1. Introduction
This document outlines the terms of service (“Terms”) governing the use of the services (“Services”) provided by Novastaq Technologies Limited, a Nigerian-based fintech company (“Velcro”). By utilizing the Services, you agree to be bound by these Terms. If you do not agree to these Terms, you must not use the Services.
These terms and conditions of use and service (“Terms”) contained herein on this webpage is a legal agreement between you (“You”, “User”) and Novastaq Technologies Limited and its financial technology application/platform Velcro and VelcroPay, a feature on Velcro (“Velcro” “VelcroPay” “We”, “Our” or “Us”). These Terms shall govern your access to and use of our services which include the use of our platform, mobile app, and other products and services which provides users with a unified platform integrating various financial services, including banking, investments, budgeting, gift cards, QR payments, unique payment tags,pay bills and execute transactions (collectively referred to as the “Services”). Note that these Terms apply to you whether you are only visiting the website or have registered to be a user of the Services.
These Terms apply in full force and affect your use of the Services and by using any of the Services, you expressly accept all terms and conditions contained herein in full and without limitation or qualification, including our Data Protection and Privacy Policy. We oblige you therefore to thoroughly read these Terms carefully before agreeing to be bound by them. You must not use any of the Services if you have any objection to any of these Terms.
2. Services
The Company provides payments and digital assets remittance services. The Services may be updated from time to time without prior notice to you.
3. Eligibility
To be eligible to use the Services, you must be at least 18 years old and a resident of Nigeria. The Company reserves the right to refuse access to the Services to anyone for any reason at any time.
4. Accounts
In order to use the Services, you must create an account with Velcro (“velcrohq.com”) and provide the Company with accurate and complete information. Any information that is contrary to accuracy will result in your account being suspended with immediate effect and zero repatriation. You are solely responsible for maintaining the confidentiality of your Account login information and for all activities that occur under your Account. You must immediately notify the Company of any unauthorized use of your Account.
5. User conduct
You agree to use the Services only for lawful purposes and in a manner that does not violate the rights of the Company or any third party. You agree not to use the Services:
- For any fraudulent or illegal purpose.
- To send spam or unsolicited messages.
- To harass, abuse, or harm another person.
- To publish, post, upload, distribute, or disseminate any defamatory, obscene, or unlawful material or information .
- To upload files that contain viruses, Trojan horses, worms, or other malicious code.
6. Anti-fraud policy
Velcro is committed to maintaining the security of its platform and protecting its users against fraud and suspicious activity. As a result, the company reserves the right to suspend any account that is suspected of being involved in fraudulent or suspicious activity.
If your account is suspended, you will have the right to appeal the decision. Upon receiving your appeal, Velcro will conduct a thorough investigation into the alleged suspicious activity. If, after the investigation, it is determined that you are not involved in any fraudulent or suspicious activity, your account will be reinstated promptly.
However, if the investigation finds evidence of fraudulent or suspicious activity, Velcro reserves the right to make the account suspension permanent. In such cases, the company may also relinquish any valuables in the account to the appropriate authorities upon request, in accordance with the laws governing the financial sector of the Federal Republic of Nigeria.
It is important to note that Velcro takes the security of its platform and the protection of its users and the customers of the banking ecosystem very seriously and will take all necessary steps to prevent fraudulent and suspicious activity on its platform.
7. Anti-false image/information policy
Velcro does not condone impersonation or the use of false information while filling any required fields as provided by the app. This applies to using fake names, someone else’s BVN, and the likes.
If found out, Velcro reserves the absolute right within our terms of service and the laws that govern the financial sphere of the Federal Republic of Nigeria to suspend the suspected account with immediate effect while requesting information to prove suspicion is otherwise.
If satisfied with the outcome of the investigation, the affected account will be unsuspended with immediate effect.
However, on the contrary, Velcro reserves the right to ban the perpetrator from using our services forever while any value held prior in the suspended account will be kept in our custody, to be released to the appropriate authority(s) upon request.
8. Intellectual property
The Services and all content and other materials included in the Services, including but not limited to text, graphics, logos, images, and software, are the property of the Company or its licensors and are protected by copyright and other intellectual property laws. You may not use the Services or any content or materials for any commercial purpose without the express written consent of the Company.
9. Disclaimers and limitations of liability
THE SERVICES ARE PROVIDED ‘AS IS’ AND WITHOUT WARRANTY OF ANY KIND. THE COMPANY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
THE COMPANY WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES ARISING FROM YOUR USE OF THE SERVICES, INCLUDING WITHOUT LIMITATION LOST PROFITS, LOST DATA, OR COSTS OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES.
10. Indemnification
You agree to indemnify and hold harmless the Company, its affiliates, and their respective officers, directors, employees, and agents from any and all claims, demands, losses, liabilities, damages, or expenses, including reasonable attorney’s fees, arising from or in connection with your use of the Services or violation of these Terms.
11. Modifications to terms of service
The Company may modify these Terms from time to time. Any such modifications will be effective immediately upon posting the modified Terms on the Services. By continuing to use the Services after the modified Terms have been posted, you agree to be bound by the modified Terms. If you do not agree to the modified Terms, you must stop using the Services.
12. Governing law
Any dispute arising from or in connection with these Terms or the Services shall be resolved through binding arbitration in accordance with the Commercial Arbitration Rules of the Nigerian Arbitration Association (NAI). The arbitration shall be conducted in Lagos, Nigeria.
13. Miscellaneous
These Terms constitute the entire agreement between you and the Company with respect to the use of the Services. If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. The failure of the Company to enforce any right or provision in these Terms shall not be deemed a waiver of such right or provision.
By using the Services, you acknowledge that you have read, understand, and agree to be bound by these Term