MoniYes Terms of Service

Last Updated: August 06, 2026

These Terms of Service ("Terms") constitute a legally binding agreement between you ("Business User", "you", or "your") and MoniYes ("Platform", "we", "us", or "our"), governing your access to and use of the MoniYes platform, website, and services (collectively, the "Services").

By registering for an account or using the Services, you agree to be bound by these Terms. If you do not agree to these Terms, you must not access or use the Services.

1. Definitions

1.1. Platform: The MoniYes web-based application and infrastructure that facilitates vendor management, product listing, and automated payment settlements.

1.2. Business User: The primary account holder (marketplace owner) who utilizes MoniYes to manage their business operations and vendors.

1.3. Vendor: A third-party supplier or merchant managed by the Business User, whose products are listed and sold through the Business User's instance of the Platform.

1.4. Guest/Customer: An individual who purchases products from the Business User's marketplace.

1.5. Settlement: The process of calculating and distributing funds from a transaction to the respective parties (Vendor, Business User, and Platform).

1.6. Split Payment: The automated mechanism that divides a single customer payment into multiple portions for simultaneous disbursement to different subaccounts via the Payment Gateway.

1.7. Payment Gateway: The third-party payment processor (Paystack) integrated with MoniYes to handle financial transactions.

1.8. Subaccount: A specific financial destination (linked to a bank account) within the Payment Gateway where funds are disbursed during Settlement.

2. Account Registration and Eligibility

2.1. Eligibility: To use MoniYes, you must be a legally registered business entity or a sole proprietor capable of entering into legally binding contracts under the laws of the Federal Republic of Nigeria.

2.2. Account Creation: You must provide accurate, current, and complete information during the registration process, including:

• Full Legal Name
• Valid Business Email and Phone Number
• Registered Business Name
• Valid Bank Account Details for Settlement

2.3. Bank Account Verification: All bank accounts linked to MoniYes must be verified. You represent and warrant that you have the legal right to use the bank account provided. Failure to provide valid bank details will result in the inability to receive settlements.

2.4. Security: You are responsible for maintaining the confidentiality of your account credentials (email and password). You must immediately notify MoniYes of any unauthorized use of your account. We employ 256-bit encryption and One-Time Password (OTP) verification for sensitive operations to enhance your account security.

2.5. Multitenant Isolation: MoniYes utilizes a multitenant architecture. Your data, including vendor lists, financial records, and customer information, is logically isolated from other Business Users' data to ensure privacy and security.

2.6. Role-Based Access Control: The Platform provides different access levels (e.g., Business Admin, Cashier) to help you manage your staff's access to sensitive business data and financial operations. You are responsible for assigning appropriate roles and monitoring the activities of your sub-users.

3. The MoniYes Service

3.1. Platform Utility: MoniYes provides a suite of tools for marketplace management, including:

• Vendor Management Portal: Tools to register, track, and manage third-party vendors.
• Automated Settlement Engine: Logic that calculates shares for Vendors, Business Users, and the Platform.
• Product Markup Engine: Ability for Business Users to add a markup price to vendor-supplied products.

3.2. Automated Split Payments: All transactions processed through MoniYes utilize a dynamic split payment mechanism. When a Customer pays for an order:

• The Vendor Share (base price) is automatically routed to the Vendor's subaccount.
• The Business Share (markup) is routed to the Business User's subaccount.
• The Platform Fee is routed to the MoniYes fee account. This process is automated at the point of transaction to ensure transparency and timely disbursement.

3.3. Vendor Management: The Business User is solely responsible for the conduct of their Vendors. You must ensure that Vendors provide accurate product information and honor fulfillment obligations. MoniYes is not a party to the agreement between the Business User and their Vendors.

3.4. Product Configuration: Business Users have the authority to configure:

• Product Markups: Flat or percentage-based additions to the vendor price.
• Commission Rules: Terms governing the relationship with Vendors.
• Inventory Management: Monitoring stock levels and product availability.

4. Payments and Fees

4.1. Platform Fees: For every successful transaction, MoniYes charges a service fee. This fee typically ranges between 10 NGN to 50 NGN per transaction, depending on your business configuration and volume. This fee is automatically deducted during the Split Payment process.

4.2. Payment Gateway Charges: In addition to Platform Fees, the Payment Gateway (Paystack) applies its own transaction charges (e.g., 1.5% + 100 NGN for local transactions). These charges are subject to the terms and conditions of Paystack.

4.3. Settlement Currency: All transactions, fees, and settlements are processed in Nigerian Naira (NGN) and calculated in Kobo (100 Kobo = 1 Naira).

4.4. Payout Cycles: While MoniYes triggers the split immediately upon transaction success, the actual availability of funds in your bank account is subject to the Payment Gateway's settlement schedule (typically T+1 for local payments).

4.5. Refunds and Chargebacks: You are responsible for managing customer refunds. In the event of a chargeback, you agree to indemnify MoniYes for any fees or losses incurred.

5. Data Privacy and Security

5.1. Security Standards: MoniYes employs industry-standard security measures, including 256-bit SSL encryption for data transmission and secure hashing for sensitive information. Access to administrative functions requires One-Time Password (OTP) verification.

5.2. Data Isolation (Multitenancy): Our platform architecture ensures that your business data is logically separated from other users. The business_id scoping mechanism enforces strict data isolation at the database level, ensuring that your vendors, products, and financial records remain confidential and accessible only to your authorized users.

5.3. Use of Data: We collect and process data necessary to provide the Services. We do not sell your business or customer data to third parties. For more details, please refer to our Privacy Policy.

6. Intellectual Property

6.1. Platform Ownership: MoniYes and its licensors own all rights, title, and interest in and to the Platform, including all software, source code, designs, and trademarks.

6.2. User Content: You retain ownership of all data, logos, and content you upload to the Platform. You grant MoniYes a worldwide, non-exclusive license to host, use, and display your content solely for the purpose of providing the Services.

7. Liability and Indemnity

7.1. Disclaimer of Warranties: The Services are provided "as is" and "as available" without any warranties of any kind. MoniYes does not guarantee that the Services will be uninterrupted or error-free.

7.2. Payment Gateway Limitation: MoniYes integrates with third-party payment gateways (Paystack). We are not liable for any failures, delays, or errors caused by the Payment Gateway, including but not limited to settlement delays, transaction failures, or gateway downtime.

7.3. Vendor-Customer Disputes: MoniYes is a technical service provider. We are not responsible for disputes between you and your Vendors, or between you and your Customers. You agree to indemnify and hold MoniYes harmless from any claims arising out of your business operations.

7.4. Limitation of Liability: To the maximum extent permitted by law, MoniYes shall not be liable for any indirect, incidental, or consequential damages, including loss of profits or data.

8. Termination

8.1. Termination by You: You may close your account at any time by contacting our support team. All outstanding settlements must be completed before the account is fully closed.

8.2. Termination by MoniYes: We reserve the right to suspend or terminate your account if you violate these Terms, engage in fraudulent activity, or if required by law.

8.3. Effect of Termination: Upon termination, your access to the Platform will be revoked. You remain liable for all fees and obligations incurred prior to termination.

9. Governing Law and Dispute Resolution

9.1. Governing Law: These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

9.2. Jurisdiction: Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in Abuja, Federal Capital Territory, Nigeria.

10. Modifications to Terms

10.1. Updates: We may modify these Terms from time to time. We will notify you of any significant changes by posting the new Terms on the Platform or via email. Your continued use of the Services after such changes constitutes acceptance of the updated Terms.

11. Contact Information

If you have any questions about these Terms, please contact us at support@moniyes.com.