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Terms of Use

MYPURSEPAY EXPANDED TERMS OF USE (2025 Edition)

1. Parties & Scope

These Terms of Use ("Terms") govern your access to and use of the mypursepay platform, applications, and associated products ("mypursepay", "we", "us", or "our"). mypursepay is the trading name of Mypurse LTD, a technology company registered in Nigeria (Company Registration No: 7805208).

We provide technology infrastructure for commerce, payments, and finance, including but not limited to digital storefronts, payment tools, payroll management, data analytics, and personal finance solutions. mypursepay is not a bank, payment institution, or financial custodian. Custody and settlement of wallet funds are provided by Sterling Bank Plc through the Embedly Platform, which operates under applicable regulatory licenses.

These Terms govern your relationship with mypursepay. They do not replace or supersede the terms of Sterling Bank Plc or Embedly governing wallet operations, settlements, or financial custody.

2. Definitions

Key definitions include:

  • Embedly / Sterling Wallet — The regulated account provided to users by Sterling Bank via the Embedly platform.
  • True Balance — The actual balance held and maintained by Sterling Bank/Embedly for a user's wallet.
  • Spending Balance — Logical allocation of funds that users designate as available for immediate use within Mypursepay.
  • Holding Balance — Logical allocation of funds that users choose to restrict, automate, or schedule for release.
  • Commerce Tools — Mypursepay's storefront, sales, logistics, and affiliate management systems.
  • FinOps Tools — Features supporting payroll management, workforce payouts, and operational finance.
  • Finance & Data — Tools providing transaction analytics, insights, and reporting for businesses and individuals.
  • Personal Finance Tools — Budgeting, AI-driven insights, bill-splitting, and expense management utilities for users.
  • User / You — Any individual, business, or institution using Mypursepay.

3. Acceptance & Relationship to Third Parties

By using Mypursepay, you agree to these Terms, the Embedly Terms of Use, and any relevant Sterling Bank policies. Where additional terms apply (e.g., for third-party integrations, APIs, or merchant tools), you must review and accept them before activation. In any issue relating to fund custody, Sterling Bank and Embedly serve as the authoritative source of record.

4. Services Provided by Mypursepay

Mypursepay provides digital infrastructure enabling:

  • Payments & Wallet Interface: Logical wallet management, transfers, bill payments, scheduled payouts, and balance visualization (powered by Embedly).
  • Sales & Ecommerce: Creation of multi-tenant storefronts, digital marketplaces, affiliate programs, and managed logistics for merchants.
  • Payroll & FinOps: Tools for workforce payments, payroll scheduling, vendor payouts, and operational expense management.
  • Finance & Data: Reporting dashboards, analytics, data aggregation, and AI-driven insights to assist with financial decision-making.
  • Personal Finance Tools: Expense tracking, budgeting, smart categorization, and AI-based shopping recommendations.
  • APIs and Integrations: Mypursepay may expose APIs or SDKs for third-party developers to embed commerce and finance capabilities into their own systems.

Mypursepay continuously evolves; new modules or features may be introduced, and major changes will be communicated in advance.

5. Custody & Non-Custodial Nature

Users retain ownership of funds at all times. Custody, settlement, and compliance of wallet funds are handled by Sterling Bank Plc via Embedly. Mypursepay does not:

  • Accept or store deposits in its own corporate accounts.
  • Pool or invest customer funds.
  • Operate as a lender, payment processor, or custodian.

Wallet-related interfaces in Mypursepay merely mirror and manage balances recorded on the Sterling/Embedly ledger. Disputes regarding balances or transactions will be resolved according to the Sterling/Embedly ledger, which is the sole source of financial truth.

24. Contact & Notices

For legal or compliance queries, contact:

Mypurse LTD — Compliance Office
Email: compliance@mypursepay.com.ng

For custody or wallet inquiries: hello@embedly.ng