When the word "Olive Monies" is used in these terms, this means Olive Monies Express Limited, being a licensed International Money Transfer operator licensed by the Central Bank of Nigeria with Registration Number: XXXXXXX) with its head office and registered address at 150, Awolowo way Ikeja Lagos. Olive Monies operates the website at https://www.olivemonies.com/.
Messaging
You can send Olive Monies in app message via the app.
Telephone
+234 7026380192
You can call us between the hours of 8:00 a.m. to 8:00 p.m., Nigeria and UK time, seven days a week. You can contact us via email or via the customer support function on the app at any time.
Olive Monies is authorised in UK by the Financial Conduct Authority (FCA) as a Payment institutions (PIs) under the Payment Services Regulations 2017 (PSRs) for payment services and by Central bank of Nigeria as a Money transfer Service Provider under the CBN's International Money Transfer Operator (IMTO) guidelines, updated in 2024.
"you" and "your" in these terms means you, being the individual that wishes to use Olive Monies services and has therefore agreed to these terms and satisfied Olive Monies onboarding requirements. Please note that you must be over 18 to use Olive Monies services.
Olive Monies shall contact you using the methods set out below. It is your sole responsibility to keep your contact details up to date with Olive Monies. You can update your details by sending customer support a message via the app or by telephone or email.
using the email address Olive Monies holds for you which is set out on the profile section of the app.
Call you or send a message to you
using the telephone number Olive Monies holds for you which is set out on the profile section of the app.
In the event of security threats or fraud
We will contact you (provided Olive Monies is not prohibited from doing so by law) via one or a combination of the communication methods set out in this table.
To explain the services offered by Olive Monies. This will state the duties of Olive Monies to users and the duties of users to Olive Monies. It also states the liabilities for either parties and termination period.
The terms can be accepted by ticking the related box when you register with Olive Monies, or assenting to these terms on the app.
These terms are effective when you have accepted them and we have onboarded you as our client, or as otherwise advised, and shall remain in force until terminated.
You can terminate these terms immediately at any time by contacting Olive Monies support team using one of the methods set out in section 1.2.1. We can terminate these terms at any time by providing you with 2 months' notice using one of the methods set out in section 1.2.2. Olive Monies can close or suspend your access to the app in accordance with section 9.
You will no longer be a user of Olive Monies. Therefore, will be unable to use the app. It is your exclusive obligation to ensure there is no money in any of your wallets prior to terminating these terms and closing your account. You will be able to contact Olive Monies after 6 years by email to send the money in your wallets to your designated payment bank account. This would enable Olive Monies deduct any money you owe accordingly.
Olive Monies will:
You agree to accept by these terms and pay Olive Monies upon acceptance.
Yes:
Your wallets are your electronic money in Olive Monies to store payment information. The initial wallet will be in Great British Pound while subsequent currencies will be offered.
You can also open and access the wallet via the app in Nigerian Naira (NGN).
You will be able to:
Your wallet is different from the bank account in that money in your wallet:
You can add money to your wallet:
Yes, these limits are set out in the app. If you have any enquiries on these limits or would like to ask to change them, please contact customer support.
No, only Olive Monies is able to set spending limits according to the regulation.
If payment is by bank transfer, funds will be added to your wallet at the time your money has been credited to Olive Monies.
You send Olive Monies money by bank transfer in the currency based on the currency of your wallet. If the money is sent with a different currency, this money will be converted into the currency of your wallet using Olive Monies exchange rates. The statement will show the exchange rate which applied on the date that the money was added to your wallet. Exchange rates may change and the exchange rate which applies when you check may not be the exchange rate that was used to convert your funds. Please see section 6.12 for more information on exchange rates.
The wallet balance and history can be seen on your wallet app. You can view such information from the app at any time until your account except the app is closed. On each transfer, a notification your mobile device is sent to your wallets. The notification is optional as it can be turned off on the device settings. However, the payment needs to be checked regularly on the app.
The monthly statement is available on the app as long as you are still a client of Olive Monies.
Another person can add money to your wallet only by:
Olive Monies will check your wallet balance before making deduction. However, if the fees are charged in excess of the balance, the balance could be negative.
Olive Monies:
When Olive Monies receives money for your wallet, Olive Monies will add the equivalent amount in dedicated bank accounts. This money is safeguarded by Olive Monies.
These are bank accounts which Olive Monies holds with tier 1 banks and only hold client money and not Olive Monies own money to keep your money safe.
The Safeguarded your money means that the funds can be claimed and return in full value should Olive Monies have financial challenge.
Transfer of money from a wallet (other than an NGN wallet) belonging to you to another wallet (other than an NGN wallet) belonging to you, whether or not there is an exchange of money from one currency to another.
Olive Monies will safeguard the appropriate amount of money for you throughout this transaction.
Olive Monies shall stop safeguarding money for you when your wallet is debited and start safeguarding for the beneficiary wallet.
The app is a mobile application where the following can be done:
The app is available on the app provider (iOS and android).
The request from a wallets can be sent to another wallet or a payment account, the details will include the following:
A foreign exchange transaction will be carried out if the currency of the money to send to the beneficiary account is different to the currency of the wallet, based on the foreign exchange rate set out in the app prior to sending money.
Executed payment by Olive Monies cannot be cancelled to avoid fraud.
Below are the reasons that could delay payment:
The mark up of the exchange rate obtained from the market. This will be displayed to you before executing the transaction.
It is your responsibility to ensure to keep the password to access the app safe.
When you forget the app password, please contact customer services using the contact details set out in section 1.2.
If you suspect you are a fraud victim or wrongfully sent money to a wrong beneficiary, you must contact Olive Monies as soon as possible, maximum of 13 months with evidences of the date of the payment through designated details in section 1.2.
You are due for a refund when you have notified Olive Monies in accordance with section 7.2: an authorized payment sent to a wrong beneficiary. The money, subject to the payment, to an account other than the beneficiary account which you provided us with the details of (subject to section 7.5).
Refund will not be paid if you have intentionally or carelessly acted fraudulently if you gave someone access to your app and they made a payment using the app without your permission.
Olive Monies is not liable for a payment not being credited to the beneficiary's bank account on time if Olive Monies can prove to you that the beneficiary's bank received the amount of the payment on time.
If you are entitled to a refund, Olive Monies will refund you by the end of the business day following the day Olive Monies becomes aware of the unauthorized or incorrectly executed payment, unless Olive Monies suspects fraud, conducts a review and notifies the appropriate authorities.
If you give Olive Monies incorrect beneficiary account details, Olive Monies will send your money to the beneficiary account that you provide. Olive Monies is unable to know the correct beneficiary account details you intend to send money. It is essential your responsibility to make sure the account details provided are correct.
Where you are a victim of APP Fraud, you would be entitled to a full refund of your remittance, provided you meet the following conditions:
Olive Monies requires documentation and information from you comply with its legal and regulatory obligations. The minimum due diligence requires to open an account with you is your full name, date of birth, mobile phone number, residential address and email address. You will also need to provide a selfie and a photograph of your valid government-issued proof of identification (for example, your passport).
We may require additional documentation and information from you during the lifetime of these terms. If you do not provide Olive Monies with the information or documentation it requires. Your money may be withheld or account deactivated until the documentation or information required are provided.
Electronic verification checks is done in order to verify your identity.
We may close or suspend your access to the app without notice:
The information is set out in its privacy policy, which is available on website.
Olive Monies shall keep your confidential information confidential and shall not use such confidential information except for the purpose of exercising or performing its rights and obligations.
Olive Monies may disclose confidential information to:
On termination of this agreement, Olive Monies shall keep your confidential information safe and shall not be under an obligation to return it to you or delete it unless required to do so by law. Accordingly, the provisions of this section shall continue to apply after termination of these terms.
If you die, the money in your account will be dealt with in accordance with the administration of your estate. If you have appointed a power of attorney, Olive Monies may provide them with access to your account provided that Olive Monies is satisfied that the documentation provided is valid and legally binding.
These terms and any contract to which these terms apply and any disputes or claims arising out of or in connection with these terms or any such contract or its or their subject matter or formation (including non-contractual disputes or claims) are governed by, and construed in accordance with, the laws of England.
Unless you take your complaint to the Financial Ombudsman Service (and the Financial Ombudsman Service is satisfied that your complaint falls within its jurisdiction), you irrevocably agree that the courts of England & Wales have exclusive jurisdiction to settle any dispute or claim.
In addition:
You are unable to make changes to these terms. Olive Monies can add a new product or service that doesn't change the existing terms and conditions, Olive Monies may add the product or service immediately and let you know the applicable terms before you use it. Otherwise, Olive Monies may amend these terms by giving you no less than two months' notice in writing.
Olive Monies may transfer its rights and obligations under these terms and any associated contract(s) to another organization without your consent. Olive Monies will always tell you in writing if this happens and will ensure that the transfer will not affect your rights under these terms or any associated contract(s). You may only transfer your rights or your obligations under these terms or any associated contract to another person if Olive Monies agrees to this in writing.
By agreeing to these terms you agree that Olive Monies may record telephone conversations between you and Olive Monies and use such recordings or transcripts from such recordings, as evidence in any dispute or anticipated dispute. If Olive Monies makes any recording or transcript it may also destroy them in accordance with its normal procedure.
A copy of these terms and Olive Monies privacy policy will always be available on the app, on the website.
If any abnormal or unforeseeable circumstances outside Olive Monies reasonable control that prevents Olive Monies from providing the usual service, Olive Monies shall not be liable for this.
If any court or relevant authority decides that any section of these terms is unlawful, the remaining sections will remain in full force and effect.
Olive Monies charges fees for some of its corridors. Olive Monies makes money from fees for some corridors and also when it exchanges money from one currency to another for you.
There may be third-party fees in some circumstances, a number of intermediaries (such as correspondent banks) may be involved in an international transfer of currency, and such intermediaries may charge fees and expenses. The charges will in most cases (but not always) be deducted prior to its delivery.
Olive Monies provides ad-hoc promotions to its existing Users or encourages new Users to join Olive Monies. All promotions are subject to their own independent terms and conditions which must be read, understood and accepted if an existing or a new User wishes to take part in a Olive Monies Promotion.