Terms and Conditions

Section 1

1.0 Introduction

This document describes the terms governing your use of, and access to, the services provided by F & K Savings Ltd. These terms of use serve as a Legal contract/Agreement between you and F&K Savings Ltd. By accessing the F&K Savings Ltd Website/App and/ or registering on the said website/app, you agree to be bound by these terms and conditions and the privacy statement, thereby making your use of and access to the services subject to these terms. No rights of use or access would be conferred on you if you do not agree to and accept these terms.

1.1 Definition of terms

In this terms of use, except the context suggests otherwise, the following words shall take the meanings expressed below; ‘you’- any user of or visitor to the F&K Savings website/app ‘we/us’- the management/personnel of F&K Savings Ltd. ‘the website/app’ – the F&K Savings Website/App ‘your account’ – the F&K Savings account registered by you on the website/app

2.0 Services

We offer various strict savings and investment options specifically tailored to help you save easily and consistently.

2.1 SAVINGS

MAIN ACCOUNT: The main account is the default savings plan created for you as a user if you fail to create a savings plan before you start saving. Withdrawals from your main account will not be permitted until it has been active for at least 3 months.

GENERAL PLAN: General plans are time bound. You specify how long you want to save (for example 2 to 3 months) and access to your savings are temporarily restricted till you are at least halfway into your plan.

FLEX PLAN: Under the Flex plan, you are granted a free withdrawal date every month which means that any withdrawal on that date goes uncharged. However, choosing to withdraw anytime else attracts a withdrawal charge.

TARGET PLAN: With a target plan, you specify how long you want to save for by date and your access to your funds are restricted until you have hit the target date you set for yourself.

COLLABO: Collabo is a feature that lets you save collaboratively with your friends towards a common money goal. You can’t withdraw from a collabo plan until the time period set for it has expired.

E STORE: The E-store is a virtual display of products that you can save towards with their current market price range attached. Access to money being saved here is temporarily restricted until you hit the minimum value in the range of the product you are saving towards.

X CONTEST: X-Contest is a savings feature on our platform that allows you to save competitively with tons of other users towards a specific goal. Winners of respective X-contest challenges get rewarded for their performance.

MAIN ACCOUNT: The main account is the default savings plan created for you as a user if you fail to create a savings plan before you start saving. Withdrawals from your main account will not be permitted until it has been active for at least 3 months.

GENERAL PLAN: General plans are time bound. You specify how long you want to save (for example 2 to 3 months) and access to your savings are temporarily restricted till you are at least halfway into your plan.

FLEX PLAN: Under the Flex plan, you are granted a free withdrawal date every month which means that any withdrawal on that date goes uncharged. However, choosing to withdraw anytime else attracts a withdrawal charge.

TARGET PLAN: With a target plan, you specify how long you want to save for by date and your access to your funds are restricted until you have hit the target date you set for yourself.

COLLABO: Collabo is a feature that lets you save collaboratively with your friends towards a common money goal. You can’t withdraw from a collabo plan until the time period set for it has expired.

E STORE: The E-store is a virtual display of products that you can save towards with their current market price range attached. Access to money being saved here is temporarily restricted until you hit the minimum value in the range of the product you are saving towards.

X CONTEST: X-Contest is a savings feature on our platform that allows you to save competitively with tons of other users towards a specific goal. Winners of respective X-contest challenges get rewarded for their performance.

2.2 INVESTMENT

Our several investment options allow you fix funds at varying pre-agreed Return on Investment in agriculture, real estate, transportation or production ventures for a defined period of time. Withdrawal of both capital and ROI can only be made at the maturity of the investment option selected.

2.3 WITHDRAWAL

Upon maturity of your savings or investment plan, you are entitled to withdraw your funds either in full/ partly. You are allowed to withdraw from your account THREE (3) consecutive times only. The fourth withdrawal will attract a withdrawal charge of 3% of the withdrawn amount. Where you intend to withdraw your funds before the maturity of your plan, a withdrawal charge of 5% of your total savings shall be deducted.

2.4 ACCOUNT BALANCE

You may obtain information about the funds in your account at any time by logging in to your account on the Website/App. You can also reach out to us via the communication channels made available to you.

3.0 YOUR RIGHTS TO USE THE SERVICES

These services are protected by applicable copyright, trade secret and other intellectual property laws. You are granted the right to use the services only for the purposes described by us. We reserve all other rights in the services.

3.1

Until termination of your contract/ agreement, and as long as you meet all applicable obligations and comply with the terms, you are granted personal, limited, non-exclusive, non-transferrable right and license to use the services.

3.2

You hereby agree not to use, or permit any third party the use of the services in any manner that violates any of the applicable laws or regulations, or the terms.

3.3

a. Produce access to or give any part of the services to any third party

b. Reproduce, modify, copy, sell, trade, rent or resell the services,

c. Decompile, disassemble or reverse engineer the services,

d. Make the services available on any file-sharing or application hosting services.

You hereby agree not to:

a. Produce access to or give any part of the services to any third party

b. Reproduce, modify, copy, sell, trade, rent or resell the services,

c. Decompile, disassemble or reverse engineer the services,

d. Make the services available on any file-sharing or application hosting services.

4.0 USER GUIDELINES (RULES, REGULATIONS, REQUIREMENTS AND RESTRICTIONS)

4.1 REQUIREMENTS

a. Accept and agree to these Terms of Use,

b. Register with us on the website/app,

c. Be a Nigerian citizen or a legal Nigerian Resident

d. Not be a minor, i.e. be 18 years of age or older where the majority age is older under any laws you are subject to,

e. Operate a bank account with a Nigerian Financial Institution,

f: Furnish us with all information which we may request from time to time as permitted by law. This information includes but is not limited to: your name, email address, mobile number, bank account online credentials.

In order to use the services, you must:

a. Accept and agree to these Terms of Use,

b. Register with us on the website/app,

c. Be a Nigerian citizen or a legal Nigerian Resident

d. Not be a minor, i.e. be 18 years of age or older where the majority age is older under any laws you are subject to,

e. Operate a bank account with a Nigerian Financial Institution,

f: Furnish us with all information which we may request from time to time as permitted by law. This information includes but is not limited to: your name, email address, mobile number, bank account online credentials.

4.1.1 WARRANTY

You represent and warrant that all user information you provide to us as requested is truthful, accurate, current and complete. You also agree not to misrepresent your identity or user information.

4.1.2 LIABILITY

We shall not be liable for any loss or damages to you as a result of misrepresentation of your user information or your failure to keep your user information with us current.

4.2 RESTRICTIONS

a. Any breach of these terms of use,

b. Suspicion of fraudulent or otherwise inconsistent activities on your account,

c. Non acceptance of updated versions of the terms of use and privacy statement.

Your use of and access to the website/app may be temporarily suspended/restricted by us in the event of any the following instances:

a. Any breach of these terms of use,

b. Suspicion of fraudulent or otherwise inconsistent activities on your account,

c. Non acceptance of updated versions of the terms of use and privacy statement.

4.3 PROTECTION OF USER INFORMATION

You are solely responsible for the maintenance, security and confidentiality of your user information (including your username and password). You agree not to authorize the use of your username and password or mobile device by any other person or entity to access the services.

To the extent permitted by law, you are responsible for all transactions and activities authorized or performed using your username, password or mobile device, whether it was authorized by you or not.

You are solely responsible for the maintenance, security and confidentiality of your user information (including your username and password). You agree not to authorize the use of your username and password or mobile device by any other person or entity to access the services.

To the extent permitted by law, you are responsible for all transactions and activities authorized or performed using your username, password or mobile device, whether it was authorized by you or not.

4.3.1 Liability

Unless as otherwise expressly stated or required by applicable laws and regulations, we shall not be liable or responsible for any loss or damages arising out of the loss or theft of your user information or mobile device or from any fraudulent or unauthorized transaction associated with your bank account or your account with us. Upon suspicion/notification of any unauthorized access to your user information or mobile device or any other unauthorized activity, you must contact us through any of our contact information provided to you.,

4.4 VERIFICATION OF USER’S BANK ACCOUNT INFORMATION

For our compliance purposes and the provision of services to you, you hereby authorize us to directly or through a third party obtain, verify and record information and documentation for the purpose of verifying your identity and bank account information.

At the point of registration with us and at any time thereafter, you may be required to provide and/or confirm information and documentation for the purpose of verifying you. This information includes but is not limited to:

a. A copy of your government issued photo ID such as a passport or drivers license, b. A copy of a utility bill, bank statement, affidavit or other bill dated within three (3) months of our request with your name and Nigerian street address on it.

For our compliance purposes and the provision of services to you, you hereby authorize us to directly or through a third party obtain, verify and record information and documentation for the purpose of verifying your identity and bank account information.

At the point of registration with us and at any time thereafter, you may be required to provide and/or confirm information and documentation for the purpose of verifying you. This information includes but is not limited to:

a. A copy of your government issued photo ID such as a passport or drivers license, b. A copy of a utility bill, bank statement, affidavit or other bill dated within three (3) months of our request with your name and Nigerian street address on it.

5.0 COMMUNICATIONS

To the extent permitted by applicable laws and regulations, by accepting these terms, you consent to electronic means of communication between you and us. All records, notices, statements, communications and other items for all services provided to you under these Terms of Use and in connection with your relationship with us, that may otherwise be required to be sent/ provided to you in paper form, will be provided to you by us electronically.

5.1 ELECTRONIC SIGNATURES

By agreeing to these terms, you consent to use electronic signatures and hold that you satisfy the minimum hardware and software requirements specified in the terms. Your consent shall remain in effect until withdrawn as specified in the terms.

5.2 HARDWARE AND SOFTWARE REQUIREMENTS

a. A valid email address,

b. A computer or other mobile device,

c. Connection to the internet.

Access and retention of communications provided to you is reliant on your possession of the following:

a. A valid email address,

b. A computer or other mobile device,

c. Connection to the internet.

5.3 CONTACT INFORMATION

To ensure adequate and timely communication from us, you must keep your contact information with us current and inform us of any changes to them by updating your profile on the website/ app.

5.4 WITHDRAWAL OF CONSENT

Withdrawal of consent to receive communications electronically and use electronic signatures shall be expressly stated and communicated to us through any of our contact information provided in the terms.

Until withdrawal of consent is properly communicated to us, the consent given by accepting the terms shall remain in effect.

It should be noted that withdrawal of consent for electronic communications and signatures does not translate to termination of the contract/ agreement or the closing of your account.

Withdrawal of consent to receive communications electronically and use electronic signatures shall be expressly stated and communicated to us through any of our contact information provided in the terms.

Until withdrawal of consent is properly communicated to us, the consent given by accepting the terms shall remain in effect.

It should be noted that withdrawal of consent for electronic communications and signatures does not translate to termination of the contract/ agreement or the closing of your account.

6.0 CONTENT CLAUSE

6.1 USER GENERATED CONTENT

a. Illegal, threatening, obscene, racist, defamatory, libelous or pornographic,

b. Infringing on a third party’s intellectual property rights,

c. Promoting any illegal activity or harm to groups and/or individuals,

d. Invasive of any third party’s privacy

e. Purposely false or otherwise injurious to third parties,

f. Objectionable,

g. Consisting or containing software or computer viruses, commercial solicitation, political campaigning, chain letters, mass mailings or any form of spam,

The services may permit or require you to submit content, send emails or other communications and provide other information for publication or to be distributed to third parties (collectively user content). You hereby agree that any user content submitted or published by you must not be:

a. Illegal, threatening, obscene, racist, defamatory, libelous or pornographic,

b. Infringing on a third party’s intellectual property rights,

c. Promoting any illegal activity or harm to groups and/or individuals,

d. Invasive of any third party’s privacy

e. Purposely false or otherwise injurious to third parties,

f. Objectionable,

g. Consisting or containing software or computer viruses, commercial solicitation, political campaigning, chain letters, mass mailings or any form of spam,

6.2 THIRD PARTY CONTENT

Certain (hypertext) links on this website/app might lead you to websites which are hosted by our partners. When you click on any of these links, you will leave our website/app. We have no control over, and will accept no responsibility in respect of, any material on any website which is not under our control.

You should be aware that the terms and conditions and privacy policy of each third party website may be different from those applicable to our website/app. You should therefore carefully read the terms of use and privacy policy of the third party website. You click on third party links, and use products and services supplied by our partners at your own risk.

Any material downloaded or otherwise obtained through the services is done at your own discretion and risk, and you are solely responsible for any damage to your computer system or loss of data that results from the download of any such material.

Certain (hypertext) links on this website/app might lead you to websites which are hosted by our partners. When you click on any of these links, you will leave our website/app. We have no control over, and will accept no responsibility in respect of, any material on any website which is not under our control.

You should be aware that the terms and conditions and privacy policy of each third party website may be different from those applicable to our website/app. You should therefore carefully read the terms of use and privacy policy of the third party website. You click on third party links, and use products and services supplied by our partners at your own risk.

Any material downloaded or otherwise obtained through the services is done at your own discretion and risk, and you are solely responsible for any damage to your computer system or loss of data that results from the download of any such material.

7.0 COPYRIGHT AND INTELLECTUAL PROPERTY

This terms of use does not grant you any licenses whether express or implied to either our intellectual property or that of our licensors, except as expressly stated in the terms.

All rights, title and interest in and to the services (including content provided by users) are and will remain our exclusive property and that of our licensors.

8.0 WARRANTY DISCLAIMER

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.

The services are provided on an 'AS IS' and 'AS AVAILABLE' basis without any warranty of any kind. To the maximum extent permitted by applicable law, we and our third-party partners and licensors 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, we and our third-party service providers make no warranty that:

a. the services will meet your requirements,

b. the services will be uninterrupted, timely, secure, or error-free,

c. the results that may be obtained from the use of the services will be accurate or reliable,

d. the quality of any products, services, information, or other material purchased or obtained by you through the services will meet your expectations,

e. any errors in the services will be corrected.

No verbal or written information or advice obtained by you from us or our third-party partners and licensors through or from the services will create any warranty not expressly stated in these terms.

9.0 LIMITATION OF LIABILITY

To the fullest extent permitted by applicable laws and regulations, you agree that F& K Savings Ltd., its affiliates and their respective employees, officers, directors, agents, and third-party partners and licensors, will not be liable to you or any third party for:

a. The performance of the services or the inability to use the services,

b. Any indirect, incidental, special, consequential, punitive, or exemplary damages, whether based in contract, tort, or otherwise, including, but not limited to, damages for loss of profits.

10.0 INDEMNITY FROM THIRD PARTY CLAIMS

At our request, you agree to defend, indemnify, and hold harmless F & K Savings Ltd., its affiliates and their respective employees, officers, directors, agents, and third-party partners and licensors from and against any and all claims, suits, liabilities, damages (actual and consequential), losses, fines, penalties, costs, and expenses arising from or in any way related to any third-party claims relating to your use of the services, violation of these Terms, applicable laws and regulations or any third-party rights, or your fraud or wilful misconduct.

Such indemnified parties reserve the right to assume the exclusive defence and control of any matter subject to indemnification by you, in which event you will cooperate in asserting any available defences.

11.0 THIRD PARTY BENEFICIARIES

You hereby accept that our third party service providers (partners and licensors) are third party beneficiaries of the applicable provisions of these terms. They possess all rights to enforce such provisions as if they were a party to these terms.

12.0 ASSIGNMENT

You shall not transfer, assign or delegate these Terms of use, your rights and obligations or your account in any way (either by operation of law or otherwise), without obtaining written consent from us.

Likewise, we shall not transfer, assign or delegate these terms or our rights and obligations without your consent outside the extent permitted by applicable laws.

13.0 GOVERNING LAWS

These terms are made under and in accordance with the laws of the Federal Republic of Nigeria. These terms will therefore be governed by and construed in accordance with the Laws of the Federal Republic of Nigeria.

No part or clause in these terms exists to give effect to any principles that provide for the applications of the laws of any other jurisdiction.

14.0 TERMINATION OF AGREEMENT/CONTRACT

You may stop using the services and close your account thereby cancelling these terms at any time by contacting us through the contact modes made available to you in these terms and after sufficiently verifying your identity.

Notwithstanding the foregoing, if there are any transactions relating to your account, your account will only be closed after such transactions are completed.

Your termination of the terms will not affect any of your rights and obligations or our rights and obligations under these terms before the termination of the agreement.

To the extent permitted by applicable laws and regulations, we may in our sole discretion and without liability to you, terminate or suspend your access to the services and content or your account. The decision to terminate or suspend your access or account as well as the reasons for the decision will however be promptly communicated to you through your contact information made available to us.

15.0 MODIFICATIONS/ ALTERATIONS TO TERMS OF USE

We retain rights to add, remove, alter, amend or reconstruct any of the services and the terms and conditions contained in this document (terms of use) at our unilateral discretion and subject to the applicable laws and policies.

While we may not provide prior notice of modifications and alterations, notice of the modifications and alterations shall be delivered to you by posting updated versions of the terms of use on the website/app or by other electronic means, including but not limited to emails and SMS.

Acceptance of the updated version of the terms of use would be required for continued use and access to the services. Non-acceptance of the updated version would necessitate termination of your access and use of the services.

Section 2

1.0 ADDITIONAL TERMS

Your use of and access to the services are subject to the general terms of use provided above but may also be subject to Additional terms and conditions, rules, policies and regulations that are posted on the website/app, including but not limited to our referral and reward programmes.

These Additional terms are hereby incorporated by reference into these terms. In the event of a conflict between any additional terms and these terms, these terms shall prevail.

2.0 CONTACT INFORMATION

All communications with us, as well as questions, comments or concerns regarding our services or these terms shall be done only through these modes:

Website: www.fandksavings.com

Phone number: 08092816959

Email: hello@fandksavings.com.ng

Office address:

Head office- No 3, Ayo Adekunle Close, New Bodija Estate, Ibadan

Branch office- Suite 23, Ase Plaza, Veterinary Junction, Mokola Road, Ibadan

3.0 UNENFORCEABLE OR INVALID TERMS

If any provision in these Terms is found to be unenforceable or invalid, that provision will be limited or eliminated, to the minimum extent necessary, so that these Terms will otherwise remain in full force and effect and enforceable.

4.0 OTHER TERMS

4.1

You will be responsible for paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activities in connection with the Services, provided that we may, in our sole discretion, do any of the foregoing on your behalf or for ourselves.

The failure of either of us (you and us) to exercise, in any way, any right herein will not be deemed a waiver of any further rights.

You will be responsible for paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activities in connection with the Services, provided that we may, in our sole discretion, do any of the foregoing on your behalf or for ourselves.

The failure of either of us (you and us) to exercise, in any way, any right herein will not be deemed a waiver of any further rights.

4.2

These terms, together with our Privacy Policy, constitute the entire and sole agreement between you and us with respect to the Services and supersedes all prior understandings, arrangements, or agreements, whether written or verbal, regarding the Services.

4.3

You hereby acknowledge and agree that you are not an employee, agent, partner of, or in a joint venture with F&K Savings Ltd., and you do not have any authority of any kind to bind F &K Savings Ltd. in any respect whatsoever.

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F&K Savings is a Fintech Company Duly registered with the Corporate Affairs Commission, Nigeria, as F&K Savings LTD (RC: 1675435) It’s Savings scheme is registered under the Credit and investment Cooperative Society Laws of Oyo State, Nigeria. (Registration number: 23880).

F&K Savings holds comprehensive insurance policies on all projects and ventures with Cornerstone Insurance Plc. All our technical partners also hold relevant comprehensive policies notably with Leadway Assurance Plc, AIICO, NAIC and Mutual Benefits Assurance Plc.