Terms of Service

Last updated: 15 October 2026

Please read these Terms carefully. They explain what Mekudi provides, what we expect from businesses that use it, and how we handle the money that moves through it.

1. About these Terms

These Terms of Service ("Terms") are an agreement between Sandbox Technologies & Innovations, which operates Mekudi ("Mekudi", "we", "us"), and the business that opens a Mekudi account ("you", "the Merchant"). They govern your use of the Mekudi website, dashboard, API, hosted checkout and every related service (the "Services").

By creating an account, ticking the box to accept these Terms, or using the Services, you agree to them. The person accepting confirms that they are authorised to bind the business. If you have signed a separate written agreement with us, that agreement prevails where it conflicts with these Terms.

Our Privacy Policy explains how we handle personal data and forms part of these Terms.

2. Definitions

• Customer: a person or business that pays you, or that you pay, through the Services.
• Transaction: any payment, refund, reversal, chargeback, transfer or payout processed through the Services.
• Balance: the funds recorded to your account in our ledger, after fees, refunds, chargebacks, reserves and other amounts due.
• Partners: the licensed banks, payment processors, card networks and other financial institutions we work with to provide the Services.
• Sub-account: an account you create beneath your own for a seller or business you work with.
• Sandbox: our test environment, where no real money moves.

3. Eligibility and your account

• The Services are for businesses, sole traders and organisations, not for personal or household use. You must be legally registered in a country we support and able to enter into binding contracts.
• You must give accurate, complete and current information and keep it up to date. You must tell us promptly of changes to your ownership, directors, business activities, address or bank details.
• You are responsible for everything done through your account and your API keys. Keep passwords, authenticator devices, recovery codes and API secrets confidential, give team members only the roles they need, and tell us at once at [email protected] if you suspect unauthorised access.
• Every person who signs in must use two-step verification. You may restrict API keys to IP addresses you approve, and we recommend that you do.

4. Verification (KYC and KYB)

We are required by law to know who we work with. Before you can process live Transactions or receive payouts, and at any time after, we may require you to:

• verify your business: registration details, registered address, certificate of incorporation and other corporate documents;
• verify every director and every person who owns 25% or more: first and last name, date of birth, nationality, a BVN (for Nigerians) or a valid government-issued ID, and proof of address;
• declare your source of funds and provide proof, such as bank statements; and
• verify your Customers in the same way before they transact, by sending us the information and documents our checks require.

We screen businesses, people and Transactions against sanctions, PEP and fraud lists, and we may send you requests for information (RFIs). You must answer them fully and on time; while an RFI is open we may pause payouts. You authorise us and our Partners to verify the information you provide with third parties and official registers. We may refuse, suspend or close an account if verification is incomplete, fails, or reveals unacceptable risk.

5. The Services

• Collections: accepting card payments through our hosted checkout and card fields, and bank transfers into virtual accounts issued for your Customers.
• Ledger and balances: a record of every Transaction, fee and balance, with statements you can download.
• Payouts: transfers from your available Balance to bank accounts you have registered and we have verified.
• Developer tools: the API, webhooks, documentation and Sandbox.

Payment services are provided with our Partners, who are licensed where the law requires. Some Services, payment methods and currencies are available only in some countries or to some businesses. We do not hold funds as a bank, and Balances do not earn interest. We may change, add or withdraw features; if a change materially reduces the Services you rely on, we will give you reasonable notice.

6. Acceptable use

You must use the Services only for lawful, genuine sales of goods and services that you describe to us. You must not use them, or let anyone use them, for:

• anything illegal where you or your Customers are located, or any activity that breaches sanctions;
• money laundering, terrorist financing, fraud, or structuring Transactions to avoid limits or reporting;
• gambling, adult content, weapons, controlled substances, unlicensed financial services, cryptocurrency exchange, multi-level marketing, or any other activity on our restricted businesses list, unless we have approved it in writing;
• processing payments for another business without our approval (sub-accounts must be created and verified through the Services);
• Transactions that do not reflect a real sale, including cash advances or payments to yourself; or
• attempting to access, test, overload or reverse engineer the Services, beyond normal use of the API and Sandbox.

7. Your Customers

• You are responsible for your relationship with your Customers: describing what you sell, delivering it, your refund and cancellation policy, customer support, and the taxes on your sales.
• You must tell your Customers who you are, so their statement is recognisable, and that their payment is processed through a payment services provider.
• When you send us a Customer's personal data, you confirm that you collected it lawfully and gave them the notices the law requires, including a link to our Privacy Policy.
• Only verified Customers can transact. If a Customer's details change, the Customer must be verified again.

8. Fees, settlement and currency

• You pay the fees shown in your dashboard or agreed with us in writing. Unless agreed otherwise, fees are deducted from each Transaction before it reaches your Balance. Fees for refunds, chargebacks and payouts may apply.
• Funds from a Transaction become available after the settlement period for that payment method (for cards, usually two business days after capture), and only when our Partners have settled them to us.
• Where a Transaction involves a currency conversion, we use the rate shown at the time of the conversion, which includes our margin.
• Fees are exclusive of VAT and other taxes, which you pay where they apply.
• You authorise us to deduct from your Balance, or from incoming funds, any amount you owe us under these Terms, including fees, refunds, chargebacks, fines imposed by Partners or card networks because of your activity, and reversals. If your Balance is not enough, you must pay the difference within seven days of our request.

9. Payouts

• We pay out only to bank accounts in the name of your business that you have registered and we have verified. New or changed payout accounts may be subject to a cooling-off period before they can be used.
• We may delay or hold a payout where we reasonably suspect fraud or a breach of these Terms, where an RFI is open, where a court or authority requires it, or where your account carries elevated risk.
• Payouts are final once sent. Check your bank details carefully: we are not responsible for funds sent to an account you gave us in error, though we will help you try to recover them.

10. Refunds, chargebacks and disputes

• You can refund a Transaction from the dashboard or API up to the original amount, as long as your Balance covers it.
• A Customer or their bank may dispute a card payment (a chargeback). We will tell you, debit the disputed amount and any fee from your Balance, and give you the chance to submit evidence. The card network or issuing bank decides; their decision is final.
• If your chargeback or fraud rates exceed the levels set by card networks or our Partners, we may require changes, set a reserve, or suspend card payments.

11. Reserves, holds, suspension and termination

• To cover refunds, chargebacks and other liabilities, we may hold back part of your Balance as a reserve, delay settlement, or set Transaction limits, based on your risk. We will tell you why and review it regularly.
• We may suspend all or part of the Services, with notice where the law allows, if we reasonably believe that you have breached these Terms, that your account is being used for fraud or illegal activity, that verification has failed, or that a Partner, regulator or court requires it. You can appeal a suspension from your dashboard.
• You may close your account at any time by contacting us. We may end these Terms with 30 days' notice, or immediately for a serious or repeated breach, or where the law or a Partner requires it.
• When your account closes, we will pay out your remaining Balance to your verified bank account, after deducting amounts owed and keeping any reserve for as long as chargebacks and refunds can still arise (normally up to 180 days). Sections that by their nature should survive termination, including fees owed, liability, indemnity and data retention, survive.

12. Data protection and confidentiality

• Each party will comply with the data protection laws that apply to it, including the Nigeria Data Protection Act 2023. Our Privacy Policy explains our role for each kind of personal data.
• We keep identity data encrypted at rest and keep records for as long as anti-money-laundering law requires.
• Each party will keep the other's non-public business, technical and financial information confidential and use it only to perform these Terms, except where disclosure is required by law.

13. API, webhooks and security

• We grant you a non-exclusive, non-transferable, revocable licence to use the API and documentation to integrate the Services into your products, during the term of these Terms.
• You must sign API requests as our documentation describes, keep your secrets on your servers (never in apps or web pages), verify the signature on every webhook you receive, and keep your integration secure and up to date.
• If you handle card data yourself instead of through our hosted checkout or card fields, you must comply with PCI DSS and give us evidence on request.
• We may rate-limit, change or deprecate API versions. We will give at least 90 days' notice before removing a version you use, unless a change is needed for security or by law.

14. Intellectual property

We and our licensors own the Services, the Mekudi name and logo, and all related intellectual property. You keep ownership of your content, names and trademarks, and grant us a licence to use them to provide the Services and, with your permission, to name you as a customer. If you send us feedback, we may use it freely.

15. Warranties and disclaimers

Each party confirms that it has authority to enter into these Terms. You confirm that the information you give us is true and that your business and Transactions are lawful.

We provide the Services with reasonable skill and care, and work to keep them available and secure, but they are provided "as is" and "as available". To the extent the law allows, we make no other warranties, and we do not promise that the Services will be uninterrupted or error-free, or that a Partner, bank or card network will accept every Transaction.

16. Limitation of liability

• Nothing in these Terms limits liability for fraud, for death or personal injury caused by negligence, or for anything else that cannot be limited by law.
• Neither party is liable for indirect or consequential loss, or for loss of profit, revenue, goodwill or data, however caused.
• Our total liability under or in connection with these Terms in any 12-month period is limited to the fees you paid us in that period, except for our obligation to pay you settled Balances that are due to you.
• Neither party is liable for delay or failure caused by events beyond its reasonable control, including failures of banking or card networks, power or internet outages, strikes, natural disasters or acts of government.

17. Indemnity

You will indemnify us, our Partners and our staff against losses, fines, penalties and reasonable costs (including legal fees) arising from your breach of these Terms, your Transactions or products, disputes with your Customers, your violation of law or the rights of others, and fines imposed on us by card networks or Partners because of your activity.

18. Changes to these Terms

We may update these Terms. We will give you at least 30 days' notice by email or in the dashboard before a change that is unfavourable to you takes effect, unless it is required sooner by law, a regulator or a Partner. If you do not agree, you may close your account before the change takes effect; continuing to use the Services after that date means you accept the updated Terms.

19. Governing law and disputes

These Terms are governed by the laws of the Federal Republic of Nigeria. Before starting proceedings, each party will try in good faith to resolve a dispute by escalating it to senior management for 30 days. Disputes not resolved this way will be referred to arbitration in Lagos under the Arbitration and Mediation Act 2023, before a sole arbitrator, in English. Either party may still seek urgent injunctive relief from a court of competent jurisdiction.

20. General

• Notices: we send notices to the email address on your account or show them in the dashboard. You send notices to [email protected].
• Assignment: you may not transfer these Terms without our written consent. We may transfer them to a company in our group or to a successor of our business.
• Subcontracting: we may use Partners and subcontractors to provide the Services and remain responsible for them as these Terms set out.
• Entire agreement: these Terms, the Privacy Policy and any written agreement between us are the entire agreement about the Services.
• Severability and waiver: if part of these Terms is unenforceable, the rest continues. Not enforcing a right is not a waiver of it.
• Relationship: the parties are independent contractors. Nothing creates a partnership, agency or employment relationship.

21. Contact us

Sandbox Technologies & Innovations (Mekudi)
Legal: [email protected] · Support: [email protected] · Security: [email protected]