Terms of Service
Last updated: December 2, 2024
1. Acceptance of Terms
By accessing or using PayWallet ("the Platform"), you agree to be bound by these Terms of Service. If you do not agree to these terms, please do not use our services.
2. Description of Service
PayWallet provides a platform for managing digital rotating savings circles (mukando, stokvel, and similar group savings). Our services include:
- Savings circle creation and management
- Member registration and verification
- Contribution tracking and scheduling
- Payout management and distribution
- Financial reporting and analytics
3. User Responsibilities
As a user of PayWallet, you agree to:
- Provide accurate and complete information
- Maintain the security of your account credentials
- Make contributions on time as agreed in your savings circle
- Comply with all applicable laws and regulations
- Not use the platform for fraudulent or illegal activities
4. Savings Circle Rules
Each savings circle operates under specific rules agreed upon by its members. By joining a group, you agree to:
- Abide by the group's contribution schedule
- Accept the payout order determined by the group
- Communicate any issues promptly to group administrators
- Remain committed to the group for its full cycle
5. Fees and Payments
PayWallet may charge fees for certain services. All fees will be clearly disclosed before you incur them. You are responsible for:
- Paying all applicable platform fees
- Making contributions on time
- Any bank or payment processing fees
6. Limitation of Liability
PayWallet is a platform that facilitates savings circle management. We are not responsible for:
- Disputes between savings circle members
- Missed contributions by group members
- Financial losses due to member defaults
- Third-party payment processing issues
7. Termination
We reserve the right to suspend or terminate your account if you violate these terms or engage in fraudulent activity. You may also close your account at any time, subject to any outstanding obligations to your savings circles.
8. Changes to Terms
We may update these Terms of Service from time to time. We will notify you of any material changes by posting the new terms on the platform. Your continued use of the service after such changes constitutes acceptance of the new terms.
9. Contact Us
If you have any questions about these Terms of Service, please contact us at:
Email: legal@paywallet.co.zw
Address: 123 Financial District, Suite 100, City, Country