Terms of Service

This Terms of Service Agreement ("Agreement") constitutes a legally binding commercial contract between you ("User", "Customer", or "Member") and [Àjọṣe Limited / RC Number] ("Company", "We", "Us", or "Our"), the operator of the Àjọṣe application ("Platform").

1. Definitions and Interpretation

• "Ajo Pot" means the collective funds contributed by a group of Users for cyclical disbursement.
• "CBN" means the Central Bank of Nigeria.
• "Mono" refers to our integrated open-banking and direct debit infrastructure partner.
• "PSSP" means Payment Solution Service Provider.

2. Licensing Framework and Operational Capacity

2.1. Not a Bank: We operate strictly under a Payment Solution Service Provider (PSSP) license issued and regulated by the Central Bank of Nigeria (CBN). We are explicitly a licensed payment processor and payment solution developer. We are not a licensed commercial bank, nor are we a deposit-taking Mobile Money Operator (MMO).

2.2. Fund Escrow: We do not hold, absorb, or leverage User deposits. All customer funds ("Ajo Pots") are securely routed and escrowed exclusively via our regulated partner commercial or microfinance banks in strict compliance with CBN client-fund segregation guidelines.

3. Mono Direct Debit and Mandate Authorization

3.1. Continuous Mandate: By linking your primary bank account to the Platform via Mono, you hereby grant an irrevocable, continuous direct debit mandate authorizing Us to automatically deduct your scheduled Ajo contributions on the agreed dates.

3.2. User Liability: You bear absolute legal and financial liability for any revoked mandates, deliberately emptied bank accounts, or otherwise willfully failed automated debits. The revocation of a Mono mandate while you have an outstanding obligation to an active Ajo cycle constitutes a material breach of this Agreement and prima facie evidence of intent to defraud the group.

4. Default, Indemnity, and Recovery Mechanisms

4.1. Platform Indemnity: We process transactions but do not absorb peer-to-peer credit risk. You hereby indemnify and hold harmless the Company against any losses arising from the failure of fellow group members to fulfill their financial obligations.

4.2. Default Remedies: In the event that a User receives an Ajo Pot disbursement and subsequently fails a scheduled Mono direct debit or attempts to evade repayment, We reserve the right to immediately execute the following legal remedies without further recourse:

• Immediate and permanent blacklisting from the Platform and affiliated PSSP networks.
• Reporting of the default and the User's BVN/NIN to the National Credit Identity database and licensed Credit Bureaus in Nigeria.
• Sharing of the User's identity, transactional data, and mandate records with lawful, licensed debt collection agencies and law enforcement for the purpose of asset recovery and criminal prosecution.

5. Dispute Resolution and Governing Law

5.1. Governing Law: This Agreement, and any non-contractual obligations arising out of or in connection with it, shall be governed by, and construed in accordance with, the laws of the Federal Republic of Nigeria.

5.2. Mandatory Arbitration: Any dispute, controversy, or claim arising out of or relating to this Agreement, including the breach, termination, or invalidity thereof, shall be settled by mandatory, binding arbitration at the Lagos Multi-Door Courthouse (LMDC) in Lagos, Nigeria, prior to the commencement of any litigation. The arbitration shall be conducted by a single arbitrator appointed in accordance with the LMDC Rules.