Terms of Service

1. Acceptance of Terms

By using Vnitpay’s services, you agree to comply with and be bound by these Terms of Service. These terms may be updated periodically, and your continued use of the service constitutes acceptance of these changes. It is your responsibility to review these terms regularly.

2. Description of Service

Vnitpay is an innovative, voucher-based payment platform designed to help businesses and individuals streamline their expense management. Users can create and issue vouchers tailored for specific expenses (e.g., fuel, petty cash, school fees) and redeem them seamlessly at participating merchants. Vnitpay provides transparency, control, and convenience, making it ideal for managing budgets and minimizing fund misuse.

3. Account Registration

Vnitpay supports four distinct user categories, each with specific functions:

Voucher Access Users: Beneficiaries of vouchers issued by businesses or card users (e.g., employees, students, domestic staff). They can redeem vouchers for designated purposes but cannot create them. To access vouchers, users need to provide basic information such as name and email address. This access is limited to the voucher's lifespan.
Card Users: Individuals who use Vnitpay as a secure payment alternative to delegate financial responsibility to their staff. Card users can load vouchers onto the card. Registration of card users requires the user to provide their name, phone number, email, and PIN.
Business Users: Organizations that generate vouchers for activities like fuel purchases or administrative expenses. Registration requires business details, including name, phone number, email, and password. A Business User may have one or more card users.
Merchant Users: Businesses or individuals that accept Vnitpay vouchers as payment for goods or services. To become a merchant, users must provide business information and banking details for voucher redemption and settlement, along with the National Identity number of a Director.

4. Scope of Vouchers

The use of vouchers is not intended to replace everyday financial transactions like fueling your vehicle by yourself. Rather, it is designed for situations where responsibility for making payment is delegated to another person, such as employees. Vnitpay vouchers can be tailored for various uses, categorized as follows:

Generic Vouchers: These vouchers are versatile and can be redeemed at multiple participating merchants and services without restriction. Ideal for general-purpose transactions like shopping or accessing basic services.
Domain-Specific Vouchers: Designed for specific industries or purposes, including:
- Fuel Vouchers
- Food Vouchers
- Education Vouchers
- Healthcare Vouchers
Merchant-Specific Vouchers: Restricted to a specific merchant or service provider. Useful for partnerships, loyalty programs, or controlling expenditures at designated outlets.

5. Change of Scope

Requests to modify the intended purpose or scope of a voucher after it has been issued will attract a fee equivalent to 10% of the voucher's original value. This fee covers administrative and processing costs.

6. Voucher Expiry

All vouchers are valid for one year from the issue date. When used, the expiry date and remaining balance are displayed on the receipt.

Expired Vouchers: Vouchers not used within the validity period are considered expired. Expired vouchers can be reactivated for 50% of their original value, with the remaining value forfeited.
User Responsibility: It is the user's responsibility to track and utilize vouchers before their expiration.

7. Blockage of Cards and Vouchers

Reporting Loss or Theft: Users must promptly block their cards or vouchers from the Vnitpay platform as soon as loss or theft is discovered.
Liability for Unauthorized Use: Vnitpay is not liable for any unauthorized use of a card or voucher; it is the responsibility of the users to secure their cards or vouchers and to also protect the PIN to the card and vouchers.
Reactivation or Replacement: Cards reported as lost or stolen cannot be reactivated. However, users may request replacements, subject to:
- Verification of the user's identity.
- Payment of a replacement fee, which will be communicated during the reactivation process.

Preventive Measures

Users are advised to secure their cards and voucher details to prevent theft or loss.
PIN codes, passwords, and other authentication details should not be shared with unauthorized persons.

8. Expense Tracking and Notifications

Users and merchants will receive real-time notifications when vouchers are used, ensuring transparency and accurate record-keeping. Vnitpay provides tools to help businesses track fuel usage, monitor expenses, and prevent unauthorized spending.

9. Merchant Obligations

Merchants accepting vouchers must complete an additional verification process, including providing bank details for transaction settlement. Merchants must honor voucher terms and ensure compliance with Vnitpay's standards. Notably, merchants are prohibited from redeeming vouchers for cash, and vouchers should only be used for their intended purpose.

Settlement Obligations

Merchants must remit the value of activated cards or vouchers (plus commission) to Vnitpay within a month. Failure to do so will result in penalties, additional charges, or the suspension of merchant privileges.

Delayed Payments

Payments overdue by 30 days or more will incur an interest fee of 5% per month on the outstanding amount. Continuous delays may lead to the termination of the merchant account and potential legal action to recover funds.

Suspension of Redemption Privileges

Merchants with unpaid balances may have their ability to accept vouchers temporarily suspended until outstanding dues are cleared. This protects the integrity of the voucher ecosystem and safeguards other users.

Legal and Recovery Actions

Vnitpay reserves the right to pursue legal or recovery actions against merchants with prolonged arrears. All associated costs will be borne by the merchant.

10. Applicable Charges

Vnitpay’s services are associated with various charges, as outlined below:

Voucher Creation Fees: A nominal fee is charged for generating vouchers, with the fee varying depending on the voucher amount. This charge is capped at N2,000.
Change of Voucher Scope: Modifying the intended purpose of a voucher after its creation incurs a fee of 10% of the voucher's value.
Reactivation of Expired Vouchers: Expired vouchers can be reactivated at 50% of their original value, with the remaining value forfeited.
Merchant Transfer Fees: Merchants are charged a processing fee of N100 for each transfer to their account. This fee is specified in the merchant agreement and may vary by merchant category.
Terminal Activation: Merchants are charged a rental and installation fee of N50,000 for each Vnitpay terminal they receive.
Premium Feature: A convenience fee of N50 is applicable on premium features like ordering food online at a university cafeteria.
Fleet Tracking & Fuel Monitoring: The cost of installation of an OBD device and annual subscription fee would be communicated to users upon request.