Important

• SafeLock interest rate is variable
• Transfers out can take up to 3 business days should there be any issue
• Interest is paid out based on your tenure chosen
• Your SafeLock Funds will be lent or invested to a third party

Acceptance of terms

The following Terms and Conditions (these “Terms”) apply, in addition to WallxVend’s standard Terms of Use, to any person that utilises WallxVend’s interest-bearing SafeLock product (the “Safelock Wallet”), through WallxVend.com or any associated mobile applications, website, or APIs (together, the “WallxVend Site”). Defined terms used but not specifically defined in these Terms shall bear the meaning ascribed thereto in WallxVend’s standard Terms of Use. These Terms form an addendum to the above mentioned Terms of Use, and accordingly constitute a legally binding agreement between you and the WallxVend entity with whom you have contracted under WallxVend’s Terms of Use. For the purposes of these Terms, any reference to “we” “us” “our” “WallxVend” and/or any similar term shall be construed as a reference to the WallxVend entity with whom you are contracting: By utilising the SafeLock Wallet, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of the SafeLock Wallet, including but not limited to, those related to taxation, export or import activity, or foreign currency transactions. Please read these Terms carefully before using the SafeLock Wallet because they affect your legal rights and obligations.

Amendment of terms

WallxVend may amend these Terms from time to time. You should visit the WallxVend website regularly to check when these Terms were last updated and to review the current Terms. We will do our best to notify you of any amendments to these Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the WallxVend Site, or sent by email to the email address associated with your WallxVend Account. The continued use of your WallxVend SafeLock Wallet, after any amendment to these Terms, constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms, or any amendment to them, you must immediately stop using the SafeLock Wallet.

The SafeLock wallet

The WallxVend SafeLock Wallet allows you to earn interest on Money deposited into a wallet which has been designated for this purpose. The SafeLock Wallet is expressly a lending product, and you should accordingly familiarise yourself with these Terms, and in particular with sections 4 and 5 below. The WallxVend SafeLock Wallet is currently only available for all Agents but WallxVend may, in its sole discretion, decide to support additional 3rd party Agents or provider in the SafeLock Wallet from time to time in the future (each a “Supported SafeLock Wallet Money” or, collectively, “Supported SafeLock Wallet 3rd Party Providers”). When you choose to create a SafeLock Wallet, you will be shown the currently Supported SafeLock Wallet Options/Interest Earnings, which may differ depending on your maturity period, and you will only be able to create a wallet for these Selected SafeLock Wallet Options. Your SafeLock Wallet is not deemed to be opened, and we have no responsibility to you in connection therewith unless and until you have received confirmation from us that your SafeLock Wallet has been opened. We are not obliged to accept an application to open a SafeLock Wallet, and we reserve the right not to open a SafeLock Wallet for any applicant in our sole and absolute discretion. Any reference to “interest” in these Terms refers to interest earned on Locked Funds which, for the avoidance of doubt, will itself be denominated in the same Supported Money as the relevant SafeLock Wallet.

Consent to lend and appointment of WallxVend as intermediary

By utilising the SafeLock Wallet, you acknowledge that WallxVend is able to generate a return on Money deposited into your SafeLock Wallet by placing your Money with third party service providers (hereinafter a “Lending or Investment Partner”), who will in turn facilitate the entering into of loans/investments from time to time, utilising your funds. *You accordingly agree to appoint WallxVend as intermediary for this purpose, and expressly authorise WallxVend as agent, for and on your behalf, to place any Money that is held in your SafeLock Wallet with its chosen Lending and Investment Partner(s). By doing so you acknowledge and understand that any Money held in your SafeLock Wallet will be lent or invested and advanced to third parties, at your own risk. You furthermore acknowledge that WallxVend may add or remove any such Lending/Investment Partner(s) from time to time, in its sole discretion, without providing notice to you thereof. While WallxVend takes steps to vet its chosen Lending/Investment Partners, it is ultimately at your own risk and benefit that Money is lent or invested. Accordingly please carefully read the ‘Risk Warning and Indemnity’ section of these Terms, and familiarise yourself with the SafeLock Wallet product. Except where prohibited or limited by applicable law, you grant WallxVend the right, without further notice to you, to hold the Money held in your SafeLock Wallet in WallxVend’s own name or in another name, and to lend, invest, pledge, repledge, hypothecate, rehypothecate, or otherwise transfer or use any amount of such Money, separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in WallxVend’s possession and/or control a like amount of Money, and to use or invest such Money. You acknowledge that, with respect to assets used by WallxVend pursuant to this section: (1) you may not be able to exercise certain rights of ownership; and (2) WallxVend will earn a commission in connection with lending, investment or otherwise using Money in its business, to which you will have no entitlement.

Risk warning and indemnity

Your SafeLock Wallet is not a checking account nor a traditional bank SafeLock account, and it is not covered by insurance against losses. We will lend, sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of Money assets to counterparties, in order to invest and generate a return. As explained in section 4 above, any Money held in your SafeLock Wallet will be lent to third parties, through our chosen Lending or Investment Partner(s). While WallxVend takes steps, in conjunction with its Lender Partner(s), to protect your Money, you acknowledge that since the SafeLock Wallet is a lending product, there is an inherent risk of counterparty default, and that this risk is for your own account. *By utilising the SafeLock Wallet you indemnify WallxVend, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the SafeLock Wallet, including (without limitation) the loss of Money deposited into your SafeLock Wallet (whether in whole or in part), and you accordingly hereby waive any claim that you may have against WallxVend arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages). You understand and agree that should a counterparty become insolvent, or otherwise fail to repay any amounts lent and advanced to it, then this may impact upon your investment.

Compliance and 'Know Your Customer'

WallxVend implements and maintains the highest standards of Know Your Customer (“KYC”) processes and controls and is committed to combating fraud and assisting in the prevention of money laundering and terrorist financing. On the page of the WallxVend website. In order to ensure that we meet these standards, we may require you to provide certain additional documentation and/or personal details when utilising the SafeLock Wallet (“Identity Verification”).
You represent and warrant that any and all information provided to us is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as reasonably possible. Note that we may use credit reports or other information on you obtained from third parties to help us determine if we should open or maintain your SafeLock Wallet.

WallxVend reserves the right to, at any time:

• restrict or suspend the use of your SafeLock Wallet when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or enhanced due diligence ("EDD"); or
• terminate your WallxVend Account, and accordingly terminate your SafeLock Wallet, if you provide, or we suspect that you have provided, false or misleading information or refuse to provide information that we require for Identity Verification and/or EDD purposes.

You accept and agree that there may be delays in accessing your SafeLock Wallet, or in processing deposits or withdrawals through your SafeLock Wallet, while we undertake any Identity Verification and/or EDD procedures.

Retention of information: WallxVend is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with WallxVend. We reserve the right to keep such information and documentation for the required period and you accept and agree that information and documentation you provide to WallxVend may be retained by us, including following the closure of your SafeLock Wallet and/or WallxVend Account.

Calculation and crediting of interest

The interest rate offered on the SafeLock Wallet is variable, and accordingly may fluctuate from time to time. The applicable interest rate will be communicated to you via the WallxVend Site, but will vary depending on prevailing market conditions, and the interest rates offered by our Lending Partner(s). We will determine the applicable interest rates, in our sole discretion, and you acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits. Interest will be payable in arrears and will be capitalised (i.e. credited) to the principal amount held in your SafeLock Wallet on the first day of each calendar month. Interest will be calculated by applying a daily effective rate to the principal amount in your SafeLock Wallet on each day, which is calculated by dividing the applicable effective interest rate by three hundred sixty-five (365) days, regardless of whether the relevant year is a leap year. All interest will be denominated in the relevant Supported SafeLock Wallet Money (subject to section 16 below). Once interest has been credited to your SafeLock Wallet, it will be compounded to the capital amount, whereafter you will earn interest on such (interest inclusive) amount.

Deposits and withdrawals

You can utilise your SafeLock Wallet by depositing directly to your SafeLock Wallet. You may also wish to transfer from your default sales wallet to your SafeLock Wallet. As at the date of these Terms, there is a minimum amount of N5,000 required to lock doen funds on your SafeLock Wallet. WallxVend may however, in its sole discretion, choose to increase or decrease a minimum SafeLock balance in future which would thereafter be required in order to open and/or maintain a SafeLock Wallet. WallxVend endeavours to process all withdrawals from SafeLock Wallets as expeditiously as reasonably possible, but must do so in conjunction with its Lending or Investment Partner(s). WallxVend reserves the right to process any withdrawals within 3 (three) business days reckoned from the date of receipt of a manual withdrawal request. However, all withdrawals are automated as at today. Please ensure that you provide WallxVend with adequate notice, in light of the aforesaid time period, in order to process a withdrawal from your SafeLock Wallet timeously. Withdrawals will be processed to your WallxVend Wallet, and thereafter may be withdrawn to your fiat currency bank account where you have added your bank account details to your WallxVend Account, in accordance with our standard Terms of Use. Please note however that WallxVend does not guarantee a time period for the processing of withdrawals, and expressly disclaims any loss, liability or damage, whether direct or indirect, which you may suffer as a result of any delay in processing a withdrawal request.

Commission and fees

You acknowledge and agree that, as consideration for developing and making the SafeLock Wallet platform available to you, WallxVend will earn a commission on any Money locked in connection with the SafeLock Wallet. This commission will be factored into the effective interest rate communicated to you, such that the effective interest rate offered to you will be net of any commission or fees.

Service availability

While we will do everything we can to provide continuous operations, WallxVend does not provide any warranty or guarantee in relation to the availability of the SafeLock Wallet. Without limiting the generality of the foregoing, we do not guarantee continuous access to the WallxVend Site or to your SafeLock Wallet, and make no representation that the WallxVend Site, WallxVend API, your WallxVend Account and/or your SafeLock Wallet or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.

Restriction, suspension and termination

WallxVend reserves the right to restrict, suspend or terminate your SafeLock Wallet where:

• we reasonably suspect that your WallxVend Account and/or SafeLock Wallet is the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified;
• we reasonably suspect that your WallxVend Account and/or SafeLock Wallet has been or is being used in relation to any unlawful, fraudulent or Prohibited Activity, or in breach of these Terms or our standard Terms of Use;
• we reasonably suspect that you or your WallxVend Account and/or your SafeLock Wallet is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;
• we reasonably suspect you of taking any action that WallxVend considers to be a circumvention of WallxVend’s controls, including but not limited to opening multiple WallxVend Accounts and/or SafeLock Wallets;
• we reasonably suspect your involvement in any attempt to gain unauthorised access to any WallxVend Account and/or SafeLock Wallet;
• your WallxVend Account and/or SafeLock Wallet is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance;
• we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
• your name appears on a government or international body sanctions list.

WallxVend will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your WallxVend Account and/or SafeLock Wallet, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise WallxVend’s security and/or risk management procedures. You accept and agree that WallxVend is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your WallxVend Account, and shall have no liability to you in connection with the restriction, suspension or termination of your WallxVend Account.

Financial advice

Under no circumstances does any information contained on the WallxVend Site, or provided to you through your WallxVend Account, or in relation to your SafeLock Wallet by any employee, agent or affiliate of WallxVend, constitute financial, investment or other professional advice. You are solely responsible for any decision to invest Money into a SafeLock Wallet, and such a decision should take into account your risk tolerance and financial circumstances. You should consult your legal or tax professional in relation to your specific situation.

Taxes

You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your WallxVend Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.

Disclaimer of warranties

The SafeLock Wallet and any related products or services are offered on a strictly “as-is” and “where-available” basis and WallxVend expressly disclaims, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the SafeLock Wallet and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.

Limitation of liability

In no event shall WallxVend, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the WallxVend SafeLock Wallet and/or your WallxVend Account, including without limitation any damages caused by or resulting from any reliance upon any information received from WallxVend, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to WallxVend’s records, programmes or services. Without limiting the generality of the above, in no event will any liability of WallxVend, its operating entities or any other affiliates (including their respective directors, members, employees or agents) arising in relation to your use of the SafeLock Wallet or your WallxVend Account, exceed (in aggregate) the fees earned by WallxVend in connection with your use of your WallxVend Account in the six month period immediately preceding the event giving rise to the claim for liability. The above limitations of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. Because some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.

Liquidity loss

It is recorded that in certain circumstances, where the market for a particular Supported SafeLock Wallet Money becomes illiquid, as detailed below, WallxVend may in its sole discretion choose to process any customer withdrawals from their SafeLock Wallet in the customer’s local fiat currency equivalent of such customer’s SafeLock Wallet balance as at the repayment date, rather than in the relevant Supported SafeLock Wallet Money. The market for a particular Supported Money will be considered illiquid for the purposes of this section

Disputes

You and we agree that the provisions of the section headed “Disputes” set out in WallxVend’s standard Terms of Use (as applicable to you) will apply to these Terms.

Miscellaneous

Entire agreement. These Terms constitute the entire agreement and understanding between you and WallxVend with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and WallxVend (including but not limited to any prior versions of these Terms).

Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect. In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.

Assignment. You may not assign or transfer any of your rights or obligations under these Terms without WallxVend’s prior written approval. You give WallxVend your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of WallxVend’s equity, business or assets; or (iii) a successor by merger.

Change of control. In the event that WallxVend is acquired by or merged with a third party, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control. Force Majeure. WallxVend shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, pandemic or other catastrophe or any other occurrence which is beyond our reasonable control.

Survival. All provisions of these Terms that by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your WallxVend Account, use of the WallxVend Site, disputes with WallxVend and general provisions, shall survive the termination of these Terms. English language controls. Notwithstanding any other provision of these Terms, any translation is provided solely for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretation in the English language. Any translation provided may not accurately represent the information in the original English.