Terms & Conditions

Please read these Terms and Conditions ("Terms") carefully before using the Project Seven Virtual Account Platform ("Platform") operated by Project Seven ("we", "our", or "us") under the licence and regulatory oversight of Garum Mallam Microfinance Bank ("Garum Mallam MFB"), a duly licensed microfinance bank regulated by the Central Bank of Nigeria (CBN). By registering for or using the Platform, you agree to be bound by these Terms. If you do not agree to these Terms, do not use the Platform.

1. Eligibility and Account Registration

To use the Platform you must:

• Be a duly registered business entity in Nigeria with a valid CAC registration number
• Have authority to enter into binding agreements on behalf of your business
• Provide accurate, complete, and current information during registration
• Complete our KYC verification process and receive account approval from our admin team

We reserve the right to refuse registration or suspend any account that does not meet eligibility requirements or that we reasonably suspect of fraudulent or unlawful activity.

2. Virtual Accounts

Subject to KYC approval and these Terms, we will provision virtual bank accounts ("Virtual Accounts") for your business. You understand and agree that:

• Virtual Accounts are issued through Garum Mallam MFB and are subject to Garum Mallam MFB's applicable terms, policies, and CBN regulatory requirements.
• Virtual Accounts are to be used solely for legitimate business purposes. They must not be used for money laundering, terrorist financing, fraud, or any other illegal activity.
• We may set transaction limits, suspend, or close Virtual Accounts at any time if we detect suspicious activity, receive regulatory direction, or determine a violation of these Terms.
• You are responsible for all transactions initiated through your Virtual Accounts and API keys.

3. KYC and AML Compliance

As a platform operating under Garum Mallam MFB, we are obligated to comply with the Central Bank of Nigeria's (CBN) Anti-Money Laundering (AML) and Know Your Customer (KYC) directives applicable to microfinance banks. You agree to:

• Submit accurate and genuine KYC documents when requested
• Notify us promptly of any material changes to your business information, directors, or signatories
• Cooperate fully with any due diligence or enhanced verification requests
• Ensure your business and its transactions comply with all applicable Nigerian laws and regulations

We reserve the right to reject or revoke KYC approval if we determine that submitted documents are fraudulent, incomplete, or if your business activities raise regulatory concerns.

4. API Keys and Security

Upon account approval, you will be issued API keys to integrate with the Platform. You are solely responsible for:

• Keeping your API keys confidential and secure
• All actions performed using your API keys, whether authorised by you or not
• Revoking and regenerating API keys promptly if you suspect compromise
• Not embedding live API keys in publicly accessible code repositories

We provide both sandbox and live environment keys. You must not use live keys in test or development environments.

5. Fees and Settlements

Transaction fees are applied in accordance with the fee configuration agreed upon during registration (including percentage-based fees, fixed fees, and applicable maximum caps). Fees are deducted from transaction amounts or settled accounts as applicable. We reserve the right to revise fees with thirty (30) days prior notice. Settlement of funds to your designated payout account is subject to our settlement schedule and any holds required for compliance or dispute resolution purposes.

6. Prohibited Uses

You may not use the Platform to:

• Process payments for illegal goods or services
• Facilitate money laundering, terrorist financing, or fraud
• Circumvent applicable sanctions, embargoes, or export control laws
• Engage in structuring transactions to evade reporting thresholds
• Conduct gambling, Ponzi schemes, or pyramid selling activities
• Impersonate another business or provide false information
• Interfere with or disrupt the Platform's infrastructure or security
• Attempt to gain unauthorised access to other accounts or data

7. Intellectual Property

All intellectual property rights in the Platform — including its software, design, trademarks, and documentation — are owned by or licensed to Project Seven, operating under Garum Mallam MFB. We grant you a limited, non-exclusive, non-transferable licence to access and use the Platform solely for your internal business purposes in accordance with these Terms. You may not copy, modify, distribute, reverse-engineer, or create derivative works from any part of the Platform.

8. Disclaimers and Limitation of Liability

The Platform is provided "as is" and "as available". To the maximum extent permitted by applicable law:

• We make no warranties, express or implied, regarding the Platform's availability, accuracy, or fitness for a particular purpose.
• We are not liable for any indirect, incidental, special, or consequential damages arising from your use of the Platform, including loss of revenue or data, even if we have been advised of the possibility of such damages.
• Our total aggregate liability to you for any claim arising under these Terms shall not exceed the total fees paid by you to us in the three (3) months preceding the claim.

9. Indemnification

You agree to indemnify, defend, and hold harmless Project Seven, Garum Mallam MFB, and their respective officers, directors, employees, and partners from and against any claims, liabilities, damages, losses, and expenses (including legal fees) arising out of or related to your use of the Platform, your breach of these Terms, or your violation of any applicable law or third-party rights.

10. Suspension and Termination

We may suspend or terminate your access to the Platform at any time, with or without notice, if you breach these Terms, if required by a regulatory authority, or if we discontinue the Platform. Upon termination, your right to access the Platform ceases immediately. Provisions that by their nature should survive termination (including those relating to liability, indemnification, and governing law) shall survive.

11. Governing Law and Dispute Resolution

These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute arising under these Terms shall first be referred to good-faith negotiation. If unresolved within thirty (30) days, the dispute shall be submitted to arbitration in Lagos, Nigeria, under the Arbitration and Conciliation Act (Cap A18, LFN 2004).

12. Changes to These Terms

We may amend these Terms from time to time. We will notify you of material changes by email or by posting a notice on the Platform at least fourteen (14) days before the changes take effect. Continued use of the Platform after the effective date of any revised Terms constitutes your acceptance of the changes.

13. Contact Us

For questions about these Terms, please contact us: