The Bold service, website and/or software application (collectively, the “Service”) enables you to use your supported mobile money wallet or account or prepaid card to pay for products and services offered by third parties (“Products”). These Products may include pre-paid electricity or water provided by local utilities, pre-paid airtime offered by mobile telecommunications companies, or other selected digital services offered by merchants. You may also use the Service to facilitate the transfer of credit from your mobile money wallet or account to the wallet or account of another user, or receive credit from other users. The Service is operated by Boldswitch Software Limited (“Bold”, “Bold app”), a subsidiary of Boldswitch Software INC a registered Delaware, USA entity, duly registered in Nigeria, subject to these Terms of Service (“Terms”).

Terms of service

1. This is a contract. These Terms constitute a contract between you and Bold. You may not use the Service if you do not accept these Terms. By using any part of the Service you accept these Terms. If you are under sixteen (16) years of age, you may not use the Service.

2. You must register an account with valid information. To use the Service, you must: (a) provide a valid mobile phone number; (b) agree to the creation of an account associated with such number; (c) accept the present Terms; and (d) submit such other and additional information as Bold may request. You agree to provide true, accurate and complete information about yourself as prompted by Bold during the account registration process. You will be given the option of receiving a unique PIN for purposes of reusing your account. You are responsible for keeping your PIN secure.

3. Third party merchants offer the goods & services. The Service provides you with a method of discovering offers from independent third party merchants (“Merchants”). These Merchants sell their respective Products subject to their own terms and conditions. For example:

* Airtime: If you choose to purchase pre-paid airtime, you do so pursuant to the relevant terms and conditions of your mobile telecommunications provider.

* Utilities: If you choose to purchase pre-paid electricity or water, you do so pursuant to the relevant terms and conditions of the utility provider.

* If you decide to purchase Products such as these from third party Merchants, you do so at your own risk and subject to the relevant Merchant’s terms and conditions. The Products are not investigated, monitored, or checked for accuracy, reliability, appropriateness or completeness by Bold. By permitting you to discover Products via the Service, Bold does not imply approval or endorsement of such Products. You agree that Bold is not responsible or liable for the Products you purchase from Merchants.

4. Our Lending Terms
4.1. You agree to pay Bold app, the Loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to Bold charged to this Account. You also promise to pay these amounts as agreed in this Agreement on or before the Payment Due Date.

4.2. Bold app reserves the right to presume that You have authorized any Loan application made in Your name using this Account. You will be deemed responsible for any unauthorized application using this Account

4.3. You agree to repay the Loan given to You via direct cash transfer to a bank account listed by Bold app, an electronic debit from the card/account You provided on the due date, or through an acceptable electronic channel. Bold app reserves the right to accept early repayment before the Payment DueDate, provided You have given adequate notice and repay the full loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by Bold app in the way and manner hereinafter specified –‍

  (i). We shall charge a one-time processing fee the first time You set up anew debit card on the Account. In the event the card is expired or about to expire, You will have to obtain a renewed card from Your bank or provide Us with another personal debit card.‍

  (ii). We shall deduct from the card setup on the Payment Due Date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by You, We will on a reasonable effort basis process a refund within a reasonable time.‍

  (iii). You hereby indemnify Us against any losses, liabilities or damages that may arise if You use a third party’s card on Your Account without the consent of such third party

  (iv). You hereby indemnify Us against any losses, liabilities or damages that may arise if You use a third party’s card on Your Account without the consent of such third party4. In the event of a default or insufficiency of funds in Your bank account,You hereby authorize Us to charge any other cards You may have on your Account or profile other than the primary card listed.

  (i). You understand and agree that We do not store card details onOur platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.‍

  (ii). You agree to give Bold app authentic and up-to-date personal, social media, phone and financial records about You that We may reasonably request and analyze, from time to time.

  (iii). You agree to pay all costs of collection if Bold takes any action to collect the Loan or take any action in a bankruptcy proceeding filed by or against You. This shall include unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts.

  (iv). You agree not to give Us false information or signatures, electronic or otherwise, at any time.

  (v). You agree to pay a Late Fee or penalty fee as may be provided in this Agreement.

  (vi). You agree to make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.

  (vii). You agree to promptly notify Bold if You change Your name, mailing address, e-mail address or telephone number.

  (viii). You hereby agree to honor any other promises that You make in this Agreement.‍

  (ix). You hereby agree that You will not accept this Account unless You are of legal age and have the capacity to enter into a valid contract.

  (x). Not to use Bold for any act of illegality or criminality and Bold shall not be legally or criminally culpable for any illegality committed by You.‍ Our Obligation‍1. We agree to make available the Loan/credit facility to You of a figure not less than ₦5,000.00 (One Thousand Naira only).

4.4. We agree to perform Our obligation under (1) above upon confirmation byUs of Your identity and personal information.

4.5. To demand repayment form You as at when due.

4.6. To conduct investigations on You prior to opening an account for You.

4.7. To use all reasonable and legitimate means to collect the amount extended to You, the default fee, the transaction fees and any other penalty fee maybe imposed on You as a result of the loan.‍

4.8. Not to store or save your debit or credit card details given by You duringYour application

4.9. By accepting this terms and conditions, You hereby covenant to repay any outstanding obligation as and when due. In the event that You do not repay any outstanding obligation as agreed, and such obligation becomes delinquent, Bold shall have the right to report the delinquent obligation to the Central Bank of Nigeria through the Credit Risk Management System (“CRMS”) or by any means, and request the CBN to exercise its regulatory powers to direct all banks and other financial institutions under its regulatory purview to set-off Your indebtedness from any money standing to Your credit in any bank account and from any other financial assets they may be holding for Your benefit.

4.10. You covenant and warrant that Bold shall have power to set-off Your indebtedness under this Agreement from all such monies and funds standing to Your credit/benefit in any and all such accounts or from any other financial assets belonging to You and in the custody of any such bank.

4.11. You hereby waive any right of confidentiality whether arising under common law or statue or in any other manner whatsoever and irrevocably agree that You shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacityCredit Reference‍1. We or Our duly authorized representatives/agents will utilize dedicatedCredit Agencies for a credit report on You in considering any application for credit.

4.12. You authorize Us to access any information available to You as provided by the Credit Agency.

4.13. You also agree that Your details (excluding the card details) and the Loan application decision may be registered with the Credit Agency.

5. Payments are procesed by third parties. In order to facilitate your purchases from Merchants, Bold has integrated its Service with the billing solutions of certain mobile money providers and credit card issuing banks (“Payment Processors”). If you purchase a Product from a Merchant using your supported mobile money wallet or account or credit card, payments will be processed by such Payment Processors. Payment Processors have their own terms and conditions governing your use of their payment services. You understand and agree that Bold does not process payments and is not responsible or liable for any transactions in which you engage. By engaging in a purchase transaction using your mobile money account or credit card, you authorize the Merchant (or Bold on its behalf) to bill your account or card for the purchase amount.

6. Your privacy is important to us. Bold takes the matters of protection and security of its users’ information very seriously. Bold’s privacy policy governing the Service is attached to these Terms (“Privacy Policy”). The Privacy Policy is incorporated into these Terms by this reference. By using the Service, you agree to the use of your data in accordance with Bold’s Privacy Policy. The Privacy Policy addresses only the information collected by Bold in providing the Service to you. Merchants and Payment Processors have their own information gathering practices that will apply when you choose to purchase Products.

7. Product inquiries should be submitted to the relevant Merchant. If you have any questions, concerns or requests related to a Product you have purchased from a Merchant, you should contact the Merchant directly or contact us at [email protected]. Each Merchant maintains its own customer contact desk for handling such requests, however Bold may do its best effort to assist you. If you wish to submit a complaint about the practices of a Merchant offering its Products via the Service, you may contact us by email at [email protected].

8. You must not use the Service to violate any laws. You must not use the Service to violate or infringe the rights of any other person, including the rights of other users, Bold’s rights in the Service or Merchants’ rights in their Products. You must not breach any laws or regulations when using the Service or attempt to disrupt or interfere with the security or functionality of the Service. In the event Bold has the suspicion you are using the Services for illegal activities such as fraud, Bold will block your account immediately.

9. Bold may contact you regarding your account or the Service. You expressly agree that, as part of the Service, you may, from time to time, receive communications from Bold via email, instant message, telephone, text message (SMS) or other means. You may stop receiving promotional messages by emailing your request to opt-out, along with your cell phone number, to [email protected], or following the opt-out instructions in the message. Even if you choose to opt out of receiving promotional messages, you may not opt out of receiving service-related messages.

10. Bold may discontinue the Service. Bold may in its sole discretion and at any time terminate your access to the Service or discontinue providing the Service or any part of the Service, with or without notice. You agree that Bold will not be responsible or liable to you or any third party for modifying or discontinuing the Service, or for terminating or suspending your access to the Service.

11. Information Verification. You hereby authorize Bold to conduct information verification checks on you should Bold deem it necessary. You further duly authorize Bold to forward your personal information to verification suppliers, information suppliers and third parties acting on behalf of Bold to verify information about you which includes but is not limited to qualification, certification, employer background screening, employment verification, employment references, criminal records, driver’s license validation, passport validation, identity verification and any other personal information required to validate, verify and confirm your information. You understand and agree that your consent declaration will remain valid indefinitely for all existing and future personal and verification requests, screening, validation and confirmation of information regarding yourself.

12. You agree to arbitrate any disputes. This Agreement is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator to take place in Abuja, Nigeria as the seat of the arbitration. The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Abuja, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing Bold from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect Bold’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.

13. Bold may modify these Terms. These Terms and related policies (including but not limited to the Privacy Policy) may be modified by Bold without notice at any time in the future. Changes will be posted. By using the Service, you agree to be bound by the latest version of these Terms. It is your responsibility to remain informed of any changes.

14. Alteration. No alteration, variation or agreed cancellation of this agreement, and this paragraph, shall be of any effect unless directed so by us.

15. Whole Agreement. This Agreement constitutes the whole agreement between the parties in regard to the subject matter hereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties.

16. Waiver/Relaxation. No relaxation or indulgence which Bold may show to you shall in any way prejudice or be deemed to be a waiver of its rights hereunder.

17. Survival. Each and every provision of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.

18. Account closure. Where you inform us or we have reasonable grounds to believe that your Bold account has been hacked, we may close your Bold account and disable your access to the account. In this instance, we will notify you of the closure and also request the balance in your Bold account may be transferred to any bank account of your choice.

18.1 We may also close your Bold account in accordance with the Bold App’s Terms of Use.

19. Transfer of Rights. You may not assign or transfer any of your rights and/or benefits under this Agreement and you shall be the sole party to the contract between us. You will remain liable until all Bold accounts issued to you are terminated and all sums due under this agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this Agreement.