Terms of Service
Please read these terms carefully before using NASFUNDS. They form a binding agreement between you and the cooperative.
Membership required
Services are available to registered members who accept these terms.
Financial clarity
All fees, rates, and terms are disclosed transparently. No hidden charges.
Account security
You are responsible for safeguarding your login credentials.
Fair termination
Either party may terminate with 30 days written notice.
Acceptance of Terms
Welcome to NASFUNDS Cooperative ("NASFUNDS", "we", "us" or "our"). These Terms of Service ("Terms") govern your access to and use of the NASFUNDS platform, website, and all related services, whether as a guest, prospective member, or registered member.
By accessing or using our services, registering as a member, applying for savings or loan products, or otherwise interacting with the platform, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy.
If you do not agree with any part of these Terms, you must not access or use our services. Your continued use of the platform following any changes constitutes acceptance of the revised Terms.
Eligibility & Membership
To register as a member and use our financial services, you must:
- Be at least 18 years of age and have legal capacity to enter into binding contracts
- Reside in Nigeria or be otherwise eligible under our cooperative by-laws
- Provide accurate, current, and complete information during registration
- Complete all Know-Your-Customer (KYC) verification requirements
- Not have been previously suspended or expelled from NASFUNDS
Membership is subject to approval by NASFUNDS, and we reserve the right to refuse, suspend, or revoke membership in our sole discretion and in accordance with our by-laws and applicable law.
Description of Services
NASFUNDS is a cooperative society management platform that provides the following core services:
Savings Accounts
Regular and fixed-deposit savings products with competitive interest rates.
Loan Products
Personal, business, and emergency loans with transparent, flexible terms.
Member Management
Profiles, KYC verification, and communication tools for the cooperative.
Financial Reports
Dashboards, trial balances, balance sheets, and complete audit trails.
We may modify, suspend, or discontinue any service at any time. We will provide reasonable notice where practical.
Account Responsibilities
You are responsible for maintaining the confidentiality and security of your account credentials, including your password and any two-factor authentication codes. You agree to:
NASFUNDS is not liable for losses arising from your failure to safeguard your credentials. If you suspect your account has been compromised, contact our support team immediately at support@nasfunds.co.ng.
Fees & Payments
NASFUNDS is committed to transparent pricing. Any applicable fees — including registration, share capital, and service fees — are communicated to you before you incur them.
| Fee Type | Description | Amount |
|---|---|---|
| Registration | One-time membership registration fee | ₦2,000 |
| Share Capital | Minimum member share contribution | ₦10,000 |
| Loan Processing | Applied on approved loan disbursement | 1% of loan |
| Statement | Printed statement request | ₦500 |
We may revise fees from time to time with reasonable notice. There are no hidden charges — you will always be informed of any applicable cost in advance.
Savings & Loan Products
All savings deposits and loan products are governed by the cooperative's by-laws, the terms of each specific product, and applicable Nigerian cooperative and financial services regulations.
- Savings withdrawals are subject to the rules of your chosen savings plan
- Loan applications are reviewed based on eligibility, savings history, and repayment capacity
- Interest rates and repayment schedules are disclosed before you accept any loan offer
- Defaulting on loan repayment may affect your membership status and future borrowing
- Automatic deductions from savings may apply for loan repayments, with your consent
Acceptable Use
You agree not to use the NASFUNDS platform in any way that:
Prohibited conduct
No unlawful, fraudulent, or malicious activity on the platform.
No unauthorised access
No attempting to bypass security or access others' accounts.
No malware
No transmitting viruses, malware, or harmful code.
No interference
No disrupting the platform's operation or services.
We may investigate and take appropriate action, including suspension or termination of your account, for violations of these rules.
Intellectual Property
All content, features, and functionality of the NASFUNDS platform — including text, graphics, logos, software, code, and trademarks — are the exclusive property of NASFUNDS Cooperative or its licensors and are protected by Nigerian and international copyright, trademark, and other intellectual property laws. You may not copy, modify, distribute, or create derivative works from any platform content without our prior written consent.
Limitation of Liability
To the fullest extent permitted by law, NASFUNDS, its officers, directors, employees, and agents shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including loss of profits, data, goodwill, or other intangible losses, arising from or relating to your use of, or inability to use, the platform.
Our total aggregate liability for all claims relating to the service shall not exceed the total amount you have paid to us, if any, in the twelve (12) months preceding the claim.
Nothing in these Terms limits liability that cannot be limited under applicable Nigerian law.
Disclaimers
The NASFUNDS platform and its content are provided on an "as is" and "as available" basis without warranties of any kind, whether express or implied, including implied warranties of merchantability, fitness for a particular purpose, and non-infringement. While we strive to maintain high availability, we do not warrant that the platform will be uninterrupted, error-free, or free of harmful components. We strongly encourage members to make independent financial decisions and, where appropriate, seek independent financial advice.
Termination
You may terminate your membership at any time by providing 30 days' written notice and settling any outstanding obligations. We may suspend or terminate your access if you breach these Terms, violate applicable law, or engage in activity that threatens the security or integrity of the platform or other members.
Upon termination, we will provide your data for export for 90 days and securely delete or archive your information in accordance with our Privacy Policy and applicable regulations.
Governing Law & Dispute Resolution
These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria, including the Companies and Allied Matters Act, cooperative society legislation, and the Nigeria Data Protection Act 2023.
Any dispute arising from or relating to these Terms shall first be referred to mediation before the Lagos Multi-Door Courthouse. If the dispute remains unresolved after 60 days, either party may commence proceedings in the courts of Lagos State, Nigeria, which shall have exclusive jurisdiction.
Questions About These Terms?
Our team is happy to clarify any aspect of these Terms of Service. Reach out through any channel below.