Terms of use

1Who we are and what these terms cover

KoreX is operated by Legal entity name and RC number, whose registered address is Registered address. In these terms, “KoreX”, “we” and “us” mean that company, and “you” means the person or business using it.

These terms apply to every way you use KoreX: WhatsApp, SMS, USSD, a voice call, email, a pay link, the web console and the API. They form an agreement between you and us when you open an account, and they apply alongside our Privacy Policy, which explains what we do with your information.

If you open a business account, you confirm that you are allowed to accept these terms for that business, and the business is bound by them.

2What KoreX is, and what it is not

KoreX takes an instruction — typed, spoken, photographed or tapped — works out what you mean, shows it back to you, and, once you confirm it with your PIN, carries it out through a licensed financial institution, Partner name and licence (“our partner”).

KoreX is not a bank and does not hold your money. Money settles into your own bank account, or into accounts that our partner provides and operates under its own licence. Our partner has its own terms for those accounts, and we will show them to you when they apply.

KoreX relies on services it does not control, including mobile networks, WhatsApp, banks and the interbank payment system. When one of them is unavailable we will try another channel where we can, but we cannot promise that every channel is available all the time.

3Opening an account

To open a personal account you must:

• be at least 18 years old;
• use a Nigerian mobile number that is yours and in your control;
• give your Bank Verification Number (BVN) and your name as your bank holds it, and any further proof of identity our partner asks for;
• tell us the truth, and keep your details up to date.

A business account also needs the business’s registration details. Identity checks are our partner’s legal obligation. Our partner may ask for more information, set limits based on what you provide, or decline to open an account.

4Your phone, your PIN and keeping access safe

Your phone number is how KoreX knows you, and your four digit PIN is how you approve money leaving your account. KoreX asks for the PIN on every payment, on every channel, including a USSD session and a voice call.

• Keep your PIN to yourself. Do not write it down next to your phone.
• Nobody from KoreX will ever ask you for your PIN or a one-time code, by message, call or in person. Anyone who does is not us.
• If you lose your phone, or think someone knows your PIN, freeze your account straight away from any other handset, by message or by USSD. Freezing stops every payment until you unfreeze it.

You are responsible for payments approved with your PIN, except where the law says otherwise or where a payment happened after you told us to freeze your account. Liability for unauthorised payments, aligned with CBN consumer protection rules

5Giving instructions

KoreX reads what you send it, including photographs of handwriting, receipts and invoices, and voice notes in English, Pidgin, Yoruba, Hausa or Igbo. Reading can be wrong. That is why, before anything moves, KoreX shows you the amount and the name on the receiving account.

• Check what KoreX shows you before you enter your PIN. Entering it confirms the payment exactly as shown.
• Once a transfer is sent it usually cannot be reversed. If you sent money to the wrong account, tell us immediately and we will ask the receiving bank to recall it, but we cannot guarantee it will be returned.
• A screenshot or a picture of a receipt is not proof that money arrived. KoreX reports what an image says separately from whether the money is in your account, and only the second one is a payment.

6Fees

Personal accounts are free, on every channel.

Business accounts pay a share of money that actually lands in the account, plus a plan for the console, staff seats and the API: Collection percentage and plan prices. We show any fee before you agree to it, and we will not charge a business fee you have not been shown.

Your mobile network may charge you for USSD sessions, text messages, calls or data. Those are the network’s charges, not ours.

7Business accounts

Collecting payments

When you ask KoreX to collect money, it contacts your customer and follows up on the channels they answer. You must have the right to contact the people you ask us to contact, and the amounts you ask for must be genuinely owed. Anyone who replies STOP is removed from every channel, and we will not contact them again on your behalf.

Events and tickets

If you sell tickets, you are responsible for the event, for what the ticket promises and for any refund owed to buyers. Settlement timing and refund handling for events

Payroll and bulk payments

KoreX matches each name in a list or spreadsheet to an account and shows you anything it could not resolve. You are responsible for checking the batch before you approve it with your PIN.

Staff and the API

You are responsible for what your staff do in your console and for keeping your API keys secret. Tell us straight away if a key may have been exposed, and revoke it.

8Things you must not do

You must not use KoreX to:

• commit fraud, launder money, or finance anything illegal;
• pay for or sell goods or services that are illegal in Nigeria;
• use another person’s phone number, BVN or identity;
• harass people, including by asking KoreX to chase someone who does not owe you money;
• interfere with the service, get around its limits or security, or copy, scrape or reverse-engineer it.

We are required by law to report suspicious activity, and we will.

9Suspending and closing an account

You can close your account at any time by asking KoreX in the thread you use. Your money is already in your own bank, so there is nothing to withdraw first.

We may limit, suspend or close an account if we reasonably believe it is being used for fraud or in breach of these terms, if the law or a regulator requires it, or if our partner instructs us to. Unless the law stops us, we will tell you what we have done and why.

After an account closes we keep the records the law requires us to keep. The Privacy Policy says for how long.

10When things go wrong

If you think a payment was wrong, missing or not authorised by you, tell us as soon as you can, and within Reporting period. We will investigate and tell you what we found.

We are responsible for losses caused by our own failure to provide the service with reasonable care and skill. We are not responsible for:

• losses caused by a payment you confirmed with your PIN as shown;
• outages or delays at mobile networks, WhatsApp, banks or the payment system;
• indirect losses, such as lost profit or lost opportunity.

Nothing in these terms limits any right you have, or any liability we have, that cannot be limited under Nigerian law, including consumer protection law.

11Complaints

Type the problem into the thread you pay from. If KoreX cannot settle it, a person picks it up in the same thread. Support hours and response times

If you are not satisfied with our answer, you can take the complaint to our partner and then to the Central Bank of Nigeria’s consumer protection process. Escalation contacts

12Changes to these terms

We may change these terms. If a change is to your disadvantage, we will tell you on the channel you use at least Notice period before it takes effect. If you do not want to accept it, you can close your account before then without charge. The date at the top of this page shows when the terms last changed.

13Law and disputes

These terms are governed by the laws of the Federal Republic of Nigeria. If a dispute cannot be settled through the complaints process, it will be decided by Courts or arbitration seat.

14Contact

The quickest way to reach us is the thread you already use with KoreX. For anything about these terms, write to Legal contact email.