Legal & Compliance

Member Terms and Conditions

Effective Date: May 26, 2026

1. Your Role as a Member

As a member of a cooperative or group using Kolectra, you acknowledge and agree that:

• Your membership is with your cooperative/organization, not with Kolectra directly
• Kolectra provides technology infrastructure only — we are not your financial advisor, lender, or custodian
• Your cooperative's administrators (treasurers, executives) control access to funds and financial decisions
• You are responsible for reviewing your cooperative's internal bylaws and rules

2. Information We Collect About You

When you register as a member through an invitation from your cooperative, we collect:

• Identity Information: Full name, email address, phone number
• Verification Data: National ID, date of birth, address (as provided by your cooperative)
• Bank Details: Bank name, account number, account name (for contributions and payouts)
• Transaction Data: Contribution records, loan applications, repayment history, investment allocations
• Activity Data: Login activity, IP address, device information

3. Your Financial Contributions

4. Contribution and Payment Authorizations

By registering as a member, you authorize:

• Your cooperative to set contribution amounts, frequency, and rules in accordance with its bylaws
• The automated deduction of contributions from your linked bank account where applicable
• The recording of all contributions and transactions on the Kolectra platform
• Your cooperative to access your contribution records for administrative purposes

You may withdraw your contribution authorization by notifying your cooperative in writing, subject to your cooperative's withdrawal policies.

5. Loan Applications and Repayments

If your cooperative offers loans through Kolectra:

• Loan applications are subject to your cooperative's underwriting criteria
• Loan decisions are made by your cooperative, not Kolectra
• You authorize automatic repayment deductions from your contributions or linked bank account
• Defaulting on loans may affect your standing with your cooperative and access to future credit
• Kolectra is not a lender and does not assume any credit risk

6. Investment Placements (SEC-Approved Partners)

Your cooperative may choose to invest pooled funds through SEC-approved asset managers. By participating:

• You acknowledge that investments carry risk, including potential loss of principal
• Investment returns are not guaranteed by Kolectra, your cooperative, or any third party
• Past performance does not indicate future results
• You authorize your cooperative to allocate a portion of pooled funds to approved investment vehicles
• Kolectra provides visibility and reporting only — we do not provide investment advice

7. Data Protection and Privacy (NDPA 2023)

We process your personal data in accordance with the Nigeria Data Protection Act 2023. Your rights include:

• The right to access your data
• The right to correct inaccurate data
• The right to request deletion (subject to retention obligations)
• The right to withdraw consent
• The right to lodge a complaint with the Nigeria Data Protection Commission (NDPC)

For data requests, contact privacy@kolectra.com.

8. Member Responsibilities

As a registered member, you agree to:

• Provide accurate and truthful information during registration
• Maintain the confidentiality of your login credentials
• Notify your cooperative immediately of any unauthorized account access
• Comply with your cooperative's bylaws and contribution rules
• Not use the platform for any illegal or fraudulent purpose
• Keep your contact and bank information up to date

9. Prohibited Conduct

You shall NOT:

• Misrepresent your identity or membership status
• Attempt to access another member's account or data
• Use the platform to facilitate money laundering, fraud, or any criminal activity
• Interfere with the platform's operation or security
• Harass, threaten, or defraud other members or cooperative administrators

10. Limitation of Liability (FCCPA Compliant)

11. Dispute Resolution

Internal Dispute Resolution: Any dispute with your cooperative (e.g., contribution disagreements, loan terms) must first be raised through your cooperative's internal grievance mechanism.

Platform Disputes: Any dispute regarding the Kolectra platform shall be resolved as follows:

• Step 1: Contact our support team at support@kolectra.com
• Step 2: If unresolved, submit to mediation at the Lagos Multi-Door Courthouse (LMDC)
• Step 3: Final binding arbitration in Kaduna, Nigeria, under the Arbitration and Conciliation Act

Governing Law: These Member Terms are governed by the laws of the Federal Republic of Nigeria.

12. Termination of Membership

Your membership may be terminated:

• By your cooperative, in accordance with its bylaws
• By Kolectra, for violation of these Terms or illegal activity
• By you, by requesting account closure through your cooperative

Upon termination, you remain liable for any outstanding contributions or loan repayments.

13. Acknowledgment and Acceptance