Rizoka is not a bank and not a CBN licensed Financial Institution. Rizoka is a Fintech company and all financial services are done through CBN licensed and NDI, FDIC insured financial institutions to provide banking infrastructure and customer wallets.
This User (“Agreement”) governs the choice you make for using the Rizoka Services, a company incorporated in Nigeria as (Rizoka Technologies Limited) to engage in the development and deployment of innovative financial technology solutions.
This User Agreement applies to your entire use of Rizoka products and services and any future updates and features or services that may be offered by Rizoka Limited on our mobile app or on our website, not minding if you are a visitor or a customer. The Services are provided to you subject to this.
By using Rizoka Services you accept and agree to be bound and abide by these Terms. If you do not agree with any part of the Terms, please do not use the Rizoka Services.
By using Rizoka Services, you expressly acknowledge and authorize Rizoka to share your information with our third-party service providers. These providers include 9PSB for NGN Banking Services for deposits and withdrawals, funds transfers and other NGN banking services as offered on the Rizoka platform, while we use SSB Bank for USD IBAN services for cross-border payments and Stablecoin. We use various airline partners to offer flight ticket booking, both domestic and international, and your use of these services through our platform is subject to the specific airline company's terms of use. We also use third parties for Gift Card purchases and several service providers for airtime, data and bill payment services respectively.
Your use of these services through the Rizoka website and mobile app is subject to the respective partners' terms of service and privacy policies. Pursuant to these Terms of Use, you are authorizing and approving Rizoka to create an account for you and administer this account on your behalf, to consent and agree to necessary terms and policies (where applicable) on your behalf, and to carry out transactions on our platform on your behalf as instructed by you, such as (transfer, deposits, airtime purchase, bill payment, flight booking, and others such as Gift Cards, Sell and more) that you may provide to us from time to time with respect to these third-party service providers.
You agree that Rizoka may access and retrieve your information from these accounts in order to display specific information to you and facilitate your use of those services through the Rizoka Platform.
Without limitation, Rizoka shall not be liable for Losses resulting from or in any way arising out of:
You may, at any time and at no cost to you, obtain a copy of this Agreement by accessing the Website or through the Rizoka App available on Google Play Store and App Store for iOS users.
We currently offer a personal Account (E-Wallet) for a specific individual who meets the requirements, which operates for one customer to another customer, a customer to another bank within the boundaries of the Federal Republic of Nigeria, transfers with friends and family, and other people whom you know. Personal Accounts may also be used to make Authorized business payments as described in this Agreement. Some features of Personal Accounts may be limited based on how you wish to use the Services, how much you need to send or spend, and what we know about you. We may also require that you provide additional information in order to complete a Payment Transaction. Personal Accounts may not be used to receive business, commercial or merchant transactions.
1.1.1 In accordance with Applicable Law of the Federal Republic of Nigeria, we are required to apply due diligence measures aimed at the prevention of money laundering and terrorist financing before you can open and operate an Account on our platform. Among other measures, we are required to first collect your BVN in order to verify your identity and collect personal information about you, the use of services provided to you, and any suspicions of money laundering or terrorist financing which we may develop with regard to you or use of the services provided to you.
You are required to provide us with all information and documents which we demand from you in order to apply the due diligence measures referred to in clause 1, or to perform any other obligations under Applicable Law and/or this Agreement.
1.1.2 At a minimum, you must provide the following as part of your application to us to provide Services to you:
1.1.3 As proof of your identity, a copy of any of the following documents is required, depending on your account tier:
Transaction Limit:
Required Document:
Transaction Limit:
Required Document:
Transaction Limit:
Required Document:
To enable us to offer USD Banking services to you, you will need to complete due diligence and KYC/KYB. The required information includes:
a. It is your duty to safeguard your Rizoka account, and you must take all reasonable precautions to keep your account safe to prevent fraudulent use of it. You must use reasonable endeavours to prevent any unauthorized access to, or use of, your Rizoka account and should notify us immediately by email at contact@rizoka.com if any such unauthorized access or use, or any suspicion of access or use, occurs.
b. Your login for your Account should not be disclosed to anybody or kept in written form to prevent fraud and misuse of your account. We also recommend that obvious passwords, such as your name or the phrase “password”, are not used.
c. You should also take care to ensure that no one hears or sees your login details when you use them.
d. Do not disclose your full login details or password to anyone, including the Police and us.
e. Never write your password down and keep it where an unauthorized person can get access to it.
f. Change your login details and/or password immediately, and tell us as soon as possible, if you know or even suspect that someone else knows any of those details, or if we ask you to.
g. Keep any computer/device you use to access the App secure, and use up-to-date virus checking software and personal firewall software.
h. Never access the App from any shared device (or any public internet access device or access point) or any device connected to a local area network.
i. Make sure you always log out of the App or website, and never leave your device unattended when you are logged in.
j. Never share any Account details or payment details on social media or any website.
You can use your balance to execute Transactions such as transfers to other banks, buying airtime, paying utility bills, booking flights, and buying gift cards by way of using the services offered by the Rizoka App.
We review account and payment transaction activity at various times, including when you initiate a transfer of funds, to ensure full compliance with applicable laws of the federation and, amongst other things, to detect suspicious or illegal activity. If and where appropriate, we have the right to refuse any Payment Order and/or delay and investigate the execution of the Payment Transaction where:
4.1.1 In addition to the actions set out above, we reserve the right to also take any of the following actions following a review:
If a Payment is subject to an investigation, we may place a hold on the payment and a hold on your account prior to the Applicable Laws, and also provide notice to the recipient. Following our review, we may either approve or cancel the Payment Order. If we approve a Payment Order, we shall provide notice to the recipient. If the Payment Order has been cancelled, we may, subject to the Applicable Laws, return the money to your account balance. Where an investigation is ongoing, we reserve the right to freeze your Account.
We also reserve the right to freeze and block your Account if we discover any funds to have been acquired illegitimately, or where you are unable to provide details of the original source of the funds from your Sending Account to your Rizoka account.
If a Payment is rejected or delayed, provided it is permitted by Law, you will be informed of the reason and action taken; but if that is not possible immediately, you will be notified after.
You will be charged an Electronic Fee/Stamp Duty of ₦50, which will be deducted from your account each time you send above ₦10,000 to any NGN bank account. Rizoka and its affiliates are not liable for this fee, as it is a guideline from the Federal Government of Nigeria over which we have no control.
You will also be charged a fee of $2 when you receive ACH deposits into your Rizoka USD account, and $20 when you receive FedWire deposits into your USD Account. See further information about this on our platform to get a better understanding of the various charges and how they apply to your transactions.
Upon termination of this Agreement for any reason, we have the right to restrict your access to the Services we offer, including deactivating your Account to stop your access to the Services we render to you and the use of our third-party services.
Upon the termination of this Agreement, we shall:
Also, we will have no further obligations towards you in respect of this Agreement.
We will redeem all monetary balance in your Rizoka account to your designated account as chosen by you, and we shall deduct all monetary charges in this regard.
You are obliged to pay us the fees for the services provided to you by us under this Agreement.
In case there are charges for a service provided to you, we shall debit funds from your Rizoka balance accordingly without notifying you.
If you have further questions about these Terms of Service, kindly reach out to us via: