Terms and Conditions

Last updated 12 October 2026

These Terms are a contract between you and Ricardian Labs Ltd. Read them. By opening an account or using Milo in any way, you agree to every word of them. If you do not agree, do not use Milo.

1. Who we are, what Milo is, and what it is not

Milo is operated by Ricardian Labs Ltd (RC 7947032) ("Ricardian Labs", "Milo", "we", "us"), registered office 5, Ladipo Latinwo Crescent, Lekki, Lagos State, Nigeria. In these Terms, "Milo" means the service and the company that runs it. Milo is a technology service. It is a chat interface through which you instruct licensed third-party financial institutions ("Partners"). Milo is not a bank. Milo does not take deposits, lend, or hold money as a bank. Accounts, account numbers, cards and the movement of money are provided by our Partners, under their licences, and are also subject to their terms and rules. Milo acts only on your instructions.

2. Eligibility and your details

You must be at least 18 and legally able to contract. You must give true, complete and current details. The name you enter must match your BVN exactly. A mismatch, a false detail or a borrowed identity means we may refuse, freeze or close your account without notice. You alone answer for what you submit.

3. Your PIN and your account

Your PIN, your device and your sign-in are yours to guard. Anything done with your PIN, or from your signed-in device, is treated as done by you. Milo will never ask you for your PIN in a chat. We are not liable for loss arising from a PIN, code or device you shared, lost or let anyone use.

4. Instructions are final

When you confirm a payment, it is your instruction and it is final. Once sent, money often cannot be recalled. Check every name, number, bank and amount before you confirm. A payment sent to details you gave is your responsibility, even if the details were wrong. We will try to assist with recovery through the Partners, but we do not promise a result.

5. Fees and rates

The fee, rate and total are shown before you confirm. By confirming, you accept them. Charges made by Partners or networks that Milo's price does not cover are passed on to you at cost. Fees and rates may change; the ones shown at the time you confirm are the ones that apply.

6. Dollar card

The card is issued by a Partner. It is for lawful spending only. It is not a withdrawal instrument and cannot be cashed out. Merchant, network and issuer decisions are outside our control. Spending is limited to the balance you have loaded.

7. What you must not do

No fraud, scams, money laundering, terrorism financing, sanctions evasion, gambling operations, impersonation, or any unlawful act. No attempts to break, probe or overload Milo. No use of Milo for another person's benefit without telling us. Breach lets us act under section 8 and report you to the authorities.

8. Our right to act

We, or our Partners, may at any time and without prior notice: delay, hold, refuse or reverse any transaction; freeze or restrict any account; ask for further identification; and close any account, where we suspect a breach, where the law or a Partner requires it, or where we reasonably think it prudent. We may disclose information to regulators, law enforcement and Partners as the law permits or requires.

9. Availability

Milo depends on Partners, banks, networks and the internet. We do not guarantee that it will always be available, uninterrupted or error free. Delays, outages and failures of third parties are not our breach.

10. Limit of liability

To the fullest extent the law allows: Milo is provided "as is"; we are not liable for indirect, consequential or special loss, loss of profit, or loss caused by Partners, banks, networks, your own error, your lost device or shared PIN, or events outside our reasonable control; and our total liability for any claim is limited to the fees you paid Milo on the transaction giving rise to it. Nothing here excludes liability that cannot lawfully be excluded.

11. Indemnity

You will compensate Milo for any loss, claim, penalty or cost arising from your breach of these Terms, your unlawful use of Milo, or details you supplied that were false.

12. Closing your account

You may request deletion from the menu (Delete account). Move your money out first; an account holding funds, or under review, is not closed until it is cleared. We keep the records the law requires after closure. Sections 4, 8, 10, 11 and 14 survive closure.

13. Changes

We may change these Terms at any time by posting them here. Using Milo after a change means you accept it.

14. Disputes and governing law

These Terms are governed by the laws of the Federal Republic of Nigeria. You and Milo will first try in good faith to settle any dispute through the app. A dispute not settled within 30 days goes to arbitration in Lagos under the Arbitration and Mediation Act, before a sole arbitrator; the Nigerian courts have exclusive jurisdiction only to enforce the award or grant urgent relief. Each side bears its own costs unless the arbitrator decides otherwise.

15. The whole agreement

These Terms , our Privacy Policy, our KYC and KYB Policy and our AML/CFT/CPF Policy are the whole agreement between you and Ricardian Labs Ltd. If any part is unenforceable, the rest stands. Our delay in enforcing a right is not a waiver of it.

Milo is a service of Ricardian Labs Ltd (RC 7947032), a private company limited by shares incorporated in Nigeria on 22 September 2024 under the Companies and Allied Matters Act 2020. Registered office: 5, Ladipo Latinwo Crescent, Lekki, Lagos State, Nigeria. Contact: support@milo.ng.

Terms · Privacy · KYC and KYB · AML/CFT/CPF