1 Introduction
These Terms of Service ("Terms") constitute a legally binding agreement between you ("User", "you") and AfricSpend Ltd ("AfricSpend", "we", "us") governing your access to and use of our website, mobile application, APIs, and all related platforms (collectively, the "Services").
These Terms should be read alongside our Privacy Policy and AML & KYC Policy, which are incorporated herein by reference.
2 Company Overview
AfricSpend Ltd is a financial technology company incorporated in Nigeria, providing cryptocurrency-to-fiat conversion services, digital wallet management, and electronic payment facilitation to individuals and businesses.
3 Eligibility
To use AfricSpend Services, you must:
- Be at least 18 years of age;
- Possess full legal capacity to enter into binding contracts under Nigerian law;
- Not be a citizen or resident of any country subject to Nigerian government or international sanctions;
- Provide accurate, current, and complete information during registration and throughout your use of the Services;
- Successfully complete our identity verification (KYC) process where required.
By using our Services, you represent and warrant that you meet all of the above eligibility requirements. If you do not meet these requirements, you must not access or use the Services.
4 Services Provided
AfricSpend currently provides the following services:
- Crypto-to-Naira conversion — Convert supported cryptocurrencies (BTC, ETH, USDT, SOL, and others) to Nigerian Naira (NGN) at prevailing market rates.
- Digital wallet — Hold a NGN balance for use within the platform.
- Internal transfers — Send funds instantly to other AfricSpend users via email address or AfricSpend ID, free of charge.
- Bank withdrawals — Withdraw your NGN balance to any Nigerian bank account.
- Bill payments — Purchase airtime, mobile data bundles, and electricity tokens using your AfricSpend wallet balance.
We reserve the right to add, modify, suspend, or permanently discontinue any Service or feature at any time, with or without prior notice. We will endeavour to provide reasonable notice where a discontinuation materially affects your use.
5 User Accounts
When you create an account, you agree to:
- Provide truthful and accurate registration information;
- Maintain the confidentiality of your login credentials, OTP codes, and any two-factor authentication information;
- Notify AfricSpend immediately at africspend@gmail.com if you suspect unauthorised access to your account;
- Keep your contact information (email, phone number) current and up to date;
- Not share your account with, or transfer it to, any third party.
You are solely responsible for all activity that occurs under your account. AfricSpend shall not be liable for any loss or damage arising from your failure to safeguard your account credentials.
6 Transactions
You understand and agree that:
- Finality: All completed transactions are final and irreversible. AfricSpend cannot reverse a transaction once it has been executed.
- Exchange rates: Cryptocurrency-to-NGN exchange rates are determined by real-time market conditions and include a service margin. Rates displayed are indicative and may vary slightly at the point of execution.
- Transaction limits: Minimum and maximum transaction limits apply and may change based on your KYC verification level.
- Processing time: Blockchain confirmations and third-party bank processing may cause delays outside of our control.
- Accuracy: You are solely responsible for entering correct recipient details, wallet addresses, account numbers, and transaction amounts. AfricSpend is not liable for losses arising from user error.
7 Fees & Charges
AfricSpend may charge fees for certain transactions and services, including but not limited to:
- Conversion fees — A margin applied to the exchange rate on crypto-to-NGN conversions;
- Deposit processing fee — A percentage of incoming crypto deposits;
- Withdrawal fees — A flat or tiered fee applied to bank withdrawals, subject to a free allowance for new users;
- Bill payment fees — Applicable where third-party providers charge us for airtime, data, or electricity services.
Current fees are displayed within the application at the point of transaction. AfricSpend reserves the right to modify its fee structure at any time. Continued use of the Services after a fee change constitutes your acceptance of the new fees.
8 Risk Disclosure
You expressly acknowledge and accept the following risks:
- Cryptocurrency markets operate 24/7 and are subject to extreme price volatility;
- Regulatory changes in Nigeria or globally may affect the availability of our Services;
- Technology failures, cyberattacks, or blockchain network congestion may delay or prevent transactions;
- You assume full and sole responsibility for your financial decisions made through AfricSpend;
- Past performance of any cryptocurrency does not guarantee future results.
9 Third-Party Services
AfricSpend integrates with third-party providers to deliver its Services, including payment processors, transaction processing infrastructure, banking partners, and identity verification providers. Your use of AfricSpend constitutes acceptance that such third-party services will process your data in accordance with their own privacy policies and terms.
AfricSpend is not responsible for:
- The performance, availability, or accuracy of third-party services;
- Data handled, stored, or processed solely by third-party providers;
- Outages or failures originating from third-party systems;
- Losses caused by third-party provider errors.
10 Account Suspension & Termination
AfricSpend reserves the right to suspend, restrict, or permanently terminate your account, and to freeze associated funds pending investigation, if we reasonably believe:
- Fraudulent, suspicious, or unlawful activity has occurred on your account;
- You have provided false, misleading, or incomplete information;
- Your account has been used in violation of these Terms or any applicable law;
- A competent authority or regulator has directed us to do so;
- You have initiated a chargeback or payment dispute in bad faith.
Where permitted by law, we will notify you of any suspension and the reasons thereof. Frozen funds may be held pending resolution of an investigation or legal process.
11 Prohibited Activities
You must not use AfricSpend Services to:
- Violate any applicable Nigerian or international law or regulation;
- Engage in money laundering, terrorism financing, or fraud;
- Transmit funds derived from illegal or criminal activities;
- Circumvent sanctions lists or use AfricSpend from a sanctioned jurisdiction;
- Use another person's identity or payment details without authorisation;
- Interfere with, hack, or disrupt the security or integrity of our platform;
- Engage in market manipulation or wash trading;
- Access the platform using automated bots or scrapers without our written consent.
Violation of this section may result in immediate account termination, fund forfeiture, and reporting to relevant law enforcement authorities.
12 Limitation of Liability
To the maximum extent permitted by Nigerian law, AfricSpend and its directors, officers, employees, and agents shall not be liable for:
- Any indirect, incidental, special, or consequential loss;
- Loss of profits, revenue, data, or business opportunities;
- Financial losses arising from market volatility or exchange rate movements;
- Unauthorised access to your account resulting from your own negligence;
- Service interruptions caused by third parties, force majeure, or government action;
- Errors in transaction details submitted by you.
Where liability cannot be excluded by law, our total aggregate liability to you shall not exceed the total fees paid by you to AfricSpend in the three (3) months preceding the event giving rise to the claim.
13 Intellectual Property
All content, branding, trademarks, software, source code, databases, and proprietary systems on the AfricSpend platform are the exclusive property of AfricSpend Ltd or its licensors. You are granted a limited, non-exclusive, non-transferable licence to access and use the Services for personal, non-commercial purposes.
You must not copy, reproduce, distribute, modify, or create derivative works of any AfricSpend content without our prior written consent.
14 Dispute Resolution
If you have a complaint or dispute, please contact us first at africspend@gmail.com. We will endeavour to resolve all complaints within 10 business days.
If a dispute cannot be resolved amicably, it shall be referred to arbitration under the Arbitration and Conciliation Act (Cap A18, Laws of the Federation of Nigeria 2004), with the seat of arbitration in Lagos, Nigeria.
15 Updates to These Terms
AfricSpend may update these Terms at any time. Material changes will be communicated to you via email or an in-app notification at least 7 days before they take effect. Continued use of the Services after the effective date of any update constitutes your acceptance of the revised Terms.
16 Governing Law
These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any legal action or proceeding arising out of or relating to these Terms shall be subject to the exclusive jurisdiction of the courts of Lagos State, Nigeria.
17 Contact Us
For questions, complaints, or legal notices, please reach us through: