Terms of Service

Last updated: July 11, 2026

Welcome to Speedwave. These Terms of Service ("Terms") govern your access to and use of the website, mobile applications, and financial services provided by Speedwave Microfinance Bank ("Speedwave," "we," "us," or "our").

By creating an account, downloading our mobile app, or using our services, you agree to be bound by these Terms. If you do not agree to these Terms, please do not access or use our services.

1. Eligibility and Account Opening

To open a Speedwave account, you must:

  • Be a resident of the Federal Republic of Nigeria.
  • Be at least 18 years of age.
  • Provide a valid phone number, email address, and a Bank Verification Number (BVN) linked to your legal name.
  • Submit accurate identity documentation (KYC) when prompted in the app.
  • Agree to let us conduct verification checks to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines.

2. User Account Security

  • Credentials Protection: You are solely responsible for maintaining the confidentiality of your login passwords, tokens, and 4-digit transaction PIN.
  • Transaction PIN: Every transfer, withdrawal, and bill payment must be authenticated using your transaction PIN. You agree to treat this PIN as strictly confidential and not share it with third parties.
  • Unauthorized Access: If you suspect that your login credentials, PIN, or registered phone has been compromised, you must notify Speedwave support immediately to suspend your account and prevent financial loss. Speedwave is not liable for unauthorized transactions occurring before you report a compromise.

3. Deposits and Virtual Accounts

  • Nomba Virtual Accounts: Speedwave provides a unique, permanent virtual account number to facilitate wallet funding. This virtual account is generated in collaboration with our licensed partner bank, Nomba.
  • Funding Methods: You can fund your account by performing a commercial bank transfer to your virtual account details.
  • Limits and Rules:
    • The minimum deposit accepted through virtual accounts is ₦10. Transfers below this amount will fail to credit.
    • You must not use your virtual account for receiving proceeds of illegal transactions, money laundering, or cybercrime.

4. Withdrawals, Transfers, and Bill Payments

  • Transaction Processing: Transfers and withdrawals are processed instantly upon validation of your transaction PIN. Once authorized, transactions cannot be reversed.
  • Third-Party Networks: Payments (such as utility bills, airtime, and local transfers) rely on national financial infrastructure networks. Speedwave is not liable for delays, downtime, or service disruptions caused by external payment gateways, telcos, or recipient banks.
  • Limits: Speedwave reserves the right to impose daily transaction limits or single-transaction limits on transfers and withdrawals to mitigate fraud risks and comply with regulatory mandates.

5. Fees and Charges

We reserve the right to charge transaction fees for local transfers, bills, or specific withdrawal requests. All applicable transaction fees will be displayed transparently in the mobile application interface prior to transaction authorization.

We may adjust our fee schedule from time to time. Any changes to fees will be communicated to you via the mobile app, email, or our landing page.

6. Prohibited Activities and Account Suspension

You agree not to use our platform, application, or landing page to:

  • Conduct transactions involving illegal goods, services, or online gambling.
  • Violate any laws, statutes, or regulations of the Federal Republic of Nigeria.
  • Defraud other individuals, entities, or Speedwave itself.
  • Attempt to bypass, hack, or exploit our app security, API endpoints, or database structures.

Speedwave reserves the right, in its sole discretion and without prior notice, to restrict, suspend, or terminate your account if we suspect fraudulent activity, regulatory violations, or a breach of these Terms.

7. Limitation of Liability

To the maximum extent permitted by Nigerian law, Speedwave, its directors, officers, employees, and partners, shall not be liable for any direct, indirect, incidental, special, or consequential damages resulting from:

  • Your use of, or inability to use, our services.
  • System updates, server downtime, or network maintenance.
  • Transactions made due to compromised user PINs or passwords.
  • Actions taken by partners, third-party processors, or regulatory authorities.

Our services are provided on an "AS IS" and "AS AVAILABLE" basis, without warranties of any kind, either express or implied.

8. Governing Law and Dispute Resolution

  • Governing Law: These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, including CBN guidelines and regulations.
  • Dispute Resolution: If a dispute arises between you and Speedwave, we encourage you to contact our support team first to seek an amicable resolution.
  • Arbitration: Any dispute that cannot be resolved amicably within thirty (30) days will be referred to arbitration in Lagos, Nigeria, in accordance with the Arbitration and Conciliation Act of Nigeria.

9. Amendments to Terms

We may update or modify these Terms at any time to reflect changing regulations, feature updates, or commercial agreements. The updated Terms will be posted on this landing page copy with an updated effective date. Continued use of our services following updates constitutes your acceptance of the new Terms.

10. Contact Information

If you have any questions regarding these Terms of Service, please contact:

Email: compliance@speedwave.com
Customer Support: support@speedwave.com