Terms of Service - Agent

Effective Date: [TBD]     Last Updated: [TBD]

License Type: Tier 1 Bureau De Change (BDC)

Regulatory Body: Central Bank of Nigeria (CBN)

1. Appointment

SohCahToa BDC Limited, a Tier 1 Bureau De Change licensed by the Central Bank of Nigeria (CBN) ("The Company", "we," "us," "our"), hereby appoints the Agent as a non-exclusive agent authorised to facilitate foreign exchange transactions on behalf of the Company, subject to the terms and conditions set out herein.

The Agent shall act strictly within the scope of authority granted under this term of service and in accordance with applicable laws, regulations, and directives issued by relevant regulatory authorities.

Nothing in this Agreement shall be construed as creating a partnership, joint venture, or employment relationship.

2. Scope of Services

The Agent is authorised to:

  • Facilitate customer onboarding in accordance with Company KYC requirements
  • Receive and transmit customer transaction requests
  • Assist customers in submitting required documentation
  • Collect and transmit transaction-related information
  • Process transactions strictly through approved Company systems

The Agent shall not:

  • Independently determine FX rates
  • Conduct off-system transactions
  • Offer financial, investment, or credit advice
  • Represent itself as a licensed BDC
  • Charge unauthorised fees

We operate transparently, and all transactions are conducted in accordance with Nigerian law and CBN directives.

3. Regulatory Compliance

The agent agrees to:

  • Comply with all applicable Central Bank and regulatory
  • Adhere to the Company's AML/CFT policies
  • Conduct proper customer due diligence
  • Report suspicious transactions immediately
  • Maintain accurate transaction records

The Agent acknowledges that regulatory responsibility ultimately resides with SohCahToa Payout BDC and agrees to cooperate fully in audits, inspections, or investigations.

4. KYC & Documentation Requirements

The Agent must:

  • Obtain valid identification documents from customers
  • Ensure completeness and accuracy of customer information
  • Verify documentation authenticity to the extent reasonably possible
  • Refuse transactions where documentation is incomplete or suspicious

Failure to comply may result in suspension or termination.

5. Fees & Commission

The Agent shall earn salary, commissions, and/or allowances as defined in the approved offer letter. The Agent shall not:

  • Collect additional fees from customers
  • Alter or misrepresent pricing
  • Withhold funds or delay remittance

Payments may be withheld or adjusted in cases of fraud, regulatory breach, or operational loss caused by the Agent.

6. Transaction Handling & Funds

All transactions must be processed through Company-approved channels. The Agent shall:

  • Remit funds promptly as required
  • Maintain proper reconciliation records
  • Not commingle customer funds with personal or unrelated business funds

Any loss arising from negligence or misconduct shall be borne by the Agent.

7. Data Protection & Confidentiality

The Agent shall:

  • Protect all customer and Company information
  • Use customer data solely for authorised purposes
  • Implement reasonable safeguards against unauthorised access

Confidential information must not be disclosed without written consent.

8. Branding & Representation

The Agent may use Company branding only as authorised. The Agent shall not:

  • Misrepresent its authority
  • Make unauthorised promises
  • Engage in advertising without written approval

All marketing materials must be pre-approved by the Company.

9. Prohibited Activities Availability

The Agent shall not:

  • Engage in fraudulent activity
  • Process fictitious or structured transactions
  • Facilitate money laundering
  • Conduct parallel or competing FX activities using Company branding
  • Circumvent Company systems

Violation constitutes immediate grounds for termination.

10. Monitoring & Audit

The Company reserves the right to:

  • Monitor transactions
  • Conduct periodic compliance reviews
  • Request documentation
  • Suspend access pending investigation

The Agent agrees to full cooperation.

11. Limitation of Liability

We are not responsible for:

  • Bind the Company contractually
  • Modify Company policies
  • Approve transactions outside defined limits
  • Make representations beyond authorised scripts

12. Dispute Resolution

Any disputes shall be resolved in accordance with applicable laws and the Company's internal dispute resolution procedures.

13. Amendments

The Company may update these Terms to reflect regulatory changes or operational requirements. Continued operation constitutes acceptance of such updates.

14. Contact Us

Have questions or want to exercise your rights? Contact us at: