Wespare ("WeSpare," "we," "us," "Company," or "our") is a community-powered financial app that modernizes traditional savings practices (Ajo) by providing a secure, structured, and digital experience. We enable individuals to save and access lump-sum payouts at fixed intervals, helping you achieve financial goals.
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Important Note

WeSpare is not a bank or a financial institution and does not manage finances. Payment processing and certain funds-movement functionality are provided to you through a third-party partner (“Partner”) and, as applicable, its vendors, processors, payment networks, and financial institutions.

WeSpare only provides you a platform to facilitate Public Circle cash advances and savings using the Partner’s payment and financial infrastructure. We do not hold, transfer, or manage user funds directly. Payment functionality is subject to the applicable Third Party Consumer Policy(s), terms, rules, and privacy documentation presented to you during onboarding or use.

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To facilitate seamless understanding and Public Circle savings between the Users of WeSpare, we have set out the terms that govern this savings arrangement in this Public Circle Policy ("Policy").

By accessing the Services and participating in Public Circle activities facilitated by WeSpare, you agree to comply with and be bound by this Policy. If you do not agree to this Policy, you must not access or use the Services.

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Eligibility

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The Eligibility requirements in our Terms of Use shall apply for you to participate in the Public Circle.

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Definitions

• "Public Circle" refers to a centrally managed financial arrangement facilitated by WeSpare where participants make regular contributions and are guaranteed a specific payout at a designated position.

• "Cycle" means the complete duration of the Public Circle commitment.

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Your participation in Public Circle activities may be subject to additional eligibility criteria, including but not limited to verification of identity, residency status, financial capability, and risk assessment by WeSpare.

• "Contribution" means the fixed amount of money you agree to pay to WeSpare at each interval.

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You agree to provide accurate and complete information as required for participation and to promptly update any such information should it change.

• "Payout" means the distribution of funds to you at your designated position in the Cycle.
• "Accelerated Payout" means an advance Payout provided to you by WeSpare that exceeds the total amount of Contributions you have made up to that point in the Cycle.
• "Member" refers to an individual who has created a User Account with WeSpare and participates in a Public Circle.

• "Platform" refers to the digital infrastructure, including the website and mobile application, provided and maintained by WeSpare to facilitate the Services and the creation and operation of Public Circles.

• "User Account" means your personal account registered with WeSpare to access the Services.

• “Partner” means third-party partner and, as applicable, its vendors, processors, payment networks, and financial institutions involved in providing financial services for funds in the public circle.

• “Third Party Consumer Policy” means the online or written customer Policy(s), terms, and related disclosures presented by our third-party partner (or by WeSpare on Partner’s behalf) that govern your use of Partner Services.

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Public Circle Participation

• Contractual Relationship: In joining a Public Circle, you establish a direct contractual relationship solely with WeSpare. You are not entering into a contractual agreement with other individual participants. WeSpare manages all fund flows, and Partner processes these payments directly between you and WeSpare.

• Risk-Based Slot Eligibility: Before selecting a payout position, you will undergo a risk assessment by WeSpare. Based on your risk profile, you will be eligible for specific payout positions within the Cycle.

• Advances and Repayment: If you receive a Payout at a position before you have fully contributed the total Cycle amount, the difference between your Payout and your accumulated Contributions constitutes an Accelerated Payout from WeSpare. Hence, you have a strict obligation to keep participating in the Public Circle without any default on subsequent contributions. You irrevocably commit to continuing your scheduled Contributions until the Cycle concludes.

• Obligations and Commitments: You irrevocably commit to making all required Contributions according to the agreed schedule. Contributions are to be made through the payment methods provided by WeSpare and third-party partners. Failure to fulfill your obligations may lead to legal or financial repercussions, including collection actions, adverse credit reporting, and delinquency fees.

• Auto Withdrawals:: If a manual payment has not been made, the system will automatically initiate a debit from your designated account or payment method. You agree to maintain sufficient funds and/or available credit to satisfy scheduled debits.

• Default: If you fail to make a Contribution by the agreed-upon deadline, you will be considered in default. In the event of default, WeSpare may take actions, including but not limited to issuing reminders and late payment notices, suspending you from future Payouts, reporting the default to credit bureaus, applying penalty fees, and pursuing legal action for recovery of outstanding amounts and advances.

• Partner-Assessed Fees and Costs on Default:  You are responsible for any network fees, penalties, or return fees assessed by Partner attributable to your default or failed payments, subject to maximum limits prescribed by applicable laws, including the Federal Competition and Consumer Protection Act 2018.

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Fees and Payments

• Fees and Charges: Certain aspects of the Services may be subject to fees, including transaction fees, service charges, or subscription fees. All fees are listed on our website or within the mobile application. By using the fee-based Services, you agree to pay all applicable fees.

• Partner and Network Fees: Transactions processed through our partner may incur partner or network fees. We will present applicable fees before you authorize a transaction. WeSpare service fees are separate from any partner or network fees.

• Payment Methods: You must provide a valid payment method to pay for any fees associated with the Services. You authorise us to charge your payment method for all fees incurred.

• Authorization to Debit; Setoff: You authorize WeSpare to debit your selected payment methods for all amounts owed under this Policy. You acknowledge that Partner executes these debits strictly as an agent and payment processor on behalf of WeSpare. WeSpare may set off any amounts you owe against funds otherwise payable to you.

• Changes to Fees: We reserve the right to change the fees for our Services at any time. We will notify you of any fee changes through the Services or via email. Your continued use of the Services after the fee changes become effective constitutes your acceptance of the new fees.

• Late Payments and Penalties: If you fail to make timely Contributions, we may impose penalties,  including suspension of rights, penalty fees, and restriction from the platform.

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Use of the Services

• Permitted Use: You agree to use the Services in compliance with this Policy, all applicable laws of the Federal Republic of Nigeria, including but not limited to the Nigerian Data Protection Act 2023, and any regulations, policies, or guidelines issued by relevant Nigerian authorities.

• Prohibited Activities: You agree not to engage in any activities that violate any applicable laws, regulations, or guidelines, including:
  
  • fraud, money laundering, proliferation financing, or terrorism financing;
  • infringe on WeSpare's or any third party's rights;
  • harass, intimidate, discriminate against, or defame any person; impersonate or misrepresent your identity;
  • upload or transmit any malicious code;
  • engage in any activity that could reasonably be expected to cause injury, loss, or damage to WeSpare;
  • offer or accept any illegal bribe or secret commission;
  • fail to promptly inform WeSpare of any illegal activity; share or transfer your User Account;
  • or use the Services for commercial purposes without prior written consent.
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• Failure to use the Services in compliance with permitted use and applicable laws may lead to rejection, suspension, or limited access to payment services, and transaction or account holds, delays, reversals, returns, or chargebacks.

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User Accounts and Registration

• Account Registration Requirements: Before accessing or utilizing the Services, you must register for a User Account. You represent that you have reached the age of majority, are a resident of Nigeria, and possess the legal capacity to enter into binding contractual obligations. You further warrant that all information provided is true, accurate, and complete.

• Account Security and Authentication: You are responsible for keeping your account credentials secure. If you suspect any security breach, notify us immediately in writing. You agree that you are liable for all activities under your account.

• Account Usage Restrictions: Each User Account is personal to the registered user and may not be shared, transferred, or accessed by any other person. Multiple User Accounts by a single user is strictly prohibited. Any commercial use or attempt to resell account access is expressly prohibited.

• Account Suspension and Termination: WeSpare maintains the absolute right, in its sole discretion, to suspend or terminate any User Account for violations of this Policy or suspected fraudulent activity. During any investigation, we may freeze funds or restrict account access. We reserve the right to report illegal activities to authorities.

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Risk Disclosure

• Default Risk: Participation in Public Circle involves inherent financial risks. In the event of non-performance of your payment obligations, you may experience significant delays or permanent loss of contributed amounts. WeSpare shall not be liable for any claims, damages, or losses arising from or related to defaults.

• Early Withdrawal: The Member acknowledges and agrees that early withdrawal from a Circle before its scheduled completion date, following your payout, is not possible. Default following payout may result in a cancellation fee, permanent or temporary ineligibility for future participation, and forwarding of your information to credit and collection agencies with respect to the recovery of any Default funds.

• Overcommitment: Members are solely responsible for evaluating their financial capacity.  WeSpare disclaims any liability for adverse consequences resulting from member overcommitment. Exceeding financial commitments may result in default, impaired creditworthiness, or financial hardship.

• No Guarantee: WeSpare provides a public sharing platform for the group savings of users’ own contributed funds and, to the fullest extent permitted by applicable law, makes the platform available on an “as is” and “as available” basis. WeSpare makes no representation, warranty, or guarantee of any kind, whether express or implied, regarding platform performance or the realization of any anticipated return, yield, profit, or other financial outcome. Past performance is not indicative of, and does not guarantee, future results. Notwithstanding the foregoing, and subject to these Terms, a user shall be entitled, at a minimum, to withdraw an amount equal to the aggregate value of such user’s original contributions, less any applicable network, blockchain, gas, transaction, or similar third-party processing fees. Except as expressly set forth above, participation in the platform is undertaken solely at the user’s own risk.

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Service Participation and Financial Obligations

• Platform Services: WeSpare solely provides you with a platform to facilitate Public Circle cash advances and structured savings. Our Partner acts strictly as a payment service provider processing transactions on WeSpare's behalf. We do not hold or manage user funds directly.

• Banking Services: While the Partner terms of use govern the technical execution of payment processing and network rules, this Policy exclusively governs the fundamental financial obligations, advances, and commitments between you and WeSpare.

• Payment Terms and Processing: You agree to maintain sufficient funds in your designated payment account to satisfy all scheduled Contributions and authorize WeSpare to initiate automatic debits.

• Partner Suspension and Transaction Holds: If Partner places a hold, delay, reversal, or return on your account, you remain obligated to satisfy your Contributions. We may delay payouts or reattempt debits while the hold is in effect.

• Additional Verification and Limits: We may require additional identity verification,  documentation, cooling-off periods, or graduated transaction limits. Failure to satisfy these requirements may limit your use of payment functionality.

• Compliance with Laws: You agree to comply with all applicable laws, including anti-money laundering ("AML") and know-your-customer ("KYC") requirements. WeSpare or Partner may require additional information to comply with legal obligations.

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Privacy and Data Sharing

• Data Privacy: Data for participation in this Public Circle shall be collected and processed in line with the provisions of our Privacy Notice.
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Intellectual Property

All content, features, and functionality on the Services are the exclusive property of WeSpare or its licensors. We grant you a limited, revocable, non-exclusive license to access and use the Services solely for your personal purposes. You agree not to reproduce, distribute, modify, or create derivative works without our prior written consent.

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Third-Party Services

• Integration: The third-party terms set out in our Terms of Use shall apply to all Members of the  Public Circle. By participating in the Public Circle, you acknowledge that the terms shall apply to your use of third-party solutions.
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Confidential Information

"Confidential Information" means any non-public, proprietary information disclosed by one party to the other. The receiving party agrees to use it solely for the purpose of performing obligations under this Agreement and to maintain its confidentiality, not disclosing it to any third party without prior written consent, except as required by law. If compelled by law, the receiving party shall provide prior notice.

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I‍ndemnification

You agree to indemnify, defend, and hold harmless WeSpare and its banking partner, Partner, along with their affiliates, officers, directors, and employees, from any claims, liabilities, damages, losses, or expenses, including reasonable legal fees, arising from your access to or use of the Services, your violation of this Policy, your infringement of any third-party rights, and any disputes between you and any third party.

By participating in the Public Circle, you agree that all indemnity provisions in our Terms of Use shall apply to you.

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Reimbursement for Partner Losses and Costs

You are directly liable to WeSpare for any losses, fees, penalties, assessments, chargebacks, returns, clawbacks, network fines, reserve deficits, negative balances, fraud losses, or other amounts that WeSpare is required to pay or that are debited from WeSpare's accounts by Partner arising from your use of the Services, your default, or your breach of this Policy.

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Upon our request, you will promptly reimburse WeSpare for all such amounts. We may collect these amounts by debiting your payment methods.

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Fraud and Abuse Measures

If WeSpare, Partner, or a payment network detects suspected or actual fraud, abuse, or legal violations of any laws or terms under this policy, we may, without prior notice, suspend your account, impose restrictions, cancel transactions, and recover associated losses from you.

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DISCLAIMERS AND LIMITATION OF LIABILITY

You agree that all disclaimers and limitations of liability provisions under the Terms of Use shall apply to your participation in the Public Circle.

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Dispute Resolution and Arbitration

Any dispute or claim arising out of this Policy shall be determined in accordance with the provisions set out in our Terms of Use.

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Governing Law

This Policy shall be governed by and construed in accordance with the applicable laws of the Federal Republic of Nigeria.

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Waiver of Class Action

You agree to resolve any disputes with WeSpare on an individual basis and waive any right to participate in a class action lawsuit or class-wide arbitration.

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Termination

We reserve the right to suspend or terminate your access to the Services at any time, with or without cause or notice, and in accordance with the provisions of the Terms of Use.

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Advice of Counsel

You acknowledge that before participating in the Public Circle under the terms set out in this Policy, you have had the opportunity to seek the advice of Independent legal counsel, and you have read and understood all of the terms and provisions of this Policy.

Electronic communicqtion and signatures

By using the Services, you consent to receive all notices, disclosures, agreements, billing information, legal updates, and other communications electronically. Such communication may be delivered through either email to the contact address you have provided or notifications through the Services.

You agree that these electronic communications satisfy any legal requirement that such communications be “in writing.” You further agree that any acknowledgments, authorizations, or acceptances provided via the Platform, such as clicking an “Accept” button or submitting a form, shall constitute a legally binding digital signature as governed by our Electronic Signature Consent Agreement. You therefore agree that such a digital signature shall not be repudiated on the basis of its electronic form.  

If our Partner suspends your access to its services, WeSpare may immediately suspend or terminate your access to payment functionality.

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Version Control:

Your pre-existing obligations, including Contributions, shall remain in effect.

We may, in our discretion, change or revise this Policy and any other policy or agreements referenced or incorporated under it. Such changes shall be effective immediately upon posting on our website or Platform.

Upon termination, all provisions that should survive termination shall take effect, including ownership provisions, indemnity, and limitations of liability.

If you have any questions about this Policy, please contact us at help@wespare.com

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Indicating the "Last Updated" date at the top of this Notice. Sending email notifications to registered users (for material changes). Posting notices on our Platform. Your continued use of our services after such change shall constitute your acknowledgement of the updated Policy. If you do not agree to the Policy as of the Last Updated date, please do not use or continue to use our services.