Terms of Use

Important risk disclosure

DIGITAL CURRENCY AND CRYPTO ASSET TRADING INVOLVES SUBSTANTIAL RISK OF LOSS. THE VALUE OF DIGITAL ASSETS CAN BE HIGHLY VOLATILE. YOU MAY LOSE ALL OF YOUR INVESTED CAPITAL. DO NOT INVEST MORE THAN YOU CAN AFFORD TO LOSE. JEROID DOES NOT PROVIDE INVESTMENT ADVICE. PLEASE READ THESE TERMS IN FULL BEFORE USING OUR SERVICES.

1. Introduction and acceptance of terms

By accessing, downloading, using or clicking on “I agree” to accept any Jeroid Services (as defined below) provided by Jeroid (as defined below), you agree that you have read, understood and accepted all of the terms and conditions stipulated in these Terms as well as our Privacy Policy. In addition, when using some features of the Services, you may be subject to specific additional terms and conditions applicable to those features.

Please read the terms carefully as they govern your use of Jeroid Services. These terms contain important provisions including a mandatory arbitration clause and a limitation of liability provision. Please read them carefully.

BY MAKING USE OF JEROID SERVICES, YOU ACKNOWLEDGE AND AGREE THAT: (1) YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; (2) YOU SHALL ASSUME ALL RISKS RELATED TO THE USE OF JEROID SERVICES AND TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; AND (3) JEROID SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.

2. Definitions

In these Terms, the following words and expressions shall have the meanings assigned below:

• “Jeroid” or “Platform” refers to an ecosystem comprising Jeroid websites (whose domain names include but are not limited to https://www.jeroid.com.ng/), mobile applications and other related digital infrastructure offering Jeroid Services.
• “Jeroid Operators” refer to all legal persons, entities and teams that operate and are responsible for Jeroid services. For convenience, unless otherwise stated, references to “Jeroid” and “we” in these Terms specifically mean Jeroid Operators. Jeroid Operators may change as Jeroid’s business adjusts or grows, in which case the changed operators shall perform their obligations under these Terms and provide services to you, and such change does not affect your rights and interests. The scope of Jeroid Operators may also be expanded due to the provision of new Jeroid Services, in which case your continued use is deemed agreement to jointly execute these Terms with the newly added Jeroid Operators.
• “Jeroid Services” refer to all services provided by Jeroid, including without limitation: (a) digital asset and cryptocurrency trading; (b) digital payments; (c) gift card trading and redemption; (d) wallet services; (e) any ancillary or related services.
• “Jeroid Platform Rules” refer to all rules, policies, guidelines, procedures, interpretations, announcements, statements, letters of consent and other contents that have been and will be subsequently released by Jeroid, as well as all regulations, implementation rules, product process descriptions, and announcements published in the Help Center or within products or service processes.
• “Users” refer to all individuals, institutions or organizations that access, download or use Jeroid or Jeroid Services and who meet the criteria and conditions stipulated by Jeroid. If there exist other agreements for such entities as developers, distributors, market makers, and Digital Currencies exchanges, such agreements shall be followed.
• “Digital Assets” or “Digital Currencies” refer to encrypted or digital tokens or cryptocurrencies with a certain value that are based on blockchain and cryptography technologies and are issued and managed in a decentralized form.
• “Jeroid Accounts” refer to the foundational virtual accounts, including main accounts and subaccounts, which are opened and maintained by Jeroid for registered Users to record their usage of Jeroid Services, transactions, asset changes and basic information.
• “Crypto-to-crypto Trading” refers to spot transactions in which one digital currency is exchanged for another digital currency.
• “Gift Card Services” means the purchase, sale, trading, and redemption of electronic gift cards from third-party merchants or brands through the Platform.
• “Digital Payment Services” means peer-to-peer transfers, bill payments, merchant payments, and related transaction services facilitated through the Platform.
• “KYC” means Know Your Customer processes required by applicable law and regulation.
• “AML” means Anti-Money Laundering measures required under applicable Nigerian and international law.
• “NDPR” means the Nigeria Data Protection Regulation 2019 and any successor legislation.
• “Prohibited Activities” has the meaning given in the User Conduct and Prohibited Activities section below.
• “Intellectual Property” means all patents, trademarks, service marks, trade names, copyrights, trade secrets, software, data, and related proprietary rights.

3.1 Services overview

Jeroid operates a multi-service fintech platform providing: (a) peer-to-peer and spot trading of Digital Assets; (b) digital payment processing for individuals and merchants; and (c) gift card trade and redemption services. Jeroid is not a bank, investment firm, or licensed financial adviser under applicable Nigerian law.

3.2 No investment advice

Nothing on the Jeroid Platform constitutes investment advice, financial advice, trading advice, or any other type of advice. You should conduct your own due diligence and consult qualified financial advisers before making any investment decisions. Market data and prices displayed on the Platform are indicative only.

3.3 Service availability

Jeroid reserves the right to modify, suspend, or discontinue any part of the Services at any time, with or without notice. Jeroid shall not be liable for any modification, suspension, or discontinuance of Services.

Jeroid shall use commercially reasonable efforts to provide 99% platform uptime, but does not guarantee uninterrupted access.

4.1 Eligibility

To register for and use Jeroid Services, you must:

• Be at least 18 years of age (or the legal age of majority in your jurisdiction, whichever is higher);
• Have the legal capacity to enter into binding contracts under applicable law;
• Not be a resident of, or accessing the Platform from, a jurisdiction where such services are prohibited by law;
• Not be a Politically Exposed Person (PEP) without disclosure and enhanced due diligence approval;
• Not be subject to any sanctions imposed by Nigeria, the United Nations, OFAC, or any relevant authority.

4.2 Registration process

All Users must register at https://www.jeroid.com.ng/ before accessing Jeroid Services. During registration, you must provide accurate, complete, and current information, including your real name, email address, phone number, and any additional information required for KYC/AML verification. You agree to promptly update your information to keep it accurate.

4.3 Identity verification (KYC)

In compliance with the Central Bank of Nigeria (CBN) regulations, the Money Laundering (Prevention and Prohibition) Act 2022, and applicable AML/CFT guidelines, all Users are required to complete mandatory identity verification before accessing certain Services or the above-specified transaction thresholds. Verification requirements may include:

• Government-issued photo ID (National ID, Driver’s Licence, International Passport, or Voter’s Card);
• Bank Verification Number (BVN);
• Proof of residential address (utility bill or bank statement not older than 3 months);
• A selfie or liveness check as required by Jeroid’s verification systems.

Jeroid reserves the right to request additional documentation and to suspend or terminate accounts where verification requirements are not met.

4.4 Account security

You are solely responsible for maintaining the confidentiality of your account credentials, including your password and two-factor authentication (2FA) codes. You must immediately notify Jeroid at info@jeroid.ng if you suspect unauthorized access to your account. Jeroid shall not be liable for losses arising from unauthorized account access where you have failed to safeguard your credentials.

Two-factor authentication (2FA) is strongly recommended and may be mandated for certain services or transaction amounts.

4.5 Account restrictions

Each individual may maintain only one (1) main Jeroid Account. Institutional users may open sub-accounts with Jeroid’s prior written consent. Account sharing, transfer, or sale to third parties is strictly prohibited.

5.1 Trading platform

Jeroid provides a platform for users to buy, sell, and exchange Digital Assets on a peer-to-peer or spot basis. Jeroid acts solely as a platform facilitator and does not act as a principal in trades unless expressly stated.

5.2 Fees and charges

Jeroid charges fees for trading services as set out below, which may be updated from time to time. By executing a trade, you agree to pay all applicable fees. Fees are deducted automatically from your Jeroid Account balance. Jeroid reserves the right to revise its fee structure.

5.3 Order execution

All trade orders are executed at the prices available at the time of execution. Jeroid does not guarantee that any particular price will be available. Market conditions may cause significant price slippage. You are responsible for verifying the details of any order before confirmation.

5.4 Deposits and withdrawals

Digital Asset deposits and withdrawals are subject to network confirmation times and applicable blockchain fees, which are beyond Jeroid’s control. Jeroid is not responsible for delays caused by blockchain congestion or third-party infrastructure failures. Minimum and maximum transaction limits apply as stated on the Platform. Any deposit below the minimum deposit balance stated on the app will be lost and Jeroid will not be held liable for such loss.

5.5 Irreversibility of blockchain transactions

YOU ACKNOWLEDGE THAT BLOCKCHAIN TRANSACTIONS ARE IRREVERSIBLE. ONCE A DIGITAL ASSET WITHDRAWAL OR TRANSFER IS INITIATED AND BROADCAST TO THE BLOCKCHAIN NETWORK, JEROID CANNOT REVERSE OR CANCEL THE TRANSACTION. YOU BEAR SOLE RESPONSIBILITY FOR VERIFYING ALL WALLET ADDRESSES BEFORE INITIATING ANY TRANSFER.

5.6 Supported assets

Jeroid may, in its sole discretion, add or remove supported Digital Assets from the Platform at any time. The listing or delisting of a Digital Asset on Jeroid does not constitute an endorsement or recommendation of that asset. Similarly, deposit wallet addresses (both Naira and Crypto deposit) can be changed at any time.

6.1 Payment services

Jeroid provides digital payment services enabling Users to send and receive funds, make merchant payments, and process bill payments through the Platform. Payment services are subject to applicable CBN regulations, the Payment System Management Act, and Jeroid’s Payment Terms.

6.2 Payment limits

Transaction limits apply to all digital payment services and vary based on your KYC verification tier. Daily, weekly, and monthly limits are published on the Platform and may be updated from time to time. Jeroid reserves the right to impose additional restrictions on individual accounts at its discretion.

6.3 Transaction finality

Once a digital payment transaction has been authorized and processed, it may be irreversible. You must verify all recipient details before initiating any payment. Jeroid will use reasonable efforts to assist in recovering mistaken payments but does not guarantee recovery and shall not be liable for losses arising from incorrect payment instructions provided by you.

6.4 Failed transactions

Where a payment fails due to technical issues attributable to Jeroid, the funds will be returned to your Jeroid Account within 3–5 business days. Where failure is due to incorrect recipient details or third-party failures, Jeroid’s liability is limited as set out in the Disclaimer of Warranties and Limitation of Liability section.

6.5 Regulatory compliance

Digital payment services are subject to oversight by the Central Bank of Nigeria (CBN). Jeroid may be required to report certain transactions to regulatory authorities and to comply with CBN directives, including transaction monitoring requirements.

7.1 Gift card services

Jeroid facilitates the trading and redemption of electronic gift cards from supported third-party brands and merchants (“Gift Cards”). Gift Card rates are determined by market supply and demand and may fluctuate.

7.2 Verification and authenticity

All Gift Cards submitted for redemption are subject to verification by Jeroid. You represent and warrant that any Gift Card you submit is: (a) genuine and not counterfeit; (b) legally obtained and free from any fraud, theft, or criminal activity; (c) unused and has not been previously redeemed (unless stated otherwise); and (d) not subject to any restriction that would prevent its redemption.

7.3 Rejection of gift cards

Jeroid reserves the right to reject or decline any Gift Card where: (a) the card fails authenticity verification; (b) Jeroid has reason to believe the card was fraudulently obtained; (c) the card has a zero or insufficient balance; or (d) the card is not supported by the Platform. Jeroid shall notify you of any rejection and the reason, where reasonably practicable.

7.4 No responsibility for third-party issuers

Gift Cards are issued by third-party merchants and brands. Jeroid has no control over and assumes no responsibility for the actions of Gift Card issuers, including changes to card terms, deactivation of cards, or merchant insolvency.

7.5 Anti-fraud

Any attempt to submit fraudulent, stolen, or counterfeit Gift Cards is a serious breach of these Terms and may constitute a criminal offence under applicable Nigerian law. Jeroid will report suspected fraud to law enforcement authorities and cooperate fully with any criminal investigation.

7.6 Rate and processing time

Gift Card exchange rates and processing times are displayed on the Platform at the time of submission and are subject to change. Rates quoted are not guaranteed until a transaction is confirmed by Jeroid.

8.1 General conduct

You agree to use Jeroid Services only for lawful purposes and in accordance with these Terms. You shall not use the Platform in any manner that could damage, disable, overburden, or impair the Platform or interfere with any other party’s use.

8.2 Prohibited activities

The following activities are strictly prohibited on the Jeroid Platform:

• Money laundering, terrorist financing, or any activity prohibited under the Money Laundering (Prevention and Prohibition) Act 2022 or the Terrorism (Prevention and Prohibition) Act 2022;
• Engaging in or facilitating fraud, deceit, or misrepresentation of any kind;
• Submitting fraudulent, stolen, or counterfeit Gift Cards or Digital Assets;
• Creating multiple accounts or impersonating another person or entity;
• Circumventing KYC/AML controls, transaction limits, or security measures;
• Using automated bots, scrapers, or software to access the Platform without authorisation;
• Engaging in market manipulation, wash trading, or any deceptive trading practices;
• Accessing the Platform from prohibited jurisdictions or using VPNs to circumvent geographic restrictions;
• Uploading or transmitting malware, viruses, or any malicious code;
• Harassing, threatening, or abusing Jeroid staff or other users;
• Violating any applicable law or regulation, including those of Nigeria or any other jurisdiction;
• All other unlawful activities as may be required by law.

8.3 Consequences of violations

Any breach of this section may result in immediate account suspension or termination, forfeiture of account balances where required by law, reporting to law enforcement and regulatory authorities, and civil or criminal liability.

9. AML, CFT and regulatory compliance

Jeroid is committed to full compliance with Nigerian AML/CFT laws and regulations, including the Money Laundering (Prevention and Prohibition) Act 2022 (“MLPPA”), the CBN AML/CFT/CPF Regulations, and Financial Action Task Force (FATF) recommendations. In furtherance of these obligations:

• Jeroid may monitor, record, and report suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU) without prior notice to you;
• Jeroid may freeze or block accounts where there is a reasonable suspicion of money laundering, terrorist financing, or other financial crime;
• Jeroid may demand additional documentation and enhanced due diligence for high-risk transactions or users at any time;
• All transaction records will be maintained for a minimum of five (5) years as required by the MLPPA;
• Jeroid cooperates fully with competent authorities, including the EFCC, ICPC, and CBN, in any investigation of financial crime.

You acknowledge that your transactions on the Platform are subject to monitoring for AML/CFT compliance, and consent to such monitoring by using our Services.

10. Data protection and privacy

Jeroid processes your personal data in accordance with the Nigeria Data Protection Regulation 2019 (NDPR) and any successor legislation. By using Jeroid Services, you consent to the collection, use, storage, and processing of your personal data as described in our Privacy Policy, available at http://jeroid.co/privacy-policy.html.

10.1 Data we collect

We collect identity information (name, BVN, ID documents), contact details (email, phone), financial information (transaction history, account balances), device and usage data, and any other information you provide during registration or use of our Services.

10.2 Purpose of processing

Your personal data is processed to provide and improve our Services; comply with KYC/AML obligations; detect and prevent fraud; fulfil contractual obligations; and comply with applicable law.

10.3 Data sharing

We may share your data with regulatory and law enforcement authorities as required by law; KYC verification service providers; payment processors and banking partners; and other service providers acting on our behalf under appropriate data processing agreements.

10.4 Your rights

Subject to applicable law, you have the right to access, correct, or delete your personal data. Requests may be submitted to dpo@jeroid.co. Note that certain data must be retained for regulatory purposes regardless of deletion requests.

10.5 International transfers

Where your data is transferred outside Nigeria, Jeroid shall ensure adequate safeguards are in place in compliance with the NDPR.

11. Taxes

You are solely responsible for determining and paying all taxes applicable to your use of Jeroid Services, including any capital gains tax, income tax, or value-added tax arising from your Digital Asset trading, digital payments, or Gift Card transactions. Jeroid does not provide tax advice. You should consult a qualified tax professional for advice on your tax obligations.

Where required by applicable Nigerian law (including the Finance Acts), Jeroid may withhold and remit taxes on transactions processed through the Platform and will provide you with relevant transaction records to assist in your tax filings.

12. Intellectual property

All content, software, designs, trademarks, logos, and materials on the Jeroid Platform are the exclusive property of Jeroid Operators or their licensors and are protected by applicable intellectual property laws. You are granted a limited, non-exclusive, non-transferable, revocable licence to access and use the Platform solely for your personal use in accordance with these Terms.

You shall not copy, reproduce, distribute, modify, create derivative works of, publicly display, or commercially exploit any content from the Platform without Jeroid’s prior written consent. Any feedback, suggestions, or improvements you provide to Jeroid may be used by Jeroid without obligation to you.

13.1 Disclaimer of warranties

JEROID SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. JEROID DOES NOT WARRANT THAT THE PLATFORM WILL BE UNINTERRUPTED, ERROR-FREE, OR SECURE.

13.2 Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, JEROID’S TOTAL CUMULATIVE LIABILITY TO YOU FOR ANY CLAIMS ARISING OUT OF OR RELATED TO THESE TERMS OR JEROID SERVICES SHALL NOT EXCEED THE GREATER OF: (A) THE TOTAL FEES PAID BY YOU TO JEROID IN THE THREE (3) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM; OR (B) NGN 50,000 (FIFTY THOUSAND NAIRA). THIS LIMITATION APPLIES REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT, NEGLIGENCE, OR OTHERWISE.

13.3 Exclusion of consequential damages

IN NO EVENT SHALL JEROID BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS, LOSS OF DATA, LOSS OF GOODWILL, OR BUSINESS INTERRUPTION, EVEN IF JEROID HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

13.4 Force majeure

Jeroid shall not be liable for any failure or delay in performing its obligations under these Terms arising from circumstances beyond its reasonable control, including acts of God, natural disasters, war, civil unrest, government actions, power failures, internet failures, cyberattacks, or blockchain network failures.

14. Indemnification

You agree to indemnify, defend, and hold harmless Jeroid Operators, their directors, officers, employees, agents, and licensors from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising from: (a) your breach of these Terms; (b) your use or misuse of Jeroid Services; (c) your violation of any applicable law or regulation; (d) your infringement of any third-party rights; or (e) any fraudulent or unlawful activity on your account.

15.1 Termination by user

You may close your Jeroid Account at any time by submitting a request to info@jeroid.ng, subject to: (a) resolution of all pending transactions; (b) withdrawal of all remaining balances; and (c) compliance with any ongoing legal or regulatory obligations.

15.2 Suspension and termination by Jeroid

Jeroid may, in its sole discretion, suspend, restrict, or terminate your Account and access to Services with or without notice if: (a) you breach these Terms or any Platform Rules; (b) Jeroid is required to do so by law or regulatory directive; (c) Jeroid suspects fraudulent, illegal, or abusive activity on your account; (d) your account is subject to a court order, injunction, or legal process; or (e) you have not accessed your account for more than 24 months (dormant account).

15.3 Effect of termination

Upon termination, your right to access and use Jeroid Services immediately ceases. Jeroid will make reasonable efforts to facilitate the withdrawal of your balances, subject to applicable legal and regulatory requirements. All provisions of these Terms that by their nature should survive termination shall do so, including Intellectual Property, Limitation of Liability, Indemnification, and Dispute Resolution.

16. Third-party services and links

Jeroid Services may include integrations with or links to third-party services, websites, or platforms (“Third-Party Services”). Jeroid is not responsible for the content, terms, privacy practices, or availability of any Third-Party Services. Your use of Third-Party Services is governed by their respective terms and conditions. Jeroid does not endorse or make any representations about Third-Party Services.

17. Changes to these terms

Jeroid reserves the right to amend these Terms at any time. We will notify you of material changes by: (a) updating the “Last Updated” date on this page; (b) sending an email notification to your registered email address; and/or (c) displaying a prominent notice on the Platform.

Material changes will take effect no earlier than fourteen (14) days after notification, except where required by law or for security reasons, where changes may take immediate effect. Your continued use of Jeroid Services after the effective date constitutes your acceptance of the updated Terms.

18. Governing law and jurisdiction

These Terms and all matters arising from or relating to your use of Jeroid Services shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to its conflict of law principles.

19.1 Negotiation

In the event of any dispute, claim, or controversy arising out of or relating to these Terms or Jeroid Services (“Dispute”), the parties shall first attempt to resolve it through good faith negotiation. You must send a written notice of your Dispute to legalteam@jeroid.co and allow 30 days for Jeroid to respond before escalating.

19.2 Arbitration

If the Dispute is not resolved through negotiation, it shall be finally resolved by binding arbitration administered under the Arbitration and Mediation Act 2023 (Nigeria). The seat of arbitration shall be Lagos, Nigeria. The arbitration shall be conducted in English before a sole arbitrator agreed upon by the parties, or failing agreement, appointed by the Lagos Court of Arbitration. The arbitral award shall be final and binding on both parties.

19.3 Class action waiver

YOU AND JEROID AGREE THAT EACH PARTY MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS ACTION OR REPRESENTATIVE PROCEEDING.

19.4 Court jurisdiction for interim relief

Notwithstanding the arbitration agreement, either party may seek urgent interim or injunctive relief from the courts of Lagos State or the Federal High Court of Nigeria to preserve rights pending arbitration.

20.1 Entire agreement

These Terms, together with the Privacy Policy and any other policies incorporated by reference, constitute the entire agreement between you and Jeroid with respect to the subject matter hereof and supersede all prior agreements, understandings, and representations.

20.2 Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.

20.3 Waiver

Jeroid’s failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.

20.4 Assignment

You may not assign or transfer your rights or obligations under these Terms without Jeroid’s prior written consent. Jeroid may assign its rights and obligations under these Terms to a successor entity without notice.

20.5 Notices

Notices to Jeroid shall be sent to info@jeroid.ng. Notices to you shall be sent to the email address registered on your account. Notices take effect on the date sent.

20.6 Language

These Terms are drafted in the English language. In the event of any translation, the English version shall prevail.

20.7 No waiver of regulatory rights

Nothing in these Terms limits or excludes any rights you may have under applicable Nigerian consumer protection legislation, including the Federal Competition and Consumer Protection Act (FCCPA) 2018, to the extent such rights cannot be excluded by contract.