KOLOPAY TERMS AND CONDITIONS OF USE
By using the Kolopay web application, you will be taken to have agreed to these terms and conditions of use (Terms) which will bind you. If you do not agree to these terms, please do not use the application.
We draw your attention to the portions of these terms and conditions which are in bold and underlined.
We are Kolopay-Tech Innovations Limited, a company registered under RC No.1421923 with a registered address of 3 Joel Ogunnaike Street, G.R.A, Ikeja, Lagos
These terms and conditions is an agreement between you and us, which governs your use of:
<![if !supportLists]>' <![endif]>the Kolopay web application (the App);
<![if !supportLists]>' <![endif]>the related online documentation, such as our help guides and user manuals (User Guides); and
<![if !supportLists]>' <![endif]>the services, including the Kolopay Account, and content provided to you through the App (Services).
To be eligible to use the App and Services, you must:
<![if !supportLists]>' <![endif]>be a Nigerian citizen or a legal Nigerian resident;
<![if !supportLists]>' <![endif]>be at least 18 years old, or 21 years old if you reside in a state where the majority age is 21 years old; and
<![if !supportLists]>' <![endif]>have a bank account with a licensed Nigerian bank.
If you do not meet any of the above conditions, you cannot use the App and Services or accept these Terms.
This App can run on any computer, mobile phone or tablet with any internet browser (Device).
If you use the App on a Device that you do not own, you must have the owner's permission to do so. If you use the App and Services, you will be responsible for complying with these Terms, whether or not you own the Device.
If you are using the App and Services on someone else's Device, please pay special attention to the Section on Sharing Your Kolopay Account Details .
In return for your agreeing to comply with these Terms you may:
<![if !supportLists]>' <![endif]>access a copy of the App on any number of Devices, and view, use and display the App and Services on such Devices for your personal purposes only; and
<![if !supportLists]>' <![endif]>use any User Guide to support your permitted use of the App and Services.
You must comply with the Restrictions on Your Rights of Use the App and Acceptable Use Restrictions .
We take non-compliance with this Section seriously.
To get a Kolopay Account, you must register for a Kolopay Account via the App, available at www.kolopay.com , by providing all the information that we request, including but not limited to, your name, email address, and telephone number (Account Information).
All Account Information that you provide us from time to time must be truthful and accurate. You must not give false, misleading or inaccurate Account Information.
We may verify, by ourselves or through our partners, that the Account Information that you provide us is truthful and accurate before setting up your Kolopay Account and at any other time. You give us permission to do so. Once your Kolopay Account is set up, you will have full access to and use of the App and Services.
We may suspend access to your Kolopay Account, and your use of the App and Services, if we become aware that any of your Account Information is false, misleading or inaccurate. If there are any changes to your Account Information, you must promptly update it via your Kolopay Account, or you can send an email to email@example.com .
Your Kolopay Account is for your own personal use. You must not use your Kolopay Account for commercial purposes, or on behalf of for the benefit of a third party. We may suspend or close your Kolopay Account if you do not comply with this paragraph.
To start saving, you must create a target, by setting the target name and amount that you would like to save (Target). You must then link at least one bank account held by a bank in Nigeria to that Target (Linked Account). This is designed to save you the trouble of entering details of your card every time you want to save.
You warrant that the Linked Account is (a) an account opened in your name and belongs to you; or (b) an account belonging to a friend or a member of your family, that has given and not withdrawn their explicit permission to link their bank account to a Target in your Kolopay Account.
To link a bank account that belongs to you, you must enter in the App the details of your valid debit card linked to the bank account (Linked Card), including the bank name, the long card number on the front of the card, the expiry date and the CVV code which is the short 3 number code on the back of the card. To link a bank account of a friend or a member of your family, after you have created a Target, click on Share Target. This will give you the option to share the Target with family and friends via Whatsapp, Facebook Messenger, Instagram Direct Message and email. Using the shared link, the recipients must then personally enter the details of their valid debit card linked to their bank account, and enter the amount they intend to contribute to your Target. All shared links will expire within 24 hours .
We may verify, by ourselves or through our partners, at any time that (a) the details of the Linked Cards and Linked Accounts that you provide us are truthful and accurate; or (b) you have the right or authorisation to link the Linked Accounts to your Targets. You give us permission to do so.
There are two saving options – Easysave and Autosave.
With Easysave, you make one-off payments from your Linked Account to your Kolopay Account. You can save as little as ₦1. You decide how much you would like to save towards the Target and when.
With Autosave, you authorise the payment of a specific amount to be made automatically from your Linked Account to your Kolopay Account daily, weekly or monthly. Once set, you cannot change details of the Linked Card or the frequency of the payments for your Autosave Targets. If you need to change the details of a Linked Card or frequency of payments for an Autosave Target, you must contact us by email at firstname.lastname@example.org and request that the payments for the Autosave Target be stopped. Any stop requests made less than 24 hours prior to the next scheduled payment may take effect after the next scheduled payment is made, and we will not be responsible for any inconvenience or loss caused as a result. You must then re-create the Autosave Target and link the new debit card and bank account to it, or enter the new frequency of payments. If a Linked Card expires, you must re-create your Autosave Target, and link your new debit card to the Autosave Target.
You are solely responsible for determining whether the funds debited from a Linked Card and the funds maintained in your Kolopay Account are acceptable to you. We are not responsible for any third-party fees that may be incurred as a result of using the Services, including, but not limited to, third-party fees incurred as a result of maintaining insufficient funds in any Linked Account.
The funds in your Kolopay Account are pooled with those of other Kolopay accountholders (Pooled Funds) and are held in a trust account at VFD Microfinance Bank Limited (VFD), whose registered office is at Foresight House, 163/165 Broad Street, Marina, Lagos Island, Lagos. VFD is licensed and regulated by the Central Bank of Nigeria. The Pooled Funds are covered by NDIC deposit insurance up to a maximum of ₦200,000.
You will be entitled to interest at an annual rate of 6% on amounts saved towards a Target. Interest will accrue daily and will be calculated based on the balance standing to your credit (Credit Balances) as at 5pm each day. Interest will be paid every 30 days after the Target is created. If you withdraw any amount paid towards a Target before a 30-day period ends you will forfeit your interest for that period. Your interest will begin to accrue on any Credit Balance for that Target from the beginning of the next 30-day period.
We declare that we hold the Pooled Funds on trust for each Kolopay Account holder to the extent of each holder's respective Credit Balance in their Kolopay Account. We will deal with your balance only in accordance with your instructions and these Terms. We may invest a portion or all of the Pooled Funds in government securities or transfer them to high-yield savings accounts.
In return for our services, we are entitled to retain any interest accruing on the Pooled Funds after payment of any interest due and payable to you.
You may request a disbursement of any amount of your Credit Balance at any time through the App but no more than once each calendar month. Within 24 hours we will pay the requested amount, together with any accrued interest, to a Linked Account belonging to you. If the requested amount exceeds your available Credit Balance, your request for disbursement will be declined.
We do not make disbursements to third parties except if you instruct us to pay for an item listed on Kolopay Deals that you wish to purchase.
When you place an order to purchase an item listed on Kolopay Deals, your order will be taken as an instruction to pay the price of the item to the supplier on dispatch of the item. Sales of all items listed on Kolopay Deals (including cancellations and returns) are subject to our Terms and Conditions of Sale. If you cancel your order or return an item purchased via the App, you will receive a notification via the App when the price of the item is refunded. You may then request a disbursement of your Credit Balance to your Linked Account or purchase another item from Kolopay Deals.
Other than as expressly permitted under these Terms and Conditions, you may not use the Credit Balances in your Kolopay Account to make purchases, withdraw cash, transfer funds to third parties, or for any other purpose.
Use of the App and our Services to you is free for nigerian users. There are no transaction charges or monthly fees for the Services for nigerian users. International cards are charged a 6% transaction fee while local(nigerian) cards are free. However, we may charge fees for use of the App and our Services in the future.
You must keep the username and password (Details) of your Kolopay Account secret and secure, and you must not share them with third parties. You must comply with our instructions regarding access and security of your Kolopay Account.
You must take all reasonable steps to protect the security of the Device through which you access and use the App and our Services. If the Device through which you access and use the App and our Services does not belong to you, you must ensure that (a) prior to logging into your Kolopay Account that there are no password-saving functionalities on, and (b) once you have finished a session you always log out.
If you lose your Device or it is stolen or you suspect or become aware that an unauthorised third party has obtained your Details or access to your Kolopay Account any loss or theft of your Device or your Details, you must contact us immediately at email@example.com or +234 (0) 818 265 5578.
We will not be responsible for any inconvenience or loss that you may suffer as a result of your failure to comply with this Section. To take action, you would need to provide us with certain Account Information so that we may verify your identity.
If no payments in or out of your Kolopay Account are made for a period of 12 months, your Kolopay Account will be treated as dormant. At least 30 days before your Kolopay Account becomes dormant, we will inform you in writing of the status of your Kolopay Account. After your Kolopay Account becomes dormant, we may try to contact you via the App, email, telephone or at the address shown in our records.
If there are no Credit Balances in your Kolopay Account, we may close your Kolopay Account, after giving you 30 days' notice of our intention to close it. If there is any Credit Balance in your Kolopay Account, we will try to contact you from time to time and we will reactivate your Kolopay Account on your request or those of your authorised representatives.
All intellectual property rights in the App, the User Guides and the Services throughout the world belong to us (or our licensors) and the rights in the App and the Services are licensed (not transferred) to you. You have no intellectual property rights in, or to, the App, the User Guides or the Services other than the right to use them in accordance with these Terms and Conditions.
We are giving you personally the right to use the App, your Kolopay Account and our Services as set out above. See How You May Use The App and Getting A Kolopay Account . Whilst you have the rights to Share Targets as set out above (see Start Saving ), you do not otherwise have the right to transfer or permit others to use the App, your Kolopay Account or the Service, whether for money, for anything else or for free.
You agree that you will:
<![if !supportLists]>' <![endif]>not rent, lease, sub-license, loan, provide, or otherwise make available, the App, your Kolopay Account or the Services in any form, in whole or in part to any person without prior written consent from us, except where sharing is permitted;
<![if !supportLists]>' <![endif]>not copy the App, User Guides or Services, except as part of the normal use of the App or where it is necessary for the purpose of back-up or operational security;
<![if !supportLists]>' <![endif]>not translate, merge, adapt, vary, alter or modify, the whole or any part of the App, User Guides or Services nor permit the App or the Services or any part of them to be combined with, or become incorporated in, any other programs, except as necessary to use the App and the Services on Devices as permitted in these Terms and Conditions; and
<![if !supportLists]>' <![endif]>not disassemble, de-compile, reverse engineer or create derivative works based on the whole or any part of the App, the User Guides or the Services nor attempt to do any such things.
<![if !supportLists]>' <![endif]>not use the App, your Kolopay Account or any Service in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with these Terms and Conditions, or act fraudulently or maliciously, including but not limited to, hacking into or inserting malicious code, such as viruses, or harmful data, into the App, any Service or any operating system;
<![if !supportLists]>' <![endif]>not infringe our intellectual property rights or those of any third party in relation to your use of the App, your Kolopay Account or any Service (to the extent that such use is not licensed by these Terms and Conditions);
<![if !supportLists]>' <![endif]>not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App or any Service;
<![if !supportLists]>' <![endif]>not use the App or any Service in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users; and
<![if !supportLists]>' <![endif]>not collect or harvest any information or data from the App or any Service or our systems or attempt to decipher any transmissions to or from the servers running the App or any Service.
From time to time we may automatically update the App and change the Services for any reason, including but not limited to, to improve performance, enhance functionality, reflect changes to the operating system or address security issues. Alternatively, we may ask you to update the App. If you choose not to install any update you may not be able to continue using the App and the Services, or the App may not perform optimally.
If you want to learn more about the App, your Kolopay Account or any Service please take a look at the information on our website, www.kolopay.com and the User Guides. If you have any technical problems using the App, your Kolopay Account or any Service please take a look at our FAQs on our website and refer to the Troubleshooting pages of the User Guides. If you are still unable to resolve the problem, please email our customer service team at firstname.lastname@example.org or call +234 (0) 818 265 5578 or +234 (0) 802 533 3907.
If we have to contact you we will do so through by email, by telephone or by SMS, using the contact details you have provided to us.
We recommend that you save and back up any content and data used in connection with the App, as well as any written communications with us, for your records in case of problems with the App or the Services.
Please be aware that internet transmissions are never completely private or secure and that any message or information you send using the App or any Service may be read or intercepted by others, even if there is a special notice that a particular transmission is encrypted.
While we do all that we reasonably can to make sure that our App, your Kolopay Account and our Services, we cannot guarantee that unauthorised third parties will never be able to defeat the security measures or access your personal information for improper purposes.
By using the App or any of the Services, you agree to us collecting and using technical information about your Devices and related software, hardware and peripherals to improve our products and to provide any Services to you.
The App or any Service may contain links to other independent websites which are not provided by us. Such independent sites are not under our control, and we are not responsible for and have not checked and approved their content or their privacy policies (if any). You will need to make your own independent judgement about whether to use any such independent sites, including whether to buy any products or services offered by them.
To the extent permitted by law,
<![if !supportLists]>' <![endif]>you are solely responsible for the consequences of your use of the App, your Kolopay Account and our Services.
<![if !supportLists]>' <![endif]>the App, your Kolopay Account and our Services are provided on an "as is" and "as available" basis without any warranty of any kind.
<![if !supportLists]>' <![endif]>we disclaim all conditions, representations, and warranties of any kind as to the App, your Kolopay Account, express or implied, including, but not limited to, any implied warranty of merchantability, fitness for a particular purpose, and non-infringement.
<![if !supportLists]>' <![endif]>we , our employees, agents and authorised representatives will not be liable for any loss or damage (including any indirect, special or consequential losses) arising from your use of the App, your Kolopay Account or our Services.
Without limiting the foregoing, we make no warranty that:
<![if !supportLists]>' <![endif]>the App and our Services will meet your requirements;
<![if !supportLists]>' <![endif]>the App and our Services will be uninterrupted or error-free; and
<![if !supportLists]>' <![endif]>any defects or errors in the App and our Services can or will be corrected.
Our total aggregate liability to you from any claim that you bring (however such liability arises) resulting from the performance of our obligations under these Terms and Conditions will not exceed the total amount paid into your Kolopay Account during the 12 months immediately preceding the date on which the claim arose.
We do not exclude or limit in any way our liability to you where it would be unlawful or prohibited to do so. This includes any liability for a consumer's death, personal injury or damage to their property caused by defects in the App or any defective Service, and liability to consumers for any loss or damage caused by our gross negligence or that of our employees, agents or representatives. We also do not exclude any warranties or implied terms where it would be unlawful to do so.
The App and our Services are for domestic and private use. If you use the App or any Service for any commercial, business or resale purpose we will have no liability to you in that regard, including but not limited to any loss of profit, loss of business, business interruption, loss of data or loss of business opportunity.
The App and the Services do not offer advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of information obtained from the App or the Service. Although we make reasonable efforts to update the information provided by the App and the Service, we make no representations, warranties or guarantees, whether express or implied, that such information is accurate, complete or up to date.
We are not responsible for events outside our control which disrupt the Services or cause the App not to function optimally. Such acts include but are not limited to natural disasters, fire, acts of terrorism, industrial disputes, failure of a utility services or transport or telecommunications networks, change of laws or regulations. Certain aspects of our Services rely on the services provided by third parties. Their default is also not within our control. If our provision of the Services or support for the App or the Services is delayed by an event outside our control then we will contact you as soon as possible to let you know and we will take steps to minimise the effect of the delay. Provided we do this we will not be liable for delays caused by the event but if there is a risk of substantial delay you may contact us to close your kolopay Account.
You may close your Kolopay Account at any time by requesting a disbursement of your Credit Balance via the App. See How You Obtain A Disbursement of Your Funds . You may request a disbursement only when your saving is more than 3,000 Naira. Users who save on Kolopay with international cards should update their profile details with BVN number attached to the local bank account recipient before disburse can be processed and also provide a valid ID card before funds will be disbursed. International transactions that are deposited and withdrawn within a 30 day period attracts 5% early withdrawal fees. You must then send us a request to close your Kolopay Account via email at email@example.com . If we receive your closure request less than 24 hours prior to any scheduled payment to or from your Kolopay Account, your closure request may take effect after such payment has been made and we will not be responsible for any inconvenience or loss caused to you.
Within 24 hours of receipt of your closure request, we will disburse any Credit Balances in your Kolopay Account to a Linked Account belonging to you. If your Linked Account is closed or we are otherwise unable to disburse your Credit Balance to your Linked Account, we will promptly notify you and your Kolopay Account will remain open until you link another of your bank accounts, to which we may pay the Credit Balance. Please note that we will not make disbursements of any Credit Balances following closure of your Kolopay Account to any third party.
We may end your rights to use the App and Services at any time by giving you 30 days' notice. We may also end your rights to use the App and Services immediately by notifying you if you do not comply with these Terms and Conditions, and in our opinion your non-compliance is serious. If what you have done can be rectified, we will give you a reasonable opportunity to do so. Finally, we may end your rights to use the App and Services immediately by notifying you, if (a) you give us any false Account Information or other false information; (b) we have reason to believe that you are using your Kolopay Account for fraudulent or criminal activities; and/or (c) you attempt to access the Kolopay Account of another User without their permission.
If we end your rights to use the App and Services:
<![if !supportLists]>' <![endif]>You must stop all activities authorised by these Terms and Conditions, including your use of the App, your Kolopay Account and any Services.
<![if !supportLists]>' <![endif]>We will prevent you from accessing the App, a Kolopay Account or any of our Services.
<![if !supportLists]>' <![endif]>You must not try to re-open another Kolopay Account.
If you close your Kolopay Account, or we end your rights to use the App and the Services, these Terms and Conditions will cease to apply, except for those which are said or deemed by their nature to survive termination.
However, the fact these Terms and Conditions will no longer apply will not affect any of your rights or obligations, or our rights or obligations that have already accrued before these Terms and Conditions ceased to apply.
If you have a non-technical complaint regarding your Kolopay Account, our Services or your use of the App, you may send a complaint to us at firstname.lastname@example.org . We usually try to resolve complaints as quickly as possible, but in any case, within 30 days or such other time period agreed with you.
If you are not happy with how we have handled any complaint, either you or us may refer the complaint to the Lagos Multi- Door Courthouse (LMDC) for mediation which will be conducted in line with the LMDC Mediation Procedure Rules. If either of us is not satisfied with the outcome of the mediation, the complaint may be referred to a competent court with jurisdiction.
These Terms and Conditions are governed by the laws of the Federal Republic of Nigeria, and the laws of Lagos State, without reference to any conflict of law rules. You can bring legal proceedings in respect of the products in the courts of the Federal Republic of Nigeria.
We may change these Terms and Conditions at any time by giving you reasonable notice. We will notify you of any change by sending you an email or SMS with details of the change or notifying you of a change when you next start the App. By using the App after we have notified changes to you, you will be taken to have accepted the changes. If you do not accept the changes, please discontinue use of the App.
We may transfer our rights and obligations under these Terms and Conditions to another organisation. We will always tell you in writing if this happens and we will ensure that the transfer will not affect your rights. Please note that you may only transfer your rights or your obligations under these Terms and Conditions to another person if we agree in writing.
No person except you and us may enforce any provision of these Terms and Conditions.
Each paragraph of these Terms and Conditions operates separately. If any court or relevant authority decides that any paragraph is unlawful, the remaining paragraphs will remain in full force and effect.
Even if we delay in enforcing this contract, we can still enforce it later. If we do not insist immediately that you do anything you are required to do under these Terms and Conditions, or if we delay in taking steps against you in respect of your breaking this contract, that will not mean that you do not have to do those things and it will not prevent us taking steps against you at a later date.
If you have any questions about these Terms and Conditions, please contact us at email@example.com .