Merchant Service Agreement

The Contractual Framework for Student Entrepreneurs.

Last Updated: March 01, 2026

1. Scope of Agreement

This Merchant Service Agreement ("MSA") is a binding contract between you ("Merchant") and Payefy. By activating the "Merchant Mode" on your dashboard, you agree to these terms. Payefy acts as aPayment Service Provider (PSP) aggregator, facilitating the collection of funds from customers on your behalf.

2. Settlement Service Level Agreement (SLA)

Payefy adheres to a strict settlement schedule to ensure your business liquidity:

  • T+0 (Instant): Settlement into your Payefy Wallet. Available immediately.
  • T+1 (Next Day): Settlement into external bank accounts for transaction volumes exceeding ₦500,000/day (for risk mitigation).
  • Weekend Settlement: We process settlements 7 days a week, including public holidays.

3. Fees Schedule

Merchant Service Charge (MSC)1.5%
Fee Cap (Maximum Charge)₦50.00
External Withdrawal Fee₦10.00
Example: If you sell an item for ₦100,000, we do not charge ₦1,500 (1.5%). We charge only ₦50.

4. Prohibited Goods and Services

You may NOT use Payefy to sell or solicit funds for:

  • Illegal drugs, narcotics, or controlled substances.
  • Weapons, ammunition, or explosives.
  • Academic fraud services (project writing, result upgrading).
  • Ponzi schemes, pyramid schemes, or matrix programs.
  • Counterfeit goods or intellectual property infringement.

Violation triggers immediate account freezing (Post-No-Debit) and reporting to the NFIU.

Require further clarification?

Our legal and support teams are available to address compliance inquiries.

helpdesk.payefy@gmail.com Chat on WhatsApp