Escrow Service

Terms of Service For  Buy/Sell E-currencies Whatsapp Group

Dear Sir/Ma,

For you to be added to our Whatsapp group of 76 currently active members, or, if you have been suspended and want to be re-added, you need to complete the 3 steps discussed in our Terms of Service(TOS) agreement below, get verified by submitting the required documents and pay your fine(only if you are a suspended member and you want to come back to us). The detail is provided below.

I’m waiting for your reply to continue.

Regards,

Lawal B. Aremu

Admin, Buy/Sell Ecurrencies forum/group.

Working hours: 8 am – 8.30 pm Mondays to Sundays.

Updated – 08/12/2016

 

TERMS OF SERVICE (TOS) AGREEMENT For New & Suspended Members – Updated 08/12/2016

This is to inform you that I, Aremu Lawal, the admin of the Buy/Sell Ecurrecies group, on behalf of all group members, have created new terms and conditions on this forum to help protect all members of the group/forum, including you, from fraud, scam or any other illegal activities.

If you accept these terms and conditions please reply me “yes I agree” so I can proceed to verify your identity before you join the group.

Please understand that you must accept these terms and condition before you can join the group and you must continue to accept and follow them even after you have become a member of the group. We fully operate this group with KYGM (Know your group members).

The terms and conditions contain 8 golden rules and are as follows:

  1. You must post no adverts and no links to adverts on the group. Only those adverts regarding the ecurrencies you want to sell or buy must be posted. If in doubt of what to post or what not to post, please contact me to ask.
  2. You must own and operate only ONE ACCOUNT in our group. Having duplicate or multiple accounts will result in your expulsion from the group.
  3. Please feel free to transact safely with any member of the group since they are verified. Alternatively, you want to agree with a member of the group that you both make use of our Escrow service, detail of which is explained below in 8 below. The Escrow service is amended and updated to further protect the buyers and sellers of of the group (including me, the administrator). This service still remains optional for registered member. I’m by no means compelling anyone to use it. You may want to use it if you are still unable to trust a verified seller or a buyer of if you are transacting very large sum of money.
  4. To sell or buy Payoneer, Paypal or any other currency/e-currency whatsoever to any group member, your identity must be verified. To be verified please follow the following steps:

(i) Send a clear scanned copy of your own current and valid government issued photo ID in jpg/png format, such as driver’s license, passport, national ID, Taxpayer ID, or national voter’s card. This must bear your registered official names. Your scanned copy must not be cut on the edges.

(ii) Send a clear scanned copy of your own recent (within the last 3 months only) billing statement. Acceptable documents include bank statements, credit card statements, or any other monthly bill that clearly displays the same name as you have on the ID you are submitting and that clearly reveals your residential address. It must not be cut on the edges.

(iii). For Suspended members only: Pay your fine of 2500 Naira to the admin’s account below:

Bank Name: GTB

Account Name: Aremu B. Lawal

Account Number: 0034311797.

This fee covers part of administration charges and for advertising of the group.

  1. IMPORTANT:
    If you transact with any member of the group without your identity not previously been verified, I or any other verified group admin may, at our discretion,

Suspend your payments or transactions;
suspend or expel you from the group;
inform our in-house security agent, the police or any other law enforcement agent of your activities; or
take other disciplinary measure that we may see fit in the near future;

Please be aware that we may ask officers of the State Security Service to watch the activities of the group at any time and we may have them as members of the group.

  1. You must wait for the review and approval/disapproval process to be completed by the admin or other designated official(s) of the group before making any transaction. Review and approval/disapproval process usually takes 24 hours or less but may be longer in serious or complicated cases.
  2. You must avoid the use of insulting and abusive language that may hurt the feelings of any member of the group. Please have respect for other group members and their views. All other group members are expected to do the same to you. Insulting behavior by any member of the group may result in warning, suspension or even termination of your group account.
  3. Finally if you want to use our Escrow service, you must read and accept the Terms and Conditions on this post before using our Escrow service.

How to Use the Escrow Service:
1. Place your ad to sell or buy ecurrency on this group/forum.

  1. If you are the seller, reach agreement with your buyer on how much in Naira per dollar(N/$) you want to exchange your ecurrency.
  2. Once you are both ready to transact business, BOTH the BUYER and the SELLER must send me one message each on this forum, or call my number(to be given later), to ask for my local bank account detail which they will use for sending and receiving respectively, the Naira equivalent of the e-currency they agreed on.
  3. The buyer should then transfer the Naira equivalent of the ecurrency they agreed on to my local bank account.
  4. The seller should WAIT for me to confirm the buyer has deposited the fund in my bank account.
  5. After confirming step 5 above to the seller, he/she must send the Payoneer fund to the buyer’s Payoneer’s account
  6. The seller should wait for me to confirm step 6 above.
  7. After successful confirmation in step 7 above, I will then transfer the fund to the seller’s local bank account.
  8. The seller should then confirm the receipt of the payment first by contacting me and then by contacting the buyer or/and posting about it on this forum. I will appreciate a proof of receipt of payment(for example, your account scan or a video recording of transaction.
  9. The buyer too should confirm the receipt of the ecurrency by posting on this forum or PM/call me.

Terms & Conditions of Escrow Service
==========================
1. This service costs only 2500 Naira but the price may be reviewed from time to time. Escrow can be used to gradually build trust between sellers and buyers of ecurrencies on this forum.

  1. For the convenience of both buyer and seller, I use GT Bank, Access Bank and Stanbic IBTC bank but you can request for and use another bank for their transactions. I will honour such a request if I have an active account in such a bank.
  2. To use this Escrow service you MUST AGREE that I will notbe held responsible for any bank transfer charges while receiving money to or sending out money from any of my bank accounts. I will always immediately let the buyer and seller know of such charges, if I am aware or if I suspect them.
  3. I am available for this service between 8am – 9pm Nigerian time (GMT+1) Mondays through Sundays. I am unable to offer this service out of this time window. If you must transact out of this time window, please contact me first.
  4. You must contact me on this forum or in PM/phone call before using the service. Do not transfer money to my local bank account or my Payoneer account without my knowledge.
  5. I can handle a maximum of 2,000,000 naira per day per transaction. This is done to minimize financial risk on my part. I may at any time decide to charge a small fee for the escrow service but I will always notify you first. This is done to compensate myself for the work.
  6. There can be a delay of several minutes, hours or even days of transfer on the part of the banks. To use the Escrow service, therefore, you agree that I will not be held responsible for such or other similar delays (for example, slow or poor internet services).I will always do my best to transfer quickly and use the best internet service at my disposal.
  7. Please visit Payoneer’s website, Paypal’s website, (www.payoneer.com and www.paypal.com respectively) or other e-currency exchanger’s website, and your local banks’ websites to read and understand their terms and conditions so that you know many important things like transfer/payment charges, bank account charges, card/account transfer limits, fraud protection on your accounts, etc.
  8. If anything is not clear to you please ask me or throw your question or suggestion open to all the forum members.
  9. These terms and condition can be modified at any time and you will be updated if this happens.

If you agree with ALL the above terms and conditions, reply “yes” and proceed to sending your verification documents!

I wish you success in your transactions.

Aremu B. Lawal
Group Administrator.

 

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