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    Terms of Service

    Revision Date: June 24, 2024

    These General Terms of Service ("General Terms") are a legal agreement between you, as a current or prospective User of Nomba's services ("you," "your", "User") and Nomba Financial Services Limited, ("Nomba," "we," "our" or "us") and govern your use of Nomba's services, including mobile applications, websites, software, hardware, and other products and services (collectively, the "Services").

    By signing up for an account or using any of the Services, you agree to these General Terms of Service and any policies referenced herein ("Policies"), including our Privacy Notice. You also agree to any additional terms specific to Services you use including services and products provided by a bank, financial institution, or other partners ("Service Partners"), subject to additional terms and conditions ("Additional Terms"), such as those listed below, which become part of your agreement with us (collectively, the "Terms"). If you are using the Services on behalf of a business or any other corporate entity, you represent to us that you have authority to bind that business or entity to these Terms, and that business accepts these Terms.

    Please read all of our Terms carefully. If you do not agree to any or all of these Terms, DO NOT USE THE SERVICES.

    Additional Terms

    Account Registration

    To access the Nomba (formerly Kudi) Mobile Application ("the App") and the Services, you will be required to provide certain registration details or other information, which may include but is not limited to your name, bank account or card details, information about the location of your business, etc. You represent and warrant that all the information you provide will be correct, current and complete. If we believe that the information you provide is not current, incorrect, incomplete or misleading, we have the right to refuse you access to the Services and to terminate or suspend your access at any time. You may also be required to update your information from time to time in order to capture accurate data through an account upgrade feature which will be provided for users via the App.

    To use the App, you must provide your Bank Verification Number (BVN) and/ or any other valid means of identification (ID). The following items shall constitute sufficient proof of (ID): national ID card, driver's licence or international passport if you are a Nigerian national; and original alien certificate, diplomatic ID or passport if you are a foreign national or any other valid means of ID as communicated by us from time to time.

    Where an Account is opened without a BVN or with an incorrect BVN, such Account will be restricted until the BVN is provided and/or updated on such Account. Nomba is required by the CBN to verify all BVNs collected.

    By giving Nomba your BVN, you authorise Nomba to collect and save your data from the BVN database as part of our KYC information to fulfil regulatory requirements. All KYC data collected will be treated as confidential. You also permit us to use your BVN to monitor, prevent and detect fraudulent activities and share the same with CBN authorised stakeholders and other regulatory and law enforcement organisations for the purpose of deterring financial fraud.

    We reserve the right to screen all Users against applicable sanction lists and the BVN watchlist database and may decline account opening applications in the event they are found to be on any of the lists.

    We may, at our sole discretion, reject any attempt to use the Services and resources if any of the requirements set out in these General Terms are not met or if you fail to provide us with satisfactory proof of ID.

    We rely on the accuracy of the information you provide when opening and maintaining your Nomba Account/Wallet. You may be required to verify information previously provided or provide additional information in the course of applying for or receiving certain Services.

    You acknowledge and agree that we may use and provide any data you provide to our partners and third-party service providers to validate the information you have provided and determine your eligibility for the Services, as described in the Privacy Notice. This validation may include sending a representative to your location or business address provided during onboarding.

    Age of Users

    To use the Service, you must be, and represent and warrant that you are 18 years and over and of legal competence to enter into a binding agreement with us, and are not otherwise prohibited from using the App and Services in accordance with these terms and conditions or any relevant laws.

    Service Description

    The App permits registered Users to make a profit while performing financial transactions on behalf of members of the public including without limitation, transfers, withdrawals, airtime purchase, paying cable and electricity bills, using Nomba Wallets.

    All transactions shall be denominated in Nigerian Naira and Kobo. The App may not recognize any other monetary value. You hereby agree to round off any transaction value to the nearest Nigerian currency.

    Subject to the prescribed transaction limits and the provisions of these Terms and Conditions, the balance of your Nomba Wallet is redeemable at any time and shall be disposed of only in accordance with your instructions given via the App.

    Nomba may in its absolute discretion, restrict or limit the number of Nomba Wallets that Users may operate at any one time.

    You acknowledge that Nomba is neither a bank nor a deposit-taking institution.

    Transactions

    After your Nomba Account/Wallet has been opened and activated, you will be able to initiate the transaction types as made available by Nomba from time to time ("Transactions") including the following:

    • Fund your Nomba Account/ Wallet through a debit card;
    • Send money to personal or third party accounts from your Nomba Account/Wallet;
    • Withdraw cash from your Nomba Account/Wallet through participating ATM networks;
    • Purchase Prepaid Airtime;
    • Pay utility bills or make one-off or periodic payments or remittances to participating utility providers, financial institutions, charity organisations, etc.;
    • Manage your Nomba Wallet (e.g. check balance inquiries, change PIN, etc.);
    • Any other Transactions may be introduced by Nomba from time to time.

    You acknowledge that no interest will be paid on any funds held in your Nomba Account/Wallet.

    Nomba does not warrant that all functionalities and or transactions on the App shall be available at all times. Nomba may withdraw any functionality and or transaction or the entire App as a direct result of new or amended legislation, statutory instrument, government regulations or policy or any other compelling reason.

    Your transaction request will not be completed:

    • If you have insufficient funds in your Nomba Account/ Wallet to complete the transaction and or to cover the charges for the transaction;
    • If you have reached the maximum Nomba Account/ Wallet balance limit prescribed by the App;
    • If you have reached the daily limit prescribed by the App by virtue of applicable risk and KYC thresholds set by Nomba;
    • If your Nomba Account/ Wallet has been temporarily suspended or permanently frozen on valid grounds;
    • If there are any other compelling reasons such as temporary system delay or outage.

    A transaction once completed is final and irrevocable. As such, Nomba shall not be under any compulsion to reverse any transaction.

    Nomba shall not be compelled to refund or compensate the sender if the funds are sent to a recipient mistakenly or in error or fraudulently or under duress and you hereby agree to hold Nomba harmless for any losses arising from a mistaken, erroneous or fraudulent transfer of funds.

    Restrictions

    You may use this Service only for lawful purposes and in accordance with Terms. You agree not to use this Service directly or indirectly:

    • In any way that violates any applicable national or international law or regulation.
    • In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful, or in connection with any unlawful, illegal, fraudulent, or harmful purpose or activity.
    • To engage in any other conduct that restricts or inhibits anyone's use or enjoyment of Service, or which, as determined by us, may harm or offend Company or users of Service or expose them to liability.
    • In any manner that could disable, overburden, damage, or impair Service or interfere with any other party's use of Service.

    Security

    We have implemented technical and organisational measures designed to secure your personal information from accidental destruction, loss, alteration and from unauthorised access, use, alteration, or disclosure. However, we cannot guarantee that unauthorised third parties will never be able to defeat those measures or use your personal information for improper purposes. You provide your personal information at your own risk.

    Access to your Nomba Account/Wallet is password-protected. You hereby agree to guard your PIN and not to disclose it to any third party, including staff of Nomba or any person purporting to have authority to request it.

    You acknowledge that you shall be solely responsible for the security of your PIN. Nomba shall not be liable for any disclosure of your PIN to any third party and you hereby agree to hold Nomba harmless from any losses that may result from any PIN disclosure.

    Privacy

    We prioritise the protection of your privacy rights. We ensure our use of your personal data is in tune with regulatory prescription and global standards. Your use of the Services signifies your continuing consent to our Privacy Notice, which governs our collection and use of personal information that you supply to us.

    Fees

    You are responsible for the payment of all applicable fees. All charges applicable to the use of the Services are as may be communicated to you from time to time by Nomba and are subject to change at any time at Nomba's sole discretion.

    All fees are deducted at source and are subject to change at any time at Nomba's sole discretion.

    Limitation of Liability

    Nomba will not be responsible for any claims whatsoever arising from your use of the App. Nomba specifically disclaims all liability for any damages or losses, including, without limitation, direct, indirect, consequential, special, incidental or punitive damages deemed or alleged to have resulted from or caused by but not limited to:

    • transactions made to unintended recipients or payments made in incorrect amounts due to the input of incorrect information by you;
    • transactions made from your Nomba Account/Wallet by an unauthorised third party who passes all identity and verification checks;
    • any fraud, deception or misrepresentations by you,
    • any damages resulting from a recipient's decision not to accept a transaction made by you through the App,
    • failure of any other telecommunications or data transmission system other than the App;
    • any result of any acts of government or authority, any act of God or force majeure.

    Governing Law and Dispute Resolution

    These terms and conditions will be governed and interpreted pursuant to the laws of the Federal Republic of Nigeria. Any and all disputes, claims or litigation arising from or related in any way to this Terms or any provisions herein will be resolved by mediation at the Lagos Multi Door Court House, Lagos State, Nigeria. Where such dispute persists, it shall then be resolved by Nigerian Courts in Lagos State.

    Amendments and Termination

    We reserve the right at our sole discretion to suspend or terminate the agreement if you use the Service for unauthorised purposes.

    We may, at our discretion, close your account with us at any time for any reason upon giving one (1) week's notice to you and making reasonable attempts to reach you. In such circumstances, you shall be entitled to the balance of any funds remaining in your Nomba Account/Wallet.

    You may also terminate the General Terms and Additional Terms applicable to your Account by deactivating your Account at any time.

    Disclaimer and No Warranties

    THE CONTENT OF THIS APP AND THE SERVICES ARE PROVIDED "AS IS" AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. WE DISCLAIM ALL WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT.

    The relationship of Nomba Financial Services Limited and the User established by this Agreement is that of independent contractors, and nothing contained in this Agreement shall be construed to give either party the power to direct and control the day-to-day activities of the other.

    Contact Information

    If you have any questions about these Terms of Service, please contact us at:

    Email: support@nomba.com

    Phone: 02018888866; 02015200061; 02018885008

    Address: 16 Billings Way Oregun Ikeja, Lagos, Nigeria