PanovaaX Benefit Units Terms
Provisional benefit-unit principles, with operating rules and legal classification expressly unconfirmed.
- Document version
- 0.2
- Prepared
- 31 October 2026
- Effective date
- [To be confirmed]
Draft document, not yet effective
Not approved, not effective and not evidence of regulatory compliance. Reading these pages does not constitute acceptance.
Questions about these terms: support@panovaax.com
1. Operator and document status
This preliminary document is prepared for PanovaaX Technologies Ltd, the proposed operator of PanovaaX. It is a first draft for founder and Nigerian legal counsel review, not an approved policy or a representation of regulatory compliance. It does not take effect merely because it is displayed or read.
PanovaaX connects organisations, their people and participating merchants and service providers through lifestyle benefits, everyday services and experiences. The features and contractual responsibilities described here must be checked against the services actually offered at launch.
Confirmation required before operative publication
Confirm the exact registered contracting entity, CAC number, registered and service addresses, legal contact, effective date and authorised signatory. No binding effective date has been set.
2. Meaning and limits of this provisional schedule
PBU means PanovaaX Benefit Units. The platform presents units as a way to describe eligible benefit value within participating programmes. The current public reference is one PBU equal to ₦5,000 of eligible benefit value. This description is not a legal classification or an unconditional contractual conversion promise.
Do not assume that PBU is legal tender, stored value, a payment instrument, a deposit, an investment, electronically issued money or redeemable for cash. Nor does this draft conclude that any financial-services law is inapplicable. The actual functions, flows and rights must be assessed by counsel.
Confirmation required before operative publication
Confirm the legally approved description and whether any actual functionality triggers payment, banking, securities, consumer or other regulatory requirements.
3. Programme eligibility and allocation
Benefit access depends on the applicable programme, participant eligibility, actual allocation and participating service. A displayed example, proposed reward or marketing reference does not create an entitlement or guarantee allocation.
The identity of the issuer or allocating party, funding arrangement and basis for allocation must be documented. A personal account and organisation membership remain separate, and only checked membership should connect a person to an organisation's programme.
Confirmation required before operative publication
Confirm issuer/administrator responsibilities, funding, entitlement records, allocation criteria and handling of erroneous allocations.
4. Use, service availability and records
Use must remain within the permissions and services approved for the relevant programme. Providers, locations, prices and availability may vary and must be checked for the selected service. No universal acceptance or exchange right is promised.
The platform should maintain accurate allocation and usage records and provide an appropriate way to report discrepancies. A technical display error must not be treated as an invented entitlement, but corrections must respect legally established rights and the confirmed programme rules.
Confirmation required before operative publication
Confirm permitted uses, redemption authorisation, reconciliation, partial use, category restrictions, corrections and dispute procedures.
5. Valuation and programme changes
The public ₦5,000 reference helps explain benefit value. It does not by itself set an immutable contractual rate, create a cash withdrawal right or authorise deductions from wages. Actual pricing and any programme-specific value require clear pre-use disclosure.
Any future change to the reference or programme must be assessed for notice, existing entitlements, consumer fairness, employer commitments and regulatory implications.
Confirmation required before operative publication
Approve valuation rules, rounding, category differences if any, treatment of existing balances and participant notice before changing any value.
6. Transfers, expiry, reversals and exit
No transfer, sale, cash redemption, expiry, automatic forfeiture or reversal rule is adopted by this draft. Those decisions must be established from actual functionality and reviewed before they become contractual provisions.
Programme exit, employment departure, account closure, provider cancellation and payment disputes may affect benefit records in different ways. Do not conflate ending an organisation membership with losing a personal account or all accrued rights.
Confirmation required before operative publication
Confirm each permitted transfer, expiry and reversal scenario, unused entitlements at exit, refunds, provider failure and who bears each obligation.
7. Rewards, misuse and regulatory assessment
Membership verification and transaction-qualified referral rewards are independent states. A person must not manufacture transactions, refer fictitious participants, bypass approval or claim benefits not allocated under a confirmed programme. Any operative reward rules need separate, approved disclosure.
Counsel must map actual issuance, funding, holding, redemption, provider settlement and withdrawal functions before assessing licences or approvals. This document does not state that PanovaaX is licensed or exempt.
Confirmation required before operative publication
Review referral conditions, tax implications, fraud controls and regulatory perimeter with appropriate Nigerian counsel and advisers.
8. Responsibility, liability and indemnities
Each party should be responsible for its own unlawful conduct, misrepresentations, contractual failures and failures to take reasonable care, to the extent provided by applicable law. Nothing in the final agreement should exclude non-excludable consumer rights or liability that Nigerian law does not permit to be excluded.
No promise of uninterrupted access, guaranteed business outcomes, financial returns or universal service availability is made by this draft. Equally, platform limitations must not be used to remove mandatory duties, responsibility for fraud or legally protected remedies.
Any proposed liability cap, excluded loss category or indemnity must be proportionate to the actual relationship, clearly disclosed and reviewed for fairness. No monetary cap or blanket user indemnity is adopted in this draft.
Confirmation required before operative publication
Confirm risk allocation, insurance and any narrowly scoped third-party claim indemnity. Counsel must assess enforceability, negligence, fraud, data incidents and consumer protections before publication.
9. Complaints, governing law and disputes
Contact support@panovaax.com for account, service, payment or privacy concerns. General enquiries may be sent to hello@panovaax.com. Include the relevant reference and a description of the issue, but do not send passwords, payment credentials or unnecessary sensitive information. The intended primary legal context is the law of the Federal Republic of Nigeria, subject to counsel confirmation and mandatory protections applying elsewhere.
The proposed first step is a good-faith attempt to resolve the issue, without restricting access to a competent regulator, legally available urgent relief or non-waivable statutory rights. This draft does not impose an arbitration agreement, exclusive court venue, mandatory negotiation period or deadline for claims.
Confirmation required before operative publication
Confirm operational response and escalation commitments. Counsel must validate dispute provisions, jurisdiction, consumer fairness and electronic acceptance.
10. Changes, effective date and acceptance
This draft is version 0.2, updated on 31 October 2026 with confirmed contact channels and current platform safeguards. Its effective date is not confirmed. Approved terms should identify the applicable version, explain material changes and use reasonable notice and explicit acceptance where the law or relationship requires it.
Visiting a page, viewing a preview or remaining silent does not create a recorded acceptance under this draft. Existing business contracts and mandatory law are not replaced by these preliminary pages.
Confirmation required before operative publication
Before activation, approve an acceptance mechanism, delivery of a retainable copy, change notices and treatment of participants who do not accept revised terms.