This policy explains how a tenancy runs on Abodiea, from verifying both parties to paying the rent out to the landlord. Abodiea is owned and operated by Hibiscus Consult Ltd. Read it with our terms of service and our refund policy.
How Abodiea works
Abodiea helps landlords collect rent flexibly. Instead of paying a year's rent at once, a tenant pays it forward weekly or monthly into a secure escrow account held with our partner banks, Wema Bank and Stanbic IBTC Bank.
When the rent falls due, or matures for renewal, the money is paid out automatically to the landlord's verified bank account.
We do not operate a wallet, and we do not allow transfers between wallets.
Verification
Landlords
A landlord is verified through Smile Identity and a government issued identification document, by proof of ownership of the property, and by a mandatory physical meeting and inspection of the property by our staff.
Tenants
A tenant is verified with their National Identification Number and a one time code sent to their phone.
The tenancy agreement
Every tenancy arranged through Abodiea must have a signed tenancy agreement. A digital copy is stored securely on Abodiea, and the landlord and the tenant each keep a physical copy.
The agreement sets out the rent, the term, the house rules and the notice period, in line with the tenancy laws of Imo State and of the Federal Republic of Nigeria.
Collecting and paying out rent
- Tenants pay through Paystack, inside Abodiea.
- The money is held in bank escrow, not in Abodiea's own operating account.
- A landlord is paid only into their verified bank account. We never pay out in cash.
- Where Abodiea manages a property on a landlord's behalf, our agreed commission is deducted automatically before the rent is paid out.
Property management
Abodiea tracks rent and sends reminders. We never take ownership of a property. The landlord remains responsible for maintaining it unless something else has been agreed in writing.
Notice and renewal
- A tenant who does not wish to continue must tell the landlord, and Abodiea through the app, giving at least the notice that tenancy law requires.
- A tenant who continues keeps paying weekly or monthly toward the next renewal, and Abodiea keeps collecting it.