Refund Policy

1. General Principles

All deposits and transactions carried out on our trading platform are subject to the applicable laws and regulations established by the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and other relevant regulatory authorities.

Refunds are only applicable in limited circumstances where funds were deposited but not used for trading or settlement. Any refund request outside these defined circumstances will not be processed.

Refunds will only be made to the originating source account from which the funds were received. We do not issue refunds to third-party accounts under any circumstances.

2. Eligibility for Refunds

A refund request may be considered in the following circumstances:

• Erroneous or duplicate deposits: funds deposited unintentionally or deposited more than once for the same transaction
• Unutilised funds: funds deposited into your account that have not been used for any trading activity or settlement
• Regulatory directive: where a refund is mandated by an order from a relevant regulatory authority
• Platform malfunction: where a verified technical error on our platform resulted in an incorrect or duplicate debit
• Settlement error: where funds were incorrectly applied due to an administrative or system error on our part

3. Non-Refundable Items

The following are not eligible for refunds under any circumstances:

• Trading losses: losses incurred as a result of market movements or your own investment decisions
• Brokerage commissions and management fees already applied to completed transactions
• Regulatory levies and statutory charges imposed by SEC, NGX, CSCS, or other regulatory bodies
• Funds transferred to accounts not held in the client's own name
• Any charges or deductions that were disclosed and agreed to at the time of account opening or transaction

4. Refund Request Process

To submit a refund request, please send an email to techsupport@cowryasset.com with the following information:

• Your full name as registered on your account
• Your account number
• Proof of payment (bank statement, transfer receipt, or debit notification)
• A clear explanation of the reason for your refund request
• Your original bank account details (account name, account number, and bank name)

5. Verification and Approval

All refund requests are subject to verification before approval. This process includes:

• Know Your Customer (KYC) verification to confirm the identity of the requesting client
• Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) screening in compliance with regulatory requirements
• Review of account activity and transaction records to confirm eligibility
• Management review and approval for all eligible refund requests

The Firm reserves the right to request additional documentation during the verification process. Failure to provide requested documents may result in the refund request being declined.

6. Refund Method

All approved refunds are processed exclusively via bank transfer to the same account from which the original funds were received. We do not issue cash refunds or transfer funds to a different account.

Applicable bank transfer charges are typically borne by the client, unless the refund arises directly from an error on the part of the Firm, in which case the Firm will cover any associated bank fees.

You will be notified by email once your refund has been processed. Processing times may vary depending on your bank.

7. Regulatory Compliance

This Refund Policy is designed in compliance with the following regulatory frameworks:

• Investment and Securities Act (ISA) 2007 (as amended)
• Securities and Exchange Commission (SEC) Rules and Regulations
• Nigerian Exchange Group (NGX) market rules and directives
• Central Bank of Nigeria (CBN) guidelines on fund management and consumer protection
• Money Laundering (Prohibition) Act and Counter-Terrorism (Prohibition and Prevention) Act

8. Amendments

The Firm reserves the right to amend this Refund Policy at any time in response to changes in regulatory requirements, business practices, or client feedback. Clients will be notified of material changes via email or through a notice posted on our website. Continued use of our services following such notification constitutes acceptance of the updated policy.