Terms of Service

Kreditspark is a technology platform operated by Kreditspark Limited (RC 6912401), a company incorporated in the Federal Republic of Nigeria. Our registered address is in Lagos State, Nigeria.

Kreditspark provides software tools that help individuals form and manage Ajo (rotating savings and credit association) groups. Kreditspark is not a bank and does not hold a Central Bank of Nigeria (CBN) banking licence. Payment processing and fund custody are provided by our licensed payment service partner, Paystack (a subsidiary of Stripe, Inc.), acting as an authorised Payment Solution Service Provider.

By registering for or using the Kreditspark platform you enter into a legally binding agreement with Kreditspark Limited under these Terms of Service ("Terms").

To use Kreditspark you must:

• Be at least 18 years of age.
• Be a Nigerian citizen or resident with a valid Bank Verification Number (BVN).
• Provide accurate, complete, and current registration information.
• Not have had a Kreditspark account previously suspended or terminated for cause.
• Have the legal capacity to enter contracts under Nigerian law.

We reserve the right to verify your identity at any time and to suspend or close accounts where eligibility criteria are not met or where false information was provided.

An Ajo (also called a Rotating Savings and Credit Association, or ROSCA) is a group savings arrangement. Each member contributes a fixed amount per round; one member receives the full pot each round until all members have collected.

3.1 Joining a group

By joining an Ajo group you agree to:

• Make your contribution on time for every round of the group cycle.
• Pay the security deposit (equivalent to one contribution) held in escrow for the duration of the group.
• Honour the collection order assigned to you.
• Not exit the group after collecting your payout except by settling all remaining contribution obligations.

3.2 Contribution obligations

If you fail to contribute within the grace period, a daily late fine will be applied. After 3 days in default your membership will be suspended and an AjoDebt record will be created. Your security deposit will be applied to the shortfall.

3.3 Post-collection members

Once you have received your payout you cannot voluntarily exit the group. You remain legally obligated to continue contributing for all remaining rounds. Failure to do so constitutes a debt owed to the remaining group members, recoverable through auto-debit mandate and, if necessary, civil proceedings.

3.4 Organiser responsibilities

Group organisers are responsible for setting accurate group terms and for managing member communications. Organisers do not hold or control member funds — all contributions flow directly to a segregated group wallet managed by Paystack, and payouts are disbursed automatically.

All fees are published on our Fee Schedule page and are deducted transparently at the time of each payout. The key fees are:

• Platform round fee — 5.0% of the gross pot, deducted at payout time.
• Organiser fee — set by the organiser (flat or percentage); disclosed to members before joining.
• Late contribution fine — per day after the grace period; amount set by the organiser.
• Loan origination fee — 5% of loan amount.
• Withdrawal fee — currently ₦0.

CBN Consumer Protection Framework requires 30 days' notice before any fee change. We will notify all active users via WhatsApp and in-app notification before any fee amendment takes effect.

Nigerian law and our AML Policy require us to verify the identity of all users before they can transact. We use SmileID (a licensed identity verification provider) to perform BVN Enhanced KYC (Tier 1) and biometric verification (Tier 2).

By submitting your BVN, NIN, or biometric data you authorise Kreditspark and SmileID to verify your identity against records held by the Nigeria Inter-Bank Settlement System (NIBSS) and the National Identity Management Commission (NIMC).

Your BVN and NIN are stored encrypted at rest. A one-way hash of your BVN is retained permanently (even after account deletion) to prevent re-registration as a means of debt evasion, as permitted under the CBN KYC Regulations.

Underage users (under 18 as determined by SmileID's date-of-birth verification) will be blocked from completing KYC and will not be able to transact.

You agree to use Kreditspark only for lawful purposes consistent with our Acceptable Use Policy. In particular you must not:

• Use Kreditspark to launder money or finance terrorism.
• Create or promote a Ponzi scheme or pyramid scheme.
• Impersonate any person or entity.
• Interfere with or disrupt the platform or its infrastructure.
• Attempt to access accounts or data belonging to other users.
• Provide false KYC information.

Violations will result in immediate account suspension, reporting to relevant authorities (including the NFIU and EFCC), and recovery of any funds obtained through misconduct.

We provide an in-app dispute resolution system for financial disputes, member misconduct, and fraud allegations. You agree to use this system as your first recourse before seeking external remedies.

For financial disputes, funds in question are frozen in escrow pending resolution. You must submit evidence within 48 hours of raising a dispute. Failure to submit evidence within the deadline may result in the dispute being resolved in the other party's favour.

Disputes not resolved through the in-app system may be referred to arbitration under the Arbitration and Conciliation Act (Cap A18, LFN 2004) in Lagos, Nigeria.

9.1 Voluntary deletion

You may request account deletion at any time. Deletion will be blocked while any of the following conditions exist: active Ajo membership, open AjoDebt, pending payout in escrow, open dispute, active loan (as loaner or loanee), KYC data under CBN 7-year retention, confirmed transaction in the last 30 days, or positive wallet balance.

Once all conditions are cleared, a 30-day cooling-off window begins. Your account is anonymised after the 7-year financial record retention period has elapsed.

9.2 Termination by Kreditspark

We may suspend or terminate your account immediately for: breach of these Terms, fraud, money laundering, providing false KYC information, or any activity that exposes other users or Kreditspark to legal or financial harm.

To the maximum extent permitted by Nigerian law, Kreditspark's total liability to you for any claim arising out of or related to these Terms or your use of the platform shall not exceed the total fees paid by you to Kreditspark in the 12 months preceding the event giving rise to the claim.

Kreditspark is not liable for: losses arising from the default of another user; indirect, consequential, or punitive damages; service interruptions caused by third-party providers (Paystack, SmileID, Twilio); or losses resulting from your failure to keep your login credentials secure.

Nothing in these Terms limits liability for fraud, death or personal injury caused by negligence, or any other matter that cannot be excluded under applicable law.

These Terms are governed by the laws of the Federal Republic of Nigeria. You irrevocably submit to the exclusive jurisdiction of the courts of Lagos State, Nigeria for the resolution of any dispute arising out of or in connection with these Terms, subject to the arbitration clause in §8.

We may update these Terms from time to time. We will notify you of material changes at least 30 days in advance via in-app notification and WhatsApp message. Continued use of the platform after the effective date constitutes acceptance of the revised Terms.

The current version is always available at kreditspark.com/terms. The version number and effective date are shown at the top of this page.