Terms of Use

1. Introduction and Acceptance

Welcome to ChangeApp.

These Terms of Use ("Terms") govern your access to and use of ChangeApp, a digital payment and change collection platform operated by Chaingapp Limited ("ChangeApp", "Company", "we", "us", or "our").

These Terms apply to customers, merchants, and other users of our website, mobile applications, digital wallets, payment features, integrated banking services, and related services (collectively, the "Services").

By registering for an account, accepting these Terms electronically, or using the Services, you agree to be bound by these Terms and our Privacy Policy.

Certain banking services accessible through ChangeApp are provided by VFD Microfinance Bank under a Banking-as-a-Service (BaaS) agreement with Chaingapp Limited.

Your use of these banking services may also be subject to applicable banking terms and regulatory requirements.

If you do not agree to these Terms, you must not register for or use the Services.

Nothing in these Terms excludes rights or protections that cannot lawfully be excluded under applicable Nigerian law.

2. About ChangeApp

ChangeApp provides digital tools that allow participating customers and merchants to give, receive, accumulate, and use money electronically.

Depending on account eligibility and available functionality, the Services may include:

• Digital collection of cash change.
• ChangeApp wallet balances.
• Payments between ChangeApp users.
• Payments to participating merchants.
• Wallet funding through supported channels.
• Withdrawal requests to bank accounts.
• QR-code and supported USSD transaction features.
• Transaction records and notifications.
• Access to supported banking services through our banking partner.

ChangeApp is operated by Chaingapp Limited.

The Company provides the application interface, customer experience, merchant functionality, and related technology services.

Underlying banking services are provided through VFD Microfinance Bank in accordance with the applicable BaaS arrangements.

Nothing in these Terms represents that Chaingapp Limited independently holds a banking licence or performs regulated banking functions outside the scope of its lawful arrangements.

3. Banking Partnership With VFD Microfinance Bank

Chaingapp Limited has entered into a Banking-as-a-Service (BaaS) agreement with VFD Microfinance Bank to enable the integration of supported banking services into ChangeApp.

Under this arrangement, VFD Microfinance Bank provides the underlying banking infrastructure for eligible services, including:

1. Creation of eligible bank accounts.
2. Banking account verification.
3. Supported bank transfers.
4. Banking transaction processing.
5. Other banking services made available under the partnership.

ChangeApp provides users with an interface through which they may access these services.

Users may be required to open or maintain an eligible banking account through VFD Microfinance Bank to access certain ChangeApp features.

Account opening, banking transactions, and related services remain subject to VFD's applicable requirements, operational procedures, and regulatory obligations.

Where additional VFD banking terms apply, they will be made available through an appropriate process.

Chaingapp Limited remains responsible for its own contractual and legal obligations concerning the ChangeApp platform.

VFD Microfinance Bank remains responsible for the regulated banking functions it provides, subject to applicable law and the relevant contractual arrangements.

4. Eligibility

To register for and use ChangeApp, you must:

1. Be at least 18 years old.
2. Have the legal capacity to enter into a binding agreement.
3. Provide accurate and complete registration information.
4. Satisfy applicable identity verification requirements.
5. Use the Services only for lawful purposes.
6. Not be prohibited from accessing the Services under applicable law.

We may refuse registration, restrict access, or request additional verification where reasonably necessary for security, compliance, or lawful operational reasons.

Eligibility for ChangeApp does not automatically guarantee approval for banking services provided through VFD Microfinance Bank.

5. Account Registration

To create a ChangeApp account, you may be required to provide:

• Full name.
• Phone number.
• Email address.
• Date of birth, where required.
• Other relevant registration information.

You agree to:

• Provide truthful and accurate information.
• Keep your account details updated.
• Cooperate with reasonable verification requests.
• Use only accounts you are authorised to operate.
• Avoid impersonating another person or business.

Certain wallet and banking features may remain unavailable until the required verification procedures have been completed.

6. Banking Account Creation and Identity Verification

Where a user requires access to supported banking services, ChangeApp may facilitate account creation with VFD Microfinance Bank through its integrated banking infrastructure.

To complete the process, users may be required to provide additional identification information, including BVN, NIN, date of birth, address, and other information required by applicable law or VFD's verification procedures.

By submitting information for banking account creation, you authorise Chaingapp Limited to transmit the relevant information to VFD Microfinance Bank for the purposes of processing your request and providing the requested banking services, subject to applicable data protection law.

You acknowledge that:

1. Account creation is subject to applicable verification requirements.
2. VFD may require additional information before approving an account.
3. Account creation may be delayed or declined where verification is unsuccessful.
4. Incorrect or inconsistent identity information may prevent onboarding.
5. Banking accounts may be subject to restrictions or additional checks required by law.

ChangeApp does not guarantee that every account application will be approved.

7. Tier-Based Account Verification

Users accessing banking services through ChangeApp may be subject to a tiered Know Your Customer (KYC) framework.

The applicable account tiers may include Tier 1, Tier 2, and Tier 3.

7.1 Tier 1 Accounts

Tier 1 accounts may be subject to basic verification requirements and applicable transaction and balance limits.

A valid BVN or NIN, together with other required information, may be necessary to complete the applicable onboarding process.

7.2 Tier 2 Accounts

Tier 2 accounts may require additional customer information, identification, and verification procedures.

Applicable BVN and NIN requirements must be satisfied in accordance with banking regulations.

7.3 Tier 3 Accounts

Tier 3 accounts may require further verification, supporting documentation, and additional customer due diligence.

Higher-tier access may be subject to further regulatory and banking requirements.

7.4 Tier Upgrades

Users may request upgrades where the functionality is available.

An upgrade may require additional documentation, identity verification, or compliance checks.

Approval of an upgrade is subject to applicable requirements and VFD Microfinance Bank's verification procedures.

7.5 Tier Limits

Transaction and balance limits may vary according to account tier, verification status, and applicable banking regulations.

The applicable limits will be communicated through the relevant Service or another appropriate channel.

ChangeApp may restrict transactions that exceed applicable limits.

8. Account Security

You are responsible for maintaining the confidentiality of your account credentials, passwords, transaction PINs, and verification codes.

You must not share sensitive credentials with unauthorised persons.

You agree to notify ChangeApp promptly if you suspect:

• Unauthorised account access.
• Loss or compromise of your login credentials.
• Fraudulent transactions.
• Misuse of your wallet.
• A security incident affecting your account.

We may temporarily restrict access or transactions where reasonably necessary to protect users, investigate suspicious activity, or comply with applicable law.

We will not treat every transaction performed using valid credentials as automatically authorised where applicable law or evidence indicates otherwise.

9. ChangeApp Wallet

Eligible users may maintain a ChangeApp wallet for supported transactions.

Wallet balances may be used to:

• Receive digital change.
• Receive supported transfers from other ChangeApp wallets.
• Make payments to participating ChangeApp merchants.
• Request eligible withdrawals to bank accounts.

ChangeApp displays wallet balances and transaction information through its application interface.

The underlying banking, account, settlement, and safeguarding arrangements are governed by the applicable services provided through VFD Microfinance Bank and any other authorised service providers involved.

A ChangeApp wallet is not an interest-bearing savings or investment account unless a separate product expressly provides such functionality under applicable terms.

ChangeApp does not promise interest, investment returns, or appreciation of wallet balances.

10. Banking Accounts and Customer Funds

Certain ChangeApp features may be connected to banking accounts or financial infrastructure provided through VFD Microfinance Bank.

The legal status, ownership, operation, and safeguarding of funds associated with a particular account depend on the banking product and account structure made available under the BaaS arrangement.

Where an individual banking account is created for a user, the relevant account details and applicable banking terms will determine the user's rights and obligations.

Where a wallet or collection arrangement uses another permitted banking or settlement structure, the applicable arrangements will govern how funds are recorded, held, and transferred.

ChangeApp will provide users with transaction records and available balance information through supported features.

Nothing in these Terms authorises Chaingapp Limited to arbitrarily confiscate or deprive users of legitimately owned funds.

Access to funds may be subject to lawful restrictions, verification requirements, fraud investigations, or other applicable banking controls.

11. Digital Change Collection

ChangeApp allows participating merchants to give customers change digitally.

For example, where a merchant owes a customer ₦250 in change, the merchant may transfer ₦250 to the customer's ChangeApp wallet using a supported transaction method.

The customer receives the full amount transferred, subject to successful transaction processing.

Users and merchants must verify transaction amounts and recipient details before authorising transfers.

ChangeApp may provide transaction confirmations or records to help both parties verify completed payments.

Users should not assume a transaction has been completed until the applicable confirmation or account record indicates success.

12. Free ChangeApp-to-ChangeApp Transactions

ChangeApp-to-ChangeApp transactions are free.

No ChangeApp transaction fee is deducted from the amount sent or received in a supported transfer between ChangeApp wallets.

This includes:

• Merchants giving customers change.
• Customers paying participating ChangeApp merchants.
• Supported transfers between ChangeApp users.

For example:

If a merchant transfers ₦250 in change, the customer receives ₦250.

If a customer pays a merchant ₦500 from their ChangeApp wallet, the merchant receives ₦500.

This zero-fee policy applies specifically to supported ChangeApp-to-ChangeApp transactions.

It does not automatically extend to external bank transfers, card funding, wallet withdrawals, or services provided by third parties.

If the fee structure changes, we will provide applicable notice and disclose relevant charges before they take effect, as required by law.

13. Wallet Funding

Customers and merchants may fund their ChangeApp wallets through supported methods, including:

1. Direct bank transfer.
2. USSD.
3. Debit or credit card.

Availability may depend on the payment channel, account eligibility, technical conditions, and third-party service providers.

Bank transfer functionality may be facilitated through VFD Microfinance Bank and other relevant financial institutions.

You agree to use only payment methods you are authorised to operate.

Funding transactions may be subject to verification, processing delays, transaction limits, or applicable charges.

Any applicable charges should be disclosed before transaction confirmation.

ChangeApp is not responsible for charges independently imposed by your bank or payment provider, except where applicable law or ChangeApp's own obligations require otherwise.

14. Payments to Merchants

Customers may use available ChangeApp wallet balances to pay participating merchants.

Payments between ChangeApp wallets are free.

Before authorising a payment, users should verify the merchant, transaction amount, and relevant payment details.

Merchants must not knowingly misrepresent payment amounts, transaction statuses, or goods and services being supplied.

A completed payment does not automatically establish that the goods or services purchased are satisfactory, delivered, or free from defects.

Disputes concerning underlying purchases may involve the merchant, subject to applicable consumer protection rights and relevant payment dispute procedures.

15. Bank Transfers and Withdrawals

Eligible users may request withdrawals of available wallet balances to bank accounts of their choice through supported withdrawal features.

Underlying banking transfers may be processed through VFD Microfinance Bank and relevant payment infrastructure.

Withdrawal requests are usually processed within 24 hours.

This is an indicative processing period, not an unconditional guarantee.

Processing times may vary due to:

• Bank processing schedules.
• Payment network availability.
• Identity or account verification.
• Fraud prevention checks.
• Regulatory requirements.
• Technical interruptions.
• Incorrect or incomplete recipient details.

Users are responsible for verifying bank account information before submitting withdrawal requests.

Applicable withdrawal charges, if any, should be disclosed before confirmation.

We will make reasonable efforts to investigate delayed or unsuccessful withdrawals and assist users through the available support process.

Where necessary, ChangeApp may coordinate with VFD Microfinance Bank or other relevant financial institutions to resolve transaction issues.

16. Transaction Authorisation

Transactions may require a PIN, verification code, QR-code interaction, or another supported authentication method.

You authorise ChangeApp and its relevant service providers to process a transaction when you complete the applicable authorisation steps.

Where a transaction involves a banking service provided by VFD Microfinance Bank, the relevant instruction may be transmitted to VFD for processing.

You are responsible for reviewing transaction details before confirmation.

Transactions may be delayed, rejected, or subject to further checks where required for security, compliance, or operational reasons.

We may maintain transaction records to support account management, dispute resolution, and legal compliance.

17. Transaction Errors and Reversals

If you believe a transaction was incorrect, duplicated, unauthorised, or unsuccessful, contact ChangeApp support promptly.

Please provide the relevant transaction reference, amount, date, and a description of the issue.

We may investigate transaction errors in coordination with VFD Microfinance Bank, relevant financial service providers, and transaction counterparties.

A reversal or refund may depend on:

• Whether the transaction was completed.
• Whether funds remain recoverable.
• Applicable payment network rules.
• Fraud or error investigation results.
• Legal or regulatory requirements.

Nothing in these Terms removes a user's statutory rights to dispute unauthorised or incorrectly executed transactions.

18. Merchant Responsibilities

Merchants using ChangeApp agree to:

1. Provide accurate business information.
2. Maintain appropriate account security.
3. Give customers the correct change amounts.
4. Confirm transaction status before treating payments as completed.
5. Avoid misleading or fraudulent payment requests.
6. Comply with applicable business, tax, and consumer protection laws.
7. Cooperate with legitimate transaction investigations.
8. Maintain sufficient available wallet funds where necessary to perform intended transactions.
9. Complete applicable merchant verification requirements.
10. Use banking services only for lawful business activities.

Merchants remain responsible for their underlying goods, services, pricing, customer relationships, and legal obligations.

ChangeApp may restrict merchant accounts involved in suspected fraud, prohibited transactions, or material breaches of these Terms.

19. Prohibited Activities

You must not use ChangeApp to:

• Commit fraud or facilitate financial crime.
• Launder money or finance terrorism.
• Conduct transactions prohibited by applicable law.
• Use stolen or unauthorised payment instruments.
• Impersonate another person or business.
• Submit false identification information.
• Misrepresent transaction amounts or purposes.
• Access another user's account without authorisation.
• Attempt to bypass transaction or security controls.
• Manipulate wallet balances or transaction records.
• Interfere with platform availability or security.
• Introduce malware or malicious code.
• Exploit technical vulnerabilities.
• Conduct unauthorised automated activity.
• Engage in conduct that materially harms other users or the platform.

We may investigate suspected violations and take proportionate action, including restricting transactions or suspending accounts.

Where required, we may cooperate with VFD Microfinance Bank, competent regulatory authorities, or law enforcement agencies.

20. Fees and Charges

ChangeApp-to-ChangeApp transactions are free.

Other services, including wallet funding through certain channels and withdrawals to external bank accounts, may attract applicable charges.

Banking transactions processed through VFD Microfinance Bank or other financial service providers may be subject to applicable fees.

Where charges apply, we will seek to disclose them before the user confirms the relevant transaction.

We will not introduce undisclosed ChangeApp transaction fees into a confirmed transaction.

Third-party financial institutions may apply charges under their own applicable terms.

We may amend our fees in the future, subject to applicable notice and legal requirements.

21. Transaction and Account Limits

Transaction limits may apply to wallet funding, payments, transfers, withdrawals, or other Services.

Limits may depend on:

• Account verification tier.
• BVN or NIN verification status.
• Payment channel.
• Banking requirements.
• Risk controls.
• Operational requirements.
• Applicable law.

VFD Microfinance Bank may apply banking limits in accordance with relevant regulatory requirements.

Any applicable limits should be made available through the relevant Service or communicated to affected users.

We may modify limits where reasonably necessary, subject to applicable law and notice requirements.

22. Availability of Services

We aim to provide reliable and accessible Services.

However, availability may occasionally be affected by:

• Scheduled maintenance.
• Internet or telecommunications failures.
• Banking or payment network interruptions.
• VFD banking infrastructure interruptions.
• Security incidents.
• Third-party service outages.
• Events beyond our reasonable control.

We do not guarantee uninterrupted or error-free access.

Where reasonably practicable, we will communicate significant service disruptions and work with relevant providers to restore affected functionality.

23. Intellectual Property

The ChangeApp name, logos, trademarks, software, website content, designs, graphics, and other proprietary materials are owned by Chaingapp Limited or used under applicable licences.

You may not reproduce, distribute, modify, reverse-engineer, or commercially exploit protected materials without appropriate authorisation, except where permitted by law.

We grant you a limited, non-exclusive, non-transferable, revocable licence to access and use the Services for their intended purposes, subject to these Terms.

24. Privacy and Data Protection

Your use of ChangeApp involves the processing of personal information.

Our Privacy Policy explains how we collect, use, share, retain, and protect that information.

To facilitate banking services, relevant personal, identification, and transaction information may be shared with VFD Microfinance Bank.

Such sharing may be necessary for:

• Banking account creation.
• Identity verification.
• Tier-based KYC processing.
• Transaction processing.
• Fraud prevention.
• Regulatory compliance.

VFD Microfinance Bank may process certain information independently in accordance with its applicable legal obligations and privacy practices.

By using the Services, you acknowledge the availability of our Privacy Policy.

Where consent is legally required for a particular processing activity, it will be obtained separately.

25. Third-Party Services

Certain ChangeApp features may rely on third-party banks, payment processors, telecommunications networks, identity verification providers, or technology service providers.

VFD Microfinance Bank is ChangeApp's identified BaaS banking partner for supported banking services.

Other providers may also participate in specific payment or technology functions.

These third parties may have separate terms and conditions governing their services.

ChangeApp remains responsible for its own legal and contractual obligations and does not exclude liability where prohibited by law.

26. Account Suspension and Restrictions

We may temporarily suspend or restrict access to an account where reasonably necessary because of:

• Suspected fraud.
• Unauthorised account activity.
• Material breaches of these Terms.
• Failure to satisfy applicable verification requirements.
• Legal or regulatory obligations.
• Security threats.
• Other lawful operational reasons.

VFD Microfinance Bank may also apply restrictions to underlying banking services where required by applicable law, banking rules, or legitimate security and compliance procedures.

Where appropriate and legally permissible, we will communicate the reason for a restriction and available steps for resolution.

Account suspension does not automatically result in forfeiture of legitimately owned wallet funds.

Any remaining funds will be handled in accordance with applicable law, verification requirements, lawful restrictions, and relevant payment arrangements.

27. Account Closure

You may request closure of your ChangeApp account by contacting support@changeapp.ng or through an available in-app account closure feature.

Before closure, we may need to:

• Verify your identity.
• Resolve outstanding transactions.
• Investigate pending disputes.
• Process eligible remaining wallet funds.
• Satisfy applicable legal and regulatory obligations.
• Coordinate applicable banking account closure procedures with VFD Microfinance Bank.

Where a ChangeApp account is linked to a banking account provided through VFD, closing the ChangeApp profile may not automatically close the underlying banking account.

Any required banking account closure will be handled under the applicable banking procedures.

Certain records may be retained after closure where required by law.

28. User Complaints and Dispute Resolution

If you experience a problem with ChangeApp, please contact:

support@changeapp.ng

Provide relevant details, including your account information, transaction reference, date, amount, and description of the issue.

We will investigate complaints and seek to resolve them fairly and within applicable regulatory requirements.

Where a complaint concerns banking services provided by VFD Microfinance Bank, we may coordinate with VFD to investigate and facilitate resolution.

Users retain any applicable right to escalate complaints to competent regulatory authorities or pursue available legal remedies.

29. Limitation of Liability

To the extent permitted by applicable law, Chaingapp Limited will not be responsible for losses arising solely from circumstances beyond its reasonable control, including certain third-party network failures or user errors, where the Company has not breached an applicable duty.

Where banking services are provided through VFD Microfinance Bank, the respective responsibilities of Chaingapp Limited and VFD will be determined by applicable law, relevant service arrangements, and the circumstances of the claim.

Nothing in these Terms excludes or limits liability for:

• Fraud or fraudulent misrepresentation.
• Wilful misconduct.
• Liability that cannot lawfully be excluded.
• Breach of mandatory consumer protection obligations.
• Other matters for which exclusion or limitation is prohibited by law.

Any limitation of liability will be interpreted subject to applicable Nigerian law and the specific circumstances of the claim.

30. User Responsibility and Indemnification

You agree to use the Services lawfully and in accordance with these Terms.

To the extent permitted by law, you may be responsible for direct losses reasonably arising from your fraudulent conduct, unlawful use of the Services, or material breach of these Terms.

This provision does not require you to indemnify ChangeApp for losses caused by ChangeApp's own negligence, misconduct, or breach of applicable law.

31. Changes to the Services

We may modify, improve, suspend, or discontinue features of the Services for legitimate business, security, technical, or regulatory reasons.

Changes to services provided through VFD Microfinance Bank may also be affected by banking requirements, technical arrangements, or applicable regulations.

Where changes materially affect users' rights or access to funds, we will provide appropriate notice and comply with applicable legal obligations.

We will not arbitrarily deprive users of legitimately owned funds.

32. Changes to These Terms

We may revise these Terms to reflect changes in our Services, banking partnerships, business operations, or legal requirements.

Updated Terms will be published on our website with a revised "Last Updated" date.

Where required by law, we will provide advance notice or request acceptance of material changes.

Continued use after legally effective changes may constitute acceptance where permitted by law.

33. Governing Law and Jurisdiction

These Terms are governed by the laws of the Federal Republic of Nigeria.

Subject to applicable consumer protection laws, regulatory complaint mechanisms, and mandatory jurisdictional rules, disputes arising from these Terms may be brought before courts of competent jurisdiction in Nigeria.

Nothing in these Terms prevents users from exercising rights or seeking remedies available under applicable law.

34. Severability

If any provision of these Terms is found to be unlawful, invalid, or unenforceable, the remaining provisions will continue in effect to the extent legally permissible.

35. Entire Agreement

These Terms, together with the Privacy Policy and any additional terms expressly applicable to specific Services, constitute the agreement governing your use of ChangeApp.

Where additional banking or product-specific terms apply, they will be provided through the relevant Service.

36. Contact Information

For enquiries, complaints, transaction disputes, or legal notices concerning these Terms, please contact:

CHANGEAPP

Legal Entity: Chaingapp Limited

Email: support@changeapp.ng

Website: https://www.changeapp.ng

© 2026 Chaingapp Limited. All rights reserved.