You authorize us (Palmpay) to charge your Payment Method for the down payment on the date your Final Payment Schedule is provided to you (this may be immediately at the time of purchase) and on dates specified in any modification to your Final Payment Schedule.

The amount of the down payment will be based on your final purchase amount confirmed by the merchant, as described in the Installment Agreement.

You also authorize us to charge your Payment Method in the amounts and on the payment dates in your Remaining Payment Schedule (as identified and provided to you in your Installment Agreement, as it may be superseded by the Final Payment Schedule delivered to you as a supplement to the Installment Agreement), to collect any recurring amounts due, and to correct any erroneous transactions. If we are unable to collect any payment because your Payment Method fails or you have any amounts due under this Agreement for any other reason, you authorize us to charge your Payment Method (or any other debit or credit card you provide to Palmpay) for any amounts due, at any time prior to or within 28 days after the Maturity Date identified on your last Remaining Payment Schedule. You understand and agree that this may result in multiple charges to any credit or debit card you provide to Palmpay to collect the amounts due under this Agreement.

You also authorize us to debit or credit your Payment Method as we deem necessary to correct any erroneous transactions.

You also authorize us to elect to combine multiple payments owed on your Palmpay account into a single payment if those payments are due on the same day. If you have insufficient funds for the combined single payment, Palmpay may collect those payments separately.

You are responsible for all fees charged by your financial institution associated with the payments. You must update your Palmpay account with all changes to your debit/credit card information. If you do not update this information and we are unable to charge your Payment Method for an amount due, you may be subject to late fees and you may be charged fees by your financial institution.

By accepting this agreement, you authorize Palmpay to charge the Payment Method you selected at checkout or in the customer portal. You are responsible for ensuring that you have sufficient funds available to make Installment Payments on the dates specified in your Final Payment Schedule and on dates specified in any modification to your Final Payment Schedule.

If you elect manual payments to collect amounts due under the Agreement by disabling Autopay, this Payment Authorization will no longer apply.

Electronic Fund Transfers

If your select payment method is covered under the rules for electronic fund transfers the following terms also apply.

If you select a bank account as your payment method and we are unable to collect any payment because your payment method is declined, we will not reattempt to collect the payment from your bank account. Please note that your financial or banking institution may charge you a fee for a returned or unsuccessful payment. We will not be held responsible for any fees assessed by your financial or banking institution for returned or unsuccessful payment agreement payments.

You may revoke this authorization at any time by contacting our Customer Service center at Any notice of revocation must be received at least three (3) business days prior to the next scheduled payment due date to avoid the next scheduled payment from being automatically debited from your account. If you revoke this authorization, you understand that you will be responsible for making your payments by another payment method.

You have the right to receive advance notice if any payment we seek will vary from the amount authorized above or from the prior payment in this authorization. We will notify you of such changes via email at least ten (10) business days before the varying payment is due.

Last updated May 2024

Palmpay Installment Agreement – Nigeria


This Palmpay Installment Agreement “Agreement” includes the Final Payment Schedule that is sent after you complete your purchase with the merchant that will contain your actual down payment, payment amounts and due dates. The Final Payment Schedule will supersede and replace the Payment Schedule.

Use of the words “you” and “your” throughout this Agreement refer to the borrower listed, and the words “we,” “us,” and “our” refer to the Originator listed or its assignees. As a condition of the disbursement of proceeds hereunder you agree to make a down payment equal to a portion of the final purchase amount confirmed by the merchant identified which shall be due prior to disbursement of any proceeds described below.

PROMISE TO PAY: The Agreement governs your repayment to us in connection with funds we disbursed at your direction and on your behalf to an approved merchant to acquire certain merchandise or services that you have selected. You promise to pay the sum of your down payment and other payment amounts under this Agreement on the dates and according to the amounts displayed as “Down Payment” and “Remaining Payment Schedule” (together, your “Payment Schedule”) as it may be revised by the Final Payment Schedule (inclusive of all taxes and fees), plus all other charges accruing under this Agreement until paid in full. You understand that the actual amounts and due dates of your “Down Payment” and the payments in your “Remaining Payment Schedule” will be provided to you electronically as a supplement to this Agreement (the “Final Payment Schedule.”)

THERE ARE NO FINANCE CHARGES AND NO INTEREST PAYMENTS ASSOCIATED WITH THIS AGREEMENT. The issuer of your Payment Method (defined below) may charge interest or other charges in accordance with the terms and conditions of the agreement between you and your Payment Method issuer.

Please note that Section 10 of this Agreement includes provisions that govern how claims we may have against each other are resolved. These provisions limit our liability and may require arbitration for a dispute that you assert against us. The Agreement includes important terms regarding your rights related to fees, dispute resolution and governing law.

This Agreement incorporates by reference all terms and conditions of our. Terms of Service (available at and U.S. Privacy Policy (available at: unless explicitly superseded by this Agreement. In the event of a conflict with the U.S. Terms of Service or U.S. Privacy Policy, this Agreement shall govern with respect to the subject matter of such conflicting terms.

1.Use of Proceeds and Disbursement Authorization

By electronically accepting this Agreement and completing a purchase, you agree to pay the down payment amount to us, and we agree to disburse the proceeds under this Agreement to the merchant listed. You promise to repay us the amounts disclosed in your Final Payment Schedule provided to you electronically as part of this Agreement that will include any amounts added by you in addition to the purchase of goods and/or services. You also agree to pay any applicable Late Fees (as defined below) you incur under this Agreement. Please be aware that by entering this Agreement you are incurring a personal obligation for goods and/or services for personal use.

If your purchase is in a foreign currency, we will convert the amount of your purchase in a foreign currency into Naira based on the conversion rate we received from a third party as of the end of the prior business day. This rate may differ from other exchange rates and may differ from the rates in effect in the wholesale markets on the date you made the purchase. If you return your purchase, we will process the return based on the currency conversion rate used to determine the purchase price.

2.Installment Payments

When you accept this Agreement and complete a purchase, you will identify your preferred method of payment, designating an eligible US-issued checking account, credit or debit card, Palmpay App Pay or other eligible digital wallet as your “Payment Method.” In addition to any required down payment, you must make either three (3) or four (4) payments to us (each, an “Installment Payment”) in the amounts shown under “Remaining Payment Schedule” in your Final Payment Schedule. You are responsible for ensuring that you have sufficient funds available to make Installment Payments on the dates specified in your Final Payment Schedule.

Goods or services you may purchase using Palmpay may include arrangements whereby you owe periodic payments to a merchant on an ongoing basis. This can include, for example, a periodic monthly membership or subscription fee, such as a monthly membership. Such payments may be described by a merchant or Palmpay as subscriptions, membership fees, billing agreements, or similar terms (collectively, a ‘Subscription Service’). You may use Palmpay with participating merchants to make each periodic payment owed (‘Subscription Payment’) under a Subscription Service through a single down payment, plus three or four Installment Payments.

Each Subscription Payment Palmpay makes on your behalf to the participating merchant for a Subscription Service is a separate obligation owed by you to Palmpay. Whenever a Subscription Payment is owed to the merchant and you have not cancelled your Subscription Payment by notifying us in accordance with these terms, you authorize and instruct Palmpay to pay the Merchant from your Payment Method through your Palmpay Account. We will provide you with a separate Final Payment Schedule for each billing period.

Cancelling a Subscription Service

If you wish to cancel any goods or services offered by a merchant that is structured as a Subscription Service, you will be responsible for contacting the merchant directly to cancel the service in accordance with the merchant’s policies. You agree that we may rely on information from the merchant regarding whether a Subscription Payment is due to the merchant. If Palmpay makes a Subscription Payment on your behalf before you cancel in accordance with the merchant’s policies, or before the merchant notifies Palmpay of your cancellation with enough time for us to reasonably act upon it, you agree you remain obligated to pay your down payment and each of your Installment Payments for that Subscription Payment made on your behalf.

Cancelling your Subscription Payments with Palmpay

You may cancel any scheduled Subscription Payment by notifying us within 4 days of the next scheduled payment by contacting our Customer Service center at By contacting Palmpay to cancel any scheduled Subscription Payment, Palmpay will also cancel any future Subscription Payment you have for goods or services offered by that merchant to you for that Subscription Service. You are responsible for any outstanding amounts or obligations imposed by the merchant on you as a result of your cancellation of the Recurring Payment amounts.

Please note, cancelling your Recurring Payment with Palmpay will not cancel any goods or services obtained from the merchant. As above, it is your responsibility to cancel goods or services obtained from a merchant by contacting the merchant directly. 

If you make all Installment Payments in full on their due dates, your final payment will be made on the Maturity Date identified in the Final Payment Schedule. You may prepay all amounts due under this Agreement in whole or in part at any time without a penalty and may make any payment early, in whole or in part, without penalty or premium at any time.

If you would like to change your Payment Method or make alternate payment arrangements, you are able to do so online or by contacting us at the email provided below. If you are having difficulty with a specific Palmpay feature, or if you have further issues or questions, you may contact us at The Payment Method you select and any necessary authorization will not affect your obligation to pay when due all amounts payable under this Agreement. The foregoing authorization is in addition to, and not in limitation of, any rights of setoff we may have under applicable law.

3.Late Payments

There are no finance charges or interest associated with this Agreement. However, if an Installment Payment is not paid on or prior to the due date specified in the Final Payment Schedule and remains unpaid for a period of ten (10) days after the due date (or such additional grace period required by applicable law), the Late Fee indicated in the Payment Schedule (if any) will be imposed, up to a maximum of ₦8,000 and which in no event will exceed the maximum late fee permitted by applicable state law. Additionally, the aggregate sum of Late Fees associated with a particular order will not exceed 25% of the order value at the time of purchase. Thus, lower value purchases may be subject to fewer or lesser Late Fees in the event of late payment.

4.Delinquency and Default

If you fail to make any payment when due in the manner required by this Agreement, you will be delinquent. If you are delinquent, have filed or have instituted against you bankruptcy or insolvency proceedings or are in breach any other material term of this Agreement, we may, to the extent and at the time permitted by applicable law, deem you in default and accelerate the maturity of this Agreement and all payments due hereunder. If you fail to make a payment required under this Agreement, we reserve the right to limit, restrict, suspend or terminate your access to your Palmpay account.

5.Approval and Cancellation

All applications for credit are subject to our approval. We may, in our sole discretion, not approve your application, or cancel an approved application before the goods or services are delivered or supplied. If we cancel your previously approved application:

(a)We will apply a full refund of any amounts you have paid (excluding any chargebacks or fees incurred in relation to your payment), and will cancel any future payments related to that order;

(b)The merchant providing the merchandise will not be obliged to deliver the goods (or provide any related services); and

(c)You will have no obligation to make any further payments to us, or continue any other ongoing relationship with us, with respect to your application.

You agree that we may make any inquiries to assess your eligibility to use the services including of third parties. This includes consent for Palmpay to obtain one or more credit reports or other consumer reports from consumer reporting agencies for use in determining my eligibility for an Palmpay loan, reviewing and servicing my Palmpay account, marketing Palmpay products or services to you, and for other permissible purposes under the Fair Credit Reporting Act.


As part of our approval process and our assessment as to whether or not you have the ability to fulfill your obligation to pay when due all amounts owed under this Agreement, we reserve the right to conduct a pre-authorization of your Payment Method. This may involve placing funds in the account linked to your Payment Method on hold each time you make an online purchase, obtain authorization for an in-store purchase or add a Payment Method to your Palmpay Account. For online purchases, we immediately instruct your bank to void this pre-authorization transaction. For in-store, where an authorization is obtained but there is no completed purchase, we instruct the bank to void the pre-authorization if the authorization is cancelled or expires. No funds are received by Palmpay during this process. We cannot guarantee the time it takes for your bank to process the void action and make your funds available.

PLEASE NOTE: In most circumstances, relevant banks will void a pre-authorization transaction within a few hours of the pre-authorization transaction being conducted by Palmpay. However, in some observed instances, banks have taken up to fourteen (14) days to finalize this process. Unfortunately, we do not have any control or influence over the timing of your bank’s ability to finalize this process and Palmpay makes no representations on this subject matter.

For online purchases:

(i)the pre-authorization amount will not exceed your first Installment Payment (plus one cent) owed to us for that purchase; and

(ii)we immediately instruct your bank to void this pre-authorization transaction.

For in-store purchases:

(i)the pre-authorization amount will not exceed 25% of the value of the authorization (plus one cent); and

(ii)where an authorization is obtained but there is no completed purchase, we instruct the bank to void the pre-authorization transaction.

No funds are received by Palmpay during the pre-authorization process.

7.Merchandise Refunds and Other Adjustments Subsequent to Disbursement of Funds

Processing refunds and any merchandise exchanges or modifications are subject to the discretion of the merchant to whom you directed us to disburse funds under this Agreement. Palmpay is unable to override merchant return, refund and exchange policies. If you decide to return goods acquired using funds we have disbursed under this Agreement and request a refund, or a return and refund are otherwise accepted or permitted by law, you will remain obligated to make all payments still outstanding under this Agreement when due. However, for any amounts that a merchant returns directly to us in connection with such returned or exchanged merchandise, we shall retain such amounts and reflect an equivalent credit to reduce your outstanding obligation to us under this Agreement or, where applicable, refund to you any amounts already paid. In the event of a partial refund, the credit will be applied against your last payment first. If, for any reason, we are unable to apply a refund to the order to which it corresponds, we may in our discretion apply the refund to any method of payment you have on file with us. You will remain obligated to make payments still outstanding when due.

8.Transfers or Assignments

We may transfer, assign or sell this Agreement, and any rights under this Agreement, to a third party without your consent. You agree that we may appoint third party collections agencies to collect any amounts owing to us under this Agreement without your consent. You hereby waive demand, notice of non-payment, protest and all other notices or demands whatsoever, and hereby consent that without notice to and without releasing the liability of any party, the obligations evidenced by this Agreement may from time to time, in whole or part, be renewed, extended, modified, accelerated, compromised, settled, canceled or released by us.

You agree that we, on your behalf as agent, will maintain a register in order to record the amount of your loan balance and the current or future owner of your loan (including any assignee, participant or transferee, if any, who becomes the subsequent owner of any portion of your loan balance) (the “Register”). The parties agree that the entity whose name is recorded in the Register as the current owner of your loan balance is treated as the owner of your loan balance. The Register must be updated for any transfer of ownership of your loan balance to occur and be effective.

9.Complaints and Disputes

If you have a complaint with us arising out of or related to this Agreement, you should contact us at If you have a complaint arising out of the delivery or quality of the goods you have purchased, you should contact the merchant using the details posted on the merchant’s website. If you wish to submit a general complaint to us, you should do so by contacting us using the details posted on the Palmpay website or available through your Palmpay account. We may request additional documentation from you to assist us in resolving any complaints or disputes, and you must provide all reasonable assistance to us to facilitate us in resolving all complaints and disputes.

11.Applicable Law and Jurisdiction

Except as expressly provided in Section 10 above, this Agreement shall be governed by, and will be construed under, the laws of the state listed for the borrower above without regard to choice of law principles

12.No Warranties; Limitation of Liability

EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU REGARDING THE EFFECT THAT THE AGREEMENT MAY HAVE UPON YOUR FOREIGN, FEDERAL, STATE OR LOCAL TAX LIABILITY. You agree that if any lawsuit or court proceeding is permitted under this Agreement, the aggregate liability of us, our subsidiaries, partners, and affiliates, and Palmpay, Inc., its subsidiaries, partners, and affiliates, to you for all claims arising out of or related to this Agreement or your use or inability to use your Palmpay account will not (other than as may be required by applicable law in cases involving personal injury) exceed the greater of: (a) the amount of any affected order(s) giving rise to such damages, or (b) the amount of five hundred U.S. dollars (₦5,000.00). These limitations will apply even if the above stated remedy fails of its essential purpose.

13.Express Written Consent to Receive Short Message Service (“SMS”) Communications & Email Communications and Marketing

(a)Notwithstanding any current or prior election to opt in or opt out of receiving telemarketing calls or SMS messages (including text messages) from us, our agents, representatives, affiliates, or anyone calling on our behalf, you expressly consent to be contacted by us, our agents, representatives, affiliates, or anyone calling on our behalf for any and all purposes arising out of or relating to this Agreement, at any telephone number, or physical or electronic address you provide or at which you may be reached. You agree we may contact you in any way, including SMS and text messages, calls using prerecorded messages or artificial voice, and calls and messages delivered using auto telephone dialing system or an automatic texting system. Automated messages may be played when the telephone is answered, whether by you or someone else. In the event that an agent or representative calls, he or she may also leave a message on your answering machine, voice mail, or send one via text. You also expressly consent to the receipt of electronic communications in connection from the merchant, Palmpay or any third party, that is engaged by Palmpay to collect any amount owed under this Agreement.

(b)You consent to receive SMS and text messages, calls and messages (including prerecorded and artificial voice and autodialed) from us, our agents, representatives, affiliates or anyone calling on our behalf at the specific number(s) you have provided to us, or numbers we can reasonably associate with your account (through skip trace, caller ID capture or other means), with information or questions about your application, this Agreement and/or your account. You certify, warrant and represent that the telephone numbers that you have provided to us are your contact numbers. You represent that you are permitted to receive calls at each of the telephone numbers you have provided to us. You agree to promptly alert us whenever you stop using a particular telephone number.

(c)By signing this Agreement, you are providing express written consent to receive SMS and text messages to each telephone number provided by you to us regarding this Agreement and your Palmpay account You agree that you are responsible for any message, data rates or fees that your telephone service provider charges in relation to SMS messages sent and received by you. If you have any questions regarding those rates, please contact your wireless carrier.

(d)If you wish to withdraw your consent to have communications provided via SMS, you may opt-out of receiving SMS from us at any time by emailing us at Upon receipt of your message, we will process the request and it will be effective only after we have a reasonable period of time to process your request. If you fail to provide or if you withdraw your consent to receive SMS communications as set forth in this section, Palmpay reserves the right to restrict, deactivate or close your Account and you agree that you may be prevented from using certain features of your Palmpay account.

(e)You agree that we may send you marketing communications to the email address you have provided including but not limited to targeted offers, introduction of new features, or other special announcements. You may opt out of these marketing communications at any time by using the “unsubscribe” link within a marketing email.


This Agreement is effective until all amounts due under the Agreement are paid in full or otherwise cancelled or refunded. If any provision of this Agreement (or any portion thereof) is determined to be invalid or unenforceable, the remaining provisions of this Agreement shall not be affected thereby and shall be binding upon the parties and shall be enforceable, as though said invalid or unenforceable provision (or portion thereof) were not contained in this Agreement. This Agreement, including all documents incorporated by reference, constitutes and contains the entire agreement between you and us with respect to the subject matter hereof and supersede any prior or contemporaneous oral or written agreements.

15.Electronic Transactions


16.State Specific Disclosures

For Nigeria customers:

This agreement is made pursuant to a Finance Lenders Law license. FOR INFORMATION CONTACT THE DEPARTMENT OF FINANCIAL PROTECTION AND INNOVATION. As required by law, Borrower is hereby notified that a negative credit report reflecting on Borrower’s credit record may be submitted to a credit reporting agency if Borrower fails to fulfill the terms of Borrower’s credit obligations. A married applicant may apply for a separate account. If Originator takes any adverse action as defined by § Civil Code and the adverse action is based, in whole or in part, on any information contained in a consumer credit report, Borrower has the right to obtain within 60 days a free copy of Borrower’s consumer credit report from the consumer reporting agency who furnished the consumer credit report and from any other consumer credit reporting agency that complies and maintains files on consumers on a nationwide basis. Please note that for consumers, other than a down payment, the first payment due hereunder will not be due for a minimum of 15 days after your purchase.

For Georgia customers:


  1. Do not sign this agreement if it contains any blank spaces.
  2. You are entitled to an exact copy of all papers you signed.
  3. You have the right at any time to pay in advance the full amount due under this agreement and under certain conditions to obtain a partial refund of the interest charges.
  4. If credit life insurance is required, you have the right to purchase either level term life insurance or reducing term life insurance coverage.
  5. You are not required to purchase noncredit insurance as a condition of obtaining this loan.

(d) The creditor shall furnish the consumer with an exact copy of the loan contract including any loan voucher, itemized statement of loan charges, and disclosure statement after the agreement has been signed. Please print this agreement if you would like an exact copy. 

(e) With respect to every installment loan transaction, the creditor shall, at the time of the transaction, furnish to the consumer a written statement of the maximum number of payments required, the amount of such payments, and the exact due dates upon which each payment is due. The maximum number of payments and the amount and date of such payments need not be separately listed if the payments are stated in terms of a series of scheduled amounts.

No late fees shall apply. 

every licensee who is the holder of any small loan note shall deliver to the borrower, at the time any small loan is made, a statement of the law regarding interest rate and term limitations, in plain English, showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and of the licensee, and the agreed rate of interest. You should refer to the relevant sections of this Agreement and your Final Payment schedule for this information. 


Last updated November 2022