A plain-language explanation for tenants and landlords using NaijaNest.
What happens when a tenant pays
When a tenant pays rent, agency fees, documentation fees, and a caution deposit through NaijaNest, here's exactly what happens to that money:
- Payment is collected through our payment processor, Paystack.
- Funds are held by AyoTech Innovations Hub (the company that operates NaijaNest) in a business account, not a personal account.
- Funds are released to the landlord once one of the following happens: the tenant confirms they have moved in and everything is as agreed, or 24 hours pass from the payment date without a dispute being raised — whichever comes first.
- Our fee (the agency/documentation fee, plus NaijaNest's platform fee) is retained by AyoTech Innovations Hub as payment for the service. The rest (rent + deposit) is intended for the landlord.
How long we hold funds
We release funds to the landlord as soon as the tenant confirms move-in, or automatically once a 24-hour window closes if no dispute has been raised — whichever happens first. This window gives tenants time to move in and check everything is as agreed.
What happens if there's a dispute
If a tenant reports a problem (e.g. the property doesn't match the listing, or the landlord never provided access), or a landlord reports an issue with a tenant:
- Funds are held and are not released to either party until NaijaNest has reviewed the report.
- We will ask both the tenant and landlord for their account of what happened, and any evidence they can provide.
- Based on that review, the outcome may be: releasing the funds to the landlord as normal, refunding the tenant in full or in part, or another resolution appropriate to the situation. We aim to be fair to both sides and will explain our decision to both parties.
- If either party disagrees with the outcome, they can request a further review by contacting us directly.
What NaijaNest is — and isn't
NaijaNest is not a licensed escrow provider, bank, or financial institution.
We use Paystack, a licensed payment processor, to move money, but the decision of when to release funds to a landlord is made by AyoTech Innovations Hub based on the rules described above.
NaijaNest, operated by AyoTech Innovations Hub, is a technology platform that connects tenants and landlords and facilitates payment between them. Funds move directly from tenant to landlord within a short window, with minimal time spent in our business accounts.
Your funds and your rights
- You can request a copy of the transaction record for any payment made through NaijaNest at any time.
- If you believe funds have been wrongly withheld or released, contact us at ayotechinnovation9@gmail.com and we will respond within 2 business days.
This document is provided for transparency and does not constitute a legal or financial guarantee. NaijaNest and AyoTech Innovations Hub are continuing to formalize our compliance and fund-handling practices as the platform grows.