Terms of Service

This Terms of Service Agreement ("Agreement") constitutes a legally binding commercial contract between you ("User", "Customer", or "Member") and Ajose Technologies ("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.
• "Mono" refers to our integrated open-banking and direct debit infrastructure partner.
• "NIBSS" means the Nigeria Inter-Bank Settlement System.

2. Operational Capacity & Settlement Architecture

2.1. Operational Role: Àjọṣe is a digital platform that automates contributions, turns, and payouts for savings groups. We are not a commercial deposit bank, nor do we offer banking services independently.

2.2. Fund Movement: Contributions are collected automatically by bank debit through Mono on the contribution date. Once NIBSS settles the funds into Àjọṣe's wallet, the payout is credited automatically to the member whose turn it is. Àjọṣe doesn't hold onto group funds.

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.

3.3. Failed Auto-Debit Protocol & Manual Settlement: In the event that a scheduled automated Mono direct debit sweep fails or is declined by your issuing bank (due to insufficient funds, temporary network downtime, or bank limits), the system will retry debits and send reminder notifications. You may also settle your contribution by initiating a direct transfer to the Circle Admin's Settlement Account citing your unique circle Narration Code. Once the deposit matches on the Admin's bank statement via Mono or is confirmed by the Admin, the contribution ledger will be credited.

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 suspension of the User's account and restriction from participating in future circles on the Platform.
• Reduction of the User's platform Trust Score and recording of default status on the platform's internal risk registry.
• Exercising legal recovery remedies in accordance with applicable Nigerian laws and sharing authorized transaction records with lawful collection partners and law enforcement where fraud is suspected.

5. Mid-Cycle Exits, Cancellation, and Agreed Departure Fees

5.1. Pre-Cycle Modifications: Prior to the formal activation of an Ajo cycle (status: "pending"), the Group Admin may adjust member slots, and members may freely opt out without administrative fee or credit impact.

5.2. Agreed Administrative Exit Fee: Once an Ajo cycle is launched and active, any member who leaves, requests premature withdrawal, or is removed for non-cooperation disrupts collective rotational liquidity and agrees to an administrative departure fee of 15% of their scheduled contribution amount to cover disruption costs. This fee is apportioned as follows:

• 10% to Àjọṣe: Covering platform open-banking ledger reconciliation, mandate re-routing, and infrastructure management.
• 5% to the Group Admin: Compensating the Admin trustee for administrative restructuring, managing collection shortfalls, and onboarding a replacement member.

5.3. Members Awaiting Payout (Must Wait Their Turn): If an exiting member has not yet received their Ajo Pot disbursement, they are strictly required to wait until their originally scheduled payout turn to collect their past contributions. Under no circumstances will early or accelerated disbursements be made. On their scheduled turn, their accumulated past contributions will be credited minus the mandatory 15% fine (10% to Àjọṣe, 5% to Admin).

5.4. Members Who Have Already Collected (Immediate Fine & Mandate Enforcement): A member who has already collected their rotational Ajo Pot has received other members' funds and is legally prohibited from absconding. If such a member attempts to exit or fails scheduled payments, they must pay the 15% fine immediately in addition to their full remaining contribution obligations. Their continuous Mono Direct Debit mandate remains fully enforceable, and failure to fulfill remaining debits constitutes an immediate default event subject to credit bureau reporting and debt recovery under Section 4.

6. Dispute Resolution and Governing Law

6.1. 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.

6.2. 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.