Please read these Terms and Conditions carefully and make sure that you understand them before registering as a member or using CooCredit services through our online platform or any other means. By accessing, viewing, or using CooCredit services, you agree to be bound by these terms and conditions. These terms may be modified from time to time, with notification given no later than seven (7) days before they become effective.

1. Definitions

• You or Your account: any person using your account or any online-based device used to access or utilize Coocredit services.
• We, Us our service, the service, Coocredit Thrift (Cell), and coocredit.com service: represent our legal entity (Coocredit Limited) duly incorporated and licensed by the law of the Federal Republic of Nigeria and any other third party in partnership with us for the purpose of a specific service.
• User Account: an account issued by us to you upon verification of all necessary documents.
• Means of Identification: a government-approved means of identification, that is, driver’s License, National Identity card, Permanent voters card and international Passport.
• Union or Union Account: an account collectively registered by member of a registered union on Nigeria.
• Cell Block Or Cell: a group of people (person or business) who come together to contribute a defined amount periodically and take turns in collecting the accumulated sum.
• E-Wallet or Wallet: hold your funds.
• Mother Bank: a duly registered financial institution in Nigeria that offers current and savings account.
• Due beneficiary: a person within a cell whose turn it is to take the accumulated sum contributed by the cell members.
• Debit Card: a payment card or instrument used to pay or deduct funds directly from a user/member account. This could be a Verve Card, Naira MasterCard Visa, Or Any other payment instrument.
• Credit Card: a payment card or instrument used to pay or deduct funds directly from a user/member account. This could be a Verve Card, Naira MasterCard, Visa Cards, or any other Payment instrument.
• Account Limitation: the temporary or Permanent loss of access to a certain part or parts of the services offered by us.
• Account Suspension: a permanent ban and loss of access to all our services.
• Account Termination: a permanent ban and loss of access to all our services.
• Agreement: any agreement created between you and us through any electronic device, physical means, online platform or any other means. This include all terms, definitions, and provision stated in these Terms and Conditions.
• Electronic Device: any gadget or device with the outcome of a computer-generated evidence.
• Electronic Signature: an electronic sound, symbol, or process, attached to or logically associated with any of our agreements, definitions, contract terms, and provisions herein captioned or other records, and executed or adopted by a member/user with intend to sign up.
• Platform: any Coocredit.com online website, blog forum, social media and any mobile application used to access our services.
• Client Support: any personnel provide by us or any third-party to assist with the use of our service or to provide any information whatsoever about Coocredit.com any other service provided by us.
• Default: you and us jointly.
• Personal Data: any data, details, or information about you or your activities, provided to us either directly by you or by a third party, or gathered through the access, view or use of the Coocredit.com mobile application or any other service provided by us. This includes technical information about your devices and related software, hardware and peripherals you use, your call data records, bank usage, utility usage, SIM registration data and any other information about you we deem appropriate to collect from time to time to offer you services.
• Third Party: any party other than us.
• Use: you are accessing, viewing, or engaging with the service, whether by a device, or one of our employees, or by any other means made available by the service.
• Access: to use, access, view, or engage with the service, whether by a device, or one of our employees, or by any other means made available by the service.
• Change: to alter, edit or modify as initially captioned.

2. Acceptance of Terms and Conditions

Before using any of our services, you unconditionally agree to have read and understood our term and conditions of service and our private policy, and you agree to be bound by them. By accessing our services or by otherwise using them. You confirm that you agree to these Terms of service, you agree to follow our acceptable Use policy and agree to be bound by them (“Agreement”). You also agree that your personal data and electronic communications on our platform will be processed in accordance with our privacy policy, as incorporated herein.

3. Age-Restriction

Minors are completely banned from our services. Young people between the age of 18 to 21 can only use these services with proper supervision from adult. You affirm that you are at least eighteen (18) years of age, or the age of the legal maturity in your jurisdiction if that is higher than (18) years of age or you are under the supervision of an adult within the said age and above when you use or services.

4. Affirmation

You affirm that you have the right, power, capacity and authority to lawfully enter into this agreement. We may transfer or assign any of our rights and obligations arising under this agreement to any party at any time, but this will not affect your rights or our obligations under this agreement to any other party. This agreement (as amended from time to time) and any document expressly referred to in them contains the entire agreement and understanding between you and us in respect of all matter are referred to herein and supersedes any prior written or oral agreement relating to such matters. No oral explanation or oral information given by either of us shall alter the interpretation of this Agreement. You confirm that, in agreeing to accept this Agreement, you have not relied on any representation that is not expressly included herein. However, nothing in this Agreement purports to exclude liability for any fraudulent statement or act. These terms of service, Privacy Policy and Acceptable Use Policy are written in English. If the Terms of Service, Privacy Policy or Acceptance Use Policy are translated into another language, the English version shall prevail.

5. Duration

This Agreement is in effect until you discontinue your use of the service and all financial obligation with regards to your Use of the Service have been fulfilled.

6. Right to Modify Agreement

We reserve the right to modify these terms and condition at any time without notice to you by posting to our website. Your continued use of the Service will constitute your acceptance of any such changes.

7. Ownership of Service

We are and remain the owner of the service at all times, and you must not attempt to copy, transmit, distribute, reproduce (for compensation or otherwise), license, alter, adapt or modify the whole or any part of the service in any way.

8. Right to Modify Service

We reserve the right to modify the service in any way we deem appropriate or necessary without notice to you. Your continue use of the service will constitute your acceptance of any such changes.

9. License to Use the Service

If you satisfy our requirement and agree to abide by the terms of this Agreement, we grant to you a personal, non-assignable, non-transferable, non-exclusive license to use the service in accordance from time to time, and subject to any rules or policies applied by the appropriate Regulator in Nigeria. If you do not satisfy the requirement or do not agree to any of these terms, we do not license the service to you, and you must not use the service.

10. Right in the Service

You acknowledge that rights in the service are licensed (not sold) to you and that you have no right in, or to, the service or the technology used or supported by the service other than the right to use the service in accordance with the terms of this Agreement.

11. Charges

You agree to pay the fees and charges for the use of the service according to the price list herein set out. Unless otherwise specified, you accept that fees are automatically deducted from your wallet balance or deposit at the time when the service is rendered or completed. We reserved the right to change the fees or the principles with pricing from time to time in accordance with the terms of this Agreement.

• Breakdown;
• Create wallet – free
• Check Balance - free
• Top Up Wallet via bank a/c– free
• Monthly Account Maintenance fee: N10 per user
• Transfer to bank:
  • Account - From N1 to N5,000 – N10 with VAT (Value Added Services)
  • Account- From N5,001 to N50,000 – N25 with VAT (Value Added Services)
  • Above N50,000 – N50 with VAT (Value Added Services)
• Transfer to Wallet:
  • Account - From N1 to N5,000 – Free
  • Account - From N5,001 to N50,000 – Free
  • Above N50,000 – Free
• Accumulated Sum = 0.02 per default per day
• Cash Advance rate = 10.0% per 3 weeks

12. Default and Penalties

In a cell, if you default on payment after the due date, this will attract a penalty fee at the rate of 0.02% of the input amount per default per day. Please note that the period limit is seven (7) days for weekly cells and thirty (30) days for monthly cells. On a second consecutive default, this calls for concern and our team will initiate a recovery process or suspend the default account.

Recovery

If, for whatsoever reason after your output pay out, you default two consecutive times, our recovery/legal team or any third party of our choice will take measures necessary to recover the outstanding payment to ensure the protection of the framework of the Coocredit community. These include but are not limited to:

• Deployment of recovery Agents.
• Use of Law Enforcement Agents.
• Media Shaming according to the Law enforcement Agent.

Additionally, account holder is responsible for any expenses/charge/monetary value incurred during the recovery of fund from such customer.

13. Change of Terms and Conditions

We have the right, at our sole discretion, to make modification and revision to the terms of this Agreement to reflect changes in technology, standards, legislation, administrative or business practices, or the cost structure for providing the services. Such modification and revision will be notified to you through the service no later than seven (7) days before they became effective. You will be deemed to have accepted all modification and revisions by continuing to use the service. If you do not agree to the changes, you can terminate this agreement at any time by concluding any outstanding cell cycle and other obligations, withdrawing any remaining balance on your wallet or bank account and closing down your account. We also have the right, at our sole discretion, to make modifications and revisions to the service and to the terms of this Agreement at any time which are due to security or compliance reasons, or for reason of suspected fraudulent activity. Such modification will be published on our site and notified to you without undue delay.

14. Registration and Account Opening

To use our services, you must first register with us by creating a user account (‘User Account” or “account”). An account will only be issued once you have provided all necessary information required by us for registration and the information has been examined according to the applicable legal requirement placed upon us by the authorities. All the information that we request you to provide in connection with the registration must be true, accurate and complete. If we believe that the information is not true, accurate or complete, we have the right to refuse your access to the site, or any of its resources, and to deny, terminate or suspend your account.

15. Multiple Accounts

A person may only have one account at the time which means multiple accounts are prohibited.

16. Third Party Account

You may not use the services or create an account on behalf of someone other than yourself except otherwise stated and consent granted under the person’s supervision.

17. Transfer of Account

You are not allowed to sell, borrow, share with or otherwise make available your account to ANYONE other than yourself. These also apply to any details needed to access your account.

18. Confidentiality of Personal Data

You are responsible for maintaining adequate security and control of the sign in details as well as other details required to access the services.

19. Misleading Information

You must not provide any misleading or fraudulent information, including, but not limited to having a non-personal phone number, stolen identity, creating fake information for your account, wrong residential address or providing fraudulent identification documents. This result in the termination or suspension of your account, and possibly an involvement of the law enforcement in the event of any serious criminal activity.

20. Termination of Account

You have the right to delete your account and to terminate this agreement at any time, provided that you have cleared all your financial obligations. Pending and until all monies due by you have been fully paid in any cell or loan you subscribed to, you will not be able to terminate this agreement.

21. Group and Union Account

If you wish to use our services as a union, you are required to register an account in the name of that union as the main account for that entity (“union account”). When creating a union account, you confirm that you are duly authorized and have the legal capacity to execute this Agreement and that this Agreement is legally binding on such union. After registration of a union account, it does not stop members of that union from initiating a personal registration for themselves if they so deem fit.

22. Identity Verification

In order to ensure Coocredit remains a safe platform for all our users, and for us to comply with mandatory legal obligations which we are subject to, we shall require that you verify your identity to access the services we offer. Identify verification will be required at the point of signing up and before withdrawal of monies especially for the first time. However, in the event that we detect any suspicious activities in your account, such an account may be temporarily suspended until your identification has been verified. This might require a government issued identity card, proof of address and phone number verification amidst others. A one-off verification fee of 1,000 only will be required at sign up.

23. Joining a Cell

To make a choice on the cell you would like to join, you can look through all existing cells on the cells Page and find cells that are yet to kick off, advisably one fit into your financial capability and then join. Joining a cell means you are making a legally binding offer and agree to be bound by the terms and conditions of the cell (such as input amount, output amount, kick off date, due date, number of cell members and any assigned point on circumference (PonC)) as determined by the user who created the cell and the company to whom you are sending the join request to as applied. Please note that exiting a cell after joining is not an option but you have to notify the company one month before exiting which can only be granted where all obligation has been paid. There is just more than one type of cell for now on the Coocredit.com platform: Public Cells.

• Public Cells: A public cell is a general cell that is open to everyone. As a result, the system strictly adheres to a randomly determined order of collection. These are also two contribution period options available: Daily, Weekly and Monthly.
• Weekly Cells: Weekly cells have contribution period of 7 days with a minimum of 4 participants and maximum of 26 participants.
• Monthly Cells: Monthly cells have contribution period of 30 days with a minimum of 1 participant and a maximum of 11 participants.

24. Funding Your Wallet

An e-wallet holds your funds. All cell monetary activities go through the e-wallet. That is, you can make funds available in your wallet at any point in time to make an input to a cell. At this point, the agreed amount is withdrawn from your wallet and paid to the due company general wallet. Your mother bank will be linked to your Coocredit wallet or your debit or credit card. You hereby agreed that we can make a direct transfer from any bank linked to your Coocredit account upon failure to pay on due date. Deposit made into your wallet can be made by you or a third party given the different option available. Withdrawal from your wallet can only be made into any two (primary and secondary) bank accounts peculiar to you. You also have the option of locking a certain amount of funds in your wallet which will not be accessible either by the company or the user until the set date. Emergency withdrawal of locked funds will attract charge at the rate of 10%.

25. Limitation, Suspension and Termination of Account

Situations may arise where we may need to limit, suspend, or terminate your account. Account limitation results in a temporary or permanent loss of access to a certain part or parts of the services we offer. Account suspension results in a temporary loss of the access to most parts of the services we offer. Account termination results in permanent loss of access to all services.

We have the right to limit, suspend, or terminate your account or access to the services that we provide if we have a reason to believe that you have acted in violation of these terms of service or applicable laws or regulations, or if we have a reason to believe that any content or material submitted or shared by you in or through the service violates these Terms of Service or applicable laws or third-party rights. Other plausible reasons could be:

• We suspect that you use the services to engage in, attempt to engage in, or are in connection with fraudulent activity.
• We have not been able to verify your identity or we have reason to believe that you have supplied false, misleading or deceptive information in connection with your registration, identity verification, or any other use of our services.
• We are required to do so under any applicable law, regulation or an order issued by an authority or court.
• If you use the services in a manner which may cause the service to be interrupted or damaged or impair functionality, or attempt to bypass any security mechanism.
• If you attempt any unauthorized access to user account or any part or component of the service. We will give you a notice of any limitation suspension or termination of your account but we may, if it is reasonable to do so (for example we consider it advisable for security reasons), limit, suspend or terminate your account without prior notice to you.

You acknowledge that our decision to limit, suspend, or terminate your account, may be based on confidential criteria that are essential to our risk management and security protocols and that we are under no obligation to disclose the details of our risk management and security procedure to you unless otherwise provided by the Privacy Policy. In the event that we limit, suspend or terminate your account, we will lift the suspension as soon as possible once the reasons for the suspension or termination no longer exist. In a situation where there is a default by other member of a cell or a misunderstanding between a user and Coocredit. Please, note we reserved the right to remit only the individual amount contributed thus far by the user. The service charge of 4.00% would be levied on the amount as agreed.

26. Limiting Access to Your Account

This limitation may be applied specifically to your account in order to safeguard money stored in your wallet when, for instance, we have reasons to suspect that a third party has gained unauthorized access to your account; if we suspect engagement in or being involved in fraudulent or illegal activity; or if we are provided with valid legal request from an authority.

27. Availability of Services

Use of the service may from time to time be unavailable, delayed, or slow due to, but not restricted to the following factors:

• Force Majeure
• Labour strike actions
• Hardware failure
• Software failure
• Overload of system capacities
• Failure of or suspension of public or private telecommunication networks
• Interruption of power supply or other utilities
• Government or regulatory restriction, court or tribunal rulings, amendment of legislation or other human intervention
• Any other cause whatsoever beyond our control

28. No Warranties or Representations in Information

Although we have taken all reasonable care to ensure that the information provided by the service is accurate, we give no warranties of any kind, express or implied, with regards to the accuracy, timeliness or completeness of any such information. We will not be liable for any errors or omissions in the materials and information provided on the service or for any delay, difficulty in use, inaccuracy of information, computer viruses, other defects in the service or your inability to use the service to your satisfaction.

29. Copyright and Trademarks

A. The name ‘Coocredit Limited’, ‘Coocredit.com’ and the logo are registered trademarks of Coocredit Limited. All other featured words or symbols, used to identify the source of goods and services, are the trademarks of their respective owners. B. Copyright in works contained in the service, including but not limited to all software, designing text, sound recordings and images, are owned or licensed, except as otherwise expressly stated, by Coocredit Limited. Hence, you may not copy, transmit, display, perform, distribute (for compensation or otherwise), license, alter, store or otherwise use the service or any of its components or content.

30. Third-Party Services

Where we provide links to, or information on, third-party services, you agree to use such services entirely at your own risk and we accept no responsibility or liability for the content or use of such services.

31. Right to Use Your Personal Data By using the service, you agree to grant us an irrevocable written consent to allow us to collect and use any personal data available or made available to us, from any source or provider, for the purpose of providing services to you or opening an account for you.

We agree to only use your personal data for the express purpose of providing services to you directly or through a third party, ascertaining the risk of providing services to you, or communicating with you about services you are using, or communicating with you about services you are or may be interested in, or otherwise as described by this Agreement.

32. Right to Enforce Collection By using the service, you agree to grant us an irrevocable written authorization to issue open-ended direct debit mandates for all accounts you own now, or at any point in the future. If you default, you agree that we have your written authorization to place a lien on every account you own now or in the future, to recover any outstanding balance you owe us by execution of the direct debit mandate.

You further agree that if you default, we may execute such direct debit mandates, singularly or severally, from one or more of your accounts, without any notice or further obligation to you, and may continue to execute direct debit mandates on your account until such time as your financial obligation to us has been fulfilled. We warrant and represent that we will only execute a direct debit mandate if you default. If you default, you agree that we shall have the right to report you to the regulator as a fraudulent actor in the banking system and shall work with the regulator and any third parties of our choosing to enforce regulation such as the BVN (Bank Verification Number) watchlist. You further agree that we shall have the right to block your access to and use of electronic financial transactions using your payment cards, your phone numbers, your account numbers, or your personal identity, and shall have the right to enforce any other applicable law or regulation as applies to fraudulent financial actors in Nigeria. Under certain conditions, the service may provide you with an opportunity to refer family and friends to the service directly via the service.

33. Indemnification

You agree to indemnify us for any failure to perform or delay in performance of any of our obligations under this agreement that is caused by any act or event beyond our reasonable control, including those listed under section 27. You agree to indemnify us for the service not meeting your individual requirement or the service containing defects or errors, as the service has not been developed specifically for you. You acknowledge it is your responsibility to ensure that the facilities and function of the service meet your requirements. You agree to indemnify us from any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your device, data or other proprietary material due to your use of the service. Our maximum liability to you in respect of any instruction you make using the service shall be to refund the interest or fee paid to us for a particular financial transaction and/or to refund any proven erroneous payment above any interest or fees due to us for a particular loan transaction. We shall not be responsible for any fraudulent, duplicate or erroneous instructions, we are expressly exempted from any liability arising from unauthorized access to your account and/or data as contained in our records, which arises as a result of your inability and/or otherwise to safeguard your personal data and/or failure to prevent the viewing of your account information. We are exempted from any liability as regards breach of duty of secrecy arising out of your inability to observe and maintain the secrecy of your personal data. We are exempted from any liability for loss that may arise as a result of your inability to fulfill your responsibilities. We are exempted from any liability for loss that may arise as a result of acts of hackers and other unauthorized access to your account via the service. You hereby irrevocably accept responsibility for any fraud, loss and/or liability to the bank or third party arising from the usage of your personal data with the service. Nothing herein shall be interpreted as limiting or reducing our obligations to customers in accordance with applicable laws in force in the Federal Republic of Nigeria and cooperative society, Fintech and banking and other financial institutions regulation that may be laid down from time to time.

34. Termination

We may terminate this Agreement immediately at any time, with or without notice. If you have breached this agreement, we reserve the right to cease operating the service and terminate this agreement at any time without notice.

35. Entire Agreement

This agreement constitutes the entire understanding of the parties hereto and any other agreement. All rights and obligations of the parties in any matter of this Agreement shall be solely determined by the provisions of this Agreement.

36. Confidentiality

This agreement constitutes the entire understanding of the parties hereto and any other agreement. All rights and obligations of the parties in any matter of this agreement shall be solely determined by the provisions of this Agreement.

37. Waiver

No delay or omission by a party hereto in exercising any right, power, or remedy hereunder shall impair such right or power or be construed to be a waiver thereof. A waiver by any of the parties hereto of any covenant to be performed by the other or any breach thereof shall not be construed to be a waiver of any succeeding breach thereof or of any other covenant herein contained.

38. Severability

If any provision of this Agreement is deemed to be unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement will remain in full force and effect, and it is the intent of the facilitator and the financier that such unenforceable provisions shall be deemed reformed to the extent necessary to permit such provisions to be enforced upon terms as near as practicable to the original term thereof.

39. Binding Provisions

All the provisions in this Agreement are binding on the parties hereto and shall constitute a binding contract between the parties.

40. Multiple Counterparts

This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which shall be deemed one and the same instrument.

41. Applicable Law

This Agreement shall be construed and interpreted in accordance with the laws of the Federal Republic of Nigeria.

42. Modifications and Amendments

Any modification or amendment to this Agreement shall not be effective or binding unless made in writing and signed by both parties.

43. Notice

All notice required to be given under this Agreement by either party to the other shall be in writing.

44. Dispute Resolution

This Agreement shall be governed by the laws of the Federal Republic of Nigeria. If any question, misunderstanding or dispute arises from this agreement or its interpretation thereof, said dispute shall be resolved amicably between the parties. Failure to settle amicably, parties shall resort to alternative dispute resolution in a manner agreeable to both parties and settle said dispute.

45. Successors and Assigns

This Agreement shall bind and inure to the benefit of the parties hereto and their successors and assigns.