Terms of Service
Rules and guidelines for using PayNest's gift card trading platform
Acceptance of Terms
By accessing or using the PayNest platform, you agree to be bound by these Terms of Service. These Terms constitute a legally binding agreement between you and PayNest Technologies, a company registered in Nigeria.
Important: If you do not agree to these Terms, you must not access or use our Services.
On This Page
Eligibility & Account Registration
Age Requirement
You must be at least 18 years old to create an account and use our Services.
Account Registration
To use our Services, you must provide accurate information including:
- Full legal name
- Valid email address
- Active Nigerian phone number
- Bank Verification Number (BVN) for KYC
- Valid government-issued identification
Account Security
You are solely responsible for maintaining account confidentiality. We recommend:
- Using a strong, unique password
- Enabling Two-Factor Authentication (2FA)
- Immediately notifying us of unauthorized access
ⓘ One Account Per User: Multiple accounts are strictly prohibited and will result in immediate termination.
KYC Verification Requirements
In compliance with Central Bank of Nigeria (CBN) regulations, all users must complete Know Your Customer (KYC) verification.
Required Documents by Tier
| Tier | Requirements | Daily Limit |
|---|---|---|
| Tier 1 (Basic) | Email, Phone verification | ₦100,000 |
| Tier 2 (Standard) | BVN, Government ID | ₦1,000,000 |
| Tier 3 (Enhanced) | Proof of address, Facial verification | ₦5,000,000+ |
Description of Services
PayNest provides a digital platform that enables users to exchange gift cards for Nigerian Naira (₦). Our Services include:
Live gift card rate quotations updated constantly.
Instant validation and balance checking.
Naira transfers within minutes to Nigerian banks.
Round-the-clock customer assistance.
Gift Card Trading Rules
Card Authenticity
You represent and warrant that all gift cards submitted:
- Are legitimately owned by you
- Were obtained through legal means
- Have not been previously redeemed or reported stolen
- Are valid with the full stated balance
Supported Gift Cards
We accept: Amazon, Steam, Apple, Google Play, eBay, Xbox, PlayStation, Razer Gold, Walmart, Target, Visa/Mastercard Prepaid, and others.
Card Submission
When submitting, you must upload a clear, unaltered photo showing all card details.
Rates & Pricing
Rates are determined by market conditions, card type, and denomination. The displayed rate is locked for 10 minutes during verification.
✓ No Hidden Fees: The "You'll Receive" amount is exactly what you get.
Payment Terms
Payments are made in Nigerian Naira via direct bank transfer. Processing takes 3-10 minutes after verification.
⚠ Important: PayNest does not offer refunds or reversals once a trade is completed and payment is sent.
You are solely responsible for providing accurate bank account details.
Prohibited Activities
- Submitting used, redeemed, or fraudulent gift cards
- Creating multiple accounts
- Using VPNs or proxies to mask location
- Providing false KYC information
- Money laundering or terrorist financing
- Reverse engineering or scraping our Platform
Fraud Prevention & Consequences
We employ advanced fraud detection including device fingerprinting, IP monitoring, and behavioral analysis.
⚠ Consequences of Fraud: Immediate account termination, forfeiture of pending payments, BVN blacklisting, and reporting to EFCC, NFIU, and CBN.
Intellectual Property
All content on PayNest is our exclusive property, protected by Nigerian and international IP laws.
Limitation of Liability
To the maximum extent permitted by law, PayNest's total liability shall not exceed the transaction amount or ₦50,000, whichever is less.
Account Termination
We reserve the right to suspend or terminate accounts for violations, suspected fraud, or extended inactivity (12+ months).
Dispute Resolution
Disputes shall first attempt informal resolution, then mediation through Lagos Multi-Door Courthouse, followed by binding arbitration per Nigerian law.
Governing Law
These Terms are governed by the laws of the Federal Republic of Nigeria. Legal actions shall be brought in Lagos State courts.
Changes to Terms
Material changes will be communicated via email and Platform notification. Continued use constitutes acceptance.
Contact Information
123 Marina Street, Lagos Island, Lagos, Nigeria