CherryPay Terms & Conditions

1. About CherryPay

CherryPay is a financial technology platform that enables users to access multi-currency accounts, virtual cards, international and local payments, currency conversion services, remittances, utility payments, and other financial solutions.

CherryPay is not a bank. Banking and payment services may be provided through licensed financial institutions, payment processors, and regulated partners.

2. Eligibility

To use CherryPay, you must:

• Be at least 18 years old.
• Must not be based in countries on the FATF "Blacklist" (High-Risk Jurisdictions).
• Have the legal capacity to enter into binding agreements.
• Provide accurate, complete, and current information.
• Not be prohibited from using financial services under any applicable law.

We reserve the right to refuse, suspend, or terminate access to any user who does not meet our eligibility requirements.

3. Account Registration

You must create a CherryPay account to access certain Services.

When registering, you agree to:

• Provide accurate and complete information.
• Maintain and promptly update your information.
• Keep your login credentials confidential.
• Accept responsibility for all activities conducted through your account.

You may not create accounts on behalf of another person without authorization.

4. Identity Verification and Compliance

CherryPay operates in compliance with applicable Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), sanctions, and Know Your Customer (KYC) regulations.

We may require:

• Government-issued identification.
• Proof of address.
• Selfie verification.
• Source-of-funds documentation.
• Additional information deemed necessary.

CherryPay may suspend transactions, freeze funds, restrict account functionality, or terminate accounts where compliance concerns arise.

5. Services

CherryPay may provide one or more of the following services:

• Multi-currency accounts.
• Currency exchange and conversion.
• International transfers.
• Domestic transfers.
• Virtual cards.
• Utility bill payments.
• Merchant payments.
• Wallet services.
• Remittance services.
• Additional products introduced from time to time.

Availability of services may vary by country, regulatory requirements, and partner limitations.

6. Deposits and Funding

Users may fund their accounts through approved methods.

You acknowledge that:

• Funding methods may be subject to limits.
• Additional verification may be required.
• Processing times are estimates only.
• Deposits may be delayed due to compliance reviews or partner requirements.

CherryPay may reject or reverse deposits where required by law or regulatory obligations.

7. Transfers and Payments

You are solely responsible for ensuring the accuracy of all payment instructions, recipient information, and transaction details.

CherryPay shall not be responsible for losses resulting from:

• Incorrect beneficiary details.
• User errors.
• Delays caused by third-party institutions.
• Regulatory investigations.
• Compliance reviews.

Completed transactions may be irreversible.

8. Currency Conversion

Exchange rates displayed within the platform may change at any time.

By confirming a currency conversion transaction, you agree to the exchange rate and applicable fees presented at the time of execution.

CherryPay does not guarantee future rates or market performance.

9. Virtual Cards

Where available, CherryPay may issue virtual cards through authorized partners.

Users agree:

• To use cards only for lawful purposes.
• Not to use cards for prohibited transactions.
• To comply with card network rules and partner requirements.

CherryPay may suspend or terminate virtual cards where misuse, fraud, or compliance concerns are detected.

10. Fees and Charges

Users agree to pay all applicable fees associated with the Services.

Fees may include:

• Transaction fees.
• Transfer fees.
• Currency conversion fees.
• Card issuance fees.
• Card maintenance fees.
• Withdrawal fees.
• Third-party processing fees.

Applicable fees will be disclosed within the platform where reasonably possible.

CherryPay may update fees at any time upon notice.

11. Prohibited Activities

You must not use CherryPay for:

• Fraudulent activities.
• Money laundering.
• Terrorist financing.
• Human trafficking.
• Sanctioned transactions.
• Illegal gambling activities.
• Unauthorized cryptocurrency activities where prohibited by law.
• Intellectual property infringement.
• Any unlawful purpose.

CherryPay may immediately suspend or terminate accounts suspected of engaging in prohibited conduct.

12. Suspicious Activity Monitoring

CherryPay continuously monitors accounts and transactions for suspicious activity.

We may:

• Request additional documentation.
• Delay processing.
• Restrict account functionality.
• Report activities to regulators or law enforcement agencies.
• Freeze funds where legally required.

No compensation shall be owed for actions taken to comply with legal obligations.

13. Account Suspension and Termination

CherryPay may suspend, restrict, or terminate your account at any time if:

• You breach these Terms.
• We suspect fraud or misuse.
• Regulatory requirements require intervention.
• False information has been provided.
• Continued provision of services presents legal or operational risk.

Upon termination, we may retain information and records as required by law.

14. Intellectual Property

All CherryPay trademarks, logos, software, content, designs, and technology remain the exclusive property of Cherry Global Technology Limited or its licensors.

You may not:

• Copy.
• Reverse engineer.
• Modify.
• Distribute.
• Republish.

Any part of the platform without prior written consent.

15. Data Protection and Privacy

Your use of CherryPay is subject to our Privacy Policy.

By using the Services, you consent to the collection, processing, storage, and sharing of information as described in the Privacy Policy and as required for service delivery, fraud prevention, compliance, and regulatory obligations.

16. Third-Party Providers

CherryPay may rely on third-party providers including:

• Banks.
• Payment processors.
• Card issuers.
• Identity verification vendors.
• Cloud service providers.

CherryPay is not responsible for interruptions, delays, or failures caused by third-party service providers beyond our reasonable control.

17. Limitation of Liability

To the maximum extent permitted by law, CherryPay shall not be liable for:

• Indirect damages.
• Consequential damages.
• Lost profits.
• Business interruption.
• Data loss.
• Delays caused by third parties.
• Regulatory actions.
• Force majeure events.

Our total liability shall not exceed the fees paid by the user to CherryPay during the twelve (12) months preceding the event giving rise to the claim.

18. Indemnification

You agree to indemnify and hold harmless Cherry Global Technology Limited, its officers, employees, directors, affiliates, and partners against any claims, losses, liabilities, damages, and expenses arising from:

• Your use of the Services.
• Your violation of these Terms.
• Your violation of applicable laws.
• Any fraudulent or unlawful activity conducted through your account.

19. Electronic Communications

You consent to receive communications electronically, including:

• Account notifications.
• Security alerts.
• Compliance requests.
• Legal notices.
• Service updates.

Electronic communications shall satisfy any legal requirement for written communication.

20. Service Availability

CherryPay strives to provide uninterrupted access but does not guarantee continuous availability.

Services may be interrupted due to:

• Maintenance.
• Technical failures.
• Security incidents.
• Regulatory requirements.
• Third-party outages.

21. Amendments

CherryPay may modify these Terms at any time.

Updated Terms will be posted on the platform and become effective immediately upon publication unless otherwise stated.

Continued use of the Services constitutes acceptance of the revised Terms.

22. Governing Law and Dispute Resolution

These Terms shall be governed by the laws of Nigeria.

Any dispute arising from these Terms shall first be resolved through good-faith negotiations.

Where negotiations fail, disputes shall be submitted to mediation and, if necessary, binding arbitration in accordance with the laws of the applicable jurisdiction.