Legal & Compliance

Terms of Service

Effective Date: May 26, 2026

1. Platform Role Clarification (Critical Protection Clause)

2. Legal Framework and Governing Law

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Specifically:

• Federal Competition and Consumer Protection Act (FCCPA) 2018 — governs consumer rights, unfair contract terms, and platform obligations
• Nigeria Data Protection Act (NDPA) 2023 — governs data collection, processing, and user privacy rights
• Cybercrimes (Prohibition, Prevention) Act 2015 — governs digital security and electronic transactions
• Companies and Allied Matters Act (CAMA) 2020 — governs cooperative and corporate structures

Any dispute arising from these Terms shall be resolved exclusively in the courts of the Federal Republic of Nigeria or through arbitration as set forth in Section 12 below.

3. Information We Collect

As a financial infrastructure platform, we collect the following categories of information:

3.1 User Information (from Users table)

• Identity Data: Full name (FirstName, LastName, MiddleName), Email address, Phone number
• Demographic Data: Date of Birth, Gender, Address, City, State, Country, National ID
• Account Data: UserCode, PasswordHash, PasswordSalt, TwoFactorEnabled, EmailConfirmed, PhoneConfirmed
• Activity Data: LastLogin, LastIPAddress, CreatedAt, ModifiedAt

3.2 Cooperative/Tenant Information (from Tenants table)

• Organizational Data: TenantName, TenantCode, TenantTypeID, RegistrationNumber, TaxID
• Contact Data: Email, Phone, Address, City, State, Country, PostalCode, Website
• Representative Data: ContactPerson, ContactPhone, ContactEmail
• Financial Settings: CurrencyCode, InterestRate, LateFeeRate, MonthlyContribution, SubscriptionPlan
• Compliance Data: LogoURL, Status, IsApproved, SubscriptionExpiry, MaxMembers

3.3 Member Information (from Members table)

• Membership Data: MemberCode, MemberNumber, MembershipDate, MembershipType, ShareCapital
• Contribution Data: ContributionAmount, ContributionFrequency, NextContributionDate
• Status Data: Status, IsApproved, ApprovedBy, ApprovedDate

3.4 Bank Details (from MemberBankDetails table)

• Payment Information: BankName, AccountNumber, AccountName, BankCode, IsDefault

4. How We Use Your Information

We process your data for the following legitimate purposes:

• Platform onboarding and account management
• Contribution tracking and financial record structuring
• Loan origination, underwriting, and repayment tracking
• Investment placement and portfolio management (via SEC-approved partners)
• Governance, voting, and audit trail maintenance
• Regulatory compliance and reporting (FCCPA, NDPA, CBN guidelines)
• Fraud prevention, security monitoring, and system integrity
• Communication of platform updates, transactions, and alerts

5. Data Sharing and Third-Party Disclosures

We do not sell your personal data. Data may be shared only in the following circumstances:

• SEC-Approved Asset Managers: For investment execution only, under strict data protection agreements
• Regulated Financial Institutions: For payment processing, settlement, and custody services
• Regulatory Authorities: Where required by law (FCCPC, NITDA, CBN, SEC, EFCC, Police)
• Service Providers: Cloud infrastructure, identity verification, email services (under confidentiality obligations)

6. Cross-Border Data Transfers

In compliance with the Nigeria Data Protection Act 2023, any transfer of personal data outside Nigeria shall be subject to:

• Adequacy decisions by the Nigeria Data Protection Commission (NDPC)
• Standard Contractual Clauses (SCCs) approved by NDPC
• Binding Corporate Rules (BCRs) where applicable
• Explicit consent from data subjects where required

7. User Rights (NDPA 2023 Compliance)

As a data subject under Nigerian law, you have the following rights:

• Right to Access: Request a copy of your personal data
• Right to Rectification: Correct inaccurate or incomplete data
• Right to Erasure (Right to be Forgotten): Request deletion of your data, subject to legal retention obligations
• Right to Restrict Processing: Limit how we use your data
• Right to Data Portability: Receive your data in a structured format
• Right to Object: Object to processing based on legitimate interests
• Right to Withdraw Consent: Withdraw previously given consent
• Right to Lodge a Complaint: File a complaint with the Nigeria Data Protection Commission (NDPC)

To exercise these rights, contact privacy@kolectra.com. We will respond within 30 days as required by law.

8. Data Retention and Security

• Data is stored securely using encrypted infrastructure (AES-256 at rest, TLS 1.3 in transit)
• Financial records are retained for minimum 7 years for audit and regulatory compliance
• Inactive accounts may be archived but not deleted where legally required
• We implement role-based access control (RBAC), multi-factor authentication, and continuous monitoring

9. User Responsibilities and Acceptable Use

Organizations and individual users using Kolectra agree to:

• Provide accurate, complete, and lawful data
• Ensure proper governance of their members and internal controls
• Comply with all applicable Nigerian financial and regulatory laws
• Maintain exclusive control over their funds and financial decisions
• Designate responsible officers (treasurers, administrators) for platform access

Prohibited Activities: Users must NOT:

• Use the platform for fraud, money laundering, terrorist financing, or illegal schemes
• Misrepresent financial data or member information
• Attempt unauthorized access, system exploitation, or data breaches
• Violate any Nigerian law or regulation

10. Platform as Intermediary (Liability Shielding)

11. Limitation of Liability

12. Indemnification

Users agree to indemnify, defend, and hold harmless Kolectra, its directors, officers, employees, and partners from any claims, damages, losses, liabilities, costs, or expenses (including reasonable legal fees) arising from:

• Misuse of the platform by you or your members
• Regulatory breaches by your organization
• Financial disputes between members or with third parties
• Violation of these Terms or applicable laws

13. Dispute Resolution and Governing Law

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

13.2 Mandatory Arbitration: Any dispute arising from these Terms shall first be submitted to confidential arbitration in Kaduna, Nigeria, in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria 2004.

13.3 Exceptions: Either party may seek injunctive relief in Nigerian courts to protect intellectual property or confidential information.

13.4 Consumer Rights: Nothing in this arbitration clause deprives you of your statutory rights under the FCCPA to lodge complaints with the Federal Competition and Consumer Protection Commission (FCCPC).

14. Service Availability and Termination

• We aim for 99.9% uptime but do not guarantee uninterrupted service
• Maintenance and upgrades will be communicated in advance where possible
• Kolectra reserves the right to suspend or terminate accounts involved in suspicious, fraudulent, or illegal activity
• We may restrict access for regulatory or security reasons without prior notice

15. Amendments to These Terms

We may update these Terms from time to time. Material changes will be communicated via:

• Email notification to registered users
• Prominent notice on the platform
• Updated "Effective Date" at the top of this page

Continued use of the platform after notice constitutes acceptance of the revised Terms.

16. Contact Information

For legal, privacy, or compliance inquiries:

• Legal and Regulatory: legal@kolectra.com
• Privacy and Data Protection: privacy@kolectra.com
• Address: 20 Tsamiya Road, Costain Quarters, Kaduna, Nigeria