1. About Phoniq FlexPay

Phoniq FlexPay is a Buy Now, Pay Later (BNPL) service provided by Phoniq Tech, allowing eligible customers to purchase devices and pay in four (4) equal monthly installments. These Terms and Conditions (“Terms”) govern your use of the FlexPay service. Please read them carefully before applying or using our service.

2. Eligibility and Account Creation

• You must be at least 18 years old and a resident of Nigeria.
• You must provide accurate and complete information, including your full name, valid BVN (Bank Verification Number), NIN (National Identification Number), and a valid payment method.
• Approval for FlexPay is subject to credit assessment and verification by Phoniq Tech and our credit partners.

3. How FlexPay Works

• When you select FlexPay at checkout, you agree to pay the total purchase price (including a 4% interest markup) in four (4) equal monthly installments.
• The first installment (minimum 25% of the total price) is due at the time of purchase.
• The remaining three installments will be automatically debited from your provided payment method each month via our payment gateway (Paystack).
• You will receive reminders before each scheduled payment.

4. Credit Assessment and Data Sharing

• By applying for FlexPay, you authorize Phoniq Tech to share your BVN, NIN, name, and other relevant information with third-party credit agencies and partners for the sole purpose of credit assessment, scoring, and approval of your installment plan.
• Your data will be used exclusively for application processing, credit assessment, and account management, and will be handled in accordance with Nigerian data protection laws and our Privacy Policy.

5. Payment Terms

• The total amount due, including the 4% interest, will be divided into four equal monthly payments.
• You are responsible for ensuring sufficient funds are available for each scheduled payment.
• If a payment is not received by the due date, a grace period of 3–5 days will be provided.
• If payment is not made within the grace period, Phoniq Tech reserves the right to remotely lock the device until payment is received.
• Late payment penalties of ₦1,000–₦2,500 per missed payment may apply.
• Persistent default may result in your details being reported to credit bureaus and collection agents.

6. Device Security

• All devices purchased under FlexPay will be delivered with a device-lock application pre-installed.
• The device-lock app may be activated in the event of non-payment or default, restricting access to the device until outstanding payments are made.

7. Your Responsibilities

• You must provide true, accurate, and up-to-date information during the application process.
• You must promptly notify Phoniq Tech of any changes to your contact or payment information.
• You must use the device in accordance with the manufacturer’s and Phoniq Tech’s guidelines.

8. Data Privacy

• Your personal data, including BVN, NIN, and payment information, will be processed in accordance with our Privacy Policy and applicable Nigerian data protection laws.
• Data shared with third-party credit agencies is strictly for the purpose of credit assessment and account management.

9. Termination and Suspension

• Phoniq Tech reserves the right to suspend or terminate your access to FlexPay if you breach these Terms, provide false information, or default on payments.
• Upon termination, any outstanding amounts become immediately due and payable.

10. Amendments

• Phoniq Tech may update or modify these Terms at any time. Changes will be posted on our website and will take effect immediately upon posting.
• Continued use of FlexPay after changes are posted constitutes your acceptance of the revised Terms.

11. Contact Us

For questions or concerns regarding these Terms and Conditions, please contact:

Phoniq Tech
support@phoniqtech.com
+234 901 510 4379

By using Phoniq FlexPay, you confirm that you have read, understood, and agree to these Terms and Conditions.