These Terms & Conditions (“T&C”) govern the relationship between you (“Admin,” “you,” or “your”) and CircleFunds (“we,” “us,” “our”) when you create or manage thrift (ajo/esusu/adashe) groups on our platform. By acting as an Admin and/or charging your participants in any thrift on our platform, you confirm that you have read, understood, and agree to be bound by these T&C.
1.2. Supplemental Agreements
You also agree to comply with our Privacy Policy and any other documents or policies referenced herein. If you do not agree with these T&C, do not proceed with setting up or managing any thrift scheme on Circle Funds.
1.3. Contact Information
For any questions or concerns regarding these T&C or any related matter, kindly contact us:
You must have a valid user account on CircleFunds.
You must be at least 18 years old (or the legal adult age in your jurisdiction).
You must provide accurate and up-to-date personal information, including all required Know-Your-Customer (KYC) details.
2.2. Verification
We may request additional documents or personal information to verify your identity before you can manage thrift groups or collect charges.
Failure to provide accurate information or pass verification checks may result in restrictions or termination of your account.
2.3. Information Updates
You agree to keep your personal and business details current.
Promptly notify us of changes that may affect your thrift administration (e.g., address, identification documents).
3. Admin Responsibilities
3.1. Role of the Admin
As an Admin, you can create thrift groups, define contribution amounts, set payment schedules, and optionally collect charges/fees from participants.
You are responsible for managing membership, ensuring timely contributions, and overseeing the thrift process.
3.2. Compliance with Laws
You must not use our platform for illegal or fraudulent activities (including money laundering or terrorist financing).
3.3. Honesty & Transparency
You must disclose all fees, levies, or charges to participants clearly and accurately.
Misrepresentation or non-disclosure of critical thrift details (e.g., charges, schedule) is prohibited.
3.4. Prohibited Activities
You shall not use the platform to:
Carry out Ponzi/pyramid schemes or any other fraudulent, exploitative, or false representation of thrift activities.
Conduct or facilitate transactions for prohibited items/services (e.g., illegal substances, unlicensed gambling).
4. Thrift Levy Calculation
4.1. Levy Overview
When you opt to charge fees in your thrift, CircleFunds will also charge a “Thrift Levy” for hosting, processing, and providing relevant services. This levy is automatically deducted from the total fee you, the Admin, intend to collect from participants.
4.2. Maximum Charges
Maximum Charge to Admin:₦10,000 per cycle.
Maximum Charge to Each Participant:₦3,000 per cycle.
4.3. Calculation Formula
We use a proprietary calculation (the “Thrift Levy Calculation Code”) that considers:
Contribution Amount (c)
Number of Participants (n)
Whether Admin Charges are Enabled
From these inputs, our system determines:
The CircleFunds portion (“Thrift Levy”), which may not exceed ₦10,000 in total from the Admin.
The participant levy (“Profitable User Levy” or “PUL”) per user, capped at ₦3,000 per participant.
If an Admin does not charge participants, the formula automatically adjusts to reflect only the necessary participant charges (if any) and sets the Admin’s portion at zero.
4.4. No Lowering of Assigned Thrift Levy
As an Admin, you cannot reduce or waive the assigned Thrift Levy. Our levy is mandatory and automatically withheld if you choose to collect a fee.
For instance, if you set your Admin fee at ₦10,000 for a cycle, and our Thrift Levy is ₦1,000, your net Admin earning is ₦9,000.
4.5. Example Scenario
Admin’s Desired Fee: ₦10,000
System-Determined Thrift Levy: ₦1,000
Actual Admin Earning: ₦9,000
CircleFunds Levy: ₦1,000
4.6. Transparency to Participants
You agree to disclose and/or permit us to display the breakdown of charges (including the participant levy and any portion going to CircleFunds). CircleFunds reserves the right to show participants exactly how their fees are allocated.
5. Payment, Settlement & Refunds
5.1. Payment Processing
All contributions and charges (including the Thrift Levy) are processed through CircleFunds or our authorized payment processors.
We may hold, disburse, or refund amounts in line with these T&C, applicable laws, and our risk management policies.
5.2. Settlement of Admin Earning
The portion of the fee that remains after deducting our Thrift Levy will be credited to your CircleFunds wallet or designated bank account (where available).
Settlement times may vary due to bank schedules, public holidays, regulatory compliance checks, or technical issues.
5.3. Refunds & Reversals
CircleFunds may reverse, freeze, or withhold your Admin earnings in case of disputes, chargebacks, or suspected fraud.
In the event of a valid refund, we reserve the right to debit the refunded amount (including any levy) from your account or future payouts.
6. Compliance, Monitoring & Restrictions
6.1. Anti-Fraud & AML Measures
We monitor transactions for potential fraud, money laundering, or other illicit activities.
If we suspect violations, we may suspend payouts, freeze your account, or report you to relevant authorities.
6.2. Usage Restrictions
We may impose additional restrictions or transaction limits for risk management.
You agree to provide all requested information if we require further verification of your thrift operations.
6.3. Sanctions & Export Control
You confirm you are not in a sanctioned country nor restricted under applicable law from using our services.
Any breach of sanctions requirements may lead to immediate termination.
7. Warranties & Liabilities
7.1. Your Warranties
You confirm all information you provide is accurate and truthful.
You warrant you will not misuse our platform for fraudulent activities or violate any laws.
7.2. Limitation of Liability
CircleFunds is not a party to your personal arrangements, loans, or private disputes with participants.
We do not guarantee any thrift’s success or profitability.
To the extent permissible by law, we are not liable for indirect or consequential damages resulting from your use of the platform.
7.3. Indemnification
You agree to indemnify us against any losses, damages, or claims (including legal fees) arising from your breach of these T&C, misuse of our platform, or legal violations.
8. Suspension & Termination
8.1. Termination by You
You may cease using Admin features at any time.
However, you remain liable for any outstanding fees or obligations incurred prior to termination.
8.2. Termination by CircleFunds
We reserve the right to suspend or terminate your account if:
You breach these T&C or applicable laws.
We suspect fraudulent activities.
You fail to comply with KYC or AML requirements.
8.3. Effects of Termination
All active thrifts under your administration may be suspended or reassigned at our discretion.
Outstanding Admin Levies may be withheld or released depending on the circumstances.
9. Data Protection & Privacy
9.1. Data Collection
We collect and process personal data in accordance with our Privacy Policy.
By using our Admin features, you consent to the collection and processing of your data for services, fraud prevention, compliance, etc.
9.2. Participant Data
You may only access limited participant information necessary for thrift administration.
You must keep this information confidential and comply with data protection laws.
10. Intellectual Property
10.1. CircleFunds Marks & Content
All trademarks, logos, and content on our platform are owned by or licensed to CircleFunds.
You must not copy, modify, or use them without express permission.
10.2. Admin Content
Content you create or upload is solely your responsibility.
You warrant that it does not infringe any third-party rights or violate any law.
11. Modifications & Notices
11.1. Changes to T&C
We may update these T&C to reflect new business practices or changes in law.
Material changes will be communicated via email, in-app notification, or our website. Continued use signifies your acceptance.
11.2. Notifications
We will send notices to the email address on file or through in-app messages.
It is your responsibility to maintain a valid email address and to regularly check your notifications.
12. Governing Law & Dispute Resolution
12.1. Governing Law
These T&C shall be governed by and construed under the laws of the Federal Republic of Nigeria.
Where no specific local jurisdiction applies, they are governed by the federal laws of the Federal Republic of Nigeria.
12.2. Dispute Resolution
The parties will attempt to resolve any dispute amicably.
If unresolved, disputes shall be referred to the courts in the Federal Republic of Nigeria..
13. Miscellaneous Provisions
13.1. Entire Agreement
These T&C, together with our Privacy Policy, represent the entire agreement between you and CircleFunds concerning Admin usage.
13.2. Severability
If a portion of these T&C is deemed invalid or unenforceable, the remainder shall remain in full force.
13.3. No Waiver
Failure to enforce a provision does not waive our right to do so in the future.
13.4. Assignment
You may not assign or transfer your rights under these T&C without our written consent.
13.5. Survival
Provisions that by nature should survive termination (e.g., indemnities, liabilities, confidentiality) will continue after termination.
14. Contact Us
For questions about these Terms & Conditions or your responsibilities as an Admin, please reach us at:
By proceeding to use CircleFunds as an Admin and/or setting charges for your thrift participants, you acknowledge that you have read, understood, and agree to be bound by these Terms & Conditions for Circle Funds Admins.
Start saving smarter today
Whether you’re saving for a rainy day or a big dream, CircleFunds is here to make it easy, secure, and collaborative.
