1. Acceptance of terms
By registering an account, joining a savings group, or otherwise using the Banasave platform (the “Service”), you confirm that you have read, understood, and agree to these Terms in full.
If you are using Banasave on behalf of an organisation, you represent that you have the authority to bind that organisation to these Terms, and “you” refers to both you and the organisation.
We may update these Terms from time to time. Continued use of the Service after changes are published constitutes acceptance of the revised Terms.
2. Eligibility
To use Banasave, you must:
- Be at least 18 years old
- Have the legal capacity to enter into a binding contract in your jurisdiction
- Not be prohibited from using the Service under the laws of your country of residence
- Not have had a Banasave account previously suspended or permanently terminated for a violation of these Terms
By using Banasave, you represent and warrant that you meet all eligibility requirements. We reserve the right to verify your eligibility at any time and to suspend or close accounts that do not comply.
3. Account registration
Creating your account
You must provide accurate, current, and complete information when registering. You are responsible for keeping your account information up to date. Providing false information is grounds for immediate account termination.
Account security
You are responsible for maintaining the confidentiality of your login credentials. You must notify us immediately at security@banasave.com if you suspect unauthorised access to your account. Banasave is not liable for losses arising from your failure to safeguard your credentials.
One account per person
Each individual may maintain only one personal Banasave account. Creating multiple accounts to circumvent limits, bans, or KYC requirements is strictly prohibited.
4. Savings groups
Creating a group
Any verified user may create a savings group. As a group admin, you are responsible for setting accurate group rules — contribution amount, cycle frequency, member limit, and payout order — before inviting members.
Joining a group
By joining a group, you commit to making contributions on the agreed schedule for the full rotation cycle. Banasave facilitates this commitment through automated reminders and contribution tracking, but it is ultimately your responsibility to fund your contributions on time.
Missed contributions
Group admins may configure late fees for missed contributions. Any late fees are payable directly to the group pool. Banasave does not collect or retain late fees. Persistent non-payment may result in removal from the group by the group admin.
Payouts
Payout order is set at group creation and may not be changed without the consent of all active members. Banasave automates payout disbursement based on the agreed rotation. If a payout fails due to incorrect bank details provided by a member, that member is responsible for resolving the issue.
Disputes between members
Banasave provides a transparent record of all contributions and payouts but is not a party to disputes between group members. We may provide records to assist in resolution but will not act as arbitrator.
5. KYC verification
To access certain features — including groups with higher payout limits — you must complete identity verification (KYC). This involves submitting a government-issued photo ID and proof of address.
- You must submit genuine, unaltered documents that belong to you
- Submitting fraudulent, altered, or another person's documents is a criminal offence
- KYC decisions are made by our verification partner and reviewed by our compliance team
- You may be asked to resubmit documents if they are unclear or expired
- We reserve the right to reject any KYC application and to suspend accounts where fraud is suspected
- KYC verification does not constitute an endorsement of your creditworthiness
6. Payments & fees
Contribution processing
Contributions are processed via third-party payment processors. By authorising a contribution, you authorise Banasave to instruct your payment provider to debit the specified amount and forward it to the group pool.
Platform fees
Banasave does not charge a percentage of payout amounts. Our subscription fees (if applicable to your plan) are charged separately and detailed on our Pricing page. Payment processor fees charged by Paystack, Flutterwave, Stripe, or other providers are passed through at cost.
Refunds
Subscription fees are non-refundable except where required by law. Contribution amounts already disbursed to a payout recipient cannot be reversed. If a contribution was processed in error, contact us at support@banasave.com within 48 hours.
7. Acceptable use
You agree to use Banasave only for lawful purposes and in a manner that does not:
- Infringe the rights of any other person
- Harass, intimidate, or threaten other users
- Interfere with or disrupt the Service or servers
- Circumvent any security or access controls
- Scrape, harvest, or collect user data without consent
- Introduce malware, viruses, or other malicious code
8. Prohibited activities
The following are strictly prohibited on the Banasave platform:
- Money laundering, terrorist financing, or any activity that violates financial crime laws
- Using Banasave to receive or move funds from illegal sources
- Creating groups for the purpose of fraud or collecting funds without intending to complete the rotation
- Impersonating another person or organisation
- Creating multiple accounts to manipulate group participation or KYC checks
- Using bots or automated scripts to interact with the Service
- Attempting to reverse-engineer, decompile, or copy any part of the platform
Violation of these prohibitions will result in immediate account suspension, reporting to relevant authorities, and potential civil or criminal liability.
9. Intellectual property
All content, software, designs, trademarks, and data on the Banasave platform are owned by or licensed to Banasave Limited. You are granted a limited, non-exclusive, non-transferable licence to use the Service for its intended purpose.
You may not copy, reproduce, distribute, or create derivative works from any part of the platform without our express written consent.
Any feedback, ideas, or suggestions you provide about the Service may be used by Banasave without restriction or compensation.
10. Limitation of liability
To the fullest extent permitted by law:
- Banasave is a technology platform — we facilitate savings groups but do not guarantee their completion or the behaviour of other members
- We are not liable for losses resulting from a group member's failure to contribute or a group admin's mismanagement
- We are not liable for losses caused by events outside our reasonable control, including payment processor outages, banking failures, or regulatory changes
- Our total liability to you for any claim arising from use of the Service is limited to the subscription fees you paid to us in the 12 months preceding the claim
- We exclude all liability for indirect, consequential, or punitive damages
Nothing in these Terms limits liability for death or personal injury caused by our negligence, fraud, or fraudulent misrepresentation, or any other liability that cannot be excluded by law.
11. Termination
By you
You may close your account at any time by contacting us or using the account deletion option in the app. Closing your account while you are an active member of a running savings group may affect other members — you remain liable for any outstanding contributions due before your exit.
By Banasave
We may suspend or permanently terminate your account immediately and without prior notice if you breach these Terms, engage in prohibited activities, fail KYC, or if we are required to do so by law or a regulator.
For less serious violations, we will typically give you notice and an opportunity to remedy the issue before taking action.
Effect of termination
On termination, your right to use the Service ceases immediately. Provisions of these Terms that by their nature should survive — including liability, disputes, and governing law sections — will continue to apply.
12. Disputes
If you have a complaint, please contact us first at support@banasave.com. We will make every effort to resolve the issue within 14 business days.
If we cannot resolve the dispute informally, both parties agree to attempt mediation before pursuing litigation. The mediator will be appointed by mutual agreement. Each party bears their own mediation costs.
13. Governing law
These Terms are governed by and construed in accordance with the laws of England and Wales. You irrevocably agree to submit to the exclusive jurisdiction of the courts of England and Wales for resolution of any dispute arising from or related to these Terms or your use of the Service.
If you are a consumer resident in a country with mandatory consumer protection laws that provide you with greater rights than these Terms, those rights are not affected.
14. Contact us
For questions about these Terms:
Legal Team
Banasave Limited
Email: legal@banasave.com
For privacy-related queries: privacy@banasave.com