Terms of Service

1.Introduction

These Terms and Conditions (“Terms”) constitute a legally binding agreement between Evea Limited (“Evea”, “we”, “us”, or “our”) and you (the “Company”, “you”, or “your”), governing your access to and use of all products, accounts, services, tools, and platforms operated or provided by Evea. Evea provides a Financial Operating System (Financial OS) for businesses, which includes:

• Business Banking Services (Local and Global Accounts, Payments, FX, and Transfers)
• Credit Services (Corporate Credit Cards, Overdrafts, and Credit Facilities)
• Financial Management Tools (Expense Management, Budgets, Payroll, Reimbursement, AP/AR, etc.)

By opening an Evea Account or using any Evea Services, you confirm that you have read, understood, and agreed to be bound by these Terms. If you do not agree, you may not use Evea’s Services.

These Terms supersede any prior agreements relating to the same subject matter unless otherwise expressly stated in writing by Evea.

2.Business Banking Terms

Evea’s Business Banking product allows you to hold, receive, and transfer funds in both local (NGN) and global (USD, GBP, EUR) accounts provided through our licensed partner banks and financial institutions.

2.1Account Opening and Eligibility

To open and maintain an Evea Business Banking Account, you must:

• Be a duly registered business entity with a valid RC or Business Registration Number (BN)
• Possess a valid Tax Identification Number (TIN) and Bank Verification Number (BVN) for directors or authorized signatories
• Provide accurate business information and identification documents as requested by Evea or its partners for KYC, AML, and CFT compliance.

Evea reserves the right to decline or close any account that fails to meet eligibility, compliance, or risk standards.

By opening an account, you authorize Evea and its regulated financial partners (including Anchor, Providus Bank, and international EMI or banking partners) to verify your identity and business details for onboarding, ongoing monitoring, and compliance purposes.

2.2Account Features and Access

Each business account is accessible through the Evea platform, which allows you to:

• View account balances and transaction history
• Send and receive funds
• Manage users, roles, and permissions
• Integrate third-party tools and APIs

Account Owners/Administrators are responsible for managing authorized users and ensuring account access is secure at all times. Unauthorized or negligent access by employees, agents, or third parties is your responsibility.

2.3Local (NGN) Accounts

Your NGN business account is operated under the regulation of the Central Bank of Nigeria (CBN) through Evea's local partner banks.

It supports:

• NIP (Instant Payments)
• RTGS transfers
• Intra-bank and inter-bank transfers within Nigeria

You agree not to use your local NGN account for unlawful or restricted activities under Nigerian law, including but not limited to:

• Fraud, money laundering, or terrorist financing
• Pyramid schemes, gambling, or illegal trade
• Transactions exceeding permissible FX or remittance limits without CBN approval

Evea may block, freeze, or close your account if suspicious activity is detected.

2.4Global (USD, GBP, EUR, ZAR, KES, GHS, UGX) Accounts

Your global accounts are provided through licensed international EMI and banking partners. They enable you to:

• Receive international payments from clients or partners
• Hold balances in supported currencies (USD, GBP, EUR, ZAR, KES, GHS, UGX)
• Make cross-border payments and transfers

2.4.1Currency Conversion and Exchange

FX conversions between currencies (e.g. NGN → USD or USD → EUR) are executed using live market or partner rates inclusive of Evea’s spread or margin.

Rates may fluctuate and are confirmed before each transaction. Once confirmed, FX transactions are final and irreversible.

2.4.2Fees and Timelines

International transfers may incur intermediary or correspondent banking fees and may take up to 1–5 business days depending on the destination and partner networks.

2.5Deposits, Withdrawals, and Transfers

• Deposits can be made via bank transfers, card funding, or other supported channels.
• Withdrawals and transfers are processed through Evea's platform or mobile app, subject to applicable daily limits and compliance checks.
• All transactions are subject to verification and may be delayed or declined for regulatory, fraud, or network reasons.

Evea is not responsible for losses caused by inaccurate beneficiary details or third-party network failures.

2.6Account Balances and Interest

Your account balances represent funds held in trust with Evea’s partner institutions. Unless expressly stated, no interest is payable on account balances.

Where interest is offered, the applicable rate, method, and conditions will be communicated prior to application.

2.7Fees and Charges

Evea may charge:

• Account maintenance fees
• Domestic and international transfer fees
• Card funding or withdrawal fees
• Compliance review fees for certain high-value or international transactions

A full list of fees is always available on Evea's pricing page or within your dashboard.

Evea reserves the right to revise fees with 30 days' prior notice.

2.8Account Freezing, Suspension, or Closure

Evea may suspend, freeze, or close your account if:

• Required by law, CBN directives, or international AML/CTF obligations.
• You breach these Terms or engage in prohibited activities.
• There are signs of fraud, misuse, or operational risk to Evea.

You may request account closure at any time provided all obligations, balances, and pending transactions are settled.

Funds may be held temporarily during compliance investigations.

Evea is not liable for any loss resulting from regulatory actions, freezes, or terminations made in good faith.

3.Credit Product Terms

Evea’s Credit products include Corporate Credit Cards, Overdrafts, and Revolving Credit Facilities (such as AP Capital) offered to eligible businesses.

Your use of any Evea credit product is governed by this section and the Issuer Terms of our credit partners.

3.1Linked Accounts

Financial Data from Linked Accounts (obtained from Mono.co) will be used to verify account balances and key financial information, such as spending patterns, income patterns, and potential fraud. These data are evaluated and analyzed in order to deliver credit services to you. Through your Evea Account, you can modify or amend Linked Accounts.

At all times, you must have at least one Linked Account, and you agree that Evea can directly debit any Linked Account for payment of amounts owed.

3.2Credit Limit Determination

Credit limits are determined based on your company's financial health, including:

• Business cash flow and average balances
• Income-to-expense ratio
• Credit history and repayment performance
• Account activity and business nature

Evea may adjust your credit limit at any time, temporarily or permanently, with or without notice.

3.3Repayment and Billing

You will receive Monthly Statements summarizing all credit card transactions, fees, and repayments.

All outstanding amounts must be paid in full or as per the minimum payment requirement by the due date stated on the statement.

Evea is authorized to automatically debit your Linked Accounts or any Bank Account tied to your BVN/RC/TIN for repayments, as per the CBN’s direct debit framework.

Failure to repay on time may result in:

• Interest or late payment fees
• Reduction or suspension of credit limit
• Reporting to credit bureaus
• Legal or collection action

3.3.1Monthly Statements

Statements are issued or sent to Account Owners/Administrators monthly, after a billing cycle ends.

All Charges, Fees, and Fines are your responsibility to pay in full. Monthly Statements outlining Charges, Fees, Fines, refunds, any other Card transactions, or any sums owing or credited to your Evea Account will be sent to you on a regular basis. If you believe there are any inaccuracies on your Monthly Statement, you must tell us immediately and file any complaints or Chargebacks in line with these Terms and Conditions.

At the payment due date, or as otherwise specified in your Monthly Statement, Evea will automatically debit your Primary Linked Account (i.e. the bank account linked to your Evea Account) for all amounts owed as indicated on that Statement and still owed to us. Evea may debit your Primary Linked Account on or before 11:59pm on the payment due date. If an automatic debit fails for whatever reason, we will attempt to debit your Primary Linked Account again, or your other Linked and/or Unlinked Accounts, for the amounts owed.

3.3.2Failure to Pay, Offset, Collections

We may attempt to collect amounts outstanding from any Linked and/or Unlinked Account, whether or not it is your Primary Linked Account or is currently connected to your Evea Account, if you fail to pay the full amount owed on time or the stated minimum amount to be paid as specified on your Monthly Statement.

Any Linked and/or Unlinked Account may be used to collect payments for unpaid/overdue amounts, but any partial payment does not waive our rights and does not satisfy your responsibility to pay in full.

Any amounts owed may be offset, debited, or collected from any of your bank accounts linked to the BVN or RC number/TIN you provided Evea, through our third-party partner/assign Mono. For the benefit of your creditors, trustees, or receivers of Company assets, we may exercise this right against Company or any of its successors or assigns, or any assignees. This right will exist even if we do not exercise it prior to the preparation, filing, or issue of an arbitration demand, court order, or other action.

Failure to pay the full or minimum amount due to Evea as shown on your Monthly Statement when due is a violation of the Platform Agreement and these Terms and Conditions. You are liable for all costs and expenses incurred by us or Issuers in the process of collecting amounts owed that were not timely paid, including legal and collection fees, as well as paying interest on such amounts at the maximum rate permitted by law, to the extent we decide to charge such interest in our sole discretion.

3.3.3Authorization to Debit Linked Accounts

THIS SECTION PROVIDES AUTHORIZATION TO AUTOMATICALLY DEBIT YOUR LINKED ACCOUNTS, INCLUDING LINKED ACCOUNTS NO LONGER CONNECTED TO YOUR EVEA ACCOUNT, AND UNLINKED ACCOUNTS (I.E. ACCOUNTS NOT LINKED TO EVEA BUT LINKED TO YOUR BANK VERIFICATION NUMBER [BVN]), FOR ALL AMOUNTS YOU OWE UNDER THESE EVEA TERMS AND CONDITIONS. PLEASE READ IT THOROUGHLY.

Your Authorization to Debit Linked Accounts and any other Bank Accounts linked to your BVN/RC Number/TIN

You authorize Evea, Issuers, or their respective successors and assigns to collect amounts owed under these Terms and Conditions by debiting funds from your Linked Accounts, including Linked Accounts no longer connected to your Evea Account and/or other Bank Accounts not linked to Evea but linked to your Bank Verification Number (BVN) and business registration number (BRN or RC) or Tax Identification Number (TIN). If Evea, Issuers, or their respective assigns use the Multi-Bank direct-debit repayment automation scheme, the debits will be governed by the rules and guidelines established by the Central Bank of Nigeria (CBN) for business-related direct-debit mandates, which enable Evea, Issuers, or their respective assigns to automatically set up direct debit mandates on all or any accounts belonging to borrowers, and to initiate deductions for repayment collections, as well as recovery in the event of repayment defaults. You also authorize us to debit your Linked Accounts for verification purposes (through microdeposits or similar means). Debits collected under your authorization may be carried out by and in the name of us or our successors or assigns.

Manner and Timing of Payment

All amounts owed to us in connection with our provision of Services will be debited from Linked and/or Unlinked Accounts. You undertake to pay all amounts owed as directed if we are unable to collect these amounts through direct debit or another way. For the payment of debts you incur, we may debit Linked and/or Unlinked Accounts individually to satisfy those debts.

You further allow Evea to debit Linked and/or Unlinked Accounts for all sums payable to us on any date (including the payment due date), and without additional notice, if we find, in our sole judgment, that (a) the total aggregate cash balance of Linked Accounts connected to your Evea Account is less than the minimum cash balance required by our underwriting criteria, (b) Company does not fulfill one or more of our other underwriting or credit standards, or (c) Evea, its successors or assigns, Partners, Third-Party Service Providers, or Issuers are exposed to an unacceptable risk because of the Company itself or the monies owed to us.

In the event there is an error in processing an electronic direct debit, you authorize us to correct any mistakes that occurred during the processing by initiating an electronic credit or debit to the Linked Account in the amount of the error, on or after the day the error occurs.

Withdrawing Your Authorization

You must provide us 30 days' notice to cancel a direct-debit authorization from a Linked Account. You must pay all amounts owed under your Evea Account, including Charges, Fees, Fines, and other amounts not yet reflected on your Monthly Statements, before or upon providing notice if you withdraw the debit authorization from all Linked Accounts, and you authorize us to debit your Linked and/or Unlinked Accounts for such amounts before the withdrawal of authorization takes effect. Please be aware that withdrawing your authorization for direct debit may restrict your Card’s credit limit and spending limit or prevent you from using your Card.

Withdrawing a direct-debit authorization does not cancel the Platform Agreement or your commitment to pay all amounts owed under these Terms and Conditions and the Issuer Terms. If amounts outstanding are not paid in full (or minimum payments are not met as specified on the Monthly Statements) when due, Company is liable for all collection expenses and damages.

3.4Fees, Charges, and Penalties

Evea may charge fees for:

• Credit card transactions
• Late or failed repayments
• Replacement cards
• Foreign transactions
• Service misuse or violations

All applicable fees are available in your Evea dashboard or on the pricing page.

4.Card Terms

Evea’s Card product allows you and your team to request and use both virtual and physical cards.

4.1Issuer Terms

Allawee (the Card Issuing Partner) issues the Cards, as shown on the back of physical Cards issued to you.

Your use of the Cards is governed by these Terms and Conditions, the Platform Agreement, and the Issuer Terms. You may use the Cards only if you, your Account Owner and Administrators, and your Users (i.e. teams) agree to the Card Terms.

Issuers may alter Issuer Terms at any time by notifying you via Evea, and your continued use of the Cards after receiving such notice indicates your acceptance of the revised Issuer Terms.

4.2Requesting and Replacing Cards

Requesting

Through your Evea Account, the Account Owner and Administrators can request Cards for Users. Account Owners, Administrators, and Users are restricted from requesting more than one active physical Card for any User. We reserve the right to refuse Card requests or limit the number of physical or virtual Cards given to any User in our sole discretion.

Physical or virtual cards can be issued to Users. Cards may be denied or revoked as a result of changes in the Issuer's policies, as required by law, or for any other reason we deem appropriate in our sole discretion.

When issuing cards to team members/employees, Account Owners/Administrators must supply the User's full legal name, contact information, personal address, and date of birth in order to request a Card for them. Account Owners/Administrators can request that Users be given Cards with certain Evea-imposed restriction features; for example, certain issued cards can only be used for a specific category or merchant.

Replacing Cards (Lost or Stolen)

You are solely in charge of safeguarding your Cards, card numbers, and security features on Cards (such as the CVV and PIN). When a Card is lost, stolen, breached, or needs to be replaced, you shall quickly notify us and take appropriate precautions to avoid or prevent fraudulent transactions. Account Owners/Administrators/Users can request replacement Cards from Issuers through your Evea Account in such instances. You may need to update the Card on file for any scheduled or regular payments, as replacement Cards have new card numbers. Where card numbers have changed, you are solely responsible for correcting Card information maintained with merchants. If you do not update the Card information for your scheduled or recurring payments, the transactions may not be completed.

4.3Using Cards and Unauthorized Use

Using Cards

Cards are to be used solely for legitimate business transactions, not for personal, family, or home purposes. You agree that all transactions in your account will be viewed as business transactions only.

As an Account Owner/Administrator, you are in charge of determining who in your organization is authorized to use Cards, as well as overseeing all Card transactions and activities. You are to implement and maintain measures to guarantee that the Cards are only used for legitimate Company business reasons, in accordance with the Platform Agreement, these Terms and Conditions, the Issuer’s Terms, and applicable law. You are responsible for every transaction made by any person given access to Cards, even if they are not the person associated with or named on the Card.

Users may be allowed to withdraw cash using a Card, subject to our determination of eligibility, restrictions, and limitations. Any Fees, restrictions, or limitations on cash withdrawals will be disclosed.

While using Cards, for whatever reason, transactions may be denied or reversed by Evea, Issuers, Card Networks, or other intermediary Third-Party Service Providers (including merchant acquirers). Any losses, damages, or harm caused by transactions that are denied or reversed are not Evea’s responsibility.

Unauthorized Use

If you know or suspect that your Evea Account or Cards have or may have been compromised, stolen, or misused, you will immediately disable User access to the Cards and lock/deactivate the Card via your account, as well as alert us of any known or reasonably suspected unauthorized access or use. Except as allowed by Card Network standards, your company is entirely responsible for any financial loss caused by the Account Owner, Administrators, Users, or other persons granted access to the Services, your Evea Account, or Cards. If we suspect your Evea Account or Cards have been hacked or compromised, we may suspend access to your Evea Account or Cards where not doing so would represent a danger to you, to Evea, to Issuers, or to any third parties.

4.4Disputes and Chargebacks

You are responsible for promptly analyzing your Transactions and Monthly Credit Card Statements and identifying any Charges you believe are unauthorized or disputable.

If you suspect a Charge/Transaction was made without your permission (i.e. unauthorized), or you were charged for a failed transaction, or the Monthly Credit Card Statement has any inaccuracies, please notify Evea right away (to initiate a Chargeback) using the Evea Dashboard support or the Evea transaction dispute form. You have 30 days after the disputed Charge posted to your Monthly Account to report any disputed Charge or inaccuracy. Disputed Charge notices must include your information, information about the User, information about the disputed Charge, and an explanation of why you believe the disputed Charge was made in error or without authorization. Evea will conduct an investigation based on the information provided.

You acknowledge that Evea and its Issuer are subject to Card Network chargeback policies, and may not be able to successfully charge back the Charge. The Card Networks have developed Chargeback resolution procedures that may require you to provide details of the disputed Charge or related documentation.

If contested Transactions and Chargebacks are pending resolution as of the payment due date for the appropriate Monthly Credit Card Statement, those Transactions/Charges will be collected on the payment date. Chargebacks that are resolved in your favor will be credited to your Evea Account. If you fail to pay Charges/Transactions connected to Chargebacks that are pending resolution on the credit repayment date, we may impose Fees, lower your credit limits, or suspend access to your Evea Account or the Services.

5.Data Protection, Privacy & Compliance

Evea is committed to protecting your data in line with:

• The Nigeria Data Protection Act (NDPA 2023)
• The CBN Consumer Protection Framework
• Applicable international data privacy standards (e.g. GDPR where applicable)

By using Evea’s Services, you consent to:

• The collection and verification of your data for onboarding, AML/KYC checks, and fraud prevention
• Sharing necessary information with partner banks, regulators, or credit bureaus
• Secure data processing and storage according to best industry practices

Evea does not sell or misuse customer data and only processes it for legitimate business and regulatory purposes.

6.General Provisions

6.1Modifications and Notifications

Evea may modify these Terms at any time.

You will be notified via the Evea platform, email, or official notice before changes take effect. Continued use of the Services after notice constitutes acceptance.

6.2Limitation of Liability

To the maximum extent permitted by law, Evea, its affiliates, partners, or licensors are not liable for any indirect, incidental, special, or consequential damages arising from your use of the Services.

Your sole remedy for dissatisfaction is to discontinue use of the affected service.

6.3Governing Law and Dispute Resolution

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

Any disputes arising shall be resolved through arbitration in Lagos, Nigeria, under the Arbitration and Conciliation Act, with the decision being final and binding.

6.4Entire Agreement

These Terms, together with the Platform Agreement, Privacy Policy, and Issuer Terms, form the entire agreement between you and Evea.

6.5Contact Information

For questions or complaints regarding these Terms or your Evea Account, please contact:

Evea Limited · Email: help@evea.africa · Head Office: Lagos, Nigeria · Website: www.evea.africa