Terms & Conditions
1. Introduction
By accessing and using My Payd App, users agree to be bound by these Terms and Conditions, as well as any applicable laws and regulations in Kenya.
We reserves the right to revise these terms at any time. Continued use of the service following any changes indicates acceptance of the new terms.
2. User Registration and Account Management
Account Eligibility: Users must be at least 18 years old or the age of majority in Kenya.
Account Security: Users are responsible for maintaining the confidentiality of their account credentials.
KYC Compliance: In compliance with Kenyan financial regulations, users must submit KYC documents and receive approval before transacting.
3. Financial Transactions
Fees and Charges: A detailed Fee Schedule will be provided, in accordance with Kenyan financial regulations.
Refunds and Cancellations: Terms for refunds and cancellations will align with the Consumer Protection Act in Kenya.
Transaction Limits: Transaction limits may be imposed in accordance with Kenyan financial laws.
4. User Conduct
Compliance with Laws: Users must comply with all Kenyan laws, including but not limited to, anti-money laundering and counter-terrorism financing laws.
Prohibited Use: The app must not be used for any unlawful or fraudulent activities.
5. Privacy and Data Protection
Data Collection and Use
In compliance with the Kenyan Data Protection Act, personal data will be collected, used, and stored transparently and lawfully.
Data Rights
Users have rights to access, correct, delete, or transfer their personal data.
The data to be deleted upon user’s request, will be held for a period of twelve (12) months for regulatory or compliance purposes if the relevant regulatory bodies require it to be adduced. After the lapse of this period, the user’s data will be permanently deleted from our databases.
6. Termination and Suspension
Rights of the App
The App reserves the right to terminate or suspend accounts for non-compliance with these terms.
Users may close their account subject to settling any pending transactions.
7. Limitation of Liability
Liability of the App will be limited to the extent permitted by Kenyan law.
8. Dispute Resolution
Governing Law: These terms are governed by the laws of Kenya.
Dispute Resolution: Any disputes will be resolved through arbitration in Kenya, in accordance with the Arbitration Act.
9. General Provisions
Severability: If any provision of these Terms is found to be unenforceable, the remaining provisions will continue in full effect.
These Terms constitute the entire agreement between My Payd App and its users.
The App shall not be compelled to refund or compensate the sender if they transfer money from their wallets to the recipient through mistake or by being under duress or coercion.
Privacy Policy
Introduction
This Privacy Policy describes how My Payd App collects, uses, discloses, and protects users’ personal information.
Consent
By using the App, users consent to the collection and use of information in accordance with this policy.
Information Collection
Personal Information: We collect information such as name, contact details, identification documents, and financial information.
Usage Data: Information on how the App is accessed and used may also be collected.
Use of Data
Service Provision: To manage user accounts, process transactions, and provide customer support.
Improvement of Services: To enhance the app’s functionality and user experience.
Legal Compliance: To comply with legal obligations under Kenyan law.
Data Sharing and Disclosure
Service Providers: Sharing with third-party service providers for services like payment processing, only as necessary to perform their functions.
Legal Requirements: All users hereby expressly consent and authorize My Payd app to disclose any transactional data pertaining to their Payd Account to any Law enforcement, investigative or regulatory, or any other competent Anti-Money Laundering authority for the purpose of genuine inquiry or investigation. Any consent given for the purpose stated herein may be retracted through writing to us.
Business Transfers: In the event of a merger or acquisition, user information may be transferred.
Data Retention
Users consent to My Payd App retaining their transactional data for as long as necessary for the purposes for which it was collected or as may be required by the law or regulation.
Data Security
Security Measures: Implementing robust security measures to protect against unauthorized access, alteration, disclosure, or destruction of personal data.
Data Breach Notification: Commitment to notify users and competent authorities of any data breaches as per Kenyan law.
Data Subject Rights
Users have the right to access, update, or delete their personal information.
The user has the right to request a copy of the data in a readable format.
Providers Compliance
We ensure that our providers, including but not limited to Mpesa, Airtel, Pesalink, Borderless and SmileID, comply with Data protection policies through regular audit and assessment of their data handling practices.
International Data Transfers
Data Transfer: Personal data may be transferred to, and maintained on, computers located outside of Kenya. We ensure that adequate data protection standards are met.
Children’s Privacy
We do not knowingly collect personal information from anyone under the age of 18.
Changes to This Privacy Policy
We reserve the right to update this policy. Notice of any changes will be given.
Contact Information
Queries and Complaints: For any privacy-related concerns, users can contact us at [email protected]
KYC & AML Policy
Introduction
Payd is committed to maintaining the highest standards of compliance with applicable laws and regulations related to Know Your Customer (KYC) and Anti-Money Laundering (AML). This policy outlines the procedures for customer identification, transaction monitoring, and the reporting mechanisms in place to prevent money laundering, terrorist financing, and other forms of financial crimes.
This KYC and AML policy applies to all Payd users, including freelancers, creators, event organizers, businesses, and other customers utilizing Payd’s services. All accounts must undergo KYC verification before accessing international payment channels and payouts. Additionally, all accounts will be subject to transaction limits, and only approved accounts will be able to utilize card payments.
Definitions
- KYC (Know Your Customer): The process of verifying the identity of customers to ensure that they are who they claim to be and to prevent fraudulent activities.
- AML (Anti-Money Laundering): Policies, procedures, and controls designed to detect and prevent money laundering activities.
- CDD (Customer Due Diligence): The process of collecting and verifying information about a customer to assess the risks of money laundering or terrorist financing.
- ECDD (Enhanced Customer Due Diligence): A more thorough verification process for high-risk customers or transactions.
- Beneficial Owner: The individual or entity that ultimately owns or controls an account or financial transaction.
KYC Policy
KYC Verification Process
All Payd users are required to complete KYC verification before gaining access to international payment channels, payouts, or card payment services. The KYC process is divided into the following steps:
- Basic Information Collection:
- Full name (as per government-issued ID)
- Date of birth
- Nationality
- Residential address
- Email address and phone number
- Social media handle (if relevant to business activity)
- Document Verification:
- For Individuals:
- Government-issued identification document (passport, national ID, driver’s license)
- Selfie or live image to verify identity
- Proof of address (utility bill, bank statement, or other approved documentation dated within the last 3 months)
- For Businesses:
- Certificate of incorporation or business registration
- Beneficial ownership details
- ID of beneficial owners and controlling individuals
- Corporate proof of address (utility bill, bank statement, or business lease agreement)
- Articles of Association or Memorandum of Association (if applicable)
- For Individuals:
- Verification Methods:
- Payd employs a third-party service provider for identity verification to ensure the authenticity of documents submitted and reduce fraud risks.
- Biometric verification (e.g., facial recognition) may be used to enhance the verification process.
- KYC Levels:
- Basic KYC: Allows limited access to local transactions and basic wallet features.
- Full KYC: Required for users accessing international payments, card payments, and higher transaction limits. Full KYC is mandatory for users requesting payouts to external accounts or mobile money channels.
KYC for International Payments and Payouts
All users seeking access to international payment channels (e.g., receiving payments in foreign currencies or using international payment gateways like Stripe, Google Pay, and Apple Pay) must complete Full KYC verification.
International payouts (including transfers to foreign bank accounts or external wallets) are restricted to fully verified accounts. Unverified or partially verified accounts will not have access to these services.
AML Policy
Customer Due Diligence (CDD)
Payd implements risk-based Customer Due Diligence (CDD) procedures for all users. These procedures ensure that Payd collects and verifies customer information to assess and mitigate the risk of money laundering or other financial crimes.
- Risk Assessment: All customers will be subject to an initial risk assessment during the onboarding process. Factors considered include:
- Transaction history
- Geographic location
- Customer profile (e.g., individual or business)
- Services being accessed (e.g., cross-border payments)
- Ongoing Monitoring: Payd will continuously monitor user transactions for unusual or suspicious behavior. This includes:
- Monitoring transaction frequency, size, and destination
- Tracking payments to and from high-risk jurisdictions
- Reviewing accounts that frequently exceed typical transaction patterns
Enhanced Customer Due Diligence (ECDD)
For users or transactions that pose a higher risk, Payd will apply Enhanced Customer Due Diligence (ECDD) measures. This will include:
- Additional document verification
- Proof of source of funds
- Transaction justification
- Close monitoring of transactions over time
Examples of users subject to ECDD include:
- Customers operating in high-risk industries or countries
- Users with high transaction volumes or frequent cross-border payments
- Politically exposed persons (PEPs)
Transaction Limits and Restrictions
To manage risk and comply with regulatory requirements, Payd imposes daily and monthly transaction limits based on the user’s risk profile. These limits are determined by Payd’s compliance team and are subject to change based on account activity and compliance review.
- Daily Transaction Limits:
- Users with Basic KYC will have limited daily transaction volumes (e.g., $500/day).
- Users with Full KYC will have higher daily transaction limits (e.g., $5,000/day).
- Monthly Transaction Limits: Payd may impose monthly limits on transaction volumes, particularly for higher-risk accounts or newly registered users.
Users seeking higher transaction limits must request a compliance review and may be required to submit additional documentation to justify the increase.
Card Payments
Card payments (debit/credit card transactions) are restricted to approved and verified accounts only. To access card payment options, users must complete the Full KYC verification process and demonstrate a low-risk profile based on the compliance team’s analysis.
- Approval Process: Users must apply to access card payment services, and approval is based on their KYC status, transaction history, and risk assessment.
- Transaction Monitoring: All card payments are closely monitored for fraud, chargebacks, and suspicious activity.
Anti-Money Laundering (AML) Reporting and Compliance
Payd is committed to full compliance with AML regulations and will report any suspicious activity to relevant authorities.
Suspicious Activity Reporting (SAR)
- Payd’s compliance team will investigate any suspicious transactions and file Suspicious Activity Reports (SARs) when necessary.
- Suspicious activities include, but are not limited to:
- Transactions significantly above the user’s normal range
- Payments from or to high-risk jurisdictions
- Frequent transactions just below reporting thresholds
- Payments with no clear business or personal justification
Record-Keeping
All KYC, transaction, and AML-related records will be retained for at least five years after the termination of the customer relationship, in compliance with legal requirements.
Training and Awareness
Payd is committed to educating its employees on KYC and AML policies. All staff handling transactions, customer onboarding, or compliance reviews will undergo regular training to:
- Recognize suspicious activity
- Understand regulatory obligations
- Implement best practices for KYC and AML compliance
Conclusion
Payd’s KYC and AML policies are essential components of our broader mission to ensure a secure, compliant, and transparent platform. By enforcing these policies, we aim to protect our users, reduce the risk of financial crime, and ensure that Payd remains a trusted financial platform.
These policies will be reviewed and updated regularly to comply with new regulations and industry best practices.
For any queries regarding this policy, please contact the Payd Compliance Team at [email protected]Â
Source of Funds
At Payd, we are committed to complying with regulatory standards, including Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. As part of our compliance efforts, we require users to provide a clear and transparent explanation of the sources of funds used on the Payd platform. This process ensures that all transactions are legitimate and helps us prevent financial crimes such as money laundering, fraud, and terrorism financing.
1. What Is the Source of Funds?
The source of funds refers to the origin of the money that is deposited into your Payd account or used for transactions. Payd is required to understand where the money is coming from to ensure it complies with financial regulations. This could involve funds you have earned, received as a gift, or obtained through legal business activities.
2. Types of Acceptable Sources of Funds
Payd accepts funds from various legitimate sources, including but not limited to:
A. Employment Income
- Details Required: Proof of employment (such as a letter from your employer or payslip) indicating regular salary payments or bonuses.
- Examples: Monthly salary, bonuses, or allowances deposited into your Payd wallet.
B. Freelance or Contract Work
- Details Required: Documentation of contract agreements or proof of completed work (such as invoices) for freelance jobs, project-based work, or creative gigs.
- Examples: Payments received from clients for freelance projects, design work, writing, or development.
C. Business Revenue
- Details Required: Documentation of your business activities, such as business registration certificates, bank statements, or invoices that show payments for services or products rendered.
- Examples: Income from selling goods, consulting services, or running a small business.
D. Rental Income
- Details Required: Lease agreements, rent receipts, or property ownership documents that show income generated from rental properties.
- Examples: Rental payments received from tenants into your Payd wallet.
E. Investments
- Details Required: Proof of investments, such as investment statements or documentation showing dividends, returns from mutual funds, or stock sales.
- Examples: Earnings from stocks, bonds, mutual funds, or crypto assets.
F. Personal Savings
- Details Required: Bank statements or savings account records that show the accumulation of personal savings.
- Examples: Savings deposited into your Payd account from your personal bank account.
G. Gifts or Donations
- Details Required: Documentation of the gift or donation (such as a letter or transaction receipt) from the individual or entity providing the funds.
- Examples: Funds received as gifts from family members or donations from individuals for personal projects.
H. Loans
- Details Required: Loan agreements or bank statements indicating that funds were borrowed from a legitimate financial institution.
- Examples: Loan amounts received from a bank or credit institution for personal or business purposes.
3. How to Submit Source of Funds Information
To submit your source of funds, you may be asked to provide supporting documentation via the Payd platform or through our customer support team. The documents you provide should clearly show where the funds are coming from, and they must match the information provided during the KYC verification process.
Steps:
- Log in to Your Payd Account: Navigate to the KYC section or “Source of Funds” tab within your account.
- Upload Supporting Documents: Provide proof of your source of funds by uploading relevant documentation, such as payslips, invoices, or bank statements.
- Submit: Review the uploaded documents and submit them for compliance review.
Our compliance team will review the information and notify you if further clarification is needed.
4. Why Is This Information Necessary?
Providing your source of funds ensures that:
- Payd complies with financial regulations: We must adhere to KYC and AML laws to prevent illegal activities such as money laundering or terrorist financing.
- Your account remains secure: By verifying the origin of funds, we protect the platform from fraudulent activities and ensure a safe financial ecosystem for all users.
- You gain access to advanced features: Verified accounts with clear sources of funds can access features such as higher transaction limits, international payments, and card payment options.
5. Confidentiality and Security
We understand that your financial information is sensitive, and we take your privacy seriously. All information provided regarding your source of funds is kept confidential and is only used for compliance purposes. Payd uses state-of-the-art encryption and data security measures to ensure that your information is protected at all times.
6. Non-Compliant or Unclear Sources of Funds
If the funds in your account cannot be clearly linked to a legitimate source, or if documentation is not provided as required, Payd reserves the right to:
- Limit account functionality: Accounts may be subject to transaction limits or restricted access to certain features.
- Hold transactions for review: We may temporarily hold withdrawals or payments until additional information is provided.
- Close the account: In cases of non-compliance or suspicious activity, Payd may close your account and report the activity to relevant authorities.
7. Questions or Assistance
If you have any questions about providing your source of funds or need assistance with submitting documentation, please contact our support team at [email protected].Â
We’re here to help ensure a smooth experience while maintaining full compliance with regulatory standards.