These Terms and Conditions ("Agreement") govern your use of the Collection Account services ("Collection Account") offered by Boya Limited (“Boya”, “we”, “us”, or “our”). By accessing or using the Collection Account, you agree to these terms, in addition to Boya’s General Terms and Conditions.
1. Definitions
Collection Account: An account provided by Boya through its financial partners to receive funds on behalf of a business.
Boya Account: A virtual wallet in Boya to hold or transfer collected funds.
Settlement: The movement of funds from the Collection Account to Boya or external accounts.
KYC: Know Your Customer verification procedures.
AML Compliance: Adherence to anti-money laundering laws and regulations.
2. Acceptance of Terms
By accessing or using the Collection Account, you confirm that you have the legal authority to bind your business to this Agreement. If you do not agree with these Terms, you must not use the Collection Account.
3. Use of Collection Account
3.1 Permitted Use
For businesses to receive payments from customers and third parties.
Funds can be retained in the Boya Account or transferred to an external account.
Use must comply with all laws and not support prohibited activities.
3.2 Restrictions
No use for illegal activities or fraudulent transactions.
No misrepresentation or harmful conduct toward Boya.
4. Account Registration and Compliance
4.1 Eligibility
Available to registered businesses meeting KYC requirements.
Boya may approve or deny applications at its discretion.
4.2 Compliance with Laws
Must comply with KYC and AML regulations.
Boya may request additional documents or suspend accounts.
5. Settlement and Funds Movement
5.1 Holding and Transferring Funds
Funds can be retained in Boya or transferred externally.
Subject to processing timelines and banking policies.
5.2 Settlement of Funds
Boya processes requests based on Customer instructions.
Bank charges and fees apply before settlement.
5.3 Fees and Charges
3.5% Tabb credit processing fee per transaction.
Additional transfer fees may apply.
6. Security and Responsibilities
6.1 Security Obligations
Customers must protect account credentials.
Boya ensures platform-level security.
6.2 Unauthorized Access
Report any unauthorized activity immediately.
Boya and Customer collaborate to resolve issues.
7. Suspension and Termination
7.1 Suspension by Boya
Suspected fraud or non-compliance may lead to suspension.
7.2 Termination
Either party may terminate with 30 days’ notice.
Pending settlements will be resolved post-termination.
8. Confidentiality
Both parties agree to maintain the confidentiality of non-public information shared under this Agreement.
9. Warranties and Disclaimers
Each party warrants authority to enter into this Agreement.
Service provided “as is”; no guarantee of uninterrupted service.
10. Governing Law and Dispute Resolution
Kenyan law governs this Agreement. Disputes shall be resolved through arbitration per the Arbitration Act of Kenya.
11. Miscellaneous
Amendments: Boya may update Terms with notice.
Severability: Invalid provisions do not affect the rest.
Force Majeure: Neither party liable for events beyond control.