Terms of Service

To use Myraba you must: (a) be at least 18 years of age; (b) be a resident, citizen, or registered entity in the Federal Republic of Nigeria; (c) have the legal capacity to enter into binding contracts; and (d) not be prohibited by any applicable law from receiving financial services.

By registering, you represent and warrant that all of the above conditions are met. Myraba reserves the right to request identity verification at any time and to suspend or close any account found to be ineligible.

• You must provide accurate, complete, and current information when registering. You must promptly update your information if it changes.
• Each person may hold only one Myraba account. Creating multiple accounts to circumvent limits, bans, or verification requirements is prohibited and will result in permanent termination of all associated accounts.
• You are solely responsible for maintaining the confidentiality of your login credentials, PIN, and any biometric authentication tied to your account. Do not share these with anyone, including Myraba staff (who will never ask for them).
• You must notify us immediately at hello@myraba.com if you become aware of any unauthorized access to your account, a lost or stolen device with active sessions, or any suspected compromise of your credentials.
• Myraba will not be liable for losses resulting from your failure to keep your credentials secure.

Myraba operates under Central Bank of Nigeria (CBN) Know-Your-Customer guidelines. To access full functionality, you must complete identity verification by submitting your BVN or NIN. KYC is processed by our licensed verification partner (Dojah). Unverified accounts have reduced transaction limits and cannot access certain features.

By submitting your BVN or NIN, you consent to Myraba transmitting that information to Dojah solely for identity verification purposes. We store only the masked reference and the verification outcome — never the full number.

Myraba reserves the right to request additional documentation (e.g., government-issued ID, proof of address) where required by law or risk management policy.

• The Myraba wallet is an e-wallet that holds naira balances for personal and small-business use within Nigeria. It is not a deposit account with a licensed commercial bank and balances are not covered by NDIC deposit insurance unless separately disclosed.
• Your wallet balance is held on your behalf in accordance with CBN payment service guidelines.
• You may view your wallet balance, transaction history, account number, and MyrabaTag at any time within the app.
• Wallet balances do not accrue interest unless you have an active savings product (see Section 6). The Overnight Interest feature is a separate, opt-in mechanism.

• Transfers between Myraba wallets are processed in real time. Once confirmed by you, a transfer is final and irreversible. You are solely responsible for entering the correct recipient details (MyrabaTag, account number, or custom ID).
• Myraba will make reasonable efforts to assist in recovering misdirected funds but cannot guarantee recovery if the recipient has already withdrawn or spent the funds.
• AML transaction limits apply: a single transfer may not exceed ₦200,000 and total daily transfers may not exceed ₦500,000, unless your verified KYC tier qualifies you for higher limits. Myraba reserves the right to adjust these limits in line with regulatory requirements.
• Transfers may be delayed, suspended, or reversed without notice if they trigger our fraud detection or AML monitoring systems. We will notify you as soon as we are legally permitted to do so.
• Myraba charges no fee for standard wallet-to-wallet transfers on the platform. See Section 10 for fees applicable to other services.

• Overnight Interest: Balances of ₦100 or more earn interest at a rate of 11.7% per annum (65% of an 18% proxy T-bill rate), calculated daily and credited each morning at 06:00 WAT. Rates are indicative and may be adjusted with 7 days’ in-app notice. Interest is not compounded — it is credited to your free wallet balance daily.
• Round-Up Pot: When you make a transfer, the amount is rounded up to the next ₦50 interval and the difference is deposited into your Round-Up Pot. Funds in the pot are locked for 10 days. Interest is calculated on the pot and credited on release. Early withdrawal is not available during the lock period.
• Personal Savings Goals: You may create goal-based savings plans with auto-deduction schedules. Amounts deducted are locked until the target date or amount is reached. Early termination of a goal is permitted but may result in partial forfeiture of accrued interest, as disclosed at the time of goal creation.
• Fixed Deposits: Fixed deposit products lock funds for a specified term at a disclosed interest rate. Funds cannot be withdrawn before maturity. Rates are fixed at the time of deposit.
• Soft Life Vault: Naira deposited is recorded against a USD reference value calculated at the live exchange rate at the time of deposit. On withdrawal, the naira payout equals the USD reference value converted at the live rate at the time of withdrawal, minus a 1.5% management fee. You expressly acknowledge and accept the exchange-rate risk; you may receive less naira than you deposited if the naira has appreciated against the dollar since your deposit. Myraba does not hold an FX licence; the Vault is a naira-denominated product that uses USD as a reference unit only.

• Myraba provides a platform for public and private rotating savings groups. Contributions are debited from your wallet on the scheduled dates.
• The obligations to contribute and to receive payouts exist between the members of each thrift group. Myraba is a facilitating platform and is not a party to those obligations. Myraba accepts no liability for disputes between members.
• Failure to contribute on two or more consecutive scheduled dates constitutes a default. Myraba may impose a penalty deduction, reduce your payout position, or remove you from the group at its sole discretion.
• Myraba may intervene to resolve defaults or disputes at its discretion but is under no obligation to do so.
• Private thrift group creators are responsible for vetting their invitees. Myraba is not responsible for losses arising from members you invite who default.

Gift transfers allow you to send a styled monetary gift to another Myraba user. The recipient’s gift balance may be converted to wallet funds at any time. Gift transfers funded by wallet are debited immediately and are irreversible. Gift transfers funded by card are subject to Flutterwave’s payment processing terms. Myraba is not responsible for gift transactions initiated by third parties purporting to be friends or family — always verify the sender’s identity before acting on any unsolicited gift.

Bill payment services (airtime, data, electricity, cable TV, and betting wallet funding) are fulfilled by VTpass, a licensed bill payment aggregator. Prices are charged at the rate quoted at the time of purchase. Myraba adds no markup to bill payment amounts. In the event of a failed bill payment where your wallet was debited, the amount will be refunded within 24 hours. Myraba is not responsible for delays, shortfalls, or errors by utility providers after successful disbursement to VTpass.

The following fees apply to specific Myraba services:

• Standard wallet-to-wallet transfers: Free
• Soft Life Vault withdrawal: 1.5% of the payout amount
• Bill payments: No Myraba fee — charged at provider cost
• Thrift default penalty: Per applicable thrift category rules (disclosed at group join)
• Round-Up Pot early withdrawal: Not available during the 10-day lock period

Myraba reserves the right to introduce new fees or amend existing fees with not less than 30 days’ notice delivered in-app. Continued use of the relevant service after the fee change takes effect constitutes acceptance.

• The IOU Tracker (“Owe Me”) is a social reminder tool only. It does not create an enforceable debt obligation and Myraba does not automatically deduct funds from any user’s account as a result of an IOU.
• You may only create an IOU against a user with whom you have a documented mutual transaction history on the platform. You are limited to 3 IOUs per day.
• Bill Splitting allows you to divide a shared expense among multiple Myraba users. Each participant must actively pay their own share. Auto-settlement occurs when all participants have paid. Myraba is not responsible for participants who fail to pay their share.

• Business Lite is intended for micro, small, and medium enterprises operating lawfully in Nigeria. You must not use the business features to receive payments for prohibited goods or services.
• Payment links may be fixed-amount or flexible-amount. You are responsible for accurately describing the goods or services linked to each payment link.
• Payroll runs are capped at 100 recipients per run. You are responsible for ensuring recipient details are correct. Myraba will not be liable for wages paid to incorrect recipients due to erroneous data you provide.
• Myraba may suspend a business account without notice if prohibited, fraudulent, or deceptive use is detected.

The Myraba referral programme rewards you when new users register using your referral code and complete their first transaction. Referral rewards are credited to your wallet balance. Myraba reserves the right to withhold or reverse referral rewards that were obtained through fraudulent means (e.g., self-referral, synthetic accounts). Myraba may modify or discontinue the referral programme at any time with in-app notice.

You must not use Myraba to:

• Facilitate money laundering, terrorist financing, or any activity prohibited under the Money Laundering (Prevention and Prohibition) Act 2022 or any other applicable Nigerian law.
• Send funds to sanctioned individuals, entities, or jurisdictions.
• Conduct transactions for the purchase or sale of illegal goods or services.
• Misrepresent your identity, create fake accounts, or impersonate any person or entity.
• Use automated bots, scripts, or any automated means to interact with the Myraba app, API, or backend systems.
• Attempt to reverse-engineer, decompile, or tamper with the Myraba application or infrastructure.
• Exploit any bug or vulnerability in the platform for personal gain. Any discovered vulnerability must be reported to us immediately at hello@myraba.com.
• Engage in any activity that imposes an unreasonable or disproportionate load on our infrastructure.
• Circumvent or attempt to circumvent our AML, fraud, or identity verification controls.

Violation of any of the above will result in immediate account suspension and may be reported to the CBN, EFCC, Nigeria Police, or other appropriate authorities.

• Myraba may suspend, restrict, or terminate your account at any time if you breach these Terms, if suspicious or prohibited activity is detected, if required by a regulatory authority, or if you provide false information during registration or KYC.
• We will endeavour to notify you of a suspension unless we are legally prohibited from doing so (e.g., in connection with an ongoing regulatory or law enforcement investigation).
• If your account is terminated and you hold a positive wallet balance, Myraba will return the balance to a verified Nigerian bank account within 15 business days after completing all required AML and compliance checks. We are not obligated to return funds that are the subject of a dispute, legal hold, or regulatory freeze.
• You may close your account at any time through the app settings. Account closure does not relieve you of obligations incurred prior to closure.

If you believe a transaction was processed in error, you must report it to us within 30 days of the transaction date by contacting hello@myraba.com. We will investigate and respond within 10 business days. Myraba reserves the right to reverse a transaction at its sole discretion where there is clear evidence of error, fraud, or system failure. Reversals are not available for correctly executed transactions simply because you changed your mind.

To the maximum extent permitted by applicable Nigerian law, Myraba’s aggregate liability to you for any claim arising out of or related to your use of the Services shall not exceed the value of the relevant transaction or ₦50,000, whichever is lower.

Myraba is not liable for: (a) indirect, incidental, consequential, punitive, or special damages; (b) loss of profits, revenue, data, or goodwill; (c) losses arising from your failure to keep your credentials secure; (d) service interruptions due to scheduled maintenance, emergency maintenance, third-party outages, or force majeure events; (e) actions of third parties including payment processors, telecom providers, and utility companies after successful disbursement.

Myraba does not guarantee uninterrupted or error-free availability of the Services. We will use reasonable efforts to restore service as quickly as possible in the event of an outage.

You agree to indemnify, defend, and hold harmless Myraba Technologies Ltd, its directors, officers, employees, agents, and partners from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or relating to: (a) your use of the Services in violation of these Terms; (b) your violation of any applicable law or regulation; (c) any content or data you submit, post, or transmit through the Services; or (d) your infringement of any third-party right.

The Myraba name, logo, trade dress, app design, and all in-app text, graphics, and software are the exclusive intellectual property of Myraba Technologies Ltd and are protected under Nigerian and international intellectual property law. You are granted a limited, non-exclusive, non-transferable, revocable licence to use the Myraba app solely for your personal or small-business financial activities as permitted by these Terms.

You may not: (a) copy, reproduce, or distribute any Myraba content; (b) create derivative works based on our platform; (c) use our trademarks without prior written consent; or (d) reverse-engineer, disassemble, or decompile any part of the Myraba application.

Your use of the Services is also governed by our Privacy Policy, which is incorporated into these Terms by reference. By using our Services, you acknowledge that you have read and understood our Privacy Policy.

We may update these Terms from time to time to reflect changes in our Services, business practices, or legal requirements. We will notify you of material changes in-app and by email (if you have provided one) at least 14 days before the changes take effect. The updated Terms will bear a new “Effective date” at the top of this page. Your continued use of the Services after the effective date constitutes your acceptance of the revised Terms.

If you do not accept a material change, you may close your account before the effective date. Your obligation to settle any outstanding balance or liability remains notwithstanding account closure.

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute, controversy, or claim arising out of or relating to these Terms or the breach, termination, or validity thereof shall first be referred to good-faith negotiation between the parties. If the dispute is not resolved within 30 days of written notice, it shall be referred to binding arbitration in Lagos, Nigeria, in accordance with the Arbitration and Mediation Act 2023. The language of the arbitration shall be English. The arbitrator’s decision shall be final and binding.

Nothing in this clause prevents either party from seeking urgent injunctive relief from a court of competent jurisdiction in Nigeria.

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court or arbitrator of competent jurisdiction, that provision shall be modified to the minimum extent necessary to make it enforceable, or severed from these Terms if modification is not possible. The remaining provisions shall continue in full force and effect.

These Terms, together with our Privacy Policy and any additional terms applicable to specific features, constitute the entire agreement between you and Myraba with respect to the subject matter hereof and supersede all prior agreements, representations, and understandings, whether written or oral.

For questions, complaints, or legal notices relating to these Terms:

• Email: hello@myraba.com
• Company: Myraba Technologies Ltd
• Address: Lagos, Nigeria

Myraba Technologies Ltd  ·  Lagos, Nigeria