Terms of Service

1. About These Terms#

These Terms are an agreement between you and Afria Technologies LLC ("we" or "us"). ChekBuk is our product. These Terms cover chekbuk.com, the ChekBuk iOS and Android apps and related services (the "Service"). By opening an account or using the Service, you agree to them. If you don't agree, don't use the Service.

These are also part of your agreement with us: the Privacy Policy, Acceptable Use Policy, Fee Schedule, Escrow Terms, E-Sign Consent, Cookie Policy, Complaints Policy and the mobile app EULA. If one of these product documents conflicts with these Terms, it wins for that product.

2. What ChekBuk Is#

ChekBuk is not a bank. We are a technology company. We don't take deposits or hold your money in our own name.

Our licensed partners hold and move your balances. They provide accounts, custody, card processing, payouts, mobile money and stablecoin services. ChekBuk is the software that lets you see your balance and move it.

ChekBuk balances are not bank deposits and are not insured by ChekBuk. Stablecoins aren't covered by any deposit insurance and can lose value.

3. Who Can Use ChekBuk#

You must:

• be 18 or older and able to enter a binding contract;
• live in a country we support;
• not be sanctioned, or located, organised or ordinarily resident somewhere we don't serve (see the Acceptable Use Policy);
• not have had an account closed by us for breaking these Terms, unless we agree in writing; and
• use the Service only for yourself, unless we approve otherwise (such as an escrow delegate).

Features, currencies and payout options depend on your country and are shown in the app. They can also depend on your verification level, and they can change.

4. Your Account#

Accurate details. Give us accurate, complete information and keep it current. One personal account per person, unless we agree otherwise.

Keep it secure. Protect your login details, one-time codes, devices and app-unlock settings. Don't share your password or codes with anyone, even someone claiming to be us. We will never ask for your password. If anything is lost, stolen or misused, tell us promptly at support@chekbuk.com or through in-app support.

Your activity. Unless the law says otherwise, you're responsible for activity on your account using your login details (see Section 13).

Your chektag. A chektag is your unique handle for getting paid. We may reclaim or change one that is offensive, misleading, impersonates someone, infringes rights or breaks the Acceptable Use Policy.

5. Identity and Sanctions Checks#

The law and our partners require us to verify you before you can use many features, such as larger balances, withdrawals, sending stablecoins and funding escrows. We may ask for your name, date of birth, address, government ID, a selfie or live photo, and how you use the Service. Our identity verification partner checks this for us. You authorise us and our partners to make the checks we need, including getting information about you from third parties.

We screen users, counterparties, some transactions and stablecoin addresses against sanctions lists, including those of the US Office of Foreign Assets Control (OFAC), at sign-up and on an ongoing basis.

If we can't verify you, you don't give us what we ask, or screening finds a match we can't clear, we may refuse your account, limit features, hold funds or close your account (Section 12). If the law stops us from telling you why, we won't.

6. Wallets and Balances#

You can hold supported currencies. These may include local African currencies, US dollars (USD), euros (EUR) and stablecoins (currently USDT, USDC and USDG). What's supported depends on your country, is shown in the app and may change.

Partners hold your balance, not us. Our licensed partners hold your balance for you (Section 2).

No interest. Balances earn no interest or other return, unless we tell you otherwise in writing for a specific product.

Stablecoins aren't legal tender. Third parties issue them. We don't issue or guarantee them. They can lose their peg, be frozen by the issuer or become unavailable (Section 9).

7. Conversions and Transfers#

Locked quotes. Before you convert, we show the rate, any fee, what you'll pay and get, and when the quote expires. Confirm in time and we convert on those terms. Otherwise, get a new quote.

Our margin. Our rate includes a margin, which is part of how we make money, so it may differ from rates elsewhere such as mid-market. Any separate fee appears in the quote and on /fees. A confirmed conversion generally can't be cancelled or reversed.

Sending to other users. You can pay users by chektag, email or phone number. Check the recipient before you confirm. Transfers are usually instant and generally can't be reversed or cancelled. If you pay the wrong person, you may need to ask them for it back. We'll help where we can, but can't promise recovery.

Watch for scams. Paying a stranger for goods or services? Consider escrow (Section 10). We will never ask you to send money to "verify" or "unlock" your account.

8. Deposits and Withdrawals#

Deposits. You can add money by supported methods, which may include card, bank transfer and mobile money, depending on your country.

• Our payment partners process deposits and may run their own checks.
• Fees are shown before you confirm and on /fees. Your bank, card issuer or mobile money provider may also charge, including cash-advance fees on credit cards.
• Money may not be available right away. We or our partners may hold a deposit for review.
• If a deposit is reversed, charged back or returned, we may take it (plus related fees) from your balance. If your balance is short, you owe us the difference.
• Use only payment methods in your own name.

Withdrawals. Before you confirm, we show the amount, the fee (which you pay) and what arrives. Limits, reviews and holds may apply.

US bank accounts. For now, bank withdrawals go only to US bank accounts:

Current fees are on /fees and shown before you confirm. Instant payouts depend on your bank and card network and aren't always available. Timing estimates aren't guarantees.

Payouts to US bank accounts are provided by Stripe. By setting up a payout account you agree to the Stripe Connected Account Agreement (https://stripe.com/connect-account/legal), which includes the Stripe Terms of Service. We'll ask you to accept it when you set up US payouts.

The bank account name, as verified by our payout partner, must match your verified identity. If it doesn't, we may decline or hold the withdrawal.

Mobile money. Where supported, withdraw to a mobile money wallet in your name. Operators may set their own limits and fees.

Digital wallets. Where supported, withdraw USD, EUR or GBP to a supported digital wallet account in your name. That provider's terms and fees apply.

Wrong details. You're responsible for correct withdrawal details. If money goes astray because of details you gave, we may not recover it.

9. Stablecoins#

Receiving. Receive supported stablecoins only on the networks shown in the app for each coin. An unsupported asset or network may mean permanent loss, and we aren't responsible for it.

Sending to external wallets.

• You must enter the right address and network.
• Blockchain transfers can't be reversed once broadcast. We can't cancel or recover them.
• We screen addresses against sanctions lists, including OFAC, and may block, delay or refuse transfers to addresses we see as high risk.
• Network fees and any ChekBuk fee are shown before you confirm and on /fees.

Risks. Issuers can fail or freeze tokens. Coins can lose their peg. Networks can congest or fail, smart contracts can have defects, chains can fork and laws can change. We may stop supporting a stablecoin or network at any time. If we do, we'll try to give notice and a reasonable way to convert or withdraw.

10. Escrow#

Escrow lets a payer and beneficiary agree terms, fund a deal and release money once agreed requirements are met. In short:

• both sides accept the escrow terms before funding, and you can invite a non-user by email;
• escrows can hold requirements, evidence, messages and attachments, visible to participants and ChekBuk;
• delegates can act for a party, but their money actions of US$1,000 or more need the principal's confirmation;
• ChekBuk moderates every escrow and may settle disputes by releasing, refunding or splitting funds;
• the Standard tier is free, and the Verified tier (ChekBuk staff verify the requirements) has a fee and a limited refund guarantee; and
• escrows can be cancelled or expire under the Escrow Terms.

The Escrow Terms are part of these Terms. Our partners hold escrow funds like other balances (Section 6).

11. Fees and Partner Terms#

Fees. Our fees are in the Fee Schedule, which is part of these Terms. We show fees before you confirm, and confirming means you agree to pay them from your balance or the transaction, as shown. We give at least 30 days' notice of fee increases (Section 20), unless the change helps you or the law or a partner requires it sooner. Banks, card issuers, mobile money operators and blockchain networks may charge their own fees.

Partner terms. Some features are provided by our partners, and you'll be asked to accept their terms in the app before you use them. For US bank payouts, see Section 8. You authorise us to share your information with partners as needed to run the Service (see the Privacy Policy).

Prohibited use. Don't do anything the Acceptable Use Policy bans, including sanctions evasion, money laundering, fraud, illegal goods and services, acting as an unlicensed payment service, and interfering with the Service. It is part of these Terms.

12. Limits, Holds and Closure#

Limits. We may limit transaction sizes and counts, balances, deposits and withdrawals, based on verification level, country, history, partners and the law.

Holds and freezes. We or our partners may delay, hold or decline a transaction, hold funds, freeze your account or restrict features if we reasonably believe we need to:

• follow the law, a regulator, a court order or an authority's request;
• meet partner requirements;
• investigate suspected fraud, unauthorised activity, sanctions exposure or a breach of these Terms; or
• protect you, other users, our partners or us.

You can close your account any time through support@chekbuk.com or the in-app option where available, if you have no pending transactions, open escrows or money owed. Withdraw your balance first. We may need to finish verification before releasing funds.

We can close your account for any reason, with notice where practical, including breach, legal or partner requirements, inactivity or our no longer serving your country. Where the law allows, we'll send your remaining balance (minus what you owe) to a verified destination in your name, unless the law requires us to hold or surrender it.

If the law stops us from explaining a hold, freeze or closure, we won't.

13. Errors and Fraud#

Tell us quickly. If a transaction wasn't authorised or looks wrong, contact support@chekbuk.com or in-app support as soon as you can with your name, the details and why it's wrong. We'll investigate and tell you the result. If the error was ours, we'll fix it. If we credit you by mistake, you must return it and we may reverse it.

Your liability. Unless the law gives you more protection, you may bear losses from transactions made with your login details if you didn't keep them secure or tell us promptly.

Some transactions can't be undone, even if made in error: completed user transfers, confirmed conversions and on-chain stablecoin transfers.

14. Communications and Privacy#

You agree to get all agreements, notices, disclosures, statements and other messages electronically (email, push, SMS or in-app), under the E-Sign Consent, which is part of these Terms. Keep your email and phone number current.

The Privacy Policy, also part of these Terms, explains how we handle your personal information, including ID documents and selfies. The Cookie Policy covers cookies on our website.

15. Intellectual Property#

We or our licensors own the Service, including its software, design, content, logos and the ChekBuk name and marks. We give you a limited, revocable, non-exclusive, non-transferable licence to use it personally under these Terms. Our apps are also covered by the EULA.

You own what you upload, such as escrow evidence and messages. You give us a worldwide, royalty-free licence to host, store, process and display it to run the Service, resolve disputes, follow the law and enforce these Terms. We can use any feedback you send without owing you anything.

16. Disclaimers#

To the fullest extent the law allows, the Service is provided "as is" and "as available". We don't promise it will be uninterrupted, timely, secure or error-free, or that any currency, method, network or partner will stay available. We disclaim all implied warranties, including merchantability, fitness for a particular purpose, title and non-infringement.

Not financial advice. We don't give financial, investment, tax or legal advice. Rate and asset information is for information only.

We aren't responsible for what third parties do or fail to do, including other users, banks, card networks, mobile money operators, blockchain networks and stablecoin issuers. Nothing here limits liability the law says can't be limited.

17. Limits on Liability#

To the fullest extent the law allows, we and our affiliates, officers, employees and agents aren't liable for indirect, incidental, special, consequential or punitive damages, or lost profits, revenue, data or goodwill, arising from the Service or these Terms.

Our total liability for any claim is limited to the greater of (a) the fees you paid us in the 12 months before the claim, or (b) US$100. This limit doesn't apply where the law doesn't allow limits, such as for fraud, gross negligence, death or personal injury, or anything else that can't be limited.

This doesn't limit our duty to return balances that are yours, subject to these Terms and the law.

18. Your Indemnity#

Where the law allows, you'll indemnify and hold harmless us and our affiliates, officers, employees and agents against claims, losses, liabilities and expenses (including reasonable legal fees) from your breach of these Terms, your breaking the law or others' rights, or your misuse of the Service.

19. Disputes#

Talk to us first. Most problems can be fixed fast. Before any formal proceeding, use our Complaints Policy (or email support@chekbuk.com) and give us a chance. We respond within the times that policy sets. If you're not satisfied, you may contact the financial regulator or consumer protection authority where you live.

Governing law. These terms are governed by the laws that apply where Afria Technologies LLC is organised, without regard to conflict-of-law rules. If you are a consumer, you also keep any rights your local law gives you that can't be waived.

Courts. Disputes go to the courts of that same place, unless your local consumer law lets you bring a claim where you live.

Time limit. Where the law allows, you must bring a claim within one year after it arises.

20. Changes to These Terms#

For a material change, we will:

• update the "Last Updated" date and post the new version on chekbuk.com;
• tell you by email or in the app at least 30 days before it takes effect, unless the law or a partner requires it sooner or it helps you; and
• for a new version, ask you to accept it before you keep using some or all of the Service.

If you don't agree, close your account before the change takes effect. Using the Service afterwards, or accepting the new version, means you agree.

21. Ending the Agreement#

These Terms last until you or we close your account. Closing doesn't affect transactions in progress, open escrows (settled under the Escrow Terms), money you owe, or records the law requires us to keep. Sections that should naturally survive will, including fees owed, errors, intellectual property, disclaimers, liability limits, indemnity, disputes and general terms.

22. General Terms#

• Entire agreement. These Terms and the documents they include are our whole agreement about the Service.
• Transfer. You can't transfer your rights or duties. We can, in a merger, acquisition, reorganisation, asset sale or to an affiliate, with notice where required.
• Severability. If part is unenforceable, the rest still applies.
• No waiver. Not enforcing something isn't waiving it.
• Beyond our control. We aren't liable for delays or failures from events outside our reasonable control, such as partner, network or blockchain outages, natural disasters, war or government action.
• Language. English controls over any translation, where the law allows.
• Third parties. Except as these Terms or the EULA say, no third party has rights under them.

23. Contact Us#

• In-app support
• General: hello@chekbuk.com
• Support and account issues: support@chekbuk.com
• Privacy: privacy@chekbuk.com
• Legal notices: legal@chekbuk.com