Terms of Service

Welcome to Payrica. By saving +234 707 185 6843 to your contact list and chatting with our AI assistant on WhatsApp, you agree to comply with and be bound by these Terms of Service. Please read them carefully.

1. Services Offered by Chat

Through our interactive WhatsApp AI interface, Payrica allows you to instruct and execute standard financial activities, including:

• Cross-border money transfers to domestic target bank accounts.
• Domestic peer-to-peer and bank transfers.
• Direct settlement of utility bills, school fees, data, and airtime.
• Checking virtual account balances and getting spending insights.
• Accessing short-term credit lines issued through licensed credit partners.

2. PIN Security & User Responsibility

To secure your chat account, you must register a private 4-digit confirmation PIN during onboarding.

• PIN Mandatory: No transfer or payment can leave your virtual account without entering your private 4-digit PIN in chat.
• PIN Safeguard: You are solely responsible for keeping your PIN confidential. Payrica support agents will **never** ask for your PIN.
• Instant Security Freeze: If you suspect unauthorized access to your phone or WhatsApp, you must instantly text "FREEZE MY ACCOUNT" to block all transactional capabilities in real-time.

3. Standalone Wallet Currency Conversions

Payrica allows you to request standalone currency conversions between your virtual currency wallets (e.g., GBP, USD, or EUR to NGN):

• Ledger-Only Swap for NGN: Because Nigerian Naira (NGN) is not a direct holding currency supported by our primary global custodian, conversion to NGN is processed as an atomic ledger-only balance swap on Payrica’s platform. These balances are backed by custodial treasury pools and sweeps held with licensed domestic payment partners.
• Transparency: All conversion rates, applicable exchange markups, and fees are displayed before authorization. By inputting your PIN, you agree to execute the conversion at the displayed rate.
• Limits: Conversions are subject to daily and transactional limits based on your KYC verification tier.

4. Geolocation & Tailored Disclaimers

Payrica uses IP geolocation, timezone checks, and language attributes to dynamically tailor compliance signals and local service partners:

• United Kingdom: Remittance and money transmission are settled strictly via our FCA-regulated Money Service Business partners.
• Nigeria: Local Naira disbursements and settlements are handled through Central Bank of Nigeria (CBN) licensed commercial banking partners.
• Ghana: Local cedi settlements are handled by Bank of Ghana-licensed institutions and MoMo providers.
• Canada & USA: Outbound transfers are routed and settled by FINTRAC and FinCEN registered Money Service Businesses respectively.

5. Onboarding, KYC, and AML Compliance

To perform cross-border transactions, you must undergo identity verification in compliance with Anti-Money Laundering (AML) laws. You agree to provide accurate, up-to-date identification documents and information. We reserve the right to suspend or block any account failing verification audits.

6. Fees & Exchange Rates

Our fees and exchange rates are displayed inside the chat interface or live calculator before you initiate any transfer instruction. By inputting your PIN, you explicitly approve the transaction fee and locks.

7. Limitation of Liability

Payrica is not liable for transaction delays caused by network disruptions, central banking payment rails downtime, local power grids, or incorrect routing information supplied by you in chat.

8. Contact Information

For questions or assistance regarding these Terms of Service, please contact our support hub:

Email: info@payrica.ai
WhatsApp Support: +234 707 185 6843