Terms and Conditions of FSI Sandbox & All web based web based FSI Services & All web based FSI Services

Please read these terms and conditions (referred to as “Ts&Cs” or T&C) carefully before using this web services (referred to as “Website Services” and/or “FSI Sandbox” and/or “Sandbox” and/or all web based platforms/services owned or offered by FSI which includes but not limited to Blog and Application store) as they are the legal agreement between you and Financial Services Innovators (referred to as “FSI”, ”we”, or “us”). If you do not accept the Ts&Cs, please do not proceed as your use and further use will be taken as your acceptance.

We may modify all or any part of these Ts&Cs from time to time without notifying you. You should regularly check the Ts&Cs so you are aware of your rights and obligations. Your continued use of the FSI Sandbox after changes to the Ts&Cs constitutes your binding acceptance of the updated Ts&Cs.


These Ts&Cs apply to all registered Users (having signed for an account) and by accessing or using the FSI sandbox, you agree to be bound by these Ts&Cs . Upon termination of this Agreement or your access to the FSI sandbox for any reason or no reason, you will continue to be bound by the terms of this Agreement which, by their nature, survive termination.


Our Services are exclusively available to users that are capable of entering a valid contract with FSI, in compliance with all applicable local, state, national, and international laws, rules and regulations.



FSI Sandbox is a platform and test environment which contains dummy data and tools for you to give ideas, provide, develop and test solutions (“Ideas”) and interact with us or other participants. We will provide overall governance but you are ultimately responsible for your Ideas and participation in the Sandbox. The Sandbox, dummy data, tools and other contents are provided “as is”, “as available” and with all faults. We do not represent that they will be error free, or free of other malicious code or will meet your requirements.


To gain access to the Sandbox, you need to sign in
  • You must be a human to sign up with FSI as a member. Sign ups, accounts registered and account sign in by "bots" or other automated methods are not permitted.
  • Each person can only maintain one account.
  • You must be at least 18 years old. While we are thrilled to see brilliant young coders develop, the FSI Sandbox is not open to under age participants and does not allow their participation. If we verify that you are not yet 18 years old, we will terminate your account immediately.
  • Your login credentials may only be used by one person - you - and cannot be shared with other people, as the services on FSI sandbox are delivered only to the individual registered on the platform.
  • Any operation which originates from your account, whether initiated by you or not shall be deemed to have originated from you.
  • FSI shall not be liable for any unauthorized use of your account to access the sandbox and you hereby absolve FSI and its employees, agents or contractors, of all and any liability/responsibility in this regard.
  • You understand and acknowledge that in the event of loss or misplacement of your device, the service may be misused. You indemnify FSI for any such misuse arising out of the same and shall not hold FSI responsible for any loss that you may suffer in these circumstances.
  • The Platform may hold and process User information with its agents and employees for the purpose of providing the services for which it was engaged.
  • FSI may suspend or terminate your access to the sandbox without prior notice if you breach any of these Terms and Conditions or if any errors / omissions / fraudulent actions are noticed. FSI may also terminate any account that is inactive for an extended period of time
  • FSI shall determine the privileges attached to the use of the sandbox and shall have absolute discretion to change, vary, add, supplement or amend these privileges and conditions attached thereto from time to time and such amendment, supplement or variation shall be binding on the User.


  1. Ownership and licence You have and retain intellectual property ownership of and responsibility for your Ideas/Codes. You agree that you will only submit Ideas/Codes that you have the right to post and develop, and you will fully comply with any third-party licenses relating to the Ideas/Codes. You also unconditionally and irrevocably agree that we, our directors, employees, agents and affiliates may use, reproduce, adapt, modify, translate, publish, publicly perform, publicly display, copy, store and distribute any Ideas which you submit, post or display in the Sandbox for any lawful purpose (“Use”) and for the Use, you provide us a perpetual, unrestricted, irrevocable, worldwide, royalty-free and non-exclusive licence. The Ideas may also be used for promotion, advertising or marketing purposes in any form, medium or technology. Under no circumstances will we be liable in any way for Ideas, contents or materials of any third parties (including participants), including, but not limited to, for any errors or omissions in any content, or for any loss or damage of any kind incurred as a result of the use of any such Ideas, contents or materials.
  2. Removal of Ideas We do not pre-screen Ideas, but we have the right (though not the obligation) to refuse or remove any Ideas, in our sole discretion, which violates this Term or any of our policies.


FSI Sandbox hosts a wide variety of Ideas and participants and the Sandbox can only work if all participants are able to work together in good faith. While using the Sandbox, you must follow these rules of conduct.

  1. Compliance with Laws and Regulations Your use of the FSI Sandbox must not violate any applicable laws and regulations, including copyright or trademark laws or export control laws. You are responsible for making sure that your participation complies with all laws and regulations applicable to you.
  2. Content Restrictions You agree that you will not under any circumstances upload, post, host, or transmit any content that:
    • is unlawful or promotes unlawful activities;
    • is or contains sexually obscene content;
    • is libellous, defamatory, or fraudulent;
    • is discriminatory or abusive toward any individual or group;
    • contains or installs any active malware or exploits, or uses our platform for exploit delivery (such as part of a command and control system); or
    • Infringe on any proprietary right of any party, including patent, trademark, trade secret, copyright, right of publicity, or other rights.
  3. Conduct Restrictions You agree that you will not under any circumstances:
    • attempt to disrupt or tamper with the Sandbox’s server or any third party’s servers hosting the Sandbox in ways that could harm the Sandbox and services of FSI website, to place undue burden on the servers through automated means, or to access the Sandbox in ways that exceed your authorization;
    • impersonate any person or entity, including any of our employees or representatives, including through false association with us or the Sandbox, or by fraudulently misrepresenting your identity;
    • violate the privacy of any third party, such as by posting another person's personal information without consent;
    • Collect or harvest any personal information from the sandbox.
    • engage in fraudulent or illegal conduct of any kind;
    • access or use the Sandbox for the benefit of our competitors, or to compete with us;
    • access or use the Sandbox for any political or terrorism related activities;
    • extract any information or data from the Sandbox;
    • transmit any viruses, worms, defects, Trojan horses, or any programme of a destructive nature;
    • store or archive the tools and functionalities to your own or a third party’s computer systems or storage devices;
    • modify, decompile, reverse engineer or otherwise alter FSI website services and the FSI Sandbox tools, API or content; or
    • Use robots, spiders, crawlers, scraping or other similar technology to access or use the Sandbox.
    • Bypass the measures used to prevent or restrict access to the sandbox, including without limitation to features that prevent or restrict use or copying of any content or enforce limitations on use of the sandbox or the content therein.
  4. Scraping, Spamming and Use of Cron Jobs

    Scraping refers to extracting data from the Sandbox via an automated process, such as a bot or WebCrawler. It does not refer to the collection of information through FSI Sandbox’s API. Scraping the Sandbox for any purpose is prohibited. Similarly, spamming and the use of Cron Jobs or like software utilities or technology for any purpose are not allowed.


You agree that we have no responsibility or liability for the deletion or failure to store any Ideas or any other content or data maintained or uploaded to the Sandbox.


If we provide APIs:

  • We may, in our sole discretion, charge you for API calls that exceed the call limits or terminate your access to the API. We may limit the number of API calls we permit you to make during any given period. If we believe that you have attempted to exceed or circumvent these limitations, we may temporarily or permanently block your ability to use APIs or the Sandbox.
  • You agree that we may collect certain usage data and information related to your use of our APIs and the Sandbox, and that we may use such usage data for any business purpose, internal or external.


You represent and warrant to us that:

  • The information you provide us in connection with your FSI member account and your use of the Sandbox is true and accurate;
  • Your participation in the Sandbox and the submission of your Ideas is voluntary and you will not receive any compensation (whether financial or in any other form) except where separately stated in relation to a FinTech challenge in which the sandbox is used as a working tool for the FinTech Challenge;
  • Your participation and Ideas will not infringe the rights of any third parties; and
  • Your Ideas, your use of the services of FSI website and your use of the Sandbox will comply with all laws and regulations applicable to you.


You may exit the sandbox by:

  • Partnering with API providers
  • Applying for and obtaining a license from CBN
  • Procuring investment from an investor

Kindly note that none of the procedures listed above are within the control of FSI as FSI is only responsible for activities within the sandbox. FSI may however offer technical assistance, act as a conduit or play advisory roles with respect to your exit from the platform.


We may discontinue, modify or change the Sandbox, tools (including APIs), content and our services at any time and may not notify you in advance. We will have no liability or obligation to you for any modifications or changes we make to the Sandbox. You agree that we may, at our sole discretion, modify, suspend or terminate your account and remove and discard any Ideas or content within the Sandbox, without notice. Any suspected fraudulent, abusive or illegal activity that may be grounds for termination of your account may be referred to appropriate law enforcement authorities. Upon termination, we may immediately deactivate or delete your account and all related information and files in your account and/or bar any further access to the Ideas and any other data. Further, you agree that we will not be liable to you or any third party for any termination of your access to the Services.


You agree that you are solely responsible for your interactions with any other participants in the Sandbox and in that regard, we will have no liability or responsibility. We may, but have no obligation, to become involved in any way in disputes between you and participants.


You agree to release, indemnify and hold us and our affiliates and our employees, directors and agents harmless from any and all losses, damages, expenses, including reasonable legal fees, rights, claims, actions of any kind and injury (including death) arising out of or relating to your use and participation in the Sandbox and services provided on FSI website, your connection to the Sandbox, your violation of these Ts&Cs or your violation of any rights of another including infringement of third party intellectual property. By signing up for an FSI member account, you confirm that the information provided at the time of registration and at all times are true and you agree to indemnify FSI where it is a false representation in any form.


The Sandbox may provide or facilitate, or third parties may provide, links or other access to other sites, services and resources on the Internet. We have no control over such sites, services and resources and we are not responsible for such sites, services and resources. You further acknowledge and agree that we will not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, events, goods or services available on or through any such site, service or resource. Any dealings you have with third parties found while using the Sandbox shall be between you and the third party, and you agree that FSI is not liable for any loss or claim that you may have against any such third party.


You expressly understand and agree that neither us nor our directors, employees or agents or affiliates will be liable for any indirect, incidental, special, consequential, exemplary damages, or damages for loss of profits including but not limited to, damages for loss of goodwill, use, data or other intangible losses, whether based on contract, tort, negligence, strict liability or otherwise, resulting from your participation and use of FSI’s sandbox. Notwithstanding the foregoing and to the extent permitted by law, our total liability to you or any third party for all damages, losses, and causes of action, whether in contract, tort (including but not limited to negligence) or otherwise under this T&C shall not under any circumstances exceed N10,000.00 (Ten Thousand Naira Only) FSI, its employees, agents or contractors shall, in no circumstances be held liable to you, if access to the sandbox is not available in the desired manner for any reason whatsoever. FSI shall have no liability where the services are not available because of any reason beyond the control of FSI, including but not limited to natural calamity, legal restraints, faults in the telecommunication network or network failure, software or hardware error, among others. FSI, its employees, agents or contractors shall, in no circumstances be held liable to any person for any errors or omissions in any content, or for any loss or damage of any kind incurred as a result of the use of any ideas, contents or materials.


Our communications to you and the Sandbox may contain Confidential Information. You will treat all Confidential Information as strictly confidential and use the same degree of care to prevent disclosure of such Confidential Information as you would use with respect to your own most confidential and proprietary information.

All Confidential Information on the FSI website and Sandbox is and remains our property, and, except as expressly provided in these Ts&Cs: (i) no license or other right in any Confidential Information on the FSI website is granted to you, and (ii) you may not use or disclose any Confidential Information without our prior written consent. On termination of these Ts&Cs or on our written request at any time, you will destroy or return to us all Confidential Information in your custody or control, received from your use of the FSI website. This provision will survive any termination of these Ts&Cs for so long as you have in your possession any Confidential Information belonging to FSI.

“Confidential Information” includes services provided on FSI website, the tools in the Sandbox, test scripts, API documentation, our information, processes, programs, testing procedures, software design and architecture, computer code, internal documentation, design and function specifications, product requirements, problem reports, analysis and performance information, and any other information which gives us the opportunity to obtain some competitive business advantage, or the disclosure of which could be detrimental to our interests, or which is:

  • Marked “confidential,” “restricted,” “proprietary information,” or other similar marking;
  • known to be considered confidential and proprietary;
  • received under circumstances reasonably interpreted as imposing an obligation of confidentiality; or (iv) any confidential transaction data.


We may monitor and audit your Ideas and participation in the Sandbox. You will promptly provide us with any information that we may request from you on your Ideas and activities. We may also without notifying you furnish to any regulator or governmental authority, foreign or domestic, with information on your Ideas and participation in the Sandbox.


We retain all rights, title and interest including all intellectual property rights not otherwise granted to you under this T&C, including the FSI Sandbox, our systems, services and branding as well as any derivative works from them. Your participation does not create a joint venture, co-ownership, partnership or agency relationship between you and us. Neither you nor we will have the authority to incur, assume, or create, orally or in writing, any liability, obligation, or undertaking of any kind in the name of, or on behalf of, or in any way binding upon, the other. FSI shall be permitted to assign, transfer, and subcontract its rights and/or obligations under these Terms without any notification or consent required. However, you shall not be permitted to do the same. This T&C constitutes the entire agreement between you and us and governs your use of the FSI Sandbox, website and other FSI’s services. You may also be subject to additional Ts&Cs that may apply when you use affiliate or third-party services, third party content or third-party software. These Ts&Cs will be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and you submit to the exclusive jurisdiction of the courts of the Federal Republic of Nigeria. Our failure to exercise or enforce any right or provision of these Ts&Cs will not constitute a waiver of such right or provision. If any provision of these Ts&Cs is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavour to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Ts&Cs remain in full force and effect.


The following Privacy Policy applies to our data collection and use in relation to your use of our services. This Privacy policy between FSI and you, constitutes our commitment to your privacy on our FSI website and Sandbox

  1. Your Privacy Rights

    This Privacy Policy describes your privacy rights regarding our collection, use, storage, sharing and protection of your personal information. It applies to the FSI Sandbox and general FSI web services, tools and contact with us regardless of how you access or use them. If you have created a username, identification code, password or any other piece of information as part of our access security measures, you must treat such information as confidential, and you must not disclose it to any third party. We reserve the right to disable any user identification code or password, whether chosen by you or allocated by us, at any time, if in our opinion you have failed to comply with any of the provisions of this FSI Terms and Conditions.

  2. Consent

    You accept this Privacy Policy when you give consent upon access to our sandbox, or use our services, content, features, technologies or functions offered on our website, application and digital platforms. This Policy governs the use of our services and we may amend it at any time by posting a revised version on our platform or by any other means we deem fit. The revised version will be effective 7-days after publication.

  3. Your Personal Information

    FSI is the sole owner of the information collected on this platform. When you supply information or content that personally identifies you or allows us to contact you, you agree to share that information with FSI, its agents, employees, representatives, and affiliates. We only collect or have access to information that you voluntarily give us. We will not sell or rent this information to anyone. When you use our Services, we collect information sent to us by your computer, mobile phone or other electronic access device. The automatically collected information includes but not limited to- data about the device ID or unique identifier, device type, geo-location information, computer and connection information, mobile network information, still and moving images. We may also collect information you provide us including but not limited to- survey responses, account update information, email, phone number and complaints. We may also collect information about your enquiries and your activities on our platform.

  4. What we do with your personal information
    The purpose of collecting your personal information is to give you efficient and secure service. We may use your information to:
    • Provide services and support on the Sandbox;
    • Process, verify your activities on the sandbox and send notices accordingly to you;
    • Verify your identity;
    • Manage risk, or to detect, prevent, and/or remediate fraud or other potentially prohibited or illegal activities;
    • Detect, prevent or remediate violation of Laws, Regulations, Standards, Guidelines and Frameworks;
    • Improve our Services by implementing aggregate member or user preferences;
    • Measure the performance of the sandbox and improve content, technology and layout;
    • Track information breach and remediate such identified breaches;
    • Manage and protect our information technology and infrastructure;
    • Contact you at any time through your provided contact details.
  5. How we protect your personal information

    We store and process your personal information on our database. Where we need to transfer your data to another country, such a country must have an adequate data protection law. We protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure and alteration. Some of the safeguards we use are firewalls and data encryption and information access authorization controls.

  6. How We Share your information within FSI and other users

    We guarantee the Privacy and confidentiality of all information and records unless disclosure is vital and in the interest of the public in accordance with the prevailing law. From time to time we may send you relevant information such as notices and other essential information to aid our services.

  7. Security

    We will always hold your information securely. To prevent unauthorized access to your information, we have implemented strong controls and security safeguards at the technical and operational levels. The collection of information is encrypted and transmitted to us in a secure way. FSI has also taken measures to comply with global Information Security Management Systems (ISMS), we therefore have put in place digital and physical security measures to limit or eliminate possibilities of data privacy breach incidents.

  8. Data Confidentiality Rights

    Your information is regarded as confidential and will not be divulged to any third party without your consent and except under legal and/or regulatory conditions including but not limited to court orders or law enforcement request (i.e. search warrant, subpoena, court order, discovery request) and to enforce our business policies and practices, or protect our or others rights, property, or safety. While FSI is responsible for safeguarding the information entrusted to us, your role in fulfilling confidentiality duties includes, but is not limited to, adopting and enforcing appropriate security measures such as non-sharing of passwords and other login details and adherence with other security protocols.

  9. Links to Other Websites and Premises

    Please note that this Sandbox is not responsible and has no control over websites outside its domain. We do not monitor or review the content of other party’s websites. Please be aware that we are not responsible for the privacy practices, or content of other sites. FSI will not accept any responsibility for any loss or damage in whatever manner, howeversoever caused, resulting from your disclosure of personal information to third parties.

  10. Governing Law

    This Privacy Policy is made pursuant to the Nigeria Data Protection Regulation (2019) and other relevant Nigerian laws, regulations or international conventions applicable to Nigeria. Where any provision of this Policy is deemed inconsistent with a law, regulation or convention, such provision shall be subject to the overriding law, regulation or convention.

By voluntarily entering information on our platform(s), you are consenting to our use of it in accordance with this Privacy Policy. Before this information is submitted to our systems you acknowledge your understanding of this Policy and also agree and consent to your personal data being collected, processed and used in accordance with FSI’s privacy policy.

In addition, and without prejudice to the terms in our Privacy Policy, you agree and consent to your personal data or information being collected, processed and used by us for: -

  • All purposes of the FSI Sandbox;
  • Other promotional, marketing and publicity notification/information including future promotional, marketing and publicity notification/information such as statistical data of activities in the sandbox from time to time .


Cookies are small text files which are transferred from our websites or services and stored on your device. We use cookies to help us provide you with a personalized service, and to improve the user-experience on our websites and services. Our cookies may be session cookies (temporary cookies that identify and track users within our websites, applications or services that are deleted when you close your browser or leave your session) or persistent cookies (cookies which enable our websites, applications or services to remember who you are and your preferences within our websites, applications or services, including those that will stay on your computer or device after you close your browser or leave your session in the application or service). We use the following different types of cookies: Strictly necessary cookies These are needed for our websites or services to function properly. For example, these cookies allow you to access secure areas of our website or to remember your previous activities. Performance cookies and analytics technologies These collect information about how users navigate our websites and services, for instance which functionality visitors use most often. They don’t collect information that identifies a visitor or user. We only use these cookies to improve our website, and services, so all information collected is anonymous. Functionality cookies These allow our websites and services to remember choices you make (such as your username, language or country) and provide enhanced, more personal features. They can also be used to remember changes you have made to services and other parts of web pages that you can customize. The information these collect may be anonymized and they cannot track your browsing activity on other websites. IP Address and traffic data We keep a record of traffic data which is logged automatically by our servers, such as your Internet Protocol (IP) address, and device information. We also collect some site, application and service statistics such as access rates, page hits and page views. We are not able to identify any individual from traffic data or site statistics. You may be able to configure your browser or our website to restrict cookies or block all cookies if you wish, however if you disable cookies you may find this affects your ability to use certain parts of our website or services.


You can contact us on matters relating to the Sandbox at sandboxsupport@fsi.ng