AML & Fraud Policy

Last updated: 8 October 2026

1. Purpose and commitment

Egoyibo is committed to preventing its Service from being used for fraud, card misuse, money laundering or terrorist financing. This policy summarises the controls we apply. We design them with reference to the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022, and we review them as the law and our Service develop.

2. Knowing our customers

• Every customer gives their full legal name, a verified email address and a phone number, and may hold only one account.
• To raise their limit, a customer verifies their National Identification Number (NIN) against official records and takes a live selfie that we compare with the NIN photo. The name on the account must match. Each NIN can be linked to only one account.
• We may ask for more information, such as the purpose of a transaction or the source of funds, when activity is unusual.

3. Card and payment fraud controls

• Top-ups are processed by our licensed payment partner, which applies its own card security checks (such as 3-D Secure and OTP).
• We credit a top-up only after verifying with the payment partner that it succeeded, for the right amount and currency.
• Card-funded money can only be spent on bills and can never be withdrawn or sent to a bank account.
• Top-ups have per-transaction and daily limits.
• Disputed or charged-back payments may be deducted from the balance and lead to account restrictions.

4. Own-name bank accounts

Withdrawals can only be sent to a Nigerian bank account whose name, as confirmed by the bank, matches the name on the Egoyibo account. Adding a bank account requires the customer's PIN or biometric confirmation.

5. Monitoring and action

We monitor for patterns that suggest fraud or account takeover, such as many accounts sharing devices, cards or bank accounts, or unusual top-up and bill activity. We check the name on every bank account you withdraw to, and the name on your Egoyibo account, against individuals on the US Treasury (OFAC) Specially Designated Nationals list and the United Nations Security Council Consolidated List, both updated daily. Bank accounts our team has blocked cannot be added or paid, and a matching withdrawal is held and not sent until a person has reviewed it. Where we have concerns we may hold or refuse transactions, request information, restrict, freeze or close accounts, and report suspicious activity to the Nigerian Financial Intelligence Unit (NFIU) or law enforcement where the law requires. The law may prevent us from telling a customer that a report has been made.

6. Record keeping

We keep identity and transaction records for at least 5 years after the end of the customer relationship or the transaction. See our Privacy Policy.

7. Reporting concerns

If you see a transaction on your card or bank statement from Egoyibo that you don't recognise, or you think someone is misusing Egoyibo, contact us at [email protected] with the subject line "Fraud".

8. Requests from authorities

Regulators, the NFIU, the EFCC, the police and other law-enforcement agencies can send requests for information to [email protected] with the subject line "Law enforcement request". Requests should be on official letterhead, signed by an authorised officer, and cite the legal power under which the information is requested. We check that each request is genuine before acting on it. We aim to acknowledge genuine requests within 2 business days, and we disclose customer information only where the law allows or requires it.