Terms & Conditions

1. About Penney

Penney is a technology platform that helps schools bill students, collect and track school fees and reconcile payments, and helps parents and other users pay school fees and everyday bills online. Penney is operated by [Operating company name — to be confirmed], a company registered in Nigeria (RC [RC number — to be confirmed]), whose address is [Registered address — to be confirmed] (“Penney”, “we”, “us”).

Penney is not a bank and does not offer banking, lending or investment services. Payments made through Penney are processed with licensed banking and payment partners, including Sterling Bank, Flutterwave, NIBSS and Blusalt. Some parts of a payment — for example card processing, bank transfers and the dedicated account numbers issued to schools — are provided by those partners under their own terms.

2. Definitions

• User — anyone with a Penney account, including parents, schools, businesses and their staff.
• School — an educational institution that uses Penney to bill and collect fees.
• Parent — a parent, guardian, sponsor or anyone else paying a bill for a student.
• Student bill — an amount a school has recorded on Penney as payable for a student for a session and term.
• Payment — any payment you make or receive through Penney.
• Settlement — the payout of money collected for a school or business to its designated bank account.
• Partner — a bank, payment processor or other licensed institution Penney works with to process payments.

3. Who may use Penney

You must be at least 18 years old and able to enter into a binding agreement to open an account. Schools and businesses must be lawfully registered, and the person who opens their account must be authorised to act for them. Students under 18 should not open their own account; a parent or guardian should pay on their behalf.

4. Your account

• Give us accurate, current and complete information, and keep it up to date.
• Some features and payment limits depend on identity checks such as BVN verification. We may ask for more information before you can use a feature or raise a limit.
• You are responsible for everything done with your login details and transaction PIN. Keep them private and do not share them with anyone, including people who say they work for Penney.
• A school or business is responsible for who it allows to administer its account, and for removing access when someone leaves.

5. Payments

Authorising a payment

Before you pay, Penney shows you what you are paying for, who it is for and any charges. A payment is authorised when you confirm it — for example by entering your card details, your transaction PIN or completing a bank transfer. Please check the details carefully: we act on the information you confirm.

School fee payments

School fees are paid against the student bill the school has set up on Penney. When a payment succeeds it is recorded against that bill and a receipt is issued. The amount, what it covers, and whether part payment is accepted are set by the school, not by Penney.

Bill payments

Electricity, airtime, data and cable TV payments are delivered by the relevant service provider. Delivery is usually quick, but Penney does not control the provider's systems and cannot guarantee delivery times.

Confirmation and records

A payment is complete only when Penney shows it as successful. Receipts and your transaction history are available in your account. If a payment shows as pending, you can check its status again from the Transactions menu.

6. Your Penney account balance

Penney lets you add money to your Penney account and use it to make payments on Penney. Penney does not accept deposits and does not pay interest. Money added to your Penney account is held through our licensed partner institutions [Which partner institution holds account balances, and under what licence — to be confirmed].

Where the app lets you send money to another Penney user or to a bank account, those transfers are processed by our partners, may be subject to limits and identity checks, and cannot usually be recalled once completed.

7. Settlement to schools and businesses

• Money collected for a school or business is paid out to the bank account it has designated on Penney.
• Settlement currently runs on a next-day schedule. Your dashboard shows what is due in the next settlement and your settlement history. Instant settlement is being introduced and is not yet available.
• Settlement depends on our partners and the banking system and may be delayed by bank processing times, public holidays, system outages, an incomplete or incorrect settlement account, or a review of unusual activity.
• You are responsible for keeping your settlement account details correct. We are not responsible for a payout sent to an account you gave us.

8. Schools' responsibilities

• Make sure fee amounts, student details, sessions and terms on Penney are accurate and up to date.
• Have a lawful basis for the student and parent information you upload, and only upload what is needed to bill and collect fees.
• Reconcile the collections and settlements shown on Penney against your own records, and tell us promptly about anything that does not match.
• Decide and handle refunds of school fees in line with your own fee policy. Penney can help process a refund you approve, but does not decide whether a refund is owed.
• Deal with questions from parents about what fees cover, discounts, and admission matters.

9. Parents' responsibilities

• Check that you have selected the right school and student, and the right amount, before you confirm.
• Only use payment methods you are entitled to use.
• Keep your receipts. Raise any problem with a payment as soon as you can — see our Refunds & Disputes Policy.

10. Charges

Creating an account is free. Some payments carry a service or processing charge, which is shown to you before you confirm the payment. Schools and businesses are told about any charges that apply to their collections or settlements. We will not take a charge that was not shown to you.

11. Failed, duplicate and reversed payments

• If a payment fails, you should not be charged. If you were debited for a payment that failed, the amount is reversed once our partner confirms the failure.
• If you are charged twice for the same payment, contact us with both references and we will investigate and arrange a reversal of the duplicate where it is confirmed.
• If money is paid to you or your school in error, we may reverse it or ask you to return it.
• Card disputes and chargebacks follow the rules of the card scheme and our card-processing partner.

12. Security and fraud

We use technical and organisational measures designed to protect accounts and payments, including identity checks and transaction PINs, and we may review activity that looks unusual. No system is completely secure, so please tell us straight away if you think someone has accessed your account or made a payment you did not authorise. We may delay, decline or reverse a payment, or ask for more information, where we reasonably suspect fraud, error or a breach of these terms, or where the law or our partners require it.

13. Acceptable use

You must not use Penney to:

• break any law, including laws on money laundering, terrorist financing, fraud or sanctions;
• collect money for anything other than genuine fees or goods and services you actually provide;
• use someone else's account, card or identity;
• interfere with, probe or overload the platform, or try to get around limits or security checks.

14. Suspension and closure

We may suspend or close an account, or limit a feature, if these terms are breached, if we are required to by law, a regulator or a partner, or to protect users from fraud. Where the law allows, we will tell you why. You can close your account by contacting us; any money due to you will be handled in line with the law and our partners' requirements.

15. Your information

We handle personal information — including parent, student, school and payment information — as described in our Privacy Policy and in line with the Nigeria Data Protection Act 2023.

16. Service availability

We aim to keep Penney available, but it may sometimes be unavailable because of maintenance, updates, or problems with our partners, banks, telecoms networks or service providers. We will try to give notice of planned maintenance.

17. Liability

• We are responsible for losses that are a reasonably foreseeable result of our breach of these terms or our negligence.
• We are not responsible for losses caused by: incorrect information you or a school supplied; delays or failures of banks, payment networks, partners or service providers; events outside our reasonable control (such as power or network outages, strikes, natural events or government action); or your failure to keep your login details and PIN safe.
• To the extent the law allows, we are not liable for indirect or consequential loss, or loss of profit.
• Nothing in these terms limits any liability that cannot be limited under Nigerian law, including your rights under the Federal Competition and Consumer Protection Act 2018.

18. Intellectual property

The Penney name, logo, apps, website and software belong to us or our licensors. You may use them only to use Penney as intended. Partner names are the trademarks of their owners.

19. Changes to these terms

We may update these terms from time to time. We will show the date of the latest version at the top of this page and tell you about significant changes before they take effect. If you keep using Penney after a change takes effect, the new terms apply.

20. Governing law and complaints

These terms are governed by the laws of the Federal Republic of Nigeria. If you have a complaint, please contact us first — see our Refunds & Disputes Policy for how complaints are handled. You may also have the right to take a complaint to the relevant regulator.

21. Contact us

Email [email protected] or call 08057271994.