It is hereby defined, These terms represent an agreement between you and rapaid and contain the terms and conditions governing your use of and access to our website at rapaid.africa and all affiliated apps and websites are owned and operated by us. The application and our products, services, and applications are represented by our services. You and your mean the person who uses or accesses the services. We, us and our mean rapaid and its successors, affiliates, and assignees.
As used in these terms, a rapaid account means the account you have with us for the services.
* These terms include, among other things, your authorization for debits and credits from and to your bank account (as defined below) via the automated clearing house network and a binding arbitration provision containing a class action waiver.
* To use the services, you have to provide and authenticate your mobile device number or email address to us, and you must explicitly assent to receiving text messages about the services at that number or email address. There may be third-party data and messaging costs. To verify your mobile device number or email address, we shall send you a code by text message to the mobile device number or email address you submit, and you must input that code as instructed by us. If you change your mobile device number or text message address, you must provide and verify your new mobile device number or email address as soon as possible.
* You agree to use electronic signatures and to receive all records, notices, statements, communications, and other items electronically for all services provided to you under these terms and in connection with our relationship, to the extent permitted by applicable law. We may otherwise be required to send or provide you with communications in paper form (e.g., by mail).
* By accepting and agreeing to these terms electronically, you represent that:
* You have read and understood this consent to use electronic signatures and to receive communications electronically.
* Your consent will remain in effect until you withdraw your consent as specified below.
* Your permission to receive communications electronically will be valid until you withdraw it. You may revoke your consent to receive future electronic communications at any time by contacting us at firstname.lastname@example.org or 09127810210. Any cessation of your consent regarding information exchange electronically will be effective only after we have had a reasonable period of time to process it. Please keep in mind that decision to withdraw your consent to receive communications electronically will not affect the information exchange electronically provided by us to you before your consent is withdrawn.
* In order to ensure that we are able to provide communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile on the website.
* In order to access and retain communications provided to you electronically, you must have:
• A functioning email address;
• A valid phone number;
• A mobile device (such as a smartphone) that operates on a platform like windows or a mac;
• A connection to the internet;
• A current version of internet explorer 8 (or higher), Mozilla firefox 7.0, safari 5, or chrome 15;
• A current version of a program that accurately reads and displays pdf files, such as adobe acrobat reader version 7 or higher; and
• A computer or device and an operating system capable of supporting all of the above
* In order to have full access to the services we provide, you must:
* Register with us on the website or download the app for full access;
* Must be of full age (18 years and above);
* Have a functioning bank account with a Nigerian financial institution;
* Must possess a valid means of identification (i.e. National identity card, international passport, voters' card) and a bank verification number (bvn); and
* Provide all information requested by us, such as your name, email address, mobile device number, online credentials for your bank account, and such other information as we may request from time to time (collectively, "user information").
* You agree not to misrepresent your identity or your user information, and you represent and warrant that any user information you supply to us is true, accurate, current, and complete. You agree to promptly notify us of any changes to your user information by updating your rapaid account on the website. With regards to changes to the information associated with your bank account, including but not limited to the closure of your bank account for any reason, you must notify us by sending an email to email@example.com or giving us a call at 09127810210, or by updating your rapaid account on the website. You will be permitted to use the services if we accept your registration, subject to these terms.
* For our compliance purposes and in order to provide the services to you, you hereby authorize us to, directly or through a third party, obtain, verify, and record information and documentation that helps us verify your identity and bank account information. When you register for the services and from time to time thereafter, we may require you to provide and/or confirm information and documentation that will allow us to identify you, such as:
• A copy of your government-issued photo id, such as a passport or driver’s license;
• A copy of a utility bill, bank statement, affidavit, or other bills, dated within three months of our request, with your name and;
• Nigerian street address on it, and such other information and documentation that we may require from time to time.
* You automatically authorize us to obtain information about you and your bank account from the financial institution holding your bank account and other third-party websites and databases as necessary to provide the services to you by using the services and giving us user information. This authorization applies whether we obtain the information directly from you or indirectly through our third-party service providers. It also applies whether we do so on a one-time or ongoing basis and without any time limit or requirement that we pay any fees. For the purposes of this authorization, you hereby grant rapaid and our third-party service providers a limited power of attorney, and you hereby appoint rapaid as your agent, with the full power of substitution and re-substitution, to access third-party websites, servers, and documents; retrieve information; and use your user information, all as described above, with full power and authority to do so.
* The main purpose of the services is to try to encourage proper savings culture, assist in loan procurement at the same time, and increase your wealth capacity through investment diversification. You can request your savings at any time on any of our pay-out days. Only funds from your debit card may be transferred to your rapaid account. The funds in your rapaid account are held at a bank for your benefit.
* Until you instruct us to transfer any or all of your funds from your rapaid account to your bank account by either selecting the withdrawal option or sending us an email at firstname.lastname@example.org, your funds will remain in your rapaid account. When we receive your request, we will typically transfer the requested money from your rapaid account to your bank account within two business days. Before asking us to transfer money from your rapaid account to your bank account, it's crucial to be aware of how much money is currently in your rapaid account. Your request for the transfer will be denied if there isn't enough money in your rapaid account to pay the proposed transfer's full amount. When your rapaid account is closed, as explained below, and at any time if required by law or if we suspect, in our sole discretion, that the services are being used illegally or otherwise in violation of these terms, we may transfer money from your rapaid account to your bank account without notifying 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 your bank account.
* Please keep in mind that rapaid is not a financial advisor, and the services are not intended to provide financial advice. We are not liable for ensuring that your debit card has enough money to cover your needs, intents, or transactions. We make no claims, warranties, or guarantees that the services are suitable for you. Before utilizing the services, you should consult with a financial consultant for more information and advice.
* You may obtain information about the balance of funds in your rapaid account at any time or by logging in to your account on the app.
* As a first user, you are not entitled to receive interest in your wallet. However, if you subscribe to any of the savings plans, all interest collected throughout the tenor will be credited to your wallet following the expiration of such savings plan. Interest will be applied only after the subscribed-for savings plan ends.
* There are no transaction or monthly costs for the services; however, we retain the right to levy fees for the services in the future. We shall notify you before collecting a fee for the services by giving notice to you electronically or in any other way authorized by relevant law. If you continue to use the services after receiving such notice, you must pay all applicable fees for the services.
* Withdrawing all or a portion of your savings is entirely free; however, you acknowledge that you will not be paid your accrued interest rate if you withdraw before the maturity date. However, if the target savings are withdrawn before the end of the tenor, there will be a penalty cost.
* You may not use the services on behalf of, or in the interest of, any third party. You may only use the services for your own private, noncommercial use. The services must be used in accordance with all applicable laws. You are not permitted to use the services if doing so would violate any relevant laws. If you use the services in any way that is against the law, we are not liable.
* You agree not to authorize any other person or entity to use your username and password or mobile device to access the services. You are solely responsible for the maintenance, confidentiality, and security of your username, password, and other user information. You are accountable for any transactions and other activity, whether permitted or not by you, that are authorized or carried out using your login, password, or mobile device unless otherwise required by relevant law. Except as otherwise expressly provided in these terms or as otherwise required by applicable law, we are not liable for any losses caused by the theft or loss of your mobile device, your user information, or any unauthorized or fraudulent transactions involving your bank account or your prepaid account. email@example.com or 09127810210 must be contacted right once if you suspect or learn of any unauthorized activity or access to your account, password, or mobile device. For the reasons outlined therein and, in these terms, we only provide the services and the features, data, materials, and content that are shown and displayed through them for your private use. All other uses are not permitted. No one else may be impeded or restricted from using or enjoying the services or content.
* Intellectual property laws such as those governing copyright, trademarks, and patents protect the services and content. All legal rights and options are strictly reserved by us. You are not allowed to use, edit, reverse engineer, disassemble, compile, disseminate, lease, trade, license, publicize, display, upload, communicate, or otherwise monetize any material in any form or by any means unless specifically permitted by these terms or with our prior written agreement.
* Without limiting the foregoing, you agree not to (and not to allow any third party to):
(a) access the Services or copy any content using any robotic or another automated or manual device, method, or means other than those specifically permitted by us;
(b) take any activity that places or would place (in our sole discretion) a disproportionately high or unreasonable demand on our infrastructure or the services;
(c) make use of any tool, program, or procedure that may obstruct or try to obstruct the operation of the services;
(d) make any component of the products or content available to other parties by rental, lease, duplicating, granting them access, or sublicensing;
(e) make use of, or incorporate into, any product or service offered to a third party, in whole or in part, any component of the services or content;
(f) attempt to access the services or content's source code via reverse engineering, decompiling, disassembling, or any other method;
(g) modify the services or content or create any derivative product from any of the foregoing;
(h) remove or obscure any proprietary or other notices contained in the services or content;
(i) use the services or content in any way that is illegal, harmful, fraudulent, deceptive, threatening, harassing, defamatory, obscene, or otherwise objectionable, as we may determine in our sole discretion;
(j) jeopardize the security of your rapaid account or any other person’s rapaid account (such as allowing someone else to use your username and password to access the services);
(k) attempt, in any manner, to obtain the username, password, account, or other security information from any other user of the services;
(l) violate the security of any computer network or crack any passwords or security encryption codes; or
* Except as expressly stated in these terms, neither we nor our licensors grant you any implied or express licenses to use our or their intellectual property. The services, content, and any associated patents, trademarks, copyrights, mask work rights, trade secrets, and other intellectual property rights are all still owned by us and our third-party licensors.
* With the help of the services, you might be able to send emails and other types of communications, submit content and provide other data for publication or distribution to third parties. Any user content must not be unlawful, threatening, obscene, racist, defamatory, libellous, pornographic, infringing on the rights of others, invasive of privacy, purposefully false or otherwise harmful to third parties, or objectionable. It also must not be composed of or contain any software, computer viruses, chain letters, mass mailings, political campaigning, or any other type of "spam."
* If you submit user content, and unless we indicate otherwise, you grant us a nonexclusive, perpetual, royalty-free, irrevocable, and fully sublicensable (through multiple tiers) right to use, modify, reproduce, adapt, translate, publish, create derivative works from, distribute, display, and otherwise exploit such user content throughout the world in any media. We take no responsibility and assume no liability for any user content submitted by you or any other user or third party.
* To the extent permitted by applicable law, we may, in our sole discretion and without liability to you, terminate (or suspend access to) your use of the services, content, or your rapaid account for any reason, including, but not limited to, your breach of these terms.
* Your mobile device may be temporarily disabled until you can claim ownership of your account through verification details if you have lost, found, or suspect that someone has gained unauthorized access. You may be asked to provide certain user information in these situations.
* You may stop using the services, close your rapaid account, and cancel these terms at any time by contacting us at firstname.lastname@example.org, 09127810210 and providing sufficient information for us to verify your identity. Notwithstanding the foregoing, if there are any pending transactions relating to your rapaid account when we receive your termination notice, we will close your rapaid account promptly after such transactions are completed. Your termination of these terms will not affect any of our rights or your obligations arising under these terms prior to termination.
* Upon the closure of your rapaid account, we will transfer the funds in your rapaid account, if any, to your bank account on or after your withdrawal date. If your bank account is closed or we are otherwise unable to transfer the funds in your rapaid account to your bank account, we will send you a check for the amount of the funds to you at your street address in our records or contact us at email@example.com or 09127810210
* According to current legislation, we may be required to declare the funds in your rapaid account as unclaimed property if you don't utilize the services for a predetermined amount of time. If this happens, we could make an effort to contact you at the address on file. Any cash in your rapaid account may need to be sent to the relevant state as unclaimed property if we are unable to contact you. Each state has a different deadline for reporting and delivering funding, but generally, it lasts between two and five years.
* You should print and save and/or electronically store a copy of all communications that we send to you electronically.
* You can contact us at firstname.lastname@example.org or 09127810210 to communicate about the app or by e-newsletters, pop-up messages, chat boxes, or other means.
* We may add to or terminate any of the services or amend these terms at any time, in our sole discretion, without providing notice to you, subject to applicable law. We reserve the right, subject to applicable law, to deliver to you any notice of changes to existing terms or the addition of new terms by posting an updated version of these terms on the website or delivering notice thereof to you electronically. You are free to decide whether or not to accept a revised version of these terms, but accepting these terms as revised, is required for you to continue accessing or using the services. If you do not agree to these terms or any revised version of these terms, your sole recourse is to terminate your access or use of the services. Except as otherwise expressly stated by us, your access and use of the services are subject to and constitute your acceptance of the version of these terms in effect at the time of your access or use.
* If you have any questions, comments, or concerns regarding these terms or the services, please contact us at email@example.com, 09127810210
* The terms and conditions for our referral or rewards programs, as well as any other supplementary terms, regulations, policies, or guidelines that may be posted on the website in connection with your access to or use of the services, are hereby incorporated by reference into these terms. These terms will take precedence over any additional terms if there is a dispute.
* To the fullest extent permitted by applicable law and except as otherwise expressly provided in these terms, you expressly understand and agree that your use of the services and all information, products, and other content (including that of third parties) included in or accessible from the services is at your sole risk. To the maximum extent permitted by applicable law, our third-party service providers and we expressly disclaim any and all conditions, representations, and warranties of any kind as to the services and all information, products, and other content (including that of third parties) included in or accessible from the services, whether express, implied, statutory, or otherwise, including, but not limited to, any implied warranty of merchantability, fitness for a particular purpose, and non-infringement.
* Without limiting the foregoing, our third-party service providers and we make no warranty that:
• The services will meet your requirements;
• The services will be uninterrupted, timely, secure, or error-free;
• The results that may be obtained from the use of the services will be accurate or reliable;
• The quality of any products, services, information, or other material purchased or obtained by you through the services will meet your expectations, or
• any errors in the services will be corrected. No oral or written information or advice obtained by you from us or our third-party service providers through or from the services will create any warranty not expressly stated in these terms.
* Any content downloaded or otherwise acquired through the services is done at the user's own risk, and you alone are liable for any harm to your computer system or data loss resulting from such content downloads.
* To the maximum extent allowed by law, you agree that rapaid, and each of their respective employees, officers, directors, agents, and third-party service providers, will not be liable to you or any third party for:
• Any indirect, ancillary, special, compensatory, punitive, or exemplary damages, whether based on a contract, tort, or other legal theory, including, but not limited to, damages for loss of earnings, goodwill, use, data, or other intangible losses;
• Any event beyond our reasonable control.
* Some states do not allow the exclusion or limitation of certain damages, so the above limitation and exclusions may not apply to you.
* You agree to defend, indemnify, and hold harmless rapaid, its affiliates, and their respective employees, officers, executives, representatives, and third-party service providers from and against any and all claims, suits, obligations, damages (actual and consequential), losses, financial penalties, costs, and expenses arising from or in any way related to any third-party claims relating to your use of the services, violating the terms of service, or otherwise. These indemnified parties reserve the right to take ultimate defence and control of any issue subject to your indemnity, in which case you will assist in exercising any viable defences.
* You may not, by operation of law or otherwise, distribute, transfer, or sublet these terms, your rights or responsibilities hereunder, or your rapaid account without our prior written agreement. Without your permission, we may, to the extent authorized by applicable law, assign, subcontract, or transfer these terms as well as our rights and duties hereunder.
* You agree that our third-party services providers are third-party beneficiaries of the applicable provisions of these terms, with all rights to enforce such provisions as if such service providers were a party to these terms.
* These terms are made under and will be governed by and construed in accordance with the laws of the federal republic of Nigeria, without giving effect to any principles that provide for the application of the law of another jurisdiction.
* For any and all controversies, disputes, demands, claims, or causes of action between you and us (including the interpretation and scope of this section and the arbitrability of the controversy, dispute, demand, claim, or cause of action) relating to the services or these terms (as well as any related or prior agreement that you may have had with us), you and we agree to resolve any such controversy, dispute, demand, claim, or cause of action exclusively through binding and confidential arbitration. The arbitration will take place in the federal judicial district of your residence.
* The arbitration will be governed by the federal arbitration act rather than any state arbitration legislation. The arbitration would be held before a single business arbitrator appointed under the Nigeria arbitration and conciliation act who has extensive expertise in resolving commercial contract disputes. The arbitration will be governed by the Nigeria arbitration and conciliation act's commercial arbitration rules and, if the arbitrator deems them applicable, the supplementary procedures for consumer-related disputes, as modified by these terms and unless otherwise agreed upon in writing by the parties.
* You should review this provision carefully. To the extent permitted by applicable law, you are giving up your right to go to court to assert or defend your rights except for matters that you file in small claims court in the state or municipality of your residence within the jurisdictional limits of the small claims court and as long as such matter is only pending in that court. Additionally, notwithstanding this agreement to arbitrate, either party may seek equitable emergency relief in federal court if it has jurisdiction or, if it does not, in a state court located in the federal judicial district of your residence in order to maintain the status quo pending arbitration, and each party hereby agrees to submit to the exclusive personal jurisdiction of the courts located within the federal judicial district of your residence for such purpose. A request for interim measures will not be deemed a waiver of the obligation to arbitrate.
* Your rights will be decided by a neutral arbitrator rather than a judge or jury. You have the right to a fair hearing; however, the arbitration processes may be similar and more limited than the rules applicable in court. Arbitrators' rulings have the same legal power as a court order and are subject to very limited review by a court.
* You and we must abide by the following rules:
• Any claims brought by you or us must be brought in the party's individual capacity and not as a plaintiff or class member in any purported class or representative proceeding;
• The arbitrator may not consolidate more than one person’s claims, may not otherwise preside over any form of a representative or class proceeding, and may not award class-wide relief;
• In the event that you are able to demonstrate that the costs of arbitration will be prohibitive as compared to the costs of litigation, we will pay as much of your filing and hearing fees in connection with the arbitration as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive as compared to the cost of litigation;
• We also reserve the right, in our sole and exclusive discretion, to assume responsibility for any or all of the costs of the arbitration;
• The arbitrator will honour claims of privilege and privacy recognized by law;
• The arbitration will be confidential, and neither you nor we may disclose the existence, content, or results of any arbitration, except as may be required by applicable law or for purposes of enforcement of the arbitration award;
• Subject to the limitation of liability provisions of these terms, the arbitrator may award any individual relief or individual remedies that are expressly permitted by applicable law; and
• Each party will pay its own attorneys' fees and expenses unless there is a statutory provision that requires the prevailing party to be paid its fees and litigation expenses and the arbitrator awards such attorneys' fees and expenses to the prevailing party, and, in such instance, the fees and costs awarded will be determined by the applicable law.
* This section will survive termination of your rapaid account and these terms as well as any voluntary payment of any debt in full by you or any bankruptcy by you or us.
* With the exception of subparts (a) and (b) of this section (prohibiting arbitration on a class or collective basis), if any part of this arbitration provision is deemed to be invalid, unenforceable, illegal, or otherwise conflicts with the rules and procedures, then the balance of this arbitration provision will remain in effect and will be construed in accordance with its terms as if the invalid, unenforceable, illegal, or conflicting part was not contained herein. If, however, either subpart (a) or (b) of this section is found to be invalid, unenforceable, or illegal, then the entirety of this arbitration provision will be null and void, and neither you nor we will be entitled to arbitration. If for any reason, a claim proceeds in court rather than in arbitration, the dispute will be exclusively brought in federal court if it has jurisdiction or, if it does not, in a state court located in the federal judicial district of your residence.