Terms of Service
These terms set out what you can expect from PALESA and what we expect from you. They cover opening an account, moving money, what things cost, and what happens when something goes wrong.
Who we are
PALESA is a product of MoniMoove Technologies Ltd, a company registered in Ghana. When these terms say we, us or PALESA, they mean MoniMoove Technologies Ltd.
PALESA is not a bank. Your balance is held as digital dollars backed one for one by US dollars in reserve with the token issuer, and kept separate from company money.
Opening an account
You need to be at least eighteen, live in a country where we operate, and be opening the account for yourself. A business account is opened for a registered company by someone authorised to act for it.
One person, one account. You cannot open an account for someone else or let anyone else use yours.
Verification, and when we can refuse
Before you can send money we check your identity against a government-issued ID. How far you verify decides how much you can move.
We can refuse to open an account, or ask for more information later, where the law requires it or where we have reasonable concerns. We will tell you when we can, though there are cases where the law prevents us from explaining why.
What PALESA does
You can add money, hold it in cedis or dollars, send it to someone else, convert between currencies, and withdraw it. Merchants can take payments and choose how they settle. Businesses can hold several currencies and pay suppliers.
Some features depend on where you are and how far you have verified. We may add, change or withdraw features, and we will give you notice where a change affects you.
Fees, and how we change them
Every fee is published on our pricing page, and the fee for a specific transfer is shown before you confirm it.
If we change a fee we will tell you before it takes effect. If you do not accept a change you can close your account and withdraw your balance.
Exchange rates and who carries the risk
When you convert money we show the mid-market rate, our spread and the fee as three separate numbers. The rate we quote is held for fifteen minutes.
Exchange rates move. The value of a balance you hold in dollars will change when measured in cedis, and the other way round. That movement is yours, not ours.
Limits
Daily, monthly and balance limits apply, and they depend on your verification level. Limits are measured against money you have committed as well as money already sent, so opening several transactions at once will not move you past a limit.
We may lower a limit or hold a transaction where we are required to, or where something looks wrong. Held money is not lost.
What we need from you
Keep your details accurate, keep your PIN and passwords to yourself, and tell us quickly if you think someone else has access to your account.
PALESA will never ask you for your PIN, your password or a one-time code. Anyone who does is not us.
What you must not do
You must not use PALESA for anything illegal, to launder money, to fund terrorism, to evade sanctions, or to deceive anyone. You must not use it for a business we have told you we do not serve.
Breaking this section can mean we close your account and report you to the authorities.
Closing an account
You can close your account at any time and withdraw what is in it, provided nothing is outstanding.
We can suspend or close an account where the law requires it, where these terms have been broken, or where keeping it open would put you or other customers at risk. Where we close an account, your remaining balance stays yours.
Liability
We take responsibility for our own failures. We are not responsible for losses caused by something outside our control, by information you gave us that was wrong, or by you sharing your credentials.
Nothing in these terms limits liability that cannot be limited by law.
Complaints and disputes
If something goes wrong, tell us. Our complaints procedure sets out how we handle it, how long we take, and where you can escalate if our answer does not satisfy you.
Governing law
These terms are governed by the laws of Ghana, and the courts of Ghana have jurisdiction over any dispute arising from them.
Changes to these terms
We will publish any change here and tell you in the app or by email before it takes effect. Continuing to use PALESA after that means you accept the change.