Effective Date: 9/3/2025
These Terms and Conditions govern the relationship between Olive Payment Solutions Limited, hereinafter referred to as "the Company," and the individual or entity acting as a POS Agent, hereinafter referred to as "the Agent."
1. Eligibility and Registration
- The Agent must be at least 18 years old and legally capable of entering into binding agreements.
- The Agent shall provide valid identification, business registration (if applicable), and other documents as required by the Company for Know Your Customer (KYC) compliance.
- The Company reserves the right to approve or reject any application at its sole discretion.
2. Provision of POS Terminal
- The Company shall provide a Point of Sale (POS) terminal to the Agent upon successful registration and compliance with all requirements.
- The POS terminal remains the property of the Company and must be returned upon termination of this agreement.
- The Agent shall be responsible for the proper use, maintenance, and security of the POS terminal.
3. Services Offered
The Agent is authorized to perform the following services using the POS terminal:
- Cash withdrawal
- Funds transfer
- Airtime and data top-up
- Bill payments
- Other services as may be introduced by the Company from time to time.
4. Commission and Charges
- The Agent shall receive commissions on transactions as communicated by the Company.
- The Company reserves the right to review and adjust commission rates and transaction fees with prior notice.
- The Agent shall not charge customers above the regulated transaction fees as mandated by the Central Bank of Nigeria (CBN).
5. Obligations of the Agent
- Ensure compliance with all applicable laws, regulations, and guidelines including CBN regulations on agent banking.
- Maintain confidentiality of customer information and transaction data.
- Prevent fraudulent activities and report any suspicious transactions to the Company immediately.
- Ensure proper record-keeping of all transactions conducted through the POS terminal.
6. Prohibited Activities
The Agent shall not engage in the following:
- Money laundering or terrorist financing
- Unauthorized collection of customer funds
- Use of POS terminal for personal transactions
- Tampering with the POS terminal hardware or software
7. Termination
- This agreement may be terminated by either party with 30 days written notice.
- The Company may terminate this agreement immediately in case of fraud, breach of terms, or regulatory violations.
- Upon termination, the Agent shall return the POS terminal and settle all outstanding balances.
8. Limitation of Liability
The Company shall not be liable for any indirect, incidental, or consequential damages arising from the use or inability to use the POS terminal.
9. Governing Law
This agreement shall be governed by the laws of the Federal Republic of Nigeria, and any disputes arising shall be settled in the competent courts of Nigeria.
10. Amendments
The Company reserves the right to amend these Terms and Conditions at any time, with notice to the Agent via email, SMS, or platform notification.
Restricted Usage Location:
The merchant agrees that the POS terminal issued by Olive Payment Solutions Limited shall only be used within the approved geographical zone(s), as determined by Olive Payment Solutions Limited.
