Terms of Use

RAINPAYTECH LTD (RC 9895163) is a financial technology company incorporated in Nigeria and trading as Rainpay. We are not a bank and we do not hold a banking licence. Deposit, payment and settlement services are provided by our licensed partners, currently Beamer Microfinance Bank (a CBN-licensed microfinance bank), Platnova (a licensed payment service provider registered with FinTRAC and FinCEN and holding an FMLL licence), and Red Biller Technologies (a licensed International Money Transfer Operator). Funds you hold through Rainpay are held with our licensed partner institution.

You must be at least 18 years old, resident in Nigeria, and able to enter into a binding contract. You must use your own identity and provide accurate information. Accounts opened with false, borrowed or stolen identity details will be closed and reported to the relevant authorities.

Before you can send money, pay bills or receive funds, you must complete identity verification. This includes your Bank Verification Number (BVN), National Identification Number (NIN) and a live selfie which is matched against your records. We store only the last four digits of your BVN and NIN. Verification is carried out through our licensed identity verification partner.

We may re-verify your identity, request additional documents, or place limits on your account where required by law or by our partners.

You are responsible for keeping your sign-in details, device and one-time codes secure. Do not share your password, PIN or OTP with anyone, including anyone claiming to be Rainpay staff. Tell us immediately if you suspect unauthorised access. We may suspend access to protect you or to comply with a legal or regulatory instruction.

All services are provided in Nigerian Naira only. You may fund your wallet, send money to Nigerian bank accounts, and pay for airtime, data, electricity, television, internet and similar services. You are responsible for confirming recipient details, meter numbers and customer references before you confirm a payment. Completed transfers and bill payments are generally irreversible.

Transactions may be delayed, declined or reversed where there are insufficient funds, suspected fraud, technical failure at a partner or biller, or a regulatory requirement. Where a payment fails after funds leave your wallet, the amount will be returned to your wallet once the partner confirms the failure.

Contribution circles let you and people you choose contribute agreed amounts on an agreed schedule and receive payouts in turn. Rainpay provides the tools that record contributions, schedule debits and show who has paid. Rainpay is not a party to the arrangement between members, does not guarantee that any member will contribute, and does not promise any return, profit or interest.

You choose who joins your circle. Only invite people you know and trust. If a member stops contributing, the circle members remain responsible for resolving it between themselves, with the records Rainpay makes available.

Any fees that apply to a transaction will be shown to you before you confirm it. Third parties such as banks, billers and network operators may apply their own charges. We will give reasonable notice of changes to our fees.

You may not use Rainpay for money laundering, terrorist financing, fraud, gambling where prohibited, cryptocurrency trading where prohibited, sale of illegal goods or services, pyramid or Ponzi schemes, or any activity that breaks Nigerian law or a partner's rules. We will report and act on suspected abuse.

You may close your account at any time once your balance is nil and no transaction is pending. We may suspend or close your account where we are required to by law or by a partner, where we suspect fraud or abuse, or where you break these terms. Where funds are lawfully yours, we will return them to a verified account in your name.

We provide our services with reasonable care and skill, but we do not promise uninterrupted or error-free service. We are not liable for losses caused by matters outside our reasonable control, including failures at banks, billers, networks or power providers, or by your own sharing of security details. Nothing in these terms excludes liability that cannot be excluded under Nigerian law.

Nothing in the Rainpay app or on this website is financial, tax or investment advice. Decisions about your money remain yours.

We may update these terms. Where a change materially affects you, we will notify you in the app or by email before it takes effect. Continuing to use Rainpay after a change takes effect means you accept the updated terms.

These terms are governed by the laws of the Federal Republic of Nigeria. If something goes wrong, please raise it with us first through our complaints process; unresolved matters may be escalated to the Central Bank of Nigeria's consumer protection channels.