Terms of Service

1. Introduction & Acceptance of Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you ("User", "you", or "your") and Palsure Technologies Limited ("Palsure", "Company", "we", "us", or "our"), governing your access to and use of our mobile-responsive web application located at app.palsure.africa, our APIs, marketing landing pages, and associated features (collectively, the "Platform").

By creating an account, participating in a rotational savings circle, initiating an escrow transaction, or utilizing any savings utility on the Platform, you acknowledge that you have read, understood, and agreed to be bound by these Terms. If you do not agree to these Terms, you must not use or access the Platform.

2. Regulatory Standing & Banking Custody

2.1 Technology Provider Status: Palsure acts exclusively as a software and financial orchestration provider. We provide algorithmic ledgers, scheduling protocols, direct debit integrations, and verification workflows.

2.2 Banking Rails & Custody: We do not hold bank licenses. Custodial balances, dedicated virtual accounts, and rotational savings pots are maintained with CBN-licensed commercial banks and regulated financial partners. Funds held in these partner accounts qualify for NDIC pass-through deposit insurance up to applicable statutory limits.

3. Eligibility & BVN Tier-3 Verification

3.1 Age & Legal Capacity: You must be at least eighteen (18) years of age and legally competent to enter into binding agreements under the laws of the Federal Republic of Nigeria.

3.2 Identity Verification (KYC): To participate in rotational Esusu thrift pools, execute escrow disbursements, or withdraw funds above base tiers, you must complete Tier-3 Bank Verification Number (BVN) validation and National Identity Number (NIN) checks.

3.3 Account Security: You are responsible for safeguarding your login credentials, two-factor authentication (2FA) OTPs, and device security. Palsure will never ask for your passwords or transaction PINs.

4. Rotational Esusu (Ajo) Circle Rules

4.1 Circle Formation: Users may create private circles (inviting peers, family, or colleagues) or join verified public thrift circles. Once a circle round begins, the contribution amount, frequency (daily, weekly, or monthly), and turn distribution schedule are cryptographically locked in code.

4.2 Scheduled Payout Rights: Each participant in an active circle is allocated a specific, binding turn. On their designated maturity date and upon collection of scheduled round contributions, the pooled lump-sum pot is disbursed directly to the recipient’s linked commercial bank account.

4.3 No Premature Early Exits: Because rotational thrifts rely on collective reciprocity, once a round commences and a member has received their lump-sum payout, that member is legally obligated to complete all subsequent contributions until the entire cycle concludes.

5. Direct Debit Mandates & Default Policy

5.1 Automated Debit Authorizations: Joining a rotational circle constitutes explicit consent for Palsure and our payment switching partners to initiate recurring debit mandates on your linked bank account or debit card on scheduled due dates.

5.2 Default Recourse & Liquidity Backstops: If a member's automated debit fails due to insufficient funds:

• Automated retry cycles will execute across linked cards and backup accounts.
• Palsure’s liquidity reserve or assigned circle trustee backstop advances the turn payout to the scheduled recipient so payouts are never delayed.
• The defaulting member’s profile will be flagged across BVN partner networks, penalty interest will accrue, and legal collection processes will initiate.

6. Personal Target & Joint Savings

6.1 Strict Maturity End-Date Lock: Personal target plans enforce algorithmic discipline. Withdrawals prior to the agreed target maturity date may incur an early-break administrative charge to preserve commitment discipline.

6.2 Joint Accounts: Joint savings accounts require dual authorization or predetermined withdrawal rules agreed upon by all participating signers.

7. Merchant Escrow & Inspection Window

7.1 Escrow Custody: When a buyer generates an escrow link for social commerce (e.g. Instagram, WhatsApp, Twitter vendors), the buyer deposit is locked in neutral bank custody. Funds are not disbursed to the seller until the parcel is delivered and approved.

7.2 Inspection Window: Buyers are granted a standard 24-hour inspection window following confirmed courier delivery. If no dispute is filed within this window, funds are released automatically to the seller.

8. Fees, Payout Limits & Charges

Palsure charges transparent platform and switching fees. Account opening is 100% free. Any applicable gateway processing charges or Esusu club management fees are clearly itemized before you authorize transactions.

9. Security, PCIDSS & Data Privacy

All payment card credentials are tokenized via PCIDSS Level 1 certified processors. We implement 256-bit encryption (TLS 1.3 and AES-256) on all data in transit and at rest. We comply with the Nigeria Data Protection Act (NDPA).

10. Prohibited Activities & Account Termination

You may not use the Platform for money laundering, terrorism financing, fraudulent circle syndicates, fake vendor escrow deals, or unauthorized card testing. We reserve the right to freeze accounts and report violations to the Economic and Financial Crimes Commission (EFCC) and Nigerian Financial Intelligence Unit (NFIU).

11. Limitation of Liability & Disclaimers

The Platform is provided on an "as is" and "as available" basis. To the maximum extent permitted under applicable law, Palsure shall not be liable for indirect, incidental, special, or consequential damages resulting from third-party commercial bank downtime, telecom switching interruptions, or courier transit losses.

12. Dispute Resolution & Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute arising out of or in connection with these Terms shall first be submitted to informal mediation with our Compliance Officer. If unresolved within 30 days, disputes shall be submitted to final arbitration in Lagos, Nigeria.