Our Terms & Conditions

Welcome to Velox Payments!
Velox Payment is a remittance service platform available online and through mobile applications.
1. Introduction
Velox Payments offers a service facilitating international money transfers and foreign currency payments through our website, www.veloxpayments.com, and our mobile application (referred to as the "Service").
  • In these Terms and Conditions, all mentions of 'our,' 'us,' or 'we' pertain to Velox Payments, encompassing employees, directors, successors, affiliates, and assigns where applicable.
  • The terms 'you' or 'your' in these Terms and Conditions refer to the user of our Service, whether acting as Senders, Recipients, or visitors to our website or mobile application.
  • These Terms and Conditions govern both your use of the site and the Service we provide.
  • By using the Site and Service, including accessing, browsing, or registering to use the Site, you unequivocally agree to be bound by these Terms and Conditions. Your continued compliance with these Terms is a condition of ongoing use.
  • If you do not agree to these Terms and Conditions, please refrain from accessing, registering, or using the Service.
We retain the right to amend these Terms and Conditions at any time by updating this page without prior notice. Your continued use of the Site after such amendments are published constitutes your acceptance of the revised Terms and Conditions. Updated versions will override all previous iterations. Regularly check this page for any changes, as they are legally binding.
2. Account Registration
  • Account Creation:
  • In order to use Velox Payments, you must register for an account ("Account") on our apps and platforms ("Platforms"). During this process, you must provide accurate and truthful information as prompted. You affirm that: (a) all necessary registration information submitted is truthful and accurate; (b) you will uphold the accuracy of such information. If needed, you have the option to delete your Account at any time by following the instructions on the Site and Platforms. Velox Payments may suspend or terminate your Account in accordance with Section 11.
  • Account Responsibilities:
  • You are responsible for maintaining the confidentiality of your Account login information and assume full responsibility for all activities under your Account. Promptly inform Velox Payments of any unauthorized or suspected unauthorized use of your Account or any breach of security. Velox Payments holds no liability for any loss or damage resulting from your failure to comply with the outlined requirements.
  • Eligibility Criteria
  • As a Sender, you must be at least eighteen (18) years old and have the legal capacity to enter into binding contracts under applicable local laws. Proof of age may be requested. Receivers must also possess the legal capacity to enter into binding contracts under applicable local laws.
  • Authorization for Businesses:
  • If not a Consumer, you affirm that you have the authority to bind any business or entity as a Sender or Receiver on whose behalf you use the site or our Services. The business or entity must fully accept these terms.
3. Using the Platform
  • Wallet Transfers:
  • Our application facilitates wallet transfers among users. By utilizing this feature, you affirm that you have the authorization to initiate transfers and commit to using it exclusively for sending money to individuals or entities known and trusted by you.
  • Cross-Border Transfers:
  • Users can send money from Canada to several African countries, including but not limited to Nigeria, Kenya, Tanzania, Senegal, Ivory Coast and Ghana. 
  • Transfers to Nigeria are processed through bank accounts. Transfers to other African countries are processed through mobile money and bank transfers.
  • Naira-to-CAD Transfers:
  • Currently, our services enable you to send only Canadian Dollars (CAD) to Nigeria; the Recipient will receive Nigerian Naira (NGN). Conversely, you can also send Nigerian Naira (NGN) to recipients in Canada, who will receive Canadian Dollars (CAD) via Interac. 
  • Velox Payments reserves the right to impose limits on NGN-to-CAD transactions and adjust processing times.
  • Transaction Processing:
  • We hold the discretion to accept or reject any Transaction Request at our sole discretion. Your submission of a Transaction Request constitutes an offer, which we may choose to accept or decline. In our absolute discretion, we may refuse or cancel a Transaction Request, imposing limits on Transaction Amounts on a per Transaction or aggregate basis. This may apply to specific registration details or Payment Instruments.
  • Prompt notification will be provided for any refusal or cancellation of a Transaction Request. In such cases, we will refund the Transaction Amount, unless prohibited by law.
  • Notification of Unauthorized Activity: 
  • Promptly inform Velox Payments of any unauthorized use of your Account, associated services, or related passwords, as well as any security breaches. You commit to assisting Velox Payments, as requested, in resolving or mitigating any security breaches linked to your Account.
  • Customer Information: 
  • Commit to providing accurate, current, and complete customer information as requested by Velox Payments. Notify Velox Payments promptly of any changes to maintain the accuracy and completeness of the information on record.
  • Incorrect Information: 
  • In case of incorrect information provided with your payment order, Velox Payments will make reasonable efforts to recover the funds, potentially incurring a fee. However, recovery may not always be feasible, and Velox Payments will not be held liable in such instances.
4. Transaction & Other Fees, Charges and Interest
  • Transaction Fees:
  • By utilizing the Velox Payments app, you accept responsibility that we may charge fees for certain services provided through Velox Payments, such as wallet transfers.
  • Payment and Fee Collection: All applicable fees will be transparently displayed and disclosed to you before completing the transaction.
  • Modifications to Fees: We retain the right to modify transaction fees at any time. However, any alterations to fees will be communicated to you in advance.
  • Charges:
  • In the event that a transaction you initiate results in Velox Payments incurring fees or charges, such as those related to chargebacks, you are obligated to reimburse Velox Payments for all such fees. To facilitate reimbursement, you grant Velox Payments authorization to access, charge, or debit funds from any of your designated Payment Instruments, including cases where, for example, your bank account has insufficient funds at the time of the transaction.
  • Velox Payments assumes no responsibility for charges imposed by the Recipient's bank due to the receipt of funds into the Recipient's bank account. Detailed information on such charges should be obtained by directly contacting the Recipient's bank.
  • Additionally, Velox Payments bears no responsibility for any fees or charges incurred by you when using a specific Payment Instrument to fund a transaction. These charges may include, but are not limited to, unauthorized overdraft fees imposed by banks for insufficient funds or "cash advance" fees and additional interest levied by credit card providers if they categorize the Service as a cash transaction rather than a purchase transaction. It is crucial to be aware of and manage any potential fees associated with the chosen Payment Instrument.
  • Interest:
  • You shall not be entitled to any interest during the period in which the funds for remittance are with the Bank, pending remittance, or in the process of remittance, or for any other duration. Velox Payments reserves the right, at any time and at its sole discretion, to restrict the amount to be transferred, either on a per-transaction basis or on an aggregated basis.
  • Intermediary Bank Fees:
  • There may be occasions when intermediary bank fees apply. In such instances, Velox Payments reserves the right to decline covering these fees. Velox Payments is not responsible for covering fees imposed by the Recipient's bank.
  • Velox Payments is not responsible for delays caused by third-party financial institutions, compliance checks, or regulatory requirements.
5.  Reward Programs and Service Offerings
  • Loyalty Program
  • The Loyalty Program allows you to earn points based on your transaction activity. Points are awarded automatically based on qualifying transactions. We reserve the right to determine the value of points, the criteria for earning points, and the rewards associated with accumulated points.
  • We may modify the terms of the Loyalty Program at any time, including but not limited to adjusting the number of points earned per transaction, implementing caps on the number of points you can earn within a specified period, and defining specific transactions or circumstances where reduced points will be awarded.
  • Velox Payments reserve the right to suspend or terminate your participation in the Loyalty Program if fraudulent activity or misuse is detected.
  • Referral Programs
  • Upon the verification of your Account, you can participate in our Referral Program by sharing your unique referral code with new users. You will receive your reward when a referred user signs up using your referral code and completes a transaction that fulfils the prevailing approved transfer amount requirement.
  • Referral rewards will be credited directly and automatically to your Velox wallet.
  • This Referral Program is subject to change, including reward value modifications, eligibility requirements, and payout structures, at our discretion. Velox Payments reserve the right to suspend referral rewards in cases of suspected abuse, fraud, or violation of our terms.
6. Exchange Rates Overview
  • The foreign exchange conversion rate displayed in the Service corresponds to the rate applicable on the specific day and time of currency conversion transactions. These rates are subject to periodic fluctuations in line with international exchange rate markets. 
  • Each instance of using the Service for money transfers involves the provision of the exchange rate and associated fees before completing the transaction. Upon transaction initiation, we commit to transferring the Transaction Amount to the Recipient at the rate specified during the Service. The total amount, encompassing Transaction Amount, Service Fee, and other charges, is transparently presented before confirming the transaction, with this step being entirely optional.
  • Our Services are not intended for currency trading, and if utilized for such purposes, it constitutes a violation of these Terms and Conditions. In such instances, we reserve the right to cancel transfers and suspend or terminate your account without notice and at any time without liability.
7. Prohibited Activities & Content
  • Illegal and Fraudulent Activities:
  • You are prohibited from using Velox Payments for any illegal or fraudulent activities, including money laundering or financing terrorism. Sending money through the app to individuals on government watchlists or restricted lists is strictly forbidden.
  • Content Submission Guidelines:
  • Various open communication tools are provided on our website, such as blog comments, public chat, forums, etc. Users are personally responsible for using these tools ethically and responsibly. Content uploaded, posted, or shared through these tools must not be illegal, threatening, defamatory, abusive, deceptive, or contain inappropriate language.
  • It should not infringe on intellectual property rights, contain unauthorized advertising, or impersonate any person or entity.
  • Content Monitoring and Removal:
  • We do not pre-screen or monitor user-generated content but reserve the right to remove any content that violates the User Agreement. Content deemed offensive, harmful, objectionable, inaccurate, or infringing on third-party rights may be removed at our discretion. We are not responsible for any delay or failure in content removal, and your consent to removal is implied if you post content we choose to remove.
  • Service Access Restrictions:
  • We reserve the right to prohibit your use of the Service or halt requested Remittances if inaccurate or incomplete information is provided during registration or when requesting a Remittance. Inaccurate or incomplete information may lead to errors in your Remittance or restrict your access to the Service.
  • By agreeing to this User Agreement, you acknowledge and accept these guidelines, and consent to the actions outlined for non-compliance.
8. License to use the website
  • License:
  • Subject to these Terms, the Company grants you a non-transferable, non-exclusive, revocable, limited license to use and access the Site solely for your personal, non-commercial use.
  • Usage Limitations and Conditions: 
  • The rights granted to you are subject to the following restrictions:
    (a) you shall not commercially exploit the Site, whether in whole or in part, or any content displayed on the Site;
    (b) you shall not modify, make derivative works of, disassemble, reverse compile, or reverse engineer any part of the Site;
    (c) you shall not use the Site to build a similar or competitive website, product, or service; and
    (d) except as expressly stated herein, no part of the Site may be copied, reproduced, distributed, republished, downloaded, displayed, posted, or transmitted in any form or by any means. Any future release, update, or addition to Site functionality shall be subject to these Terms. All copyright and other proprietary notices on the Site must be retained on all copies.
  • Site Alterations and Discontinuation:
  • The Company reserves the right to modify, suspend, or discontinue the Site (in whole or in part) with or without notice. Company will not be liable for any modification, suspension, or discontinuation of the Site.
  • Support or Maintenance Disclaimer:
  • You acknowledge and agree that the Company has no obligation to provide support or maintenance in connection with the Site.
  • Intellectual Property Ownership:
  • The Velox Payments website, Velox Payments Service, and all associated intellectual property, including copyrights, patents, database rights, trademarks, service marks, and other rights inherent in the design, layout, processes, functions, data, and content of our website and mobile application, are the exclusive property of Velox Payments. We grant you permission to utilize these materials solely for the purpose of accessing and utilizing the Service in alignment with the provisions outlined in these Terms and Conditions.
  • Additional Terms 
  • You may view, download for caching purposes only, and print pages from the website, provided that: (a) you must not republish material from this website or store it in any public or private electronic retrieval system; and (b) you must not reproduce, duplicate, copy, sell, resell, visit, or otherwise exploit the website or its material for a commercial purpose without express written consent.
9. Data retention, usage & Privacy policy
  • Data Control: 
  • The Company, acting as a registered Data Controller FINTRAC under registration number M22769793, collects and processes your personal data to provide services related to your Account. This is done with your consent or on a legal basis to fulfill Anti-Money Laundering legislation or other regulatory obligations. 
  • Privacy Policy: 
  • To safeguard your privacy, we've established a dedicated Privacy Policy that thoroughly outlines how we collect, manage, process, secure, and store your private information. This Privacy Policy is an integral part of this User Agreement and can be found [here]
  • Data Retention: 
  • The Company employs practices to protect and manage collected data, ensuring its proper maintenance, discard when no longer needed, and secure retention when required. We don't commit to storing or displaying posted content indefinitely, except as mandated by applicable law and outlined in our Privacy Policy.
  • Document Destruction: 
  • Information, data, and User Content submitted through the Application will be retained in accordance with the record retention policy of your academic institution or applicable law, whichever is longer. The Company, at its discretion, may archive or delete data, taking reasonable efforts for removal.
  • Litigation Hold: 
  • In the event the Company is served with any subpoena or request for documents or becomes aware of a governmental investigation or audit concerning the Company or a client thereof, or the commencement of any litigation against or concerning the Company or a client thereof, any further disposal of documents shall be suspended until shall time as the Company, with the advice of counsel, determines otherwise. The Company shall take such steps as is necessary to promptly inform all staff of any suspension in the further disposal of documents.
  • Disclosures: 
  • Upon request, we will provide legally required disclosures, including this Agreement, in a form enabling accessible storage for future reference through our website, your Account, or by email. Contact details for such requests are outlined in Section 15.
10. Dispute resolution
  • Site Content: 
  • Responsibility for interactions with other Users lies solely with you. While we retain the right to monitor disputes between you and other Users, we assume no liability for such interactions or Users' actions or inactions.
  • Your Content: 
  • Committed to an excellent customer experience, contact our Customer Services Team if expectations aren't met. Details are in Section 15. The team will promptly address concerns. If the response is unsatisfactory, contact our Complaints Team via email at compliance@veloxpayments.com. They will investigate and respond within 15 days, or provide an explanation and deadline, not exceeding 35 days, if delayed.
  • Arbitration Agreement: 
  • All claims and disputes, excluding specified exceptions, shall be resolved by binding arbitration under this Agreement. Parties must attempt informal resolution before arbitration. If not resolved within 30 days, arbitration may proceed. Arbitration rules of the Lagos Court of Arbitration (LCA) apply, and the arbitration shall be conducted by a single, neutral arbitrator. 
  • Waiver of Jury Trial: 
  • EACH PARTY HEREBY WAIVES ITS CONSTITUTIONAL AND STATUTORY RIGHTS TO GO TO COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY, INSTEAD ELECTING THAT ALL CLAIMS AND DISPUTES SHALL BE RESOLVED BY ARBITRATION UNDER THIS ARBITRATION AGREEMENT.
  • Waiver of Class Action: 
  • All claims and disputes within the scope of this Arbitration Agreement must be arbitrated or litigated on an individual basis and not on a class basis. Claims of more than one customer or user cannot be arbitrated or litigated jointly or consolidated with those of any other customer or user.
  • Confidentiality: 
  • All arbitration proceedings shall be strictly confidential unless required by law. Parties may submit necessary information to enforce the Agreement, an arbitration award, or seek injunctive or equitable relief.
  • Electronic Communications: 
  • Communications between you and Velox Payments via the Site, email, or other electronic means are accepted. You consent to receive communications electronically.
11. Limitation of liability
  • To the maximum extent permitted by law, in no event shall company (or our suppliers) be liable to you or any third party for any lost profits, lost data, costs of procurement of substitute products, or any indirect, consequential, exemplary, incidental, special or punitive damages arising from or relating to these terms or your use of, or inability to use, the site, even if company has been advised of the possibility of such damages. Access to, and use of, the site is at your own discretion and risk, and you will be solely responsible for any damage to your device or computer system, or loss of data resulting therefrom. 
  • To the maximum extent permitted by law, notwithstanding anything to the contrary contained herein, our liability to you for any damages arising from or related to this agreement (for any cause whatsoever and regardless of the form of the action), will at all times be limited to a maximum of fifty US dollars (US $50). The existence of more than one claim will not enlarge this limit. You agree that our suppliers will have no liability of any kind arising from or relating to this agreement. 
  • Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages, so the above limitation or exclusion may not apply to you.
12. Termination
  • You agree that we may, at our sole discretion, suspend or terminate your access to all or part of the Resources with or without notice and for any reason, including, without limitation, breach of this User Agreement, and non-payment of any Fees. Any suspected illegal, fraudulent, or abusive activity may be grounds for terminating your relationship and may be referred to appropriate law enforcement authorities. 
  • Upon suspension or termination, your right to use the Resources we provide will immediately cease, and we reserve the right to remove or delete any information that you may have on file with us, including any Registration Information.
13. change to terms
Velox Payments reserves the right to revise these Terms and Conditions as needed, including but not limited to compliance with legal requirements, responding to changing market conditions, or fulfilling evolving business needs. 
  • Any modifications to the Terms will be communicated to you in writing, either via email or through notices on our website or mobile application, along with the specified Effective Date for these changes to take effect.
  • In the case of significant alterations to the Terms and Conditions, Velox Payments will provide you with a 30-day notice. Your continued use of the Service post-Effective Date indicates your acceptance of the amended Terms and Conditions. 
  • While changes typically govern your use of the Service after the Effective Date, they may also be applicable to transactions or prior usage initiated before the Effective Date, if required by law. It is recommended to review any updates to ensure ongoing compliance with the Terms and Conditions.
14. Financial Disclaimer
  • The information presented in our Service, on our website, or mobile application does not constitute financial or investment advice. Nothing in the provided information establishes a fiduciary, financial, or advisory relationship between Velox Payments and you or any other third party.
  • We disclaim any liability for losses or damages resulting from your actions or inactions based on the information in our publications. You acknowledge that you use our provided information at your own risk.
  • Our publications are intended for informational and educational purposes only and do not offer investment advice.
  • The information in our publications should not be construed as an offer or recommendation to buy or sell securities, nor as a solicitation for such transactions. Our publications do not endorse any specific investment strategy.
  • Any comments or statements made are not a recommendation for any particular course of action and should not be considered as investment advice.
15. governing law
These Terms shall be governed by and construed in accordance with the laws of Canada without giving effect to any principles of conflicts of law.
16. contact us
If you have any questions about these Terms, please contact us at:
Email: compliance@veloxpayments.com
Phone: 647-9097-294
33 Booker Dr, Ajax, Ontario, Canada, L1Z0H4
Registered with FINTRAC number M22769793
Thank you for using Velox payments!
Velox Payments Limited, Canada, is registered and regularised by the Financial Transactions and Report Analysis Centre of Canada as a Money Service Business. MSB registration number: M22769793. Velox Payments Limited, Canada.
Copyright © 2021 Velox Payments