- "Piggy by Moniemate" refers to the Moniemate PiggyBanking Fixed Deposit platform.
- "User" refers to the individual using the PiggyBank platform.
- "Fixed Deposit" refers to a type of savings account where a User deposits a sum of money for a fixed period of time at a fixed interest rate.
- The User must be at least 18 years old and have a valid government-issued ID to use the Moniemate PiggyBank platform.
- The User must have a valid bank account to link to the PiggyBank platform.
- The User must register for an account on the Moniemate PiggyBank platform to access the fixed deposit services.
- The User must provide accurate and complete information during the registration process.
- The minimum deposit required to open a fixed deposit account on the PiggyBank platform is ₦200.
- The fixed term for the fixed deposit account ranges from 90 days to 365 days.
- The interest rate applicable to the fixed deposit account is 0.1% daily of the User's current balance.
- Interest will be paid daily and added to the User's balance.
- The interest payment will be credited to the User's account.
- The User can withdraw their funds at the end of the fixed term or at maturity.
- If the User withdraws the deposit before maturity, the PiggyBank platform reserves the right to deduct a penalty from the interest accrued.
- A penalty of 17.5 % of the principal amount will be deducted from the interest accrued if the User withdraws the deposit before maturity.
- Other fees and charges may apply as specified in the PiggyBank platform's schedule of fees.
- The PiggyBank platform will protect the User's personal and financial data in accordance with applicable data protection laws.
- The PiggyBank platform will implement reasonable security measures to prevent unauthorized access to the User's account.
- These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
- Any disputes arising out of or in connection with these Terms and Conditions shall be resolved through arbitration in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria, 2004.
- The PiggyBank platform reserves the right to amend these Terms and Conditions at any time without prior notice to the User.
- By using the PiggyBank platform, the User acknowledges that they have read, understood, and agreed to be bound by these Terms and Conditions.
- The PiggyBank platform does not provide investment advice or guarantee returns on investments.
- The User is responsible for their own investment decisions and risks.
- The PiggyBank platform shall not be liable for any damages or losses arising from the use of the platform, except to the extent caused by the platform's gross negligence or willful misconduct.
- The User agrees to indemnify and hold harmless the PiggyBank platform, its affiliates, officers, directors, employees, and agents from and against any claims, damages, losses, and expenses arising from the User's breach of these Terms and Conditions.