Legal & Regulatory

Our Regulatory Approach

NetPay works with appropriately licensed and regulated payment service providers and financial partners to facilitate payment processing and related services.

Through these partnerships, NetPay leverages established regulated payment infrastructure while developing its own operational, risk, and compliance capabilities.

The regulatory requirements applicable to a transaction may vary depending on factors such as the destination, currency, payment method, transaction type, and jurisdictions involved. NetPay works with its regulated partners to ensure that applicable requirements are appropriately addressed throughout the payment process.

As NetPay expands its services and enters additional markets, its regulatory and compliance arrangements may evolve accordingly.

Compliance & Financial Crime Prevention

NetPay is committed to maintaining appropriate policies, processes, and controls to help prevent financial crime and protect the integrity of its platform and payment services.

Depending on the service and applicable regulatory requirements, our compliance framework and that of our regulated partners may include:

• Customer identification and verification
• Customer Due Diligence (CDD)
• Anti-Money Laundering (AML)
• Counter-Terrorist Financing (CFT)
• Counter-Proliferation Financing (CPF)
• Sanctions and watchlist screening
• Transaction risk assessment and monitoring
• Suspicious activity detection and reporting, where applicable
• Ongoing compliance monitoring

Depending on the nature and risk of a transaction, customers may be required to provide additional information or documentation to satisfy applicable legal, regulatory, compliance, or risk-management requirements.

Data Protection & Privacy

NetPay takes the protection of personal data seriously and processes personal information in accordance with applicable data protection laws, including the Nigeria Data Protection Act, 2023, where applicable.

Our Privacy Policy provides further information about how we collect, use, store, and protect personal data and the rights available to data subjects.

Customer Protection & Transparency

NetPay aims to provide customers with clear and relevant information before they complete a transaction.

Depending on the service and transaction, this may include:

• Applicable fees and charges
• Exchange rates and other applicable rates
• Estimated processing times
• Transaction requirements and limitations
• Applicable terms and conditions

NetPay maintains processes for handling customer enquiries and complaints and works to resolve issues in accordance with applicable requirements and our internal service standards.

Regulated Payment Partners

Where payment processing or other regulated financial services are provided through third-party providers, those services are facilitated through appropriately licensed or authorised entities.

Information about relevant regulated partners may be provided where appropriate and where disclosure is permitted.

Regulatory Updates

As NetPay develops its services and expands into new markets, its regulatory obligations and operating arrangements may change.

This page will be updated as material changes occur to NetPay's regulatory arrangements or the jurisdictions in which its services are available.

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