Collections Terms and Conditions

BOYA COLLECTION ACCOUNT TERMS AND CONDITIONS

Last Updated: 2nd March 2025

These Terms and Conditions ("Agreement") govern your access to and use of the Collection Account services ("Collection Account") provided by Boya Limited ("Boya," "we," "us," or "our"). "Customer," "you," or "your" means the person or entity accepting this Agreement. By using the Collection Account, you acknowledge that you have read, understood, and agreed to be bound by this Agreement and Boya's General Terms and Conditions available at https://www.boyahq.com/terms-and-conditions.

1. Definitions

Collection Account: A designated account provided by Boya through its partner financial institutions that enables businesses to receive funds from their customers or third parties.

Boya Account: The account where customers may hold collected funds within Boya or initiate transfers to external bank accounts.

Settlement: The process of transferring funds from the Collection Account to the Boya Account or to the Customer's designated external bank account.

KYC (Know Your Customer): The identification and verification procedures that businesses must comply with as per regulatory requirements.

AML (Anti-Money Laundering) Compliance: Adherence to laws and regulations designed to prevent money laundering and terrorist financing.

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

• The Collection Account is designed for businesses to receive payments from customers and other third parties.
• The Customer may choose to:
  • Hold funds within their Boya Account for future transactions or disbursements.
  • Transfer funds from the Boya Account to their designated external bank accounts.
• The Customer agrees to use the Collection Account only for lawful business transactions in compliance with all applicable laws and regulations.
• The Collection Account must not be used for fraudulent activities, or any other purposes prohibited under Boya's policies.

3.2 Restrictions

You agree not to:

• Use the Collection Account for transactions related to illegal activities.
• Misrepresent transactions or provide false documentation.
• Use the Collection Account in a manner that could harm Boya's reputation or operations.

4. Account Registration and Compliance

4.1 Eligibility

• The Collection Account is available only to registered businesses that meet Boya's KYC and onboarding requirements.
• Boya reserves the right to approve or decline any Collection Account application at its sole discretion.

4.2 Compliance with Laws

• The Customer agrees to comply with all applicable financial regulations, including KYC and AML requirements.
• Boya reserves the right to request additional documentation or suspend services if compliance requirements are not met.

5. Settlement and Funds Movement

5.1 Holding and Transferring Funds

Once funds are received into the Collection Account, the Customer may choose to:

• Retain the funds within their Boya Account for business expenses, payments, or disbursements.
• Transfer the funds to an external bank account designated by the Customer.
• Transfers to external bank accounts are subject to Boya's processing timelines and banking requirements.

5.2 Settlement of Funds

• Boya shall process settlement requests based on the Customer's instructions.
• Settlement timelines may vary depending on operational requirements and banking processes.
• Any applicable bank charges, or transaction fees will be deducted before settlement.

5.3 Fees and Charges

• A tabb Credit Processing Fee will be charged on each transaction amount processed into the Collection Account. The applicable fee schedule, including settlement fees based on settlement timing (same-day, T+1, or T+7), will be shared directly via email prior to onboarding or made available on our website. Currently, a standard processing fee of 3.9% applies unless otherwise communicated.
• Fees may apply for transferring funds to external bank accounts.
• Boya reserves the right to revise fees upon providing reasonable notice to the Customer.

5.4 Reversals

• The Customer shall, within a reasonable period (and in any case no later than 72 hours), initiate and complete a reversal for any payment that was clearly made in error.
• If the Customer fails to do so within this timeframe, the Client consents to Boya and its affiliates initiating and completing the reversal on their behalf. Boya will always carry out such reversals with due consideration of the circumstances surrounding the erroneous payment.
• In the event of a dispute regarding a reversal, Boya and its affiliates may suspend the Customer's collection account to allow for an amicable resolution. Details of the dispute resolution process will be shared with the Customer via email.

6. Security and Customer Responsibilities

6.1 Security Obligations

• The Customer is responsible for maintaining the confidentiality of their Collection Account credentials.
• Boya acknowledges its role in maintaining reasonable security of the Boya platform
• The Customer must maintain the confidentiality and security of their Boya credentials

6.2 Notification of Unauthorized Access

• The Customer must immediately notify Boya in case of suspected unauthorized transactions or security breaches.
• Both parties will work together to investigate and resolve any security incidents.

7. Suspension and Termination

7.1 Suspension by Boya

Boya reserves the right to suspend the Collection Account if:

• There is suspected fraudulent activity.
• The Customer is in violation of these Terms or regulatory requirements.
• The Customer fails to provide requested compliance documentation.

7.2 Termination by Either Party

• Either party may terminate this Agreement by providing thirty (30) days' written notice.
• Upon termination, Boya will settle any outstanding funds, subject to compliance reviews.

8. Confidentiality

Both parties agree to keep confidential any non-public information received under this Agreement. This obligation continues after the termination of this Agreement.

9. Warranties and Disclaimers

9.1 Mutual Warranties

Both parties represent that they have the authority to enter into this Agreement.

9.2 Disclaimer

• The Collection Account is provided on an "as is" and "as available" basis.
• Boya does not guarantee uninterrupted or error-free service but will take reasonable steps to maintain system reliability.

12. Governing Law and Dispute Resolution

This Agreement shall be governed by the laws of Kenya. Any disputes shall be resolved through negotiations, and if unresolved, referred to arbitration in accordance with the Arbitration Act of Kenya.

13. Miscellaneous

13.1 Amendments

Boya may update these Terms from time to time, with notice provided to the Customer.

13.2 Severability

If any provision is deemed unenforceable, the remaining provisions shall remain in effect.

13.3 Force Majeure

Neither party shall be liable for any failure in performance due to events beyond their control, including but not limited to acts of God, war, or regulatory changes.

14. Contact Information

For inquiries regarding the Collection Accounts or this agreement, contact Boya at support@boyahq.com

By accessing or using the Boya Collection Accounts, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.