Terms of Service
These terms govern your use of Rainflow Capital Cooperative services. Please read them carefully.
Table of Contents
1. Acceptance of Terms
By accessing or using Rainflow Capital Cooperative ("Rainflow," "we," "us," or "our") services, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you may not use our services.
These Terms constitute a legally binding agreement between you and Rainflow Capital Cooperative Multipurpose Society Ltd., a cooperative society registered under Nigerian law.
Important: By creating an account or using our services, you confirm that you have read, understood, and agree to these Terms.
2. Our Services
Rainflow Capital provides digital cooperative savings and financial services, including:
Core Services
- Digital savings plans and accounts
- Cooperative group management
- Payment processing and transfers
- Loan services against savings
- Financial planning and advisory services
Diaspora Services
- Incentivized remittance services
- Healthcare support programs
- Education funding assistance
- Community development projects
- Investment opportunities in Nigeria
We reserve the right to modify, suspend, or discontinue any service at any time with reasonable notice to users.
3. Eligibility
To use our services, you must:
- Be at least 18 years of age
- Have legal capacity to enter into contracts
- Provide accurate and complete information
- Comply with all applicable laws and regulations
- Not be prohibited from using financial services
Geographic Restrictions
Our services are primarily available to:
- Residents of Nigeria
- Nigerian diaspora worldwide
- Individuals with Nigerian heritage or connections
Important: Some services may not be available in certain jurisdictions due to local laws and regulations.
4. Account Registration
Account Creation
To create an account, you must provide:
- Valid email address and phone number
- Government-issued identification
- Proof of address
- Employment or income verification
- Bank account information
Account Security
You are responsible for:
- Maintaining the confidentiality of your login credentials
- All activities that occur under your account
- Notifying us immediately of any unauthorized access
- Using strong passwords and enabling two-factor authentication
Verification Process
We may require additional verification for:
- Identity confirmation (KYC)
- Large transactions or withdrawals
- Suspicious account activity
- Regulatory compliance requirements
5. Savings Plans
Plan Types
We offer various savings plans with different terms:
| Plan Type | Minimum Amount | Term | Interest Rate |
|---|---|---|---|
| Target Savings | ₦1,000 | 6-24 months | 8-12% p.a. |
| Thrift Savings | ₦5,000 | 12-36 months | 10-15% p.a. |
| Investment Plan | ₦50,000 | 12-60 months | 12-18% p.a. |
Terms and Conditions
- Interest rates are subject to change based on market conditions
- Early withdrawal may incur penalties
- Contributions must be made according to plan schedule
- Plans are subject to our investment and risk policies
Note: Returns are not guaranteed and may vary based on economic conditions and investment performance.
6. Payments and Fees
Accepted Payment Methods
- Bank transfers (domestic and international)
- Debit and credit cards
- Mobile money payments
- Cryptocurrency (where permitted)
Fee Structure
- Account maintenance: Free
- Transaction fees: 1-2% of transaction amount
- International transfer fees: 2-5% + fixed fee
- Early withdrawal penalty: 1-5% of withdrawn amount
- Loan processing fee: 2-3% of loan amount
Payment Terms
- All fees are deducted automatically from transactions
- Contributions must be made by specified due dates
- Failed payments may result in account restrictions
- We reserve the right to modify fees with 30 days notice
9. Prohibited Activities
You agree not to:
- Use our services for illegal activities or money laundering
- Provide false or misleading information
- Attempt to circumvent our security measures
- Share your account credentials with others
- Use our services if you are under 18 years old
- Engage in fraud or unauthorized transactions
- Violate any applicable laws or regulations
Consequences: Violation of these terms may result in account suspension, termination, and legal action.
10. Limitation of Liability
To the maximum extent permitted by law:
- We are not liable for indirect, incidental, or consequential damages
- Our total liability shall not exceed the amount of fees paid by you
- We are not responsible for third-party services or market fluctuations
- Investment returns are not guaranteed and past performance does not predict future results
Force Majeure
We are not liable for delays or failures due to circumstances beyond our control, including but not limited to natural disasters, government actions, or technical failures.
11. Termination
Termination by You
You may terminate your account at any time by:
- Contacting our customer support
- Following the account closure process
- Withdrawing all funds (subject to plan terms)
- Settling any outstanding obligations
Termination by Us
We may terminate your account if you:
- Violate these Terms of Service
- Engage in fraudulent activities
- Fail to maintain required account balances
- Provide false information
Effect of Termination
- Your access to services will be discontinued
- Outstanding obligations remain in effect
- Funds will be returned according to applicable terms
- Certain provisions survive termination
Questions About These Terms?
If you have any questions about these Terms of Service or need clarification on any provisions, please contact our legal team.
Contact Legal Team