Refund Policy

1. General Principles

1. All deposits and transactions carried out on our trading platform are subject to applicable laws, regulations, and guidelines issued by the Securities and Exchange Commission (SEC), the Nigerian Exchange Group (NGX), the Central Bank of Nigeria (CBN), and other relevant authorities.
2. Refunds are only applicable in limited circumstances where funds were deposited but not used for trading or settlement of transactions.
3. Refunds will only be made to the originating source account from which the funds were received. Third-party refunds are strictly prohibited.

2. Eligibility for Refunds

Refund requests will be considered under the following conditions:

• Erroneous Deposits: Where a client makes an unintended duplicate or excess payment into their trading account.
• Unutilized Funds: Where deposited funds remain unused (i.e., no trades, charges, or settlement obligations have been executed with such funds).
• Regulatory or System Error: Where refunds are mandated due to regulatory directives, platform malfunctions, or settlement errors traceable to the Firm.

Refunds will not be granted in the following circumstances:

• Losses incurred from executed trades.
• Brokerage fees, regulatory levies, and other statutory charges already applied.
• Funds transferred into accounts not in the name of the client.

3. Refund Request Process

1. Clients must submit a written refund request to the Firm’s Customer Support/Compliance Unit via techsupport@cowryasset.com.
2. The request must include:
   • Full name and account number with the Firm
   • Proof of payment (transaction reference/receipt)
   • Reason for the refund request
   • Bank account details matching the original funding source
3. Refund requests will be acknowledged within 2 business days and processed within 7–10 business days, subject to verification and approval.

4. Verification & Approval

1. All refund requests are subject to Know Your Customer (KYC) and Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) checks in line with SEC and CBN regulations.
2. The Firm reserves the right to request additional documentation to validate the claim.
3. Refund approvals are at the discretion of Management and subject to regulatory compliance.

5. Refund Method

1. Refunds will be made through bank transfer to the same account from which the funds originated.
2. No cash refunds will be issued under any circumstances.
3. Any bank charges or transaction fees applicable to the refund process shall be borne by the client, except where the error was solely attributable to the Firm.

6. Regulatory Compliance

This policy is designed in compliance with:

• The Investment and Securities Act (ISA) 2007
• SEC Rules and Regulations
• Nigerian Exchange (NGX) Market Rules
• CBN AML/CFT Regulations

7. Amendments

The Firm reserves the right to amend this Refund Policy from time to time in line with changes in applicable laws, regulatory requirements, or internal business practices. Clients will be duly notified of such changes.