Terms & Conditions

01

Agreement to These Terms

These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("you", "your", or "the Account Holder") and Olympus Pay Proprietary Limited ("Olympus Pay", "we", "us", or "our"), Registration No. BW00009700756, governing your use of the Olympus Pay digital banking platform, mobile application, and all associated financial services (collectively, the "Services"). By creating an Olympus Pay account, accessing our app, or using any of our Services, you confirm that you have read, understood, and agree to be bound by these Terms. If you do not agree, you must not use our Services. These Terms should be read alongside our Privacy Policy, Acceptable Use Policy, and any product-specific terms that apply to specific services you use.

02

About Olympus Pay

Olympus Pay is a digital banking platform operated by Olympus Pay Proprietary Limited, a company incorporated under the laws of Botswana (Registration No. BW00009700756). Olympus Pay is an admitted member of the Bank of Botswana Regulatory Sandbox and provides its digital banking services under sandbox conditions approved and supervised by the Bank of Botswana. As a sandbox participant, we are subject to the oversight of the Bank of Botswana and are required to comply with applicable Botswana financial, AML/CFT, and data protection legislation. Olympus Pay is a financial technology company. Financial, banking-type or identity services are provided through regulated Olympus entities and, where applicable, through authorised and licensed partners in accordance with applicable laws, depending on region. Sandbox conditions, including the limits set out in these Terms, are set by the Bank of Botswana and can change. Funds held in your Olympus Pay account are safeguarded as required by the Bank of Botswana Regulatory Sandbox conditions.

03

Eligibility

To open and hold an Olympus Pay account, you must meet the following eligibility requirements:

• You must be at least 18 years of age.
• You must be a resident of Botswana or a business entity incorporated, registered, or operating in Botswana.
• For Business Accounts: your business must be duly registered with the Companies and Intellectual Property Authority (CIPA) of Botswana or an equivalent authority in a jurisdiction we support.
• You must not be subject to any sanctions imposed by the Bank of Botswana, the United Nations, the Office of Foreign Assets Control (OFAC), or any other applicable sanctions authority.
• You must not be subject to a court order prohibiting you from operating a bank account.
• You must have the legal authority to enter into this agreement, if acting on behalf of a business, you confirm you have the authority to bind that business to these Terms.
• You must pass our identity verification (KYC) process to the satisfaction of Olympus Pay and in accordance with Botswana AML/CFT regulations.
• You must not have previously had an Olympus Pay account closed for fraud, misuse, or violation of these Terms.

04

Account Registration and KYC

To open an Olympus Pay account, you must complete our identity verification process, which includes:

05

Services Offered

Subject to eligibility and successful KYC verification, Olympus Pay offers the following services to qualifying customers:

• Business bank account with a unique Olympus Pay account number and sort code.
• Domestic payments and transfers within Botswana.
• International wire transfers and cross-border payments (where enabled and subject to applicable limits).
• Virtual and physical Olympus Pay debit cards for business expenditure.
• Prepaid services including airtime top-up, utility bill payments, and DSTV subscriptions.
• Real-time transaction monitoring and spending insights.
• Invoice creation and payment request tools.
• Multi-currency account capabilities (subject to availability).
• Team and sub-user management for business accounts.
• Access to travel and insurance services through integrated partners.

06

Account Security

You are responsible for maintaining the security of your Olympus Pay account. This includes:

• Keeping your login credentials (email address and password) strictly confidential and not sharing them with any third party.
• Enabling and maintaining multi-factor authentication (MFA) on your account. For transactions above defined thresholds, MFA is mandatory.
• Immediately notifying us at support@olympuspay.co if you suspect your account has been accessed without your authorisation, your device has been lost or stolen, or your login credentials have been compromised.
• Using only your own devices to access your account and logging out after each session when using a shared device.
• Not allowing any other person to use your account credentials, even a trusted employee or family member (they must apply for their own sub-user access through the Team Members feature).
• Keeping your registered email address and phone number up to date so we can reach you in the event of suspected fraud or suspicious activity.

07

Transactions and Payments

When you instruct us to make a payment or transfer:

08

Fees and Charges

Our current fee schedule is available in the Fees & Charges section of the app and at olympuspay.co/fees. By using our Services, you agree to pay all applicable fees. Key fees at a glance: SME/Business accounts carry a BWP 99 monthly maintenance fee. Domestic EFT transfers to Botswana bank accounts cost BWP 5 (standard) or BWP 12 (instant). Within-Olympus transfers are always free. Physical card issuance is BWP 120. Full details are in the Fees & Charges policy. During the Bank of Botswana Regulatory Sandbox period, a maximum single transaction limit of BWP 5,000 and maximum account balance of BWP 20,000 apply by regulatory directive. The Bank of Botswana may revise these limits, and we will notify you of any change. We will always display applicable fees before you confirm a transaction. We reserve the right to change our fees by providing you with at least 30 days' written notice via the app and email before new fees take effect. Continued use of our Services after the notice period constitutes your acceptance of the new fees.

09

Prohibited Activities

You must not use your Olympus Pay account for any of the following:

• Any activity that is unlawful under the laws of Botswana or any other applicable jurisdiction.
• Money laundering, terrorist financing, or any activity that violates the Financial Intelligence Act, 2022 of Botswana or international AML/CFT standards.
• Transactions involving countries, entities, or individuals subject to sanctions by the Bank of Botswana, United Nations, OFAC, or other applicable sanctions authorities.
• Gambling, online gaming with real money, or betting services (unless you hold a valid Botswana licence to operate such services).
• Purchasing, selling, or facilitating transactions in unlicensed financial instruments, unregistered securities, or prohibited assets.
• Processing payments on behalf of third parties without our prior written consent.
• Receiving or processing payments that are the proceeds of fraud, theft, or any other criminal activity.
• Using your account for personal transactions if you hold a Business Account (and vice versa).
• Attempting to reverse engineer, hack, or disrupt our platform, infrastructure, or security systems.
• Providing false, misleading, or incomplete information to Olympus Pay at any time.
• Operating a Ponzi scheme, pyramid scheme, or any other fraudulent investment arrangement through your account.

10

Account Suspension and Termination

11

Intellectual Property

All content, software, trademarks, logos, design elements, and technology associated with the Olympus Pay platform are the property of Olympus Pay Proprietary Limited or our licensors. These are protected by copyright, trademark, and other intellectual property laws. You are granted a limited, non-exclusive, non-transferable licence to use our app and services for your personal or business banking purposes. You may not copy, reproduce, modify, distribute, or create derivative works from any part of our platform without our express written consent.

12

Limitation of Liability

To the fullest extent permitted by Botswana law:

• We are not liable for any indirect, special, incidental, consequential, or punitive losses arising from your use of our Services, even if we have been advised of the possibility of such losses.
• Our total liability to you for any claim arising under these Terms is limited to the amount of fees you paid to Olympus Pay in the 3 months preceding the event giving rise to the claim.
• We are not responsible for losses caused by your failure to maintain account security, including failure to enable MFA or failure to report unauthorised access promptly.
• We are not responsible for losses caused by events outside our reasonable control, including natural disasters, government actions, telecommunications failures, or third-party system outages.
• We are not liable for delays in processing payments caused by third-party banks, payment networks, or regulatory requirements.

13

Indemnification

You agree to indemnify, defend, and hold harmless Olympus Pay, its directors, officers, employees, and agents from and against any claims, losses, liabilities, damages, costs, and expenses (including reasonable legal fees) arising from: your use of our Services in violation of these Terms; your breach of any applicable law or regulation; any transaction you initiate or authorise through your account; your violation of any third party's rights; or any false, inaccurate, or misleading information you provide to us.

14

Governing Law and Dispute Resolution

15

Your Money, Safeguarding and Deposit Protection

Olympus Pay operates within the Bank of Botswana Regulatory Sandbox. Being in the Sandbox is not a guarantee by the Bank of Botswana and is not a full banking licence. Balances are not, by reason of the Sandbox alone, covered by a deposit insurance scheme, and you should not hold more than you are prepared to have held under the conditions we publish. We hold customer funds in accordance with the safeguarding arrangements we describe in the app and on our website, and separately from our own operating funds. Sandbox limits, including the maximum single transaction and the maximum account balance, apply as stated in these Terms and may change on notice or immediately where the Bank of Botswana requires it.

16

Unauthorised and Mistaken Transactions

• Tell us immediately, through the app or at security@olympuspay.co, if you notice a transaction you did not authorise, or you suspect your credentials, device or card has been lost, stolen or compromised. We will then block the affected access or card as quickly as we reasonably can.
• Once you have told us, and we have had reasonable time to act, you are not liable for further losses from the compromise unless you acted fraudulently.
• You are liable for losses before you tell us where you acted fraudulently, or where you failed, with gross negligence or intentionally, to keep your credentials secure, for example by sharing a PIN, password or one-time code, or by leaving MFA turned off after we have asked you to enable it.
• A payment you authorise, including one you were tricked into making by a scammer, is your instruction. We will try to help recover it, but we are not obliged to refund it and we cannot promise recovery.
• If you send money to the wrong account because you gave us wrong details, we will make reasonable efforts to recover it and may charge you for the cost. We cannot force a recipient or another bank to return funds.
• You must check each recipient name, account number, branch code and amount before you confirm. Confirming is your instruction to us.

17

Anti-Money Laundering, Sanctions and Financial Crime

We must follow the Financial Intelligence Act, 2019, the Proceeds and Instruments of Crime Act, sanctions and counter-terrorism laws and Bank of Botswana requirements. You agree that we may verify your identity at any time, ask about the source of your funds and the purpose of a transaction, monitor your account, screen you and your counterparties against sanctions and watch lists, and delay, block, return or reverse any transaction. We may report suspicious activity to the Financial Intelligence Agency and other authorities without telling you, and we may be prohibited by law from doing so. We are not liable for any loss caused by acting on these duties in good faith. You must not use your account for another person’s benefit unless we have agreed to it in writing.

18

Your Personal Information and the Data Protection Act, 2024

We process your personal information in line with the Data Protection Act, 2024 and our Privacy Policy, which explains what we collect, why, on what lawful basis, who we share it with, where it may be transferred, how long we keep it, and how you can exercise your rights.

• We collect and use your information to open and run your account, verify your identity, process payments, prevent fraud and financial crime, meet our legal duties, provide support, and improve and secure our services.
• We share information only where needed with payment partners, card schemes, identity and screening providers, regulators, law enforcement, auditors, insurers, professional advisers and our service providers, who must protect it.
• We may transfer information outside Botswana, including to service providers in other countries, under the safeguards the Data Protection Act allows.
• You have the right to access your information, have it corrected, object to certain processing, ask for it to be deleted where we no longer need it, and receive a copy in a usable format. Write to privacy@olympuspay.co. Some information we must keep by law even after you close your account.
• We use security measures appropriate to the risk and will notify you and the authority where the law requires if your information is involved in a breach.
• If you give us information about another person, such as a recipient or a beneficiary, you confirm that you are allowed to and that you will tell them how we use it.

19

Electronic Communications and Records

You agree that we may give you notices, statements, disclosures and consents electronically, by the app, email, SMS or push notification, or by posting them on our website, and that they are delivered when sent or posted. You must keep your email address and phone number up to date. Under the Electronic Communications and Transactions Act, 2014, your electronic acceptance, including tapping or clicking “Accept”, is treated as a written and signed agreement. Our records of your acceptance, instructions and transactions are conclusive evidence of them unless you show a clear error. We may record and monitor calls and messages for security, quality and compliance.

20

Athena and Other AI Features

Athena is an assistant that uses language models to answer questions and to prepare actions for you. It can be wrong, incomplete or out of date, and it is not financial, tax or legal advice. Check important figures against your accounts. Athena never moves money by itself: every action needs your explicit confirmation, and an action you confirm is your instruction. Do not tell Athena passwords, PINs or full card numbers. We may keep your conversations to provide the feature, keep it secure and improve it, in line with our Privacy Policy, and you can delete your conversations in the app.

21

Third-Party Services and Links

Our services rely on banks, card schemes, mobile money operators, identity providers and other third parties. We are not responsible for their acts, failures or delays, or for third-party websites and services that we link to, or that you connect to your account. Their own terms and fees may apply, and you use them at your own risk.

22

Set-Off, Dormant Accounts and Unclaimed Balances

We may set off any amount you owe us against any balance we hold for you, including where money was paid to you in error, reversed, or charged back. If your account has no customer-initiated activity for 12 months we may treat it as dormant, restrict it, charge any dormancy fee we have disclosed, and ask you to confirm you want it kept. Balances that remain unclaimed after we have tried to contact you will be dealt with in accordance with Applicable Law.

23

Force Majeure

We are not liable for any failure or delay caused by events beyond our reasonable control, including natural disasters, epidemics, war, terrorism, civil unrest, government or regulator action, sanctions, power or internet outages, the failure of a bank, payment scheme or other third party, or a cyber attack that reasonable safeguards would not have prevented. We will take reasonable steps to limit the effect and resume our services.

24

Changes to These Terms

We may update these Terms from time to time to reflect changes in our services, regulatory requirements, or business practices. We will notify you of material changes at least 30 days before they take effect via in-app notification and email. If you do not agree to the updated Terms, you have the right to close your account before the effective date of the changes without penalty. Your continued use of our Services after the effective date constitutes acceptance of the updated Terms. The current version of these Terms is always available in the app and at olympuspay.co/terms.

25

Miscellaneous

• Severability: If any provision of these Terms is found to be unlawful, void, or unenforceable, that provision shall be severed and the remaining provisions shall continue in full force.
• Waiver: Our failure to enforce any provision of these Terms shall not be construed as a waiver of our right to do so in the future.
• Entire Agreement: These Terms, together with our Privacy Policy and Acceptable Use Policy, constitute the entire agreement between you and Olympus Pay with respect to the Services.
• Assignment: You may not transfer your rights or obligations under these Terms without our prior written consent. We may transfer our rights and obligations to a successor entity with 30 days' written notice.
• Language: These Terms are written in English. In the event of any conflict between this English version and any translated version, the English version shall prevail.