Terms of Use

1. Acceptance of Terms

These Terms of Use ("Terms") constitute a legally binding agreement between you ("Member", "User", or "you") and Gromon Resources Managers Limited, a company incorporated and operating in Delta State, Nigeria ("GroMon", "we", "our", or "us").

These Terms govern your access to and use of all GroMon services, including but not limited to:

• The GroMon website at gromonsavings.online
• The GroMon Android mobile application
• The GroMon USSD platform (*7006*20*174#)
• The GroMon member portal at gromon.gbi.ng
• Any other digital or physical service channel offered by GroMon

These Terms must be read together with our Privacy Policy, which is incorporated herein by reference. By accepting these Terms, you also accept our Privacy Policy.

2. Eligibility

To register for and use GroMon services, you must meet the following requirements at all times:

• Be at least 18 years of age.
• Be a Nigerian citizen or a legal resident with a valid Nigerian identity document (NIN, BVN, or international passport).
• Have a valid and active Nigerian mobile phone number.
• Have a valid Bank Verification Number (BVN) linked to a Nigerian bank account.
• Not be under any legal disability, court order, or regulatory restriction that would prevent you from entering into binding financial agreements.
• Not have been previously suspended or banned from using GroMon services for violation of these Terms.

GroMon reserves the right to verify your eligibility at any time and to decline or revoke membership at its discretion, including where fraudulent or misleading information has been provided during registration or KYC.

3. Your Account

3.1 Registration

To access GroMon services, you must complete our registration process and provide accurate, complete, and up-to-date information. You agree to update your profile promptly if any of your details change. Providing false information is a violation of these Terms and may result in immediate account termination and potential legal action.

3.2 KYC Verification

GroMon is required by Nigerian law to conduct Know Your Customer (KYC) checks on all members. You agree to provide any identity documents requested, including BVN, NIN, passport, or utility bills. Your account may be restricted or closed if KYC requirements are not met within a specified period.

3.3 Account Security

You are solely responsible for maintaining the confidentiality of your login credentials, PIN, passwords, and OTPs. You must:

• Never share your account credentials with any other person.
• Not allow any third party to access your account on your behalf, except as expressly permitted by GroMon.
• Notify GroMon immediately at 08035745461 or gromonresourcesmanagers@gmail.com if you suspect any unauthorised access to your account.
• Log out of your account when using a shared or public device.

GroMon shall not be liable for any loss or damage arising from your failure to maintain account security or from your authorised or unauthorised disclosure of login credentials to a third party.

3.4 One Account Per Person

Each individual is permitted to hold only one (1) personal GroMon account. Creating multiple accounts is prohibited and may result in all associated accounts being suspended or terminated.

4. Our Services

GroMon offers the following financial services to eligible members, subject to these Terms and any applicable product-specific terms:

GroMon reserves the right to modify, suspend, or discontinue any service at any time with reasonable notice. Access to certain services may be subject to additional eligibility checks, product-specific terms, or regulatory requirements.

5. Savings Rules

5.1 Deposits

You may fund your GroMon wallet via bank transfer, USSD, or any other deposit method made available by GroMon. All deposits must originate from a bank account registered in your own name. GroMon does not accept third-party deposits unless expressly permitted and verified.

5.2 Interest

Interest rates applicable to savings and investment products will be communicated to you at the time of onboarding or product selection. Interest rates are subject to change based on market conditions and regulatory guidance. Changes will be communicated with a minimum of 7 days' notice via SMS, email, or in-app notification.

5.3 Withdrawals

Withdrawal of cooperative savings may be subject to a minimum notice period or lock-in period depending on the product type. Target savings and investment plans may carry specific withdrawal restrictions. Early withdrawal from locked products may result in forfeiture of accrued interest. Withdrawal requests are processed within 1–3 business days to your registered bank account.

5.4 Inactive Accounts

An account with no transaction activity for 12 consecutive months may be classified as dormant. Dormant accounts may be subject to a maintenance fee as specified in GroMon's current fee schedule. GroMon will notify you before applying any dormancy charges.

6. Loan Terms

6.1 Eligibility for Loans

Loan eligibility is determined by GroMon at its sole discretion, based on factors including:

• Your savings history and consistency of contributions within the cooperative.
• Your cooperative standing and membership duration.
• Credit bureau checks and repayment history on prior GroMon loans.
• Completed KYC verification with valid identity documentation.
• Any other creditworthiness criteria applied by GroMon from time to time.

Meeting the minimum criteria does not guarantee loan approval. GroMon reserves the right to decline any loan application without being required to provide reasons.

6.2 Loan Disbursement

Approved loans are typically processed within 24–48 hours for active members in good standing. Funds are disbursed to your GroMon wallet or registered bank account. Disbursement timelines may vary based on verification requirements or bank processing times.

6.3 Repayment Obligations

By accepting a loan offer, you agree to:

• Repay the full principal amount plus applicable interest and fees by the agreed due date.
• Authorise GroMon to deduct repayments from your GroMon wallet balance where applicable.
• Maintain adequate funds in your registered account to meet scheduled repayments.
• Notify GroMon immediately if you anticipate difficulty in meeting a repayment.

6.4 Late Repayment & Default

Failure to repay your loan by the due date constitutes a default. In the event of default, GroMon may:

• Apply late payment penalties as specified in your loan agreement.
• Set off amounts owed from any savings balance held in your account.
• Report the default to licensed credit bureaus, which may negatively affect your credit standing.
• Restrict or suspend your access to GroMon services until the outstanding balance is cleared.
• Pursue recovery through legal channels, including referral to a debt recovery agency, where necessary.

6.5 Prepayment

You may repay your loan in full before the due date. Depending on your loan product, a prepayment fee may apply. Details will be stated in your individual loan agreement at the time of disbursement.

7. Fees & Charges

GroMon may charge fees for certain services and transactions. All applicable fees will be disclosed to you before a transaction is initiated or at the time of product enrolment. By proceeding with a transaction, you consent to the applicable fee.

• Account maintenance fees — may apply to dormant or low-activity accounts.
• Loan origination/processing fees — a one-time fee may be deducted from the loan amount or added to the repayment schedule.
• Loan interest — calculated at rates specified in your individual loan agreement.
• Late repayment charges — applied per the terms of your loan agreement.
• Card issuance and maintenance fees — applicable to virtual and physical GroMon cards.
• Transaction fees — certain transfers or bill payments may attract a service fee.

GroMon reserves the right to revise its fee schedule with a minimum of 14 days' prior notice. Revised fees will be published on our website and communicated via SMS or email to registered members.

8. Acceptable Use

You agree to use GroMon's services only for lawful purposes and in a manner consistent with these Terms. The following actions are strictly prohibited:

• Using GroMon's platforms to launder money, fund terrorism, or engage in any activity prohibited under the Money Laundering (Prevention and Prohibition) Act 2022 or any other Nigerian law.
• Providing false, misleading, or fraudulent information during registration, KYC, or loan applications.
• Attempting to gain unauthorised access to another member's account or to GroMon's systems, servers, or databases.
• Using automated tools, bots, scripts, or scrapers to access or interact with GroMon's platforms.
• Impersonating GroMon, its staff, or any other person or entity.
• Transmitting viruses, malware, or any code that could damage or interfere with GroMon's systems.
• Using GroMon's platform for Ponzi schemes, pyramid schemes, or any form of fraudulent investment activity.
• Reselling, sublicensing, or commercialising access to GroMon's services without written authorisation.
• Engaging in any conduct that could damage the reputation, operations, or legal standing of GroMon or its members.

Violation of these provisions may result in immediate account suspension, termination, forfeiture of funds pending investigation, and referral to appropriate law enforcement authorities.

9. Intellectual Property

All content, materials, software, trademarks, logos, service marks, and trade names displayed on or accessible through GroMon's platforms — including but not limited to the "GroMon" name and brand identity — are the exclusive intellectual property of Gromon Resources Managers Limited or its licensors.

You are granted a limited, non-exclusive, non-transferable, revocable licence to access and use GroMon's platforms solely for your personal, non-commercial use as a member. This licence does not permit you to:

• Copy, reproduce, modify, or distribute any GroMon content without prior written permission.
• Use GroMon's name, logo, or branding in any commercial or promotional material.
• Reverse engineer, decompile, or otherwise attempt to extract the source code of the GroMon application.
• Create derivative works based on GroMon's platform or content.

Any unauthorised use of GroMon's intellectual property may result in legal action.

10. Limitation of Liability

To the maximum extent permitted by applicable Nigerian law, GroMon shall not be liable for any indirect, incidental, consequential, special, or punitive damages arising from your use of, or inability to use, our services — including but not limited to loss of savings, loss of income, or loss of business opportunity.

GroMon's total aggregate liability to you in respect of any claim arising from these Terms or the use of our services shall not exceed the total amount of funds held in your GroMon account at the time the claim arose.

GroMon does not guarantee uninterrupted, error-free, or secure access to its platforms at all times. We shall not be liable for service disruptions caused by:

• Scheduled or emergency maintenance.
• Failures of third-party systems, including payment processors or banking infrastructure.
• Force majeure events including natural disasters, government actions, or network outages beyond our reasonable control.
• Your own device, internet connection, or software failures.

Nothing in these Terms excludes GroMon's liability for death or personal injury caused by gross negligence, fraud, or any other liability that cannot be excluded by law.

11. Suspension & Termination

11.1 Termination by You

You may close your GroMon account at any time by contacting us at gromonresourcesmanagers@gmail.com or calling 08035745461. You must settle any outstanding loan balance before your account can be closed. Upon closure, any remaining savings balance (less applicable fees) will be disbursed to your registered bank account within 5–10 business days.

11.2 Suspension or Termination by GroMon

GroMon may suspend or terminate your account with or without prior notice if:

• You breach any provision of these Terms.
• We have reasonable grounds to suspect fraud, money laundering, or criminal activity.
• You provide false or misleading information during registration or KYC.
• You default on a loan and fail to respond to recovery communications.
• We are required to do so by a court order, regulatory directive, or law enforcement instruction.
• Your account poses a risk to the safety of the cooperative or other members.

Where possible, GroMon will notify you of the reason for suspension and the steps available for reinstatement or account closure. Funds legitimately owed to you will be returned after completion of any required investigation.

12. Dispute Resolution

12.1 Internal Resolution

If you have a complaint or dispute regarding any GroMon service, transaction, or decision, you should first contact our customer support team:

• Email: gromonresourcesmanagers@gmail.com
• Phone: 08035745461 or 08064896681

We will acknowledge your complaint within 2 business days and aim to resolve it within 10 business days. Complex disputes may take longer; we will keep you informed of progress.

12.2 Escalation

If your complaint is not resolved to your satisfaction after exhausting GroMon's internal process, you may escalate to:

• The Central Bank of Nigeria (CBN) Consumer Protection Department — for banking-related complaints.
• The Nigeria Data Protection Commission (NDPC) — for data privacy complaints.
• The Consumer Protection Council (CPC) — for general consumer rights matters.

12.3 Arbitration

Any dispute that cannot be resolved through the above channels shall be referred to arbitration in accordance with the Arbitration and Mediation Act 2023 (Nigeria). The arbitration shall be conducted in Warri, Delta State, in the English language. The decision of the arbitrator shall be final and binding on both parties.

13. Governing Law

These Terms of Use and any dispute or claim arising out of or in connection with them shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

Subject to the arbitration clause above, both parties submit to the exclusive jurisdiction of the courts of Delta State, Nigeria for the resolution of any dispute not settled by arbitration.

GroMon operates in compliance with all applicable Nigerian financial services laws and regulations, including but not limited to guidelines issued by the Central Bank of Nigeria (CBN), the Nigeria Data Protection Commission (NDPC), and the Corporate Affairs Commission (CAC).

14. Changes to These Terms

GroMon reserves the right to update or revise these Terms at any time. When we make material changes, we will notify you by:

• Posting the updated Terms on our website and app with a revised "Last Updated" date.
• Sending an SMS or email notification to your registered contact details.
• Displaying an in-app notice on your next login.

Your continued use of GroMon services after the effective date of any revision constitutes your acceptance of the updated Terms. If you do not agree to the revised Terms, you must stop using our services and contact us to close your account.

We encourage you to review these Terms periodically. The most current version will always be available at gromonsavings.online/terms.html.

15. Contact Us

For questions, clarifications, or concerns about these Terms of Use, or to exercise any of your rights as a member, please contact us through any of the channels below.