Terms and Condition

Terms and Condition for Merry-Go-Round

These Terms and Conditions (the "Terms") are applicable when you sign up on Merry-Go-Round (the "Services").
These Terms constitute a binding contract between Collo Africa (hereinafter referred to as "we" "us" and "our") and you. Please do not use the Service if you do not accept these Terms.

1. User accounts and eligibility:

• In order to use the Services, you must: (a) accept and agree to these Terms, our Anti Money Laundering Policy and our Privacy Policy; (b) register with us online; (c) be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age (or older if you reside in a state where the majority age is older); (d) have a bank account with a Nigerian financial institution; and (e) provide all information requested by us, such as your name, email address, mobile phone number, debit card credentials for your bank account, biometric verification number (BVN) national identification number (NIN), and such other information as we may request from time to time (collectively, "User Information").
• To access the Services, you must register to create an account ("User Account"). When you register, you will be asked to choose a password, which you will be required to use to access your User Account. You are responsible for safeguarding your password and other User Account information. You agree not to disclose your password to any third party, and you will notify us immediately if your password is lost or stolen or if you suspect any unauthorized use of your User Account. As a User you agree that you shall be solely responsible for any activities or actions under your User Account, whether you have authorized such activities or actions. You agree that the information you provide to us on account registration through our website or mobile applications will be true, accurate, current, and complete.
• Except as otherwise required by applicable law, you are responsible for all transactions and other activities authorized or performed using your username and password or mobile device, whether authorized or unauthorized by you. Except as otherwise expressly stated in these Terms or required by applicable law, we are not responsible for any losses arising from the loss or theft of your User Information or your mobile device or from unauthorized or fraudulent transactions associated with your bank account or your debit card.
• For our compliance purposes and 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.
• 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 or your User Account for any reason, including, but not limited to, your breach of these Terms. We may restrict access to portions of the Services, for some or all users, from time to time. The Services may also periodically become unavailable due to maintenance or malfunction of computer equipment or for other reasons. You are responsible for obtaining any equipment and internet service necessary to access our website and Services.
• We take matters of data protection and security very seriously. By using this Services, you consent to the collection, use, storage, and disclosure of your information as set forth in these Terms and our Privacy Policy ("Privacy Policy"). The Privacy Policy is incorporated into these Terms by this reference.

2. Group Savings functionality:

• To understand how to create your contribution circle under this Services please click on How it works. Either you or the admin of your contribution circle will determine the contribution threshold, payment allocation and periodicity of payment for your contributions. You agree that the payment mode for the Services (either as contributor or recipient of payment) will be via direct debit on your debit card and you agree to fund your account always to the tune of the amount expected to be debited.
• As a pre-condition for using the Services, you agree to provide a signed debit mandate form linked to your BVN to ensure prompt fulfillment of your transfer obligations to your contribution circle.
• To the extent permitted by applicable law, you consent to use electronic signatures and to electronically receive all records, notices, statements, communications, and other items for all services provided to you under these Terms and in connection with your relationship with us (collectively, "Communications"). By accepting and agreeing to these Terms electronically, you represent that:
  • you have read and understand this consent to use electronic signatures and to receive Communications electronically;
  • you satisfy the minimum hardware and software requirements to utilize the Services; and
  • your consent will remain in effect until you withdraw your consent.

3. Service usage and limitations:

• You must not use the Service to violate or infringe the rights of any other person, including the rights of other users and our rights in the Services. You must not breach any laws or regulations when using the Services or attempt to disrupt or interfere with the security or functionality of the Services. If we suspect that you are using the Services for illegal activities (particularly fraud, money laundering or other related illegalities), we reserve the right to block your account immediately without liability. Such illegalities as mentioned above may be because of enacted laws, court judgments, rulings or pronouncements, or regulatory policies and guidelines to which we are bound. If a breach is associated with your account, you agree that we have the right to apply restrictions to your account and report to the appropriate law enforcement agencies or the respective regulator, in line with extant laws.
• You agree to defend, indemnify, and hold us (including our respective employees, officers, directors, agents, partners, representatives and third-party service providers) harmless from and against any and all claims, suits, liabilities, damages (whether actual, consequential, punitive or exemplary), losses, fines, penalties, costs, and expenses (including reasonable attorneys' fees) arising from or in any way related to any third-party claims relating to your use of the Services, violation of these Terms, applicable law or any third-party rights, your fraud or willful 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.
• All content, material and information, including any compilation (meaning the collection, arrangement and assembly of information) included on our website and the Services page are unless otherwise stated, our exclusive copyright works, and protected by local and international copyright laws.
• In order to use the Services and to enable us to send notices or communicate with you, you must provide and verify your email address, mobile phone number or other text message address to us, and you must expressly consent to receive emails and/or text messages relating to the Services at that number or address. If you change your email address, mobile phone number or text message address, you must promptly provide and verify your new email address, mobile device number or text message address.

4. Financial terms and liabilities:

• We do not charge a fee for the Services. However, you agree that you will be charged 0.5% for MGR Allocation. We reserve the right to change fees for the Services in the future. We will notify you before charging a fee for the Services by delivering notice to you electronically, by posting such fee on the Website, or by any other method permitted by applicable law. If you continue using the Services after such notice, you must pay all applicable fees for the Services. You hereby acknowledge that you may incur certain other charges imposed by third-party financial institutions. These additional costs may include, and are not limited to bank transfer fees, transfer taxes etc. You understand that these fees are not included in the fee that you pay to us.
• We are not a financial adviser, and the Services are not intended to provide financial advice. We are not responsible for ensuring your debit card has sufficient funds for your needs, purposes, or transactions. We do not make any representations, warranties, or guarantees of any kind that the Services are appropriate for you. Before using the Services, you should consider obtaining additional information and advice from a financial adviser.
• The Service is provided without any warranties or guarantees. The Service is provided "as is" without warranty of any kind. We disclaim all warranties regarding the Service, including all implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. If you are dissatisfied with any portion of the Service, or with any of these Terms, your sole and exclusive remedy is to discontinue using the Service.
• In no event shall we be liable for any direct, indirect, punitive, incidental, special, consequential damages, or any damages whatsoever arising out of, or in any way connected with the use or performance of the Service, with the delay or inability to use the Service, the provision of (or failure to provide services), or otherwise arising out of the use of the Service, whether based on contract, tort, negligence, strict liability, or otherwise, even if we have been advised of the possibility of such damages.
• You represent and warrant the following and shall promptly notify us if any of the following ceases to be true and accurate:
  • To the best of your knowledge based on appropriate diligence and investigation, none of the cash or assets that will be the subject of any transaction using our Services has been or shall be derived from or related to any activity that is deemed to be in contravention of The Money Laundering (Prevention and Prohibition) Act, 2022 (the "Money Laundering Act"); or other applicable Money Laundering/Terrorist Financing Laws. ("AML Laws").
  • No contribution or payment by you in relation to the Services shall cause us to be in violation of the AML Laws.
• Where we discover that the representations above are untrue or inaccurate or that our Services is used to launder money or for any suspicious transactions, we have an obligation to report your activities to the relevant authorities without recourse to you.

5. Dispute Resolution and Amendments:

• These Terms shall be governed, construed, and enforced in accordance with the laws of the Federal Republic of Nigeria.
• Any disagreement, dispute or difference howsoever arising, from these Terms, including its interpretation and validity or as to the rights, duties and liabilities of the Parties hereto or as to any other matter in any way connected with or arising out of or in relation to the subject matter of these Terms, which cannot be amicably resolved by the Parties within thirty (30) days shall be referred to arbitration in accordance with and subject to the provisions of the Arbitration and Mediation Act 2023.
• Dispute resolution process: Outline the steps for resolving disputes between users or between users and the platform.
• We may add to, terminate 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 our website or delivering notice thereof to you electronically. You are free to decide whether 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.
• By accepting these terms, you further agree and acknowledge that these Terms are not intended to confer and do not confer any rights or remedies on any person other than you and us.
• No relaxation or indulgence which we may show to you shall in any way prejudice or be deemed to be a waiver of our rights hereunder.