Qaspay Terms & Condition

Effective Date: 1 January 2026 | Governing Law: Federal Republic of Nigeria

These Terms & Conditions (“Terms”) govern your use of all products and services provided by QAS Trust Ltd (CAC RC-7698869) and its cooperative operations under QAS Trust Cooperative Multipurpose Society (Lagos State Cooperative Registration LSCS 19843), collectively referred to as “QAS Trust”, “we”, “us”, or “our”.

By registering for any QAS Trust service, using the QASPay app, or otherwise engaging with QAS Trust, you (“Member”, “User”, or “Customer”) agree to these Terms. If you do not agree, please do not use our services.

Important Notice: QAS Trust is not a bank and is not licensed by the Central Bank of Nigeria (CBN). Our savings and cooperative operations are governed by the Lagos State Cooperative framework and applicable Nigerian law. SaveRite contributions are cooperative contributions and are not NDIC-insured.

1. Definitions

  • “QASPay” — The QAS Trust mobile application for managing SaveRite plans, bill payments, and transactions.
  • “SaveRite” — The cooperative savings product offered by QAS Trust, including Lock Up, My Target, Flexible, and Traditional Ajo plans.
  • “ROS” — Return on Savings, the earnings credited on SaveRite plans at maturity.
  • “Operational Wallet” — The digital wallet within QASPay used for funding plans and making payments.
  • “KYC” — Know Your Customer identity verification.
  • “WHT” — Withholding Tax, currently 10% on savings income, deducted as required by Nigerian law.
  • “Private Capital Placement” — Privately negotiated capital arrangements between QAS Trust and qualified participants.

2. Eligibility

  • You must be at least 18 years of age to use QAS Trust services.
  • You must be a Nigerian national or resident, or a Nigerian in the diaspora.
  • You must provide accurate, complete, and current information during registration and KYC.
  • Corporate participants must be properly registered entities in Nigeria.

3. KYC Verification

QAS Trust applies tiered KYC verification on QASPay:

  • Tier 1: Phone number and email verification — grants dashboard access and card-only wallet funding up to a set limit.
  • Tier 2: BVN and NIN verification — unlocks bill payments and higher funding limits. Typically completed in under 5 minutes.
  • Tier 3: Liveness check — enables external bank withdrawals. No funding cap at Tier 3.

Providing false identity information is a serious offense and may result in account suspension, fund withholding, and reporting to relevant authorities.

4. QASPay — Wallet and Payments

4.1 Funding

Your Operational Wallet may be funded via card (Verve, Mastercard, Visa — powered by Flutterwave) or bank transfer to your dedicated virtual account number. Card and virtual account transfers reflect instantly. Funding limits are tier-dependent.

4.2 Bill Payments

QASPay facilitates bill payments including electricity, airtime, data, cable TV, betting, and education. QAS Trust acts as an intermediary platform — we are not the biller and cannot guarantee biller availability or uptime. Failed transactions will be reversed to your wallet within 24 hours; contact support if reversal is delayed.

4.3 Withdrawals

External bank withdrawals require Tier 3 KYC. Processing times are typically within 24 hours on business days. QAS Trust reserves the right to request additional verification before processing large withdrawals.

4.4 QASPoints and Cashback

QASPoints are earned for successful referrals (referred friend must complete registration). Cashback is earned on eligible bill payments as specified by QAS Trust. Both QASPoints and cashback can only be used to offset future bill payments on QASPay and cannot be withdrawn as cash, transferred, or exchanged. QAS Trust reserves the right to modify, suspend, or terminate the rewards program with reasonable notice.

5. SaveRite — Savings Plans

5.1 General

  • SaveRite plans are cooperative savings contributions, not bank deposits.
  • The minimum contribution for all plans is ₦1,000.
  • QAS Trust does not deduct any amount from your first contribution.
  • A 10% Withholding Tax (WHT) applies on ROS (profit) as required by Nigerian law and is deducted before payout.
  • SaveRite funds are not insured by the Nigeria Deposit Insurance Corporation (NDIC).

5.2 Plan-Specific Terms

Lock Up

  • One-time lump sum deposit; additional contributions open a new Lock Up plan.
  • Tenor: 30–730 days, set at plan creation.
  • ROS: Up to 25% p.a., prorated by tenor.
  • Early exit: 50% forfeiture of Gross ROS (before WHT).
  • Available digitally and offline.

My Target

  • Recurring contributions (Daily, Weekly, or Monthly) toward a user-defined goal.
  • ROS: Up to 15% p.a.
  • Early exit: 50% forfeiture of Gross ROS.
  • Digital only.

Flexible

  • Deposit anytime, any amount, no fixed tenor.
  • Internal withdrawals are available at any time.
  • ROS: Up to 13% p.a.
  • No early exit penalty.
  • Digital only.

Traditional Ajo

  • Offline daily or weekly contributions collected by a field agent.
  • ROS: Up to 12% p.a.
  • Early exit terms governed by offline agent agreement.
  • Offline only.

5.3 ROS Disclaimer

Indicative ROS rates are not guaranteed and are subject to cooperative performance. Actual returns may vary. ROS is calculated as: Amount × (Plan Rate ÷ 100) × (Duration in Days ÷ 365), minus 10% WHT on the profit portion.

6. Private Capital Placement

  • Private Capital Placement is not a public investment product and does not constitute a public investment offer or solicitation.
  • All arrangements are private and individually negotiated, formalized in a Capital Placement Agreement.
  • QAS Trust does not offer guaranteed returns, guaranteed profits, risk-free investment, assured income, or guaranteed capital growth.
  • Participants are strongly advised to seek independent financial and legal advice before entering any arrangement.
  • Terms, tenor, and exit structures are agreed individually for each arrangement.

7. QAS Travels

  • QAS Travels provides advisory, documentation support, and facilitation services for study abroad, visit visas, conference travel, and tours.
  • Visa and admission outcomes are determined solely by the relevant embassy or institution — QAS Travels cannot guarantee approval.
  • Financing through partner Passage is subject to Passage’s own eligibility criteria. QAS Travels facilitates the introduction but does not make lending decisions.
  • QAS Travels advisory fees are separate from embassy, institution, airline, or lender fees.
  • Please refer to our Refund Policy for what is and is not refundable in the context of QAS Travels services.

8. QAS Foundation

  • QAS Community Empowerment & Development Foundation (IT-9223913) is a separate registered entity.
  • Donations are voluntary contributions and do not entitle donors to any financial return.
  • Donation receipts are issued for all verified donations.
  • QAS Foundation reserves the right to allocate funds across programs as needed to maximize community impact.

9. Fees and Charges

QAS Trust may charge service fees for transactions and services. All applicable fees are disclosed before you confirm any transaction or service. There are no hidden charges. We reserve the right to introduce or modify fees with reasonable notice.

10. Prohibited Conduct

You must not:

  • Provide false or misleading information during registration or KYC
  • Use QASPay for money laundering, terrorist financing, or any illegal activity
  • Attempt to circumvent security or KYC controls
  • Use our services in a manner that violates applicable Nigerian law
  • Engage in unauthorized access to our systems

Violation may result in immediate account suspension, fund withholding pending investigation, and reporting to law enforcement authorities.

11. Limitation of Liability

To the maximum extent permitted by Nigerian law, QAS Trust’s liability for any claim arising from your use of our services is limited to the value of the specific transaction directly involved. QAS Trust is not liable for indirect, consequential, or incidental loss.

12. Dispute Resolution

In the event of a dispute, please contact us first via Contact@qastrust.com with full details. We aim to resolve complaints within 5–10 business days. Unresolved disputes are subject to Nigerian law and the jurisdiction of Lagos State courts.

13. Amendments

QAS Trust reserves the right to update these Terms at any time. Material changes will be communicated via email or in-app notification with at least 7 days’ notice before taking effect. Continued use after the effective date constitutes acceptance.

14. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria, with disputes subject to the jurisdiction of Nigerian courts, with preference for Lagos State courts.

15. Contact

QAS Trust Ltd
Email: Contact@qastrust.com
Phone: +234 903 513 3628
Address: Ogba, Lagos, Nigeria