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:
'
the Kolopay web application (the App);
'
the related online documentation, such as our help guides
and user manuals (User Guides); and
'
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:
'
be a Nigerian citizen or a legal Nigerian resident;
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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
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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:
'
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
'
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 info@kolopay.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 info@kolopay.com
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 security@kolopay.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:
'
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;
'
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;
'
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
'
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.
You must:
'
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;
'
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);
'
not transmit any material that is defamatory, offensive or
otherwise objectionable in relation to your use of the App or any Service;
'
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
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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 info@kolopay.com 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.
We only use any personal data we collect through your use of
the App and the Services in the ways set out in our Privacy Policy.
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,
'
you
are solely responsible for the consequences of
your use of the App, your Kolopay Account and our Services.
'
the
App, your Kolopay Account and our Services are
provided on an "as is" and "as available" basis without any
warranty of any kind.
'
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.
'
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:
'
the App and our Services will meet your
requirements;
'
the App and our Services will be uninterrupted or
error-free; and
'
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
info@kolopay.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:
'
You must stop all activities authorised by these Terms and
Conditions, including your use of the App, your Kolopay Account and any
Services.
'
We will prevent you from accessing the App, a Kolopay
Account or any of our Services.
'
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
complaints@kolopay.com
. 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 info@kolopay.com
.