⚖️ 🇦🇪 United Arab Emirates

nst Family Banking — Terms & Conditions

Effective Date: 1 January 2025 · nstFi L.L.C-FZ, Dubai, UAE

Cards issued by Mawarid Finance PJSC | Processed by areeba | Powered by Mastercard

1. Definitions

The following terms, when capitalised in these Terms and Conditions, shall have the meanings set out below:

2. Service Description & Eligibility

2.1 What is nst Family Banking?

nst Family Banking is a digital prepaid card and family financial management platform that enables families to manage spending, set savings goals, assign tasks and allowances, and exercise real-time financial oversight across family members. The Service operates as a prepaid programme; it is not a deposit account and does not earn interest.

2.2 Programme Roles

The Service is delivered through a partnership structure:

nstFi L.L.C - FZ acts as Programme Manager — responsible for the App, onboarding, account management, and customer support.
Mawarid Finance PJSC is the BIN Sponsor and Card Issuer — regulated by the CBUAE and responsible for the issuance of all Cards.
areeba provides card processing and payment infrastructure.
Mastercard is the card payment scheme through which Card transactions are routed and settled.

2.3 Eligibility — Primary Account Holder

You must be at least 18 years of age.
You must be a resident of the United Arab Emirates at the time of registration.
You must successfully complete our KYC identity verification process.
You must not have been previously excluded from our Service or be subject to sanctions.
You must have a valid UAE mobile phone number and email address.

2.4 Eligibility — Family Members

Family Members must be under 18 years of age at the time of account creation.
The Primary Account Holder must be a parent or legal guardian of the Family Member.
A maximum of [INSERT NUMBER] Family Member Sub-Accounts may be linked to a single Parent Account.
The Primary Account Holder is responsible for ensuring that all information provided about Family Members is accurate and up to date.

3. Account Opening, KYC & Onboarding

3.1 Primary Account Holder — KYC Requirements

To open a Parent Account, you must provide:

Full legal name (as per Emirates ID or passport).
Valid Emirates ID or passport number and copy.
A live selfie or facial recognition scan for biometric verification.
UAE mobile phone number (for OTP verification).
Valid email address.

nstFi uses digital identity verification services to perform KYC checks. We reserve the right to request additional documentation at any time. We may decline any application at our absolute discretion.

3.2 KYC for Family Members — Simplified CDD

For Family Member Sub-Accounts, simplified Customer Due Diligence (CDD) is applied. The Primary Account Holder must provide:

Full name and date of birth of the Family Member.
Relationship to the Family Member (parent / legal guardian).
Confirmation of guardianship (documentary evidence may be required upon request).

nstFi may, at its discretion, request identity documentation for Family Members in accordance with applicable AML/CFT regulations.

3.3 Accuracy of Information

You warrant that all information provided during onboarding and throughout the duration of the Account is accurate, complete, and kept up to date. Any change in your personal circumstances (including change of address, phone number, or guardianship status) must be notified to nstFi within 14 days.

3.4 Account Activation

Your Account is activated upon successful completion of KYC verification and acceptance of these Terms. A virtual Card will be issued to the Primary Account Holder upon activation. Physical Cards, where applicable, will be dispatched within [INSERT TIMEFRAME] business days to the registered address.

4. Parental Controls & Guardian Authorisation

4.1 Primary Account Holder Authority

The Primary Account Holder is the sole account administrator and retains full authority and responsibility over all Sub-Accounts. The Primary Account Holder may, at any time and without prior notice to the Family Member:

Set, modify, or remove spending limits on any Sub-Account.
Restrict or block specific merchant categories (MCCs) from the Sub-Account.
Freeze or unfreeze a Sub-Account card or account.
Review all transaction history across all accounts.
Set and manage allowance schedules and task-based earning rules.
Close a Sub-Account.

4.2 Age-Based Feature Access

4.3 Task-Based Allowance System

The Service includes a jobs and tasks management feature that allows the Primary Account Holder to assign tasks to Family Members. Upon completion and PAH approval of a task, a designated monetary reward may be transferred from the Parent Account to the relevant Sub-Account. The Primary Account Holder acknowledges that:

Task rewards are discretionary and must be approved by the PAH before any funds transfer occurs.
nstFi is not responsible for disputes between family members regarding task completion or reward approval.
Sufficient funds must be available in the Parent Account to fund task rewards.

5. Cards, Spending Limits & Account Controls

5.1 Card Issuance

All Cards are issued by Mawarid Finance PJSC under the Mastercard network and are governed by applicable Mastercard operating rules. Each Account and Sub-Account receives a virtual Mastercard Prepaid card upon activation. Physical cards are available subject to nstFi's prevailing policies. Cards remain the property of Mawarid Finance PJSC and must be returned or destroyed upon request.

5.2 Spending Limits

Default and maximum spending limits apply to all Accounts as set out below. The Primary Account Holder may set lower limits for Sub-Accounts within these caps:

We reserve the right to apply lower transaction limits in accordance with CBUAE guidance, Mastercard operating rules, or our risk management policies. We will notify you of any changes in accordance with Section 15 of these Terms.

5.2 Merchant Category Restrictions

All Cards are subject to the following default merchant category restrictions. The Primary Account Holder cannot override these restrictions:

Gambling and wagering establishments.
Adult content websites and establishments.
Alcohol and tobacco retailers (unless required by local law).
Cryptocurrency exchanges and trading platforms.
Any merchant categories prohibited by CBUAE or Mastercard operating rules.

The Primary Account Holder may apply additional merchant category restrictions to Sub-Account Cards through the App.

5.3 Loading & Top-Up

Funds may be loaded to the Parent Account via the following methods (subject to availability):

Apple Pay & Google Pay — via your linked device wallet, charged to your registered payment method.
Debit or Credit Card — using a valid Mastercard or Visa card registered in your name.
Bank Transfer via IBAN — by sending a transfer from your UAE bank account to your nst account IBAN. Allow up to [INSERT] business days for funds to appear.

Sub-Accounts are funded exclusively through transfers from the Parent Account initiated by the Primary Account Holder. Sub-Accounts cannot be loaded directly from external sources.

5.4 Card Security — PIN Management

Upon card issuance, you will be prompted to set a Personal Identification Number (PIN) through the App. You are responsible for maintaining the confidentiality of your PIN and must not share it with any third party, including family members. nstFi and Mawarid Finance PJSC will never ask for your PIN.

6. Fees & Charges

The following fee schedule applies to the Service. All fees are in UAE Dirhams (AED) and are subject to change with 30 days' prior notice unless an immediate change is required by law or regulation.

Fees will be deducted from the Parent Account. Where the Parent Account has insufficient funds to cover a fee, we reserve the right to deduct outstanding fees from the next top-up or restrict Account functionality until fees are settled.

7. Liability for Transactions

7.1 Primary Account Holder Liability

The Primary Account Holder is fully and solely liable for:

All transactions made on the Parent Account, whether made by the PAH or by a Family Member.
All transactions made on any Sub-Account linked to the Parent Account.
Any unauthorised transactions resulting from failure to keep the PIN or App credentials secure.
Any transactions initiated through the App as a result of the PAH granting access to a third party.

7.2 Unauthorised Transactions

You must report any unauthorised transaction or lost or stolen Card to nstFi Customer Support immediately upon discovery and no later than 13 months from the date of the transaction, via:

The App (Card Controls > Report Lost/Stolen / Dispute Transaction).
Email: [email protected]
Phone: [INSERT CUSTOMER SUPPORT NUMBER]

Upon notification, we will immediately block the Card and initiate an investigation in accordance with Mastercard's dispute resolution rules. Liability for unauthorised transactions reported after 13 months may not be recoverable.

7.3 Zero Liability Policy

Subject to the conditions below, you will not be held liable for unauthorised transactions processed under Mastercard's Zero Liability Policy provided that:

You notified us promptly upon discovery of the unauthorised transaction.
You did not contribute to the loss through gross negligence (including sharing your PIN or App credentials).
The transaction was not conducted by you or with your knowledge.

Mastercard's Zero Liability Policy applies to unauthorised transactions. Certain exclusions apply — please refer to Mastercard's published Zero Liability Policy for full details.

7.4 nstFi Limitation of Liability

To the maximum extent permitted by applicable law:

nstFi is not liable for any indirect, incidental, special, or consequential losses arising from your use of the Service.
Our total aggregate liability to you for any claim arising under these Terms shall not exceed the balance held in your Account at the time the claim arises.
We are not liable for any failure caused by circumstances beyond our reasonable control (including network failures, regulatory actions, or acts of God).

8. Data Protection & Child Privacy

8.1 Data We Collect

We collect and process the following categories of personal data:

Identity data (name, date of birth, Emirates ID / passport details, facial biometric for KYC).
Contact data (phone number, email address, residential address).
Financial data (account balances, transaction history, top-up details).
Device data (device identifiers, app usage analytics, push notification tokens).
For Family Members: name, date of birth, and limited KYC information as set out in Section 3.2.

8.2 Legal Basis & Purpose

We process personal data on the following legal bases under the UAE Federal Decree-Law No. 45 of 2021 (PDPL):

Performance of contract — to provide and maintain the Service.
Legal obligation — to comply with CBUAE regulations, AML/CFT obligations, and applicable UAE law.
Legitimate interests — for fraud prevention, security, and service improvement.
Consent — for marketing communications and non-essential analytics (which you may withdraw at any time).

8.3 Enhanced Child Data Protection

nstFi applies enhanced protection to the personal data of Family Members (minors under 18 years) in accordance with applicable data protection law:

Family Member data is processed only to the extent necessary to provide the Service.
Family Member data is not used for marketing or third-party profiling purposes.
Family Member personal data is not shared with third parties except as required by law or to enable the core Service (including KYC partners, card processors, and Mastercard).
The Primary Account Holder, as parent or guardian, provides consent for the processing of Family Member data on behalf of the Family Member.
Family Members aged 16 or over may, where required by law, provide their own consent to specific data processing activities.

8.4 Data Sharing

We may share your personal data with:

Mawarid Finance PJSC (BIN Sponsor/Card Issuer) — for card issuance and regulatory compliance.
areeba — for transaction processing.
Mastercard — as required by the card scheme rules.
KYC/identity verification service providers.
Regulatory bodies (CBUAE, UAE Financial Intelligence Unit) — as required by law.
LC50X (parent company of nstFi) — for group-level compliance and governance purposes.

We do not sell your personal data to any third party for commercial purposes.

8.5 Data Retention

We retain personal data for a minimum of five (5) years from account closure, in accordance with CBUAE AML/CFT requirements. Family Member data is retained for the same period, commencing from the date of Sub-Account closure.

8.6 Your Rights

Under the UAE PDPL, you have the right to: access your personal data, correct inaccurate data, request deletion (subject to legal retention obligations), restrict processing, and lodge a complaint with the UAE Data Office. To exercise your rights, contact: [email protected].

9. Anti-Money Laundering & Financial Crime Prevention

9.1 Compliance Obligations

nstFi and Mawarid Finance PJSC are required to comply with UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating Terrorism Financing, CBUAE AML/CFT regulations, and applicable FATF recommendations. By using the Service, you agree to cooperate fully with our compliance obligations.

9.2 Monitoring & Reporting

We continuously monitor transactions for signs of financial crime. We reserve the right, without prior notice, to:

Freeze or restrict your Account if we identify suspicious activity.
Delay or block a transaction pending investigation.
Report suspicious activity to the UAE Financial Intelligence Unit (FIU) or other competent authorities, as required by law.
Terminate your Account where financial crime is suspected or confirmed.

9.3 Your Obligations

You must not use the Service to:

Conduct, facilitate, or conceal money laundering or terrorist financing.
Make payments to sanctioned individuals, entities, or jurisdictions.
Transfer funds on behalf of undisclosed third parties.
Conduct transactions that violate any applicable law or regulation.

10. Notifications & Real-Time Alerts

10.1 Transaction Alerts

The Primary Account Holder will receive real-time push notifications for all transactions on the Parent Account and all linked Sub-Accounts, including:

Successful purchases (merchant name, amount, date/time).
Top-up confirmations.
Task completion and allowance disbursements.
Declined transactions (reason provided where possible).
Card freeze/unfreeze confirmations.

10.2 Threshold Alerts

The Primary Account Holder may configure custom spending threshold alerts via the App. These are provided as a service feature and do not constitute a guarantee of real-time monitoring. You should not rely solely on alerts to manage account security.

10.3 Communication Channels

We will communicate with you via: push notifications (App), in-App messages, email (to your registered address), and SMS (to your registered UAE mobile number). You are responsible for ensuring your contact details are kept current. Important regulatory notices may also be delivered by post to your registered address.

10.4 Marketing Communications

We will only send marketing communications where you have provided explicit consent. You may opt out of marketing communications at any time via: App Settings > Notifications, or by emailing [email protected].

11. Account Closure & Age Transition

11.1 Transition at Age of Majority

When a Family Member approaches their 18th birthday, the following process will apply:

nstFi will notify the Primary Account Holder and the Family Member 90 days, 30 days, and 7 days before the Family Member's 18th birthday.
On the Family Member's 18th birthday, the Sub-Account will be automatically suspended pending transition.
The former Family Member will be invited to open an independent nstFi account as a Primary Account Holder in their own right, subject to completion of full KYC.
If the former Family Member does not open an independent account within 90 days of turning 18, the Sub-Account will be closed and any remaining balance returned to the Parent Account.
The Primary Account Holder's parental controls and authority over the account will cease upon the Family Member's 18th birthday.

11.2 Voluntary Account Closure — Primary Account Holder

You may close your Account at any time by submitting a closure request via the App or by contacting Customer Support. Before closure:

All Sub-Accounts must be closed, and any remaining Sub-Account balances transferred to the Parent Account.
Any outstanding fees will be deducted from the remaining Parent Account balance.
The remaining balance will be returned to your linked bank account within [INSERT] business days.

We reserve the right to retain data for the minimum period required by UAE law following account closure.

11.3 Account Closure by nstFi

We reserve the right to close or suspend your Account with or without notice in the following circumstances:

Breach of these Terms or any applicable law or regulation.
Suspicious financial activity or confirmed financial crime.
KYC failure or provision of false or misleading information.
Non-payment of fees for more than [INSERT] consecutive months.
CBUAE direction or regulatory requirement.
Cessation of the nst Family Banking programme.

Where we close your Account, we will notify you and return any remaining balance, subject to any legal hold requirements.

12. Transaction Disputes & Chargebacks

12.1 How to Raise a Dispute

If you believe a transaction on your Account or any Sub-Account is unauthorised or incorrect, you must raise a dispute as follows:

Step 1: Contact the merchant directly in the first instance, as many disputes are resolved quickly at this stage.
Step 2: If unresolved, raise a dispute via: App > Transactions > [Transaction] > Dispute, or by contacting Customer Support within 60 days of the transaction date.
Step 3: nstFi will initiate a Mastercard chargeback process on your behalf where eligible.

12.2 Dispute Resolution Timelines

We will acknowledge your dispute within 2 business days. We aim to resolve disputes within 30 calendar days, though complex cases may take up to 90 calendar days in accordance with Mastercard chargeback timelines. We will keep you updated on the progress of your dispute.

12.3 Outcome

If the dispute is resolved in your favour, the disputed amount will be credited to your Account. If the dispute is not resolved in your favour, we will provide a written explanation of the outcome and the evidence relied upon.

12.4 Top-Up Transactions — Non-Disputable

Top-up transactions — whether made via Apple Pay, Google Pay, debit or credit card, or bank transfer via IBAN — are not subject to the dispute or chargeback process set out in Sections 12.1 to 12.3 of these Terms.

Once a top-up is successfully processed and the funds are credited to your Parent Account, those funds are immediately available for your use. At that point, the top-up is considered completed and settled. nstFi does not accept dispute or reversal requests in respect of top-up amounts on this basis.

If you believe a top-up was processed in error (for example, a duplicate charge or a technical failure resulting in funds not being credited), you must contact nstFi Customer Support within 14 calendar days of the transaction date. We will investigate and, where a verifiable processing error is confirmed, coordinate a resolution with the relevant payment provider. This process is distinct from the transaction dispute mechanism and does not constitute a chargeback right.

13. Intellectual Property

All intellectual property rights in the App, Service, brand elements (including the 'nst' and 'nstFi' trademarks, logos, and design elements), and all content produced by nstFi are owned by or licensed to nstFi L.L.C - FZ and/or LC50X. You are granted a limited, non-exclusive, non-transferable licence to use the App solely for the purpose of accessing the Service. You must not copy, reverse-engineer, or create derivative works from the App or any Service content.

14. Amendments to These Terms

We may amend these Terms at any time. We will provide you with at least 30 days' prior written notice of any material changes via in-App notification and email. Continued use of the Service after the effective date of any amendment constitutes acceptance of the revised Terms. If you do not accept the amended Terms, you must close your Account before the effective date of the changes. We will not charge any account closure fee where you close your Account solely as a result of amendments to these Terms.

15. Governing Law & Dispute Resolution

15.1 Governing Law

These Terms and any dispute arising in connection with the Service are governed by and construed in accordance with the laws of the United Arab Emirates, including applicable federal laws and CBUAE regulations. These Terms are issued in both English and Arabic; in the event of any inconsistency between the two versions, the Arabic version shall prevail to the extent required by UAE law.

15.2 Complaints

If you have a complaint, please contact us in the first instance:

In-App: Settings > Help & Support > Submit a Complaint
Email: [email protected]
Phone: [INSERT]

We are committed to resolving all complaints within 5 business days of receipt, in accordance with CBUAE Consumer Protection Regulation. If you remain unsatisfied after our final response, you may escalate your complaint to:

Central Bank of the UAE (CBUAE) — Consumer Protection Department, www.centralbank.ae/en/consumer-protection

15.3 Dispute Resolution

Any dispute, claim, or controversy arising out of or relating to these Terms that cannot be resolved through the complaints process set out above shall be referred to the courts of the Dubai International Financial Centre (DIFC) or, at nstFi's election, to the competent courts of Dubai, UAE.

16. General Provisions

16.1 Entire Agreement

These Terms, together with the nstFi Privacy Policy, Fee Schedule, and any product-specific addenda, constitute the entire agreement between you and nstFi in relation to the Service and supersede all prior representations, agreements, and understandings.

16.2 Severability

If any provision of these Terms is found to be invalid or unenforceable, that provision shall be severed without affecting the validity and enforceability of the remaining provisions.

16.3 Waiver

No failure or delay by nstFi in exercising any right under these Terms shall constitute a waiver of that right.

16.4 Assignment

You may not assign or transfer your Account or any rights under these Terms without our prior written consent. We may assign our rights or obligations under these Terms to any member of the LC50X group or to a successor entity, provided that such assignment does not materially diminish your rights.

16.5 Language

These Terms are available in English and Arabic. An Arabic copy may be requested from Customer Support at any time. / يمكن الحصول على نسخة عربية من الشروط والأحكام عند الطلب من خلال فريق دعم العملاء.