Terms and Conditions

These terms and conditions ("Terms") govern your use of the CrowdAfrik mobile application ("App") and the services provided by CrowdAfrik, a fintech company focused on funding projects in African countries to improve economic growth and reduce poverty ("CrowdAfrik"). By accessing or using the App, you agree to be bound by these Terms. If you do not agree with these Terms, you may not use the App.

App, you agree to be bound by these Terms. If you do not agree with any part of these Terms, you may not access or use the App.

1. Application Process and Fees

1.1 The App allows users to select their areas of interest to start a small-scale business and apply for funding.

1.2 To initiate the funding application process, users are required to pay a non-refundable application processing fees applicable as at time of the application. The applicant is fully notified of the fees.

1.3 Upon payment of the specified application processing fee, users can proceed to fill out the funding application form, providing all required necessary details and provide five nominees as guarantors.

2. Funding Selection Process

2.1 Funding selection is conducted through a lottery based system, where applicants are randomly selected.

2.2 The frequency of the draws vary according to the chosen area of application. While some application decisions on some areas happen instantly, others may take a day/week/month or quarterly depending on the chosen area of interest (daily, weekly, or monthly).

2.3 CrowdAfrik reserves the right to modify the frequency of the lottery draw or postpone it if the number of participants does not meet the required threshold.

3. Termination of Funding Application

3.1 If a user is found to have provided false or misleading information in their application, their funding application shall be terminated.

3.2 If a successful applicant is found to be falsifying the allocation of advanced funds, the project could be stopped and all equipment or cash advance on trust is then recovered.

3.2 In such cases, the application fee will not be refunded.

4. Account Management

4.1 Users have the ability to manage their account details after registration through the account management section of the App.

4.2 Any changes made to the account details should be accurate and up-to-date.

5. Funding Allocation and Usage

5.1 Upon selecting a winner, CrowdAfrik will evaluate the funding application.

5.2 Costs associated with starting a business, such as purchasing materials and machinery, will be paid directly by CrowdAfrik to the respective firms rather than the winner.

5.3 The majority of the funding will be disbursed directly to the firms to ensure proper utilisation and prevent misuse of funds.

5.4 Exceptions apply to farming projects, where funds may be transferred directly to the user to cover expenses such as land preparation and labour payments.

5.5 Funds may also be allocated for small payments related to services like logistics, fuel, workers' wages, and low-quantity product purchases.

6. Monitoring and Collection of Funds

6.1 CrowdAfrik has a strict policy to prevent misuse of the disbursed funds.

6.2 The funded business will be closely monitored to provide guidance for its success.

6.3 Once the business starts generating profits, the distributed funds will be collected back from the user in the form of small monthly or weekly payments with low interest rates.

7. Funding Sources

7.1 CrowdAfrik is backed by investors, and the funds for business funding are raised solely through the applicants participating in the lottery draw.

8. Termination or Postponement of Lottery Draw

8.1 CrowdAfrik reserves the right to stop or postpone the lottery draw if the number of participants falls below the required threshold.

9.Limitation of Liability

9.1 The Company shall not be held liable for any damages, losses, or expenses arising from the use of the App or the funding process, except as required by applicable laws.

10. Modifications to Terms and App

10.1 CrowdAfrik reserves the right to modify or update these Terms at any time without prior notice.

10.2 The Company may also make changes to the App's features, functionality, or content.

10.3 Continued use of the App after any modifications to these Terms constitutes acceptance of the modified Terms.

11. Governing Law

11.1 These Terms shall be governed by and construed

Termination of CrowdAfrik Account:

To initiate the process of account deletion on CrowdAfrik, please follow these steps: access the "Settings" section within your account, select "Account Settings," and choose the option labeled "Delete My Account." Follow the provided instructions to confirm your account deletion request. Once confirmed, you will receive a confirmation message. Please be aware that our team will proceed to permanently delete your account, along with all associated data, within a timeframe of 30 days.