Wave Transfer (SL) Limited is a company incorporated in Sierra Leone under company number SL280917WAVET02146 and having its registered office at 62 Campbell Street, Freetown, Sierra Leone (“Wave”), is licenced by the Bank of Sierra Leone, under The Financial and Other Services Act 2001, the National Payment Systems Act 2022 and the Credit Reference Act 2011, to operate financial technology services in Sierra Leone.

These General Terms and Conditions of Use contain the complete terms and conditions pursuant to which Wave offers its services to users of Wave’s secure and convenient electronic money platform.

1. Definitions

1.1. In these General Terms and Conditions of Use, the following definitions will apply:

“Agreement” shall mean the agreement between Wave and the User, as set out in these Terms and Conditions;

“Application” shall mean either of Wave’s software application designed for use on smartphones; USSD application designed for use on feature phones; or Wave’s QR Card solution for use at Wave agent locations, that each enable Users to access their Wave Accounts and perform Transactions;

“Beneficiary” shall mean the person designated by the User to receive electronic money transferred from the User’s Wave Account;

“Contact Wave” shall mean contact to Wave by email, telephone or registered courier, as provided at clause 12;

“Parties” shall mean Wave and the User;

“PIN Code” shall mean the secret four digit numerical code chosen by the User and required to authorise access to the User’s Wave Account and to authorise Transactions;

“QR Card” shall mean the card issued by Wave, bearing a machine-readable code that can be read by a smartphone camera to access online information, enabling Users without a smartphone to access their Wave Account at a Wave agent location, or make payments to merchants with smartphones;

"SMS" shall mean the short message service consisting of a text message;

“Terms and Conditions” shall mean these General Terms and Conditions of Use;

"Transaction" shall mean any deposit or withdrawal of cash in exchange for the equivalent amount of electronic money; or any electronic money transfer or payment, made using the Wave system;

“Services” shall mean the services offered to Users that enable them to complete Transactions on the Wave platform, using their Wave Account, and to view Transaction records;

“User” "you" or "your" shall mean Wave Account holders and users of the Services;

"Wave" "us" and "our" shall mean Wave Transfer (SL) Limited, as fully identified above; and

"Wave Account" shall mean the account allocated to the User and linked to their telephone number, for the purpose of completing Transactions on the Wave platform.

1.2. In these Terms and Conditions use of the singular may include the plural and vice versa, as the context requires.

2. Introduction

2.1. Wave provides the technical platform and supporting agent network for the distribution of electronic money (representing an entitlement to the equivalent amount of cash held by a bank in a trust account), enabling Users to complete electronic money Transactions from their Wave Account.

2.2. These Terms and Conditions define the terms and conditions pursuant to which Wave will provide the Services to you.

2.3. These Terms and Conditions affect your rights and it is your responsibility to read them carefully.

2.4. By clicking “accept” you agree to accept and be bound by these Terms and Conditions. You acknowledge and agree that Wave’s digital record of your acceptance shall be considered as an original signature for all purposes and shall have the same force and effect as a handwritten (wet ink) signature.

2.5. Wave shall agree to provide the Services to you pursuant to these Terms and Conditions by activation of your Wave Account upon successful completion of Wave’s “Know Your Customer” legal and commercial due diligence procedures in place.

3. Registration and KYC

3.1. To create a new Wave Account you must download the Application and complete the registration process on your smartphone; or complete the registration process at a Wave agent location.

3.2. You acknowledge and agree that your Wave Account shall be for your own use only, and not on behalf of any other person or entity.

3.3. Activation of your Wave Account shall be subject to you providing to Wave your identification information and, where applicable, identification documents required by Wave in accordance with applicable laws. You hereby confirm that all information and documents provided are complete and accurate and you acknowledge that Wave relies in good faith on the information and documents you provide. Each time you access the Services, you acknowledge that you have confirmed the accuracy and completeness of all information provided by you to Wave.

3.4. Wave reserves the right to request verification of your registration information and documents through background checks and/or credit checks, and you hereby authorize Wave to perform such checks.

4. Account security and unauthorized access

4.1. Your Wave Account shall be used exclusively by you. As part of the registration process you shall be required to create a secret PIN Code, which shall be required to access your Wave Account and to authorize all Transaction requests.

4.2. You agree to keep your PIN Code confidential and not communicate your PIN Code to any third party, record it in writing, or use it within sight of any third party.

4.3. Authorization of a Transaction using your PIN Code shall constitute conclusive evidence of your authorization of the Transaction and shall irrevocably exclude Wave from any liability in respect of the Transaction.

4.4. You agree to Contact Wave immediately if you become aware or suspect that your mobile phone or QR Card has been lost, stolen or otherwise compromised, or your PIN Code has been disclosed, in order that we may block your Wave Account. You shall be responsible for all Transactions that may occur on your Wave Account following disclosure of your PIN Code and prior to blocking of your Wave Account.

4.5. Following blocking of your Wave Account, and after it has been secured, you may Contact Wave to unblock the account, subject to correctly passing the User verification process, which shall include questions on your identity and Transaction history.

5. The Services

5.1. Your Wave Account shall be accessible via the Application, and shall give you access to the Wave platform to perform electronic money Transactions.

5.2. For the avoidance of any doubt the Wave Account is not a bank account and electronic money held in your Wave Account shall not accrue any interest payments.

5.3. In delivering the Services Wave shall comply with all current and future regulations relating to Transaction monitoring and the fight against money laundering and terrorist financing, including verification of your identity pursuant to clause 3 above. We also reserve the right to request identification information and/or documents in respect of Beneficiaries, prior to completing a requested Transaction.

5.4. All Transactions shall be subject to the financial limits as set out in the Bank of Sierra Leone Guidelines for E-Money Issuers 2022 as may be reviewed by the Bank of Sierra Leone from time to time, and we may in our discretion and for legal compliance set lower limits in our operating guidelines. We shall notify you of any change to the Transaction limits as soon as possible before the change is implemented.

6. Fees

6.1. You agree and accept that Wave shall charge you Transaction fees, as published in the Application from time to time.

6.2. Wave reserves the right to change the fees, in its discretion, subject to prior notice to you. In the event that you do not accept any revised fees you shall cease all Transactions on your Wave Account and immediately Contact Wave to close your Wave Account.

7. Right to reject requested Transactions

7.1. Wave reserves the right to delay or reject a Transaction request or impose a limitation on the same, without notice, for any of the following reasons:

• if there are insufficient funds in your Wave Account to cover the value of the Transaction and any applicable fees;
• if the value of one or more of your Transaction requests exceeds applicable Transaction limits;
• if your request is incomplete or imprecise;
• if Wave is unable to confirm the identity of the Beneficiary;
• if Wave has any suspicion of fraud, irregular or illegal acts relating to the requested Transaction;
• if Wave is prevented for any reason from accessing funds in your Wave Account for the requested Transaction; or
• if for any other reason Wave in its sole discretion deems it appropriate or necessary.

7.2. If your mobile money transfer request is not completed for any reason, Wave will notify you of this. Wave retains the right to charge fees in respect of Transaction requests that are not completed for reasons set out at clause 7.1 above.

8. Transaction errors and cancellation

8.1. Incorrect Beneficiary information:You acknowledge and agree that you shall be responsible to ensure that any Beneficiary information you enter into the Application is accurate and complete. You acknowledge and agree that that you shall be wholly responsible in respect of any error(s) in the information provided (e.g. incorrect Beneficiary telephone numbers) and that Wave shall bear no responsibility for the execution of a Transaction request based on inaccurate or incomplete information provided by you.

8.2. Reversals:If you have made a transfer in error, you may, if you identify the error immediately, initiate a reversal attempt within the Application, where reversal functionality is available. Alternatively, you may Contact Wave to request a reversal. Wave reserves the right, in its sole discretion, to reverse a Transaction if reasonable grounds such as manifest error or fraud are shown, and provided that the recipient has not redeemed the funds. Wave shall not be liable for any loss resulting from Wave's inability to cancel or refund a mobile money transfer.

8.3. Receipt of funds in error:If you receive electronic money that is not intended for you, in error, you acknowledge that Wave may reverse the payment, and return funds to the sender.

8.4. Error resolution:If you believe there is an error in your Transactions, or for some unforeseen reason your designated Beneficiary has not been paid, you may Contact Wave within 7 days of the Transaction request and provide us with your name, contact details, Beneficiary name, date of Transaction request, as well as the reasons why you believe there was an error. Wave will, within 15 days of the request, determine whether or not an error occurred. If Wave was at fault, you will be entitled to a full refund of the Transaction amount and/or the fee, as applicable. If there was no fault by Wave, you will receive a response from Wave, including the information Wave reviewed to make its decision.

8.5. Transfer to a non-user:If you transfer funds to a recipient who does not have a Wave Account, Wave will send the recipient an SMS containing a one-time voucher code to enable them to cash the value sent to them at a Wave agent location. If the recipient does not cash their voucher within 15 days, Wave shall proceed with the cancellation of the transfer and funds will be returned to you.

9. Electronic records

9.1. A record of your Transactions shall be made available to you via the Application.

9.2. Wave shall ensure that all Transaction records are securely stored for a period of seven (7) years.

9.3. You acknowledge and agree that Wave’s electronic/digital information, documents and records shall constitute evidence of Transactions, and shall be admissible in any legal, administrative or other proceedings, as conclusive evidence of such information, documents and records, in the same manner as original paper documents. You waive any right to object to the introduction of electronic/digital information, documents and records into evidence.

10. Wave Account closure

10.1. You may Contact Wave to close your Wave Account.

10.2. We may close your Wave Account, restrict activity or suspend access to your Wave Account for any of the following reasons:

• if there are no Transactions on your Wave Account for a period of more than six (6) consecutive months causing it to be deemed dormant or inactive;
• if you are no longer the owner of the telephone number registered to your account;
• if we suspect that your Wave Account is being used fraudulently or for illegal activity;
• if required by a regulator; or
• if you are in breach of these Terms and Conditions.

10.3. Upon closure of your Wave Account you may Contact Wave for the withdrawal of any remaining funds in your Wave Account; and the Agreement shall be terminated subject to all provisions of these Terms and Conditions that expressly or by implication are intended to come into or continue in force on or after termination, which shall remain in full force and effect.

11. Confidentiality and data privacy

11.1. Wave commits to holding your confidential information in the strictest confidence and not to use or disclose it to any person, firm or corporation, without prior authorisation from you, unless disclosure is required for fraud prevention, tax and accounting purposes, compliance with an order or request by a court or other governmental body, or as otherwise required by applicable law or regulation.

11.2. Wave shall process your personal information in accordance with Wave’s Privacy Notice available within the Application. By accepting these Terms and Conditions you confirm that you have read and agree that Wave may process your personal information in accordance with Wave’s Privacy Notice and applicable laws from time to time.

12. Contact, claims and complaints

12.1. For all queries, complaints, Transaction disputes or reversal requests, you may contact Wave by email to contact@wave.com, by contacting Wave’s toll-free helpline, or by registered courier to our registered office address stated in the first paragraph of these Terms and Conditions.

12.2. You shall be required to notify Wave of any disputed Transactions, claims or complaints within seven (7) days of the relevant Transaction, claim or complaint arising, failing which you acknowledge and agree that your claim may be compromised.

13. Availability of the Services

13.1. We will do our utmost to ensure that the Services are available 24 hours a day, 7 days a week, 365 days a year, uninterrupted, and that transmissions will be error-free. However, due to the nature of the internet, this cannot be guaranteed. Your access to the Services may from time to time be suspended or restricted to allow for repairs, maintenance, or the introduction of new facilities. We will attempt to limit the frequency and duration of any such suspension or restriction.

14. Limitation of Liability

14.1. THE APPLICATION IS PROVIDED TO YOU ON AN “AS IS” AND “AS AVAILABLE” BASIS. WAVE MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE APPLICATION, THE SERVICES, OR RELATED INFORMATION, INCLUDING WITH RESPECT TO THEIR FUNCTIONALITY, ACCURACY, RELEVANCE, OR COMPLETENESS.

14.2. Wave shall make all commercially reasonable efforts to execute Transactions in accordance with your instructions. In the event that a Transaction error or delay is caused by fault of Wave, Wave’s sole obligation to you shall be to correct the error or refund the Transaction amount and/or fee, as applicable. You agree that the foregoing constitutes your exclusive remedy under or in connection with the Application or the Services.

14.3. You agree that Wave shall not be liable for any loss, damage or expenses resulting from: any fault or omission by you, including payment to the wrong recipient due to entry of incorrect details; rejected, delayed or failed Transaction requests; unavailability of the Services; or circumstances beyond Wave's control, whether caused by strikes, power outages, equipment malfunction, acts or omissions of an intermediary bank, war, riots, government or judicial orders, work stoppages or similar events or circumstances; any actions not caused by our breach of these Terms and Conditions.

14.4. IN NO EVENT SHALL WAVE BE LIABLE FOR PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL LOSS, DAMAGE OR EXPENSES ARISING OUT OF OR IN CONNECTION WITH THE APPLICATION OR THE SERVICES EVEN IF WAVE OR ITS REPRESENTATIVES ARE ADVISED OF SUCH LOSS, DAMAGE, OR EXPENSES.

14.5. You acknowledge that Wave is a limited liability entity and you agree not to bring any claim personally against officers or staff of Wave in respect of any losses suffered in connection with this Agreement (this will not limit or exclude the liability of the limited liability entity itself for the acts and omissions of its officers and staff).

14.6. Notwithstanding this clause 14, nothing in these Terms and Conditions limits or excludes Wave’s responsibility for liabilities that may not be excluded under applicable law.

15. Indemnification

15.1. In consideration of Wave's agreement to provide you with the Services, you agree to indemnify and hold Wave harmless against all claims, lawsuits, judgments, executions, liabilities, losses, damages, costs and expenses, including reasonable attorneys’ fees, related to or arising out of your: misuse of the Application; breach of these Terms and Conditions; or any Transactions completed on your request.

15.2. Without limiting the generality of the foregoing obligation, you agree to indemnify Wave for all losses caused by any incomplete or inaccurate information that you provide to Wave and for all losses due to your failure to maintain the secrecy and confidentiality of all your identifiers, passwords and codes and due to unauthorized use of your identity document and/or password.

16. Miscellaneous

16.1. Third party rights: The Agreement between you and Wave is for the benefit of you and Wave only and is not intended to benefit or be enforceable by any third party. The exercise of your rights and our rights under the Agreement is not subject to the consent of any third party.

16.2. Entire agreement: These Terms and Conditions shall constitute the entire agreement Wave and the User relating to the Services, and shall supersede all previous agreements between Wave and the User.

16.3. Variation: Wave reserves the right to revise these Terms and Conditions on thirty (30) days’ notice to you, as required by law. You shall be requested to accept the new terms and conditions, and a nil response within the notice period shall be deemed acceptance. If you expressly reject the new terms and conditions, you shall be deemed to have terminated the Agreement. No variation of this Agreement shall be valid unless it is by notice in writing.

16.4. Notice: You consent to receive communications and formal notices electronically, either by notification through the smartphone Application, or by SMS or email to the telephone number or email address on your Wave Account. All such communications will be deemed to be notices in writing, properly served and received by you. You may serve formal notices on Wave by registered courier to Wave’s registered office.

16.5. Severability: If a provision of these Terms and Conditions is determined by any court or other competent authority to be unlawful and/or unenforceable, the other provisions will continue in effect. If any unlawful and/or unenforceable provision of these Terms and Conditions would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect.

16.6. No waiver: No breach of any provision of these Terms and Conditions will be waived except with the express written consent of the Party not in breach. No waiver of any breach of any provision of these Terms and Conditions shall be construed as a further or continuing waiver of any other breach of that provision or any breach of any other provision of these Terms and Conditions.

16.7. Law and jurisdiction: The Agreement shall be governed by and construed in accordance with the laws of Sierra Leone. Any disputes relating to the Agreement shall be subject to the exclusive jurisdiction of the courts of Sierra Leone.

By clicking “accept” you acknowledge that you have read, understood and agree to these Terms and Conditions.