Terms and Conditions

2.Who can use ChopMoni

• You must be 18 or older.
• You sign in with a Google account on Android, or an Apple ID on iPhone.
• You must give us true and complete information, and keep it up to date.
• Your account is for you alone. Do not share it or let anyone else use it.

3.Your agent

• Each vendor is served by one ChopMoni agent. Your agent visits your shop, and takes or hands over cash for you.
• We approve every agent. The app shows you the name of your agent.
• You can call or message your agent in the app.
• Only deal with the agent named in your app. We are not responsible for money you give to anyone else.

4.Checking your shop

• Before you can borrow or save, your agent must visit your shop.
• During the visit, your agent takes a photo of your shop and a photo of your ID document.
• Your agent also sets the most you can borrow.

5.Your payment code

• Your app shows a six-digit payment code. The code changes every 30 seconds, and each code works only once.
• Your agent needs your code to record money that changes hands in person: a loan paid to you in cash, a loan repayment, a savings deposit or a savings withdrawal.
• Give your code to your agent only in person, at the moment the money changes hands. Count the money first.
• Never give your code to anyone else, and never read it out over the phone.
• After three wrong codes, nobody can record money for you for 10 minutes.

6.Loans

Who can borrow

• You can send a loan request before your agent has seen your shop. Your request is what brings them.
• You must give us your bank account details.
• Your agent then visits your shop. They decide whether we lend to you, and how much.
• You can have only one loan, or one loan request, at a time.
• You cannot borrow while an earlier loan is unpaid.
• You can cancel a loan request until your agent decides on it.

How much you can borrow

• You can ask for ₦50,000, or for ₦100,000 to ₦1,000,000 in steps of ₦100,000.
• Your agent decides the amount you are offered. It may be less than you asked for.
• After you repay a loan in full, you can borrow up to the limit your agent set when they visited your shop.

What a loan costs

• You repay 2.3% more than you borrow. That extra amount is a donation to the pot the next vendor borrows from. You must pay it: it is part of your daily payments.
• We charge no interest and no fees. Nothing is added for lending you the money, and nothing grows if you pay late.
• We pay you the full amount. We do not take the donation out first.
• You repay the amount plus the donation in 33 equal daily payments.
• For example, if you borrow ₦50,000, the donation is ₦1,150. You repay ₦51,150, at ₦1,550 a day for 33 days.
• There are no late fees and no other charges.
• Before you send a loan request, the app shows your daily payment, the number of days, the donation and the total. You must confirm that you will pay the daily amount.

Getting your loan

• When we approve your loan, the app tells you how we will pay it:
  • by bank transfer from the ChopMoni account at Moniepoint to your bank account
  • in cash, handed to you by your agent
• If your agent brings cash, count it before you give your payment code. Your loan starts when your agent records it with your code.
• The app tells you when your loan has been paid.

Repaying

• Your first payment is due the day after we pay you. A payment is then due every day, including Sundays and public holidays.
• You can pay in any of these ways:
  • transfer to the ChopMoni account at Moniepoint shown in the app, with your loan number as the reference
  • give cash to your agent, who records it with your payment code
  • pay by card on a ChopMoni POS terminal your agent brings, which your agent records with your payment code and the receipt number
• We record a transfer when it reaches the ChopMoni account. Keep your transfer receipt until the payment shows in the app.
• Only give loan cash to the agent named in your app. Cash given to anyone else is not a payment, and you still owe it.
• The app tells you each time a payment is recorded.
• You can repay early, or pay for more than one day at a time. The donation stays the same. You cannot pay more than you owe.

If you miss a payment

• You still owe any payment you miss. It is added to the amount due the next day.
• Your agent will contact you, and may visit you.
• You cannot borrow again until you have repaid your loan in full.
• If you do not repay, we may take lawful steps to recover what you owe.

7.Saving

Deposits

• You save by giving cash to your agent. Your agent records each deposit with your payment code.
• Each deposit must be between ₦500 and ₦1,000,000. You can make as many deposits a day as you like.
• Your savings are kept in naira. They do not earn interest.
• Your savings build up in cycles of 28 deposits. The app shows how many deposits you have made.
• The app shows your balance and every deposit and withdrawal. We also email you each time one is recorded.
• Check that each deposit shows in your app before your agent leaves. Tell us within 48 hours if a deposit is missing or wrong.

Taking out your savings

• To withdraw, ask your agent. A withdrawal takes out your whole balance, which must be at least ₦500.
• Before you give your code, your agent's app shows your balance, the withdrawal fee and the cash you will receive.
• Your agent records the withdrawal with your payment code and pays you your balance minus the fee, in cash.
• After a withdrawal, your next deposit starts a new savings cycle.

The withdrawal fee

• The fee is a share of your whole balance when you withdraw:
  • 3.3% if you have made exactly 28 deposits since your last withdrawal, or 56, 84 or any other multiple of 28
  • 9.7% at any other time
• For example, if you withdraw a balance of ₦14,000 after exactly 28 deposits, the fee is ₦462. Your agent pays you ₦13,538.

Dollar amounts in the app

• You can choose to see your savings balance in US dollars.
• We convert at a rate we set. It is not a market rate, and it may change.
• The dollar amount is for information only. Your savings are kept in naira, and we pay you in naira.

8.Fees

Opening and keeping an account is free. We charge no fee and no interest on a loan; you repay a little more than you borrow as a donation to the pot (see 'Loans'). The one fee we charge is on a savings withdrawal (see 'Saving').

We will tell you at least 30 days before we change a fee. We will also take off any tax the law requires.

9.Calls and messages

• Vendors and their agents can call and message each other in the app. Calls are voice only.
• Use calls and messages only for ChopMoni business. Do not harass, threaten or deceive anyone.
• Messages are deleted after 30 days. Keep your own note of anything you need.
• Our Privacy Policy explains how we protect your calls and messages.

10.If you are a ChopMoni agent

• To become an agent, apply in the app with your ID document and proof of address. We decide whether to approve you.
• You act for ChopMoni only with the vendors assigned to you.
• Record money only when it changes hands in person, and only with the vendor's payment code. For a POS payment, record the receipt number too.
• Hand over a loan in cash only when we approved it for cash, and only the amount we approved.
• Do not record bank transfers. We record them when they reach the ChopMoni account.
• Take shop and ID photos yourself, at the vendor's shop.
• Pay any loan cash you collect into the ChopMoni account shown in the app. Until you do, you are responsible for it.
• Keep vendors' data private, and use it only for ChopMoni work.
• You earn 70% of the fee on each savings withdrawal you record. The app shows your earnings.
• We may end your role as an agent if you break these terms.

11.Your responsibilities

• Keep your phone and your Google or Apple account secure.
• Tell us at once if you think someone else has used your account or your payment code.
• Do not use ChopMoni for anything illegal, such as fraud or money laundering.
• Do not try to break, copy or interfere with the app or our systems.

12.What we are not responsible for

• We are not responsible for:
  • cash you lose before you give it to your agent
  • cash you give to anyone other than the agent named in your app
  • losses caused by someone else using your phone, account or payment code, unless we caused them
  • problems outside our reasonable control, such as network or power failures
• Nothing in these terms takes away a right that Nigerian law gives you and does not allow us to limit.

13.Deleting, closing or suspending an account

• You can delete your account in the app at any time: go to Profile, then Account information, then Delete account. You confirm it with your Google or Apple account.
• Before you can delete it, you must repay any loan, cancel any loan request and take out your savings. The app shows anything still to do.
• If you are an agent, your vendors and the loans you collect must first move to another agent, and your earnings must be paid. Contact us to arrange this.
• Our Privacy Policy explains what we delete and what we must keep.
• Deleting your account does not cancel money you owe us.
• We may suspend or close your account if we suspect fraud or misuse, if you break these terms or if the law requires it.
• If we stop providing ChopMoni, we will give you notice and pay you your savings.

14.Complaints and disputes

• If something goes wrong, contact us first. We will try to put it right.
• If we cannot agree, you can complain to the Federal Competition and Consumer Protection Commission.
• These terms are governed by the laws of Nigeria. Any court case will be heard in Calabar, Cross River State.

15.Changes to these terms

• We may change these terms when our service changes. The date at the top shows when we last changed them.
• We will tell you about important changes by email or in the app. We will tell you at least 30 days before a fee changes.
• If you keep using ChopMoni after a change takes effect, you accept the new terms.

16.Contact us

• In the app: go to Profile, then Message support
• Email: support@chopmoni.com
• Phone: +234 703 306 7207
• Post: ChopBase Africa Limited, No 5 Akai Street, Calabar 540281, Cross River State, Nigeria