PhosMonie Card Services Policy
1. Introduction
2. Voluntary Use and Customer Discretion
Use of any PhosMonie card service is strictly at the discretion of the customer. Phospay Technologies Ltd does not mandate card service usage and encourages users to fully understand this policy before initiating or performing any card-related transaction
3. Scope of Service
- Physical Debit Card: Linked to the user’s PhosMonie wallet for ATM withdrawals and in-store payments.
- Virtual Dollar Card: For secure online transactions in foreign currency.
- Virtual Naira Card: For secure online payments within Nigeria.
4. Charges and Fees
All applicable charges for card issuance, usage, maintenance, funding, and withdrawals are debited in real time. Fees applicable to each card service are available on the PhosMonie platform. Phospay Technologies Ltd reserves the right to review and adjust its pricing structure. Customers will be notified promptly in the event of any change in fees.
5. Customer Responsibility
- Customers are solely responsible for the safety and confidentiality of their login details and card information.
- Customers must promptly report any suspicious or unauthorized transaction to PhosMonie support.
- Customers shall ensure that their device is secure and free from malware when accessing or using card services.
- Phospay Technologies Ltd shall not be held liable for any loss, unauthorized transaction, or compromise resulting from customer negligence, including shared or leaked access credentials.
6. Know Your Customer (KYC) Requirements
All customers applying for any PhosMonie card (virtual or physical) must undergo and pass KYC verification, including but not limited to:
- Submission of valid government-issued ID
- Proof of address
- A recent passport photograph
- Any other documentation as may be requested under regulatory guidelines
7. Exchange Rate Policy
The exchange rate applicable to the Virtual Dollar Card shall be set daily based on the prevailing market rate. Rates are subject to change without prior notice, and customers are advised to check the current rate before funding or transacting.
8. Limitation of Liability
Phospay Technologies Ltd and PhosMonie shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from the use or inability to use the card services, including failed or delayed transactions, unauthorized use, fluctuations in currency exchange issues, or third-party service interruptions or failures.
9. Card Blocking, Suspension, or Termination
Phospay Technologies Ltd reserves the right to block, suspend, or terminate any card service at its discretion in cases of suspected fraud, non-compliance, or breach of terms by the user. Users may also request card deactivation at any time.
10. Compliance with Regulatory Framework
PhosMonie card services are offered in compliance with Nigerian financial regulations and applicable card scheme policies. Users are expected to transact within legal and regulatory limits at all times.
11. Acknowledgement/ Acceptance of Policy
By using any PhosMonie card service, the customer acknowledges and agrees to the terms of this policy. Customers are advised to review this policy regularly for updates and ensure they understand the implications of continued usage.
12. Policy Update
Phospay Technologies Ltd reserves the right to amend or update this policy at any time. Customers will be notified through email, in-app notifications, or the official PhosMonie website.