Terms & Conditions

MyKoloBOX Terms & Conditions

  1. Introduction
    These Terms & Conditions (“Terms”) govern your access to and use of MyKoloBOX’s digital financial and contributions platform.
    By registering, accessing, or using our Platform, you agree to these Terms, our Privacy Policy, and any other policies we publish. If you do not agree, you must not use the Platform.
  2. Nature of Service
    MyKoloBOX provides digital contribution services through its Platform.
    We are not a traditional bank. However, we may partner with licensed banks, fund managers, or payment service providers who hold and manage customer funds.
    Certain products may be regulated by the Central Bank of Nigeria (CBN) and/or the Securities and Exchange Commission (SEC).
  3. Eligibility
    You must be at least 18 years old and legally capable of entering a binding agreement.
    If you are under 18, you will need a parent or guardian to open a minors' or teenagers' account in your name, acting as the trustee for the account.
    You must provide accurate personal information (including KYC documentation where required).
  4. User Accounts
    You are responsible for maintaining the confidentiality of your login details.
    You must not share your account or use another person’s account.
    We reserve the right to suspend or terminate accounts suspected of fraud, illegal activity, or violation of these Terms.
  5. Contributions
    Contribution products allow you to deposit and withdraw funds subject to stated rules (e.g., fixed lock-in periods, withdrawal notice).
  6. Group Contributions (if applicable)
    Group contribution schemes (ajo, thrift, cooperative) are based on mutual trust between members.
    MyKoloBOX only provides the digital framework and tracking system.
    We are not liable for defaults, missed contributions, or disputes between members.
  7. Payments & Withdrawals
    All contributions will be processed through our licensed partner banks/payment processors.
    Timelines for withdrawals may vary depending on product type (e.g., instant for wallet, delayed for fixed contribution).
    Fees, charges, or penalties (if any) will be clearly disclosed.
  8. Risks & Disclaimers
    Contributions are protected under arrangements with partner banks (if insured under NDIC).
  9. Limitation of Liability
    To the maximum extent permitted by law, MyKoloBOX shall not be liable for:
    • Losses arising from risks, or defaults.
    • Unauthorized access resulting from your negligence.
    • Force majeure events (system failures, regulatory changes, network outages).
  10. Data Protection & Privacy
    We collect and process your personal data in accordance with our Privacy Policy and Nigerian Data Protection Regulation (NDPR).
  11. Termination
    You may close your account at any time (subject to settlement of obligations).
    We may suspend or terminate access if you breach these Terms, engage in fraud, or misuse the Platform.
  12. Governing Law & Dispute Resolution
    These Terms are governed by the laws of the Federal Republic of Nigeria.
    Disputes shall be resolved amicably first, failing which they shall be referred to arbitration in Lagos in accordance with the Arbitration and Conciliation Act.
  13. Changes to Terms
    We may amend these Terms from time to time. Updates will be communicated via the Platform, and continued use constitutes acceptance.