Terms & Conditions

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You represent and warrant to Purplevest Ltd that:

(a) You are an individual or a sole proprietor of a business.

(b) You are over the age of 18.

(c) You will inform us if you are acting as a trustee of a trust or a partner of a partnership.

(d)  you have a valid commercial or personal reason for entering into each Transaction and will not enter into any Transaction for speculative purposes.

(e) Execution of this Agreement and performance of your obligations under this Agreement will not violate any statute, regulation or bylaw.

(f) All information provided by you to Purplevest Nig. Limited is true, correct and complete and you will notify Purplevest Nig. Limited promptly if that information changes. Failure to do so may result in refusal to process, or closing out of a Transaction.

NO LIABILITIES FOR DELAYS

You acknowledge that delays in the transmission and receipt of payments may occur. In particular, you acknowledge that we operate an online dealing platform that could be subject to technical, or other, problems, the nature and duration of which may be beyond our control. Our service also involves the use of intermediaries who are outside our control. Accordingly, while we do everything in our power to ensure the timely transmission of funds, we cannot guarantee that transfers of funds will always be made on time and cannot accept any liability to you for any loss suffered by you as a result of any delays in the transmission of funds.

(a) if your funds fail to reach your Beneficiary Account as the result of a mistake made by us, we will credit your Beneficiary Account in the full amount of the funds you expect to receive but that shall be the full extent of our liability to you.

(b) if we Close Out or refuse to process one or more of your Transactions for any reason, we shall refund to you any funds that we hold on your behalf, but that shall be the full extent of our liability to you.

ELECTRONIC FUNDS ONLY

You agree to make all payments into our account electronically and you acknowledge that we will transmit your funds by electronic means only.  We do not accept cash or cheques.

BENEFICIARIES

You must provide us with full Beneficiary details, including Name and Address of the account holder and Name and Address of the Beneficiary Bank.  We will not be liable for any costs caused by delays in settling transactions due to erroneous beneficiary details.

ANTI-MONEY LAUNDERING

Due to the inherent risks in transferring Currency between entities located in different countries, Purplevest Nig Ltd takes extraordinary measures to ensure that it is not participating or assisting in money laundering or terrorist financing.

Our clients understand that law enforcement and regulatory agencies may periodically inspect all Transactions executed with Purplevest Nig. Limited either by the consent of Purplevest Nig. Limited or pursuant to applicable law. Therefore, our clients understand that all information regarding related transactions could potentially be disclosed by Purplevest Nig. Ltd to, and reviewed by, law enforcement and other regulatory agencies in accordance with applicable law.

You undertake that you are not aware and have no reason to suspect that:

(a) the money you are transferring is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities); and

(b) the money you are transferring will be used to finance, or in connection with, Illegal Activities.

We retain the right, at any time, to refuse, in our sole discretion, to provide our service.

PRIVACY

Purplevest Ltd will take all reasonable precautions to ensure that the information provided to us by our clients will be kept private and confidential. We collect your personal information in order to provide our products and services and to satisfy our regulatory obligations.

We may provide your personal information to our intermediary bankers and to any government regulatory bodies that normally require it or may request it. We may also provide your information to any partners, agents or intermediaries who are a necessary part of the provision of our products and services.

THIRD PARTY PAYMENTS

From time to time you may request that a payment due be made to an account in the name of a third party and in this case Purplevest Nig. Limited may require additional background information.

You acknowledge and agree that Purplevest Nig Ltd does not accept or bear any liability or responsibility for any loss, including Consequential Loss, incurred or sustained by the Investor as a result of or arising from Purplevest Nig Ltd paying a third-party account.

MISTAKES

If we have acted in accordance with your instructions and your funds have been sent to the wrong account as a result of a mistake made by you, we are under no obligation to recover the funds or to resend the funds to the correct Beneficiary.  If we have made a mistake by sending the funds to the wrong account, we will take immediate action at our expense to recover those funds and resend them to the correct account.

CLOSING OUT

We may Close Out a particular transaction or all transactions you have with us without notice:

(b) You fail to provide requested material information.

(c) Information you have given us is inaccurate, incomplete or misleading.

(d) Bankruptcy proceedings are commenced against you.

(e) You breach an important part of this agreement.

(f) The performance of our obligations under this agreement becomes illegal.

RECORDS

Our records will be evidence of your dealings with Purplevest Nig Ltd.  You agree not to object to the admission of our records as evidence should any legal dispute arise between us.  You acknowledge that our records are kept in electronic format and in writing.

CHANGES TO AGREEMENT

From time to time we may modify these Purplevest Nig Ltd Terms and Conditions. We will inform you by email of any changes made and your continued use of the Purplevest Service after being notified of any changes will constitute your agreement to and acceptance of the changes.

Neither party will be liable for any failure or delay in performance (except for responsibility to make payments) due to government acts (e.g. currency controls), acts of God, war of civil unrest, or other circumstances beyond the party’s reasonable control.

ACCEPTANCE

By proceeding with this transaction, the Investor confirms that the representations and warranties in this form are true and that you accept the above terms and conditions in its entirety.

USER AGREEMENT

To use Purplevest, you have to complete the sign up process by providing us with certain information that personally identifies you such as your email, first name, last name, phone number, BVN, a valid means of Identification and a picture of you. These details upon verification would give you access to our platform.

It is very important for users to be verified so that they can fully enjoy Purplevest services and products. A customer whose account identity is not yet verified will be highly restricted from carrying out certain limits of withdrawals and other transactions until they are fully verified.

By this, the User hereby grants Purplevest the license to carry out a survey of the User’s banks, institutions and authorities (whether governmental or nongovernmental) for purposes of determining the User’s credit worthiness and ascertain possible recovery mechanisms/options. Note that you give express permission to all these by filling in your details on the mobile App. You also have the right to refuse to authorize the use and/or disclosure of your Personal Information. However, if you choose to exercise this right, you may not be able to utilize some features of the Services we provide.

Because our services are directly linked to our users’ earnings and savings, we reserve the right to be informed of any change of address, update and other relevant information e.g. if the user resigns, or if the card connected is blocked. This is solely done for the purpose of protecting other users and customers.

ADDRESS VERIFICATION

This is a major verification that needs to be done as this helps us to verify the address of an individual directly on the platform. This also enables us to detect suspicious credit transactions and card fraud. The verification verifies the billing address entered by the customer as the same as the one associated with the account. To do this, the user needs to upload a bill dated within the last three (3) months showing the address of such user. It should be noted that Electricity, water and waste bill are considered consequential to this verification.

USERS RESPONSIBILITIES

Purplevest safeguards your data and other private information through compliance with Nigeria Data Protection Regulations (NDPR) issued by NITDA and shall not process, transfer or otherwise deal with your personal data except as provided in Our Privacy Policy (For More, see Our Privacy Policy).

Your login details and other Account information, especially your password are your responsibility and you will be required to keep them safe and protected and to not disclose them to third Parties or Us.

You are deemed to be responsible for every activity or actions taking place through your account and in the event of loss or theft of password or detection of any unauthorized access to your account, you are obligated to immediately notify us. The user also consents to Purplevest’s retention of user information in connection to group membership and other related activities for regulatory, record keeping and other compliance requirements/purposes except in the case of account deletion.

PRODUCTS AND SERVICES

    12.1 PURPLEWALLET

PurpleWallet is the primary fund management wallet for Transfers, Savings, and Credits. It is used in making all transactions on the Purplevest App, such as paying thrift contributions, funding Target Savings account, buying airtime and paying bills . It is also the wallet that receives all payments from the dividend of any feature you utilize as a user.

  • How do I transfer funds from my AjoWallet?

From your PurpleWallet, you can make transfers to your bank account which bears the same name with your BVN, to another bank and to any purplevest user.

  • Outstanding errors

On the Purplevest app, situations may arise where a customer withdraws from the wallet and the wallet is not debited. Where such transaction is repeated, the customer account is credited twice and this brings a deficit on the account. In situations like this, the amount outstanding will be debited immediately the wallet is funded.

    10.2 THRIFT COMMUNITY SAVINGS

Thrift savings is one of the major features of Purplevest which is a savings scheme among a group of people. On the app, there are two saving groups which are the Public thrift group and Private thrift group.

  • HOW IT WORKS

The way thrift works is that a group of people come together to put an agreed amount of money into savings each day, week or month (depending on the schedule), then at the end of each schedule, someone in the group takes all the money saved for that day, week or month and this is subsequently rotated among all the group members throughout the period of the daily, weekly or monthly contribution. It should be noted that there are applicable charges which will be displayed

  • Eligibility to join

Only users who have connected their payment cards and up dated their Account information, including BVN and other required information are eligible to join a thrift group. Please note that charges for payment card connection applies.

The user hereby warrants that he/she is 18years or more as at the date of registering on the AjoMoney app and shall hold AjoMoney harmless for any and all damage that may arise as a result of the user’s incapacity due to age.

The user is required to have a driver’s license, National Identity Card, Voter’s Card, International Passport or other valid means of Identification attached or uploaded to the Purplevest KYC page.

The user shall supply valid contact information and hereby warrants that the contact information supplied to Purplevest is true and valid and the user can be contacted there at.

Finally to join an thrift community you must have applied for a credibility check from which your credit limit is determined. This is so because your credit access determines the class of public group you can join and also the number you would pick in an Ajo group

    10.3 Types of thrift communities

On the Purplevest App, there are two thrift community groups which are; Public community and Private Community.

     10.3.1 PUBLIC THRIFT COMMUNITY

This is a community where users can join others to start a saving scheme. It is created by Purplevest agents and available to all Purplevest users who meet up with the group requirements. Thus, Purplevest’s agent stands as the admin managing users in the community. Note: only the admin have access to other co-users vital information.

     10.3.2 PRIVATE THRIFT COMMUNITY.

The major aim in this group is to allow a user invite its members and run the group as its admin. To achieve this, such user is required to send invites to the people the user knows. The selection process in this group is solely on the user’s discretion and Purplevest is just a medium to achieve the financial goal. The Admin in this private thrift community shall be fully responsible for all contributions and collections from members.

Thus the user who created the group stands as the Admin.

Things to note under private thrift community

  • Each and every member shall be able to see the contributions of the others.
  • Where any member of a private Ajo group has not made the due payments for any contribution cycle, the member entitled to collect the Contribution for that cycle shall not be able to withdraw until all the members have paid for that cycle.
  • The admin shall act as a collector and shall make efforts to recover due amounts from defaulting members. That is, the admin can just be a host and does not necessarily have to save
  • The amounts due but unpaid shall be a debt to the other members of the group and each of them shall have a right of action against such defaulting member(s).

Characteristics of thrift communities

A thrift savings community must have:

  • A minimum of 3 members and maximum of 12 members
  • A minimum contribution of ₦1000 and no maximum
  • In a thrift community, users must have a connected payment card, payment bank account, verified phone number before joining or creating an thrift community.
  • In a thrift community, users can now see available slot numbers before joining and while creating a community.
  • In a thrift community, users are expected to pick a slot number.
  • To extent that the user’s credibility may allow, a user can join, participate in target savings and only be in a maximum of 2 Public thrift communities at any given time and several Private groups
     

Charges on thrift communities.

Purplevest charges a flat rate of 10% on every withdrawal by each user subscribed to a thrift community either private or public.

Sales Representative agrees to:

  1. Represent and sell the Company’s products and services to all potential and present customers.
  2. Accurately represent and state Company policies to all potential and present customers.
  3. Promptly mail in all leads and orders to the Company.
  4. Enrollment of a minimum of 20 subscribers monthly.
  5. Management of subscribers under each thrift community
  6. Provide a minimum monthly cumulative deposit on thrift and target savings of Five Million Naira Only (N5,000,000).
  7. Escalating of all problems concerning subscribers within the sales territory to the management.
  8. Inform the Management if the Sales agent is representing, or plans to represent any other business firm.
  9. In no event shall sales representative represent a competitive company or product line either within or outside the designated sales area.
  10. Maintain contact with the Company via telephone, e-mail, or other agreed upon means of communication with reasonable frequency to discuss sales activity within the territory.
  11. Provide company 30-days’ notice should the Representative intend to terminate this agreement.
  12. Return promptly all materials and samples provided by the Company to the Representative, if either party terminates this agreement.

The Company agrees to: 

  1. Pay the following commissions to the Sales Representative:

(a) 2% percent per withdrawal of all online sales on thrift savings (Ajo/Esusu).
(b) 2% percent one off on Target savings sales.

     2. Provide the Sales Representative with reasonable quantities of brochures, catalogs, and any product samples required for sales purposes. 

     3. Set minimum monthly quota of Five Million Naira only (N5,000,000).

     4. To indemnify all subscribers under the portfolio of the sales representative their target savings capital in the event of closing out of a transaction and that will be the extent of our liability to you.

In addition, both Parties agree: 

(a) Commissions on refunds to customers or merchandise returned by the customer in whom a commission has already been paid to the Representative shall be deducted from future commissions to be paid to the Representative by the Company.

(b) Failure to meet up with the agreed minimum monthly deposit by sales representative consecutively for 3 months will lead to the termination of this agreement.

(c) PURPLEVEST NIGERIA LIMITED is not obliged to pay out subscribers under the portfolio of the sales representative before the maturity date of their thrift savings or target savings.

(d) The sales representative will not be liable for any loss incurred as a result of the company not being able to execute its services effectively.

(e) The sales representative shall be liable for any loss incurred by the company as a result of mismanagement, Dishonesty, providing wrong information or breach of this contract in any form.

(f) This agreement will be in effect for a minimum duration of three months and a maximum duration of one year and can only be subject to review or nullified either by mutual consent or expiration of the duration of this contract.

This agreement shall be binding upon the parties and their successors and assigns.