Terms & Conditions
Please read and agree to these terms and conditions to use Coopital Online.
The following Terms and Conditions apply to all services provided by Coopital (Lekki) Cooperative Multipurpose Society Limited (Coopital or the Cooperative), which is accessed by a Member through the internet, phone, any hand-held or computer device or any other electronic means.
In these Terms, we, us or our refers to Coopital and its successors, agents and assigns, while you, your, Member refers to you and/or any person who subscribes for, uses or authorizes the use of the Service.
By accepting these Terms and Conditions, you agree that you have received, read, understood and agree to be bound by the terms contained herein, and subsequent amendments thereto, as well as the laws, rules, and regulations now existing or which may hereafter be enacted, issued or enforced. You also agree that you shall use the Services in accordance with these Terms. If you do not agree with the terms contained herein, DO NOT ACCESS THE SERVICE.
1.0 Terms Used:
1.1 Account means the Cooperative account held or to be held with Coopital, the number of which is specified in the application form for a Service and/or communicated to the Member, as appropriate.
1.2 Cooperative means Coopital (Lekki) Cooperative Multipurpose Society Limited, a Cooperative Society registered by Lagos State Ministry of Commerce, Industry and Cooperatives with registered office in Lagos, Nigeria.
1.3 Grid is a credit card-sized authenticator consisting of numbers and/or characters in a row-column format. To access a service using Grid, Members are presented with a coordinate challenge and must respond with the information in the corresponding cells from the unique grid card they possess. The custody and information related to your Grid constitute part of your Security Details. Reference to Grid herein shall include any replacements, upgrades, or enhancements thereto.
1.4 Transaction means any Cooperative transaction made via the Service.
1.5 Service means any Cooperative service provided by the Cooperative and accessed or used by a Member through the internet, and/or phone and/or a computer and/or any other mobile, hand-held or computer device or any other electronic means.
1.6 Security Details means any access number(s), password(s), Token(s), Grid and/or related information, security question(s) and answer(s), account number(s), login information, and any other security or access information or item, required or used by a Member to access the Service.
1.7 Token means security hardware or device which generates a set of numbers and/or passcodes which may be required by a customer for access to a Service. The custody and information related to your Token constitute part of your Security Details. Reference to Token herein shall include any replacements, upgrades, or enhancements thereto.
2.0 Your Responsibilities:
By accepting these Terms and Conditions,
2.1 You confirm that you have the legal right(s) to the Account(s) and other financial information that may be created or accessed via the Service. You represent and agree that all information you provide to us in connection with Service is and will remain accurate, current and complete; and that you have the right to provide such information to us. You shall keep your account information up to date and accurate.
2.2 You accept responsibility for making sure that you understand how to properly use the applications and software required for any Service. In the event that we change or upgrade any Service, you are responsible for making sure that you understand how to use the same, as changed or upgraded. We will not be liable to you for any losses caused by your failure to properly use your Username, Password, Token, Grid, any device or any other failure or inability to properly access the Service.2.3 You shall comply with all instructions issued by the Cooperative from time to time regarding the use and operation of any Service you have chosen to access.
2.4 You are responsible for maintaining the confidentiality, security, and integrity of your Security Details.
2.5 If you request for or agree to be issued a Token or provided a Grid, you agree to have read, understood and shall be bound by the relevant Member guide(s) provided by the Cooperative from time to time (in any form and via any medium the Cooperative may choose) as well as any applicable Terms and Conditions as shall be determined by the Cooperative from time to time.
2.6 If you believe or should have known that your phone, Username, Password, Token, Grid or any other device required to access your Account via a Service has been lost, stolen or compromised, it is your responsibility to contact the service provider immediately to stop all wireless service. If you believe that someone may attempt to use your access to the Service without your consent, or has transferred money from your account without your permission, notify us immediately.
2.7 You agree not to use the Service or the content or information delivered through the Service in any way that would:
2.7.1 infringe any third-party copyright, patent, trademark, trade secret, or other proprietary rights or rights of publicity or privacy, including any rights in any software deployed for rendering the Service;
2.7.2 be fraudulent or involve any illegal activity, including, but not limited to the impersonation of another person or entity;
2.7.3 violate any law, statute, ordinance or regulation (including, but not limited to, those governing export control, consumer protection, unfair competition, anti-discrimination or false advertising);
2.7.4 create liability for us or our affiliates or service providers, or cause us to lose (in whole or in part) the services of any of our service providers;
2.7.5 interfere with or disrupt computer networks connected to any Service.
2.8 You accept liability for any loss incurred or otherwise from any non-compliance with any of the precautions stated herein or otherwise issued by the Cooperative or any other reasonable precautions for the prevention of fraudulent access to your Account via the Service.
2.9 In the event that the Account upon which a Service is accessed is jointly owned, all your liabilities as contained in these Terms shall be joint and several.
2.10 You shall notify us immediately:
2.10.1 if you believe your Security Details and/or device has been compromised or misused in any manner;
2.10.2 of any disputed Transaction;
2.10.2 you change your name, address, email address, phone numbers or any other personal details;
2.10.3 of any other information which ordinarily and reasonably should be notified to us.
3.0 Our Rights
3.1 We have the right, at our sole discretion, to establish or change limits, services, products or features concerning the Service and any related services, temporarily or permanently, including but not limited to (i) the amount of storage space you have available through the Service at any time, and (ii) the number of times (and the maximum duration for which) you may access the Service in a given period of time. You may reject changes by discontinuing use of the Service and any related services to which such changes relate. Your continued use of the Service or any related services will constitute your acceptance of, and agreement to such changes.
3.2 Maintenance of the Service or any related services may be performed from time-to- time resulting in interrupted service, delays or errors in such Service or related services.
3.3 We may take any precautionary step deemed reasonable for the protection of the integrity of the Service via such measure(s) which may include, and are not limited to ending your log-in session after a determined period of inactivity.
3.4 We may refuse to effect a Transaction through the Service if:
3.4.1 The Transaction exceeds the available funds in your account; or
3.4.2 The Transaction does not comply with any applicable terms we shall stipulate from time to time;
3.4.3 We reasonably determine that refusal to effect the Transaction is prudent under the circumstance.
3.5 If any establishment asks us for authorization before effecting payment via the Service, we may decide not to give our authorization if:
3.5.1 We reasonably believe that your Security Details have been compromised
3.5.2 You are in breach of any clause of these terms. These Terms shall be deemed to continue to subsist irrespective of the happening of any of the events stated under clauses 3.3 to 3.5.
3.6 We may notify you about any changes by:
3.6.1 Advertising in the press, our website or any other means of public notification;
3.6.2 Putting messages in your statements; or
3.6.3 Sending you a separate written notice via email, SMS; or
3.6.4 Any other means of communication that we may determine. You are encouraged to call the Cooperative if you have any queries, complaints or issues regarding the Service. Cost of calls made by a member will be at your expense.
3.7 We may disclose information about your Account(s) or transactions involving your Account(s) to third parties if:
3.7.1 The disclosure is necessary to complete a transaction that you have authorized or requested;
3.7.2 The disclosure is necessary to verify the existence and condition of your Account to a third party, such as a credit bureau or merchant;
3.7.3 The disclosure is necessary to comply with a governmental agency or court order;
3.7.4 You gave us permission to make the disclosure;
3.7.5 The disclosure is necessary to collect information for internal use, or the use of our service providers, agents or contractors;
3.7.6 The disclosure involves a claim by or against us concerning a transaction involving your Account.
3.7.7 The disclosure otherwise is required or permitted under any laws and/or regulations
3.7.8 The disclosure is deemed by the Cooperative as being necessary to be made.
4.0 Other Terms
4.1 You agree that when you use the Service, you will remain subject to the terms and conditions of all your existing agreements with any service providers of yours. You understand that those agreements may provide for fees, limitations, and restrictions which might impact your use of the Service, and you agree to be solely responsible for all such fees, limitations, and restrictions.
4.2 Any Transaction accessed through a Service shall also subject to all other agreements entered with the Cooperative as well as terms set by the Cooperative from time to time regarding that Transaction; including any transaction limitations and fees which may be applicable.
5.0 Fees and Charges
5.1 Members shall be charged fees by the Cooperative, in accordance with the schedule of fees determined by the Cooperative from time to time.
5.2 Charges shall be determined, and are subject to review at any time and at our discretion. You waive your right to prior notification of any such charge and hereby exonerate the Cooperative from any liability for taking such charges provided the charge is subsequently reflected in your Cooperative, Bank or Card statement.
5.3 Charges applicable under these terms may be debited to any of your accounts (irrespective of account type and currency) with the Cooperative without recourse to you.
6.0 Compromised Security Details
6.1 If your mobile device, phone, Username, Password, Token, Grid details is lost/stolen or you suspect that any of your Security Details has been compromised, you must notify us immediately by contacting our Support on +234 903 603 8123 or email: email@example.com. These details may be changed from time to time. You should report any possible incidence of compromised Security Details; and if we request for it, obtain and provide us the police report in that regard.
6.2 On actual receipt of your report, we will take reasonable steps to stop or minimize access to your Account via the Service.
6.3 You shall co-operate with us and any law enforcement agency in our efforts to recover your missing item and/or conduct an investigation of the compromised Security Detail.
6.4 In the absence of any proven fraudulence on the part of the Cooperative, any unauthorized access to your Account via the Service shall be deemed to have arisen as a result of your negligence.
6.5 You will be liable for all losses incurred arising from any unauthorized access to your account through the Service.
7.0 Disclaimers/Limitation of Liability
7.1 We do not warrant that services and benefits that we provide pursuant to these Terms will always be available. You expressly understand and agree that use of the Service is at your sole risk. The Service is provided on an “as is” and “as available” basis; and the Cooperative expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement. We further reserve the right to withdraw or vary the services or any related benefits at any time without giving you notice.
7.2 We will not be liable to you if we cannot carry out our responsibilities under these Terms as a result of anything that we cannot reasonably control. These include:
7.2.1 Network or system downtime or failures, maintenance processes, unavailability of any communication system;
7.2.2 Industrial disputes, natural disasters, force majeure or other acts of God;
7.2.3 Delays, malfunctions or any other analogous event arising from an external interface;
7.2.4 Unavailability of supplies;
7.2.5 Breach or virus in the processes or payment mechanism, sabotage, computer hacking, unauthorized access to computer data and storage device, computer crashes, breach of security and encryption, etc.
7.3 If the Cooperative provides any information to you via an email, telephone or other channel, details of which you provided to the Cooperative, the Cooperative shall not be liable if the information becomes intercepted, altered or misused by an unauthorized person.
7.4 We shall not assume responsibility for the operation, security, functionality or availability of any service provider, phone, wireless device or mobile network, which you utilize to access the Service. We also disclaim responsibility for any virus or viruses that you may encounter while using the Service.
7.5 Where you access other websites from the Cooperative’s web platform, this shall only be for convenience purposes; and the Cooperative assumes no responsibility for the safety, security, content, and privacy of such site/link or transactions with respect thereto.
7.6 The Cooperative shall not be responsible or accountable in any way whatsoever for any loss, injury or damage howsoever attributable to a third party act, omission or default.
7.7 Except when caused by the Cooperative’s intentional and fraudulent misconduct, we shall not be responsible for any loss, injury or damage, whether direct, indirect, special or consequential, caused by your use of the Services. You shall indemnify and hold us harmless from all claims, demands, lawsuits, losses, costs, expenses and attorney’s fees we suffer or incur in connection with your use of the Services or your violation of these Terms.
8.0 Amendment to these Terms
We may change or otherwise vary these Terms and Conditions, including our charges.
9.0 General Terms
9.1 You agree that any instruction given to the Cooperative in respect of your Account via the Service shall be binding and shall be given the same legal effect as your written and signed paper instruction. It shall be deemed for all purposes (i) to be “written,” (ii) to have been “properly signed” (ii) to constitute an “original” when printed from electronic files or records established and maintained in the normal course of the Cooperative’s business.
9.2 Non-enforcement or delay in enforcing the clause breached does not prevent the Cooperative from enforcing the clause against you at a later date.
9.3 We may record phone calls and other communications between you and us, and use the information for any lawful purpose, at our sole discretion.
9.4 You authorize us to exercise a right of set-off at any time we deem fit in respect of any account you may maintain with us (irrespective of the account type or currency) to settle any obligation to us.
9.5 You confirm that all information provided to the Cooperative regarding the application for the Service is complete and accurate in all respects.
9.6 Your application for any Service will be subject to the Cooperative’s processes and reviews, which may require you to provide further information or documents. We reserve the right to accept or reject your application.
9.7 We will charge you for any loss or cost we may incur from a breach of these Terms by you.
9.8 Your rights under these Terms and Conditions are personal to you and cannot be assigned.
9.9 These Terms and Conditions shall be governed by the Laws of the Federal Republic of Nigeria.
ADDITIONAL TERMS AND CONDITIONS FOR FUNDS TRANSFERS
The following Terms and Conditions apply to any request for the transfer of funds by via our online or mobile Cooperative service or via any other electronic means from his/her/their account with Coopital (Lekki) Cooperative Multipurpose Society Limited (“Coopital ” or “the Cooperative”) to another member’s account in Coopital or a bank, whether within or outside Nigeria. In these Terms, “we”, “us” or “our” refers to Coopital and its successors, agents and assigns, while “you”, “your” refers to a customer who has made a Fund Transfer (FT) Request. The party to whom you are transferring funds pursuant to an FT Request is the “Beneficiary.” The Bank at which the Beneficiary is to receive the funds is the “Beneficiary Bank.” Any Bank that may be involved in the routing of the transfer between Coopital and the Beneficiary Bank is a “Correspondent Bank” or “Intermediary Bank.” The entire series of transactions, commencing with the request for a transfer by you up until and including the payment to the Beneficiary shall be referred to as a “Funds Transfer.” The initiation of a request via our online or mobile Cooperative platform from your account to a Beneficiary is referred to herein as a “Funds Transfer Request” or “FT Request”.
By accepting these Terms, you agree that you have, read, understood and agree to be bound by the terms contained herein and our subsequent amendments thereto, as well as the laws, rules, and regulations now existing or which may hereafter be enacted, issued or enforced. You agree that your FT Request is subject to the Terms and Conditions applicable to the Cooperative’s internet and mobile Cooperative services (as may be amended from time to time); and that you have, read, understood the said Terms and Conditions. If you do not agree with the terms contained herein or any other applicable
Terms and Conditions, DO NOT MAKE AN FT REQUEST.
You hereby authorize Coopital to debit your account for the principal Funds Transfer amount as well as any customary fees and/or other fees determined by Coopital to be applicable for such requests. The charges/fees may be deducted from the FT amount or may be debited to any of your account(s) with Coopital. Coopital shall have the right to convert funds in any of your account(s) to any other currency for the purpose of paying the applicable fee/charges (where necessary). All fees charged by Coopital shall be in accordance with Coopital’s fee schedule, as it may determine from time to time.
Coopital shall determine the time-frame for the receipt and processing of FT requests, amendments or cancellations.
You certify that the information provided in the course of your FT Request is correct and accurate.
You confirm that you are using the FT service for legal and bonafide transaction(s), which is/are not in violation of any applicable laws or Government/Exchange Control regulations or other regulatory provisions.
You understand and agree that funds transferred by you shall be subject to statutes, rules and regulations of the Beneficiary’s country and/or that of any other country involved in the FT process. Neither Coopital nor its correspondent or agents shall be liable for any delay or loss caused by or arising out of any applicable Act, Order or other governmental or regulatory provision.
In the event that the account details of the Beneficiary stipulated in the course of your Funds Transfer Request does not correspond with the intended Beneficiary’s name, Coopital shall not be held responsible for facilitating the transfer to a beneficiary whose name or account number was stipulated on your request. Coopital shall however not be obliged to process an FT request with such discrepancy. Furthermore, if your FT Request identifies an Intermediary/Correspondent Bank or Beneficiary Bank by both name and more than one identifying number, we may rely on one of the numbers as proper identification even if it identifies a different entity than the named Cooperative. For the avoidance of doubt, you will be responsible for any liability, loss or expenses incurred by us, an Intermediary/Correspondent Cooperative and/or the Beneficiary Cooperative as a result of reliance on any instruction provided in the course of your FT Request.
In executing any FT request, Coopital may use the services of correspondent/ Intermediary Banks of its choice. You agree that once the funds have been transmitted successfully to the designated Correspondent/Intermediary Bank, the funds become that Bank’s property. It becomes that Bank’s responsibility to locate, identify, and make payment to your Beneficiary or to the Beneficiary Bank. Each Correspondent/ Intermediary Bank may deduct certain service charges from the FT amount. The Beneficiary Bank may also charge a fee for handling the incoming wire transfer. Coopital shall not be responsible for any charges deducted from the Transferred amount or for any charges incurred by the Beneficiary for the receipt of a wire transfer. These charges shall be borne by you and you agree that same may be deducted from the amount transferred. Coopital shall not be liable for any errors, neglect, defaults, acts or omission of any Intermediary / Correspondent Bank or any of their respective agents, sub-agents or employees.
You authorise the Cooperative to adopt and apply any security procedures the Cooperative deems fit regarding FT requests, as it may determine from time to time.
We reserve the right to reject or decline the processing of an FT request for any reason whatsoever, including:
– if there are insufficient funds in the designated account, to accommodate the transfer amount and all applicable fees;
– if the information in your FT Request is or appears to be incomplete, inaccurate and/or unclear.
While we will handle your FT request with reasonable dispatch, you agree that Coopital will not be responsible for any delay, failure or error relating to the execution of your transfer request due to circumstances beyond Coopital’s reasonable control including without limitation, any inaccuracy, interruption, delay or failure in transmission, or any inhibitive situation caused by strike, power failures, equipment malfunctions, technological or telecommunication challenges or any act and/or omission of any Intermediary/Correspondent Bank or the Beneficiary Bank. Coopital does not guarantee that the Beneficiary Bank will actually receive and/or act upon your FT request in a timely manner or that any special instructions will be followed by a receiving institution.
Amending or Canceling an FT Request
If you request a cancellation of an FT Request, you must notify us within such a time which we determine has provided us sufficient opportunity to consider your request. Any cancellation of an FT request will be made by Coopital on a discretionary and best-effort basis, especially if the funds have already been transferred by Coopital . For the avoidance of doubt, Coopital shall not accept responsibility for any failure to effect an amendment or cancellation of an FT request. In the event that Coopital processes the amendment or cancellation, we do not guarantee the date that your account will be refunded or the date that the amendment shall be affected. The amount that would be returned to you may also be less than the funds you originally transferred because of service charges of the Banks involved or fluctuations in exchange rates.
If your FT Request requires the Cooperative to convert from one currency to another, Coopital will be required to purchase the transfer currency on your behalf; and you hereby authorize Coopital so-to-do. The exchange rate that would be applied for the purchase of the transfer funds shall be the exchange rate determined at the point of transfer, and may therefore not be provided to you in advance of processing your FT request. Coopital assumes no responsibility for the rate at which the funds are purchased, the date upon which the conversion occurs or for any other situation relating to the
purchase of funds on your behalf.
Coopital disclaims any liability for any transfer linked with fraud or illegality. We will not be liable to you if your FT request is not successfully effected as a result of anything that we cannot reasonably control including network or system downtime or failures, maintenance processes, unavailability of any communication system, delays, malfunctions or any other analogous event arising from an external interface, breach or virus in the processes or payment mechanism, sabotage, unauthorised access to computer data and storage device, computer crashes, breach of security and encryption or any force
majeure or other acts of God. Except when caused by the Cooperative’s proven intentional and fraudulent misconduct in the breach of these Terms, we shall not be responsible for any loss, injury or damage, whether direct, indirect, special or consequential, caused by facilitating your FT request. You shall indemnify and hold us harmless from all claims, demands, lawsuits, losses, costs, expenses and attorney’s fees we suffer or incur because as a result of your FT transaction or your violation of these Terms.
Amendment to these Terms
We reserve the right to change these Terms and Conditions, including our charges, with or without notice to you.
Non-enforcement or delay in enforcing any right does not prevent the Cooperative from subsequently enforcing that right against you. We may record phone calls and other communications between you and us, and use the information for any lawful purpose, at our sole discretion. You authorize us to exercise a right of set-off at any time we deem fit in respect of any account you may maintain with us in whatever currency to settle any payment due to us. Your FT request will be subject to the Cooperative’s processes and reviews, which may require the provision of further confirmation or documents from you or other third parties. We reserve the right to accept or reject your FT Request. Your rights under these Terms are personal to you and cannot be assigned. These Terms are governed by the Laws of the Federal Republic of Nigeria.