Terms And Conditions

OVADRAFT TERMS AND CONDITIONS
Effective Date: October 11, 2024

1. GENERAL TERMS

1.1 Introduction

These Terms and Conditions ("Terms") govern your use of Ovadraft's services, platform, and products. By accessing or using Ovadraft services, you agree to comply with these Terms. Ovadraft is a product of Smart Cover Africa Ltd, which provides users with access to prepaid medical and utility services through a unique card system.

1.2 Changes to the Terms

Ovadraft reserves the right to modify these Terms at any time. Any changes will be effective upon posting on the website or platform. Continued use of the services after such changes constitutes your acceptance of the modified Terms.

1.3 Liability Disclaimer

Ovadraft and Smart Cover Africa LTD are not liable for any losses or damages, including but not limited to financial, operational, reputational, or personal harm, arising from the use of services provided under these Terms. Both entities are protected from any form of liability claims beyond the scope of these Terms.

2. DEFINITIONS

2.1 "Ovadraft"

Refers to the prepaid card product offered by Smart Cover Africa Ltd.

2.2 "We," "us," or "our"

Refers to Smart Cover Africa Ltd, the issuer and operator of the Ovadraft service.

2.3 "User"

Refers to any person utilizing the Ovadraft card and its associated services.

2.4 "Vendor"

Refers to merchants and service providers that accept the Ovadraft card as a means of payment.

2.5 "Affiliate" or "Partner"

Refers to any organization that partners with Ovadraft to provide services, marketing, or operational support.

2.6 "Card"

Refers to the Ovadraft prepaid card issued to users.

3. USER TERMS

3.1 Eligibility

Users must be 18 years or older to use Ovadraft's services. By registering for an account, you confirm that you meet the legal age requirement.

3.2 Account Registration

Users are responsible for providing accurate and complete information during the registration process. Failure to do so may result in suspension or termination of your account.

3.3 Use of Services

Users may utilize Ovadraft’s financial services, including but not limited to health coverage, credit advances, and payment processing. All financial transactions must comply with applicable Nigerian financial laws and regulations.

3.4 Payments and Charges

Medical credit access can only be accessed after using the card for 2 weeks:

• Gold: Borrow up to 20,000 Naira.
• Ruby: Borrow up to 50,000 Naira.
• Platinum: Borrow up to 500,000 Naira.

Interest rates apply as specified: 0% for payments made within 24 hours, 2.5% for payments within 15 days, and 5% for payments within 30 days. The 30-day credit limit will be allowed based on the volume of the transaction and shall be determined by the company. Transaction fees range from 50 Naira per transaction.

3.5 Guarantor Requirement

Users must provide a valid guarantor to access financial services. Ovadraft and Smart Cover Africa LTD hold no liability for any disputes or damages arising between users and guarantors. The level or kind of guarantor will determine if your medical and financial support can be granted or not.

3.6 User Responsibilities

• Users are responsible for maintaining the confidentiality of their account login details.
• Users must use the services strictly for medical and utility payments; no cash withdrawals are permitted.
• We have the right to automatically debit the user account to recover any pending debt from 2-3 accounts stated in the registration form.

3.7 Limitation of Liability

Ovadraft and Smart Cover Africa LTD will not be held liable for any loss of data, interruption of business, financial losses, or unauthorized access to accounts.

3.8 General Provisions

• These terms apply to the use of Ovadraft products, services, and cards by users, vendors, and affiliates.
• Ovadraft services are governed by Nigerian law, and any disputes arising out of these terms shall be resolved under the jurisdiction of Nigerian courts.
• We reserve the right to amend these terms at any time and will notify users, vendors, and affiliates of any significant changes.

4. VENDOR TERMS

4.1 Vendor Eligibility

To become a registered vendor on Ovadraft, you must provide accurate business information and undergo vetting and verification by the Smart Cover Africa Team.

• Vendors agree to accept the Ovadraft card as a valid payment method for approved goods and services.
• Vendors must not charge additional fees for using the Ovadraft card unless explicitly allowed by law.
• Vendors must ensure all transactions comply with Nigerian law and regulations.

4.2 Vendor Obligations

Vendors must ensure that all products and services provided meet quality standards and legal requirements. Vendors must not engage in fraudulent or deceptive practices.

4.3 Liability and Indemnity

Ovadraft and Smart Cover Africa LTD are not responsible for any disputes between vendors and users. Vendors agree to indemnify and hold Ovadraft and Smart Cover Africa LTD harmless against any claims, losses, or damages resulting from a breach of these Terms or any applicable law.

5. AFFILIATE (PARTNERS) TERMS

5.1 Affiliate Responsibilities

Affiliates must promote Ovadraft services in compliance with all applicable laws and marketing guidelines. False advertising or misrepresentation is strictly prohibited.

• Affiliates must not engage in misleading or fraudulent activities when marketing Ovadraft services.
• Affiliates are responsible for ensuring compliance with all contractual obligations, and Ovadraft reserves the right to terminate affiliate relationships at any time for non-compliance or breach.

5.2 Revenue Sharing and Partnership Agreement

Affiliates must enter into a separate Partnership Agreement with Ovadraft. All terms regarding commissions, responsibilities, and revenue sharing will be outlined in the Agreement.

5.3 Limitation of Liability

Ovadraft and Smart Cover Africa LTD are not liable for any losses, damages, or legal claims arising from the affiliate's business operations or marketing activities.

6. CARD USAGE TERMS

6.1 The Card

• The Ovadraft card and USSD Code remain our property, and we reserve the right to retrieve, suspend, or cancel the card or code at our discretion. We will not be liable for any loss resulting from the suspension or cancellation.
• Users must activate their cards upon receipt through methods provided by us. The card is only valid during the period indicated and must not be used after expiration.
• Users are responsible for protecting their cards from unauthorized use by signing and activating the card promptly upon receipt.
• If the card is lost or stolen, users must immediately notify us using the 24/7 helpdesk. We recommend reporting the loss to relevant law enforcement authorities if theft is suspected.
• Users must cooperate with our representatives and law enforcement to recover the card in case of loss or theft.
• Once reported lost or stolen, the card must not be used again, even if recovered, and should be destroyed by cutting through the magnetic strip.
• Users must not allow any other person to use their card.
• We are not liable for any loss arising from a stolen card that is not reported within an hour.
• Users will accumulate points for every transaction made using their Ovadraft card. These points can be converted into USDT and subsequently exchanged for cash. Additionally, points can be utilized to pay off loans or to purchase items.

6.2 Card Security

• Users set their preferred PIN, which must be kept secure. Any unauthorized use due to negligence may result in liability for the user. Biometric verification or additional authentication measures may apply.

6.3 Liability for Unauthorized Transactions

• Users will not be liable for unauthorized transactions after reporting the card as lost or stolen unless negligence or fraud is involved.
• Users will be responsible for any losses due to fraudulent or negligent use of the card, especially if the PIN is shared or recorded with the card.
• If the PIN is stored with the card and both are lost or stolen, users will be liable for all transactions using the PIN.

6.4 Fees and Charges

• Transaction, replacement, and annual service fees apply, as stated in the charges guide.
• Smart Cover Africa LTD and Ovadraft reserve the right to adjust fees with notice to users, in line with prevailing banking standards.

6.4 Card Category

• We determine the card category a user can access based on the following factors:
  • The user's monthly or annual income and their place of employment.
  • The quality and credibility of the guarantor provided.
  • The user's credit score and financial standing.
     

7. LIMITATION OF LIABILITY

7.1 General Limitation of Liability

Ovadraft and Smart Cover Africa LTD shall not be liable for any indirect, incidental, special, or consequential damages, including but not limited to loss of profits, revenue, or data, arising out of or in connection with the use of the platform or services, even if they have been advised of the possibility of such damages.

7.2 Force Majeure

Ovadraft and Smart Cover Africa LTD are not liable for any failure or delay in performing their obligations under these Terms due to events beyond their control, including but not limited to natural disasters, acts of war, government actions, or technical failures.

7.3 Third-Party Liability

Ovadraft and Smart Cover Africa LTD are not responsible for the actions, products, or services provided by any third-party vendors or partners connected to the platform.

7.4 User, Vendor, and Affiliate Liability

Users, vendors, and affiliates are solely responsible for their actions, including any damages or legal issues arising from misuse of the platform or breach of these Terms. Ovadraft and Smart Cover Africa LTD shall be immune from liability arising from such incidents.

7.5 Immunity of Smart Cover Africa LTD

Smart Cover Africa LTD is fully immune from liability for actions performed by users, vendors, and affiliates using the Ovadraft platform. No claims may be made against Smart Cover Africa LTD in relation to such third-party actions or transactions.

8. GOVERNING LAW

8.1 Jurisdiction

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising from these Terms will be subject to the exclusive jurisdiction of the courts of Nigeria.

9. CONTACT INFORMATION

For any questions or concerns regarding these Terms and Conditions, please contact Ovadraft at:

• Email: info@ovadraft.com.ng / info@smartcoverafrica.ng
• Phone: +234 913 444 4677
• Address: Garki Mall, FCT Abuja.