1.1 What This Document Is

These Terms and Conditions ("Terms") govern your use of the mobile application and web platform ("Application" or "Platform") and constitute an agreement between Famly MCS and the user ("you" or "your"). By using, downloading, or registering on this Application, you agree to follow these Terms. 

1.2 Who We Are

Famly is a digital cooperative platform operated by Famly Multipurpose Cooperative Society ("Famly MCS"), a cooperative society registered in Nigeria. Our registered address is 36 Sokode Crescent, Wuse Zone 5, Abuja, FCT. Famly MCS operates as a digital cooperative platform connecting members and facilitating transactions within Nigeria's regulatory framework. 

1.3 Your Agreement

When you download, register for, or use Famly, you agree to these Terms. If you don't agree, please don't use our App.

1.4 Changes to Terms

We may update these Terms from time to time. We will notify you through the App or via email at least 30 days before changes take effect. Continued use of the App means you accept the new Terms.

2. ELIGIBILITY AND REGISTRATION

2.1 Who Can Join

To use Famly MCS, you must:

• Be 18 years and above
• Have a valid Nigerian identification document
• Provide accurate information during registration

2.2 Registration Process And Use

To become a member, you must:

• Complete the registration form
• Pay the one-time registration fee ("Registration Fee");
• Verify your identity with a valid Nigerian ID
• Set up your contribution amount

2.3 Registration Fee

• A one-time payment of ₦2,000 is required to activate membership. 
• The Registration Fee is non-refundable after account activation

2.4 Account Security

You are responsible for:

• Keeping your login details secure
• Not sharing your account with others
• Reporting any unauthorized use immediately
• Updating your information when it changes

2.5 Prohibited Use

You must not: 

• use the Application for illegal activities; 
• provide false information; 
• Attempt to hack or disrupt our systems; 
• share your account with others;
• use the platform to harass other members;
• violate any Nigerian laws or regulations.

2.6 Penalties for Non-Compliance

Violation of these rules may result in: 

• account warnings; 
• temporary suspension; 
• permanent account closure; and 
• legal action if necessary.

3. MEMBERSHIP AND CONTRIBUTIONS

3.1 Membership Structure

All members join under a single membership structure. Access to specific platform features and services is subject to eligibility criteria based on contribution history and membership duration. In particular, the Buy Now Pay Later feature requires a minimum of 90 consecutive days of active contributions, and Interest-Free Funding access is subject to tiered eligibility requirements as set out in Section 7 of these Terms. 

3.2 Monthly Contributions

As a member, you must:

• make your monthly contribution by the due date; 
• contribute a minimum amount of ₦5,000 monthly; and 
• use approved payment methods only. 

3.3 How Contributions Work

Your monthly contributions are allocated as follows:

• 60% goes to your Available Contributions Balance, which you can withdraw at any time; 
• 40% goes to your Locked Contributions Balance, and which is pooled together for a profitable venture/scheme; and 
• returns on the Locked Contributions Balance are distributed to members annually based on cooperative performance. 

3.4 Contribution Process

The Locked Contributions Balance: 

• is pooled with other members' contributions; 
• is invested in approved instruments by Famly MCS on behalf of all members; 
• is managed in accordance with decisions made by the cooperative management; and 
• carries investment risk. Returns are not guaranteed and depend on the performance of the investment activities undertaken. 

3.5 Profit Sharing

• Cooperative profits are calculated annually at the close of each financial year. 
• Profits are distributed to members based on their proportionate contribution and overall cooperative performance. 
• Profit distribution occurs at the end of each financial year. 

3.6 Withdrawals

• Members may withdraw funds from their Available Contributions Balance only. 
• Withdrawals are processed through the member's personal wallet on the Platform
• The Locked Contributions Balance cannot be withdrawn individually — it remains in the collective investment pool until the end of the financial year. 
• Withdrawal requests are subject to applicable processing times and terms. 

3.7 Missed Contributions

If you miss contributions:

• First missed payment: Reminder notification sent to your registered contact.
• Second missed payment: Formal account warning issued.
• Third through fifth missed payments:  Continued account warnings and formal notice from Famly MCS of impending suspension. 
• Sixth consecutive missed payment: Account suspension
• Reactivation:  Pay your monthly contribution and maintain consistent contributions for 3 consecutive months

3.8 Contribution Adjustments

You may:

• Increase your contribution amount anytime
• Request a downward adjustment to your contribution amount before the next due date, provided the adjusted amount is not below the minimum ₦5,000 monthly requirement.

4. Savings Plans

In addition to your regular contributions, Famly MCS provides the following dedicated savings plans. Savings plan contributions are separate from and independent of your monthly contribution obligations. 

4.1 Individual Target Savings (FamTarget)

Individual Target Savings is a personal, goal-based savings plan that enables you to save towards a specific financial goal with a defined target amount and completion date. 

• Individual Target Savings is a personal, goal-based savings plan that enables you to save towards a specific financial goal with a defined target amount and completion date. 
• Each plan requires a plan name, target amount, start date, end date, and contribution frequency
• Contributions to an Individual Target Savings plan are separate from your monthly contributions
• Funds saved under an Individual Target Savings plan are accessible upon reaching your goal date or upon your request prior to that date.
• Famly MCS is not liable for your failure to reach a savings target. 

4.2 Group Target Savings

Group Target Savings enables you to save collectively with other Famly members towards a shared financial goal. 

• One member creates the group, sets the shared target amount, and establishes the goal deadline. 
• Members are invited via a shareable link. Invited individuals who are not existing Famly members must complete membership registration before contributing. 
• Group members may contribute equal or flexible amounts, as determined by the group settings established by the creator. 
• Contributions made by a member to a Group Target Savings plan remain within the group upon that member's withdrawal from the group. 
• The group creator may close, extend, or create a new goal upon reaching the target. 
• Famly MCS is not responsible for disputes between group members regarding contribution amounts, goal management, or distribution of funds upon goal completion. Such disputes are a matter between the members of the group

4.3 FamLock Savings

FamLock is a fixed savings plan that enables members to lock surplus funds for a predetermined period and earn returns at maturity. 

• The lock-in period and the applicable indicative return rate are disclosed to you at the time of creating a FamLock plan. 
• Funds committed to a FamLock plan cannot be withdrawn before the lock-in period expires. 
• Returns are credited to your account automatically upon maturity of the lock-in period. 
• Famly MCS does not guarantee a specific return rate. Returns are subject to the performance of investment activities and may vary. 

5. GROUP BUYING AND DEALS

5.1 How Group Buying Works

Group buying allows members to purchase goods and services together at discounted prices. Deals are activated only when minimum participation levels are reached. All sales are final once a deal activates. Once the minimum number of members join and the deal becomes active, you cannot cancel your purchase or obtain a refund. You are committed to completing the transaction and receiving the goods or services. 

5.2 Participation Rules

When joining a group deal:

• you must pay the full required amount for the specific deal; and 
• you must complete payment within the deal timeline. 

5.3 Deal Cancellation

If a deal doesn't reach minimum participation by the deadline:

• Full refund of payments within 24 hours
• No penalties for participating members
• alternative similar deals may be offered at Famly MCS's discretion. 

5.4 Product Quality and Delivery

• All vendors are pre-approved by Famly MCS
• Delivery timelines are specified for each deal
• Quality complaints handled through our dispute resolution process
• Famly MCS facilitates group procurement but does not guarantee vendor performance beyond pre-approval and dispute facilitation. 

6. BUY NOW PAY LATER (BNPL)

6.1 Description

The Buy Now Pay Later feature allows eligible members to pay for essential utility services — including airtime, mobile data, electricity tokens, and cable TV subscriptions — where the member's available wallet balance is insufficient at the time of payment. The amount advanced by Famly MCS is recovered through the member's subsequent contributions. 

6.2 Eligibility

To access the Buy Now Pay Later feature, you must: 

• have been an active contributing member of Famly MCS for a minimum of 90 consecutive days; 
• have no outstanding unpaid BNPL balance from a prior transaction; and
• have a contribution history in good standing with no account suspension in effect. 

6.3 Terms of Use

• Buy Now Pay Later is a member benefit and is not a loan facility. 
• The amount advanced is recovered automatically from your Available Contributions Balance or through your subsequent contributions, as applicable. 
• Buy Now Pay Later is available exclusively for utility payments. It cannot be used for monthly contributions, savings plan deposits, group deals, or withdrawals. 
• The maximum Buy Now Pay Later amount per transaction is subject to limits set by Famly MCS from time to time.
• Famly MCS reserves the right to suspend your access to Buy Now Pay Later if your contribution history falls below the eligibility threshold, your account is suspended, or you have an outstanding unpaid balance. 

6.4 Acknowledgement

By using the Buy Now Pay Later feature, you acknowledge and agree that the amount advanced will be recovered from your Available Contributions Balance or subsequent contributions in accordance with these Terms. 

7. FEES AND PAYMENT METHODS

7.2 Service Charges

Famly MCS charges the following service fees: 

• Withdrawal Payment processing: 1.5% of the contribution amount, capped at ₦500 per withdrawal transaction. 
• BNPL Service charge: ₦25 - 250 for the respective  BNPL purchases. 
• Other fees as clearly disclosed within the Application at the time of the relevant transaction. 

7.3 Payment Methods

Accepted payment methods include:

• Bank transfers
• Card payments (Debit/Credit cards)
• other methods as announced by Famly MCS from time to time. 

7.4 Failed Payments

If payments fail:

• We will send you a notification
• you may retry the payment using the same or a different payment method; and 
• where a payment failure results in a deduction from your account, the amount will be refunded to your wallet within 24 hours. 

8. LIMITATION OF LIABILITY

8.1 Our Responsibilities

In no event shall Famly MCS or any of its officers, directors, employees, or agents be liable for any damages whatsoever, including without limitation indirect, incidental, special, punitive, or  consequential damages, arising out of or in connection with your use of this Application and/or user information, including but not limited to the quality, accuracy, or utility of the information provided as part of or through this Application or for any decisions made on the basis of such information, whether the damages are foreseeable and whether or not Famly MCS has been advised of the possibility of such damages. This limitation of liability applies to the fullest extent permitted by law in the applicable jurisdiction. Other circumstances for which Famly MCS bears no responsibility include, but are not limited to, actions or omissions of other users, members, or vendors; technical malfunctions, system outages, or failures beyond our control; market fluctuations affecting investments; and delays, disruptions, or losses caused by force majeure events. 

8.2 Financial Limits

Our liability to you is limited to the amount of fees you have paid to Famly MCS in the twelve (12) months preceding any claim. 

9. ACCOUNT TERMINATION

9.1 Your Right to Leave

You may request termination and closure of your account at any time by: 

• Providing 30 days of written notice
• Completing all pending transactions
• Withdrawing your available balances (subject to applicable terms)
• sending a written request to info@famlycooperative.com. 

9.2 Our Right to Suspend/Terminate

We may suspend or close accounts for:

• Breach of these Terms
• Fraudulent activity
• Extended non-payment
• Legal or regulatory requirements

9.3 Effects of Termination

Upon account closure, whether by suspension, termination, or cancellation: 

• your access to platform features and services will be discontinued; 
• any outstanding obligations, including unpaid fees, charges, or penalties, shall remain enforceable; 
• any available balances, including eligible withdrawals, refunds, or credits due to you, will be returned in accordance with the applicable withdrawal and refund policies; and
• provisions of these Terms that by their nature or context are intended to survive termination — including those relating to intellectual property, indemnification, disclaimers, and limitations of liability — shall remain in full force and effect. 

10. INTELLECTUAL PROPERTY

10.1 Our Rights

Famly MCS owns all intellectual property rights in: 

• the Application and Platform; 

• Our trademarks and branding
• Content we create

All rights not expressly granted to you are reserved. You may not use our intellectual property without our express written consent. Any permitted use must comply with the guidelines we provide. 

10.2 Your Rights

You retain ownership of information you provide to the Platform but grant Famly MCS a licence to use it for the purpose of operating and delivering the Platform services. If you believe your copyrighted work has been improperly used on our Platform, please contact us at info@famlycooperative.com. 

11. GENERAL PROVISIONS

11.1 Governing Law

These Terms and Conditions are governed by and interpreted in accordance with the laws of the Federal Republic of Nigeria. Any legal action or proceeding arising under these Terms will be brought exclusively in courts located in Nigeria, and the parties irrevocably consent to personal jurisdiction and venue therein. You agree to comply with all applicable laws, including privacy laws, intellectual property laws, anti-spam laws, export control laws, tax laws, and regulatory requirements. 

11.2 Entire Agreement

These Terms and Conditions, together with our Privacy Policy, constitute the complete agreement between you and Famly MCS with respect to the subject matter herein. 

11.3 Severability

If any provision of these Terms is found invalid or unenforceable by a court of competent jurisdiction, the remaining provisions will continue in full force and effect. 

11.4 Amendment

These Terms are subject to change. We reserve the right to amend, update, or remove any provision. Unless otherwise specified, amendments take effect upon publication. Continued use of the Application constitutes your acceptance of the updated Terms. 

11.5 Force Majeure

Neither party is liable for delays or failures in performance resulting from causes beyond reasonable control, including natural disasters, government actions, network failures, or other events of force majeure.

11.6 Notices

We may give you all notices that we are required to give by any lawful method, including by posting a notice on the Application or by sending it to any email address or mailing address that you provide to us. 

12. CONTACT INFORMATION

For questions about these Terms or our services:

Email: info@famlycooperative.com

Phone: +2348107501060 

Address: 36 Sokode Crescent, Wuse Zone 5, Abuja, FCT

Customer Support Hours: 9:00 AM - 6:00 PM, Monday to Sunday

13. REGULATORY COMPLIANCE

Famly MCS operates as a digital cooperative platform in compliance with Nigerian cooperative laws, financial regulations, and data protection requirements. Famly MCS is registered as a cooperative society under the Nigerian Cooperative Societies Act and supervised by the FCT Directorate of Cooperative Services. We comply with the Nigeria Data Protection Regulation (NDPR) and the Nigeria Data Protection Act 2023 for all data handling activities. Payments on the Platform are processed by Monnify, a licensed payment service provider. Bill payment services are delivered through VTPass, a licensed bill payment aggregator. 

14. ACCEPTANCE

By using Famly MCS, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions and the Privacy Policy.