Terms of Service

1. Agreement to Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you and Folaa Technologies Ltd ("Folaa," "we," "us," or "our"), a company incorporated under the laws of the Federal Republic of Nigeria with registration number RC 1234567, headquartered at 12 Admiralty Way, Lekki Phase 1, Lagos, Nigeria.

By accessing or using our website, mobile application, APIs, or any other services we provide (collectively, the "Services"), you agree to be bound by these Terms and all applicable laws and regulations. If you do not agree to these Terms, you must not use our Services.

We reserve the right to modify these Terms at any time. We will notify you of material changes via email, in-app notification, or by posting an updated version on our website. Your continued use of the Services after such changes constitutes your acceptance of the revised Terms.

2. Definitions

For the purposes of these Terms, the following definitions apply:

3. Eligibility and Account Registration

3.1 Eligibility

To use our Services, you must:

• Be at least 18 years of age.
• Be a resident of the Federal Republic of Nigeria or a citizen with valid Nigerian identification.
• Possess a valid Bank Verification Number (BVN).
• Have the legal capacity to enter into binding contracts.
• Not be subject to any sanctions, restrictions, or prohibitions imposed by the Nigerian government, CBN, or any international regulatory body.

3.2 Account Registration

To create an account, you must:

• Provide accurate, current, and complete information as requested in the registration form.
• Complete identity verification (KYC) by providing your BVN, a valid government-issued ID, and a live selfie photograph.
• Create a strong password and maintain the security of your account credentials.

You are solely responsible for all activities that occur under your account. You agree to notify us immediately of any unauthorized use of your account or any other breach of security.

3.3 Account Suspension and Closure

We reserve the right to suspend, restrict, or terminate your account at any time, with or without notice, if we reasonably believe you have violated these Terms, engaged in fraudulent activity, or pose a risk to our platform or other users.

4. Our Services

Folaa provides the following services through our platform:

4.1 VTU Services (Airtime & Data)

• Purchase airtime for MTN, Airtel, Glo, and 9mobile.
• Buy mobile data bundles for all Nigerian networks.
• Prices and bundle availability are subject to change by the respective network operators without prior notice.

4.2 Bill Payments

• Electricity bill payments for all Nigerian distribution companies (IKEDC, EKEDC, AEDC, etc.).
• Cable TV subscriptions (DSTV, GOtv, Startimes).
• Internet service provider payments.

4.3 Cryptocurrency Swaps

• Exchange stablecoins (USDT, USDC) to Nigerian Naira.
• Supported networks: TRC20, BEP20, ERC20, and Polygon.
• Exchange rates are determined at the time of transaction and may fluctuate.
• Rate-lock window of 15 minutes applies to all swap transactions.

4.4 Virtual Cards

• USD-denominated virtual debit cards for online payments.
• Cards are issued in partnership with licensed card issuers.
• Card limits and fees vary by subscription plan.

4.5 Service Availability

While we strive to maintain 99.9% uptime, we do not guarantee uninterrupted access to our Services. We may suspend Services temporarily for maintenance, upgrades, or circumstances beyond our control. We will make reasonable efforts to notify you of scheduled maintenance in advance.

5. Payments, Fees, and Refunds

5.1 Fees

Folaa charges fees for certain Services as disclosed at the time of transaction. All fees are:

• Displayed transparently before you confirm any transaction.
• Subject to change with 14 days' prior notice.
• Non-refundable except as expressly stated in these Terms or required by law.

5.2 Funding Your Wallet

You may fund your Folaa wallet through:

• Bank transfer from your linked Nigerian bank account.
• Deposit of supported stablecoins to your designated wallet address.
• Card payments (where available).

5.3 Withdrawals

You may withdraw funds from your wallet to:

• Your linked Nigerian bank account.
• An external cryptocurrency wallet (for crypto withdrawals).

Withdrawal processing times vary by method. Bank transfers typically settle within 24 hours; crypto withdrawals depend on blockchain network confirmation times.

5.4 Refunds

Refunds may be issued in the following circumstances:

• Failed transactions where funds were debited but the service was not delivered.
• Duplicate transactions caused by system errors.
• Transactions proven to be fraudulent or unauthorized.

Refund requests must be submitted within 30 days of the transaction. We will investigate and process valid refund requests within 7 business days.

6. Cryptocurrency Services

6.1 Risk Disclosure

6.2 Supported Cryptocurrencies

Folaa currently supports the following cryptocurrencies:

• USDT (Tether) — TRC20, BEP20, ERC20, Polygon
• USDC (USD Coin) — ERC20, BEP20, Polygon
• BTC (Bitcoin) — On-chain
• ETH (Ethereum) — ERC20

We reserve the right to add or remove supported cryptocurrencies at any time with reasonable notice.

6.3 Wallet Addresses

When depositing cryptocurrency:

• You must send cryptocurrency only to the wallet address displayed in your Folaa account for the specific network.
• Deposits sent to the wrong network or address may be irrecoverable. Folaa is not responsible for losses resulting from incorrect deposits.
• Minimum deposit amounts apply and are displayed before transaction confirmation.

6.4 Exchange Rates

Cryptocurrency-to-Naira exchange rates:

• Are determined by market conditions and liquidity availability.
• Are locked for 15 minutes once a swap is initiated.
• May include a spread or margin to cover operational costs and market risk.

6.5 Blockchain Irreversibility

You acknowledge that cryptocurrency transactions on public blockchains are irreversible. Once a transaction is confirmed on the blockchain, it cannot be reversed, canceled, or modified by Folaa or any third party.

7. Virtual Cards

7.1 Card Issuance

Folaa virtual cards are issued by our licensed banking partners. The cards are:

• USD-denominated Visa or Mastercard virtual debit cards.
• Intended for online transactions only (not for ATM or POS use).
• Subject to monthly spending limits based on your subscription plan.

7.2 Card Funding

Virtual cards may be funded from:

• Your Folaa Naira wallet (converted to USD at the prevailing rate).
• Your cryptocurrency balance (converted to USD).

7.3 Card Restrictions

Virtual cards may not be used for:

• Gambling, betting, or lottery websites.
• Cryptocurrency exchanges (unless explicitly permitted).
• Adult content or illegal goods and services.
• Money laundering, terrorist financing, or sanctions evasion.

We reserve the right to decline any transaction and to suspend or terminate card privileges for violations.

7.4 Card Fees

Applicable fees include:

• Card creation fee (varies by plan).
• Monthly maintenance fee (if applicable).
• Foreign transaction fee for non-USD transactions.
• Declined transaction fee (after a threshold of declined attempts).

8. Prohibited Activities

You agree not to use our Services for any of the following purposes:

• 1Illegal Activities: Any activity that violates Nigerian law, including fraud, money laundering, terrorist financing, drug trafficking, or human trafficking.
• 2Sanctions Violations: Transactions involving individuals, entities, or countries subject to sanctions by Nigeria, the United Nations, the United States, the European Union, or other applicable jurisdictions.
• 3Account Abuse: Creating multiple accounts, using false identities, or attempting to circumvent our security measures or transaction limits.
• 4Platform Abuse: Attempting to hack, disrupt, or interfere with our systems; reverse engineering our software; or using automated systems (bots) to access our Services.
• 5Payment Fraud: Using stolen payment instruments, chargeback fraud, or any form of payment manipulation.
• 6Market Manipulation: Artificially inflating or deflating cryptocurrency prices, wash trading, or other manipulative practices.

Violation of these prohibitions may result in immediate account termination, forfeiture of funds, and referral to law enforcement authorities. We cooperate fully with regulatory and law enforcement agencies.

9. Limitation of Liability

9.1 Disclaimer of Warranties

OUR SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

We do not warrant that:

• The Services will be uninterrupted, timely, secure, or error-free.
• The results obtained from using the Services will be accurate or reliable.
• Any errors in the Services will be corrected.

9.2 Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, Folaa AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS SHALL NOT BE LIABLE FOR:

• Any indirect, incidental, special, consequential, or punitive damages.
• Loss of profits, revenue, data, or business opportunities.
• Damages arising from cryptocurrency price volatility or blockchain network failures.
• Damages arising from third-party service provider failures (banks, network operators, card issuers).

In no event shall our total liability to you for all claims exceed the amount you paid to us in the 30 days preceding the event giving rise to liability, or ₦100,000 (One Hundred Thousand Naira), whichever is greater.

9.3 Force Majeure

We shall not be liable for any failure or delay in performing our obligations under these Terms where such failure or delay results from circumstances beyond our reasonable control, including but not limited to: acts of God, natural disasters, war, terrorism, riots, government actions, internet service provider failures, blockchain network congestion, or cyber attacks.

10. Termination

10.1 Termination by You

You may close your Folaa account at any time by contacting our support team. Before closure:

• All pending transactions must be completed or canceled.
• Any remaining balance must be withdrawn to your linked bank account or external wallet.
• Any active virtual cards must be terminated.

10.2 Termination by Us

We may suspend or terminate your account immediately, with or without notice, if:

• You violate these Terms or any applicable law.
• We reasonably suspect fraudulent, illegal, or abusive activity.
• You fail to complete required KYC verification.
• Your account has been inactive for 24 consecutive months.
• Required by law, court order, or regulatory directive.

Upon termination, your right to use the Services ceases immediately. We may retain certain information as required by law or for legitimate business purposes.

11. Dispute Resolution

11.1 Informal Resolution

We encourage you to contact us first to resolve any dispute informally. Most issues can be resolved quickly through our customer support channels. Please email disputes@Folaa.ng with a detailed description of your concern.

11.2 Formal Dispute Resolution

If informal resolution fails, any dispute arising from these Terms shall be resolved as follows:

• Mediation: Parties shall first attempt to resolve the dispute through mediation under the Lagos Multi-Door Courthouse (LMDC) rules.
• Arbitration: If mediation fails, the dispute shall be finally resolved by arbitration under the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria, 2004. The arbitration shall be conducted in Lagos, Nigeria, by a sole arbitrator appointed by the Lagos Court of Arbitration (LCA).
• Language: All proceedings shall be conducted in English.
• Confidentiality: All dispute resolution proceedings shall be confidential.

11.3 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any legal action or proceeding arising under these Terms shall be brought exclusively in the courts of Lagos State, Nigeria.

11.4 Class Action Waiver

You agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated, or representative action. You waive any right to participate in class actions against Folaa.

12. Changes to These Terms

We may update these Terms from time to time to reflect changes in our Services, legal requirements, or business practices. When we make material changes:

• We will post the updated Terms on our website and mobile application.
• We will notify you via email or in-app notification at least 14 days before material changes take effect.
• We will update the "Last updated" date at the top of these Terms.

Your continued use of the Services after the effective date of updated Terms constitutes your acceptance of the changes. If you do not agree to the updated Terms, you must stop using our Services and close your account.

13. Contact Us

If you have any questions about these Terms, please contact us: