Key Facts Statement (KFS) Lynq Corporate Card and Cross-Border Payment Services
UNITED ARAB EMIRATES
Effective date: January 1, 2026
This Key Facts Statement provides an overview of the main features of the Corporate Expense Card and cross- border payment services. For complete terms and conditions, please refer to the full product documentation available in English and Arabic.
This document is issued in compliance with CBUAE regulations and is subject to periodic review and updates.
1. Product Overview
Description:
This product is designed for SMEs, enabling them to manage their corporate expenses by providing their employees and associates with reloadable prepaid cards, as well as facilitating cross-border transfers for business-related payments.
Service Roles:
The prepaid card is issued by Mawarid Finance, a financial institution regulated by the Central Bank of the UAE (CBUAE). NymCard Payment Services LLC (NymCard) is licensed by the Central Bank of the UAE in accordance with the Retail Payment Services and Card Schemes Regulation ( RPSCS) and acts as the technology provider and program manager, supporting platform operations and cross-border payment services.
Eligibility:
UAE registered SMEs and their employees.
Currency:
Arab Emirates Dirhams (AED).
2. Corporate Expense Card (Prepaid Card)
2.1 Key Features & Benefits (Prepaid Card)
- Onboarding through a digital portal
- Funding via UAE bank account
- POS, e-Commerce, ATM usage
- Physical card delivery
- Card activation & management
- Tokenization (Samsung Pay, Google Pay)
- Cross border transfers against invoices
2.2 Product Limits (Prepaid Card)
Maximum Withdrawal Limit (Single/Daily/Weekly/Monthly)
AED 10,000 / 20,000 / 35,000 / 75,000
Maximum Daily Number of Withdrawals
8
2.3 Fees & Charges (Prepaid Card)
Card Issuing Fee
Up to AED 95
Monthly Card Fees
Up to AED 90
FX Markup
Up to 3% of transaction amount
ATM Withdrawal Fees
Up to 5 withdrawals included per month; additional withdrawals charged at AED 26
Balance Inquiry Fees
Up to AED 4
* This KFS provides key indicative Fees & Charges (excl VAT).
3. Cross-Border Payment Services
3.1 Key Features & Benefits (Cross-Border)
- Cross-border transfers to support international business payments against invoices
3.2 Fees & Charges (Cross-Border)
FX Markup
Applied based on corridor and FX rates
4. Additional Information
- Mawarid Finance reserves the right to amend the features and General Terms and Conditions for the Corporate Expense Card product. NymCard Payment Services LLC reserves the right to amend terms relating to cross-border transfer services (including any relevant applications and documents) by notifying you in accordance with applicable law.
- The cooling-off period allows you to cancel the product within five (5) business days of consenting to the T&Cs and this KFS unless you waive this right. To cancel within this period, you must notify NymCard by contacting our Contact customer service at 00971600505005
- Mawarid Finance may debit the Customer’s prepaid card with any charges, expenses, or commission payable against the services rendered in accordance with the approved and announced charges and fees, as notified to the Customer from time to time.
- There may be circumstances in which you have to pay other fees. You may visit this link to view the updated KFS: https://www.getlynq.ae/en/schedule-of-fees-and-charges.
- You can contact NymCard for any enquires, assistance or complaints by emailing support@getlynq.ae or at 00971600505005
5. Important Legal Disclaimers & Risk Warnings
- Regulatory Compliance: The prepaid card is issued by Mawarid Finance, a financial institution regulated by the Central Bank of the UAE (CBUAE) under applicable regulations. Cross-border payment services are provided by NymCard Payment Services LLC, a CBUAE regulated entity, subject to applicable regulatory approvals and requirements. All services operate in accordance with UAE financial services regulations.
- Not a Bank Account: This prepaid card is not a bank account, savings account, or credit facility. Funds loaded onto the card do not earn interest and are not covered by deposit insurance schemes.
- Fund Security: While funds are held in segregated accounts, cardholders should be aware that prepaid cards carry different protections compared to traditional bank deposits. Card balances are subject to the terms and conditions of the issuer.
- KYC/KYB Requirements: Strict Know Your Customer (KYC) and Know Your Business (KYB) procedures apply. Failure to provide required documentation or comply with verification processes may result in service restrictions or termination.
- Foreign Exchange: Transactions in currencies other than AED are subject to foreign exchange rates and conversion fees as determined by the card scheme and issuer at the time of transaction.
- Liability Limitations: The issuer's liability is limited to the terms and conditions of the card agreement. Cardholders are responsible for protecting card details and reporting lost or stolen cards immediately.
- Regulatory Changes: Terms, conditions, limits, and features are subject to change due to regulatory requirements, risk management decisions, or business policy updates. Cardholders will be notified of material changes as required by law.
- Dispute Resolution: All disputes are subject to UAE law and jurisdiction. Alternative dispute resolution mechanisms may be available as outlined in the full terms and conditions.
- Data Protection: Personal and business data is processed in accordance with UAE data protection laws and PCI DSS standards. By using this product, customers consent to data processing as outlined in the privacy policy. By signing this KFS, you consent to data processing as outlined above and in our detailed Privacy Policy.
- Transaction Monitoring: All transactions are subject to anti-money laundering (AML) monitoring, fraud detection systems, and suspicious activity reporting requirements. Unusual transaction patterns may result in card restrictions or account closure.
- Usage Restrictions: Cards are intended for legitimate corporate use only. Use for illegal activities, money laundering, or activities prohibited under UAE law is strictly forbidden and may result in immediate account closure and legal action.
- Card Expiry & Replacement: Cards have a 3-year validity period. Replacement cards may be subject to additional fees. Unused balances on expired cards will be returned to the cardholder, subject to applicable terms and conditions.
- Change to the Program (Corporate Expense Card): Terms, conditions, limits, and features are subject to change due to regulatory requirements, risk management decisions, or business policy updates. Cardholders will be notified of material changes as required by law.
- Complaints and Dispute Resolution:
a) Internal Complaints Process:
First Level:
Contact NymCard customer service at 00971600505005 or via support@getlynq.ae
Timeline
We will acknowledge your complaint within 2 business days
Resolution:
Complaints will be resolved within 20 business days
Escalation:
If unsatisfied, escalate to our Complaints Manager
b) External Dispute Resolution:
CBUAE Sanadak Portal: www.sanadak.ae
CBUAE Consumer Protection Unit: +971 2 691 4499
UAE Courts:
All disputes subject to UAE jurisdiction
Your Rights:
You have the right to escalate unresolved complaints to CBUAE at any time. There is no charge for using CBUAE's complaint resolution services.
6. Account Closure
Initiating Account Closure
Cardholders have the right to close their account at any time by contacting NymCard customer service at 00971600505005 or via support@getlynq.ae. NymCard may also close accounts in accordance with the Terms and Conditions, including for material breach or legal/regulatory requirements.
Account Closure Process
When account closure is initiated, the following process will apply:
1
Fund Loading Suspension: At the time of notification of account closure, the ability to load more funds will be stopped.
2
Spend-Down Period: Cardholders will be allowed the period of account closure notice to exhaust existing funds - unless the account is being closed for a material breach of the Terms and Conditions or for legal reasons.
3
Account Suspension: Upon reaching the end of the closure notice period, the card, account and system access will be suspended and no longer available for use.
4
Balance Refund: Any remaining balances may be claimed as a full refund via the refund process, which will be advised in the notification of closure communications. The balance will be transferred to a UAE bank account registered in the Cardholder's name.
Important: Refund processing times and any applicable administrative fees will be communicated during the closure notification process.