Muna - Gateway to DeFi built for Africans. Crypto Savings | Instant Swap

Terms of Muna Usage

Effective August 30th, 2022

1. Acceptance of Terms

The following Terms and Conditions (“Agreement”) is a contract between you and Muna

Wallet Technologies Limited(hereinafter referred to as Muna/Us/We), a private limited liability

company incorporated in the Federal Republic of Nigeria, and shall apply to anyone who

uses the Muna application, any associated websites, retail products and/or services (the

"Muna App and Services").

By using the Muna App and Services, you agree that you have read, understood, and

accepted all of the terms and conditions contained in this Agreement, as well as our Privacy

Policy. 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 application.

This Agreement is legally binding and serves to govern your use of the Muna App and

Services. Please read its terms carefully before registering your account because they affect

your legal rights and obligations. If you do not agree with any of the terms contained herein,

kindly refrain from using the Muna App and Services.

Muna reserves the right to update, revise, modify, or otherwise, reissue these terms without

prior notice. The continued use of your Muna account after any amendment to this

Agreement constitutes your acceptance of the Agreement as modified by such amendment.

2. Eligibility

To use our application and services you must be at least 18 years of age or have attained

the relevant age of majority as contained in applicable laws, with full legal capacity to accept

this Agreement and enter into any transaction on the app. If as a parent or guardian, you

become aware that your child or ward child has provided us with any information without

your consent, please contact us through details on the Privacy Policy.

Your eligibility to access certain Muna App and services also depends on the country in

which you reside, and the countries that Muna operates in (“Operating Country”).

3. Risks - PLEASE READ

Before using the Muna App or Services, you should ensure that you understand the risks

involved in buying, selling or trading Digital Currencies or Digital Assets as such markets are

known to be volatile and prices can fluctuate significantly, which could result in sudden and

significant increases or decreases in the value of your assets. You understand that while

"Digital Currencies" refer to encrypted or digital tokens or cryptocurrencies with a certain

value that are based on blockchain and cryptography technologies and are issued and

managed in a decentralized form, "Digital Assets" refer to Digital Currencies, their

derivatives, or other types of digitalized assets with a certain value", which may or not be

regulated in your jurisdiction.

You should carefully assess whether your financial situation and risk tolerance is suitable for

buying, selling or trading Digital Assets or Digital Currencies. You accept and agree that you

are solely responsible for any decision to buy, sell, trade or otherwise hold or deal with

cryptocurrency.

Under no circumstances does any information contained on the Muna App, or provided to

you through your Muna Account or by any employee, agent or affiliate of Muna, constitute

financial, investment or other professional advice. You are solely responsible for any

decision to store, buy or sell cryptocurrency, and such decisions should take into account

your risk tolerance and financial circumstances.

4. About Muna

Muna allows holders of a Muna Account to access the following basic services (“Muna

Services”) via the application:

● Buy and sell the supported Digital Assets in transactions with other Muna users

(“Exchange Service”)

● A wallet to store Digital Currencies and local fiat currency (e.g. Nigerian Naira)

(“Muna Wallet”) for use in connection with the Muna Services.

● Deposit and withdraw Digital Currencies, Digital Assets, and local fiat currency.

● Stake and swap digital currencies, digital assets, and local currencies.

5. Using the App

To use the Muna App and Services, you are required to open a Muna Account and affirm

your acceptance of this Agreement. Muna may, at our sole discretion, revoke account

registrations, suspend, or limit access to your Muna Account and/or the Muna Services

and/or limit the number of Muna Accounts a single user may establish and maintain at any

time if you are suspected to be in violation of this Agreement or for any other reason deemed

necessary.

You may be required to provide information to identify yourself including your full name,

phone number, e-mail address, physical address, date of birth, government Identification

Document, and information regarding your bank account (e.g., financial institution and

account number) in compliance with applicable regulatory requirements and the detection of

money laundering, terrorist financing, fraud, or other financial crimes. You may also be

required to provide additional documents in compliance with regulatory requirements, to

increase account limits or as may be deemed necessary. By submitting these or any other

personal information as may be required, you confirm that the information provided is

accurate and authentic, and you agree to update Muna if any information changes and

further consent to Muna to directly or through third parties, make any inquiries we consider

necessary to verify your identity and/or protect against fraud or other crimes. You further

authorise any and all third parties to which such inquiries or requests may be directed to fully

respond to such inquiries or requests. In addition to providing this information, to facilitate

compliance with global industry standards for data retention, you agree to permit Muna to

keep a record of such information for the lifetime of your account plus seven (7) years

beyond account closing.

6. Muna Wallet

The Muna Wallet services allow you to send the supported fiat currency and/or Digital Assets

to, and request, receive, and store supported Digital Assets from, third parties pursuant to

instructions you provide through the Muna App. ("Digital Asset Transaction"). Eligible users

in certain jurisdictions may buy or sell supported Digital Assets directly from Muna. Muna

reserves the right to limit the amount of Digital Assets available for sale.

After successfully completing the verification procedures, you may buy supported Digital

Assets directly from Muna. A payment processing fee applies to all purchase transactions.

Muna uses third party payment processors to process any Fiat Currency payment between

you and Muna.

Muna reserves the right to refuse to process or to cancel any pending fiat currency

transaction and/or Digital Asset Transaction as required by law or in response to a

subpoena, court order, or other binding government order or to enforce transaction limits.

Muna cannot reverse a Digital Asset Transaction which has been broadcast to the Digital

Asset’s network.

The Muna Wallet is available only in connection with those fiat currencies and/or Digital

Assets that Muna, in its sole discretion, decides to support. Under no circumstances should

you attempt to use your Muna Wallet services to store, send, request, or receive currency or

Digital Assets in any form that is not supported by Muna. Muna assumes no responsibility or

liability in connection with any attempt to use Muna Services for a currency that Muna does

not support.

Muna processes all transactions according to the instructions received from its users and we

do not guarantee the identity of any user, receiver, requester or another party. You should

verify all transaction information prior to submitting instructions to Muna. In the event you

initiate a Digital Asset Transaction by entering the recipient's Digital Asset address on the

network, a network fee will be incurred. Once submitted to a Digital Asset network, a Digital

Asset Transaction will be unconfirmed for a period of time pending sufficient confirmation of

the transaction by the Digital Asset network. A transaction is not complete while it is in a

pending state. Funds associated with transactions that are in a pending state will be

designated accordingly, and will not be included in your Muna Account’s available balance or

be available to conduct transactions. Muna may charge network fees (miner fees) to process

a Digital Asset transaction on your behalf. Muna will calculate the network fee in its

discretion, although Muna will always notify you of the network fee at or before the time you

authorise the transaction.

Muna securely stores all Digital Asset private keys in our control in a combination of online

and offline storage. As a result, it may be necessary for Muna to retrieve certain information

from offline storage in order to facilitate a Digital Asset Transaction in accordance with your

instructions, which may delay the initiation or crediting of such Digital Asset Transaction for

48 hours or more. You acknowledge and agree that a Digital Asset Transaction facilitated by

Muna may be delayed.

Muna has no control over, or liability for, the delivery, quality, safety, legality or any other

aspect of any goods or services (excluding Digital Assets bought or sold via the Muna App)

that you may purchase or sell to or from a third party (including other users of Muna

Services). Muna does not own or control the underlying software protocols which govern the

operation of Digital Currencies supported on our platform. In general, the underlying

protocols are open source and anyone can use, copy, modify, and distribute them. By using

the Muna platform, you acknowledge and agree the following:

● Muna is not responsible for the operation of the underlying protocols and that Muna

makes no guarantee of their functionality, security, or availability; and

● The underlying protocols are subject to sudden changes in operating rules (a.k.a

“forks”), and that such forks may materially affect the value, function, and/or even the

name of the Digital Asset you store on the Muna platform. In the event of a fork, you

agree that Muna may temporarily suspend Muna operations (with or without advance

notice to you) and that Muna may, in its sole discretion, decide whether or not to

support (or cease supporting) either branch of the forked protocol entirely. You

acknowledge and agree that Muna assumes absolutely no responsibility whatsoever

in respect of an unsupported branch of a forked protocol.

Fiat currency deposited into your Muna Wallet is solely for (1) the purchase of supported

Digital Assets, (2) Transfer from one Muna Wallet to another and/or (2) Withdrawal to an

approved bank account. In certain countries we may also allow you to purchase specific

goods and/or services from selected third parties using your balance. You accept and agree

that any such purchase will be subject to these Terms. Proceeds from the sale of supported

Digital Assets will be credited to the Muna Wallet, less any applicable fees. Muna does not

pay interest on fiat currency or Digital Asset balances held in your Muna Wallet.

You cannot cancel, reverse, or change any transaction marked as complete or pending. If

your payment is not successful or if your payment method has insufficient funds, you

authorize Muna, in its sole discretion, to cancel the transaction. You are responsible for

maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft,

insufficient funds, or similar fees charged by your payment provider (i.e. your bank).

7. General Use, Prohibited Use, and Termination

We grant you a limited, non-exclusive, non-transferable license, subject to the terms of this

Agreement, to access and use the Muna App, and related content, materials, information

(collectively, the "Content") solely for approved purposes as permitted by Muna from time to

time. Any other use of the Muna App or Content is expressly prohibited and all other right,

title, and interest in the Muna App or Content is exclusively the property of Muna and its

licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer,

modify, publish, or participate in the transfer or sale of, create derivative works from, or in

any other way exploit any of the Content, in whole or in part. " Muna " and all logos related to

Muna Services or displayed on the Muna App are either trademarks or registered marks of

Muna or its licensors. You may not copy, imitate or use them without Muna's prior written

consent.

Although we intend to provide accurate and timely information on the Muna App, the Muna

App (including, without limitation, the Content) may not always be entirely accurate,

complete or current and may also include technical inaccuracies or typographical errors. In

an effort to continue to provide you with as complete and accurate information as possible,

information may be changed or updated from time to time without notice, including without

limitation information regarding our policies, products and services. Accordingly, you should

verify all information before relying on it, and all decisions based on information contained on

the Muna App are your sole responsibility and we shall have no liability for such decisions.

Links to third-party materials may be provided as a convenience but are not controlled by us.

You acknowledge and agree that we are not responsible for any aspect of the information,

content, or services contained in any third-party materials or on any third party sites

accessible or linked to the Muna App.

If to the extent permitted by Muna from time to time, you grant express permission to a third

party to access or connect to your Muna Account, either through the third party's product or

service or through the Muna App, you acknowledge that granting permission to a third party

to take specific actions on your behalf does not relieve you of any of your responsibilities

under this Agreement. You are fully responsible for all acts or omissions of any third party

with access to your Muna Account. Further, you acknowledge and agree that you will not

hold Muna responsible for, and will indemnify Muna from, any liability arising out of or related

to any act or omission of any third party with access to your Muna Account.

In connection with your use of the Muna Services, and your interactions with other users,

and third parties you agree and represent you will not engage in any Prohibited Business or

Prohibited Use defined herein. We reserve the right at all times to monitor, review, retain

and/or disclose any information as necessary to satisfy any applicable law, regulation,

sanctions programs, legal process or governmental request. We reserve the right to cancel

and/or suspend your Muna Account and/or block transactions or freeze funds immediately

and without notice if we determine, in our sole discretion, that your Account is associated

with a Prohibited Use and/or a Prohibited Business.

Your use of the Muna Services and the Muna App is subject to international export controls

and economic sanctions requirements. By sending, receiving, buying, selling, trading or

storing Digital Asset through the Muna App or Muna Services, you represent and warrant

that you will conform with those requirements.

The use of all Muna Services is subject to a limit on the amount of volume, stated in fiat

currency terms, you may transact or transfer in a given period (e.g., daily). Your transaction

limits may vary depending on your payment method, financial institution and other factors. To

find out your limits, please contact your financial institution.

Termination

Muna may: (a) suspend, restrict, or terminate your access to any or all of the Muna Services,

and/or (b) deactivate or cancel your Muna Account if:

● We are so required by a facially valid subpoena, court order, or binding order of a

government authority; or

● We reasonably suspect you of using your Muna Account in connection with a

Prohibited Use or Business; or

● Use of your Muna Account is subject to any pending litigation, investigation, or

government proceeding and/or we perceive a heightened risk of legal or regulatory

non-compliance associated with your Account activity; or

● Our service partners are unable to support your use; or

● You take any action that Muna deems as circumventing Muna's controls, including,

but not limited to, opening multiple Muna Accounts or abusing promotions which

Muna may offer from time to time.

If Muna suspends or closes your account, or terminates your use of Muna Services for any

reason, we will provide you with notice of our actions unless a court order or other legal

process prohibits Muna from providing you with such notice. You acknowledge that Muna's

decision to take certain actions, including limiting access to, suspending, or closing your

account, may be based on confidential criteria that are essential to Muna's risk management

and security protocols. You agree that Muna is under no obligation to disclose the details of

its risk management and security procedures to you.

You will be permitted to transfer Digital Asset or funds associated with your Muna Wallet

within five (5) days of Muna’s notice prior to Account deactivation or cancellation unless such

transfer is otherwise prohibited (i) under the law, including but not limited to applicable

sanctions programs, or (ii) by a facially valid subpoena or court order. If Muna suspends or

closes your account, or terminates your use of Muna App and Services for any reason Muna

reserves the right to require you to complete the Verification Procedures before permitting

you to transfer or withdraw Digital Asset or fiat Currency.

Muna is an independent contractor for all purposes. Nothing in this Agreement shall be

deemed or is intended to be deemed, nor shall it cause you and Muna to be treated as

partners, joint ventures, or otherwise as joint associates for profit, or either you or Muna to

be treated as the agent of the other.

You are responsible for maintaining adequate security and control of any and all IDs,

passwords, hints, Bank Verification Numbers (BVNs), API keys or any other codes that you

use to access the Muna Services. Any loss or compromise of the foregoing information

and/or your personal information may result in unauthorized access to your Muna Account

by third parties and the loss or theft of any Digital Asset and/or funds held in your Muna

Account and any associated accounts, including your linked bank account(s) and credit/debit

card(s). You are responsible for keeping your email address and telephone number up to

date in your Account Profile in order to receive any notices or alerts that we may send you.

We assume no responsibility for any loss that you may sustain due to compromise of

account login credentials due to no fault of Muna and/or failure to follow or act on any

notices or alerts that we may send to you. In the event you believe your Muna Account

information has been compromised, contact Muna Support immediately at

support@muna.africa

It is your sole responsibility to determine whether, and to what extent, any taxes apply to any

transactions you conduct through the Muna Services, and to withhold, collect, report and

remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history

is available through your Muna Account.

If Muna is holding funds in your account, and Muna is unable to contact you and has no

record of your use of the Services for several years, applicable law may require Muna to

report these funds as unclaimed property to the applicable jurisdiction. If this occurs, Muna

will try to locate you at the address shown in our records, but if Muna is unable to locate you,

it may be required to deliver any such funds to the applicable or jurisdiction as unclaimed

property. Muna reserves the right to deduct a dormancy fee or other administrative charges

from such unclaimed funds, as permitted by applicable law.

8. Miscellaneous

Force Majeure. We shall not be liable for delays, failure in performance, or interruption of

service which results 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,

pandemic, epidemic, the act of civil or military authorities, Governmental regulation or

restriction, act of terrorists, civil disturbance, war, strike or other labor dispute, fire,

interruption in telecommunications or Internet services or network provider services, failure

of equipment and/or software, other catastrophe or any other occurrence which is beyond

our reasonable control and shall not affect the validity and enforceability of any remaining

provisions.

Indemnification - If you have a dispute with one or more users of the Muna services, you

release Muna, its affiliates and service providers, and each of their respective officers,

directors, agents, joint venturers, employees, and representatives from any and all claims,

demands and damages (actual and consequential) of every kind and nature arising out of or

in any way connected with such disputes. You agree to fully indemnify and hold Muna, its

affiliates and Service Providers, and each of its or their respective officers, directors, agents,

joint venturers, employees and representatives, harmless from any claim or demand

(including attorneys' fees and any fines, fees or penalties imposed by any regulatory

authority) arising out of or related to your breach of this Agreement or your violation of any

law, rule or regulation, or the rights of any third party.

Limitation of Liability - IN NO EVENT SHALL Muna, ITS AFFILIATES AND SERVICE

PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS,

JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY

AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSET ON

DEPOSIT IN YOUR Muna ACCOUNT OR (B) FOR ANY LOST PROFITS OR ANY

SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES,

WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR

OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR

UNAUTHORIZED USE OF THE Muna APP OR Muna SERVICES, OR THIS AGREEMENT,

EVEN IF AN AUTHORIZED REPRESENTATIVE OF Muna HAS BEEN ADVISED OF OR

KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. THIS

MEANS, BY WAY OF EXAMPLE ONLY (AND WITHOUT LIMITING THE SCOPE OF THE

PRECEDING SENTENCE), THAT IF YOU CLAIM THAT Muna FAILED TO PROCESS A

BUY OR SELL TRANSACTION PROPERLY, YOUR DAMAGES ARE LIMITED TO NO

MORE THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS AT ISSUE IN THE

TRANSACTION, AND THAT YOU MAY NOT RECOVER FOR LOST PROFITS, LOST

BUSINESS OPPORTUNITIES, OR OTHER TYPES OF SPECIAL, INCIDENTAL, INDIRECT,

INTANGIBLE, OR CONSEQUENTIAL DAMAGES IN EXCESS OF THE VALUE OF THE

SUPPORTED DIGITAL ASSETS AT ISSUE IN THE TRANSACTION. SOME

JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL

OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATIONS MAY NOT APPLY TO

YOU. Muna SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS

WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR

STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, Muna

SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY,

FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. Muna DOES

NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE APP,

ANY PART OF THE Muna SERVICES, OR ANY OF THE MATERIALS CONTAINED

THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE.

Historical Price Data - Muna makes no representations about the accuracy or completeness

of historical Digital Asset price data available on the App. Muna will make reasonable efforts

to ensure that requests for electronic debits and credits involving bank accounts and debit

cards are processed in a timely manner but Muna makes no representations or warranties

regarding the amount of time needed to complete processing which is dependent upon many

factors outside of our control.

Computer Viruses - We shall not bear any liability, whatsoever, for any damage or

interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or

other malware that may affect your mobile phone, computer or other equipment, or any

phishing, spoofing or other attack. We advise the regular use of a reputable and readily

available virus screening and prevention software. You should also be aware that SMS and

email services are vulnerable to spoofing and phishing attacks and should use care in

reviewing messages purporting to originate from Muna. Always log into your Muna Account

through the Muna App to review any transactions or required actions if you have any

uncertainty regarding the authenticity of any communication or notice.

Entire Agreement. This Agreement, the Privacy Policy, E-Sign Consent and Appendices

incorporated by reference herein comprise the entire understanding and agreement between

you and Muna as to the subject matter hereof, and supersedes any and all prior discussions,

agreements and understandings of any kind (including without limitation any prior versions of

this Agreement), and every nature between and among you and Muna. Section headings in

this Agreement are for convenience only, and shall not govern the meaning or interpretation

of any provision of this Agreement.

Amendments. We may amend or modify this Agreement by posting on the Muna App or

emailing to you the revised Agreement, and the revised Agreement shall be effective at such

time. If you do not agree with any such modification, your sole and exclusive remedy is to

terminate your use of the Services and request to close your account. You agree that we

shall not be liable to you or any third party for any modification or termination of Muna

Services, or suspension or termination of your access to Muna Services, except to the extent

otherwise expressly set forth herein. If the revised Agreement includes a material change,

we will endeavor to provide you advanced notice via our web app and/or email before the

material change becomes effective.

Assignment. You may not assign any rights and/or licenses granted under this Agreement.

We reserve the right to assign our rights without restriction, including without limitation to any

Muna affiliates or subsidiaries, or to any successor in the interest of any business associated

with Muna Services. Any attempted transfer or assignment in violation hereof shall be null

and void. Subject to the foregoing, this Agreement will bind and insure to the benefit of the

parties, their successors and permitted assigns.

Severability. If any provision of this Agreement shall be determined to be invalid or

unenforceable under any rule, law or regulation or any governmental agency, local, state, or

federal, such provision will be changed and interpreted to accomplish the objectives of the

provision to the greatest extent possible under any applicable law and the validity or

enforceability of any other provision of this Agreement shall not be affected.

Change of Control. In the event that Muna is acquired by or merged with a third party entity,

we reserve the right, in any of these circumstances, to transfer or assign the information we

have collected from you as part of such merger, acquisition, sale, or other change of control.

Survival. All provisions of this Agreement which by their nature extend beyond the expiration

or termination of this Agreement, including, without limitation, sections pertaining to

suspension or termination, Muna Account cancellation, debts owed to Muna, general use of

the Muna App, disputes with Muna, and general provisions, shall survive the termination or

expiration of this Agreement.

Governing Law. This Agreement will be governed by the laws in force in the Federal

Republic of Nigeria.

Complaints and Disputes. If you have any feedback, questions, or complaints, contact us via

our customer support email support@muna.app or email us at support@Muna.africa. When

you contact us please provide us with your name, address, and any other information we

may need to identify you, your Muna Account, and the transaction on which you have

feedback, questions, or complaints.

In the event of a complaint, please set out the cause of your complaint, how you would like

us to resolve the complaint and any other information you believe to be relevant. We will

acknowledge your complaint within 24 hours of its receipt if you contact us via our customer

support webpage or email us at support@muna.app.

You agree to use the complaints procedure before filing any claim in a competent court.

Failure to comply with this provision may be used as evidence of your unwillingness to settle

the issue and/or the vexatious nature of the complaint.

9. Fiat deposit and Transaction Policy

Muna offer a fiat payment feature that provides hassle-free cash-in and cash-out services for

users on the Muna platform.

With this feature, independent Users and Agents perform deposit and withdrawal

transactions between themselves using their Muna wallets and their designated bank

accounts in the Operating Country. Where a withdrawal involves a Muna User (called user)

requesting to pay money out of his or her Muna wallet into his or her designated bank

account in the Operating country. The User selects from a list of independent Agents he or

she wishes to carry out the withdrawal transaction.

After the User confirms the transaction carried out by the Agent, the Agent transfers the

money to the User's indicated bank account. Where a deposit, involves a Muna User (called

User) requesting to pay money into his or her Muna wallet from his or her bank account. The

User selects from a list of independent Agents he or she wishes to carry out the deposit

transaction. After the User’s confirmation of the Agent, the User transfers the money to the

Agent's registered bank account.

The following Terms and Conditions (“Agreement”) is a contract between you and Muna

(hereinafter referred to as Muna), a private limited liability company incorporated in Nigeria,

and shall apply to anyone who uses the Muna platform (Muna Platform shall both be referred

to as the "Platform")

By using the Platform, you agree that you have read, understood, and accepted all of the

terms and conditions contained in this Agreement, as well as our Privacy Policy. 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 application.

This Agreement is legally binding and serves to govern your use of the Platform. Please

read its terms carefully before using the Platform because they affect your legal rights and

obligations. If you do not agree with any of the terms contained herein, kindly refrain from

using the Platform, otherwise, you will bear the full liabilities for doing so.

Muna reserves the right to update, revise, modify, or otherwise, reissue these terms without

prior notice. The continued use of the Platform after any amendment to this Agreement

constitutes your acceptance of the Agreement as modified by such amendment.

1. Compliance with Know Your Customer (KYC), Anti-Money Laundering (AML), Combating

Financing of Terrorism (CFT), and applicable laws

(a) Users agree to strictly comply with the KYC, AML, and CFT policies that apply to the Fiat

Deposit and WithdrawalP2P Platform (the "Platform"). Users shall comply with the Platform's

User identification requirements in order to complete P2P transactions on the Platform.

Users shall only use their verified personal identities as legally registered and shall not

operate multiple accounts.

(b). For the purpose of investigations or authorized inquiry, Users agree to cooperate with

the Platform by assisting in providing any required information or documents.

(c). Users agree that any failure to comply with the terms and conditions of the Platform

entitles the Platform to carry out administrative measures, including account suspension or

disabling all or any part of the features of Users' accounts.

2. The Platform is an online marketplace of independent traders, not a party to P2P

transactions carried out on the Platform.

(a) Users agree that they are fully responsible for the P2P transactions they carry out

amongst themselves on the Platform, as the Platform is only a marketplace of independent

traders or contractors, not a party to the transaction. Users agree that as a marketplace that

has provided the technological platform for the completion of these independent

transactions, while the Platform will make efforts to ensure that transactions completed on

the Platform are lawful and compliant transactions, the Platform is not obligated to do so. To

keep the Platform as safe as possible for users, the Platform may however review

transactions and take necessary actions in order to prevent crimes or assist with the

investigation of suspected crimes by any bad actors on the Platform.

(b) Users agree that the Platform shall not be responsible for any loss of or damages to

assets through transactions that are independently initiated or completed between them on

the Platform. The Platform is solely responsible for providing the technology-enabled

interface or online marketplace to support the Users' independent contract with one another

and improve user experience in order to help avoid or minimize the dangers and risk invited

in engaging in P2P transactions that are carried out in unregulated channels such as instant

messaging apps, social media, or physical channels.

Users, and does not involve the Platform. The Platform is not a party to P2P transactions

independently initiated or completed by Users in the online marketplace the Platform has

provided for them for better user experience. Therefore, the Platform is not in the legal

position to serve as the dispute resolution provider of the Independent parties (Users). The

only exception to this is in cases involving uncompleted transactions due to a variety of

reasons, specifically non-receipt of fiat in bank account; network downtime/system issues

preventing User/Merchant from confirming receipts or payments on the Platform; and other

related technical issues in which case the Dispute Resolution section in this Policy applies.

(d) Users agree that the Platform, being a marketplace for independent traders or

contractors, does not have any legal obligation to assume any financial or non-financial

responsibilities to any party (including but not limited to indemnities).

(e) Users agree that the list of payment methods provided on the Platform are only displayed

as options available for fiat transactions which Users may select from in order to complete

their P2P transactions, therefore does not make the Platform a party to P2P transactions

and does not establish any form of business relationship with the payment method provided

on the Platform.

(f) Users agree that, to the maximum extent permitted by law, the Platform shall not be liable

for any losses Users may suffer from P2P transactions initiated or completed on the Platform

due to but not limited to hacker attacks, inflow of monies suspected to be proceeds of crime,

unavoidable technical failures, and server downtimes.

(g) Users agree that they have the full responsibility to transact safely and responsibly. Users

have a responsibility to ensure that they conduct their transactions in a manner that does not

undermine the integrity of the Platform's system. Actions that may warrant issues include:

(i) transacting with an account or accounts different from indicated accounts on Muna;

(ii) recurrent delay of transaction confirmation, resulting in dispute;

(iii) repeated cancellation of orders within a 24-hour period;

(iv) intimidating Users in any manner to transact outside of the Fiat Deposit and

Withdrawalguidelines; or/and

(v) perpetuation of or attempted perpetuation of fraud through the use of the Platform.

3. Risk Warning and Disclaimer

(a) Users agree that they fully understand the risks associated with Digital Assets, including

but not limited to the risks associated with Digital Assets status and fluctuations and P2P

transactions, particularly the credibility risks regarding counter-parties Users deal with. Also,

Users agree that they fully understand the compliance and regulatory risks associated with

both Digital Assets and fiat currency transactions.

(b) Users agree that they will bear all the risks associated with Digital Assets and P2P

transactions.

system names in their nicknames on the Platform in order to avoid misrepresentation.

(d) Users agree to not use multi-accounts to trade on Muna otherwise the Platform is entitled

to block all the affected or linked accounts, where detected.

(e) Users agree that before transacting on the Platform, they have read and fully understood

the contents of this Fiat Deposit and WithdrawalP2P Transaction Policy and other applicable

terms and conditions and regulations.

(f) Users agree that before transacting on the Platform, they have exercised their discretion

and independent judgement in order to make informed decisions on the completion of P2P

transactions on the Platform with the use of their accounts.

(g) Users agree that as independent trading parties they shall bear the additional transaction

costs involved in fiat transfers, such as transaction fees required by the payment service

provider.

4. Administrative and Security Procedures and Measures

(a) Users agree that Muna has no obligation to disclose the details of its security or

administrative procedures for risk management to them. The Platform may apply such

security or administrative procedures when taking decisions on certain actions to take

against Users who violate or are in the act of violating the Platform's Policy, which includes

limiting access to, suspending, or closing a User's account. We will remove the suspension

as soon as possible once the reasons for the suspension no longer exist, however, we are

under no obligation to notify you when (if ever) such suspension will be lifted.

(b) As an online marketplace or service provider, Users agree that the Platform has the right

to restrict, suspend, or terminate a User's account or access to services in the Platform’s

sole and absolute discretion, immediately and without notice and for a period, at the

discretion of the Platform, for any of the following reasons:

(i) The Platform reasonably suspects that a User has violated or may be acting in violation of

this Policy;

(ii) The Platform detects that a User is using multi-accounts to trade on P2P;

(iii) The Platform believes that in the circumstances it is necessary to protect our other

Users.

(iv) The Platform discovers that in the process of interacting with other Users, the offender

used obscene language against the counter-party, insulted, extorted, harassed, threaten, or

otherwise violated or tried to violate legal rights (such as, among other things, the rights to

privacy, publicity, etc. intellectual property) of other Users, as well as the collection of private

information that is subsequently being distributed to any other parties.

5. Fraud Management & Law Enforcement

In the case of a suspected fraud involving either of the following:

(a) User sends out funds to your account and revisits his bank to report transaction as

suspicious; or

(b) User transfers illicit funds into your account, and law enforcement has reached out to

you, to press for a refund,

Considering that the Platform is an online marketplace of independent traders or contractors,

Users agree that the Platform shall not and cannot be liable to make refunds. Affected Users

are advised to reach out to their financial institutions for further details on the transaction and

also seek legal counsel and representation in order to protect your legal rights and avoid

being treated as a suspect or criminal. On the Platform's part, we will cooperate with legal

authorities and courts of competent jurisdiction in order to support the legal due process and

ensure that the Platform is safeguarded from bad actors.

6. Dispute Resolution

(a) Subject to the provisions of paragraph 2(d) of this Policy, the Platform may assist Users

resolve disputes. Such disputes are limited to cases involving uncompleted transactions due

to a variety of reasons, specifically non-receipt of fiat in bank account; network

downtime/system issues preventing User/Merchant from confirming receipts or payments on

the Platform, and other related technical issues in which case the Dispute Resolution section

in this Policy applies.

(b) In the cases specified above, the affected User may report the transaction to the

Platform. Such User is required to provide necessary proofs of the transaction (including

screenshots of bank transfers and in some cases account statements) for the dispute to be

taken up by the Platform. When a Dispute is being resolved by the Platform or after the

dispute-resolution process has been activated by a User, the User and other User or Users

concerned or affected are advised against resorting to insulting or passing any derogatory

comments. Self-help, by any unlawful means, is prohibited. Steps on how to activate a

dispute-resolution process are available to Users on the Platform.

to notify the Platform in order to enable the Platform to discontinue the dispute-resolution

process. In accordance with the provisions of paragraph 2 of this Policy, Users agree that

the Platform is an online marketplace of independent traders, therefore shall not and cannot

be a party in disputes arising from P2P transactions carried out on the Platform.

To contact the Platform, please send a message to support@muna.app.

APPENDIX 1: PROHIBITED USE, PROHIBITED

BUSINESSES, AND CONDITIONAL USE

1. Prohibited Use

You may not use your Muna Account to engage in the following categories of activity

("Prohibited Uses"). The specific types of use listed below are representative, but not

exhaustive. If you are uncertain as to whether or not your use of Muna Services involves a

Prohibited Use, or have questions about how these requirements apply to you, please

use your Account to do any of the following:

● Unlawful Activity: Activity which would violate, or assist in violation of, any law,

statute, ordinance, or regulation, sanctions programs administered in the country

where Muna conducts business (Nigeria), or which would involve proceeds of any

unlawful activity; publish, distribute or disseminate any unlawful material or

information.

● Abusive Activity: Actions which impose an unreasonable or disproportionately large

load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any

system, data, or information; transmit or upload any material to the Muna App that

contains viruses, trojan horses, worms, or any other harmful or deleterious programs;

attempt to gain unauthorized access to the Muna App, other Muna Accounts,

computer systems or networks connected to the Muna App, through password

mining or any other means; use Muna Account information of another party to access

or use the Muna App, except in the case of specific Merchants and/or applications

which are specifically authorised by a user to access such user's Muna Account and

information; or transfer your account access or rights to your account to a third party,

unless by operation of law or with the express permission of Muna.

● Abuse Other Users: Interfere with another individual's or entity's access to or use of

any Muna Services; defame, abuse, extort, harass, stalk, threaten or otherwise

violate or infringe the legal rights (such as, but not limited to, rights of privacy,

publicity and intellectual property) of others; incite, threaten, facilitate, promote, or

encourage hate, racial intolerance, or violent acts against others; harvest or

otherwise collect information from the Muna App about others, including without

limitation email addresses, without proper consent.

● Fraud: Activity which operates to defraud Muna, Muna users, or any other person;

provide any false, inaccurate, or misleading information to Muna.

● Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy

sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of

chance.

● Intellectual Property Infringement: Engage in transactions involving items that infringe

or violate any copyright, trademark, right of publicity or privacy, or any other

proprietary right under the law, including but not limited to sales, distribution, or

access to counterfeit music, movies, software, or other licensed materials without the

appropriate authorization from the rights holder; use of Muna intellectual property,

name, or logo, including use of Muna trade or service marks, without express

consent from Muna or in a manner that otherwise harms Muna or the Muna brand;

any action that implies an untrue endorsement by or affiliation with Muna.

2. Prohibited Businesses

In addition to the Prohibited Uses described above, the following categories of businesses,

business practices, and sale items are barred from Muna Services ("Prohibited

Businesses"). Most Prohibited Businesses categories are imposed by Card Network rules or

the requirements of our banking providers or processors. The specific types of use listed

below are representative, but not exhaustive. If you are uncertain as to whether or not your

use of Muna Services involves a Prohibited Business, or have questions about how these

requirements apply to you, please contact us at support@Muna.africa.

By opening a Muna Account, you confirm that you will not use Muna Services in connection

with any of the following businesses, activities, practices, or items:

● Investment and Credit Services: Securities brokers; mortgage consulting or debt

reduction services; credit counselling or repair; real estate opportunities; investment

schemes.

● Restricted Financial Services: Check cashing, bail bonds; collections agencies.

● Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access

to counterfeit music, movies, software, or other licensed materials without the

appropriate authorization from the rights holder.

● Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand name or

designer products or services; sale of goods or services that are illegally imported or

exported or which are stolen.

● Regulated Products and Services: Marijuana dispensaries and related businesses;

sale of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical

services; age restricted goods or services; weapons and munitions; gunpowder and

other explosives; fireworks and related goods; toxic, flammable, and radioactive

materials.

● Drugs and Drug Paraphernalia: Sale of narcotics, controlled substances, and any

equipment designed for making or using drugs, such as bongs, vaporizers, and

hookahs.

● Pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health

claims that have not been approved or verified by the applicable local and/or national

regulatory body.

● Substances designed to mimic illegal drugs: Sale of a legal substance that provides

the same effect as an illegal drug (e.g., salvia, kratom).

● Adult Content and Services: Pornography and other obscene materials (including

literature, imagery and other media); sites offering any sexually-related services such

as prostitution, escorts, pay-per view, adult live chat features.

● Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing

programs.

● Unfair, predatory or deceptive practices: Investment opportunities or other services

that promise high rewards; Sale or resale of a service without added benefit to the

buyer; resale of government offerings without authorization or added value; sites that

we determine in our sole discretion to be unfair, deceptive, or predatory towards

consumers.

● High risk businesses: any businesses that we believe poses elevated financial risk,

legal liability, or violates card network or bank policies.

3. Conditional Use

Express written consent and approval from Muna must be obtained prior to using Muna

Services for the following categories of business and/or use ("Conditional Uses"). Consent

may be requested by contacting support@muna.app. Muna may also require you to agree to

additional conditions, make supplemental representations and warranties, complete

enhanced on-boarding procedures, and operate subject to restrictions if you use Muna

Services in connection with any of the following businesses, activities, or practices:

● Money Services: Money transmitters, Digital Currency transmitters; currency or

Digital Currency exchanges or dealers; gift cards; prepaid cards; sale of in-game

currency unless the merchant is the operator of the virtual world; act as a payment

intermediary or aggregator or otherwise resell any of the Muna Services.

● Charities: Acceptance of donations for non-profit enterprises.

● Games of Skill: Games that are not defined as gambling under this Agreement or by

law, but which require an entry fee and award a prize.

● Religious/Spiritual Organizations: Operation of a for-profit religious or spiritual

organization.

APPENDIX 2: VERIFICATION PROCEDURES AND LIMITS

Muna uses multi-level systems and procedures to collect and verify information about you in

order to protect Muna and the community from fraudulent users, and to keep appropriate

records of Muna's customers. Your access to one or more Muna Services, and limits

including withdrawal and trading limits, quick buy limits (for guest users), Muna Wallet

transfer limits, and limits on transactions from a payment method may be based on the

identifying information and/or proof of identity you provide to Muna and the limits set by your

financial institution.

Muna may require you to provide or verify additional information, or to wait some amount of

time after completion of a transaction, before permitting you to use any Muna Services

and/or before permitting you to engage in transactions beyond certain volume limits.

You may contact your financial institution to enquire about your daily/weekly limits, and to

request larger limits.

APPENDIX 3: E-SIGN DISCLOSURE AND CONSENT

This policy describes how Muna delivers communications to you electronically. We may

amend this policy at any time by providing a revised version on our website. The revised

version will be effective at the time we post it. We will provide you with prior notice of any

material changes via our website.

1. Electronic Delivery of Communications You agree and consent to receive electronically all

communications, agreements, documents, notices and disclosures (collectively,

"Communications") that we provide in connection with your Muna Account and your use of

Muna Services. Communications include:

● Terms of use and policies you agree to including updates to these agreements or

policies;

● Account details, history, transaction receipts, confirmations, and any other Account or

transaction information;

● Legal, regulatory, and tax disclosures or statements we may be required to make

available to you; and

● Responses to claims or customer support inquiries filed in connection with your

Account.

We will provide these Communications to you by posting them on the Muna website,

emailing them to you at the primary email address listed in your Muna profile,

communicating to you via instant chat, and/or through other electronic communication such

as text message.

2. Hardware and Software Requirements In order to access and retain electronic

Communications, you will need the following computer hardware and software:

● A device with an Internet connection;

● A current web browser that includes 128-bit encryption (e.g. Internet Explorer version

9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or

Safari 7.0 and above) with cookies enabled;

● A valid email address (your primary email address on file with Muna); and

● Sufficient storage space to save past Communications or an installed printer to print

them.

How to Withdraw Your Consent You may withdraw your consent to receive Communications

electronically by emailing us at support@Muna.africa. If you fail to provide or if you withdraw

your consent to receive Communications electronically, Muna reserves the right to

immediately close your Account or charge you additional fees for paper copies.

3. Updating your Information It is your responsibility to provide us with a true, accurate and

complete email address and your contact information, and to keep such information up to

date. You understand and agree that if Muna sends you an electronic Communication but

you do not receive it because your primary email address on file is incorrect, out of date,

blocked by your service provider, or you are otherwise unable to receive electronic

Communications, Muna will be deemed to have provided the Communication to you.

You may update your information by logging into your account and visiting account settings

or by contacting our support team via email at support@muna.africa.

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