Ajo Contribution Agreement

A coordinator is usually chosen from among the contributors who manage the contributions and give the money back to the next part of the series. Pooling — Unlike banks or investment funds where you can break your investment as you see fit (subject to clauses and termination terms), it is very unusual for people to withdraw from the Ajo cycle. Second, monthly contributions are generally set at a higher percentile of the skill level of the average group member. This means that participants may not be willing to put these amounts into a bank account or investment fund, especially if they have personal needs, probably not that large. It also helps shape financial responsibility and behaviour. Please read the terms and conditions of use carefully below. By using AjoCard or this site, you agree to these terms of use. AjoCard AjoCard`s terms of use are provided by AjoCard Limited («AjoCard Limited,» «AjoCard» or «We»), a limited liability company registered in Nigeria. You have an obligation to read and understand these terms, as they are a binding agreement between you and AjoCard. Clients under the age of 18 should check these terms of use with a parent or legal guardian. By registering for an AjoCard account or wallet or using any of the services provided on that site, you agree to comply with and be bound to these Terms of Use, including the Privacy Policy and all rules, policies, guidelines and terms applicable to that Service, which are considered to be part of these Terms of Use and are considered to be part of these Terms of Use. 1. Definitions The following definitions refer to these terms of use: 1.1.

«Account» or «portfolio» is an electronically stored value account on AjoCard, created for use by the customer or agent. Credits, charges and fees are applied to this account. Account access is mainly via your mobile phone, AjoCard online systems and mobile apps. 1.2. «Agent» refers to any party or device, including authorized AjoCard agents, ATMs, ATMs, connected kiosks and ATMs facilitating AjoCard transactions on behalf of customers. 1.3. «ATM,» an ATM. 1.4.

«BVN,» the biometric verification number used by the Nigerian banking sector and issued by a CBN-approved financial institution. 1.5. «CBN» means 1.6 for the Central Bank of Nigeria. «Content» refers to all information, textual, visual, audio or otherwise, that appears on services or is available through services. 1.7. «credit» refers to the movement of funds to an account or portfolio. 1.8. «debit» refers to the movement of funds from an account or portfolio. 1.9.

«IVR» means Interactive Voice Response System, the automated telephone line that allows a computer to recognize voice inputs and keyboards. 1.10. «Level 1 Customer» refers to a new customer who defines the minimum requirements listed in [4.9] below and the requirements of 3 levels of CBN Know Your Customer (KYC) either in a self-registration process, an AjoCard agent or an approved management centre. 1.11. «Level 2 Customer» refers to an AjoCard user who has provided their phone number, full name, full address and a copy of a verifiable ID or phone number and telephone number and bvN, in accordance with CBN`s requirements for the three-step KYC requirements, either in a self-registration process, or to an AjoCard agent or an approved administrative centre. 1.12. «Level 3 Customer» refers to an AjoCard user who linked his AjoCard account to his BVN or linked his AjoCard account to one of the banks licensed by CBN and provided all KYC information required in accordance with CBN`s requirements for three steps, either in a self-registration process, with an AjoCard agent or an authorized administrative centre. 1.13. «Bank account/linked card» refers to all bank accounts, bank debit or credit cards that you may have linked