PLEASE READ THESE TERMS OF SERVICE CAREFULLY BEFORE USING PESANET. BY ACCESSING OR USING OUR SERVICES, YOU AGREE TO BE BOUND BY THESE TERMS. IF YOU DO NOT AGREE, DO NOT USE OUR SERVICES. THESE TERMS CONTAIN AN ARBITRATION CLAUSE AND CLASS ACTION WAIVER IN SECTION 22.
These Terms of Service ("Terms") constitute a legally binding agreement between you ("User," "you," or "your") and PesaNet, Inc. ("PesaNet," "we," "our," or "us"), governing your use of the PesaNet mobile application, website at pesanet.app, and all related financial services (collectively, the "Services").
1. Eligibility
To use PesaNet, you must:
- Be at least 18 years of age (or the age of majority in your jurisdiction)
- Be a legal resident of a country in which PesaNet operates
- Have the legal capacity to enter into binding contracts
- Not be prohibited from receiving financial services under applicable law
- Not be listed on OFAC's SDN list, any EU sanctions list, or any other applicable government sanctions list
- Provide accurate, complete, and truthful information during registration and identity verification
PesaNet reserves the right to refuse service to anyone at its sole discretion.
2. Account Registration and Security
2.1 Account Creation
You must create an account to use PesaNet. You agree to provide accurate, current, and complete information, and to keep it updated. You are responsible for maintaining the confidentiality of your account credentials, PIN, and any authentication factors.
2.2 Identity Verification
We are required by law to verify your identity before you can use certain features. You must complete our KYC (Know Your Customer) process by submitting valid government-issued identification and any additional documents we request. Failure to complete verification may result in restricted account access.
2.3 Account Security
You agree to:
- Maintain a strong, unique PIN for your account
- Enable biometric authentication where available
- Register only trusted devices for use with your account
- Notify us immediately at security@pesanet.app if you suspect unauthorised access
- Not share your account credentials with any third party
You are responsible for all activity on your account, including any activity resulting from your failure to maintain adequate security.
2.4 One Account Per Person
You may maintain only one personal account. Creating multiple accounts to circumvent transaction limits, avoid sanctions screening, or for any other prohibited purpose is grounds for immediate account termination.
3. PesaNet Wallet
3.1 Nature of the Wallet
Your PesaNet wallet is a stored-value account that holds a balance of electronic money. PesaNet is licensed as a Money Services Business (MSB) registered with FinCEN and holds applicable state money transmitter licences. Your wallet balance is not a bank deposit and is not insured by the FDIC or SIPC.
3.2 Funding Your Wallet
You may fund your wallet by:
- Linking a bank account via Plaid and initiating an ACH transfer
- Adding a Visa or Mastercard debit card
- Receiving funds from another PesaNet user
- Depositing cash through an authorised PesaNet Agent
A linked debit card is required to make deposits. Minimum deposit: $1.00. Maximum deposit limits apply based on your account verification level.
3.3 Withdrawals
You may withdraw funds to a linked bank account or through an authorised PesaNet Agent. A linked debit card is required to make withdrawals. Withdrawals are subject to processing times (ACH: 1–3 business days). PesaNet is not responsible for delays caused by your financial institution.
3.4 Transaction Limits
Transaction limits vary based on your verification level:
- Unverified: $500/day receiving; no sending or withdrawals
- Basic Verified (email + phone): $2,000/day, $10,000/month
- Identity Verified (government ID): $10,000/day, $50,000/month
- Enhanced Verified (income documentation): Higher limits on request
PesaNet may modify limits at any time based on risk assessment, regulatory requirements, or account behaviour.
4. Peer-to-Peer Transfers
You may send money to other PesaNet users. By initiating a transfer, you authorise PesaNet to debit your wallet and credit the recipient's wallet. Completed transfers are generally irreversible.Verify the recipient before sending. PesaNet is not responsible for transfers made to incorrect recipients due to user error.
Money Request features allow you to request payment from other users. Requests do not create a legal obligation on the recipient unless separately agreed to outside PesaNet.
5. Virtual Debit Cards
5.1 Card Issuance
Eligible verified users may request a virtual Visa debit card issued through our card-issuing partner (Stripe Issuing). Virtual cards are linked to your PesaNet wallet balance. Card issuance is subject to additional identity verification (KYC Level 2 with government ID).
5.2 Card Use
You may use your virtual card for online and in-app purchases wherever Visa is accepted. You agree to use the card only for lawful purposes and in accordance with these Terms and the card network rules. PesaNet may freeze or cancel your card if it suspects fraudulent or prohibited activity.
5.3 Card Limits
Maximum 3 virtual cards per user. Card spending limits align with your wallet balance and daily transaction limits. Sensitive card details (full card number, CVV) require PIN verification to access and are never stored in plaintext.
6. Peer Lending
6.1 Nature of the Service
PesaNet's peer lending feature facilitates direct loans between users. PesaNet acts as a platform intermediary only and is not a lender. PesaNet does not guarantee loan repayment or the creditworthiness of any borrower.
6.2 Lender Obligations
By creating a loan offer, you:
- Acknowledge that peer lending carries risk, including total loss of principal
- Confirm you are not acting as an unlicensed lender under applicable state law
- Agree that PesaNet will deduct its platform fee (20% of interest earned) from each repayment
- Accept that loan offers are binding once accepted by a borrower
6.3 Borrower Obligations
By applying for and accepting a loan, you:
- Agree to repay the principal plus agreed interest per the loan terms
- Acknowledge that late or missed payments may affect your PesaNet standing and Trusted Peer Network status
- Confirm that all financial information provided in your loan application is accurate
- Consent to government ID verification as a prerequisite for borrowing
6.4 No Legal Enforcement
PesaNet does not provide debt collection services. If a borrower defaults, PesaNet may restrict the borrower's account but cannot guarantee loan recovery. Lenders assume full credit risk.
6.5 Interest Rates
Annual percentage rates and terms are set by the lender within platform-permitted ranges. Ensure rates comply with any applicable state usury laws in your jurisdiction. PesaNet does not provide legal advice on usury compliance.
7. Cash Agents
Authorised PesaNet Agents are independently operating businesses or individuals contracted to facilitate cash-in and cash-out transactions on behalf of customers. Agents operate under separate Agent Terms of Service. PesaNet is not responsible for the conduct of Agents acting outside their authorised scope. Report Agent misconduct to agents@pesanet.app.
8. Fees
Current fees are available at pesanet.app/fees. We reserve the right to modify fees with 30 days' notice. Fees are deducted from your wallet balance. You are responsible for any taxes arising from your use of PesaNet.
9. Prohibited Uses
You may not use PesaNet to:
- Engage in money laundering, terrorist financing, or structuring transactions to evade reporting requirements
- Purchase or sell illegal goods or services, including narcotics, weapons, or counterfeit items
- Process payments for gambling activities where prohibited by applicable law
- Circumvent PesaNet's identity verification or transaction monitoring systems
- Conduct transactions on behalf of sanctioned individuals or entities
- Engage in Ponzi schemes, pyramid schemes, or fraudulent investment activities
- Impersonate another person or entity
- Send unsolicited money requests (spam)
- Use the Services for any purpose that violates applicable law
Violations may result in immediate account suspension, fund holds, and reports to law enforcement. See our Acceptable Use Policy for full details.
10. Account Suspension and Termination
10.1 Termination by You
You may close your account at any time through the app settings. Any remaining wallet balance will be disbursed to a verified linked bank account, subject to applicable holds and regulatory requirements.
10.2 Termination by PesaNet
PesaNet may suspend or terminate your account immediately and without notice if:
- We suspect fraud, money laundering, or violation of these Terms
- Required to do so by law, court order, or regulator direction
- You repeatedly violate our Acceptable Use Policy
- You fail to complete required identity verification within the prescribed period
10.3 Fund Holds
We may place a hold on funds in your account for up to 180 days if we have reasonable grounds to suspect fraud or AML violations, or as required by court order or regulatory directive. During a hold, you may not withdraw or transfer funds.
11. Intellectual Property
All content, trademarks, logos, and software associated with PesaNet are owned by PesaNet, Inc. or its licensors. You are granted a limited, non-exclusive, non-transferable licence to use the app for its intended purpose. You may not copy, modify, distribute, sell, or reverse-engineer any part of our Services.
12. Disclaimers
THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND. PESANET DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. PESANET DOES NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, OR FREE OF VIRUSES.
13. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW, PESANET SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING LOSS OF PROFITS, DATA, OR GOODWILL, ARISING FROM YOUR USE OF THE SERVICES. PESANET'S TOTAL LIABILITY TO YOU FOR ANY CLAIM SHALL NOT EXCEED THE GREATER OF (A) THE FEES YOU PAID TO PESANET IN THE 12 MONTHS PRECEDING THE CLAIM OR (B) $100.
14. Indemnification
You agree to indemnify, defend, and hold harmless PesaNet, its officers, directors, employees, agents, and licensors from any claims, damages, losses, and expenses (including reasonable legal fees) arising from your use of the Services, your violation of these Terms, or your violation of any applicable law or third-party rights.
15. Governing Law
These Terms are governed by the laws of the State of Delaware, United States, without regard to its conflict of law provisions. You consent to the exclusive jurisdiction of the courts of Delaware for any dispute not subject to arbitration.
16. Dispute Resolution and Arbitration
PLEASE READ THIS SECTION CAREFULLY — IT AFFECTS YOUR LEGAL RIGHTS.
Any dispute, controversy, or claim arising out of or relating to these Terms or the Services shall be resolved by binding arbitration administered by the American Arbitration Association (AAA) under its Consumer Arbitration Rules, rather than in court. The arbitration shall be conducted in English, in Delaware, or virtually.
Class Action Waiver: You agree that any arbitration will be conducted on an individual basis only. You waive any right to bring a class action, collective action, or representative proceeding.
Notwithstanding the above, either party may seek injunctive or other equitable relief in court to protect intellectual property rights or prevent imminent harm.
17. Changes to Terms
We may update these Terms from time to time. We will notify you of material changes via in-app notification or email at least 30 days before they take effect. Continued use of the Services after the effective date constitutes acceptance of the updated Terms.
18. Contact
- General: support@pesanet.app
- Legal: legal@pesanet.app
- Security: security@pesanet.app