Terms and Conditions
These Terms and Conditions ("Terms") govern your access to and use of the Syka platform, including our website at sykabank.com, mobile applications, web applications, merchant platform, and all related payment processing services (collectively, the "Services"), operated by Xenon Technologies Inc. (Delaware, USA), Xenon Technology Solutions (Canada) Inc., and Xenon Ltd. (Ghana) (together "Syka", "we", "us", or "our").
PLEASE READ THESE TERMS CAREFULLY BEFORE USING THE SERVICES. BY CREATING AN ACCOUNT, ACCESSING THE SERVICES, OR CLICKING “I AGREE”, YOU AGREE TO BE BOUND BY THESE TERMS AND ALL POLICIES INCORPORATED HEREIN BY REFERENCE, INCLUDING OUR PRIVACY POLICY AT sykabank.com/privacy. IF YOU DO NOT AGREE TO THESE TERMS, DO NOT USE THE SERVICES.
These Terms constitute a legally binding agreement between you and Syka. If you use the Services for a business or other legal entity, you represent that you have authority to bind that entity.
1. Definitions
| Term | Definition |
|---|---|
| Account | The account you create to access and use the Services. |
| AML / KYC | Anti-money laundering / know-your-customer due diligence procedures. |
| Applicable Laws | Laws and regulatory requirements that apply in your jurisdiction, including Ghana, Nigeria, Kenya, South Africa, Canada, and other places where you operate. |
| Xenon Group | Xenon Technologies Inc. (Delaware), its subsidiaries Xenon Technology Solutions (Canada) Inc. and Xenon Ltd. (Ghana), and other entities it controls. |
| Bank Partner | A bank, financial institution, fintech, or FX operator with a service agreement with Syka for access to the Merchant Platform. |
| Consumer App / Merchant Platform | Syka's applications for end users / Syka's desktop application for Bank Partners processing customer transactions. |
| Fees | Charges, commissions, spreads, and other amounts payable as set out in Schedule 1. |
| FINTRAC / MSB | The Financial Transactions and Reports Analysis Centre of Canada / Money Services Business. |
| Merchant / User | A business or individual using a Syka account / any individual or entity accessing the Services. |
| Services | Syka products, platforms, applications, APIs, treasury management tools, and related services. |
| Stablecoin / Transaction | A digital asset pegged to a fiat currency, including USDC and USDT / a payment, transfer, conversion, or settlement processed through the Services. |
2. Eligibility and Account Registration
2.1 Eligibility Requirements
To use the Services, you must:
- Be at least 18 years old (or the age of majority in your jurisdiction, if higher) and have capacity to enter a binding agreement
- Not reside in a jurisdiction where the Services are prohibited or be subject to applicable sanctions
- Not be a PEP unless you complete enhanced due diligence
- Have valid government-issued identification; business users must be authorised representatives of registered businesses
2.2 Account Registration
- Provide accurate, complete, and current information and update it when it changes
- Submit to KYC verification and provide requested documentation
- Keep your credentials secure and notify us immediately about unauthorised access
- Accept responsibility for activity under your account
2.3 KYC Verification
Accounts are subject to identity verification before activation. Smile Identity is used for document verification and biometric matching; Dojah is used for sanctions screening. You consent to KYC data processing, ongoing sanctions/PEP/adverse media screening, periodic re-verification, and sharing results with referring Bank Partners. Syka may reject or suspend accounts that do not meet risk and compliance criteria.
| Account tier | Requirements | Monthly limit | Approval time |
|---|---|---|---|
| Tier 1 — Basic | Government ID only | $10,000 | 10–30 minutes |
| Tier 2 — Business | Full business documentation | $250,000 | 24–48 hours |
| Tier 3 — Enterprise | Enhanced due diligence and video call | Unlimited | 3–5 business days |
3. The Services
3.1 Cross-Border Payment Processing
Syka enables cross-border payments through stablecoin-powered infrastructure. Local fiat is converted to USDC/USDT through payment rail partners, transferred through the settlement network, converted to the recipient's local currency after fees, and paid to a bank account or mobile money wallet. Syka is not a bank and does not hold deposits. Funds are held only as long as needed to complete a transaction, and no interest is paid on funds in processing.
3.2 Fee Preview and Transparency
Before confirmation, the platform displays the recipient amount after fees, Syka's fee, any exchange rate and spread, and expected settlement time. Rates are indicative until execution and may vary slightly with market movements.
3.3 Merchant Platform (Bank Partners)
- Train tellers before live processing
- Disclose all fees, including the Bank Partner's markup, before submission
- Provide first-line customer support
- Comply with banking/FX licence and regulatory obligations
- Report suspicious activity as required by AML law
3.4 Treasury Management and Yield
- Yield features may deploy stablecoin balances to institutional DeFi lending protocols. Target yields of 4–8% APY are not guaranteed.
- A 20% performance fee on gross yield is deducted before crediting balances.
- Withdrawals from deployed strategies may take 24–48 hours.
- DeFi involves smart contract, liquidity, and protocol failure risks. Diversification and insurance do not remove all risk.
- Syka is not an investment adviser. Limit orders, DCA, and scheduled conversions are best-efforts and have no guaranteed execution rate.
3.5 API Services
- API use is subject to Syka's API Terms at sykabank.com/api-terms, documentation rate limits, applicable law, and the prohibition on circumventing KYC/AML processes.
4. Fees and Payment
4.1 Transaction Fees
Standard cross-border payment processing carries a 0.95% transaction fee, deducted before recipient payout and shown in the fee preview.
4.2 Subscription Fees (Bank Partners)
Subscription fees are payable in advance and non-refundable except as provided in the Bank Service Agreement.
- Powered by Syka: USD 1,200 per month
- Fully White-Labeled: USD 3,500 per month plus a USD 5,000 one-time setup fee
4.3–4.5 Exchange Rates, Fee Changes, and Taxes
The exchange rate and spread are shown before confirmation; rates come from payment rail partners and include a Syka margin. Fees may change with 30 days' prior written notice. You are responsible for applicable VAT, GST, withholding, and other taxes; transaction records are available to assist with compliance.
4.6 Refunds and Reversals
Settled transactions are generally not reversible. Syka will use reasonable efforts to recall a transaction sent to incorrect details (charges apply), processed fraudulently without authorisation, or failed without delivery. Submit refund requests within 48 hours to support@sykabank.com with the transaction reference.
5. Supported Corridors and Currencies
5.1 Supported Corridors
- African send currencies: GHS, NGN, KES, ZAR, UGX, and TZS
- Phase 1 receive/settlement currencies: EUR, GBP, USD, CAD, CNH (via Hong Kong), TRY, KRW, JPY, AUD, INR, AED, SGD, BRL, and MXN
- Caribbean corridors via WiPay CSN: JMD, TTD, BBD, XCD, and GYD
5.2 Corridor Availability
Availability depends on regulatory requirements, partner availability, and liquidity. Syka may add or remove corridors with 30 days' notice or suspend them without notice in emergencies such as regulatory action or partner failure.
5.3 Transaction Limits
Limits depend on account tier, sending corridor, and regulatory requirements. Current limits are shown in your dashboard and may change.
6. Acceptable Use and Prohibited Activities
6.1 Acceptable Use
Use the Services only for lawful purposes, including personal remittances, business payments, supplier payments, payroll, and other lawful commercial transactions.
6.2 Prohibited Activities
- Financial crime: money laundering, terrorist financing, sanctions evasion, transactions involving sanctioned parties, tax evasion, fraud, or identity theft
- Illegal activity: proceeds of crime, weapons of mass destruction, terrorism, organised crime, human trafficking, drug trafficking, prohibited gambling, or child exploitation
- Regulatory violations: unlicensed money transmission, unauthorised payment services, circumventing KYC/AML, or structuring transactions to avoid reporting
- Platform abuse: unauthorised access, bots, reverse engineering, malware, or impersonation
- High-risk businesses without prior written approval: crypto exchanges, gambling, adult entertainment, arms dealing, shell companies, pyramid schemes, or unregistered money services
6.3 Consequences of Prohibited Use
If we detect or suspect prohibited use, we may suspend or terminate your account, freeze related funds, report activity to authorities, retain funds pending investigation or direction, and pursue legal action.
7. Compliance and Regulatory Obligations
7.1 Syka's Compliance Obligations
Syka is a FINTRAC-registered MSB in Canada and complies with AML and data protection laws in its operating jurisdictions. We verify identities, screen users and transactions against sanctions lists, monitor suspicious activity, file required STRs/LCTRs/EFTRs, retain transaction and KYC records for at least seven years, and cooperate with law enforcement.
7.2 Your Compliance Obligations
- Provide accurate information and update it promptly
- Cooperate with ongoing due diligence and re-verification
- Do not structure transactions to avoid reporting
- Comply with Applicable Laws and promptly tell Syka if you become sanctioned, a PEP, or engage in a Prohibited Activity
7.3 No Tipping Off and 7.4 Cooperation
Syka may be prohibited from telling you whether a suspicious transaction report has been filed. Syka will comply with lawful regulator, law enforcement, and court requests, including disclosure without notice where required or permitted by law.
8. Intellectual Property
8.1–8.2 Ownership and Licence
Intellectual property in the Services, including the Syka name, logo, platform, APIs, documentation, designs, and content, belongs to or is licensed to Xenon Technologies Inc. We grant you a limited, non-exclusive, non-transferable, revocable licence to use the Services for their intended purposes. You may not copy, modify, reverse engineer, remove proprietary notices, commercially use our IP without consent, or transfer access rights.
8.3 Your Content and 8.4 Feedback
You retain ownership of content you submit and grant Syka a worldwide, non-exclusive licence to process it as needed to provide the Services and meet legal obligations. Syka may use suggestions and feedback without compensation.
9. Disclaimers and Limitation of Liability
9.1 No Warranties
THE SERVICES ARE PROVIDED ‘AS IS’ AND ‘AS AVAILABLE’ WITHOUT EXPRESS OR IMPLIED WARRANTIES, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, uninterrupted or error-free service, content accuracy, or guaranteed exchange rates, transaction times, or yield rates.
9.2 Limitation of Liability
To the maximum extent permitted by law, Syka's total aggregate liability will not exceed the greater of fees paid in the three months before the claim or USD 500. Syka is not liable for indirect, incidental, special, consequential, punitive, profit, revenue, data, goodwill, or business opportunity losses, or losses caused by third parties, regulatory action, or force majeure.
9.3 Exceptions and 9.4 DeFi / Stablecoin Risks
- Liability for death or personal injury caused by Syka's negligence, fraud, and liability that cannot be limited by law are not excluded.
- Stablecoins may de-peg; DeFi protocols carry smart contract, liquidity, and total loss risks; blockchains may fail or congest; regulations may change. Insurance does not eliminate all risk.
10. Indemnification
You agree to indemnify, defend, and hold harmless Syka and its officers, staff, partners, and providers against claims, losses, costs, and reasonable legal fees arising from your breach of these Terms, Prohibited Activity, violation of law, third-party claims about your use, inaccurate information, or disputes with recipients or others concerning a transaction.
11. Account Suspension and Termination
11.1 Termination by You
You may close your account by contacting support@sykabank.com, after pending transactions are complete, outstanding fees are paid, and available balances are withdrawn. KYC and transaction records are retained for seven years after closure where required.
11.2 Suspension or Termination by Syka
We may act immediately if you breach these Terms, engage or are suspected of engaging in Prohibited Activity, fail KYC, are subject to an investigation, law requires action, or continued service creates unacceptable risk.
11.3 Effect of Termination
Access ends immediately. Pending transactions may be completed or cancelled at Syka's discretion. Balances are returned subject to legal holds and AML obligations. Required records are retained; clauses that by nature survive termination remain in effect.
12. Dispute Resolution
12.1 Informal Resolution
First contact support@sykabank.com with a description of the dispute and requested resolution. Syka will use reasonable efforts to resolve it informally within 30 days.
12.2 Formal Dispute Resolution
| Jurisdiction | Applicable law and arbitration |
|---|---|
| Ghana | Ghana Arbitration Centre, Accra; Ghana law |
| Nigeria | Arbitration and Conciliation Act 2023; Lagos; Nigerian law |
| Kenya | Arbitration Act 1995 (as amended); Nairobi; Kenyan law |
| Tanzania | Arbitration Act 1977 (as amended); Dar es Salaam; Tanzanian law |
| Uganda | Arbitration Act 1995 (as amended); Kampala; Ugandan law |
| Canada | Ontario law; arbitration in Ontario under the Arbitration Act 1991 |
| EU / UK | England and Wales law; London arbitration under ICC Rules |
| United States | Delaware law; Wilmington arbitration under AAA Rules |
| All others | Ontario, Canada law |
12.3 Class Action Waiver and 12.4 Exclusions
To the extent permitted by law, disputes must be brought individually, not as a class, collective, or representative action. Either party may seek urgent injunctive relief from a competent court to prevent irreparable harm.
13. Platform Availability and Changes
13.1 Service Availability
Syka targets 99.5% uptime per calendar month, excluding scheduled maintenance. Scheduled maintenance will be communicated at least 48 hours in advance. Syka is not liable for downtime from maintenance, third-party infrastructure, force majeure, or regulatory action.
13.2 Changes to Services and 13.3 Changes to Terms
Syka may modify, update, or discontinue Services, giving reasonable notice of material changes where practicable. Material Terms changes will be notified by email and platform notice at least 30 days in advance. Continued use after the effective date means acceptance; if you disagree, stop using the Services and close your account.
14. Governing Law and Jurisdiction
These Terms are governed by the laws of Ontario and applicable federal laws of Canada, except where the jurisdiction-specific provisions in clause 12.2 apply. If a provision is invalid or unenforceable, the remaining provisions stay in force.
15. General Provisions
These Terms, the Privacy Policy, Cookie Policy, and any Bank Service Agreement are the entire agreement. Other provisions cover severability, waiver, assignment, third-party rights, force majeure events, English as the controlling language, and consent to electronic notices by email or platform notification.
16. Contact Information
| General / Legal | Customer Support | Security |
|---|---|---|
| Edem Quintin Dzorkpata · legal@xenonlimited.co | support@sykabank.com · response within 1 business day | security@sykabank.com · vulnerability reports |
Registered offices: Xenon Technologies Inc., 1415 Bali Court, San Jose, CA 95122, USA; Xenon Technology Solutions (Canada) Inc., Ontario, Canada; Xenon Ltd., 377 George Walker Bush Highway, Accra, Ghana. Effective Date: July 27, 2026 · Version 1.0 · Next Review: January 2027.