Terms & Conditions

Definitions

• "You" and "your" mean the person who uses or accesses the services.
• "We," "us," and "our" mean Cashonrails and its successors, affiliates, and assignees.
• "CashOn Account" means a registered account on the CashOn mobile application operated by Cashonrails Infrastructure Limited.
• "Boost" – The additional sum earned by a user when a savings plan is held without withdrawal for the required lock-in period.
• "Certificate of Savings" – A digital certificate generated by CashOn showing a user's accumulated savings, authenticated through a verification link or barcode.
• "Fixed Plan" – A savings plan with a predetermined duration during which withdrawals are not permitted.
• "Flexible Plan" – A savings plan that allows withdrawals before maturity, subject to applicable conditions.
• "KYC" – Know Your Customer verification process required for identity validation.
• "Plan Duration" – The selected tenure for a savings plan (e.g 6 months, 12 months, 24 months).
• "User" – An individual or corporate entity utilizing CashOn's savings platform.
• "Withholding Period" – A period during which funds cannot be accessed in order to qualify for the Boost.

Your use of and access to the services are subject at all times to these Terms and our privacy policy. Please read these Terms and privacy policy carefully. By using or accessing the services, you represent that you have read and understand these Terms and our Privacy Policy and you agree to be bound by these Terms and our Privacy Policy. If you do not agree to all the terms and conditions and our Privacy Policy do not use or access the services.

Service Requirements

In order to use the services, you must:

• accept and agree to these Terms and our Privacy Policy;
• register with us on the Website;
• be a Nigerian citizen (or a legal Nigerian resident) aged thirteen (13) years and above, provided that users between thirteen (13) and seventeen (17) years shall use the Services only with the consent and supervision of a parent or legal guardian;
• have a Bank Account with a Nigerian financial institution; and
• provide all information requested by us, such as your full name, date of birth, email address, mobile device number, current residential address, credentials for your Bank Account, and such other information as we may request from time to time (collectively, "User Information").

You may also be required to provide us with one or more answers to security questions that will be used as part of the requirements to use the Website.

Your eligibility to use this website also depends on the country you reside in. Currently, this website operates only in Nigeria, and is only available to users who have Nigerian bank accounts. You may use the services only if you agree to form a binding contract with Cashonrails and are not a person barred from receiving services under the laws of the applicable jurisdiction.

You represent and warrant that all user information you provide us from time to time is true, accurate, current, and complete. You agree not to misrepresent your identity or your User Information. You agree to promptly notify us of changes to your user information by updating your CashOn account on the website; provided, however, that you must notify us at least Three (3) business days before any changes to your Bank Account information, including, but not limited to, the closure of your Bank Account for any reason by calling 09166131465, or sending an email to support@cashonrails.com or by updating your CashOn account via the Website. If we approve your registration, you will be authorized to use the services, subject to these terms.

For our compliance purposes and in order to provide the Services to you, you hereby authorize us to, directly or through a third party, obtain, verify, and record information and documentation that helps us verify your identity and Bank Account information. When you register for the Services and from time to time thereafter, we may require you to provide, update and/or confirm information and documentation that will allow us to identify you, such as:

• A copy of your government-issued photo ID, such as a passport, national identity card or driver's license and/or a selfie with your valid ID;
• Bank Verification Number (BVN);
• National Identification Number (NIN);
• A copy of a utility bill, bank statement, affidavit, or other bill, dated within three months of our request, with your name and Nigerian street address on it; and
• Such other information and documentation that we may require from time to time.

By using the service and providing user information to us, you automatically authorize us to obtain, directly or indirectly through our third-party service providers and without any time limit or the requirement to pay any fees, information about you and your bank account from the financial institution holding your bank account and other third-party websites and databases as necessary to provide the services to you. For the purposes of such authorization, you hereby grant Cashonrails and your third-party service providers, a limited power of attorney and you hereby appoint Cashonrails and our third-party providers as your true and lawful attorney-in-fact and agent, with the full power of substitution and resubstitution, for you and in your name, place and stead, in any and all capacities, to access third-party websites, servers and documents; retrieve information; and use your user information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.

YOU ACKNOWLEDGE AND AGREE THAT WHEN WE OR OUR THIRD-PARTY SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM SUCH FROM THIRD-PARTY WEBSITES, WE AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OF OR ON BEHALF OF THE THIRD PARTY. YOU ACKNOWLEDGE AND AGREE THAT WHEN WE OR OUR THIRD-PARTY SERVICE PROVIDERS RECEIVE YOUR BANK ACCOUNT, DEBIT OR PAYMENT CARD AND/OR OTHER SECURITY INFORMATION IN RELATION TO THE DEBITING OR CREDITING OF YOUR BANK ACCOUNT(S), YOU HAVE AUTOMATICALLY AUTHORIZED DEBITS AND CREDITS FROM AND TO YOUR BANK ACCOUNT AS APPLICABLE.

You agree that other third parties shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by you. You understand and agree that the services are not endorsed or sponsored by any third-party account providers accessible through the services. We make no effort to review information obtained from the financial institution holding your bank account and other third-party websites and databases for any purpose, including but not limited to accuracy, legality or non-infringement. As between Cashonrails and our third-party service providers, Cashonrails is the controller of your confidential user information.

Cashonrails's Obligations

Cashonrails agrees to:

• Maintain a secure and user-friendly savings platform.
• Provide users with the ability to create and manage savings plans.
• Ensure transparent and accurate computation of savings, interest, and Boost returns.
• Provide real-time or near real-time updates of savings performance and accumulated interest.
• Issue digital Certificates of Savings with verifiable authentication links.
• Provide timely communication of product updates, regulatory notices, and system changes.
• Process withdrawal requests in line with plan conditions.
• Maintain compliance with applicable financial and data protection regulations in Nigeria.
• Retain the right to modify service terms at any time without prior consent from users.

User's Obligations

A user must:

• Complete registration with accurate personal or corporate information.
• Undergo KYC validation and provide identification as required by regulation.
• Review and accept these Terms & Conditions prior to creating any savings plan.
• Fund savings plans using approved payment channels.
• Ensure that savings durations and withdrawal actions align with plan rules.
• Keep login credentials, passwords, and authentication devices secure.
• Promptly update any change in personal or banking information.
• Comply with all applicable financial regulations, anti-fraud rules, and platform policies.

Savings Plans, Boosts, Interest & Withdrawals

• Users may create Fixed or Flexible savings plans with customizable durations and contribution amounts.
• The platform calculates standard interest and the Boost amount based on the user's savings amount and tenure.
• Boost returns are earned only when users complete the minimum required lock-in period without withdrawal.
• Boost percentages range between 15% – 50% depending on plan type, duration, and platform policy.
• Interest may be computed daily, monthly, or quarterly, and may be compounded depending on plan structure.
• Users may withdraw their capital, interest, and Boost returns upon maturity of the fixed plan.
• Cashonrails may refuse or delay withdrawals where regulatory restrictions, compliance checks, or fraud alerts are triggered.

Warranty Disclaimer

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW AND EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THESE TERMS, YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF THE SERVICES AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICES IS AT YOUR SOLE RISK. THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY WARRANTY OF ANY KIND. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE AND OUR THIRD-PARTY SERVICE PROVIDERS EXPRESSLY DISCLAIM ANY AND ALL CONDITIONS, REPRESENTATIONS, AND WARRANTIES OF ANY KIND AS TO THE SERVICES AND ALL INFORMATION, PRODUCTS, AND OTHER CONTENT (INCLUDING THAT OF THIRD PARTIES) INCLUDED IN OR ACCESSIBLE FROM THE SERVICES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

WITHOUT LIMITING THE FOREGOING, WE AND OUR THIRD-PARTY SERVICE PROVIDERS MAKE NO WARRANTY THAT (A) THE SERVICES WILL MEET YOUR REQUIREMENTS, (B) THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (C) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICES WILL BE ACCURATE OR RELIABLE, (D) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU THROUGH THE SERVICES WILL MEET YOUR EXPECTATIONS, OR (E) ANY ERRORS IN THE SERVICES WILL BE CORRECTED. NO ORAL OR WRITTEN INFORMATION OR ADVICE OBTAINED BY YOU FROM US OR OUR THIRD-PARTY SERVICE PROVIDERS THROUGH OR FROM THE SERVICES WILL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS.

ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE SERVICES IS DONE AT YOUR OWN DISCRETION AND RISK, AND YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH MATERIAL.

Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT CASHONRAILS, ITS AFFILIATES AND THEIR RESPECTIVE EMPLOYEES, OFFICERS, DIRECTORS, AGENTS, PARTNERS, REPRESENTATIVES AND THIRD-PARTY SERVICE PROVIDERS WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR (A) THE PERFORMANCE OF THE SERVICES OR THE INABILITY TO USE THE SERVICES; (B) ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, EVEN IF SUCH PERSONS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHICH ARISE OUT OF OR ARE IN ANY WAY CONNECTED WITH THESE TERMS, THE SERVICES, OR CONTENT; OR (D) ANY EVENT BEYOND OUR REASONABLE CONTROL.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, WE WILL NOT BE LIABLE FOR THE ACTIONS OR INACTIONS OF ANY THIRD PARTY NOT ACTING ON OUR INSTRUCTIONS, AND WE WILL NOT BE LIABLE FOR ACTIONS OR INACTIONS NOT DIRECTLY TRACEABLE TO US.

CASHON STRIVES TO ENSURE SEAMLESS PAYMENT PROCESSING THROUGH OUR PAYMENT PROCESSORS AND BANKING PARTNERS. HOWEVER, DUE TO FACTORS BEYOND OUR CONTROL, INCLUDING BUT NOT LIMITED TO DOWNTIMES OR DISRUPTIONS IN THE NIGERIA INTER-BANK SETTLEMENT SYSTEM (NIBSS), OUR PAYMENT PROCESSORS, OR BANKING PARTNERS, PAYMENTS MAY BE DELAYED. THUS, WE SHALL NOT BE LIABLE FOR ANY PAYMENT DELAYS, DISRUPTIONS, OR ERRORS IN THE PROCESSING OF PAYMENTS RESULTING FROM SUCH DOWNTIMES, TECHNICAL DISRUPTIONS, OR OTHER FACTORS BEYOND OUR CONTROL. WE SHALL NOT BEAR ANY LIABILITY FOR INABILITY TO COMPLETE A PAYMENT INSTRUCTION BECAUSE OF INACCURATE OR INSUFFICIENT PAYMENT INSTRUCTIONS, OR THE FAILURE OF THE RECIPIENT OR BANK TO CLAIM THE PAYMENT, OR BECAUSE EITHER YOU OR THE RECIPIENT DID NOT PROVIDE ANY REQUESTED INFORMATION, OR WE OR THE ISSUING BANKS ARE UNABLE TO VERIFY YOUR IDENTITY OR THE IDENTITY OF THE RECIPIENT TO OUR SATISFACTION.

WHILE WE MAY PROVIDE INDICATIVE INTEREST RATES/RETURNS WITH RESPECT TO CERTAIN SAVINGS VIA THE MOBILE APP & WEBSITE, YOU RECOGNIZE AND ACCEPT THAT THERE MAY BE LOSS OR DEPRECIATION OF THE VALUE OF ANY SAVINGS AND THE ASSETS DUE TO THE FLUCTUATION OF MARKET VALUES, AND ACCORDINGLY THE VALUE OF ASSETS/INTEREST RATES (AS APPLICABLE) IN YOUR CASHON ACCOUNT MAY DECREASE BASED ON PREVAILING MARKET CIRCUMSTANCES. YOU REPRESENT THAT WE HAVE NOT MADE ANY GUARANTEE, EITHER ORAL OR WRITTEN, THAT YOUR SAVINGS OBJECTIVE WILL BE ACHIEVED OR THAT THE VALUE OF ANY ASSETS INVESTED IN THROUGH YOUR CASHON ACCOUNT WILL NOT DECLINE.

CASHON FUNDING - TO THE EXTENT PERMITTED BY APPLICABLE LAW, YOU UNDERSTAND AND AGREE THAT CASHONRAILS WILL NOT BE LIABLE FOR ANY LOSSES INCURRED IN RESPECT OF ANY TRANSACTIONS RELATING TO YOUR CASHON ACCOUNT, EXCEPT TO THE EXTENT THAT SUCH LOSSES ARE LOSSES PROVEN WITH REASONABLE CERTAINTY AND ARE THE DIRECT RESULT OF AN ACT OR OMISSION MADE BY CASHONRAILS DURING THE DURATION OF THESE TERMS WHICH CONSTITUTE BAD FAITH, WILFUL MISCONDUCT OR GROSS NEGLIGENCE.

Breaches of These Terms

In the event of a breach of these Terms, or a reasonable suspicion that you have breached these Terms in any way, Cashonrails may:

• Temporarily suspend your access to our Services;
• Permanently prohibit you from accessing our Services;
• Block computers using your IP address from accessing our Services;
• Contact any or all of your internet service providers and request that they block your access to our Services;
• Delete your CashOn account; and/or
• Commence legal action against you, whether for breach of contract or otherwise.

Termination, Restriction or Suspension of Your Account

We reserve the right to terminate, suspend and/or restrict your CashOn account or your use of our services where:

• we reasonably believe that any transactions or activities on your CashOn account are suspicious or fraudulent;
• you are creating problems or possible legal liabilities for us or other third parties;
• we reasonably believe that such restrictions will improve the security of the Website or reduce our or another person's exposure to financial liabilities;
• we reasonably believe that the security of your account has been compromised, or that there has been unauthorised access to your account;
• we reasonably believe that you are acting inconsistently with these Terms or our policies;
• we have received an order from a Court of competent jurisdiction or in compliance with relevant regulatory authorities;
• despite our reasonable endeavours, we are unable to verify or authenticate any information you provide to us; or
• we deem it fit for any reason and at any time, in our interest and that of other third parties.

We reserve the right to terminate, suspend and/or restrict your CashOn account or your use of our services on the request of any financial institution or law enforcement agency where your account is subject to any investigations for fraudulent or illegal activities.

Where we suspend, prohibit or block your access to our services you must not take any action to circumvent such suspension or prohibition or blocking (including without limitation creating and/or using a different account).

Any suspension or restriction will be lifted as soon as reasonably practicable after the reasons for the action have ceased to exist.

You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBSS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your CashOn account.

Due Diligence and Audit Rights

We operate an anti-money laundering compliance program and reserve the right to perform due diligence checks on all users of the Website. To comply with relevant AML obligations, we may request information on the transactions carried out on your CashOn account such as (a) details of the depositor or recipient (b) source of funds being transferred (c) purpose of the transfer or payment being made. You confirm that you will provide all requested information required in respect of the transaction in this regard within two (2) Business Days.

You agree to provide to us all such information and documentation as we may require:

• In order to verify your adherence to, and performance of, your obligations under these Terms;
• For the purpose of disclosures pursuant to a valid order by a court or other governmental body; or
• As otherwise required by law or applicable regulation.

You also agree that we may cancel any transaction, suspend your CashOn account or refuse to open a CashOn account in your name if you refuse to provide the requested information or if any information provided is untrue or inaccurate. Please note that for certain transactions we or our third-party Partners may be required to file AML or related reports (without notice to you) with the relevant regulators. These reports may include details of your Personal Information, transactions, operation or proposed operation of our Services.

Assignment

You may not transfer, assign, or delegate these Terms or your rights or obligations hereunder or your CashOn account in any way (by operation of law or otherwise) without our prior written consent. To the extent permitted by applicable law, we may transfer, assign, or delegate these Terms and our rights and obligations hereunder without your consent.

Severability

In the event that any provision of these Terms is determined to be unlawful, void or unenforceable, such provision shall be deemed to be severed from these Terms but shall not affect the validity and enforceability of the other remaining provisions.

Force Majeure

We shall not be liable for any delay or failure to perform any obligation as required by these Terms as a result of any cause or condition including but not limited to, an act of God, epidemic, pandemic, acts of civil or military authorities, national or local emergency, acts of terrorists, acts or omissions of Government including directives from a regulatory authority, civil disturbance, war, strike or other labour dispute, fire, explosion, interruption in telecommunications or internet services or network provider services, of equipment and/or software or any other occurrence which is beyond our reasonable control.

Third-Party Beneficiary

You agree that our third-party service providers are third-party beneficiaries of the applicable provisions of these Terms, with all rights to enforce such provisions as if such service providers were a party to these Terms.

Taxes

You will be responsible for paying, withholding, filing, and reporting all taxes, duties, and other governmental assessments associated with your activity in connection with the Services, provided that we may, in our sole discretion, do any of the foregoing on your behalf or for ourselves.

Where applicable, certain payments made or received by you in connection with your CashOn account or any Services provided to you by Cashonrails may be subject to taxes. If any taxes (whether in force now or introduced in the future) are payable in connection with these payments, you understand that you are liable for these taxes.

You hereby consent and agree that Cashonrails may withhold amounts in your CashOn account if we are required to do so in accordance with the directives of any tax authority, regulator or by law or regulation. You will, however, be notified if such deductions are made or you will be able to see details of such deductions on your CashOn account.

Non-Waiver

The failure of either you or us to exercise, in any way, any right herein will not be deemed a waiver of any further rights hereunder. Specifically, you agree that if we do not exercise or enforce any legal right or remedy which is contained in these Terms, this will not be taken to be a formal waiver of our rights and that those rights or remedies will still be available to us.

Entire Agreement

These Terms, together with our Privacy Policy, constitute the entire and sole agreement between you and us with respect to the Services and supersedes all prior understandings, arrangements, or agreements, whether written or oral, regarding the Services. You hereby acknowledge and agree that you are not an employee, agent, partner, or joint venture of Cashonrails, and you do not have any authority of any kind to bind Cashonrails in any respect whatsoever.

Governing Law

These Terms are made under and will be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

Dispute Resolution

For any and all controversies, disputes, demands, claims, or causes of action between you and us (including the interpretation and scope of this section) relating to the Services or these Terms, you and we agree that any such controversy, dispute, demand, claim, or cause of action shall be resolved in the first instance, by mutual discussions within fourteen (14) days of either you or us notifying the other of the existence of a dispute or claim. We and You shall use all reasonable endeavours to resolve amicably and in good faith any dispute arising out of or in connection with the Services or these Terms.

In the event that we and you are unable to reach an amicable resolution by mutual discussions within the fourteen (14) days referred to in the preceding paragraph, then such dispute or claim shall be settled through binding and confidential arbitration. As used in this Section, "we" and "us" mean Cashonrails and its subsidiaries, affiliates, predecessors, successors, and assigns and all of its and their respective employees, officers, directors, agents, and representatives. In addition, "we" and "us" include any third party providing any product, service, or benefit in connection with the Services or these Terms (as well as any related or prior agreement that you may have had with us) if such third party is named as a co-party with us in any controversy, dispute, demand, claim, or cause of action subject to this Section.

Arbitration will be subject to the applicable Arbitration and Mediation Act 2023 (and any subsequent revisions, amendments, guidelines) in Nigeria and not any state arbitration law.

We and You shall mutually agree on the appointment of a sole arbitrator within fourteen (14) Business Days from when the dispute is referred to arbitration. Where we and you are unable to agree on the appointment of the Arbitrator, such sole arbitrator shall be appointed by the President, the Chartered Institute of Arbitrators, United Kingdom, Nigeria Branch (CIArb Nigeria) on the application of either we or you.

The venue of the arbitration shall be Lagos State, Nigeria and the language to be used in the arbitral proceedings shall be English. We and You agree that the decision of the Arbitrator shall be final and binding on both of us.

You and we must abide by the following rules: (a) the arbitrator will honor claims of privilege and privacy recognized at law; (b) the arbitration will be confidential, and neither you nor we may disclose the existence, content, or results of any arbitration, except as may be required by applicable law or for purposes of enforcement of the arbitration award; (c) subject to the limitation of liability provisions of these Terms, the arbitrator may award any individual relief or individual remedies that are expressly permitted by applicable law; and (d) each party will pay its own attorneys' fees and expenses, unless there is a statutory provision that requires the prevailing party to be paid its fees and litigation expenses and the arbitrator awards such attorneys' fees and expenses to the prevailing party, and in such instance, the fees and costs awarded will be determined by the applicable law.

The arbitral award rendered by the arbitrator shall be entered in any court of competent jurisdiction as judgment. Nothing in these dispute resolution provisions shall prevent either we or you from obtaining interim pre-emptive or injunctive relief from a court of competent jurisdiction to enforce or prevent a breach of a term of these Terms – provided that the relief is obtained in legal proceedings instituted as a prelude to a reference to arbitration.

This Section will survive termination of your CashOn Account and if any part of these dispute resolution provisions is deemed to be invalid, unenforceable, or illegal, or otherwise conflicts with any applicable law, then the balance of these dispute resolution provisions will remain in effect and will be construed in accordance with its terms as if the invalid, unenforceable, illegal, or conflicting part was not contained herein.

Changes to These Terms

We reserve the right, subject to applicable law, to deliver to you any notice of changes to existing terms or the addition of new terms by posting an updated version of these Terms on the Website, updating the FAQ or delivering notice thereof to you electronically. You are free to decide whether or not to accept a revised version of these Terms, but accepting these Terms, as revised, is required for you to continue accessing or using the Services. If you do not agree to these Terms or any revised version of these Terms, your sole recourse is to terminate your access or use of the Services. Except as otherwise expressly stated by us, your access and use of the Services are subject to and constitute your acceptance of the version of these Terms in effect at the time of your access or use.

How Can I Contact Cashonrails?

If you have any questions, complaints, feedback comments, or concerns regarding these Terms or the services, please contact us at support@cashonrails.com or 09166131465. When you contact us, please provide us with the relevant information we need to verify your account.