Terms of Use

These Website Terms and Conditions (“Terms”) contained herein on this webpage, shall govern your access to and use of this website, including all pages within this website (collectively referred to as this “Website”). These Terms apply in full force and effect to your use of this Website and by using this Website, you expressly accept all terms and conditions contained herein in full. You must not use this Website, if you have any objection to any of these Terms. PLEASE READ AND UNDERSTAND THE TERMS OF AGREEMENT CAREFULLY BEFORE BEING AGREED TO BE BOUND BY ITS TERMS.


This Vesicash Payment Services Terms set out the agreement between us (Vesicash Innovative Technologies Limited (19B Adeyemi Lawson, Ikoyi ,Lagos), Registered Company Number 1535307 and you, the person who has completed the on-line application process on our secure customer website (the Vesicash platform).

We will refer in these Vesicash Payment Services Terms to us as Vesicash or we or us; and, we will refer to you, as you.

We are an Instant Digital Escrow Service provider.

You can request or download a copy of these terms at any time, which includes all the information you are required to be provided with.

Any previous terms which were applicable to you are available on the legal section of our website at www.vesicash.com

  1. Age Restriction
    Our website and services are directed to people from the ages of 18 and above. We do not knowingly engage in people younger than the age of 18.
  2. The payment services we provide you
    We enable you to make or receive immediate or future payments to or from other people (a payment transaction). In order to enable you to make a payment transaction, we will set up and maintain a payment account for you (we will call this 'your account'). Once we have set up your account you can ask us to make a payment transaction to another person (a payment recipient) by paying the amount you want to pay to a payment recipient into your payment account and providing us with an instruction on when; or, upon satisfaction of what conditions, you wish us to release funds to that payment recipient.
  3. Using your account
    Your account is for your personal use only, unless we have set you up as a business customer. You may use it solely for the purpose of making payment transactions to payment recipients.
    Your account cannot be used in any way to store funds that do not relate to a specific payment transactions you have asked us to make. As all funds that are in your account relate to pending payment transactions, your account is not accessible to you and you cannot ask us to deal with the funds other than by amending or cancelling your payment order for that payment transaction.
    Your login details enable you to place payment orders (as set out below) with us and see a record of your payment orders and payment transaction, as well as see the status of those orders and transactions. It does not give you access to your account or enable you to control funds within your account. Your account cannot, therefore, be accessed or operated by a third party.
    You must not use your account for any illegal purpose. This means that you cannot use us or your account for anything that might violate any laws or regulations. Where you do so we may then decline, cancel or revoke any or all transactions progressing and report such information we hold to law enforcement agencies as details in our privacy notice. For information on activities or transactions that are considered for illegal purpose, you can visit our Support section of our website at www.vesicash.com.
    Funds in your account will be held in accordance with the Escrow section of these Vesicash Payment Services Terms. Interest is not paid on funds paid into your account.
  4. Setting Up a Payment Transaction
    A payment transaction you make is split into two separate elements:
    • There is a payment that you will normally arrange with your bank or credit card provider to pay us the amount of the funds you want to pay to a payment recipient in respect of the payment transaction, which will be held by us in your account;
    • There is an instruction you give to us for us to make a payment transaction to a payment recipient. This is the payment order.
    The payment order is submitted to us by logging on to the Vesicash platform and creating, authorising and authenticating an instruction form using our online platform or mobile application.
    In order for us there to be a valid payment order:
    • You must provide us with details of the payment recipient comprising their full name, email address and/or mobile phone number as a minimum (it has to be sufficient information to enable us to match their details with the relevant Vesicash user or provide the details we need to contact the person you wish to pay);
    • Service Level Agreements on the Vesicash includes but not limited to the following
      1. You will specify the amount of the payment transaction to be made to the payment recipient;
      2. You will provide a brief description of the nature and reference for the payment transaction;
      3. You will specify the inspection period for the transaction;
      4. You will specify either that you want payment to be made:
        • Immediately upon funds clearing into your account;
        • On a specific future date; or
        • When certain specified conditions have been satisfied (e.g. that you have notified us via the Platform that a contract has been completed, goods have been received or the payment recipient has notified us that the goods have been dispatched).
    Once you submit a transaction we will validate the details and, if the payment recipient is not a Vesicash user, we will take steps to on-board them to the Vesicash platform. Once those steps are complete, we will confirm that you should fund your account for an amount equal to the amount of the proposed payment transaction.
    To transfer funds to your account, you should use one of the accepted funding mechanisms specified including: direct bank transfer, USSD, credit or debit card payment, the Pay-By-Bank-App and/or such other funding mechanisms we may make available. It is important that you provide funds exactly equal to the proposed payment transaction – no more, no less. You will not have completed a valid payment order until we have credited the funds corresponding to that payment transaction to your account. Funds received by us after 6pm (Nigerian Time) will be credited to your account the following day.
    A payment transaction must be paid to your Vesicash account in a single payment to a payment recipient and we will not accept any funding for a payment transaction split into staged or part funding .i.e for a split or milestone transaction, you are expected to make the full payment for the transaction and not pay into Vesicash installmentally. If we receive funds less or more than the amount of the intended payment transaction to the other Vesicash user then we will not make any part or over-payment and will return the entire funded amount to you as soon as possible.
    If the payment recipient is not registered with Vesicash and you have funded your account in respect of the payment transaction and the payment recipient does not register with us within seven business days from our request to register, we will cancel the payment order and return the amount you have funded to you.
    If a specific date for the payment transaction is not specified and the payment transaction is conditional, you will also specify a long-stop date not exceeding three calendar months by which the payment transaction will be made.

How are transactions completed?

Once we have received a valid payment order, we will hold the funds relating to that payment order in your account until the time you have asked us to complete the payment transaction, which might be on the date the specific conditions that you have specified are satisfied, on a specified future date, or immediately that you have funded your account (funds release time).
At the funds release time, we will complete the payment transaction by making a payment to the nominated account of the payment recipient. We make the payment by the faster payments service or other method elected by you.

How are disputes resolved?

Once the dispute is initiated, our dispute resolution mechanisms ensures both parties come to a resolution at the earliest time possible, but not later than 72hrs. Both parties to the transaction are expected to use all communication channels provided within the Vesicash account is used for resolutions. If after 72 hours, the dispute isn’t resolved, the dispute is escalated to a claim, where a Vesicash recommended mediator from Lagos Multidoor Courthouse comes in and resolves the dispute according to the contract terms. The mediator fee will be paid by the transacting parties.

Payment Refunds

In the event of a cancelled transaction or a partial refund to the Paying Party, the Paying Party’s funds will be refunded back to the source of the payment method used to fund the transaction. The transaction fee is non-refundable.

Safeguarding your funds

As a registered business, we are required to hold funds that you pay to your account separate from our own so that the funds are protected.
We hold the funds your account in what is known as a 'transactional account' which is a separate bank account which is held with a Nigerian bank and which holds these funds completely separate from ours.

  • Funds in the safe transactional account are Vesicash users' funds and do not include any of our funds;
  • The funds in your account belong to you until a payment transaction is completed in accordance with a payment transaction you have submitted;
  • We have to comply with strict regulatory obligations in relation to the transactional account which are to protect you;
  • The funds in the transactional account are protected and if we go bust will be kept safe for you.

Liability Limitations

If anything goes wrong in a payment that we are involved in, but this is due to abnormal or unforeseeable events outside of our control, which would have been unavoidable even if we had taken all steps to prevent them, we will not be responsible to you for any losses and costs caused.
Also, if we are unable to meet our obligations to you or perform our services due to legal or regulatory obligations or changes that apply to us, we will not be responsible to you for any losses or costs caused.