Terms & Conditions

1.1 Overview

Welcome to CircleFunds (“we,” “us,” or “our”). These General Terms & Conditions (“T&C”) govern your use of the CircleFunds platform (“Platform”), including the creation and participation in thrifts (ajo/esusu), whether private or community-based.

1.2 Binding Agreement

By accessing or using our Platform, you agree to be bound by these T&C. If you do not agree, you should discontinue use of the Platform immediately.

1.3 Contact Information

If you have any questions or concerns, kindly contact us at: hello@circlefunds.io

• “Thrift” or “Contribution Cycle”: A rotational savings plan whereby members contribute a set amount at a set frequency, and each member periodically receives a payout in turn.
• “Admin”: A user who creates and manages a thrift on the Platform and may optionally charge fees for organizing the thrift.
• “Participant” or “User”: A user who contributes to and/or benefits from a thrift.
• “Thrift Levy”: The fee that CircleFunds automatically charges for administering or hosting a thrift.
• “KYC Level”: The verification level for a user (e.g., Level 2, Level 3) based on the completeness of identity verification and other regulatory requirements.

3.1 Minimum and Maximum Participants

• A single thrift must have at least 3 participants and no more than 12 participants.

3.2 Supported Cycles

• Thrift cycles supported on our Platform are limited to weekly and monthly frequencies.

3.3 Escrow & Licensed Financial Institutions

• CircleFunds partners with licensed financial institutions who serve as custodians (“escrows”) for thrift funds.
• Funds contributed to a thrift are not at any time directly held by the Admin. All contributions and payouts are processed via our integrated financial partners.

3.4 KYC Requirements

• KYC Level 2 is the minimum requirement to withdraw funds from the Platform.
• KYC Level 3 plus an application to become an Admin is required before any user can earn fees from a thrift.
• Users who have not reached the appropriate KYC Level may be restricted from certain Platform features.

4.1 Admin Fees

An Admin may set an Admin Fee for their thrift. This fee is the amount the Admin intends to earn per thrift cycle.

4.2 CircleFunds Thrift Levy

• Automatic Deduction: From any Admin Fee charged, CircleFunds automatically deducts a Thrift Levy.
• Formula Overview:

The Thrift Levy is calculated based on the thrift’s contribution amount, the number of participants, and whether the Admin has opted to charge a fee.

Scenarios:

Admin Chooses to Collect a Fee:

• CircleFunds charges a portion of that fee as the Thrift Levy.
• The maximum that CircleFunds may charge an Admin is ₦10,000 per thrift cycle.
• Each participant’s portion may also be subject to a user levy up to a maximum of ₦3,000.
• Once the Thrift Levy is deducted, any remainder belongs to the Admin.

Admin Chooses Not to Collect a Fee:

• CircleFunds may apply a user-side levy (participant levy) to cover costs, capped at ₦3,000 per participant.
• The Admin does not earn anything in this scenario.

Examples:

• If an Admin sets a fee of ₦10,000 for a cycle and the Thrift Levy is ₦1,000, the Admin’s net earning is ₦9,000.
• If the Admin sets no fee, participants might each be charged a nominal levy (up to ₦3,000 each) to cover CircleFunds’ hosting costs.

4.3 No Reduction of Thrift Levy

• The Thrift Levy computed by CircleFunds cannot be lowered or waived by the Admin. It is mandatory if the Admin sets a fee.
• If the Admin sets a fee below the calculated levy, the system will not permit the thrift setup, or the Admin’s final earning may be zero.

Contributions must be made on or before the agreed contribution date. If a payment is not received by the due date, a late fee may apply as defined in the thrift terms. Late fees are calculated strictly based on the scheduled contribution date, regardless of the collection date selected. By participating in a thrift, users acknowledge and accept the applicable late fee structure.

6.1 Responsibilities

• CircleFunds is responsible for ensuring the thrift product complies with legal and regulatory requirements.
• Each Admin is responsible for selecting and accepting members (participants) they know and trust.
• If a participant fails to make their contributions or defaults on any obligation, the Admin is expected to use the Platform’s features or other manual means (like personal follow-ups) to address the situation.
• CircleFunds provides the platform but is not liable for recovering money from a defaulting member.

6.2 Private vs. Community Thrifts

• Users can create or join Private Thrifts, which are accessible by invitation, or Community Thrifts, which may be publicly searchable or open to certain user groups.
• Thrift Scores (see Section 6) can help identify reputable participants for Community Thrifts.

7.1 Purpose

• The Platform generates a Thrift Score for each user, drawing upon data such as bank statements, user activity, completed KYC data, and any other relevant factors.

7.2 Usage

• A user’s Thrift Score reflects their reliability, payment history, and overall trustworthiness in thrift activities.
• Admins and other participants can use Thrift Scores to gauge whether to trust certain members, particularly in Community Thrifts.

7.3 Updates & Accuracy

• Thrift Scores are updated periodically.
• While we strive to maintain accurate scoring, CircleFunds makes no guarantee regarding the completeness or timeliness of the information used to calculate Thrift Scores.

8.1 Prohibited Activities

You must not use the Platform for any illegal, fraudulent, or unauthorized purpose, including but not limited to money laundering, financing terrorism, or scamming other users.

8.2 Account Security

• You are responsible for maintaining the confidentiality of your login details.
• Immediately notify us of any suspicious activity, unauthorized use of your account, or potential security breaches.

8.3 Escrow & Fund Transfers

All contributions, fees, and payouts are handled via our licensed financial institution partners. Users must comply with any additional terms or restrictions set by these partners.

9.1 Disclaimer

• CircleFunds provides the Platform and related services “as is” without warranties of any kind. We do not guarantee any thrift’s success, profitability, or on-time payout.

9.2 No Liability for Default

• CircleFunds is not responsible for individual user defaults. Any recourse for failure to contribute or repay remains a matter between the Admin and the defaulting participant.

9.3 Limitation of Liability

• To the extent permitted by law, CircleFunds and its affiliates are not liable for indirect, consequential, or special damages, including lost profits or inability to collect from defaulting participants.

10.1 Changes to T&C

• We may update or modify these T&C from time to time. Material changes will be communicated via email, app notifications, or other appropriate channels.
• Your continued use of the Platform after updates signifies acceptance of any revised terms.

10.2 Notices

• We will notify you through the Platform or via the email address you provided. Ensure you maintain a valid email address in your account profile.

11.1 Termination by User

• You may stop using the Platform at any time. If you have an active thrift, you must fulfill any outstanding obligations before closing your account.

11.2 Termination by CircleFunds

• We reserve the right to suspend or terminate your account if we have reason to believe you have violated these T&C, engaged in fraudulent activity, or compromised the Platform’s security or integrity.

11.3 Effects of Termination

• Upon account termination, all ongoing thrifts in which you are an Admin or participant may be suspended, and any unsatisfied obligations will be addressed according to our internal policies.

12.1 Governing Law

These T&C are governed by and interpreted under the laws of the Federal Republic of Nigeria.

12.2 Dispute Resolution

Should any dispute arise, the parties agree to attempt an amicable resolution. Failing that, disputes shall be referred to the competent courts of the Federal Republic of Nigeria.

13.1 Entire Agreement

These T&C, including any additional agreements referenced herein, constitute the entire agreement between you and CircleFunds regarding the use of the Platform.

13.2 Severability

If any provision of these T&C is deemed invalid or unenforceable, the remaining provisions shall continue in full force and effect.

13.3 No Waiver

CircleFunds’ failure to enforce any right or provision of these T&C does not constitute a waiver of that right or provision.

13.4 Assignment

You may not assign or transfer your rights or obligations under these T&C without our prior written consent.

13.5 Survival

Provisions that by their nature should survive termination (e.g., disclaimers, limitation of liability) shall remain in effect even after account closure.

By using the Circle Funds Platform, creating or participating in thrifts, and/or serving as an Admin, you acknowledge that you have read, understood, and agree to be bound by these General Terms & Conditions.

If you have any questions, please contact us at: hello@circlefunds.io