Terms and Conditions

1. Introduction

These Terms and Conditions ("Terms") govern access to and use of LOOP (the "Platform"), including the website at loop.com.ng, associated mobile applications, and administrative portal (collectively, the "Services"). The Services are available to registered cooperative societies and their members for managing savings, loans, capital contributions, and utility payments.

By accessing or using the Platform, you agree to be bound by these Terms. If you do not agree, you must not access or use the Platform.

2. Definitions

Cooperative

A registered cooperative society that has subscribed to use the Platform for administering its members' financial and operational activities.

Member

An individual duly registered as a member of a Cooperative who accesses the Platform under that Cooperative's account.

Administrator

An individual authorized by a Cooperative to manage the Cooperative's account, records, and settings on the Platform.

Cooperative Bank Account

The designated bank account opened and maintained in the name of the Cooperative at a commercial bank, into which member contributions, savings, loan repayments, and other funds are received and held.

Platform Operator

The owner and operator of LOOP, responsible for the technical operation of the Services.

3. Eligibility and Registration

• A Cooperative must be a duly registered and legally recognized entity under applicable Nigerian cooperative laws and regulations.
• Members must provide accurate, current, and complete information, including any identification documents required for Know Your Customer (KYC) purposes.
• Each user is responsible for maintaining the confidentiality of their login credentials and for all activity under their account. Suspected unauthorized use must be reported immediately.

4. Cooperative Bank Account

5. Description of Services

The Platform enables Cooperatives and their Members to:

• Registering and managing member profiles and capital accounts
• Recording and tracking member savings and contributions
• Applying for, disbursing, and repaying loans in accordance with the Cooperative's lending policies
• Processing utility and other recurring payments on behalf of members
• Generating statements, reports, and other administrative records
• Communicating cooperative announcements and notices to members

The Platform Operator may add, modify, or discontinue features, with reasonable notice where a change materially affects users.

6. Fees and Charges

• Use of the Platform may be subject to subscription fees, transaction fees, or other charges communicated to the Cooperative.
• Commercial bank charges, including transfer, account maintenance, and statutory fees, are separate from Platform fees and remain the responsibility of the Cooperative or its Members as applicable.
• Fees may change with prior notice through the Platform or Cooperative Administrator.

7. Loans and Financial Transactions

Loan eligibility, amounts, interest rates, tenure, and repayment terms are determined by the Cooperative's own policies and constitution. The Platform is a record-keeping and processing tool; the Platform Operator is not a lender and is not responsible for lending decisions, defaults, or recovery actions. Members must understand and accept the terms of any loan or financial commitment before confirming a transaction.

8. User Obligations

• Provide accurate and truthful information during registration and in all transactions
• Use the Platform only for lawful purposes connected to legitimate cooperative activity
• Not attempt to gain unauthorized access to any part of the Platform, another user's account, or the Cooperative Bank Account
• Not use the Platform to facilitate fraud, money laundering, or any other illegal financial activity
• Comply with the Cooperative's constitution, bylaws, and internal policies in addition to these Terms

9. Data Protection and Privacy

The Platform Operator processes personal data in accordance with the Privacy Policy and applicable data protection laws, including the Nigeria Data Protection Act. Information submitted through the Platform is used to administer Cooperative operations and is disclosed only as needed to process transactions, comply with law, or as described in the Privacy Policy.

10. Intellectual Property

All content, trademarks, logos, software, and technology underlying the Platform belong to the Platform Operator or its licensors. Users receive a limited, non-exclusive, non-transferable license to access and use the Platform for its intended purpose. No other rights are granted.

11. Suspension and Termination

The Platform Operator may suspend or terminate access where there is reasonable suspicion of fraud, breach of these Terms, unlawful activity, or non-payment of applicable fees. A Cooperative may terminate its use of the Platform by written notice. Termination does not affect rights or obligations relating to the Cooperative Bank Account, which remain subject to the commercial bank's terms.

12. Limitation of Liability

The Platform is provided on an "as is" and "as available" basis without a guarantee that the Services will be uninterrupted, error-free, or entirely secure. To the maximum extent permitted by law, the Platform Operator is not liable for indirect, incidental, or consequential losses, including losses connected to commercial bank delays, errors, failures, or a Cooperative's lending or governance decisions. Nothing limits liability for fraud, willful misconduct, or liability that cannot be excluded under applicable law.

13. Dispute Resolution

Disputes between a Member and their Cooperative should first be resolved internally under the Cooperative's constitution and applicable regulations. Disputes between a user and the Platform Operator should first be addressed through good-faith negotiation, after which either party may pursue arbitration or the courts of competent jurisdiction in Nigeria.

14. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria. The parties submit to the exclusive jurisdiction of the courts of Nigeria for disputes arising from these Terms.

15. Amendments

The Platform Operator may amend these Terms from time to time. Material changes will be communicated through the Platform or to Cooperative Administrators. Continued use after changes take effect constitutes acceptance of the amended Terms.

16. Contact Information

For questions regarding these Terms, please contact LOOP Financial Services: