Terms of Service for Vurex

Last Updated: August 2026

Welcome to Vurex. These Terms of Service ("Terms") constitute a legally binding agreement between you ("User", "Buyer", "Seller", or "you") and Vaultr Technologies Ltd. ("Vaultr Technologies", "we", "us", or "our"), a company registered in the Federal Republic of Nigeria.

These Terms govern your access to and use of the Vurex platform, mobile applications, APIs, and associated financial escrow services (collectively, the "Services").

By creating an account, accessing, or using any part of the Vurex platform, you agree to be bound by these Terms. If you do not agree to these Terms, you must not access or use our Services.

1. Eligibility and Account Registration

1. Age Requirement: You must be at least 18 years of age and possess the legal capacity to enter into binding contracts under Nigerian law to use Vurex.

2. Account Security: You are responsible for maintaining the confidentiality of your account credentials, including your passwords and One-Time Passwords (OTPs). You agree to accept full responsibility for all activities that occur under your account.

3. Accuracy of Information: You agree to provide true, accurate, current, and complete information during registration and to update such information promptly if it changes.

2. Identity Verification and KYC Compliance

1. Mandatory Verification: To comply with Anti-Money Laundering (AML) laws and fraud prevention standards, Vaultr Technologies requires identity verification for all Users.

2. Third-Party KYC Processing: You authorize Vaultr Technologies to submit your personal details (including your full legal name, date of birth, phone number, Bank Verification Number (BVN), National Identification Number (NIN), or government-issued ID) to our authorized third-party identity verification partners.

3. Service Restrictions: Vaultr Technologies reserves the right to restrict, suspend, or terminate access to escrow features for any User who fails identity verification or refuses to provide requested documentation. Unverified accounts will not be permitted to initiate or participate in escrow transactions under any circumstances.

3. Nature of the Escrow Service

1. Neutral Facilitator: Vaultr Technologies operates strictly as a neutral escrow facilitator. We are not a bank, a money transmitter, a financial institution, or a party to any transaction between a Buyer and a Seller.

2. No Ownership of Goods or Services: Vaultr Technologies does not own, store, inspect, verify, guarantee, or endorse any goods, services, or digital items transacted between Users on the platform.

3. Escrow Authorization: By initiating or accepting an escrow transaction on Vurex, the Buyer authorizes Vaultr Technologies (and its integrated payment processor partners) to hold funds until the transaction conditions are met or a dispute is resolved.

4. Fees, Payments, and Settlement Mechanics

1. Vurex Service Fee: Vaultr Technologies charges a service fee of 1.5% of the transaction value, capped at a maximum of 5,000 Naira per transaction, unless otherwise specified in writing.

2. Payment Processing Fees: Payment gateway fees, collection charges, and third-party processing costs charged by payment partners (such as Paystack) are separate from the Vurex service fee. The party responsible for bearing payment processing fees will be explicitly calculated and displayed at checkout prior to transaction authorization.

3. Settlement Logic: Funds held in escrow are automatically routed and disbursed via integrated subaccounts and payment partner channels upon transaction completion. Vaultr Technologies is not responsible for settlement delays caused by banking network downtime, incorrect bank account details provided by the User, or third-party payment partner downtime.

5. Escrow Release, Inspection Period, and Disputes

1. Inspection Period: Upon notification of delivery by the Seller, the Buyer is granted a designated Inspection Period (as agreed upon during transaction creation) to inspect the goods or services.

2. Automatic Release: If the Buyer does not approve the transaction or log a formal dispute within the designated Inspection Period, Vaultr Technologies will automatically release the escrowed funds to the Seller.

3. Dispute Resolution Process: In the event of a dispute between a Buyer and a Seller, both parties agree to attempt informal resolution through the Vurex platform interface. If informal resolution fails, Vaultr Technologies may review transaction logs, delivery proofs, and communication records to arbitrate the fund release. Vaultr Technologies' determination regarding the release of funds in internal administrative disputes is final and binding on platform level fund distribution.

6. Prohibited Activities and Platform Abuse

You agree not to use Vurex for any illegal, unauthorized, or high-risk activity, including but not limited to:

Transacting in counterfeit, stolen, or illegal goods.

Money laundering, terrorist financing, or fraudulent schemes.

Facilitating transactions involving illegal drugs, weapons, or adult content prohibited under Nigerian law.

Attempting to bypass, reverse engineer, or tamper with Vurex payment APIs, security protocols, or KYC procedures.

Submitting false claims, forged delivery receipts, or misleading evidence during a dispute.

Vaultr Technologies reserves the right to report any suspicious or fraudulent activity to law enforcement agencies and regulatory authorities without prior notice to you.

7. Limitation of Liability and Disclaimers

1. Disclaimer of Warranties: The Services are provided on an AS IS and AS AVAILABLE basis without warranties of any kind, whether express, implied, or statutory.

2. No Liability for Underlying Transactions: Vaultr Technologies bears zero liability for the quality, safety, legality, merchantability, or fitness for a particular purpose of any goods or services exchanged via Vurex.

3. Cap on Financial Liability: To the maximum extent permitted by applicable Nigerian law, the total, aggregate financial liability of Vaultr Technologies Ltd., its founders, directors, employees, and affiliates for any and all claims arising out of these Terms or the use of Vurex shall not exceed the total amount of service fees paid directly by you to Vaultr Technologies Ltd. in the twelve (12) months immediately preceding the event giving rise to the claim.

8. Dispute Resolution, Binding Arbitration, and Governing Law

1. Governing Law: These Terms and any dispute arising out of or in connection with them shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

2. Binding Arbitration: Any dispute, controversy, or claim arising out of, relating to, or in connection with these Terms, including its breach, termination, or invalidity, shall be finally settled by binding arbitration in accordance with the Arbitration and Mediation Act, 2023 of the Federal Republic of Nigeria.

3. Seat and Tribunal: The legal seat and venue of the arbitration shall be Benin City, Edo State, Nigeria. The arbitration shall be conducted by a single arbitrator appointed in accordance with the Act. The language of arbitration shall be English.

4. Class Action Waiver: All claims must be brought in the parties' individual capacity, and not as a plaintiff or class member in any purported class or representative proceeding.

9. Account Suspension and Termination

Vaultr Technologies reserves the right, in its sole discretion and without prior notice, to restrict, suspend, or terminate your account, freeze funds held in escrow, or block access to the Services if you breach any provision of these Terms, we are required to do so by a valid court order, law enforcement agency, or regulatory body, or we suspect fraudulent, deceptive, or illegal activity associated with your account.

10. Amendments to Terms

Vaultr Technologies Ltd. reserves the right to modify these Terms at any time. We will notify Users of material changes by updating the Last Updated date at the top of these Terms or via email notification. Your continued use of Vurex following any updates constitutes acceptance of the modified Terms.

11. Contact Information

For legal inquiries, dispute reports, or questions regarding these Terms, please contact Vurex support:

Vaultr Technologies Ltd.
Email: support@usevurex.com
Address: Benin City, Edo State, Nigeria