Terms and Conditions of Use

BCEAO

refers to the Central Bank of West African States (CBWAS).

Beneficiary

refers to the person you designate to receive funds in connection with a transfer or a tontine payout via neo pay.

Mobile SIM card

a microprocessor card issued by an authorized telephone operator that allows users to make standard phone calls, send text messages, and connect to the internet via mobile data. Also refers to the module that technically identifies and individualizes the Subscriber on all GSM networks and/or any other radio communications standard used by a Mobile Phone Operator, regardless of the approved terminal used to send and receive communications.

CENTIF

refers to the National Financial Information Processing Unit.

Loading or Reloading

refers to the operation carried out at the User's request, corresponding to a top-up of their neo pay Account via mobile money, bank transfer, or any other authorized channel, with the User paying a cash amount equal to the cash value of the electronic money units credited, plus any applicable Fees.

PIN Code

refers to a personal and secret four (4) digit code, unique and specific, chosen by the User during the activation process of their neo pay Account on their mobile phone.

Electronic Money Account (EMA)

refers to the electronic money account associated with a User and identified as such in the issuer's books. Within the neo pay application, this account is referred to as the “neo pay Account”.

Contract

refers to this document, including the preamble, its appendices, and any subsequent amendments.

Valid Official Document (VOD)

refers to a valid identity document with a photograph, issued by an authorized public authority and required for the customer identification and verification process. The list of acceptable documents is provided by the Issuer and must comply with the laws and regulations in force.

Issuance of electronic money

refers to the issuance of electronic units of value in exchange for funds received.

Electronic money institution (EMI)

refers to the bank(s) authorized to issue, manage, and distribute electronic money.

FCFA

refers to the African Financial Community Franc, the monetary unit of the West African Monetary Union (WAMU).

Fees

refers to any fees or charges payable by the User for the use of the neo pay Services and further defined in the Electronic Money Account opening agreement.

KYC

all documents and information required to identify and know the User (Know Your Customer), in accordance with the legal and regulatory requirements in force in the WAEMU and the Republic of Senegal.

Electronic money

refers to a monetary value representing a claim on the EMI that is stored in electronic form, including magnetic form; issued without delay against the deposit of funds in an amount not less than the monetary value issued; and accepted as a means of payment by natural or legal persons other than the issuing institution.

OHADA

refers to the Organization for the Harmonization of Business Law in Africa.

Connected Transactions

refers to transactions carried out directly through the neo pay application, i.e., tontine contributions, payments, and transfers between Users.

Non-Connected Transactions

refers to mobile money top-ups and bank top-ups carried out from external channels into the neo pay Account.

OTP

refers to One Time Password.

Real Photo

refers to any photo taken in real time by the User's camera within the application.

Tontine

refers to a rotating savings group in which Users make periodic contributions and, in turn, receive the total amount collected, in accordance with the rules defined by the group and accepted by each of its members.

User

refers to the natural person who, under a contract entered into with the EMI, holds electronic money on their neo pay Account. Also refers to any end user of the neo pay Services, who shall be considered the legitimate owner of the units of value appearing on the Electronic Money Account.

neo pay Services

refers to the services of loading and provisioning in exchange for fiat or scriptural currency, payment, money transfer, and tontine management related to electronic money, it being specified that neo pay Services are provided through the neo pay application for the end user. They include: the creation and management of tontine groups; the making of periodic contributions; the receipt of tontine payouts (rank-based payouts); transfers between Users and to third-party electronic money accounts; the loading of the neo pay Account through mobile money, bank transfers, or deposits to MIKATY SN SA partner bank accounts.

SMS

refers to a short message service consisting of a text message.

Transaction

refers to operations carried out through the neo pay Services.

Transfer

refers to the sending of a sum of money from your neo pay Account to the neo pay Account of another User, or to a mobile money account opened with a Senegalese electronic money institution. Transfers can only be made in CFA francs and to beneficiaries residing in Senegal. A transfer can be outgoing or incoming. Whether outgoing or incoming, the transfer is unique (“one-off / occasional transfer”) and is transmitted immediately. An immediate request cannot be canceled.

UEMOA

refers to the West African Economic and Monetary Union (WAEMU).

UMOA

refers to the West African Monetary Union (WAMU).

These Terms of Use apply to the neo pay mobile application and extend to all services accessed and used through it.

These Terms specify MIKATY SN SA's framework for Financial Security (AML/CFT/P), the pricing conditions and limits applicable to the neo pay Account in accordance with the instructions of the Regulator (BCEAO), and the various texts applicable to pricing and the setting of regulatory thresholds for means of payment, in particular those applicable to electronic money in the case of neo pay.

These general conditions of use (the “Terms”, “General Conditions”, or “Terms and Conditions”) also constitute the contractual terms between MIKATY SN SA and the User of the neo pay application.

The terms defined in the Contract intended for the User shall have the same meaning herein, unless expressly provided otherwise.

1. Functions and technical characteristics of the “neo pay Account”

The neo pay Account is an electronic money account issued in dematerialized form by the Issuer in partnership with MIKATY SN SA, which allows the User to deposit funds in exchange for the issuance of electronic money, to participate in rotating savings groups (tontines), to make periodic contributions, to receive tontine payouts, and to make and receive transfers within the neo pay application.

The neo pay application also allows the User to carry out instant debit operations with an Internet connection, from a mobile device running iOS or Android (the “Technical Connections”), enabling the User to query the available balance of the neo pay Account. “Connected Transactions” refers to operations carried out directly through the neo pay application, namely tontine contributions, payments, and transfers.

These operations are carried out within the limit of the credit balance of the neo pay Account.

In all the articles below, “you”, “your”, or “the user” refers to the User of the neo pay Account.

Pricing conditions will be published at the time of the commercial launch.

• Law No. 2008-12 of January 25, 2008 on the Protection of Personal Data;
• Instruction No. 003-03-2025 of March 18, 2025 on identification, identity verification, and customer knowledge by financial institutions;
• Law 2025-03 of February 19, 2025 on banking regulation in Senegal;
• Deliberation No. 2025-00892/CDP of the Personal Data Protection Commission authorizing the processing of personal data by MIKATY SN SA;
• These Terms and Conditions of Use.

These Terms and Conditions are applicable as of their publication.

For any request, information enquiry, or claim of exercisable rights, please contact the Compliance team at compliance@mikaty.com.

• Law No. 2008-12 of January 25, 2008 on the Protection of Personal Data;
• Instruction No. 003-03-2025 of March 18, 2025 on identification, identity verification, and customer knowledge by financial institutions.