Lodum Lodum

Legal

Terms of Service

Last updated: 1 May 2026  ·  Effective date: 1 May 2026

Agreement to Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you and Lodum Technologies Limited ("Lodum") governing your access to and use of the Lodum banking, payments, and event ticketing platform, accessible through WhatsApp, Telegram, and any associated web interfaces.

By creating a Lodum account or using any Lodum service, you confirm that you have read, understood, and agree to these Terms in full. If you do not agree, you must not use Lodum.

These Terms should be read alongside our Privacy Policy, which explains how we handle your data.

Eligibility

To use Lodum, you must:

  • Be at least 18 years old.
  • Be a Nigerian citizen or national, or hold a valid Nigerian bank account — regardless of your current country of residence. Lodum is available to Nigerians worldwide, including those in the diaspora.
  • Hold a valid Bank Verification Number (BVN) issued by the CBN.
  • Have an active WhatsApp, Telegram, or Alexa account. Your registered phone number may be a Nigerian or international number.
  • Not have been previously suspended or banned from Lodum for a policy violation.
  • Not be subject to any sanctions, court orders, or regulatory restrictions that prohibit use of financial services.

By registering, you represent and warrant that all of the above conditions are met and that all information you provide is accurate and up to date.

Your Account

Your Lodum account is personal and non-transferable. You are responsible for all activity that occurs under your account. You must:

  • Keep your PIN, OTP codes, and account credentials confidential at all times.
  • Notify Lodum immediately if you suspect unauthorised access to your account by typing "report" or contacting support.
  • Not share your account with or allow access by any other person.
  • Ensure your registered phone number remains active and accessible, as it is used for authentication and transaction alerts.

Lodum will never ask for your PIN via chat, email, or phone call. If anyone claiming to be Lodum staff requests your PIN, it is a scam — do not comply and report it immediately.

Transactions & Limits

All transactions on Lodum are subject to the following limits, in accordance with CBN tiered KYC guidelines:

Single transfer (Tier 1 — basic KYC)₦50,000 max
Daily cumulative limit (Tier 1)₦300,000
Single transfer (Tier 2 — BVN verified)₦200,000 max
Daily cumulative limit (Tier 2)₦1,000,000
Single transfer (Tier 3 — full KYC)₦5,000,000 max
Minimum transfer₦50

Lodum processes transactions in real time. Once a transaction is confirmed by you, it cannot be reversed except through a formal dispute process. Always verify recipient details before confirming. Lodum verifies recipient account names at the point of transfer to help prevent misdirected payments.

Lodum reserves the right to delay or decline transactions that trigger fraud detection systems, are flagged by regulatory monitoring, or exceed applicable limits.

Business & Events Features

Lodum provides tools for collecting payments and selling event tickets. By using these features, you additionally agree to:

  • Only use payment collection and ticketing features for lawful commercial purposes.
  • Not misrepresent your business, event, or products to customers who pay via Lodum.
  • Fulfil all obligations to customers who purchase tickets or make payments through your Lodum payment link.
  • Maintain accurate event details (date, venue, capacity) and promptly notify ticket holders of any changes or cancellations via the Lodum platform.
  • Process refunds where legally required or where you have committed to a refund policy.

Lodum is a payment infrastructure provider, not a party to the underlying commercial transaction between you and your customers. You are solely responsible for delivering goods, services, or events as advertised.

Lodum may hold funds for up to 48 hours for new merchants to verify legitimate business activity before releasing to your wallet.

Fees & Charges

Account opening & maintenanceFree
Balance checks & transaction historyFree
Lodum-to-Lodum transfersFree
Transfers to Nigerian banks (NIP)₦10 – ₦50 (CBN-regulated)
Airtime & data top-upNo markup
Bill payments (DSTV, electricity, etc.)₦100 convenience fee
Payment link collection fee1.5% (capped at ₦2,000)
Event ticket platform fee2% per ticket sold

All fees are displayed to you before you confirm any transaction. Fees are subject to change with 14 days' notice communicated via the Lodum bot.

Prohibited Activities

You must not use Lodum to:

  • Engage in money laundering, terrorist financing, or any activity prohibited by Nigerian or international law.
  • Send or receive proceeds of fraud, theft, robbery, or any criminal activity.
  • Operate a Ponzi scheme, pyramid scheme, or any fraudulent investment arrangement.
  • Purchase, sell, or facilitate the trade of illegal drugs, weapons, counterfeit goods, or prohibited services.
  • Impersonate any person or entity, or misrepresent your affiliation with any organisation.
  • Use automated scripts, bots, or programmes to interact with the Lodum platform in an abusive or high-frequency manner.
  • Attempt to reverse-engineer, hack, or disrupt the Lodum platform or its underlying banking infrastructure.
  • Create multiple accounts to circumvent transaction limits or fraud controls.

Violations may result in immediate account suspension, funds freeze, reporting to NFIU/EFCC, and legal action.

Suspension & Account Closure

Lodum may suspend, restrict, or close your account at any time if:

  • We have reason to believe your account has been compromised or is being used fraudulently.
  • You have violated these Terms or any applicable law or regulation.
  • We are required to do so by a regulatory authority, court order, or law enforcement agency.
  • Your account is inactive for more than 24 months (dormancy as defined by CBN guidelines).

Where legally permitted, we will notify you before account closure and allow withdrawal of any available funds. If your account is closed due to fraud or regulatory action, funds may be frozen pending investigation.

You may close your account at any time by typing "close account" in the Lodum chat and completing the verification steps.

Limitation of Liability

To the fullest extent permitted by Nigerian law, Lodum's total liability to you for any claim arising from these Terms or your use of the platform shall not exceed the total fees paid by you to Lodum in the 3 months preceding the claim.

Lodum is not liable for:

  • Losses caused by your disclosure of your PIN or credentials to a third party.
  • Transaction failures or delays caused by third-party banking networks (NIP, NEFT) or telecommunications infrastructure.
  • Indirect, consequential, or punitive damages of any kind.
  • Force majeure events including network outages, CBN-imposed restrictions, or acts of God.

Governing Law

These Terms are governed by and shall be construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Lagos State, Nigeria.

Before pursuing formal legal action, we encourage you to contact Lodum support to resolve any dispute. Most issues can be resolved quickly through our in-chat dispute process.

Contact

For legal or Terms-related enquiries: