Terms of Service - Customer

Effective Date:[TBD]

Last Updated: [TBD]

License Type: Tier 1 Bureau De Change (BDC)

Regulatory Body: Central Bank of Nigeria (CBN)

1. Introduction

Welcome to Sohcahtoa Payout BDC Ltd, a Tier 1 Bureau De Change licensed by the Central Bank of Nigeria (CBN) ("we," "us," "our"). These Terms of Service ("Terms") govern your access to and use of our foreign exchange services through our website at (https://www.sohcahtoapayoutbdc.com) (the "Site"), our mobile and web applications and/or physical outlets.

By using our services or accessing our Site, you agree to these Terms. If you do not accept them, please discontinue use immediately.

2. Use of Website

You agree to use this website lawfully and respectfully. Do not:

  • Use it for fraud or criminal activity
  • Use it for money laundering
  • Use it for terrorism financing
  • Use it to commit fraud or impersonation
  • Use it for FX arbitrage or rate manipulation
  • Use it for hoarding or speculative accumulation
  • Carry out any activity prohibited under Nigerian law
  • Upload harmful or offensive content
  • Attempt to hack or disrupt the site

All violations shall be reported to the appropriate regulatory and law enforcement authorities.

3. Regulatory Compliance

Sohcahtoa Payout BDC is licensed and regulated by the Central Bank of Nigeria (CBN) under applicable BDC guidelines. We strictly adhere to:

  • CBN foreign exchange policies
  • Anti-Money Laundering (AML) laws
  • Counter-Terrorist Financing (CFT) obligations
  • Know Your Customer (KYC) requirements

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

4. Scope of Services

We provide the following FX-related services:

  • Sale and purchase of foreign currencies (USD, GBP, EUR, etc.)
  • Currency exchange for business and personal use
  • FX transfers as permitted by CBN
  • Display and distribution of CBN-compliant exchange rates

Note: We do not offer investment advisory, speculative trading, or cryptocurrency services.

5. Customer Obligations

As a customer, you agree to:

  • Provide accurate personal or business identification as required by KYC rules
  • Declare the purpose of your FX transaction honestly
  • Abide by all limits or restrictions set by CBN or Nigerian law
  • Avoid engaging in black-market, speculative, or illegal FX activities
  • Provide accurate transaction information at all times

Failure to meet these obligations may result in suspension or termination of services without liability to the company.

6. KYC and AML Compliance

To comply with CBN, EFCC, and NFIU regulations, all customers must:

  • Submit valid ID (e.g., passport, NIN, voter's card)
  • Provide proof of address and BVN (for Nigerians)
  • Complete any required forms for documentation and transaction logs

Transactions will be declined for insufficient documentation or suspicious activity.

7. Exchange Rates

All exchange rates are:

  • Market-based and compliant with CBN-approved bands
  • Rates are indicative until transaction confirmation
  • Rates may change without prior notice due to market or regulatory conditions
  • A transaction is binding only upon confirmation and payment verification

We are not liable for any losses due to rate fluctuations between inquiry and execution.

8. Payments and Settlements

We accept settlement through:

  • Cash (within regulatory limits)
  • Bank transfer from customer's verified account
  • CBN-approved digital payment channels

We strictly prohibit:

  • Third-party deposits
  • Proxy transactions
  • Anonymous funding
  • Structuring to avoid regulatory limits

Transactions will only be processed upon full verification of funds.

9. Transaction Rejection & Administrative Charge

Where a foreign exchange transaction is rejected, cancelled, or reversed due to the Customer's failure to comply with provided instructions, submission of incomplete or inaccurate information, or non-adherence to applicable regulatory requirements, the Company may deduct an administrative charge of up to 1% of the transaction value capped at ₦50,000, from the amount received from the customer for such related transaction.

This charge is intended solely to cover processing costs, compliance reviews, operational handling, and Bank or third-party charges incurred as a result of the rejected or reversed transaction.

The Customer acknowledges that:

  • Accurate and complete information is required for successful processing of foreign exchange transactions
  • Transactions may be declined where documentation or regulatory requirements are not satisfied
  • Processing and compliance costs may be incurred regardless of whether the transaction is successfully completed

All applicable charges shall be disclosed in accordance with prevailing regulatory requirements.

10. Service Availability

While we aim to provide consistent service, availability may be affected by:

  • CBN policy changes
  • Public holidays

11. Data Protection & Privacy

We process personal data in accordance with:

  • Nigeria Data Protection Act
  • CBN Consumer Protection Framework

Customer data is:

  • Collected strictly for compliance and operational purposes
  • Stored securely
  • Not sold or unlawfully shared

We may disclose information where required by law or regulatory authority.

12. Intellectual Property

All content, trademarks, logos, and digital assets on this Site remain the exclusive property of Sohcahtoa Payout BDC Ltd and may not be used, copied, reproduced or distributed without express written permission.

13. Limitation of Liability

We are not responsible for:

  • Any losses arising from rate changes or system delays
  • Misuse of services due to customer negligence
  • Downtime due to force majeure (e.g., network failure, regulatory shutdowns)

Our liability is limited to the value of the disputed transaction, subject to CBN rules.

14. Dispute Resolution

We are committed to resolving disputes amicably. If you have a complaint, contact our customer service through the contact information below. If unresolved, disputes shall be settled under the laws of the Federal Republic of Nigeria, and subject to the jurisdiction of Nigerian courts.

15. Privacy Policy

We respect your privacy and handle all personal data in accordance with the Nigeria Data Protection Regulation (NDPR). Please review our Privacy Policy for more details.

16. Modifications

We reserve the right to modify these Terms at any time. Updated versions will be published on our Site and will become effective upon posting. Continued use implies acceptance.

17. Contact Us

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

Customer Acknowledgement

By using our services, you confirm that:

  • All information provided is accurate and complete
  • You are conducting transactions in good faith
  • You agree to comply with all applicable laws and regulatory requirements
  • You accept these Terms and Conditions in full