The agreement between the buyer, the seller and KetaPay on every deal. Both sides accept it in the app before any money moves.
01
Three parties: the buyer, the seller and KetaPay as escrow agent.
This agreement is between the buyer, the seller and Keta Solutions Limited (KetaPay), acting as escrow agent. It applies to one deal and starts when both buyer and seller accept it in the app.
KetaPay isn't the buyer or the seller. We hold the deal money through Zenith Bank and release it according to this agreement.
02
The deal screen is part of this agreement. Check it before you accept.
Whoever starts the deal sets out what's being sold, the price, who pays the fee, the delivery date and the check period. Once the other side accepts, those details form part of this agreement and can only change if both sides agree in the app.
03
The buyer pays the full amount. It's held apart from KetaPay's own money.
The buyer pays the deal amount plus their fee by card, bank transfer or from their KetaPay balance. The money is held by Zenith Bank in an account kept separate from KetaPay's own money, and doesn't earn interest.
We tell the seller once the money is in. The seller shouldn't deliver before that.
04
The seller delivers by the agreed date. The buyer then gets a check period, which depends on the type of deal.
The seller marks the deal as delivered and adds proof where they can, such as a waybill or photos. The buyer's check period starts when the deal is marked as delivered and is shown on the deal before anyone accepts.
05
The seller is paid when the buyer confirms, or after we review a deal whose check period ended with no dispute.
We release the money to the seller, minus their fee, when the buyer confirms they're happy. If the check period ends without the buyer confirming or raising a dispute, we review the deal and release the money to the seller. Once released, a payment can't be reversed through KetaPay.
06
Each stage works like a small deal of its own.
If the deal has milestones, the buyer funds each one and each one has its own delivery, check period and release. A dispute about one milestone doesn't hold up milestones that are already released.
07
Before the other side accepts, either side can cancel for a full refund. After that, cancelling goes through a dispute.
Until the other side accepts the deal, either side can cancel it and we refund the buyer in full, including their fee. Once the deal is accepted, asking to cancel opens a dispute, so no money moves without both sides agreeing or our decision. This covers a seller who doesn't deliver by the agreed date.
08
Raise it before the money is released. Try to settle it together, or hand it to us and we decide within 48 hours.
Either side can raise a dispute in the app before the money is released. The money stays in escrow until the dispute is settled.
Both sides can first try to agree between themselves in the dispute chat. Either side can hand the dispute to us at any time. A KetaPay case handler then reviews the deal details, messages in the deal chat and any evidence either side uploads, and decides where the money goes within 48 hours.
09
Both sides agree to follow it for the money in escrow.
By accepting this agreement, buyer and seller agree that our decision settles what happens to the money held in escrow. It doesn't stop either side going to court about the deal itself. [APPEAL AND FINALITY WORDING, TO BE WRITTEN BY COUNSEL]
10
Refunds go back the way the buyer paid, within 3 working days.
We refund within 3 working days to the card or account the buyer paid from, or to their KetaPay balance if they choose. The buyer's fee is refunded when the deal is cancelled before delivery or a dispute is decided fully in their favour.
11
1.5% from each side, taken when the money moves.
The buyer's fee is taken when they pay in. The seller's fee is taken from the amount released. If the deal says one side pays the full 3%, we take it from that side only.