MonyTrack Business Terms of Service

1. About MonyTrack

MonyTrack provides an integrated financial operating system designed to support business financial management across payments, accounting, compliance, and operations.

Our platform aggregates financial tools including, but not limited to:

• Banking & Payments: Business accounts, collections, and bulk payments.
• Workflows: Structured approval-based payment workflows and expense management.
• Compliance: Payroll processing (pension and PAYE filing) and FIRS-compliant e-invoicing.
• Operations: Cloud accounting, financial reconciliations, and vendor management.

MonyTrack operates as a financial technology platform and partners with licensed financial institutions to deliver regulated services.

2. Eligibility and Account Registration

You must be a duly registered business or authorized individual with legal capacity to enter into binding agreements. By creating an account on MonyTrack, you agree to the following:

2.1 Business Entity: You represent that you are a duly incorporated business entity or a registered business name under the laws of the Federal Republic of Nigeria.

2.2 Authority: The person creating the account must have the legal authority to bind the business entity to these Terms and must be at least 18 years of age.

2.3 KYC Requirements: In compliance with Central Bank of Nigeria (CBN) regulations, you must provide accurate "Know Your Customer" (KYC) and "Know Your Business" (KYB) information, including Certificate of Incorporation (CAC), TIN, and BVN/NIN of directors.

We reserve the right to approve, deny, or suspend accounts where verification is incomplete or risk concerns arise.

3. Services

MonyTrack enables users to manage financial operations through a unified interface.

• Business accounts are provided through regulated partner institutions, and funds are held in accordance with applicable financial regulations.
• Payment execution is subject to user-defined approval workflows, and you are solely responsible for configuring these workflows.
• Payroll and tax services are provided as facilitation tools, and you remain responsible for compliance with applicable laws.
• AI-powered reconciliation tools are provided to assist financial matching and insights but do not replace professional judgment.

4. User Obligations

You agree to use the platform in compliance with all applicable laws and regulations.

You are responsible for maintaining the confidentiality of your login credentials and ensuring that access to your account is properly controlled. You are responsible for all activities under your account, including those initiated by your authorized team members.

You must ensure that all financial data entered into the system is accurate and up to date.

5. Prohibited Use

You may not use MonyTrack for unlawful purposes, including fraud, money laundering, or terrorist financing.

You may not attempt to gain unauthorized access to the platform, interfere with system integrity, or reverse engineer any part of the service.

Restricted Business Categories: MonyTrack may not be used by businesses engaged in cryptocurrency trading, gambling, adult content, weapons trading, or any activity prohibited under Nigerian law or CBN regulations. We reserve the right to decline or terminate accounts in restricted categories.

We reserve the right to investigate and take appropriate action against violations, including reporting to relevant authorities such as the Economic and Financial Crimes Commission (EFCC) or Nigerian Financial Intelligence Unit (NFIU).

6. Intellectual Property

All intellectual property rights in the MonyTrack platform, including but not limited to software, trademarks, logos, user interface designs, documentation, and content, are owned by MonyTrack or its licensors.

You are granted a limited, non-exclusive, non-transferable license to access and use the platform for your internal business purposes in accordance with these Terms.

You may not copy, modify, distribute, sell, or lease any part of our platform, nor may you reverse engineer or attempt to extract the source code of any software.

7. Fees and Billing

MonyTrack may charge subscription, transaction, FX, or service-based fees depending on usage.

Subscription Fees: Standard subscription fees are inclusive of 7.5% VAT unless otherwise stated on your invoice.

Transaction Fees: Per-transaction fees are exclusive of applicable taxes and will be deducted at the point of transaction or billed separately.

FX Fees: Foreign exchange transactions are subject to prevailing market rates at the time of conversion plus applicable service fees. Exchange rates are determined by our banking partners and displayed before transaction confirmation.

We reserve the right to update pricing with at least 30 days prior notice. Current fee schedules are available on your dashboard and at monytrack.com/pricing.

8. Transaction Limits

Transactions on MonyTrack are subject to limits imposed by our banking partners and regulatory requirements, including Central Bank of Nigeria (CBN) guidelines.

Transaction limits may vary based on your account tier, KYC verification level, and business category. Current limits applicable to your account are displayed on your dashboard.

We reserve the right to impose additional limits for risk management purposes or as required by applicable regulations.

9. Refunds and Failed Transactions

Failed Transactions: If a payment fails due to technical issues on our platform, the amount will be reversed to your account within 24-72 hours. Failed transactions due to incorrect beneficiary details are subject to investigation and may take up to 14 business days to resolve.

Subscription Refunds: Subscription fees are non-refundable once a billing cycle has commenced. You may cancel your subscription at any time, and it will remain active until the end of the current billing period.

Chargebacks: If you receive a chargeback or dispute on collections made through MonyTrack, you are responsible for providing supporting documentation. Unresolved chargebacks may be debited from your account balance.

For refund requests or transaction disputes, contact support@monytrack.com with your transaction reference.

10. Service Availability

MonyTrack strives to maintain platform availability of 99.5% uptime, excluding scheduled maintenance windows.

Scheduled Maintenance: We will provide at least 24 hours notice for planned maintenance that may affect service availability, except in cases of emergency security updates.

Service Disruptions: In the event of unplanned outages, we will communicate updates through our status page and registered email addresses.

This availability commitment does not constitute a guarantee, and service credits are not provided for downtime unless separately agreed in an enterprise service agreement.

11. Third-Party Services

Our services rely on third-party providers including banks, payment processors, and APIs.

We are not liable for service interruptions or failures caused by third-party providers.

You acknowledge that such services may be subject to additional terms.

12. Data Protection

We process personal and business data in accordance with the Nigeria Data Protection Act (NDPA) 2023.

We implement security measures including encryption and access controls, but cannot guarantee absolute security.

You consent to data processing necessary to deliver services. For full details, please refer to our Privacy Policy.

13. API and Developer Terms

MonyTrack via its API Gateway provides APIs for integration with external systems.

You agree to use APIs in accordance with provided documentation and not to misuse or overload the system.

We may revoke API access if usage violates these Terms or poses a risk to platform stability.

You are responsible for securing your API credentials and any integrations you build.

14. Limitation of Liability

MonyTrack shall not be liable for indirect, incidental, or consequential damages including loss of profits or data.

Our total liability shall not exceed the fees paid by you in the three months preceding the claim.

We are not liable for delays or failures caused by third-party providers.

15. Indemnity

You agree to indemnify and hold MonyTrack harmless from any claims, damages, losses, or expenses (including legal fees) arising from your use of the platform, violation of these Terms, or breach of applicable laws.

16. Suspension and Termination

Suspension: We may suspend your account immediately if we reasonably believe you have breached these Terms, are engaged in fraudulent activity, or pose a risk to platform integrity. During suspension:

• You will be notified of the suspension and the reason (where legally permissible)
• Pending transactions may be held or reversed
• You may appeal the suspension by contacting compliance@monytrack.com within 14 days

Termination by MonyTrack: We may terminate your account with 30 days written notice, or immediately in cases of serious breach, regulatory requirement, or suspected illegal activity.

Termination by You: You may terminate your account at any time by providing written notice. Account closure is subject to settlement of outstanding fees, pending transactions, and any regulatory hold periods.

Post-Termination: Following termination, you will have 30 days to withdraw any remaining funds (subject to applicable holds). After this period, unclaimed funds will be handled in accordance with applicable Nigerian law.

17. Governing Law and Dispute Resolution

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

Informal Resolution: Before initiating formal proceedings, parties agree to attempt good faith resolution through direct communication with support@monytrack.com.

Arbitration: Any dispute that cannot be resolved informally shall be submitted to binding arbitration administered by the Lagos Court of Arbitration (LCA) under its Arbitration Rules. The arbitration shall be conducted in English in Lagos, Nigeria, by a single arbitrator mutually agreed upon by the parties.

Exceptions: Either party may seek injunctive relief in the Federal High Court of Nigeria for intellectual property violations or platform security threats.

18. Force Majeure

We shall not be liable for any failure or delay due to events beyond our reasonable control, including system failures, network outages, or government actions.

19. Modifications

We reserve the right to modify these Terms at any time with notice to users.

Continued use of the platform constitutes acceptance of updated Terms.

20. Severability

If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The invalid provision shall be modified to the minimum extent necessary to make it valid and enforceable while preserving its original intent.

21. Entire Agreement

These Terms, together with our Privacy Policy and any applicable service agreements, constitute the entire agreement between you and MonyTrack regarding use of the platform and supersede all prior agreements and understandings.

22. Contact Information

For inquiries regarding these Terms, please contact:

MonyTrack

Victoria Island, Lagos, Nigeria

General Inquiries: support@monytrack.com

Compliance & Legal: compliance@monytrack.com

Privacy Inquiries: privacy@monytrack.com