Legal Center

Terms of Service

1.Who this agreement is with

Awallet is a WhatsApp-native financial platform operated by Awal Global Consults Limited ("Awallet", "we", "us"), a company registered in Nigeria with its registered address at 12 Hakeem Balogun Street, CBD Agidingbi, Alausa, Ikeja, Lagos. By registering for Awallet, setting a transaction PIN, or funding your wallet, you ("you", "the user") agree to these Terms of Service.

2.Who can use Awallet

• You must be at least 18 years old.
• You must provide accurate information during registration and KYC verification, including your legitimate BVN and/or NIN where requested.
• You must be the sole owner and authorized user of the WhatsApp number and phone associated with your Awallet account.
• Business accounts must be registered by someone authorized to act on behalf of that business.

3.What Awallet does

Through WhatsApp, Awallet lets you:

• Fund a wallet via a dedicated virtual bank account or debit card.
• Send money to bank accounts across Nigeria.
• Buy airtime and data bundles.
• Pay electricity and TV subscription bills.
• View your balance, transaction history, and KYC status.

Awallet uses an AI-assisted parser to understand plain-language instructions (e.g. "send 5k to Tunde"). The AI only interprets what you typed — it never moves money on its own. Every transaction still requires you to review the details and enter your PIN before anything is debited.

4.Account tiers & limits

Awallet uses a tiered KYC system. Higher tiers (verified with BVN, NIN, or full business documentation) unlock higher daily transaction limits. Your current tier and limits are always available by messaging LIMITS on WhatsApp. We may adjust these limits from time to time for regulatory or risk-management reasons.

5.Your transaction PIN

• Your 4-digit PIN authorizes every transaction on your account. Keep it secret — Awallet staff will never ask you for your PIN, by WhatsApp, phone, or any other channel.
• You are responsible for any transaction correctly authorized with your PIN, unless it resulted from our error or a security failure on our part.
• If you suspect your PIN has been compromised, contact us immediately (see Contact below) and change it as soon as possible.
• Repeated incorrect PIN attempts will temporarily lock PIN-based actions to protect your account.

6.Fees

Awallet does not currently charge a fee on wallet-to-bank transfers or bill payments beyond the face value of the transaction. We will notify you in WhatsApp and update this page before introducing or changing any fee.

7.Prohibited use

You agree not to use Awallet for:

• Money laundering, terrorism financing, or any illegal activity.
• Fraud, impersonation, or providing false identity information.
• Payment for illegal goods or services.
• Any activity that violates Nigerian law or CBN regulations.

We reserve the right to suspend, restrict, or close accounts we reasonably suspect are being used for any of the above, and to report such activity to the relevant authorities where required by law.

8.Errors, disputes & refunds

If a transaction fails after your wallet has been debited, Awallet's systems automatically reconcile the outcome with our payment partners before releasing any refund, to avoid double-crediting your wallet. This can occasionally take a few minutes for transfers and bill payments. If you believe a transaction was processed incorrectly, contact us with your transaction reference and we will investigate.

9.Suspending or closing your account

You may stop using Awallet at any time. We may suspend or close your account if we reasonably believe it is being used fraudulently, in breach of these Terms, or if required by a regulator or law enforcement request. Where possible, we will notify you and help you withdraw any remaining wallet balance.

10.Limitation of liability

Awallet is provided "as is." While we work to keep the service reliable and accurate, we are not liable for losses arising from circumstances outside our reasonable control — including outages at our banking, payment, or telecom partners, incorrect account details you provide, or loss of access to your WhatsApp account or device.

11.Changes to these Terms

We may update these Terms from time to time. Material changes will be announced on WhatsApp before they take effect. Continued use of Awallet after a change takes effect means you accept the updated Terms.

12.Governing law

These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute will first be addressed through our complaints process below before any formal proceedings.

Privacy Policy

1.Information we collect

We process your personal data in accordance with the Nigeria Data Protection Act, 2023 (NDPA) and its supporting regulations. By continuing to use Awallet after accepting our Privacy Notice on WhatsApp, you consent to this processing as described below.

2.Why we collect it

• To verify your identity and comply with Know-Your-Customer (KYC) and anti-money-laundering (AML) obligations under Nigerian financial regulation.
• To open and operate your wallet and virtual bank account.
• To process transfers, bill payments, and airtime/data purchases you request.
• To detect and prevent fraud.
• To respond to your support requests and legal or regulatory obligations.

3.Who we share it with

We share the minimum data necessary, on a strict need-to-know basis, with the categories of partners required to operate Awallet:

Every partner in these categories is contractually bound to use your data only to provide their specific service to Awallet, and only for as long as needed to do so.

We do not sell your personal data. We may disclose data where required by Nigerian law, a valid court order, or a request from the CBN, NDIC, NFIU, EFCC, or another authorized regulator or law-enforcement body.

4.Data retention

We retain identity and transaction records for as long as your account is active, and for the minimum period required afterward under Nigerian AML/KYC record-keeping rules.

5.How we protect your data

• Your transaction PIN is never stored in plain text — it is hashed before being saved.
• Data in transit to and from our partners is encrypted. Your BVN, NIN, and verified KYC selfie are encrypted before database storage and are only decrypted in memory when needed for verification, an authorized face comparison, or a required regulatory handoff.
• Access to identity and financial records inside Awallet is restricted and logged.

6.Your rights

You can ask us what personal data we hold about you, request a correction, or ask us to delete your account. We will action these requests except where we are legally required to retain certain records (for example, transaction and KYC records under AML law). Contact us using the details below to make a request.

Funds Safety & Regulatory Disclosure

1.Awallet is a technology platform, not a bank

Awal Global Consults Limited operates Awallet as a financial technology platform accessible through WhatsApp. Awallet is not itself a deposit money bank, is not licensed by the Central Bank of Nigeria (CBN) to hold customer deposits directly, and does not itself appear on the NDIC's list of insured institutions.

2.Where your money actually sits

When you fund your Awallet wallet, your money is held in a dedicated virtual bank account issued in your name through our banking-infrastructure partner, Monnify, on the rails of Sterling Bank, a deposit money bank licensed by the CBN. Card funding is processed by a CBN-licensed payment processor.

Because your funds ultimately sit in an account at a CBN-licensed deposit money bank, they benefit from that bank's standing with the Nigeria Deposit Insurance Corporation (NDIC). As at NDIC's most recent published review, deposits at licensed deposit money banks are insured up to a maximum of ₦5,000,000 per depositor per bank. Because your Awallet wallet is backed by a dedicated virtual account issued in your own name (not pooled with other users), you are generally treated as an individual depositor of the settlement bank for this purpose. NDIC deposit insurance has conditions and limits; it is not a guarantee that 100% of any balance is covered, and the ₦5,000,000 figure may be revised by NDIC in future.

3.What this means for you

• Awallet does not co-mingle your wallet funds with its own operating funds.
• Awallet's role is to give you a simple WhatsApp interface to these regulated accounts and services — the underlying custody and movement of funds is performed by our licensed banking and payment partners.
• If Awal Global Consults Limited were to cease operating Awallet, your funds would remain in the underlying bank account, not with us directly — though the practical process for you to access them in that scenario would depend on our partners' account structure.

4.Regulatory status

Awal Global Consults Limited is a company registered in Nigeria. Awallet currently operates by integrating with CBN-licensed partners (Monnify / Sterling Bank for banking rails, Paystack for card processing) rather than holding its own banking or payment-service-provider license. Awal Global Consults Limited is pursuing direct CBN registration (as a Payment Solution Service Provider) and will update this section once that process is complete.

5.Questions about your funds

If you have any concern about the safety of your funds, message SUPPORT on WhatsApp or use the contact details below — we will explain plainly, in writing, exactly where your money is and how to withdraw it.