Terms of Service

"Platform" means the KREO website, mobile applications, APIs, and merchant dashboard operated by KREO. "Merchant" means any business registered on the Platform to accept eNaira payments. "eNaira" means the Central Bank of Nigeria digital currency. "NIP" means the NIBSS Instant Payment settlement network. "NQR" means the NIBSS Nigeria Quick Response code standard. "iGree" means the NIBSS BVN consent verification service. "MDR" means Merchant Discount Rate, the transaction fee charged on settled payments. "Settlement Account" means the Naira bank account a Merchant links to receive daily sweeps. "Sponsor FI" means the CBN-licensed financial institution providing NIP settlement infrastructure to KREO.

By registering for or using the Platform, you confirm that you have the authority to bind the business named in your registration to these Terms. If you do not agree to these Terms, you may not use the Platform. KREO may update these Terms from time to time; material changes will be notified at least 14 days in advance via the email address or phone number on file, and continued use of the Platform after that date constitutes acceptance.

KREO provides operational middleware connecting Merchants to the CBN eNaira Merchant Wallet API, NIBSS iGree BVN consent, NIBSS NIP settlement, and NIBSS NQR registry. KREO is not a bank, deposit-taking institution, or licensed payment service provider in its own right; eNaira wallet provisioning and NIP settlement are performed under the CBN and NIBSS institutional agreements described in our Compliance framework.

By registering on the KREO Platform, each Merchant agrees to the following obligations:

Starter plan transactions incur a Merchant Discount Rate of 0.6%, capped at 200 per transaction, deducted before settlement. Growth plan Merchants pay a fixed monthly fee of 5,000 in addition to applicable MDR, in exchange for higher transaction limits and priority settlement. Fee changes will be communicated at least 30 days in advance and will not apply retroactively to already-settled transactions.

Net eNaira receipts (gross receipts less MDR) are swept via NIP Outward to the Merchant's linked Settlement Account nightly at 23:00 WAT, with funds typically available the following business day (T+1). If a settlement sweep fails due to an incorrect or inactive Settlement Account, KREO will retry in the next available settlement window and notify the Merchant to update their account details.

In addition to the restrictions in Section 4.4, Merchants may not: circumvent or falsify KYC information; use the Platform to launder proceeds of crime or finance terrorism; process transactions on behalf of an unregistered third party; or attempt to interfere with, reverse-engineer, or disrupt the Platform's security or availability. Violations may result in immediate suspension and reporting to the CBN and/or NIBSS as required by law.

KREO processes Merchant and consumer data in accordance with the Nigeria Data Protection Regulation (NDPR) 2019 and is registered as a Data Controller with NITDA. KREO never stores a Merchant's BVN — only the consent confirmation token issued by NIBSS iGree. Data is retained only as long as necessary for the purposes described in our Privacy Policy or as required by CBN/NIBSS regulatory reporting obligations.

KREO is not liable for delays or failures caused by outages or errors originating in the CBN eNaira platform, NIBSS infrastructure, or a Sponsor FI or Merchant's bank. To the extent permitted by law, KREO's total liability arising from use of the Platform is limited to the fees paid by the Merchant in the three months preceding the claim, and KREO is not liable for indirect, incidental, or consequential damages.

These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute arising from these Terms or use of the Platform shall be subject to the exclusive jurisdiction of the courts of Lagos State, without prejudice to KREO's right to seek injunctive relief in any competent jurisdiction.