PLEASE READ THESE TERMS OF SERVICE ("Agreement") CAREFULLY BEFORE REGISTERING AN ACCOUNT OR USING THE KOLECTPAY PLATFORM. BY REGISTERING AN ACCOUNT, CREATING A BUSINESS PROFILE, OR ACCESSING OUR APIS AND MOBILE APPLICATIONS, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THIS AGREEMENT.
1. REGULATORY STATUS & NON-CUSTODIAL PSP PARTNERSHIP
Non-Custodial Service & IT Consortium Partnership
KolectPay operates strictly as a financial technology software provider. We work in direct technical partnership with IT Consortium Ltd, a Bank of Ghana licensed and regulated Dedicated Electronic Money Issuer / Enhanced Payment Service Provider (PSP). KolectPay does not hold, store, or custody any merchant or customer funds. All payment collections, automated debits, wallet holdings, and settlement disbursements are securely held and processed by IT Consortium Ltd, fulfilling all Bank of Ghana (BoG) regulatory requirements.
This Agreement is governed by and construed in accordance with:
- The Payment Systems and Services Act, 2019 (Act 987) of Ghana.
- The Electronic Transactions Act, 2008 (Act 772).
- The Anti-Money Laundering Act, 2020 (Act 1044) & Financial Intelligence Centre (FIC) directives.
- The Data Protection Act, 2012 (Act 843).
2. ELIGIBILITY & IDENTITY VERIFICATION (KYC)
To register and maintain an active merchant account on KolectPay, you warrant and represent that:
- You are at least eighteen (18) years of age with full legal capacity to enter into binding contracts in Ghana.
- You are a duly registered business entity or sole proprietorship operating lawfully within the Republic of Ghana.
- You have provided a valid Ghana Card verified in real time against National Identification Authority (NIA) records.
- You maintain, and shall maintain throughout the duration of this Agreement, an active, verified Ghanaian Settlement Account (Commercial Bank Account).
3. CUSTOMER CONSENT & MANDATE RESPONSIBILITY
The User (Merchant) bears sole and exclusive responsibility for ensuring that all payment collections represent legitimate, authorized commercial debts:
- Mandate Consent: Before initiating any recurring auto-debit, the customer must authorize the mandate via secure Mobile Money USSD prompt, OTP authorization, or a signed direct debit agreement.
- Zero Unauthorized Debits: Submitting fictitious, deceptive, or unauthorized debit attempts constitutes a material breach resulting in immediate account termination, forfeiture of balances, and reporting to the Bank of Ghana and law enforcement authorities.
- Dispute Resolution: The merchant remains primarily responsible for handling customer refunds, dispute inquiries, and billing adjustments.
4. FEES, COMMISSIONS & CHARGES
All fees are clearly itemized, automatically deducted from collection proceeds, and displayed on digital payment receipts and statements:
- Transaction Collection Fee: 3.0% — deducted per successfully processed auto-debit collection.
- Withdrawal & Payout Fee: 3.0% — applied per settlement disbursement to your bank.
The Platform Administrator reserves the right to adjust commission structures with at least thirty (30) calendar days' written notice to Users in accordance with Bank of Ghana directives.
5. WALLET, SETTLEMENT & T+1 DISBURSEMENT POLICY
KolectPay and its PSP partner operate on a strict T+1 Settlement Policy:
- T+1 Schedule: Net funds collected from successful customer debits on day T are reconciled and automatically disbursed to your verified Ghanaian bank account on the next business day (T+1).
- Automated Disbursements: Once your settlement payout account is verified, disbursements occur automatically without manual withdrawal delays.
- Compliance Holds: KolectPay and IT Consortium reserve the right to place a temporary hold on payouts in instances of suspected fraud, excessive chargebacks, disputed mandates, or regulatory compliance reviews under Act 1044.
6. SUBSCRIPTION PLANS & SMS CREDITS
Access to advanced platform tiers (Starter, Pro, Platinum) is billed monthly. SMS credits purchased for debtor payment reminder campaigns are non-refundable and valid for twelve (12) months from purchase date.
7. ACCOUNT DEACTIVATION & AUDIT RETENTION
When a merchant deactivates or deletes their account:
- Active automated debit schedules are immediately paused and login credentials revoked.
- In accordance with Bank of Ghana and FIC regulations, immutable financial transaction records, KYC documentation, and audit logs are retained for a minimum statutory period of seven (7) years for tax, legal, and regulatory compliance.
- Super Administrators retain access to historical ledgers solely for official audits and dispute investigations.
8. LIMITATION OF LIABILITY
To the fullest extent permitted by Ghanaian law, KolectPay shall not be liable for losses resulting from customer insufficient funds, mobile network operator downtime, or telecommunication outages. Aggregate liability shall not exceed the total platform fees collected from the User's account in the thirty (30) days preceding the claim.
9. GOVERNING LAW & DISPUTE RESOLUTION
This Agreement is governed by the laws of the Republic of Ghana. Any disputes shall first be submitted in writing to legal@kolectpay.com. Unresolved disputes shall be referred to and finally resolved by binding arbitration in Accra under the Alternative Dispute Resolution Act, 2010 (Act 798).
These Terms of Service were last reviewed and updated in August 2026.