Frequently Asked Questions

NiyyahPay is a financial technology platform built to provide ethical, non-interest financial tools that align with your faith. Our platform brings together disciplined savings vaults, collective group contributions (Circles), personal expense management, and 100% Halal asset financing (Murabaha) under one calm, transparent experience.

NiyyahPay is designed primarily for Muslim professionals, remote workers, freelancers, and entrepreneurs who want modern financial tools that fit both their ambitions and their religious values. While built with Islamic financial principles, our ethical services are open to anyone who values non-interest finance and absolute transparency.

No. NiyyahPay is a technology platform, not a bank. We do not hold customer deposits directly. All customer virtual bank accounts and savings balances are held in custody by our licensed banking partner, Safe Haven Microfinance Bank, an institution regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).

Conventional financial institutions frequently force Muslims to compromise their values by embedding compounding interest (Riba), speculative ambiguity (Gharar), or opaque penalty structures into everyday savings and credit products. NiyyahPay was founded to eliminate this compromise by building intentional, Sharia-aligned solutions from the ground up.

Yes. Our financial models are strictly non-interest based. For asset financing, we use the authentic Murabaha (cost-plus sale) structure where we buy the physical asset and sell it to you at an agreed fixed markup without compounding penalties. Our savings products yield zero interest, ensuring your wealth remains pure and free of interest contamination.

You can save towards any personal or business goal that matters to you: emergency reserves, annual rent, school fees, Hajj or Umrah pilgrimages, business working capital, or wedding preparations.

Yes. You can create multiple distinct savings goals simultaneously with customized funding frequencies (daily, weekly, or monthly) and track each target independently.

No. NiyyahPay never pays interest (Riba) on savings balances. In Islamic jurisprudence, guaranteed returns on loaned deposits constitute unlawful interest. NiyyahPay focuses on disciplined capital preservation and intentional goal attainment.

For flexible Target Goals, you can withdraw your funds back to your linked personal bank account at any time. If you choose to place funds in a Locked Vault, the funds remain strictly locked until your designated maturity date to protect you from impulsive spending.

All customer savings funds are deposited in segregated custodial bank accounts managed by our licensed banking partner, Safe Haven Microfinance Bank, which is fully regulated by the Central Bank of Nigeria (CBN) and insured by the NDIC.

NiyyahPay Asset Financing is an ethical installment solution allowing you to acquire essential productive assets today by paying an initial deposit and spreading the remainder across fixed, interest-free periodic payments.

No. It is not a cash loan. NiyyahPay operates under the Islamic commercial contract of Murabaha (cost-plus markup sale). We purchase the actual physical asset you need from a merchant and sell it to you at an agreed price with a transparent profit markup.

We finance tangible, productive tools:

• Solar & Power: Complete solar inverter systems, lithium batteries, solar panels.
• Laptops & Workstations: MacBooks, business laptops, monitors, developer setups.
• Phones & Tablets: iPhones, iPads, Android smartphones for communication and commerce.
• Business Equipment: Industrial sewing machines, POS devices, photography/media gear, printers.

Lending money and charging more back in return is interest (Riba), which is prohibited in Islam. In contrast, buying and selling tangible goods with an agreed markup is legitimate commerce (Tijarah). By financing the actual asset directly, we ensure the transaction is 100% Halal and directly empowers your productivity.

Any resident in Nigeria aged 18 or above who earns a verifiable regular income—whether as a salaried employee, remote tech professional, freelancer, or registered business owner.

Facility sizes generally range from ₦100,000 up to ₦3,500,000 depending on your verified monthly income, debt-to-income ratio, and chosen repayment tenure.

Yes. An initial deposit (typically between 20% and 40% of the total asset cost) is required upon approval before NiyyahPay purchases and dispatches the asset to you.

We offer short-to-medium flexible repayment durations of 2 months, 3 months, 4 months, or 5 months.

No. There is zero interest. We agree on a fixed markup upfront. Once agreed, your installment amount will never increase, regardless of how long the term is or whether market rates fluctuate.

The total repayment equals the verified retail price of the asset plus NiyyahPay's fixed profit margin. We deduct your upfront deposit and divide the balance equally across your selected months.

No. Under strict Sharia principles, NiyyahPay must procure the asset directly from the vendor to assume legitimate commercial ownership before transferring possession to you.

Yes! You specify the exact brand, model, and specifications you require (or provide an official merchant invoice). Our procurement team reviews the vendor for authenticity and warranty support before purchasing.

To verify your income stability and ensure the monthly installment does not exceed a responsible percentage of your earnings, protecting you from over-indebtedness.

Initial submission on our website only takes 2 minutes with basic information. If your request passes preliminary review, we request:

• Valid government ID (NIN slip, Voter's Card, or Passport).
• Recent 3 to 6 months bank statement showing regular income.
• Proof of residential address (utility bill).

No. Applications are evaluated based on income verification, debt capacity, and vendor credibility. We review every application with fairness and transparency.

Preliminary review takes less than 24 hours. Once your required verification documents are uploaded, final approval and vendor order placement typically take 24 to 48 hours.

Our onboarding concierge logs your request and contacts you on WhatsApp or email to confirm specifications, discuss deposit options, and request your supporting statement.

We never charge compounding interest or punitive late fees. If you anticipate difficulty paying on time, you must notify us in advance so we can arrange a restructuring plan. Persistent non-communication or default may lead to asset repossession or reporting to credit bureaus.

Yes! You can settle your remaining balance ahead of schedule at any point without any early repayment penalty fees.

Money Management provides transparent tools to help you track inflows and outflows, categorize spending, plan future commitments, and gain total clarity over where your money is going.

No. NiyyahPay never accesses your personal external bank account without your explicit authorization. You decide which accounts to link and what data to connect.

It is far more than a standalone budgeting app. NiyyahPay combines spending awareness directly with actionable financial solutions—such as locking savings vaults, participating in peer Circles, and accessing non-interest hardware financing.

A Circle is a digital rotating savings club (commonly known as Ajo, Esusu, or Adashe). A group of members contribute a fixed amount at regular intervals, and the total pooled amount is paid out to one member in turns until everyone receives their lump sum.

Yes! You can create a Private Circle, set the contribution amount (e.g. ₦50,000 monthly), invite friends or colleagues via an invite link, and automate rotation payouts transparently without messy spreadsheets.

Yes. You can join private Circles created by your network using their unique invite code, or join public structured community Circles verified by NiyyahPay.

No. Circles vary based on contribution frequency (weekly vs. monthly), total target pool size, member count, and security criteria.

In Private Circles, the group creator or members select the sequence. In public structured Circles, positions are chosen upon registration or assigned based on member verification tiers.

To safeguard group trust, NiyyahPay implements automated recurring card debits, identity verification (BVN/NIN), and penalty restrictions for defaulters. Deliberate non-contribution results in suspension and reporting to licensed credit bureaus.

Yes. All client deposits and funds are held in custodial accounts with Safe Haven Microfinance Bank, an institution licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC.

We utilize bank-grade 256-bit Transport Layer Security (TLS 1.3) encryption in transit and AES encryption at rest. Internal access to customer data is strictly controlled through least-privilege role permissions and multi-factor authentication.

We collect identification details (Name, Phone, Email, State), government compliance IDs (BVN/NIN when opening accounts), and financial profile data necessary to facilitate savings or assess financing. Full details are available in our Privacy Policy.

No, never. We do not sell, rent, or monetize your personal information to advertisers or external marketers under any circumstances.

Nigerian financial regulations require financial technology operators to verify customer identities to combat identity theft, prevent money laundering, and ensure that asset financing facilities are extended responsibly.

Yes. Provided you have zero outstanding asset financing liabilities or active Circle obligations, you can request full account closure and data deletion by contacting hello@niyyahpay.com.

You can download our mobile app on Google Play (available now) or join the early access waitlist for iOS and Web. Simply enter your basic contact details and set up your secure login.

The iOS application for iPhone is currently in active beta. You can join the iOS Early Access waitlist by clicking "Get Started" in our menu to receive an invitation once the TestFlight or App Store release is ready.

You can apply for asset financing right now directly from our web browser portal at apply-financing. Full web account dashboard onboarding is scheduled for open release later this year.

Visit our direct application page at /apply-financing. Submit your contact details, asset description, estimated price, and income. Our team will review your application within 24 hours.

You can reach out anytime via:

• Contact Form: /contact-us
• WhatsApp: +234 703 252 9431
• Email: hello@niyyahpay.com