Eldorado Smart Payment

Terms & Conditions

Effective Date: 4th, September 2025

1. Introduction

Welcome to Eldorado Smart Payment Limited (“Eldorado”, “we”, “our”, or “us”). These Terms & Conditions (“Terms”) govern your access to and use of our payment platform, mobile applications, wallets, and related financial technology solutions (collectively, the “Services”).

By creating an account, accessing, or using our Services, you confirm that you have read, understood, and accepted these Terms. These Terms form a legally binding agreement in line with the CBN Guidelines for Payment Service Providers in Nigeria.

2. Eligibility & KYC Compliance

You must be 18 years or older and legally capable of entering into contracts under Nigerian law.

In compliance with Know Your Customer (KYC) requirements set by the CBN and NDIC, all users must provide accurate, complete, and verifiable information, including BVN, NIN, and valid identification documents.

We reserve the right to suspend or terminate accounts that fail verification or are linked to suspicious activity. Accounts may also be restricted where required by the CBN AML/CFT Regulations, or directives from EFCC, NIBSS, or other regulators.

3. Scope of Services

Eldorado Smart Payment provides services under CBN approval, including:

  • Electronic Payment Processing (for individuals and businesses).
  • Wallet Services (storing, transferring, and withdrawing funds).
  • Merchant Payment Solutions (POS, API integrations, online checkout).
  • Bill Payments (utilities, airtime, subscriptions).
  • Cross-Platform Transfers in compliance with CBN Interoperability Guidelines.

We may introduce additional services subject to regulatory approval.

4. User Responsibilities

  • Maintain the confidentiality of your login credentials and PINs.
  • Use the Services only for lawful transactions in line with CBN’s Consumer Protection Framework.
  • Avoid engaging in fraud, money laundering, or terrorism financing.
  • Update personal data promptly when requested for regulatory compliance.
  • Notify us immediately of suspicious or unauthorized account activity.

5. Fees & Charges

  • Transaction and service fees shall be applied in line with the CBN Guide to Bank Charges.
  • Fees will be disclosed before transactions are processed.
  • Eldorado reserves the right to review fees periodically in compliance with regulatory directives.

6. Security & Data Privacy

Eldorado adopts industry-standard encryption and multi-factor authentication in line with CBN’s Risk-Based Cybersecurity Framework.

Users’ data will be collected, stored, and processed in compliance with the Nigeria Data Protection Regulation (NDPR).

We will never request OTPs, PINs, or passwords through unofficial channels. Users remain responsible for protecting their devices and login details.

7. Prohibited Use

You may not use our Services for:

  • Money laundering, terrorism financing, or other illegal financial activities (per CBN AML/CFT Guidelines).
  • Fraudulent or deceptive practices.
  • Transactions violating local or international sanctions.
  • Unauthorized third-party access to accounts.

Violations may be reported to the CBN, EFCC, NFIU, and other authorities.

8. Limitation of Liability

  • Eldorado shall not be liable for indirect or consequential damages resulting from system downtime, network failures, or third-party service interruptions.
  • Our maximum liability is limited to the value of the disputed transaction, in line with CBN’s Consumer Protection Guidelines.
  • Users acknowledge that while we maintain security standards, no online platform is immune to risks.

9. Account Suspension & Termination

  • Accounts may be suspended or closed if linked to fraud, non-compliance with these Terms, or by directive from regulators (e.g., CBN, EFCC, NDIC).
  • Users may voluntarily close accounts by submitting a written request, subject to the clearance of all pending obligations.
  • Funds in suspended accounts will remain secured until resolution.

10. Dispute Resolution

  • Complaints must first be lodged with Eldorado’s Customer Support Unit.
  • If unresolved within 30 business days, complaints may be escalated to the CBN Consumer Protection Department (CPD).
  • Unresolved disputes may be referred to arbitration or Nigerian courts as a last resort.

11. Regulatory Compliance

Eldorado Smart Payment operates under approval and supervision of the Central Bank of Nigeria (CBN).

We comply with all relevant regulations, including:

  • CBN Guidelines for Payment Service Providers.
  • AML/CFT Regulations (2013, revised 2022).
  • NDPR (2019) for data protection.
  • NIBSS industry fraud alerts and circulars.

Users agree to cooperate with Eldorado in fulfilling regulatory obligations, including transaction monitoring and reporting.

12. Amendments to Terms

Eldorado reserves the right to amend these Terms to reflect changes in laws, regulations, or CBN directives. Updates will be published on our platform and take effect immediately upon posting. Continued use of the Services constitutes acceptance of revised Terms.

13. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria, with jurisdiction vested in Nigerian courts.

14. Contact Information

For enquiries or regulatory complaints, contact:

Eldorado Smart Payment Limited
Suite 303, Capital Hub, Ahmadu Bello Way, Abuja, Nigeria / 1-7 Muri-Okunola Street, Victoria Island Lagos Nigeria.
📧 Email: eldoradosmartpayment@gmail.com
📞 Customer Support: +234 8131 44 4430