Terms of Use

Clear rules for using our services safely

1. Acceptance of Terms

By downloading, accessing, or using the Masamasa mobile application or website (collectively, the "Platform"), you agree to be bound by these Terms of Use ("Terms") and our Privacy Policy. If you do not agree to these Terms, you must immediately uninstall the Platform and discontinue its use.

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​Masamasa ("we," "us," or "our") is a company incorporated under the laws of the Federal Republic of Nigeria.

2. Eligibility
  • ​To use our Services, you represent and warrant that:
  • ​Age: You are at least 18 years old and have the full legal capacity to enter into this agreement.
  • ​Residency: You are a resident of Nigeria or a jurisdiction where our services are legally permitted.
  • ​Compliance: You are not on any trade or economic sanctions lists (e.g., UN, OFAC).
  • ​No Previous Bans: You have not previously been suspended or removed from our Platform.
3. Description of Services

​Masamasa provides a technology platform that allows users to:

  • ​Deposit cryptocurrency assets into a designated wallet address.
  • ​Convert those assets into Nigerian Naira (NGN) at an agreed-upon exchange rate.
  • ​Receive the NGN equivalent into a verified Nigerian bank account.

​Important: We do not store Fiat currency on your behalf. All Fiat settlements are facilitated through licensed Third-Party Payment Service Providers (PSPs) and Commercial Banks.

​4. Account Registration & KYC
  • (KYC): To use the Platform, you must undergo a Know Your Customer (KYC) process. You agree to provide accurate, current, and complete information, including your BVN, NIN, and a government-issued ID.
    • ​Verification
  • ​Account Security: You are responsible for maintaining the confidentiality of your login credentials and One-Time Passwords (OTPs). You accept responsibility for all activities that occur under your account.
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5. Transactions, Fees, and Exchange Rates
  • ​Exchange Rates: The exchange rate displayed on the app is valid only for a limited window (the "Quote"). The rate is locked once you confirm the transaction. If you do not complete the transfer within the stipulated time, we reserve the right to update the exchange rate.
  • ​Fees: All applicable fees (including network/gas fees and service charges) will be clearly displayed before you confirm your order.
  • ​Wallet Addresses: You are solely responsible for ensuring you send crypto to the correct wallet address provided by Masamasa. We are not responsible for funds sent to the wrong address or network.
​6. Prohibited Activities
​You agree not to use Masamasa for:
  • ​Illegal Purposes: Money laundering, terrorist financing, fraud, or purchasing illegal goods/services.
  • ​Exploits: Attempting to bypass our security features or reverse engineer the app.
  • ​We reserve the right to freeze your account and report you to the Economic and Financial Crimes Commission (EFCC) or the Nigerian Financial Intelligence Unit (NFIU) if we suspect any prohibited activity.
    • ​7. Risk Disclosure

    ​By using Masamasa, you acknowledge and accept the following risks:

    • ​Volatility: The value of cryptocurrency can drop significantly.
    • ​Regulatory Risk: The Nigerian government or CBN may alter regulations governing crypto assets at any time.
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    • Technology Risk: Blockchain networks can experience congestion, forks, or attacks.
    ​8. Limitation of Liability

    To the maximum extent permitted by Nigerian law, the Platform is provided on an "as is" basis. Masamasa shall not be liable for any direct, indirect, incidental, or consequential damages resulting from errors, unauthorized access, or delays caused by the banking system or blockchain networks.

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    ​9. Indemnification

    ​You agree to indemnify and hold Masamasa harmless from any claims, losses, liability, damages, and costs arising from your use of the Platform or your violation of these Terms.

    ​10. Governing Law and Dispute Resolution

    These Terms shall be governed by the laws of the Federal Republic of Nigeria.

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    • ​Amicable Resolution: Disputes shall first be attempted to be resolved amicably.
    • ​Arbitration: Failing that, disputes shall be referred to arbitration in Lagos, Nigeria.
    • ​Jurisdiction: The courts of Lagos State shall have exclusive jurisdiction over appeals.
    ​11. Contact Us

    ​For any questions regarding these Terms, please contact us at:

    ​Masamasa Legal Team
    Email: compliance@masamasa.com 
    Address: 6, Victoria crest 4 estate. Lekki-Ikate. Lagos State