1. Introduction
Welcome to Icontribute. These Terms of Service ("Terms") govern your use of the Icontribute mobile application and website (collectively, the "Platform"), operated by Icontribute Global Limited. By accessing or using our Platform, you agree to be bound by these Terms. Please read them carefully.
2. Definitions
- Thrift Group: A user-created group for community-based saving and lending (also known as Ajo, Esusu, etc.).
- Group Admin: A user designated to manage a Thrift Group's rules and members.
- Community Loan: A short-term loan provided to a member from their group's collected funds, based on predefined rules.
- Lock Funds: A feature allowing users to lock savings for a specific period to earn higher interest.
- Target Savings: An individual savings plan designed for a specific goal (e.g., rent, school fees). Funds are locked until a set date to earn higher interest rates, promoting savings discipline.
- Flexi-Savings: An individual savings wallet that offers flexibility. Users can save at their own pace and withdraw funds for emergencies or short-term needs, earning a modest interest rate.
3. User Accounts
To use Icontribute, you must be at least 18 years old and provide accurate, complete information during registration. You are responsible for maintaining the confidentiality of your account password and for all activities that occur under your account. You agree to notify us immediately of any unauthorized use of your account.
4. Thrift Groups
Thrift Groups are created and managed by users. Membership is strictly by invitation from an existing member or the Group Admin. Icontribute acts as a technology facilitator, providing tools for automated contribution tracking, payout management, and governance.
4.1. Group Admin Role
The Group Admin is responsible for setting group rules and inviting members. Members have the democratic right to vote and replace an inactive or abusive admin to ensure group accountability.
4.2. Our Role
Icontribute is not a party to any agreement between members of a Thrift Group. We are not responsible for the actions or inactions of any member or Group Admin. Any disputes between members, including but not limited to defaults on contributions, must be resolved among themselves.
5. Community Lending
Our platform facilitates rules-based lending within Thrift Groups. Eligibility for a Community Loan is determined by group participation and rules, not by a traditional credit score. Loan terms, including fees (2-5%) and repayment schedules, are managed by automated smart rules. Repayment is enforced through automatic deductions from future payouts.
6. Savings Products
We offer several savings products, including Flexi-Savings, Target Savings, and various Lock Fund tiers. Each product has distinct terms regarding interest rates and withdrawal conditions. For Target Savings and Lock Funds, early withdrawal will result in the forfeiture of any accrued interest, as this promotes savings discipline.
7. Prohibited Activities
You agree not to use the Platform for any unlawful purpose or in any way that could harm Icontribute, its users, or any third party. This includes, but is not limited to, fraudulent activities, money laundering, engaging in Ponzi schemes, or attempting to reverse-engineer our technology.
8. Termination
You may terminate your account at any time. We reserve the right to suspend or terminate your account if you violate these Terms or engage in any activity that we, in our sole discretion, deem harmful to the Platform or our community.
9. Disclaimers and Limitation of Liability
THE PLATFORM IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. ICONTRIBUTE MAKES NO WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE SERVICE.
ICONTRIBUTE IS A TECHNOLOGY PLATFORM, NOT A BANK OR FINANCIAL INSTITUTION. WE ARE NOT LIABLE FOR ANY LOSSES, DAMAGES, OR DISPUTES ARISING FROM YOUR INTERACTIONS WITH OTHER USERS, INCLUDING BUT NOT LIMITED TO DEFAULTS ON CONTRIBUTIONS OR COMMUNITY LOANS.
IN NO EVENT SHALL ICONTRIBUTE OR ITS DIRECTORS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES ARISING OUT OF YOUR USE OF THE PLATFORM.
10. Contact Us
If you have any questions about these Terms of Service, please contact us at legal@icontribute.com.