Masari Payment Services Limited, a limited liability company incorporated in Cyprus under registration number HE277148 with registered address 53, Spyrou Kyprianou Avenue, Mesa Geitonia, Limassol 4004, Cyprus, authorised as a Payment Institution under license number 115.1.2.11 by the Central Bank of Cyprus, and trading under the name ‘Masari Payments’ (hereinafter ‘we’, ‘our’ or ‘us’).

1.1These terms and conditions ("Terms and Conditions") govern the terms under which you may access and use this website, includes all the services associated with it that enable you to transfer money and apply to all natural persons who deal with Masari Payments as a private individual/s through any of our outlets (together, the "Service").

1.2 The language of these Terms and Conditions is English and all Services, instructions and transactions carried out in connection with it shall be in English. Any other language version which may be available is for guidance purposes only. Any dispute or claim arising out of or in connection with these Terms and Conditions will be considered on the basis of the English version only.

1.3Access to and use of the Service is conditional on your acceptance of the present Terms and Conditions.

1.4Registration for the Service does not oblige us to accept or process any Transaction that you submit. Acceptance of a Transaction will be at the absolute discretion of Masari Payments. Each Transaction we do accept will be treated as a separate instruction.

1.5Masari Payments may change the Terms and Conditions at its absolute discretion from time to time. The changes will only be effective from the date that they are made and will not change the terms under which you previously used the Service.

“APP”shall mean any software application or interface which may be downloaded onto or accessed from your Device to enable you to access the Service.

"Beneficiary"shall mean the person named by the Sender as the receiver of the money through the Service.

"Business Day"shall mean any days on which we and our service provider network are open for business for the execution of Transaction Requests and/or Payment Requests.

"Cash Payout"shall mean the service that allows for the collection of the funds from our outlets or through our Service Provider network.

"Destination Country"shall mean the country in which the Beneficiary receives money through the Service.

“Device”means any electronic product, such as a PC or laptop, tablet or smartphone, which enables you to connect to the Internet and/or otherwise access the Service.

"Force Majeure"shall mean an event that cannot reasonably be anticipated or controlled, including for example, war or terrorist attack, labour strike or riot, extreme weather conditions including prolonged loss of power or any other act of God.

“Home Delivery”shall mean where the Service permits a payout to a specific address in the Destination Country.

"Instruction"shall mean a Payment Request and/or a Transaction Request.

“Law”shall mean any law which applies to the provision of the Service or to Us as provider of the Service or to You as Sender or to your Beneficiary.

"Local Taxes"shall mean any taxes or charges payable in the Destination Country.

"Originating Country"shall mean the country from which the sender initiates and funds the Payment Request.

“Password”shall mean the unique combination of words, numbers and symbols selected by You during the online registration process for the Service to be used with Your username for the purpose of accessing the Service.

"Payment Currency"shall mean the currency indicated by Sender through the Transaction Request for payment to the Beneficiary.

"Payment Instrument"shall mean a valid instrument of payment such as a bank account, debit card or credit card.

"Payout Amount"shall mean the amount paid out, after any foreign exchange conversion, to the Beneficiary exclusive of the Service Fee.

“Prohibited Purpose”shall mean any unlawful purpose (whether such illegality arises in the Originating Country, the Destination Country or in any territory with jurisdiction over the Sender or the Beneficiary) including, but not limited to, the transfer or receipt of payment for illegal activities, the transfer of funds which constitute proceeds of crime or money laundering or which are obtained by illegal activity, the transfer of funds for the purpose of funding illegal activity and the transfer of funds for the purpose of avoiding the seizure of such funds by law enforcement authorities or under orders of any court of law.

“Reference Number”shall mean the unique Transaction number, which will be assigned to each Transaction and which the Beneficiary will be required to provide to the Service Provider in order to receive their funds.

“Registration”shall mean the submission of the required personal information and supporting documentation to Us in order to be able to access the Masari Payments services.

"Sender"shall mean someone who uses the Service to send money through the Service.

"Service Fee"shall mean Masari Payments’s charges and fees that will be levied for the service provided in accordance with the charges and the fees that are communicated to the Sender before the transaction is confirmed. All Service Fees shall be levied on the Sender.

"Service Provider"shall mean a local bank, money exchange house, or other third party service providers in the Destination Country with whom Masari Payments works to provide the Service.

"Transaction"shall mean the transfer of money through the Service.

"Transaction Amount"shall mean the amount of money that the Sender requests to send to the Beneficiary, excluding any applicable Service Fee and prior to any foreign exchange conversion.

"Transaction History"shall mean the record of your Transactions on our website which you may access using your email and password registration details.

"Transaction Request"shall mean an instruction from the Sender requesting Masari Payments to transmit money to a Beneficiary through the Service.

"We", "Our" or "Us"shall mean Masari Payment Services Ltd., a company incorporated under the laws of Cyprus, whose registered office is at the Windsor Business Center, 53 Spyrou Kyprianou, Mesa Geitonia, Limassol, 4003,

"You" or "Your"shall mean any person who is contracting with Us for the provision of our services, through the use of this website or from our Outlets.

3.1We are not obliged to accept a client on registration. We may, at our sole discretion, refuse to accept your patronage if:

a)We are unable to verify the information that you have supplied, and you have not provided the additional information required by us to fulfil our obligations under the law;

b)You provide us with false, incorrect or incomplete information;

c)You are in breach of these Terms and Conditions;

d)A Compliance Officer has taken a discretionary decision to do so.

3.2 We are required by Law to ensure that we know our clients and that our service is not use for money laundering activities or for the funding of terrorism. We are therefore obliged to obtain, verify and record identity information for all our customers. We may require you to supply us with personal identifying information relating to you and your Beneficiary and we may also legally consult other sources to obtain information about you and your Beneficiary.

3.3Prior to the completion of a transaction we shall advise you of the fee and any currency exchange rate applicable for the service that you have requested.

3.4Upon your acceptance of the transaction and consequently these terms, a breakdown of the transaction details will be included in the confirmation that we will provide to you or send to you by email/SMS. This confirmation will include:

a)The date the transaction was received

b)Unique Reference Number for the specific Transaction

c)Transaction Fee

d)Currency Exchange Rate (if applicable)

e)Transaction Amount

f)Payment Currency

g)Payout Amount

h)Service details, including method of payout and applicable details (such as account details, address, payout location).

i)Beneficiary

3.5Upon the successful creation of a transaction, we will provide your beneficiary the following details by email/SMS:

a)Unique Reference Number for the Transaction

b)Payout Currency

c)Payout Amount

d)Service details, including method of payout and applicable details (such as account details, address, payout location)

3.6There are limits on how much you can send. The limits will depend on the Originating Country, the Destination Country, the payment instrument and the service selected. You will be informed prior to the creation of the Transaction, of the maximum send amount for the service that you require.

3.7We are not obliged to process any particular transaction. We may, at our sole discretion, refuse to send the money or allow it to be collected if we reasonably believe that:

a)By doing so we might break any law, regulation, code or other duty that applies to us;

b)Doing so might expose us to action from any government or regulator; or

c)It may be linked with activity which might be fraudulent or illegal.

d)You provide us with false, incorrect or incomplete information;

e)You attempt to tamper, hack, modify, overload, or otherwise corrupt or circumvent the security and/or functionality of the Website or to infect it with any Malicious Code;

f)You are in breach of these Terms and Conditions;

g)You or the Transaction Request are in breach of any applicable laws or regulations or are made for a Prohibited Purpose;

h)We are unable to process your transaction due to any event of Force Majeure;

i)A Compliance Officer has taken a discretionary decision to do so.

If we decide not to process a transaction, unless we are prevented by law from doing so, we will notify you promptly of that decision, the reasons for our refusal and how you can put right any errors in your instructions. If you prefer (and the law allows), or if the law requires, we will return the money to you. We will not liable to you for more than the Transaction Amount and Service Fee.

3.8Our service is for you as a natural person to send money to a private individual known by you personally rather than to make a commercial payment, and you must not use our service for this type of transaction. If you ask us to pay someone who turns out to have defrauded you or who fails to meet their obligations to you, we will not be liable as a result.

3.9A person who is not party to these Terms and Conditions shall not have any rights to enforce them.

3.10We will not require the Beneficiary to pay a fee in order to receive the funds in the manner determined by the Sender in the transaction request. All fees for the service prescribed will be paid by the Sender.

4.1You confirm that you are at least the age of majority in your country or place of residence.

4.2In relation to your registration and the use of the service, you acknowledge, understand and agree that:

a)You will provide us with accurate, current, complete and true evidence of your identity and any additional information or evidence we may require to confirm your identity;

b)You will supply us with all information and documentation that we may require in order to process your Transaction and to comply with any legal requirements applicable to us or to our service provider network;

c)You will maintain and update all information you provide to us to ensure it continues to be accurate, current, complete and true.

d)If you access and use this website, you will keep your registration and password details secure and confidential at all times and must not disclose them to anyone else.

e)If you suspect that anyone else knows your Password you must change it immediately.

f)Your registration to this Service represents your acceptance of these Terms and Conditions.

g)You will not open more than one account with us;

h)You will use the Service to send money only to people that you know personally.

i)You will not use this Service for, or in connection with, any Prohibited Purpose;

j)You will use your own funds or transfer money only from your own credit, debit card or bank account.

k)You will not submit a transaction request on behalf of a third person;

l)It is your responsibility to ensure that all transaction details provided are accurate. You will be given the opportunity to confirm the Transaction Request details before submission and you must check these details carefully.

m)Once a Transaction Request has been received it may not be possible to change any details.

n)For each transaction request submitted, you will be charged a Service Fee in addition to the Transaction Amount. The payment will be due at the time of submission and the transaction will not be processed unless payment has been received. Delayed payment may result in the cancellation of the Transaction Request.

o)For transactions that require a payout in a currency that is different from the currency of payment, a foreign exchange conversion will be required. You will be informed of the exchange rate applied to the transaction or it will be clearly detailed when the Transaction Request is approved by you through this website and will also be shown on the confirmation provided to you.

p)You and your Beneficiary will be responsible for ensuring that the unique transaction Reference Number is kept secure at all times.

q)You must notify us immediately if you believe that any unauthorised transactions have been carried out using your Masari Payments account.

4.3In relation to payout, you understand and accept that:

a)For the Cash Payout or Home Delivery services, before receiving the funds the Beneficiary must provide valid identification documents to the Service Provider. Payment will not be made if the details shown on the ID documents differ from those provided by you in the Transaction Request.

b)The Reference Number must be provided by the Beneficiary to the Service Provider prior to payout.

c)We only act on your authorisation and will not be liable for erroneous payments made as a result of inaccurate details submitted by you in a Transaction Request.

d)You must notify us immediately in the case of any unauthorised or incorrectly executed Transaction Request. Any right to refund or compensation may be prejudiced if you do not notify us of the unauthorised or incorrectly executed Transaction without delay, or in any event within 13 (thirteen months) of the debit date.

5.1You understand that to the extent permitted by law, once we have received your Transaction Request, you do not have the automatic right to cancel it.

5.2Notwithstanding clause 5.1 above, we may, at our absolute discretion, attempt to cancel your Instruction if you have informed us that you wish to revoke it. In some cases, an irreversible request for payout may have been sent to the Service Provider and therefore we cannot guarantee that cancellation will be successful. For successful revocations we will normally refund your money, less any reasonable revocation charges, within four (4) Business Days.

5.3If we have executed the Transaction in accordance with the Transaction Request that you have submitted to us, and that information proves to have been incorrect, we are not liable for the execution of the Transaction. We will however make reasonable efforts to recover the funds and may charge you a fee to do so.

5.4If we have executed the Transaction other than in accordance with your Transaction Request, we will refund the full amount debited. Unless there are exceptional circumstances, no adjustment will be made for any currency fluctuations which may have occurred between the time you pay us the Transaction Amount and the time of credit of the amount refunded.

5.5Any refunds for payments made through this website will be credited back to the same Payment Instrument used to fund the Transaction and in the same currency.

6.1In the event that a transfer was not made correctly or never arrived, we will promptly investigate. If the error was made as a result of breach or oversight made by us, we will refund the principal sum and the service charge. We will not be liable where you have not met your obligations under these Terms and Conditions and the money is paid to someone who the service provider had reason to believe to be valid identification for the Beneficiary.

6.2We will not be liable if we break these Terms and Conditions because of:

a)A Force Majeure event where we could not avoid breaking this agreement despite all efforts to the contrary.

b)Our obligations under the law.

6.3We will not liable to you for more than the Transaction Amount and our Service Fee. We will not be liable for any incidental, indirect, special or consequential losses or costs you suffer as a consumer, or as our service is to you as a natural person, any commercial losses or costs (such as loss of business profits or opportunities).

6.4Once payment has been made to the Beneficiary we have met our obligations to you, and we will not be liable for the quality, safety, legality, or delivery of any goods or services that may be purchased using the funds sent through the service.

6.5We are not liable under these Terms and Conditions to any person except you and are not liable for any loss or damage whatsoever caused to any person other than you.

6.6Nothing in these Terms and Conditions limits our liability for any act or omission resulting from negligence or fraud.

7.1Masari Payments is a licensed and regulated payment institution that is supervised by the Central Bank of Cyprus. We adhere to the highest industry safety standards and have adopted measures to ensure that our website and Apps are secure. We use certified technology to guarantee that your computer or smartphone will only communicate with Masari Payments once the connection to our system has been authenticated and we use state-of-the-art security measures, to make sure that once your information reaches us, it remains secure.

7.2All information provided by you will be treated securely and strictly in accordance with data protection laws which apply to Us as a payment institution and to the Service. By accepting these Terms and Conditions you authorise us to make any inquiries that we consider necessary to validate the information that you have provided to us.

7.3We may be required by law to provide information about you, your use of the Service and your Transactions to government or other competent authorities. You acknowledge and consent to us doing this.

7.4We will, where required in providing the Service, store the information required of a beneficiary to prove their identity and the record confirmation of receipt of funds. Such proofs may include a suitable form of valid identification (as accepted by the Service Provider) and/or confirmation of receipt. All information collected will be treated securely and strictly in accordance with applicable data protection laws.

8.1We have the right to transfer our rights and obligations under these Terms and Conditions with you to an affiliated company, or any third party, at any time without your consent unless such transfer would reduce your rights and/or remedies or increase your responsibilities and/or liabilities under your agreement with us.

8.2We are entitled to perform our obligations to you through sub-contractors, agents and other third parties.

8.3You may not transfer your rights and/or responsibilities under your agreement with us without our prior written consent.

9.1These Terms and Conditions control the relationship between You and Us. Only the parties to this agreement can derive enforceable rights from it and it does not create any third party beneficiary rights.

10.1We respect the privacy of all our clients and do not disclose non-public personal information to anyone, except where it is necessary to effect, administer, or enforce a transaction request authorised by you or as permitted by law. All information held by us will be treated and processed securely and strictly in accordance with the applicable laws and regulations.

10.2We will not treat client information as confidential where it is already public knowledge or where it becomes public knowledge through no fault of our own.

10.3We may, disclose personal information if we are required to do so by law, by court order, by any statutory, legal or regulatory requirement, by the police or any other competent authority in connection with the prevention or detection of crime or to help combat fraud, money laundering and terrorism financing. We may also report suspicious activity to appropriate law enforcement or government authorities.

10.4We do not sell or exchange client lists or client information with third parties.

10.5You may request access to your personal information, ask for the information to be corrected or updated or, for legitimate reasons oppose its processing, by writing to or e-mailing us or call us.

We are a Cyprus company licensed and regulated by the Central Bank of Cyprus as a Payment Institution providing Remittance Service under service 6 of the Payment Services Law of 2009 (as subsequently amended) , which implements Directive 2015/2366 of the European Parliament and of the Council of the European Union

Our Head Office can be found at:

53 Spyrou Kyprianou Avenue, Mesa Geitonia, Limassol, 4003, Cyprus.

Mailing Address:

P.O. Box 56675, Limassol, 3308, Cyprus

Website: www.masaripayments.com

Email: [email protected]

Tel: +357 25 500 600

Tel: +357 25 500 685

12.1We value our all our clients and our aim is to provide you with the most efficient and cost effective service at all times. In the unlikely event that you are not fully satisfied with our service, please contact us as soon as possible. For full details of our complaints procedure or consumer protection advice, or to submit a complaint, you can visit our website, email us, or write to Customer Relations at the address stated in Article 11 of these Terms and Conditions.

12.2We will deal with your complaint promptly and with due concern. We will try our best to resolve your complaint as soon as possible. In case we feel we need more time to resolve your complaint, we will send you an acknowledgement within five working days and send you a final response letter within eight weeks of receipt of your complaint

12.312.3. If on receiving our final response you are still not satisfied that your complaint has been dealt with properly you may contact the Financial Ombudsman of Cyprus by e-mail to [email protected].