Terms & Conditions

1. Eligibility

To use BursaPay, you must be at least 18 years old or have the consent of a legal guardian. By registering, you confirm that all information provided is accurate and truthful.

2. Account Registration & Security

Users are responsible for safeguarding their login credentials and for all activities under their account. Notify us immediately of any unauthorized access. BursaPay is not liable for loss or damage arising from user negligence.

3. Payment Processing

All payments made through BursaPay are processed via trusted third-party payment service providers. For Naira transactions, we currently support Flutterwave and Paystack. Additional payment channels, including Monnify, Rexpay, Seerbit, and Opay, have been integrated on our backend and the necessary documentation has been submitted to the respective providers. These services will be made available as soon as they are fully approved and activated.

By using our platform, you agree to be bound by the terms, conditions, and policies of the applicable payment service providers in addition to these Terms of Service.

4. Platform Fees

A reasonable platform fee is applied to each transaction processed on BursaPay, whether for Student Dues payments or Event Ticket purchases. This fee contributes to operational costs such as infrastructure, maintenance, and customer support.

BursaPay leverages some of the most reliable and widely recognized payment gateways in Nigeria to ensure seamless and secure processing. While gateway charges are determined by the respective providers, we work to ensure that such fees remain competitive and, where possible, negotiable. Our goal is to deliver the best possible experience while maintaining transparency and fairness in all charges applied.

Please note that platform fees may be reviewed and revised from time to time. Any such changes will be communicated in advance and reflected in the applicable terms.

5. Settlements & Withdrawals

All payments processed on BursaPay—whether from Event Ticket sales, Student Dues collections, or other forms of accumulated earnings (such as cashback)—are credited to the respective user accounts, including Event Registrars, Organizations, and other platform participants.

Users may initiate a withdrawal request at any time; however, approval and processing of withdrawals are restricted to official working days (Monday to Friday, excluding public holidays). Requests made on Fridays, Saturdays, or Sundays will be queued and automatically processed on the next available working day.

This policy ensures compliance with banking schedules while providing a secure and reliable flow of funds to all users. BursaPay remains committed to transparency and timely settlements across all supported services.

6. Refund Policy

Payments made through BursaPay are generally non-refundable once confirmed. Refunds will only be considered under the following circumstances:

• Confirmed duplicate payments for the same transaction.
• Payments processed in error due to a verifiable technical issue on BursaPay's platform.
• Failure of the intended service (e.g., unsuccessful event ticket issuance or dues not credited) directly attributable to BursaPay.

• Gateway charges and platform fees are non-refundable.
• Approved refunds will be processed to the original payment method within 5–10 business days, depending on the gateway and financial institution involved.
• BursaPay reserves the right to decline refund requests that fall outside the above conditions.

7. Payment Disputes & Failed Transactions

In the event of a failed or disputed payment, users should promptly contact us at [email protected]. Our team will review the case using platform logs, transaction records, and payment gateway reports.

Please note:

• Where applicable, you may also be required to liaise directly with your bank or card issuer for resolution.
• BursaPay is not responsible for delays, holds, or reversals initiated by external financial institutions or blockchain confirmations.
• Investigations may take up to 5–10 business days, depending on the complexity of the issue and the gateway involved.
• If a valid error is confirmed on our platform or gateway partner's side, corrective action (such as transaction reprocessing or refund review) will be taken promptly.

8. Data Privacy & Security

BursaPay is committed to safeguarding your personal and financial information. All sensitive data is transmitted using secure encryption protocols and stored in compliance with applicable data protection regulations, including the Nigeria Data Protection Regulation (NDPR).

We do not sell, rent, or share your information with unaffiliated third parties, except as required for transaction processing, fraud prevention, legal compliance, or with your explicit consent.

While we implement industry-standard security measures, users acknowledge that no online transmission or storage system is entirely risk-free. By using our services, you agree to the practices outlined in our Privacy Policy.

9. Acceptable Use

By using BursaPay, you agree to use the platform solely for lawful and legitimate purposes. You must not engage in any activity that may compromise the integrity, security, or reputation of the platform. Prohibited uses include, but are not limited to:

• Fraudulent or deceptive transactions
• Money laundering, terrorist financing, or any financial crime
• Circumventing payment limits, security checks, or fee structures
• Uploading, transmitting, or distributing harmful code or unauthorized access attempts
• Using the platform to facilitate illegal goods, services, or activities

BursaPay reserves the right to suspend, restrict, or terminate accounts involved in prohibited activities, and may report such violations to relevant authorities as required by law.

10. Vendor Marketplace — How It Works

BursaPay operates a vendor marketplace that connects skilled service providers (vendors) with clients who need their services. The following rules and processes govern how the marketplace functions:

Vendor Onboarding & Verification: Before a vendor can appear publicly on the marketplace, they must complete a full KYC (Know Your Customer) process. This includes submitting a valid National Identification Number (NIN), a live identity photo taken at the time of registration, and a professional portfolio demonstrating their services. All submissions are reviewed and must be approved by a BursaPay administrator. Vendors who have not been admin-verified will not be visible to clients and cannot accept bookings.

Service Listings: Verified vendors may list their services on the marketplace. Each listing includes one or more service packages, clearly defined pricing, and estimated delivery timelines. Vendors are responsible for the accuracy and completeness of their listings.

Booking Process: Clients browse the marketplace, select a vendor and a suitable package, and submit a booking request. Submitting a booking request does not initiate payment. The vendor must first review and explicitly accept the booking before any payment is requested.

Payment into Escrow: Once the vendor accepts the booking, the client is required to pay an upfront amount into the BursaPay escrow system. This upfront amount is a configured percentage of the total service fee, typically between 50% and 100%, as determined by the vendor's service configuration. Until this payment is made, the booking is not considered active.

Escrow Protection: Funds paid by the client are held securely in escrow and are not transferred to the vendor at the time of payment. No funds reach the vendor until the client marks the booking as satisfied, or until an approved instant release is processed. This protects both parties throughout the service delivery process.

11. Escrow & How It Protects You

All payments made for vendor marketplace bookings are held in escrow managed by BursaPay. Funds are not transferred to the vendor at the time of payment. This section explains how escrow works and how it protects both clients and vendors.

Escrow Wallet: When a client pays for a booking, the funds are credited to a dedicated escrow wallet (EscrowWallet) associated with that specific booking. These funds remain ring-fenced and are not accessible to the vendor until the defined release conditions are met.

Service Delivery: After the client's payment is confirmed, the vendor proceeds to deliver the agreed service. Upon completing their work, the vendor submits their deliverables through the BursaPay platform for the client to review.

Client Review & Release: The client reviews the submitted deliverables. If the client is satisfied with the work, they mark the booking as satisfied. This action triggers the release of the full escrow balance to the vendor's wallet, minus applicable fees.

Dispute Resolution: If the client is not satisfied with the deliverables, they may raise a formal dispute through the booking page. BursaPay will mediate the dispute by reviewing the submitted deliverables, communications, and any supporting evidence provided by both parties. The outcome of BursaPay's mediation will determine how the escrow funds are released or refunded.

Platform Fees at Release: At the time of escrow release, BursaPay deducts a platform fee from the disbursed amount. The fee is tiered based on the transaction value and typically ranges from 3% to 5%. Where the vendor has configured the client to bear the Paystack processing charge, this charge will also be deducted or applied at the time of release. The vendor receives the net amount after all applicable deductions.

12. Instant Release — Client Approval Required

Some vendors configure an "instant release percentage" on their services. This feature allows a portion of the escrow funds to be released to the vendor early, before the booking is fully completed, subject to the client's explicit approval. The following terms apply strictly to instant release requests:

How It Works: When a vendor has configured an instant release percentage (for example, 20%), BursaPay will send the client a single email notification after the booking payment is confirmed. This email will ask the client whether they approve the early release of the specified percentage to the vendor's wallet.

72-Hour Response Window: The client has exactly 72 hours from the time the email is sent to approve or reject the instant release request. Only one approval request email is sent per booking — there are no follow-up requests, reminders, or second chances.

If the Client Approves: The specified instant release amount is immediately and irrevocably transferred from the escrow wallet to the vendor's BursaPay wallet. This transfer cannot be reversed, cancelled, or recalled under any circumstances. By clicking the Approve button in the email, the client accepts full and sole responsibility for that decision. BursaPay will not be held liable for any financial loss, dissatisfaction, or dispute arising from a client's voluntary approval of an instant release. The approved amount is considered permanently disbursed upon approval.

If the Client Rejects or Does Not Respond: If the client clicks Reject, or if the 72-hour window expires without a response, the instant release request is automatically declined. The full escrow amount — including the portion that would have been instantly released — remains safely in escrow and will only be released when the booking is completed normally (i.e., when the client marks the booking as satisfied or BursaPay resolves a dispute).

Client Advisory: Clients are strongly advised to read the instant release email carefully and in full before making any decision. The email will clearly state the amount to be released, the vendor's name, and the booking details. Once approved, BursaPay has no mechanism to reverse the transfer. Clients should only approve an instant release if they are fully confident in the vendor and understand that the approved funds will not be recoverable.

No Recurring Requests: Only a single instant release approval request is issued per booking. BursaPay will not send additional requests or allow the vendor to re-trigger the process for the same booking.

13. Third-Party Services

BursaPay relies on third-party service providers (such as payment gateways and banks) to facilitate transactions. By using our platform, you also agree to comply with the terms and policies of these providers.

While we carefully select and integrate with trusted providers, BursaPay does not control and cannot be held responsible for the performance, accuracy, content, policies, or actions of any third-party service.

Any disputes, delays, or failures arising from third-party systems must be resolved directly with the respective provider, although BursaPay may assist where reasonable.

14. Suspension & Termination

BursaPay reserves the right to suspend or terminate your access for breaches of these Terms. Additionally, users may voluntarily terminate their account through the "Delete Account" feature.

Voluntary Deletion (Right to be Forgotten): When you delete your account, your profile will be deactivated and personal identifiers will be anonymized. However, in accordance with the Nigeria Data Protection Regulation (NDPR) and other financial laws, we are legally required to retain transaction records and minimal database identifiers for a periodic minimum of 7 years for audit and regulatory compliance.

BursaPay also reserves the right to take appropriate legal action where necessary and to report unlawful activities to the relevant authorities.

15. Limitation of Liability

To the fullest extent permitted by law, BursaPay shall not be held liable for any indirect, incidental, special, or consequential damages arising from the use of our platform. This includes, but is not limited to, losses related to payment failures, delays, third-party service interruptions, internet connectivity issues, or unauthorized access beyond our reasonable control.

While we take reasonable measures to ensure secure and reliable service, BursaPay does not guarantee uninterrupted availability or absolute error-free operation. Your use of the platform is at your own risk.

16. Changes to Terms

BursaPay reserves the right to update, modify, or revise these Terms at any time. Any changes will be posted on this site with an updated effective date.

It is your responsibility to review the Terms periodically. Continued use of the platform after changes have been posted will constitute your acceptance of the revised Terms.

17. Governing Law

These Terms and any dispute or claim arising out of or in connection with them shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

You agree that the courts of Nigeria shall have exclusive jurisdiction to settle any dispute, claim, or matter arising from or related to the use of BursaPay.

18. Contact Us

If you have any questions, concerns, or complaints regarding these Terms or the use of BursaPay, please contact us through our Contact Page or by email at [email protected].