Refund and Cancellation Policy

1. Overview & Core Principles

This Refund and Cancellation Policy ("Refund Policy") establishes the guidelines and procedures governing order cancellations, trade reversals, and collateral recourse refunds on the Paytali peer-to-peer currency exchange platform.

Because fiat currency exchange transactions execute directly across external commercial banking rails (such as InstaPay in Egypt and NIP bank transfers in Nigeria), completed fiat transfers cannot be reversed directly by Paytali. Users must exercise utmost care when transferring funds and confirming order terms.

2. Buyer Order Cancellation Rules

Order cancellation rights depend on the active stage of the transaction lifecycle:

• Pre-Payment Cancellation: A buyer may cancel an order at any time while it remains in MATCHED status, provided the buyer has not clicked "I Have Paid" and has not disbursed funds to the merchant. Upon cancellation, the locked merchant capacity is immediately returned to the market.
• Post-Payment Lock: Once the buyer clicks "I Have Paid" and submits payment proof (transitioning the order to BUYER_PAID), the order cannot be unilaterally cancelled by either party. This lock protects the buyer from premature merchant cancellations while awaiting payment clearance.
• Abusive Order Cancellation: Repeatedly creating orders and cancelling them without cause (order blocking) to manipulate merchant availability is considered market abuse and will lead to trading suspensions.

3. Automated System Expiry & Cancellation

Each order is subject to a strict payment window timer (typically 15 to 30 minutes, as set by the merchant ad). If the buyer fails to disburse payment and upload verifiable proof before the timer reaches zero:

• The system automatically executes a cancellation transition (CANCELLED);
• The merchant's locked collateral exposure is instantly unlocked and restored to their available capacity;
• Paytali is not responsible for any funds sent by a buyer after the order has expired. In such cases, the buyer must immediately open a support ticket with bank statement proof to request a manual refund from the merchant.

4. Merchant Collateral Recourse Refunds

Where a buyer has transferred the correct settlement amount within the active payment window and submitted valid proof, but the merchant fails or refuses to disburse the agreed counterparty payout:

1. The buyer must initiate a Dispute before the dispute window closes;
2. Upon independent verification of the buyer's payment by Paytali dispute mediators, the merchant will be given a final 2-hour cure notice;
3. If the merchant remains in default, Paytali exercises recourse against the merchant's security deposit held in the platform escrow vault;
4. The merchant's deposit is debited in NGN or XOF to provide a full recourse refund to the buyer, ensuring the buyer is made whole without bearing counterparty default risk.

5. Third-Party Payment Returns

If a merchant receives funds from a bank account or wallet that does not match the buyer's verified legal name on Paytali (third-party payment):

• The merchant must NOT release the counterparty payout;
• The merchant must initiate a dispute and return the received funds directly to the originating bank account within 24 hours;
• The sender is liable for all banking wire charges and an administrative processing deduction (up to 5% of the transfer amount) to cover fraud screening and bank return fees.