Refund & Reversal Policy

FrenzPay facilitates the receipt of international payments into virtual bank accounts and the withdrawal of funds to Nigerian bank accounts. This policy explains when refunds may be available, how disputes are handled, and the limitations of reversals in our system.

We are committed to resolving disputes fairly and transparently. Please read this policy carefully and contact us if you have questions.

2.1 Received Funds

Funds received into your Frenz Pay virtual account (USD, EUR, or NGN) are credited to your account balance. FrenzPay does not charge fees for incoming deposits.

2.2 Incorrect or Unauthorized Deposits

If funds are received in your account from an unauthorized or erroneous source, we are obligated to cooperate with the sending institution to return those funds. FrenzPay reserves the right to reverse or freeze such deposits pending investigation.

2.3 Failed Deposits

If a sender initiates a payment that fails to arrive in your account, the issue must be resolved between the sender and their financial institution. Please provide us with the sender's transaction reference so we can assist in tracing the funds.

3.1 Settled Withdrawals Are Final

Once a withdrawal has been settled to your Nigerian bank account, it cannot be reversed or refunded by FrenzPay. Please double-check your bank account details before confirming any withdrawal.

3.2 Incorrect Bank Details

If you enter incorrect bank account details and the withdrawal is processed to a valid third-party account, FrenzPay cannot guarantee recovery of the funds. Users are responsible for ensuring the accuracy of their withdrawal details. We will, however, work with the receiving bank where possible to attempt recovery.

3.3 Withdrawal Still Processing

If your withdrawal has not yet been sent to the receiving bank (i.e., status is “pending” or “processing”), contact us immediately at support@frenzpay.co. We may be able to cancel the transaction before it is finalized.

3.4 Failed Transfers

In rare cases of technical failures or bank rejections that result in funds not being delivered, we will investigate within 48 hours and credit your account if the funds were deducted but not transmitted.

4.1 Fee Refunds

FrenzPay charges a 1.5% withdrawal fee and 0.5% FX spread on applicable transactions. These fees are:

• Non-refundable once a transaction is completed
• Refundable if the transaction failed due to a FrenzPay system error
• Refundable if a withdrawal was cancelled before being sent to the receiving bank (at our discretion)

4.2 Erroneous Fee Charges

If you believe you were charged incorrectly (e.g., wrong fee rate applied), contact us within 30 days with your transaction reference. We will investigate and issue a credit to your account if the error is confirmed.

If you believe your account has been accessed without authorization or you did not initiate a transaction:

1. Contact us immediately at security@frenzpay.co or via WhatsApp
2. Change your password and revoke active sessions
3. Enable or verify your 2FA settings
4. Provide us with all relevant transaction details

We will investigate within 5 business days. If we determine unauthorized access occurred through no fault of your own, we will work to remediate the issue to the extent possible. Note: withdrawals already settled to a third-party bank account may not be recoverable.

To raise a dispute or request a refund review:

1. Email support@frenzpay.co with subject line: “Dispute — [Transaction Reference]”
2. Include your account email, transaction ID, amount, date, and description of the issue
3. Our team will acknowledge within 24 hours
4. Resolution is typically within 5–10 business days depending on complexity
5. If unsatisfied, you may escalate to our Compliance Officer at compliance@frenzpay.co

If your account is closed (voluntarily or by FrenzPay):

• Any remaining fiat balance in your virtual accounts will be returned to a verified source of funds after applicable fees and any pending compliance reviews
• If your account is terminated due to fraud or AML violations, funds may be frozen and reported to relevant authorities
• Refund processing for account closures may take up to 15 business days

If your KYC application is rejected and you have a balance in your account:

• We will contact you at your registered email
• You may have the opportunity to re-submit corrected documentation
• If unable to complete KYC, any deposited funds may be returned to the originating source

FrenzPay currently does not charge a subscription fee. Should subscription-based features be introduced in future:

• Pro-rated refunds will be available within 7 days of subscription start
• No refunds after 7 days for unused portions
• Refund terms for future products will be clearly stated at point of purchase

• General Support: support@frenzpay.co
• Security Issues: security@frenzpay.co
• Compliance & Escalations: compliance@frenzpay.co
• WhatsApp: +1 (236) 599-7663