The short version. WoodPayVTU is a payments, top-up and savings service, not a bank. Your wallet and your savings are balances that do not earn interest. Neither is a bank deposit or insured by NDIC. You can withdraw your money to your own bank account at any time, subject to the rules below.
1. Who we are
WoodPayVTU ("WoodPay", "we", "us") is owned and operated by Oliver Wood (Testimony Inaweoghena Jacob), an independent individual and sole owner, based in Nigeria. Contact: vtusupport@gmail.com or message the founder directly on WhatsApp:
You must be at least 18 and able to enter a binding contract under Nigerian law.
Give accurate information. One person, one account. You are responsible for everything done through your account.
Keep your password and transaction PIN secret. We will never ask you for your PIN. Report suspected unauthorised access to us immediately.
3. What we sell
We resell airtime, mobile data, cable TV subscriptions, electricity tokens, exam result checkers, recharge pins and similar services supplied by third-party providers and networks. We are not the network or the utility company. Delivery normally takes seconds to minutes but can be delayed by providers. Prices and plans can change; the price shown before you confirm is the price you pay.
4. Your wallet
Your wallet is a prepaid balance used to pay for services and to send money to other WoodPay users.
It is not a bank account or deposit. WoodPay is not a bank, does not accept deposits as a bank, and your balance is not insured by the NDIC. The wallet earns no interest.
Money you add is held in WoodPay's account with our payment partner, Flutterwave, until you spend it or withdraw it.
You fund your wallet by bank transfer or card through our payment partners (such as Flutterwave and Monnify). Those partners and your bank may charge fees, which are shown or deducted at funding. Wallet credit depends on the partner confirming the payment.
Only fund your wallet from accounts in your own name.
5. Withdrawals and refunds
You can request to withdraw unused wallet balance to a Nigerian bank account in your own name. Minimum ₦500. A small transfer fee, shown before you confirm, is deducted from the amount.
Withdrawals are available at any time and are usually paid within minutes. Larger amounts may be reviewed first and can take up to 24 hours. The only times a withdrawal may be paused or delayed are (a) while WoodPay is under maintenance or having technical problems, in which case it goes through once service is back, and (b) where we reasonably suspect fraud or an error, or a court or regulator requires us to hold a payment. We will tell you why unless the law prevents us.
If a withdrawal fails or is declined, the money goes back to your wallet.
If a purchase fails, we refund the wallet balance used. We cannot refund a successful delivery to a number, meter or card number you entered wrongly. Check details before you confirm.
When you withdraw we ask for a reason. It helps us understand how the service is used and to spot fraud.
6. Wallet-to-wallet transfers
Transfers to another WoodPay user are instant and cannot be reversed once completed. Confirm the recipient's name before you send.
7. Savings
Savings lets you set money aside from your wallet to save for the future. Savings do not earn interest.
Savings are held in the same way as wallet money (in WoodPay's account with Flutterwave). Savings are not bank deposits and are not insured by the NDIC.
You can take your savings out at any time. You choose a reason and give a bank account in your own name. It is paid to that account, less the transfer fee shown before you confirm. If the payment fails or is declined, the money returns to your savings.
The same pause rules in section 5 apply to savings withdrawals.
8. Referrals and promotions
Referral bonuses, discounts and promotions are goodwill offers. They may change or end, and we may withhold or reverse them where we reasonably suspect abuse, fake accounts or self-referral.
9. What you must not do
Use WoodPay for fraud, money laundering, terrorism financing, scams, or anything unlawful in Nigeria.
Use stolen cards, accounts or credentials, or fund with money that is not yours to use.
Abuse bugs, create multiple accounts for bonuses, resell in ways that breach provider rules, or interfere with the service.
We may suspend or close an account, hold funds while we investigate, reverse transactions obtained unfairly, and share information with law enforcement or regulators where the law requires or allows it.
10. Availability
We work to keep WoodPay running but we rely on networks, banks, payment partners and hosting providers. We may pause the service for maintenance or when a provider is down. We are not responsible for delays outside our control.
11. Our responsibility to you
We are responsible for losses caused by our own negligence or breach of these Terms, up to the value of the transaction involved. We are not liable for indirect losses, lost profits, or losses caused by wrong details you entered, third-party outages, or someone using your account because you shared your password or PIN. Nothing in these Terms removes any right you have under Nigerian consumer-protection law or limits liability that cannot lawfully be limited.
12. Complaints and disputes
If something goes wrong, contact us first at vtusupport@gmail.com with your transaction details. If you contact us on WhatsApp we reply within 24 hours; by email we reply as soon as we can. We aim to resolve most complaints within 7 days. These Terms are governed by the laws of the Federal Republic of Nigeria. If we cannot settle a dispute, either side may take it to the courts of competent jurisdiction in Nigeria. This does not stop you from contacting a consumer-protection authority.
13. Closing your account
You may ask us to close your account at any time. Withdraw any balance first. If we close your account we will return your remaining balance unless we are required or entitled by law to hold it.
14. Changes
We may update these Terms. We will post the new version here and, for material changes, notify you in the app. Continuing to use WoodPay after the change means you accept it.