Terms of Service

Last updated: March 2026

Welcome to PayLock (“we”, “us”, “our”). These Terms of Service (“Terms”) govern your access to and use of PayLock’s website, mobile applications, and related services (collectively, the “Service”).

By accessing or using the Service, you agree to be bound by these Terms. If you do not agree, do not use the Service.

1. The Service

PayLock provides an online escrow and payment holding service that enables buyers and sellers in Nigeria to conduct secure transactions for goods, services, and digital deliverables. Funds are held securely until both parties confirm completion (or a dispute is resolved).

2. Eligibility

• You must be at least 18 years old (or have legal guardian consent).
• You must provide accurate, current information during registration and verification.
• You must not use the Service for any illegal, fraudulent, or prohibited activity.

3. Accounts & Verification

You are responsible for maintaining the confidentiality of your login credentials. You must complete email verification (and optional phone/BVN verification) before using certain features. PayLock may suspend or terminate accounts for false information or suspicious activity.

4. Escrow & Transaction Flow

1. Buyer creates a deal and pays the agreed amount into escrow via Paystack or approved methods.
2. Seller is notified and performs the agreed work/delivery.
3. Seller uploads proof of delivery (optional but recommended).
4. Buyer has a review period (default 7 days) to approve, request changes, or raise a dispute.
5. Upon buyer approval (or after dispute resolution), funds are released to the seller (minus platform fee).

5. Fees

PayLock charges a platform fee of 1.5% + ₦100 per transaction (deducted from the amount paid by the Buyer). No hidden charges apply. Platform Fees are non-refundable.

6. Disputes & Resolution

Either party may raise a dispute within the review period. PayLock will review submitted evidence and make a fair, binding decision within 5–10 business days. PayLock’s decision is final. We may involve third-party mediators or authorities if required by law.

7. Prohibited Activities

You may not use PayLock for:

• Illegal goods or services (drugs, weapons, counterfeit items, etc.)
• Fraud, money laundering, or misrepresentation
• Harassment, spam, or abusive behavior
• Any activity that violates Nigerian law or PayLock policies

8. Intellectual Property

All content on the Service (logos, text, design) is owned by PayLock or its licensors. You may not copy, reproduce, or distribute without permission.

9. Limitation of Liability

To the maximum extent permitted by law, PayLock is not liable for:

• Quality, safety, or legality of goods/services exchanged
• Indirect, incidental, or consequential damages
• Losses caused by force majeure, third-party actions, or user error

10. Termination

We may suspend or terminate your account at any time for violation of these Terms, suspicious activity, or legal requirements. You may close your account at any time by contacting support.

11. Governing Law & Dispute Resolution

These Terms are governed by the laws of the Federal Republic of Nigeria. Any disputes shall be resolved in the courts within Nigeria.

12. Changes to Terms

We may update these Terms at any time. Continued use of the Service after changes constitutes acceptance.

Contact

Questions about these Terms? Email: support@paylock.com.ng