Terms of use

Effective as of: November 2021 · Last Updated: 6 December 2023

PLEASE NOTE THAT YOUR USE OF AND ACCESS TO THE SERVICES (AS DEFINED BELOW) ARE SUBJECT TO THE FOLLOWING TERMS; IF YOU DO NOT AGREE TO ALL OF THESE TERMS, YOU MAY NOT USE OR ACCESS THE SERVICES IN ANY MANNER.

These Terms of Use (these "Terms") represent an agreement between you and Microvest and contain the terms and conditions governing your use of and access to our website at https://www.microvest.ng and all affiliated websites owned and operated by us (collectively, the "Website") and our products, services, and applications (together with the Website, the "Services"). "You" and "your" mean the person who uses or accesses the Services. "We," "us," and "our" mean Microvest and its successors, affiliates, and assignees. As used in these Terms, "Microvest Account" means the account you have with us for the Services.

Your use of and access to the Services are subject at all times to these Terms and our Privacy Policy. Please read these Terms and our Privacy Policy carefully. By using or accessing the Services, you represent that you have read and understood these Terms and our Privacy Policy, and you agree to be bound by these Terms and our Privacy Policy. If you do not agree to all the terms and conditions of these Terms and our Privacy Policy, do not use or access the Services.

THESE TERMS INCLUDE, AMONG OTHER THINGS, YOUR AUTHORIZATION FOR DEBITS AND CREDITS FROM AND TO YOUR BANK ACCOUNT (AS DEFINED BELOW) VIA THE AUTOMATED CLEARING HOUSE NETWORK ("ACH") AND A BINDING ARBITRATION PROVISION CONTAINING A CLASS ACTION WAIVER.

YOUR CONSENT TO USE ELECTRONIC SIGNATURES AND COMMUNICATIONS

  1. CONSENT

    To the extent permitted by applicable law, you consent to use electronic signatures and to electronically receive all records, notices, statements, communications, and other items for all services provided to you under these Terms and in connection with your relationship with us (collectively, "Communications") that we may otherwise be required to send or provide you in paper form (e.g., by mail). By accepting and agreeing to these Terms electronically, you represent that: (1) you have read and understand this consent to use electronic signatures and to receive Communications electronically; (2) you satisfy the minimum hardware and software requirements specified below; (3) I also agree to join the Microvest (Ikeja) Multipurpose Cooperative Society Limited and all the information provided should be used in setting an account with the society; and (4) your consent will remain in effect until you withdraw your consent as specified below.

  2. RIGHT TO WITHDRAW CONSENT

    Your consent to receive Communications electronically will remain in effect until you withdraw it. You may withdraw your consent to receive further Communications electronically at any time by contacting us at 070021212121 or support@microvest.ng. If you withdraw your consent to receive communications electronically, we will close your Microvest Account and return the balance in your Microvest Account to your Bank Account as outlined in these Terms. Also, you will no longer be able to use your Microvest Account or the Services, except as expressly provided in these Terms. Any withdrawal of your consent to receive Communications electronically will be effective only after we have a reasonable period to process your withdrawal. Please note that withdrawal of your consent to receive Communications electronically will not apply to Communications electronically provided by us to you before the withdrawal of your consent becomes effective.

  3. KEEP CURRENT CONTACT INFORMATION WITH US

    To ensure that we can provide Communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile on the Website.

  4. HARDWARE AND SOFTWARE REQUIREMENTS

    To access and retain Communications provided to you electronically, you must have: (1) a valid email address; (2) a computer or other mobile device (such as a tablet or smartphone) that operates on a platform like Windows or a Mac; (3) a connection to the Internet; (4) a Current Version of Internet Explorer 8 (or higher), Mozilla Firefox 7.0, Safari 5, or Chrome 15; (5) a Current Version of a program that accurately reads and displays PDF files, such as Adobe Acrobat Reader version 7 or higher; (6) a computer or device and an operating system capable of supporting all of the above; and (7) a printer to print out and save Communications in paper form or electronic storage to retain Communications in an electronic form. "Current Version" means a version of the software that is currently being supported by its publisher.

OUR SERVICES

The purpose of the Services is to help you save money with minimal effort. You can request your savings at any time based on the rules guiding your savings plan. Your funds will remain in your Microvest Account until you initiate a transfer of any or all of your funds from your Microvest Account to your Bank Account or another Microvest Wallet. We will generally process requested funds from your Microvest Account to your Bank Account or wallet within a few hours of receiving your request while Microvest to Microvest wallet is an immediate transfer. It is essential to know the number of available funds in your Microvest Account before initiating a transfer. If you do not have sufficient available funds in your Microvest Account to cover the amount of the requested transfer, your request for the transfer will be declined. We may also transfer funds from your Microvest Account to your Bank Account without notice to you upon the closure of your Microvest Account as described below and at any time if required by applicable law or if we, in our sole discretion, suspect the Services are being used for illicit purposes or otherwise in violation of these Terms. You may not use the funds in your Microvest Account to make purchases, withdraw cash, transfer funds to third parties, or for any other purpose. You are solely responsible for determining whether the funds debited from your debit card or wallet and the funds maintained in your Microvest Account are acceptable to you. We are not responsible for any third-party fees that may be incurred as a result of using the Services, including, but not limited to, third-party fees incurred as a result of maintaining insufficient funds in your Bank Account. Microvest is not a financial adviser, and the Services are not intended to provide financial advice. Your financial situation is unique. We are not responsible for ensuring your debit card has sufficient funds for your needs, purposes, or transactions. We do not make any representations, warranties, or guarantees of any kind that the Services are appropriate for you. Before using the Services, you should consider obtaining additional information and advice from a financial adviser.

  1. REQUIREMENTS TO USE OUR SERVICES

    To use the Services, you must:

    • Accept and agree to these Terms and our Privacy Policy;

    • Register with us on the Website or the Mobile Application;

    • Be a Nigerian citizen (or a legal resident) of at least 18 years of age (or older if you reside in a state where the majority age is older);

    • Have a Bank Account with a Nigerian financial institution; and

    • Provide all information requested by us, such as your name, email address, mobile number, online credentials for your Bank Account, and such other information as we may request from time to time (collectively, "User Information").

    You represent and warrant that all User Information you provide us from time to time is truthful, accurate, current, and complete, and you agree not to misrepresent your identity or your User Information. You agree to promptly notify us of changes to your User Information by updating your Microvest Account on the Website or the App; provided, however, that you must notify us at least three Business Days before any changes to your Bank Account information, including, but not limited to, the closure of your Bank Account for any reason by calling 070021212121 or emailing support@microvest.ng or by updating your Microvest Account via the Website or the App. If we approve your registration, you will be authorized to use the Services, subject to these Terms.

  2. PENALTY CHARGE

    Withdrawing all or part of your savings on or after the stated maturity date is FREE of charge. However, you agree that an early-withdrawal penalty may apply if you withdraw your savings before the stated date (as applicable to your plan). The penalty is currently 3% of the amount withdrawn. This rate is set by Microvest and shown to you in the app at the time of withdrawal, and Microvest reserves the right to change it at any time. By confirming an early withdrawal, you accept the penalty rate shown to you at that time.

  3. RESTRICTIONS

    To ensure that we can provide Communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile on the Website.

  4. HARDWARE AND SOFTWARE REQUIREMENTS

    You may only use the Services for your own personal, non-commercial use and not on behalf of or for the benefit of any third party. Your use of the Services must comply with all applicable law. If your use of the Services is prohibited by applicable law, then you are not authorized to use the Services. We are not responsible if you use the Services in any manner that violates applicable law.

    You agree not to authorize any other person or entity to use your username and password or mobile device to access the services. You are solely responsible for the maintenance, confidentiality, and security of your username, password, and other User Information. Except as otherwise required by applicable law, you are responsible for all transactions, and other activities authorized or performed using your username and password or mobile device, whether authorized or unauthorized by you. Except as otherwise expressly stated in these Terms or required by applicable law, we are not responsible for any losses arising out of the loss or theft of your User Information or your mobile device or from unauthorized or fraudulent transactions associated with your Bank Account or your Microvest Account. If you suspect or become aware of any unauthorized activity or access to your username, password, or mobile device, you must contact us immediately at support@microvest.ng or 070021212121.

  5. INTERNATIONAL USE

    Microvest is only available for use in Nigeria. We make no representation that Microvest is appropriate or available for use outside Nigeria. Similarly, we make no representations that accessing Microvest from locations outside Nigeria is legal or permissible by local law. If you access Microvest from areas outside of Nigeria, you do so at your own risk and are responsible for compliance with local laws.

MISOCIAL

Microvest aims to use the MiSocial interface to connect with its community, allowing them to learn from one another and grow together. Our services are created to promote financial literacy amongst our community members, by enabling you and millions of other professionals meet, exchange ideas, learn, explore opportunities, work, and make decisions in a network of trusted relationships.

Our services allow messaging and sharing information in many ways, such as your profile, articles, group posts, links to news articles, and messages. Information and content that you share or post may be seen by other members, visitors, or others.

We are not obligated to publish any information or content on our Service and can remove it with or without notice.

Microvest is not responsible for maintaining the confidentiality of publicly shared opinions.

  1. You agree that you will:

    • Comply with all applicable laws, including, without limitation, privacy laws, intellectual property laws, anti-spam laws, export control laws, tax laws, and regulatory requirements. Provide accurate information to us and keep it updated.

    • Professionally use the Services.

  2. You agree that you will not:

    • Create a false identity on MiSocial, misrepresent your identity, create a member profile for anyone other than yourself (a real person), or use or attempt to use another's account)

    • Develop, support, or use software, devices, scripts, robots, or any other means or processes (including crawlers, browser plugins, and add-ons, or any other technology) to scrape the Services or otherwise copy profiles and other data from the Services.

    • Override any security feature or bypass or circumvent any access controls or use limits of the Service (such as caps on keyword searches or profile views)

    • Copy, use, disclose or distribute any information obtained from the Services, whether directly or through third parties (such as search engines), without the consent of MiSocial.

    • Disclose information that you do not have the consent to disclose (such as confidential information of others).

    • Violate the intellectual property rights of others, including copyrights, patents, trademarks, trade secrets, or other proprietary rights. For example, do not copy or distribute (except through the available sharing functionality) the posts or other content of others without their permission, which they may give by posting under a Creative Commons license.

    • Violate the intellectual property or other rights of MiSocial, including, without limitation, (i) copying or distributing our learning videos or other materials or (ii) copying or distributing our technology, unless it is released under open-source licenses; (iii) using the word “Microvest”, “MiSocial or our logos in any business name, email, or URL except as provided.

    • Post anything that contains software viruses, worms, or any other harmful code.

    • Post any abusive words, or anything illicit, including pornography.

    • Reverse engineer, decompile, disassemble, decipher or otherwise attempt to derive the source code for the Services or any related technology that is not open source.

    • Imply or state that you are affiliated with or endorsed by Microvest or MiSocial without our express consent (e.g., representing yourself as an accredited Microvest trainer).

    • Rent, lease, loan, trade, sell/re-sell or otherwise monetize the Services or related data or access to the same, without Microvest's consent.

    • Deep-link to our Services for any purpose other than to promote your profile or a Group on our Services, without Microvest's consent.

    • Use bots or other automated methods to access the Services, add or download contacts, send or redirect messages.

    • Monitor the Services' availability, performance, or functionality for any competitive purpose.

    • Overlay or otherwise modify the Services or their appearance (such as by inserting elements into the Services or removing, covering, or obscuring an advertisement included on the Services).

    • Interfere with the operation of, or place an unreasonable load on, the Services (e.g., spam, denial of service attack, viruses, gaming algorithms); and/or

    • Violate other Policies or any additional terms concerning a specific Service that are provided when you sign up for or start using such Service..