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Terms and Conditions

Background

These‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌will‌ ‌serve‌ ‌as‌ ‌a‌ ‌basis‌ ‌of‌ ‌your‌ ‌service ‌relationship‌ ‌with‌ ‌us,‌ ‌Flexible Luxury and Asset Payment Ltd ‌(“Flap” or “Company”).‌ ‌By‌ ‌choosing‌ ‌to‌ ‌open‌ ‌an‌ ‌account‌ ‌with‌ ‌us,‌ ‌you‌ ‌agree‌ ‌to‌ ‌the‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌contained‌ ‌herein.‌ ‌You‌ ‌also‌ ‌confirm‌ ‌that‌ ‌you‌ ‌have‌ ‌provided‌ ‌us‌ ‌with‌ ‌the‌ ‌accurate‌ ‌and‌ ‌complete‌ ‌information‌ ‌required‌ ‌to‌ ‌create‌ ‌your‌ ‌account‌ ‌and‌ ‌that‌ ‌you‌ ‌have‌ ‌supplied‌ ‌all‌ ‌documentation,‌ ‌photographs‌ ‌and‌ ‌information‌ ‌that‌ ‌allow‌ ‌us‌ ‌to‌ ‌comply‌ ‌with‌ ‌our‌ ‌regulatory‌ ‌obligations.‌ ‌

If‌ ‌you‌ ‌do‌ ‌not‌ ‌agree‌ ‌to‌ ‌these‌ ‌terms‌ ‌and‌ ‌conditions,‌ ‌please‌ ‌do‌ ‌not‌ ‌proceed‌ ‌and‌ ‌exit‌ ‌the‌ ‌application‌ ‌immediately.‌ ‌Also,‌ ‌please‌ ‌be‌ ‌informed‌ ‌that‌ ‌we‌ ‌can‌ ‌terminate‌ ‌your‌ ‌relationship‌ ‌with‌ ‌us‌ ‌if‌ ‌we‌ ‌believe‌ ‌that‌ ‌you‌ ‌have‌ ‌violated‌ ‌any‌ ‌of‌ ‌these‌ ‌terms.

 

About Us

Flexible Luxury and Asset Payment Ltd (“Flap”) is duly registered by the Corporate Affairs Commission, Nigeria (RC: 1618215). We are registered as a Cooperative Multipurpose Society Limited registered under the Cooperative Law of Lagos State (LSCS 17428). Our Real estate affiliate company-Assetrise Ltd  is a registered member of LASRERA, REDAN, and also Certified by the Special Control Unit Against Money Laundering (SCUML) with the provisions of section 5 (1) (a) and (4) of the Money Laundering (Prohibition) Act 2011.

 

The Objective Of Our Relationship With You

 

The objective of establishing a relationship with Flap is to receive special services on offer by Flap for its customers and registered cooperative members. Flap would provide access to services such as Savings (for its cooperative members), Escrow Services, Real Estate Investment opportunities, marketplace, Sponsorship and Discount Services.

 

 

 

You can operate and manage your account via our FlapAfrica app and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our FlapAfrica app.

When are these terms applicable?

These terms are applicable when you choose to open an account and enroll in any of our service offerings.

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.

 

What is the scope of the relationship between You & Us?

 

Opening an Account

 

You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.

 

Verifying your identity

 

Regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture and BVN or valid ID supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions.

 

Notifications

By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage as a result of unauthorized access to the information sent.

You agree to indemnify Flap and its affiliates against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney’s fees) whether civil or criminal, which may be brought against Flap and its affiliates by reason of such notifications.

Ajo Savings-Flap Cooperative

Upon enrolment in Ajo Savings, we will transfer a user-determined percentage of any user-induced debit on your account to an interest earning sub-account. This feature can be enabled and disabled from the Spend & Save section of the app.

Personal Savings

FlapAfrica helps you save money with minimal effort. To do this, we can on your instruction either debit your Bank account at a user-determined frequency or you can make a one-time lump sum savings. Upon expiration of the tenor, the accumulated funds will be transferred to your Bank account provided for withdrawal. You can make withdrawals prior to the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge. This charge is either the interest earned if fixed or 5% of the amount withdrawn if flexible.

Real Estate Investment

The Platform may provide information about real estate investment opportunities. However, we do not provide investment advice, and any decision to invest in real estate through the Platform is solely your responsibility.

We do not guarantee the performance or success of any investment opportunity listed on the Platform, and past performance is not indicative of future results.

Marketplace for Merchant

This space is for the operations and features of this product. How it will run. So users agree to it upon enrolment

Sponsors

This space is for the operations and features of this product. How it will run. So users agree to it upon enrolment

 

Escrow Client

This space is for the operations and features of this product. How it will run. So users agree to it upon enrolment

 

Escrow Contractor

This space is for the operations and features of this product. How it will run. So users agree to it upon enrolment

 

Discount

This space is for the operations and features of this product. How it will run. So users agree to it upon enrolment.

 

When things go wrong

To protect your money, we need you to keep your phone and password safe at all times. If you spot any suspicious transactions on your account, please inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account or our services. Use a strong password. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.

 

Closing an account

You can close your account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us.

We reserve the right to close, suspend or limit access to your account, if:

Upon your request;

You do not meet, or are in breach of, the terms and conditions contained herein;

You create risk or possible legal exposure to us;

We are required to do so by law; or

There is a report of, or our investigations reveal that you have engaged in fraudulent or suspicious activity with your account.

Please note that the list above is not exhaustive.

As a Company, we are required to comply with the international and local laws. Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account in the event it is required by law to do so, or upon the instruction of a regulatory authority to which we are subject to.

You further confirm that your account shall be used solely for legal purposes and shall not be used for illegal or criminal activities, including but not limited to obtaining funds under false pretences or any other fraudulent activity in contravention of extant laws in Nigeria.

 

Data Protection

 

By opening this account, you consent to us processing your personal information:

 

to provide products and services to you in terms of this agreement and any other products and services for which you may apply;

 

to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);

 

in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policies.

 

Investment Insights

You understand and acknowledge that the investment results you could obtain from the real estate investment information and finance-related insights provided by Flap cannot be guaranteed and that Flap or its affiliates cannot be held responsible. All investments entail a risk of loss and that you may lose money. Your election to engage our investment services are subject to your explicit enrollment and acceptance of this Terms of Use. You agree and understand that your use of the investment guides or information is for educational purposes only and is not intended to provide legal, tax or financial planning advice.

 

Marketing and Promotion

We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about our products. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.

Declaration

By choosing to proceed, you agree that you understand that you are opening an account with us and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct.

Finally, you agree to indemnify the Company for any loss suffered as a result of any false information or error in the information you have supplied us.