1 Introduction to NestPay, information on how to contact NestPay and on how NestPay will contact you
1.1 When the word "NestPay" is used in these terms, NestPay Digital Limited ("NestPay", "we", "us", "our" and "ours") is a business payment application that enables Nigerian businesses to pay international suppliers directly from their phones, converting naira to the supplier's currency via WIRE, ACH, or SWIFT transfers to destinations including China, the United States, the United Kingdom, and Europe. We have partnered with licensed financial institutions, payment networks, and settlement partners across these regions to provide our Services to You. We are registered in England and Wales as a company under number 14911087, and our registered office is at Nestpay Limited 128 City Road, London. NestPay operates the website at www.nestpay.co
1.2 How you can contact NestPay:
| team@nestpay.co | |
| Messaging | You can send NestPay a message via the customer support function on the app |
You can call us between the hours of 8:00 a.m. to 8:00 p.m., UK time, seven days a week. You can contact us via email or via the customer support function on the app at any time.
1.3 NestPay is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 14911087) for the issuing of electronic money.
1.4 “you” and “your” in these terms means you, being the individual that wishes to use NestPay’s services and has therefore agreed to these terms and satisfied NestPay’s onboarding requirements. Please note that you must be over 18 to use NestPay’s services.
1.5 How NestPay can contact you:
NestPay shall contact you using the methods set out below. It is your sole responsibility to keep your contact details up to date with NestPay. You can update your details by sending customer support a message via the app or by telephone or email
| Post | using the address which NestPay holds for you which is set out on the profile section of the app. |
| Call you or send a message to you | using the telephone number NestPay holds for you which is set out on the profile section of the app. |
| using the email address NestPay holds for you which is set out on the profile section of the app. | |
| Messaging | using the WhatsApp app or another secure messaging app as designated by NestPay |
| In the event of security threats or fraud | We will contact you (provided NestPay is not prohibited from doing so by law) via one or a combination of the communication methods set out in this table |
2 Main characteristics of NestPay’s service
2.1 NestPay’s services allow you to
3. Information on these terms
We have drafted these terms in a question and answer format so that they are easy to read and understand. However, if you have any queries at all, please do not hesitate to get in touch with customer support.
3.1 Why should you read these terms?
Services NestPay can provide to you. They explain your responsibilities to NestPay and NestPay’s responsibilities to you, how and when these terms can be terminated and the extent of NestPay’s liability to you
3.2 How do you accept these terms?
You can accept these terms by ticking the relevant box online when you register with NestPay, or by otherwise agreeing to these terms on the app.
3.3 When do these terms come into force and when do they end?
These terms come into force when you have accepted them and we have onboarded you as our client, or as otherwise advised, and shall remain in force until terminated.
3.4 How can these terms be terminated?
You can terminate these terms immediately at any time by contacting NestPay’s support team using one of the methods set out in section 1.2. We can terminate these terms at any time by providing you with 2 months’ notice using one of the methods set out in section 1.5. NestPay can also close or suspend your access to the app in accordance with section 9.
3.5 What happens when these terms are terminated?
Among other things, you will no longer be a client of NestPay and will therefore be unable to use the app. Accordingly, it is your sole responsibility to ensure that there is no money in any of your wallets prior to terminating these terms and closing your account. For 6 years after these terms are terminated, you will be able to contact NestPay by email to ask NestPay to send money in your wallets to a payment account belonging to you. During this period, NestPay may deduct money from your wallet to pay money you owe to NestPay.
3.6 On agreeing to these terms and onboarding you as a client, what are NestPay’s obligations to you?
NestPay will:
3.7 On agreeing to these terms, what are your obligations to NestPay?
By accepting these terms, you agree to abide by these terms and pay NestPay the fees.
3.8 Are there any words used in these terms which might need further explanation?
Yes. The following words have the following meaning:
3.9 Is there anything else you should be aware of when reading these terms?
Yes:
4. Information on wallets
4.1 What are wallets?
Your wallets are your electronic money accounts with NestPay within which you can hold money. At the time of writing these terms, NestPay can provide you with a wallet in GBP. As NestPay’s service develops, NestPay will seek to offer you wallets in other currencies. A reference to wallets in these terms means your wallets, held with NestPay.
4.3 What can you use the money in your wallet for?
Once you have money in one of your wallets, you will be able to:
4.4 How does your wallet differ from a bank account?
Your wallet differs from a bank account in that money in your wallet:
4.5 How do you add money to your wallet?
You can add money to your wallet:
4.6 Are there limits on how much money you can send and exchange using the app?
Yes, these limits are set out in the app. If you have any queries on these limits or would like to ask to change them, please contact customer support.
4.7 Are you able to set spending limits on the app?
No, only NestPay is able to set spending limits.
4.8 How long will it take for the money to be added to your wallet?
This depends on the payment method used. If you pay by
4.9 What if you add money to your wallet in a currency other than the currency of your wallet?
When you add money to your wallet, it is added in the currency of the wallet you are topping up and not the currency of the money you send. If:
this money will be converted into the currency of your wallet using NestPay’s standard exchange rates. Your statement will show the exchange rate which applied on the date that the money was added to your wallet. Exchange rates may change and the exchange rate which applies when you check may not be the exchange rate that was used to convert your funds. Please see section 6.12 for more information on exchange rates
4.10 How do you find out the balance of money in your wallets and how will you know when money has been added to your wallets?
You can check the balance of your wallets by viewing the balance and transaction history of your wallet on the app. You can view such information from the app at any time until your account with NestPay is closed. We will send a notification to your mobile device each time you receive money into one of your wallets. You can turn off these notifications through your device’s settings at any time. If you turn off notifications, you should regularly check your payments on the app. It’s important that you know what payments go into and out of your account, so NestPay recommends that you do not turn off notifications
4.11 Will you receive a statement relating to your wallets?
Yes, NestPay shall issue monthly statements on the app. NestPay shall email you to let you know when these are available (unless there have been no changes to your wallets during the relevant month in which case NestPay shall not email you). Please note that once you are no longer a client of NestPay, you will no longer have access to the app to obtain your online statement history. Accordingly, you may wish to print or download any of your account information before requesting the closure of your account to ensure your records are complete. Alternatively, you may request your account statements from customer support. After verification of your identity, NestPay shall email the statements to you
4.12 Can someone other than you add money to your wallet?
A person other than you can add money to your wallet only by sending money from their own wallet with NestPay.
4.13 Will NestPay ever deduct money from your wallet?
Yes, NestPay will deduct money from your wallet when:
4.14 Can you ever have a negative balance in your wallet?
NestPay will check that you have enough money in your wallet before deducting money from it. However, you may fall into negative balance if you are charged fees in excess of your balance. If this ever happens, you must immediately top up your wallet. Please see section 4.4 for information on how to do this.
4.15 What if money is paid into your wallet by mistake?
NestPay reasonably believes that money has been paid into your wallet by mistake, NestPay:
You must let NestPay know if you think that a payment made to you was not a mistake. If you think a payment made to you from a payment service provider based in the UK or in the EEA was not a mistake, NestPay may share your personal information with the payment service provider of the payer so that you can be contacted directly. This is because NestPay is required to cooperate with other payment service providers and share all relevant information in order to assist with tracing money sent to the wrong person
5. Information on how money in your wallet is safeguarded
5.1 When is money safeguarded by NestPay on your behalf?
When NestPay receives money for your wallet, NestPay will add electronic money to your wallet and place the equivalent amount of money in segregated bank accounts. This is commonly known as safeguarding.
5.2 What are segregated bank accounts?
These are bank accounts which NestPay holds with tier 1 banks and only hold client money and not NestPay’s own money to keep your money safe.
5.3 What is the point of safeguarding?
Safeguarding your money means that in the unlikely event that NestPay gets into financial difficulties, the money which NestPay safeguards on your behalf will be protected from the claims of NestPay’s creditors and should be returned to you in full.
5.4 When will NestPay stop safeguarding?
| Transaction type | When (if at all) will NestPay stop safeguarding money credited to your wallet? | |
|---|---|---|
| 1 | Transfer of money from a wallet (other than an NGN wallet) belonging to you to another wallet (other than an NGN wallet) belonging to you, whether or not there is an exchange of money from one currency to another. | NestPay will safeguard the appropriate amount of money for you throughout this transaction. |
| 2 | Transfer of money from a wallet (other than an NGN wallet) belonging to you to a wallet (other than an NGN wallet) belonging to another person, whether or not there is an exchange of money from one currency to another | NestPay shall stop safeguarding money for you when your wallet is debited and start safeguarding for the beneficiary wallet holder when their wallet is credited. |
| 3 | Transfer of money from a wallet (other than an NGN wallet) belonging to you to a payment account which is not provided by NestPay (including an NGN wallet), whether or not there is an exchange of money from one currency to another (unless circumstances in transaction 4 apply). | NestPay shall cease safeguarding when money subject to the transfer has been transferred to another payment service provider that holds this money on behalf of the beneficiary. |
| 4 | Transfer of money from one of your wallets (other than an NGN wallet) to a payment account which belongs to you but is not provided by NestPay (for example your NGN wallet). | Foreign exchange linked to the transfer. |
| 5 | NestPay shall cease safeguarding when money is debited from your wallet to pay money you owe NestPay under the foreign exchange transaction. | Money in the exchanged currency will not be safeguarded as we deem this transaction to be a pure foreign exchange transaction (which we are allowed to safeguard) and not a payment contract (which we have to safeguard). |
5.5 How will money in my NGN wallet be safeguarded?
Please see Pagatech’s terms for information on how money in your NGN wallet will be safeguarded. A link to these terms can be found in section 4.2.
6. The app
6.1 What is the app?
The app is NestPay’s mobile application where you can, among other things:
6.2 How do you access the app?
You can access the app by downloading it onto your phone from your usual app provider. To use NestPay’s mobile app, you need at least the following operating systems:
6.3 How do you make a payment using the app?
You can make a request for money in one of your wallets to be sent to another wallet or a payment account which is not a wallet via the app by following the instructions on the app, which will include inserting the following details:
You can also make a request for money in one of your wallets to be sent to a payment account by using a payment initiation service provider.
6.4 If the currency of the money you wish to send to the beneficiary account is different to the currency of the wallet you are making the payment from then NestPay will carry out a foreign exchange transaction for you at the foreign exchange rate set out in the app prior to sending money in the exchanged currency to the beneficiary account.
6.5 Can you set up a payment to be made at a date in the future?
No, you can only ask NestPay to make payments for immediate execution.
6.6 Can you cancel a payment once you have asked NestPay to execute it?
No, however, if you suspect that you have been a victim of fraud or made the transaction in error you must notify us immediately.
6.7 How long will it take for the money to reach the desired account?
We are obliged by regulation to let you know the maximum times (as set by law) it should take for money to arrive with the beneficiary’s payment service provider from the date you told NestPay to make a payment. NestPay sets out these maximum times in the table below. Please note that it may take much less time for your money to reach the beneficiary’s payment service provider.
| Payment type | If you provide your payment order at this time… | When will money arrive in the beneficiary’s account |
|---|---|---|
| Payment to a wallet in any currency | Any time | There is no statutory deadline. However, in most cases the money will arrive very shortly after you have placed the payment order with us. |
| Payment in euro or sterling | Before 4 pm on a business day | by the end of the business day after NestPay receives your payment order |
| Payment in euro or sterling | After 4 pm on a business day or not on a business day | by the end of the second business day after NestPay receives your payment order |
| Payment not in euro or sterling where the beneficiary account is in the European Economic Area | by the end of the fourth business day after NestPay receives your payment order | |
| Payment not in euro or sterling where the beneficiary account is in the European Economic Area | After 4 pm on a business day or not on a business day | By the end of the fifth business day after NestPay receives your payment order |
| Payment not in euro or sterling and beneficiary’s account is outside the European Economic Area | At any time | There is no statutory deadline. However, we aim for your money to arrive with the beneficiary’s payment service provider by the end of the third business day after NestPay receives your payment order |
6.8 Will NestPay ever refuse to execute a payment or delay in executing a payment?
Yes, NestPay may do so for one or more of the following reasons:
6.9 What if the money does not reach its destination?
There may be occasions where NestPay sends money on your behalf to a beneficiary account which is not a wallet and it is returned to NestPay (for whatever reason). If NestPay has to carry out a currency exchange when NestPay sent the payment, when the money is returned it will be converted back into the original currency at the then prevalent exchange rate. This means that the amount you receive might be more or less than the amount you originally held in your account. NestPay is not responsible for any losses in such cases.
6.10 How do you exchange money in your wallet from one currency to another?
You can exchange money from one currency to another by:
6.11 What exchange rates does NestPay use?
When you exchange money from one currency to another within the app (either by moving from one wallet to another or prior to money in the exchanged currency being sent to a beneficiary account) NestPay will use an exchange rate that is a mark-up on rate which NestPay obtains from the wholesale currency markets. You will be informed of the exchange rate NestPay is offering you prior to you agreeing to the currency exchange.
6.12 How do you find out NestPay’s currency exchange rates?
You can find out NestPay’s exchange rates at any given time by following the instructions on the app.
6.13 Do you have any obligations to keep the app safe? `
Yes, it is your responsibility to take all reasonable steps to keep safe the app and your password to gain access to the app. This includes you: not allowing anyone to access the app or your wallet on your behalf; not telling anyone your password; notifying NestPay using the methods set out in section 1.2, without undue delay, on becoming aware of someone (who is not you): knowing your password; accessing or being able to access the app on your behalf; logging off the app every time the mobile or other device used to gain access to the app is left by you; ensuring that the password is not stored by the browser or cached, or otherwise recorded by the mobile or other device used to gain access to the app; and ensuring that the email account(s), phone number, mobile phone number, computer and other network used to communicate with NestPay are secure and only accessed by you.
7. What happens if something goes wrong?
7.1 What if you forget your password to gain access to the app?
Please contact customer services using the contact details set out in section 1.2.
7.2 What if you think that
If this is the case, you must contact NestPay as soon as possible and in any event within 13 months of the date of the payment using the contact details set out in section 1.2.
7.3 When might you be entitled to a refund?
Provided that you have notified NestPay in accordance with section 7.2 you are entitled to a refund where:
7.4 When might you be liable for some of the losses you have incurred from an unauthorised payment from your wallet?
You are responsible for up to £35 of your losses arising from the misuse of the app except where:
7.5 Are there any circumstances where you are not entitled to a refund in accordance with section 7.3?
Yes:
7.6 If you are entitled to a refund in accordance with section 7.3, how long will this take?
NestPay will refund you by the end of the business day following the day NestPay becomes aware of the unauthorised or incorrectly executed payment, unless NestPay suspects fraud, conducts a review and notifies the appropriate authorities.
7.7 What happens if you give NestPay incorrect beneficiary account details or are scammed into executing a payment or into providing NestPay with the beneficiary account details belonging to a fraudster?
NestPay’s job is to send your money to the beneficiary account that you provide NestPay with the details of. NestPay is unable to look behind the payments that you wish to make to find out if you have provided NestPay with the correct beneficiary account details or might have been the subject of a scam. NestPay is not liable where you have provided NestPay with beneficiary account details for a payment but later tell NestPay that these details were wrong except that you were subject of a scam. Accordingly, it is essential that you ensure that the beneficiary account details you provide NestPay are correct and that you take all the steps that you can to ensure that you are not the subject of a scam when executing a payment and providing NestPay with beneficiary account details. If you tell NestPay that the beneficiary account details that you provided NestPay were wrong or that you were the subject of a scam, NestPay will try and trace the payment for you. NestPay may charge you a reasonable fee for trying to trace this payment.
Where you are a victim of APP Fraud, you would be entitled to a full refund of your remittance, provided you meet the following conditions:
7.8 What if it takes longer than it should for money to be deposited in the beneficiary account?
Please let NestPay know and it can make a request to the beneficiary’s account provider to treat the payment as if it was made on time.
7.9 What happens if these terms are terminated before you realise that you might be entitled to a refund?
If this happens, both you and NestPay shall still be entitled to rely on this section.
8. Information NestPay requires and checks NestPay carries out when onboarding you as a client and throughout the term of NestPay’s relationship
8.1 Does NestPay require any documentation or information from you prior to being able to provide you with its services?
Yes, NestPay requires documentation and information from you. NestPay does this to comply with its legal and regulatory obligations. The minimum due diligence NestPay requires to open an account with you is your full name, date of birth, mobile phone number, residential address and email address. You will also need to provide NestPay with a selfie and a photograph of your valid government-issued proof of identification (for example, your passport). Please note that if you open an NGN wallet with Pagatech then we maypass your personal data onto Pagatech only if required to do so under limited circumstances.
We may require additional documentation and information from you during the lifetime of these terms. If you do not provide NestPay with the information or documentation it requires, NestPay may withhold its services and freeze your money until NestPay receives the documentation or information that NestPay requires.
8.2 Does NestPay carry out electronic verification checks and, if so, what is the effect of this?
Yes, NestPay or someone NestPay instructs may carry out an electronic verification check in order to verify your identity. This will leave a soft footprint on your credit history. By agreeing to these terms, you consent to such searches being carried out.
9. Are there any circumstances where NestPay may close or suspend access to the app?
We may close or suspend your access to the app without notice:
10. Other important general terms
10.1 Where can you find out information on how NestPay processes personal data?
Information on how NestPay processes your personal data is set out in its privacy policy, which is available on the following weblink NestPay/privacy-policy.
10.2 What are NestPay’s obligations of confidentiality?
NestPay shall keep your confidential information confidential and shall not use such confidential information except for the purpose of exercising or performing its rights and obligations.
10.3 Are there any exceptions to NestPay’s obligation of confidentiality?
Yes. The provisions of this section shall not apply to any information that:
10.4 In addition, NestPay may disclose confidential information to:
10.5 What happens to confidential information on termination of these terms?
On termination of this agreement, NestPay shall keep your confidential information safe and shall not be under an obligation to return it to you or delete it unless required to do so by law. Accordingly, the provisions of this section shall continue to apply after termination of these terms.
10.6 What happens if you die?
If you die, the money in your account will be dealt with in accordance with the administration of your estate. If you have appointed a power of attorney, NestPay may provide them with access to your account provided that NestPay is satisfied that the documentation provided to NestPay is valid and legally binding.
10.7 What information can NestPay provide you on intellectual property rights?
NestPay’s parent company, NestPay Technology Inc, owns all the intellectual property in its products (for example, the content in the app and on the NestPay website, the NestPay logo and the NestPay card designs). You must not use NestPay’s intellectual property as your own, except to enjoy its products. You also must not reverse-engineer any of NestPay’s products (that is, reproduce them after a detailed examination of their construction or composition).
10.8 How do you make a complaint about the service NestPay has provided to you?
If you feel that NestPay has not met your expectations in the delivery of its services or if you think that NestPay has made a mistake, please get in touch with NestPay using the contact details set out in section 1.2. NestPay has internal procedures for handling complaints fairly and promptly. We will send a final response to your complaint by the end of 15 business days after the day on which we received the complaint. In exceptional circumstances, where NestPay cannot send a final response within this period of time for reasons beyond NestPay’s reasonable control, NestPay shall send a final response to you within 35 business days of the day on which NestPay received the complaint.
10.9 What if you are still not happy once NestPay has responded to your complaint?
If you are still not happy once NestPay has responded to your complaint, there are options open to you. If you are an eligible complainant (i.e. you are acting for purposes which are wholly or mainly outside your trade, business, craft, or profession) and your complaint falls within the Financial Ombudsman Service’s jurisdiction, you may be able to take your complaint to the Financial Ombudsman Service. Further information on eligibility criteria and the procedures involved in referring your complaint to the Financial Ombudsman Service are available on the following weblink (www.financial-ombudsman.org.uk).
10.10 If you are not an eligible complainant (i.e. you are acting for purposes which are wholly or mainly related to your trade, business, craft, or profession) or your complaint does not fall within the Financial Ombudsman Service’s jurisdiction or you do not wish to refer your complaint to the Financial Ombudsman Service, you may refer your complaint to the courts in accordance with section 10.12, should you not be satisfied with NestPay's final response to your complaint.
10.11 Which laws govern these terms?
These terms and any contract to which these terms apply and any disputes or claims arising out of or in connection with these terms or any such contract or its or their subject matter or formation (including non-contractual disputes or claims) are governed by, and construed in accordance with, the laws of England
10.12 How will disputes be resolved?
Unless you take your complaint to the Financial Ombudsman Service (and the Financial Ombudsman Service is satisfied that your complaint falls within its jurisdiction), you irrevocably agree that the courts of England & Wales have exclusive jurisdiction to settle any dispute or claim or other matter that arises out of or in connection with these terms or their subject matter or formation (including non-contractual disputes or claims) and any contract to which these terms apply or its subject matter or formation (including non-contractual disputes or claims) or any of the documents to be entered into pursuant to these terms. In addition:
10.13 Who can make changes to these terms?
You are unable to make changes to these terms. If NestPay adds a new product or service that doesn’t change the existing terms and conditions, NestPay may add the product or service immediately and let you know the applicable terms before you use it. Otherwise, NestPay may amend these terms by giving you no less than two months’ notice in writing. If you object to the proposed amendments, you have the right to terminate these terms before the date proposed by NestPay for the entry into force of the changes. You will be deemed to have accepted the proposed amendments unless you notify NestPay and terminate these terms before the date proposed by NestPay for the entry into force of the changes. If NestPay receives no objection from you, such amendments shall take effect from the date specified by NestPay but may not affect any rights or obligations that have already arisen and will not be retrospective.
10.14 Can you use account information services and payment initiation services?
Yes. You can choose to allow account information service provider(s) to access information on your wallets, to combine and display information about your account with information from accounts you have with other payment service providers, and payment initiation service providers to make payments for you from your wallet, provided they are authorised by the FCA or another relevant regulator and you have given your explicit consent.
10.16 If you are thinking of using an account information service provider or a payment initiation service provider, it is important that you check with the regulator to determine whether it is authorised before you use it.
10.17 We may stop or suspend your ability to use an account information service provider or a payment initiation service provider if NestPay has reasonably justified and duly evidenced reasons for this relating to unauthorised or fraudulent access to information relating to your wallet by that account information service provider or payment initiation service provider and/or the risk of unauthorised or fraudulent initiation of a payment. If NestPay does deny access to an account information service provider or payment initiation service provider, unless doing so would compromise security or is unlawful, NestPay shall notify you as soon as possible.
10.18 Can this agreement and associated contracts be transferred to another person?
Yes, NestPay may transfer its rights and obligations under these terms and any associated contract(s) to another organisation without your consent. NestPay will always tell you in writing if this happens and will ensure that the transfer will not affect your rights under these terms or any associated contract(s). You may only transfer your rights or your obligations under these terms or any associated contract to another person if NestPay agrees to this in writing.
10.19 Does NestPay record telephone conversations?
Yes, by agreeing to these terms you agree that NestPay may record telephone conversations between you and NestPay and use such recordings or transcripts from such recordings, as evidence in any dispute or anticipated dispute. If NestPay makes any recording or transcript it may also destroy them in accordance with its normal procedure.
10.20 Can you obtain a copy of these terms?
A copy of these terms and NestPay’s privacy policy will always be available on the app, on NestPay’s website and by contacting NestPay using the contact details set out in section 1.2.
10.21 What if something unexpected happens?
If any abnormal or unforeseeable circumstances outside NestPay’s reasonable control (for example, a failure of computer systems which happens for reasons outside NestPay’s reasonable control or any industrial action which happens for reasons outside NestPay’s reasonable control) prevents NestPay from providing NestPay’s usual service, NestPay shall not be liable for the this.
10.22 What if NestPay delays in taking action?
If NestPay does not insist immediately that you do anything you are required to do under these terms, or if NestPay delays in taking steps against you in respect of your breach of these terms or any contract, that will not mean that you do not have to do those things and it will not prevent NestPay from taking steps against you at a later date. For example, if your wallet goes into a negative balance and NestPay does not freeze your account or chase you for payment immediately, NestPay can still freeze your account or require you to top up your wallet at a later date.
10.23 What if a court decides that a section of these terms is unlawful?
If any court or relevant authority decides that any section of these terms is unlawful, the remaining sections will remain in full force and effect.
11. Fees and interest
11.1 Does NestPay charge any fees?
NestPay doesn’t charge you any fees directly. NestPay makes money when it exchanges money from one currency to another for you (please see section 6.11 for more details).
11.2 Are there any third-party fees you should be made aware of?
In some circumstances, a number of intermediaries (such as correspondent banks) may be involved in an international transfer of currency, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery. These charges are beyond NestPay’s control and whilst NestPay will endeavour to minimise these for you wherever possible, those charges cannot always be calculated in advance.