Terms and Conditions

| JamiyaFx makes your FX transactions seamless

Jamiyafx Terms And Agreement.

This agreement is made between Jamiya Multi Exchange BDC (JME – BDC) and you the user.

You must read, agree with, and accept the terms and conditions contained in this Agreement, before you may become a corporate or individual user of Jamiyafx platform or mobile application.

It is entirely your choice and decision and the onus is on you to access www.jamiyafx.com to view the Jamiyafx Terms and Conditions, as well as any amendments made thereto and to contact JME-BDC in the event of any queries you may have. By making this agreement available on the website and all its electronic platforms JME –BDC has discharged its responsibility to call your attention to it.

1.0 Definitions

In this document, "User Agreement", "Agreement", "Terms and Conditions of Service" are synonymous and used interchangeably.

In this Agreement, "you" or "your" or "User" refers to any person or entity using the service. Unless otherwise stated, "JME-BDC," "we" or "our" or "us" will refer collectively to JME-BDC Limited and its subsidiaries, affiliates, directors, officers, employees, agents and partners.

You and JME-BDC are jointly referred to as 'the Parties' in this document, "Jamiyafx", "our Services", "the Services", "the System", 'Jamiyafx app' "the platform" are synonymous and used interchangeably unless otherwise specified. 

"Jamiyafx" means the range of products and services offered by JME-BDC and its partners as an online platform for the Management of:

Individual & Corporate FX BDC : JamiyaFX enables the user to exchange naira for foreign currency and vice versa by providing funds in one currency and obtaining the equivalent in the other currency, using pre registered and verified bank accounts and other secure personal information verified and approved on the platform.

Individual & Corporate Remitances : JamiyaFX enables the user to transfer funds to third parties by providing local currency or foreign currency on the platform and have Jamiya FX transfer the equivalent in Foreign or local currency to the third party according to the specified instructions, or by receiving foreign or local currency from the third party and remit to the user in foreign or local currency according to the specified instruction using pre registered and verified bank accounts and other secure personal information verified and approved on the platform.

Individual and Corporate FX Trading: JamiyaFX enables the user to trade by exchanging one currency for another, and also to book for their contingent FX needs according to the agreed rates and specified instruction using pre registered and verified bank accounts and other secure personal information verified and approved on the platform.

Individual & Corporate Travel Card : JamiyaFX enables the user to apply for and obtain BTA and PTA subject to guidelines from partner banks and to load funds into their travel cards for use in their journeys, according to the agreed rates and specified instruction using pre registered and verified bank accounts and other secure personal information verified and approved on the platform.


2.0 Eligibility

In order to use the Service, you must register on the JamiyaFX platform by completing the online form and providing your personal details, Bank account information and Bank verification number to create your Personal or Corporate profile. Our Services are available to you based on the approval of your registration upon confirmation of your BVN details. You must also execute an indemnity and waiver allowing JamiyaFX to obtain confirmation of your details from your bank.

Without limiting the foregoing, we reserve the right to deny, suspend or terminate delivery of our Service to persons who present an unacceptable level of risk as determined by regulatory, industry and our standards.

3.0 Contract Between You and JME-BDC

Your acceptance of these Terms and Conditions of Service is established either:

by using your personal details to log-in to Jamiyafx or any of the related solutions "Powered by Jamiyafx", or

by installing or using any Jamiyafx service or products or solution "Powered by Jamiyafx", or

by integrating Jamiyafx with your third party application for the purpose of sending payment or collection instructions for processing and receiving feedback as to the status of the processed transactions.

3.1 Relationship

Jamiyafx facilitates your transfer to and receipt of funds from third parties and exchange of funds from one currency to another on account to account basis. Based on your instructions, you acknowledge that:

Payment instructions on the platform are driven strictly by account numbers and not by the beneficiary names supplied.

Payments will be applied by Jamiyafx Partner Banks into the beneficiary account numbers supplied by you at the time of upload of payment instructions.

You are fully responsible for the completeness, correctness and validity of data supplied on the platform, including but not limited to:

Beneficiary account number

Beneficiary account name


Beneficiary phone number

Beneficiary e-mail address

Neither JME-BDC nor any of the Partner Banks can be held liable for any incorrect beneficiary name, account number, amount, phone number, e-mail address or other data that a registered user uploads on the platform.

Jamiyafx is not a bank. We are not acting as a trustee, fiduciary or escrow with respect to your funds.

When you send a payment instruction, until that the recipient accepts payment, you remain the owner of those funds, but you will not be able to withdraw those funds or send the funds to any other recipient unless the initial transaction is cancelled.

We act as service providers by creating, hosting, maintaining and providing our Service to you through the Internet. We are only responsible for the instructions given within the spectrum of our services. We are not responsible for the purpose to which you put, or intend to put the funds, which you transact through our Service, and we shall not bear any liability for any onward transaction between you and any other party with whom you may be transacting after we have offered our service.

Jamiyafx would normally credit the recipient account for any transaction within time period not exceeding 20 minutes from the time the funds are received on our system.

Where we become aware that due to logistics problems, technology failure or paucity of funds of the required currency, we are unable to complete the transaction within the specified time frame, we shall inform you within 10 minutes of receipt of your instruction and the funds, whichever is later, and we shall immediately refund the funds to the source account.

In forex transactions, recipient account permitted shall only be the other currency variant of the same account that is to say, Jamiyafx will only credit the dollar account variant of an account with the dollar equivalent of the naira received from the naira variant of the same account.


3.2 Identity Authentication

We use many techniques to identify users when they register on the platform. Verification of Users is only an indication of increased likelihood that a User's identity is correct. You authorize us to, directly or through third parties, make any inquiries we consider necessary to validate your registration. This may include verifying the information you provide against third party databases. In addition, we reserve the right to employ other means of verification of authenticity for transactions we deem suspicious or for accounts conducting high value or high volume transactions to ensure integrity of the transactions and we may thus delay execution of such instructions.

3.3 No Warranty

JME-BDC provides its services on "as is" and without any warranty or condition, express, implied or statutory. We, specifically disclaim any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement to the full extent permissible by the law.

We shall make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, Jamiyafx Cards issuance and other transactional operations are processed in a timely manner but we make no representations or warranties regarding the amount of time needed to complete processing because our Service is also dependent upon other factors outside of our control, one of which is the operational efficiency of all stakeholders.

3.4 Limitation of Liability

In no event shall JME-BDC be liable for loss of income, profits, business, opportunity, contracts or any indirect, special, incidental or consequential damages arising out of or in connection with our platform, our service, or this Agreement.

Our liability to you or any third party in any circumstance of proven liability by us, shall not exceed the fees paid to us in respect of the specific transaction that gave rise to the claim or liability.

3.5 Indemnification

You agree to indemnify and hold JME-BDC, harmless from any claim or demand (including attorneys' fees) made by you or any third party arising wholly or partly from your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party relating to your use of the Service.


3.6 Authorised Signatories

You undertake that:

3.6.1 Authorised signatories shall be setup on Jamiyafx to approve remittance instructions and other relevant transactions in accordance with your internal approval rules. You understand that these approval rules will be applied to all remittance instructions and other relevant transactions processed on Jamiyafx and therefore will not be subjected to telephone, e-mail or any other manual confirmation by banks before transactions are completed.

3.6.2 You will keep confidential all Jamiyafx security related information such as passwords, Access Codes and Personal Identification Numbers (PIN). You understand that JME-BDC, banks, their affiliates and service providers will never request you to divulge any of these information by phone, mail or any other means. You are obliged to report any representation to the contrary to JME-BDC and your bank promptly.

3.6.3 Payment instructions made to your banks by cheques, or any channel other than Jamiyafx, will continue to be subjected to all your current mandate instructions and confirmation rules.

3.6.4 When you make a payment through Jamiyafx, you are requesting an electronic transfer from your account. Upon such request, Jamiyafx will transmit your instructions to your bank to transfer from your account the amount you specify. You agree that such requests constitute your authorisation for such transfers.

3.6.5 Except when caused by JME-BDC' or the banks' misconduct or negligence, you will protect JME-BDC, the banks, their affiliates and service providers from any/and all claims, liability, damages, expenses and costs caused by or arising from your use of the service.

4.0 Support Services

JME-BDC has a dedicated support unit manned by highly experienced and professional personnel. Customer support issues are managed through a Customer Relationship Management (CRM) system. Customer complaints made through our dedicated email and telephone lines are logged and monitored until a resolution is achieved. Our support team is always available to receive enquiries on weekdays, weekends and public holidays. All support related enquiries should be routed via the email or telephone number and Contact details as displayed on the 'Contact' section of our website at www.jamiyafx.com which may be updated from time to time.

4.1 Standard Support Services

Standard Support Services provided by us are as listed below and are covered by your transaction fees and do not attract any further charges.

4.1.1 Processing of your application to use the system including the creation of your login details and activation of your Jamiyafx profile. 4.1.2 Initial Setup of your profile on the system. 4.1.3 Required support to ensure successful execution of your payment instructions. 4.1.4 Deployment of application updates and patches. 4.1.5 Telephone and e-mail support services in response to your queries.

4.2 Extended Support Services for Corporate Users

Upon your request, we are also able to provide additional services which are charged separately. Our extended support services include:

4.2.3 Bespoke Development and Interfaces as may be requested by you: We shall work with you to determine the level of work required, agree on the scope, work plan and applicable charges for the assignment.

5.2 Fees Exclusive of Taxes

All fees and charges quoted in this Agreement exclude any applicable taxes, which will be chargeable at the prevailing rate. You will be responsible for the payment of any taxes imposed by any governmental taxing authority on the amounts you are liable to pay to us under this Agreement, including, but not limited to, withholding taxes of whatever nature. If any deductions or withholdings are required by law to be made from the fees payable to us, you agree to promptly pay such Withholding Taxes and obtain and deliver to us proof of payment of such Withholding Taxes together with official evidence thereof issued by the governmental authority concerned, sufficient to enable us support a claim for a tax credit in respect of any sum so withheld. If we are unable to obtain such tax credit due to your failure to comply with the above provision, then you agree to pay to us a sum equal to the amount of the tax credit we are not able to claim as a result of your failure.


5.3 Change of Fees

JME-BDC reserves the right to change the processing fees as well as the fees for extended support services. Notices of such changes shall be communicated in line with the provisions of Clause 12.1 of this Agreement.

6.0 Use Policy

6.1 Acceptable Use Policy

The following activities constitute a violation of the Acceptable use of Jamiyafx

6.1.1 Using the Jamiyafx service to make or receive payments for any illegal, fraudulent, immoral or otherwise socially reprehensible purposes.

6.1.2 Using the Jamiyafx service to make or receive payments for any narcotics, other controlled substances, steroids or illicit drugs.

6.2 Restricted Activities

You agree that your information and your activities (including your payments and receipt of payments) through our Service shall not:

Be false, inaccurate or misleading;

Be fraudulent or involve the sale of counterfeit or stolen items;

Be related in any way to terrorism and/or criminal activities, including but not limited to payment or the acceptance of payments for unauthorised firearms or weapons;

Infringe on any third party's copyright, patent, trademark, trade secret or other property rights or rights of publicity or privacy;

Violate any law, statute, ordinance, contract or regulation (including, but not limited to, those governing financial services, consumer protection, unfair competition, antidiscrimination, or false advertising);

Be defamatory, libellous, unlawfully threatening or unlawfully harassing;

Be obscene or contain child pornography;

Contain any viruses, Trojan horses, worms, time bombs, cancel bots, easter eggs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or other personal information; or

Create liability for us or cause us to lose (in whole or in part) the services of our ISP's or other suppliers. If you use, or attempt to use the Service for purposes other than sending and receiving payments, managing your account and the services listed in clause 1.0 above, including but not limited to tampering with, hacking, modifying or otherwise corrupting the security or functionality of the Service, your account will be terminated and you will be subject to claims for damages and other lawful penalties, including criminal prosecution where applicable.

6.3 Access and Interference

You agree that you will not use any robot, spider, other automatic device, or manual process to monitor or copy our web pages or the content contained herein without our prior express written permission. You agree that you will not use any device, software or routine to attempt to interfere with the proper working of the Jamiyafx site or any activities conducted on our site. You agree that you will not take any action that imposes an unreasonable or disproportionately large load on our infrastructure. Most of the information on our site is proprietary or is licensed to us. You agree that you will not copy, reproduce, alter, modify, create derivative works, publicly display or frame any content from our website without our prior express written permission.

6.4 Our Remedies and Right to terminate or restrict your activities.

Without limiting other remedies available to us, we may verify inaccurate or incorrect information you provide to us, contact you by means other than by electronic means, immediately warn our community of your actions, limit access to an account and any or all of the account's functions (including but not limited to the ability to send money or make payments), limit activities, indefinitely suspend or close your account, terminate this Agreement and refuse to provide our Services to you if:

You breach this Agreement or the documents it incorporates by reference;

We are unable to verify or authenticate any information you provide to us;

We believe that your account or activities pose a significant fraud risk to us;

We believe that your actions may cause financial loss or legal liability for you, our users or us; or

Your use of Jamiyafx is deemed by us to constitute abuse of the electronic payment system or electronic payment rules, including (without limitation), using the Jamiyafx system to test Jamiyafx card behaviours.

6.5 Privacy and Security

We view the protection of users' privacy as a very important principle. We understand clearly that you and your Information are one of our most important assets. We store and process your Information on computers that are protected by physical as well as technological security devices. We do not give your personal information to third parties for marketing purposes without your consent. You may object to your information being used in this way and thereby opt out from using our Services. Please ensure that you read our privacy policy.

By consenting to this Agreement, you also consent to our privacy policy.

7.0 Warranty and Service Disruption

We warrant that the service will in all material respects, deliver on the agreed terms herein. Should the service be disrupted to such an extent that there is likely to be an adverse effect to the service provided, we will endeavor to notify you of such within a reasonable time.

In the event of any service delay or failure, we shall take necessary steps to ensure speedy service restoration and reduce to the barest minimum the extent of such service failures. However we shall not be liable to you for any loss or damage.


8.0 Confidentiality

By the nature of this Agreement, the parties may have access to information that is confidential to one another, such confidential information shall include the parties' business methods, salary structure, marketing strategies, pricing, competitor information, and all other information designated as confidential by either party. Each party agrees to maintain the confidentiality of such information and to protect the other party's confidential information by using all reasonable efforts to prevent any unauthorized copying, use, distribution, installation or transfer of possession of such information.

9.0 Trademarks and other Intellectual Proprietary rights

Jamiyafx, Jamiyafx.com and all logos, products, services or other content on www.jamiyafx.com or other mobile download platforms are the intellectual property of JME-BDC Limited, or its licensors, and may not be copied, imitated or used, in whole or in part, without the prior written permission of JME-BDC. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of Jamiyafx and may not be copied, imitated, or used, in whole or in part, without the prior written permission of JME-BDC.

Neither this Agreement, nor your use of Jamiyafx will convey title or any interest or rights in JME-BDC' intellectual property rights.

10.0 Assignability

You may not transfer any rights or obligations you may have under this Agreement without our prior written consent. We reserve the right to transfer this Agreement or any right or obligation under this Agreement without your consent, and we will notify you via our websites, social media and other media.

11.0 Legal Compliance

You shall comply with all applicable Nigerian laws, and regulations, regarding your use of our Services.

If any specific term or condition violates the law, that term alone shall stand severed or amended as far as is necessary to comply with the law.

12.0 Notices and Amendment

12.1 Notices

You agree that these Terms and Conditions constitute "an Agreement duly signed or executed by "you" under any applicable law or regulation. To the fullest extent permitted by applicable law, this Agreement and any other agreements, notices or other documents regarding your account and/or your use of the Service, may be provided to you electronically and you agree to receive all Notices from JME-BDC in electronic form.

You may print a copy of any Notice and retain it for your records. All Notices in either electronic or paper format will be considered to be in "writing and to have been received and shall become effective thirty (30) days after being posted or placed on our website.

12.2 Notice Procedure

Notices from you to JME-BDC shall be by email from you to support@jamiyafx.com

Notices by us to you may be placed on our website, jamiyafx.com or sent to your email address registered with us.

A notice by email shall be deemed received by the other party, once the email is sent, unless the sending party is aware that the email was not received.

Notice posted to our website shall be deemed received upon your visit to our site or your first log-in subsequent to the posting.

12.3 Amendment

We may amend this Agreement at any time by notice to you or posting the amended terms on www.jamiyafx.com All amended terms shall be effective thirty (7) days after notice or posting on the website.


13.0 Dispute Resolution


13.1 Negotiated Settlement or Mediation

In the event of a dispute arising between you and JME-BDC, our goal is to provide you with a neutral and cost effective means of resolving the dispute quickly. In the event of any dispute, the Parties shall seek to resolve any such dispute amicably between themselves or through a negotiated settlement and in the event of their inability to resolve the dispute as aforesaid, the parties shall explore a mediated settlement with both Parties appointing one(1) Mediator who shall act as a catalyst for resolution.

13.2 Arbitration

If at any time the Parties are unable to amicably resolve any dispute(s) through negotiated settlement or mediation, either party shall refer the matter to be finally settled by arbitration in accordance with the Arbitration & Conciliation Act, Cap A18, Laws of the Federation of Nigeria (LFN) 2004. The arbitration shall take place in Lagos, Nigeria and be conducted in English Language. . If the parties fail to agree on the Arbitrator, the Arbitrator shall be appointed by the President of the Chartered Institute of Arbitrators UK (Nigeria Branch). Each Party will bear its costs save for joint costs which will be borne jointly.

14.0 Extended Non-use

Your non-use of our platform for an extended period does not terminate this contract. Any monies due and payable by you to us before, during or after the period of your passivity shall remain payable and become due immediately upon your reactivation. Termination or non-use shall not relieve the continuing obligations under this Agreement, including but not limited to the requirements in Clauses (3.5) Indemnification, (6.3) Access and Interference, and (9) Trademarks and other intellectual Proprietary Rights of this Agreement.


15.0 General

You represent that you have the capacity to enter into this Agreement.

That you are an adult, eligible to operate banking services and that you are not under any contractual inhibition known to your national or international law.

If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck out and the remaining provisions shall be enforceable.

You agree that this Agreement and all incorporated agreements may be automatically assigned by Jamiyafx to a third party in the event of a merger or acquisition.

Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section(s).

Our failure to act with respect to a breach by you or others does not amount to a waiver of our right to act with respect to subsequent or similar breaches.

The non-specification of a particular legal or equitable remedy shall not be construed as a waiver, prohibition or limitation of any legal or equitable remedies in the event of a breach of any of the clauses.

Each of the Parties acknowledge that it is acting as an independent contractor, and each Party has the sole right and obligation to supervise, manage, direct, procure, perform, or cause to be performed, all work or other obligations to be performed by such Party under this agreement.

16.0 Entire Agreement

This agreement and any documents referred to herein constitute the entire agreement between the parties and supersede any and all prior agreements between the parties, whether oral or written, with respect to the subject matter thereof.

17.0 Applicable Law

This Agreement shall be governed by and interpreted according to the laws of the Federal Republic of Nigeria and shall be subject to the exclusive jurisdiction of Nigerian courts.

18.0 Improvement and Changes

These Jamiyafx functions are subject to continuous technological improvement and consequently may change. All changes to Jamiyafx functions and services shall be published by JME-BDC from time to time on the website www.jamiyafx.com All such published changes shall form part of this Agreement.

19.0 Force Majeure

JME-BDC shall not be in breach of its obligations under this Agreement or be responsible for any delay in carrying out its obligations if performance is prevented or delayed wholly or in part as a consequence of force majeure. Force majeure means any circumstance beyond the reasonable control of JME-BDC including but not limited to acts of war, state or national emergency, strike, rebellion, insurrection, government sanctions, actions of regulatory or supervisory authorities, accident, power failure, internet and communication link failure, fire, earthquake, flood, storm, tornadoes, hurricane, or any other act of God or any technical failure caused by devices, matters or materials.


20.1 Were service failure occurs under this agreement we shall refund only the funds delivered to us in respect of the transaction in the currency it was delivered and to the account from which it was delivered to us.

20.2 All provisions in this agreement regarding refund shall apply under this section as composite parts of the refund policy.