Risk Disclosure Statement
Before using NillarPay, please read this Risk Disclosure Statement carefully. It explains the key risks associated with using digital wallet and payment services.
Table of Contents
1. General Risk Notice
NillarPay is a digital payment and wallet platform operated by Nillar Technology Limited. While we take every reasonable measure to provide a secure, reliable, and compliant service, users must be aware that no financial technology service is entirely without risk.
This Risk Disclosure does not constitute financial advice. If you have concerns about the suitability of NillarPay for your needs, please seek independent financial advice.
2. Third-Party Service Interruption Risks
NillarPay relies on third-party technology providers and our banking partners to deliver key services. You should be aware of the following risks:
2.1 Banking Partner Dependency
Wallet accounts and banking services are provided through our licensed banking partners (including Anchor). Service interruptions, technical failures, regulatory actions affecting our banking partners, or the revocation of a banking partner's licence may impact your ability to access funds or complete transactions. NillarPay will work to transition services where possible, but cannot guarantee uninterrupted service in such circumstances.
2.2 Payment Network Risks
Transactions via NIBSS Instant Payment (NIP) and other payment networks are subject to the availability and performance of those networks. NIBSS outages or delays are outside NillarPay's control and may cause transaction delays or failures.
2.3 Utility and Service Providers
Airtime, data bundle, and utility bill payment services are provided through third-party aggregators and service providers. Disruptions to these providers' systems may result in payment delays, failures, or the inability to process certain transactions.
- NillarPay will always attempt to reverse funds for failed third-party transactions within 24–72 hours.
- You should not use NillarPay for time-sensitive payments unless you have confirmed service availability.
- NillarPay is not liable for losses caused by third-party service provider failures beyond our reasonable control.
3. Regulatory Action Risks
NillarPay operates in a regulated environment. Changes in law or regulatory action may affect the Services we can offer:
- New CBN regulations or policy changes may require us to modify, suspend, or discontinue certain features or Services.
- Regulatory investigations or sanctions affecting NillarPay or our banking partners may result in account restrictions or service limitations.
- Changes to KYC/AML requirements may require you to provide additional documentation to continue using the Services.
- Account restrictions ordered by regulatory authorities, courts, or law enforcement agencies may result in you being unable to access your funds for a period.
- NillarPay is obligated to comply with all lawful regulatory orders, even where this may temporarily disadvantage users.
4. System Downtime and Technology Risks
Like all technology platforms, NillarPay may experience periods of unavailability. You should be aware of the following:
- Planned maintenance: We conduct scheduled maintenance during off-peak hours. We provide advance notice where possible through in-app notifications.
- Unplanned outages: Technical failures, cyberattacks (DDoS attacks, etc.), or infrastructure issues may cause unexpected service interruptions.
- Application updates: New app versions may require updates before the app functions correctly. Always keep the NillarPay app updated.
- Database issues: System errors may temporarily prevent access to transaction history or delay transaction processing.
NillarPay aims for high availability but cannot guarantee 100% uptime. We are not liable for losses arising from service unavailability, except where such unavailability is caused by our gross negligence.
5. User Responsibility for Safeguarding Credentials
The security of your NillarPay account depends significantly on how you protect your access credentials. The following risks exist:
5.1 Credential Compromise Risks
- If your phone is lost or stolen and is not password-protected, your NillarPay account may be accessed by unauthorised persons.
- If you share your PIN or OTP with anyone — including persons claiming to be NillarPay staff — your account may be compromised.
- Phishing attacks: Fraudsters may create fake websites or apps impersonating NillarPay to steal your credentials.
- SIM swap fraud: Fraudsters may attempt to clone your SIM card to intercept OTPs. Protect your SIM with your network provider.
- Social engineering: Fraudsters may pose as friends, family, or NillarPay staff to manipulate you into revealing credentials.
5.2 Your Responsibility
- Always verify you are using the official NillarPay app (downloaded from Google Play Store or Apple App Store).
- Never access NillarPay from unverified links sent via SMS, email, or social media.
- Report a lost or stolen phone immediately to both NillarPay (support@nillar.com) and your phone network provider.
- Change your PIN immediately if you suspect it has been compromised.
- Use a unique PIN for NillarPay that you do not use elsewhere.
6. Transaction Irreversibility Notices
This is one of the most important risks to understand before using NillarPay for payments and transfers:
6.1 Implications
- Always double-check the recipient account number and bank name before confirming any transfer.
- The account name displayed during transfer verification is pulled from the receiving bank's records. Verify it matches your intended recipient.
- Once you confirm a transfer with your PIN or biometric, the transaction is authorised and enters the processing network.
- NillarPay will make reasonable efforts to assist in recovering incorrectly sent funds, but cannot guarantee recovery.
- Recovery from third-party banks may take several working days and requires cooperation from the receiving bank.
6.2 Merchant Payments
Payments to merchants and billers (e.g., utility companies, airtime providers) may be processed instantly and are typically not reversible once the merchant confirms receipt. Ensure you enter the correct reference numbers for all utility and bill payments.
7. Fraud and Scam Risks
The rise of digital payments has been accompanied by increased sophistication in financial fraud. Be aware of the following common scams targeting digital wallet users:
- Fake investment returns: Promises of unrealistically high returns in exchange for funds sent via NillarPay.
- Romance scams: Online relationships built over time to eventually solicit money transfers.
- Fake emergency scams: Fraudsters posing as distressed family members or friends requesting urgent transfers.
- Overpayment scams: A 'buyer' overpays you and asks you to refund the difference — the original payment is fraudulent.
- Job offer scams: Fake job offers that require you to receive and forward money via your NillarPay account.
- Fake customer service: Fraudsters posing as NillarPay support requesting remote access to your device or account details.
8. Network and Connectivity Risks
- Transactions require a stable internet connection. Poor connectivity may cause transactions to hang or fail.
- Do not close the app or kill the process while a transaction is being processed, as this may cause inconsistencies.
- Using public Wi-Fi networks to access NillarPay is a security risk. Use mobile data or a trusted private network.
- NillarPay is not liable for failed transactions or data loss caused by internet connectivity issues on your end.
9. User Acknowledgment
By continuing to use NillarPay, you confirm that:
- You have read and understood this Risk Disclosure Statement.
- You accept the risks described herein as inherent to using digital payment services.
- You will take reasonable steps to protect your account credentials.
- You understand that certain transactions, once executed, cannot be reversed.
- You will report any suspicious activity or security concerns to NillarPay immediately.
Report Security Issues or Suspicious Activity: