be able to see limited information about you (such as your name, email and profile picture). For example, if a customer searches for your username in the app, they will see your full name, email address and profile picture.
By entering into this agreement, you acknowledge that limited information about you may be accessible to other Desola customers.
Marketing and Protection
We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about Desola products. You can unsubscribe from our newsletter using the link provided for that purpose in each newsletter we send.
Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry
You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, etc., if a fraudulent activity is associated with the operation of your account.
You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your account.
Our Intellectual Property
We own all the intellectual property in our products (for example, the content in our app and on our website, our logo and card and QR code designs). You must not use our intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).
Our contract with you
Only you and we have any rights under the agreement. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.
Our right to transfer
We will only transfer any of your and our rights or obligations under the agreement if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement. When we transfer rights and obligations we call this ‘novation’. When we only transfer rights, we call this ‘assignment’.
The laws of the Federal republic of Nigeria apply to these terms and conditions. The English version of the agreement applies If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply.
Our right to enforce the agreement
If you have broken the agreement between you and us and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.
Taking legal action against us
If you want to take legal action against us in the courts, only the courts of the Federal Republic of Nigeria can deal with any matter relating to these terms and conditions.
How to make a complaint
If you’re unhappy with our service, we’ll try to put things right. We always do our best, but we realise that things sometimes go wrong. If you have a complaint, please contact us on [email protected].
You’ll need to tell us:
- Your name
- The phone number and email address associated with your account
- When the problem arose; and
- How you’d like us to put the matter right.
We will look into your complaint and respond to you by email. We will communicate with you in English, unless we tell you otherwise.
Declaration
By choosing to proceed, you agree that you understand that you are opening an account with Desola and all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.
Finally, you agree to indemnify the firm for any loss suffered because of any false information or error in the information you have supplied us.