Compliance & Regulation

Our commitment to regulatory compliance and transparency

Regulatory Commitment

LeadRemit Ltd is committed to operating in strict compliance with applicable Nigerian laws, regulations, and payment industry standards.

The company is established to carry on the permissible activities of a licensed Payment Solution Service Provider (PSSP) in Nigeria and delivers its services in alignment with regulatory expectations and partner bank requirements.

Compliance, transparency, and risk management form the foundation of LeadRemit's operations.

Regulatory Status

  • Legal Name: LeadRemit Ltd
  • Former Name: First Apple Limited
  • Registration Number: 1352842
  • Date of Incorporation: 7 August 2016
  • Company Type: Private Company Limited by Shares
  • Jurisdiction: Federal Republic of Nigeria

LeadRemit operates in accordance with Nigerian payment regulations and applicable supervisory guidelines.

Permissible Activities

LeadRemit Ltd carries on the business of permissible activities of a licensed Payment Solution Service Provider (PSSP), which may include, subject to regulatory and bank approval:

  • Payment transaction support and routing
  • Merchant onboarding support
  • Payment infrastructure and platform support
  • Settlement coordination through approved financial institutions

Important: LeadRemit does not operate as a bank and does not engage in deposit-taking activities.

Funds Handling & Settlement

  • LeadRemit does not hold customer or merchant funds
  • All transaction settlements are processed through approved Nigerian financial institutions
  • Funds flow structures are determined in line with regulatory and bank-approved models
  • LeadRemit does not provide wallet or stored-value services unless expressly authorised

KYC, KYB & AML Framework

LeadRemit applies robust compliance controls to mitigate financial crime and regulatory risk.

Our framework includes:

  • Know Your Business (KYB) verification
  • Risk-based customer and merchant assessment
  • Business model and transaction flow reviews
  • Ongoing monitoring of transaction activity
  • Cooperation with partner banks on compliance reporting

All onboarding and transaction activity is subject to review and approval.

Risk Management & Monitoring

LeadRemit maintains internal controls designed to identify, assess, and mitigate operational, regulatory, and transaction-related risks.

These controls include:

  • Transaction monitoring procedures
  • Risk classification of merchants and platforms
  • Escalation and review protocols
  • Suspension or termination of services where required

Data Protection & Security

LeadRemit recognises the importance of protecting sensitive information and payment data.

Security Measures:

  • PCI DSS compliance
  • Secure handling of payment-related data
  • Controlled access to systems and information
  • Data protection practices aligned with applicable laws

LeadRemit does not sell, rent, or misuse customer or merchant data.

Regulatory Cooperation

LeadRemit cooperates fully with:

  • Nigerian regulators
  • Law enforcement agencies
  • Partner banks and financial institutions

Information may be disclosed where required by law, regulation, or lawful request.

Service Limitations

All services offered by LeadRemit are:

  • Subject to regulatory requirements
  • Subject to acquiring bank approval
  • Dependent on merchant risk profile and business model

LeadRemit reserves the right to decline, suspend, or terminate services where compliance or regulatory concerns arise.

Regulatory Disclaimer

LeadRemit Ltd is a Nigerian company established to carry on the permissible activities of a licensed Payment Solution Service Provider (PSSP). LeadRemit Ltd is not a bank and does not provide banking or deposit-taking services. All services are subject to applicable Nigerian laws, regulations, and partner bank approvals.

Prohibited & Restricted Business Activities

Overview

LeadRemit Ltd is committed to operating within applicable Nigerian laws, regulatory guidelines, and partner bank policies.

To maintain compliance, protect the financial system, and mitigate risk, LeadRemit does not support or process transactions associated with certain prohibited or restricted business activities.

All merchants and platforms are subject to assessment prior to onboarding and on an ongoing basis.

Prohibited Business Activities

LeadRemit does not support businesses or transactions related to the following activities under any circumstances:

Illegal & Criminal Activities

  • Fraud, scams, or deceptive practices
  • Money laundering or terrorist financing
  • Human trafficking or forced labour
  • Drug trafficking or controlled substances
  • Sale of counterfeit goods or intellectual property infringement
  • Financial crimes or organised crime activities

Weapons & Dangerous Goods

  • Firearms, ammunition, and weaponry
  • Explosives or hazardous materials
  • Military-grade equipment

Adult & Exploitative Content

  • Child exploitation or abuse material
  • Pornography involving minors
  • Escort services or prostitution
  • Human exploitation of any form

Unregulated Financial Services

  • Unlicensed money services
  • Unauthorised remittance operations
  • Ponzi schemes, pyramid schemes, or high-yield investment programs (HYIPs)
  • Unlicensed investment products
  • Unauthorized cryptocurrency or digital asset schemes

Sanctions & Embargo Violations

  • Businesses linked to sanctioned individuals or entities
  • Transactions involving embargoed countries or restricted jurisdictions
  • Activities that violate international sanctions regimes

Restricted Business Activities

The following categories may be considered restricted and are subject to enhanced due diligence, regulatory approval, and partner bank consent. Approval is not guaranteed and is assessed on a case-by-case basis.

High-Risk Business Categories

  • Online gaming, betting, or gambling platforms
  • Forex trading and brokerage services
  • Cryptocurrency-related services (where permitted by law)
  • Digital asset platforms
  • Lending platforms and credit services

Cross-Border & International Models

  • Cross-border e-commerce platforms
  • International payment facilitation models
  • Platforms processing foreign card payments
  • Marketplaces with multi-merchant settlement structures

Digital Content & Subscription Models

  • Subscription-based digital services
  • Online education platforms
  • Software-as-a-Service (SaaS) platforms with international users

Business Assessment & Approval

All merchants are assessed based on:

  • Business model and transaction flows
  • Regulatory permissibility
  • Partner bank risk appetite
  • KYB and ownership structure
  • Website and marketing content
  • Geographic exposure

LeadRemit reserves the right to:

  • Request additional documentation
  • Apply transaction limits or controls
  • Decline or terminate services

Ongoing Monitoring

Approved merchants are subject to:

  • Continuous transaction monitoring
  • Periodic compliance reviews
  • Enhanced scrutiny where risk indicators arise

Failure to maintain compliance may result in suspension or termination of services.

Right to Decline or Terminate

LeadRemit reserves the right to decline onboarding, suspend transactions, or terminate relationships at its sole discretion where:

  • Regulatory risk is identified
  • Bank or compliance requirements are breached
  • Misrepresentation or non-disclosure is discovered
  • Ongoing activity poses reputational or operational risk

Regulatory Cooperation

LeadRemit cooperates fully with:

  • Nigerian regulators
  • Partner banks
  • Law enforcement agencies

Information may be disclosed where required by law or regulatory request.

Disclaimer

This list is not exhaustive and may be updated at any time to reflect changes in regulatory requirements, banking policies, or risk assessments.

LeadRemit Ltd is a Nigerian company established to carry out the permissible activities of a licensed Payment Solution Service Provider (PSSP). LeadRemit is not a bank and does not provide deposit-taking services.