Spendek Terms Of Service

3.1Registration and verification

You must provide accurate, current and complete information when registering and keep it updated. We may refuse, suspend or close an account where information is inaccurate, incomplete or cannot be verified.

To access certain features — including linking a bank account — you must complete identity verification, which requires your National Identification Number (NIN) and may require additional information. We carry out verification through a licensed third-party provider.

We may refuse or withdraw access to the Services if verification fails or if we are unable to satisfy our regulatory obligations.

3.2Security of your account

You are responsible for:

• Keeping your password, transaction PIN and one-time passwords confidential
• All activity that occurs under your account, whether or not authorised by you, up to the point you notify us under clause 3.3
• Securing the device on which you use the Services, including keeping its operating system updated and its own screen lock enabled
• The consequences of enabling biometric login on a device to which another person has biometric access

Where you enable biometric login, any person whose biometrics are enrolled on that device may be able to access your Spendek account. Do not enable it on a shared device.

3.3Unauthorised access

Notify us immediately at support@spendek.com if you suspect your account has been accessed without authorisation, your credentials are compromised, or your device is lost or stolen. We will take reasonable steps to secure your account on notification. We are not liable for losses arising before you notify us where those losses result from your failure to comply with clause 3.2.

4.1What Spendek is not

For the avoidance of doubt, Spendek is not:

• A bank, deposit-taking institution or other financial institution
• A licensed investment adviser, financial adviser, tax adviser, accountant or lawyer
• A payment service provider, money transmitter or custodian of your funds

We do not hold, control, receive or transmit your money. Payments for Linx tokens are processed by Apple, by Google, or by Flutterwave, depending on where you buy them (clause 7.2).

4.2Availability

We aim to keep the Services available but do not guarantee uninterrupted or error-free operation. We may suspend, withdraw or restrict all or part of the Services for maintenance, security, upgrades, or for business or legal reasons, with or without notice.

We may modify, add to or discontinue features at any time. Where a change materially reduces functionality you have paid for, we will give you reasonable notice and, at our discretion, a refund or a credit of tokens to your balance.

5.1How linking works

Where you link a bank account, you authorise us and our licensed open banking partner to access, on a read-only basis, the account information described in our Privacy Policy.

We cannot move money out of, or initiate any transaction on, an account you link. We never receive your internet banking credentials, PIN or one-time passwords; those are provided directly to your bank or our partner.

5.2Your authority

By linking an account you represent and warrant that:

• You are the account holder or are lawfully authorised to grant access to it
• You have the right to disclose the account information to us; and
• Doing so does not breach any agreement between you and your bank

5.3Accuracy and availability of bank data

Transaction data is provided by your bank through third-party infrastructure. We do not control, verify or guarantee its accuracy, completeness, timeliness or availability. Data may be delayed, incomplete, duplicated, mis-categorised or unavailable, including where your bank changes its systems, your authorisation expires, or the connection requires re-authentication.

You must not rely on Spendek as a system of record for your finances. Your bank statement is the authoritative record. You are responsible for reconciling against it.

5.4Unlinking

You may unlink an account at any time in the app. Unlinking stops future synchronisation. Data already imported remains in your account unless you delete it or close your account.

7.1What tokens are

Spendek is free to use. We do not sell subscriptions or plans. The only thing you can buy is Linx tokens — prepaid digital tokens you purchase in advance and spend on features that cost us money to run.

Tokens are currently consumed by:

• Linx, our AI-assisted features — conversations, insights and suggestions
• Refreshing a linked bank account on demand, charged per account synced

The number of tokens an action consumes, and the number a payment buys, are shown in the app before you commit. We may change those rates for future purchases and future actions; we will not retrospectively re-price tokens you already hold.

You acknowledge and agree that:

• Tokens are a licence to access features, not money, e-money, a deposit, a security or legal tender
• Tokens have no cash value, cannot be exchanged for money, and cannot be transferred, sold or assigned
• Tokens may expire where bought as a time-limited pack; the validity period is shown before purchase
• Unused tokens are forfeited when your account closes or is terminated, except where a refund is required by applicable law
• Tokens are consumed when an action completes successfully. Where an action fails, reserved tokens are released and not charged

7.2How you can pay

There are two ways to buy tokens, and which one you use decides who processes the payment and who handles any refund.

• In the Spendek app: through Apple’s In-App Purchase on iOS, or Google Play Billing on Android. Apple or Google is the merchant of record for that purchase, the charge appears on your Apple or Google account, and their terms apply alongside these Terms
• On spendek.com: through Flutterwave, a licensed Nigerian payment provider, where you may pay by card, bank transfer or USSD. By paying you accept Flutterwave’s terms

We never receive or store your full card details, on either route.

You are responsible for all charges, taxes and levies applicable to your purchase. Prices on spendek.com are stated in Nigerian Naira and are inclusive of VAT where applicable. Prices in the app are set in the tiers Apple and Google make available and may differ from the website price, including because of store fees and currency conversion.

7.3Refunds

Except where the Federal Competition and Consumer Protection Act 2018 or other applicable law requires otherwise:

• Tokens are non-refundable once purchased
• Tokens already consumed are non-refundable in all circumstances

Where you bought tokens through Apple or Google, we cannot refund the payment ourselves — the store took it, not us. Refund requests for those purchases must go to Apple or to Google and are decided under that store’s refund policy.

Where you bought tokens on spendek.com, write to support@spendek.com.

On either route, if a payment is taken in error, or tokens are charged for an action that failed, contact support@spendek.com. We will investigate and, where appropriate, restore the tokens to your balance — which we can do regardless of who processed the payment.

7.4Failed payments

If a payment fails or is reversed after tokens have been credited, we may deduct the corresponding tokens from your balance, and where the balance is insufficient we may suspend token-consuming features until the amount is settled.

8.1Informational only

Linx and all insights, forecasts, suggestions, categorisations and reports provided through the Services are for general information only. They do not constitute financial, investment, tax, legal, accounting or professional advice of any kind, and must not be relied upon as such.

Nothing in the Services constitutes a recommendation to enter into any transaction, acquire or dispose of any asset, or adopt any financial strategy. We do not assess your objectives, financial situation, risk tolerance or needs.

You should obtain independent professional advice before making any financial decision.

8.2Limitations of AI

Linx uses third-party artificial intelligence models. You acknowledge that:

• AI output may be inaccurate, incomplete, outdated, misleading or entirely incorrect
• Output is generated from bounded summaries of data already in your account, which may itself be incomplete or mis-categorised
• Similar prompts may produce different results
• Forecasts are estimates based on past patterns and are not predictions or guarantees of future outcomes
• Envelope and budget suggestions are proposals only — nothing is applied to your account without your explicit confirmation
• You are responsible for reviewing and verifying any output before acting on it

8.3Prohibited reliance

You must not use the Services, or any output from them, as the sole basis for any decision with legal, tax, regulatory or material financial consequences. We expressly disclaim liability for any such reliance.

8.4Your inputs

You must not submit to Linx any credentials, passwords, one-time passwords, full card numbers, or the personal data of third parties without their authority. You must not attempt to use Linx to generate unlawful, defamatory or harmful content, or to circumvent its safeguards.

8.5No tax services

We do not provide tax calculation, filing, estimation or advisory services. Any figure presented is not a tax computation.

10.1Your content

You retain ownership of the data and content you submit. You grant us a worldwide, non-exclusive, royalty-free licence to host, store, reproduce, process, transmit and display it solely to the extent necessary to operate, secure, support and improve the Services, and to comply with law. This licence ends when the content is deleted, save for backups retained for a limited period and data we are required to retain.

You represent that you have all rights necessary to grant this licence and that your content does not infringe any third-party right.

10.2Feedback

Any feedback, suggestions or ideas you provide may be used by us without restriction, obligation or compensation, and you assign to us all rights in such feedback.

12.1By you

You may stop using the Services and close your account at any time through the app, through spendek.com/delete-account, or by contacting support@spendek.com. Closure does not entitle you to a refund of unused tokens.

12.2By us

We may suspend or terminate your access, in whole or in part, with or without notice, where:

• You breach these Terms
• We reasonably suspect fraud, money laundering, unauthorised access, or unlawful use
• We are required to do so by law, regulation, or a competent authority
• Identity verification fails or cannot be completed
• Amounts you owe remain unpaid
• Continuing to provide the Services would expose us to legal, regulatory or reputational risk; or
• We cease to provide the Services generally, in which case we will give reasonable notice

Where lawful and practicable, we will tell you the reason.

12.3Effect of termination

On termination your licence ends immediately and access ceases. Unused tokens are forfeited save where refund is legally required. We will retain and delete your data in accordance with our Privacy Policy and our legal retention obligations.

Clauses which by their nature should survive termination — including clauses 8, 10, 13, 14, 15, 16, 19 and 20 — survive.

15.1Excluded losses

We are not liable for any indirect, incidental, special, consequential, exemplary or punitive loss, or for loss of profit, revenue, business, opportunity, anticipated savings, goodwill, reputation or data, however arising, whether in contract, tort (including negligence), breach of statutory duty or otherwise, and whether or not foreseeable.

15.2Specific exclusions

We are not liable for loss arising from:

• Any financial, investment, tax or business decision you make
• Inaccurate, delayed, incomplete or unavailable bank data
• Any AI-generated output, including forecasts, suggestions and categorisations
• Acts or omissions of any third party, including your bank and our service providers
• Unauthorised access to your account resulting from your failure to keep credentials or your device secure
• Interruption, suspension or discontinuation of the Services
• Loss or corruption of data not caused by our breach of these Terms
• Any matter outside our reasonable control (clause 17)

15.3Cap

Our total aggregate liability arising out of or in connection with these Terms and the Services, in any twelve (12) month period, shall not exceed the greater of:

1. the total amount you actually paid us in that period; or
2. the sum of ₦[20,000].

15.4Basis

You acknowledge that the fees for the Services reflect this allocation of risk, and that we would not provide the Services on these terms without it.

20.1Governing law

These Terms and any dispute arising out of or in connection with them, including non-contractual disputes, are governed by the laws of the Federal Republic of Nigeria.

20.2Good faith resolution

Before commencing formal proceedings, the parties will attempt in good faith to resolve the dispute through negotiation for thirty (30) days from written notice of the dispute.

20.3Arbitration

If not resolved, the dispute shall be referred to and finally resolved by arbitration in Lagos, Nigeria, under the Arbitration and Mediation Act 2023, before a sole arbitrator appointed by agreement, or failing agreement within 14 days, by the [Lagos Court of Arbitration / Chartered Institute of Arbitrators (Nigeria Branch)].

The language of the arbitration shall be English. The award shall be final and binding.

20.4No class actions

You and Spendek agree that disputes will be brought only in an individual capacity, and not as a claimant or class member in any purported class, collective or representative proceeding. The arbitrator may not consolidate claims or preside over any representative proceeding.

20.5Exceptions

Either party may seek urgent injunctive or interim relief from a court of competent jurisdiction, and either party may bring a claim in respect of intellectual property infringement in court.

Nothing in this clause limits any right you have to refer a matter to a regulator or to pursue a remedy that cannot lawfully be made subject to arbitration.