Legal documentation
Legal documentation of Sparkle Nigeria
Terms of use of our Sparkle Application
Welcome to SPARKLE! These terms affect your legal rights, endeavor to read them and treat with utmost importance. These legal terms are between You and Sparke Microfinance Bank Limited (Sparkle/Sparkle/us/we/our) and you (you/your) and you agree to them by using the Sparkle Platform. You should read this document along with our Data Privacy Notice.
Age restriction
If you’re under 18, you must have the contractual capacity to enter a binding contract with us and are not barred from doing so under any applicable laws. However, you will need consent from your parent or legal guardian and will still be subject to these terms and conditions. Please note that you won’t be able to apply for loans as well as make payments for restricted items such as gambling, but all this will change once you turn 18.
Access to the Sparkle Platform
You must create an account with Sparkle to use our Platform, which can be used on a mobile device running an operating system supported by us. When creating and managing your account, all information provided must be true, accurate and complete. Providing false information of any kind may result in the freezing or termination of your account. You must update all account information when a change occurs. You are responsible for keeping your account and password secure and maintaining the confidentiality of your password. Additionally, you are completely responsible for all activities that occur under the account and any other actions taken in connection with it. You must immediately notify us of any unauthorized uses of your account or any other breaches of security. We will not be liable for any acts or omissions by you, including any damages of any kind suffered as a result of such acts or omissions. By default, we keep you logged into our platform, however, you can always amend these preferences. To log back in, you will need to enter your User ID and a unique PIN or biometric authentication. We may notify you from time to time about changes in the security information.
Consent
By using this Service, you consent to Sparkle transmitting, storing and processing your Personal Data. Our Privacy Policy explains how we treat your personal data and protect your privacy when you use our Platform. You consent to receiving electronic communication from Sparkle relating to your account. We may communicate with you via e-mail, text message (SMS), push notifications in the platform or through other methods, including our promotional newsletter or other announcements via email or other methods. You may opt out of receiving non-transactional communications, by following the directions in our e-mail to “Unsubscribe” from our mailing list, or by sending an e-mail request to (support@sparkle.ng). We will communicate with you in connection with transactional communications, including but not limited to servicing your account and customer services.
Making Payments
You need enough money in your account to make payments We may block payments if
- The transaction will take your balance below zero
- We suspect criminal activity on your account
- You go over your payment limits
Fee & Charges
You can find a list our fees for using some of the services on your Sparkle account. Please note you may have to pay additional costs such as taxes and transfer fees, which are outside our control and not charged by us.
Prohibited Uses
Sparkle enforces a strict policy against money laundering, terrorism, funding and conducting of businesses with entities/individuals situated in territories subject to trade sanction and/or individually subject to such sanctions. In addition to other prohibitions as set forth in this Agreement, you are prohibited from using the Platform or its Content in any of the following scenarios
- For any unlawful purpose;
- To solicit others to perform or participate in any unlawful acts;
- To violate any international, federal, state or local government regulations, rules, laws, or local ordinances;
- To infringe upon or violate our intellectual property rights or the intellectual property rights of others;
- To harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability;
- To submit false or misleading information;
- To upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related mobile application, other mobile applications, or the Internet;
- To collect or track the personal information of others;
- To spam, phish, pharm, pretext, spider, crawl, or scrape;
- For any obscene or immoral purpose; or
You furthermore agree that any amounts paid to us by you shall not be proceeds from illegal activities. Should it be suspected and or/ proven by us that the Service is being used for illegal and/or illicit purposes, we reserve the right to immediately terminate the Services available to you and additionally reserve our rights to report your conduct to the relevant legal authorities for investigation and possible prosecution.
Termination Or Discontinuation Of Service
You can close your account at any time. If you’d like to, please get in touch with us. You'll need to repay any money you owe us before we can close your account. Once we have closed it, you won’t be able to access your account and all active cards will be blocked.
Sparkle may in its sole discretion, suspend or terminate your access to the Service, or discontinue providing the Service or any part of the Service at any time, with or without notice. We will close your account immediately if we believe you have
- Broken our terms and conditions
- Broken the law or attempted to break the law
- Given Sparkle false information
- Put Sparkle in a position that would have resulted in us breaking the law
- Been abusive to anyone in the Sparkle Tribe
You agree that we will not be responsible or liable to you or any third party for discontinuing the service or for terminating or suspending your access to the Service.
Intellectual Property
This Agreement does not transfer to you any intellectual property owned by Sparkle or third-parties, and all rights, titles, and interests in and to such property will remain (as between the parties) solely with Sparkle. All intellectual property, including but not limited to trademarks, service marks, graphics and logos used in connection with our Mobile Application or Services, are owned by Sparkle. Your use of our Mobile Application and Services grants you no right or license to reproduce or otherwise use Sparkle intellectual property.
Copyright Infringement
All rights reserved. No part of the Mobile Application may be copied, reproduced, ripped, recorded, re-engineered, decompiled, disassembled, modified, distributed, or transmitted in any form or by any means either electronic or mechanical methods, without the prior written permission of Sparkle. You shall also not sell, rent, lease, sublicense or otherwise transfer rights to the Mobile Application.
Technology Limitations And Modifications
Sparkle will make reasonable efforts to keep the Mobile Application operational. However, certain technical difficulties or maintenance may, from time to time, result in temporary interruptions. Sparkle reserves the right, periodically and at any time, to modify or discontinue, temporarily or permanently, functions and features of the Mobile Application, with or without notice, all without liability to you for any interruption, modification, or discontinuation of the Mobile Application Service or any function or feature thereof. You understand and agree that we have no obligation to maintain, support, upgrade, or update the Service, or to provide all or any specific content through the Service.
Disclaimer Warranty
This Service is provided on an “as is” and “as available” basis without warranties of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Your use of the Mobile Application and any other material or services downloaded or made available to you through the software is at your own discretion and risk, and you are solely responsible for any damage resulting from their use.
Limitation Of Liability
In no event will Sparkle , its officers, directors, employees, agents, suppliers or licensors be liable for any direct, indirect, punitive or incidental, special, consequential damages or any damages (including, without limitation, damages for lost profits, revenue, sales, goodwill, use or content, impact on business, business interruption, loss of anticipated savings, loss of business opportunity) whatsoever however caused, under any theory of liability, including, without limitation, contract, tort, warranty, breach of statutory duty, negligence or otherwise, even if Sparkle has been advised as to the possibility of such damages or could have foreseen such damages.
Indemnification
Please keep your phone, Sparkle card(s) and PIN safe at all times. If we discover any security issues that may affect your account, we will be in contact as soon as possible.
You agree to indemnify and hold Sparkle and its affiliates, directors, officers, employees, and agents harmless from and against any liabilities, losses, damages or costs, including reasonable attorneys' fees, incurred in connection with or arising from any third-party allegations, claims, actions, disputes, or demands asserted against any of them as a result of or relating to your Content, your use of the Mobile Application or Services or any willful misconduct on your part.
Dispute Resolution
If you have a complaint, please contact us and we will do our best to fix the problem.
Parties shall use their best endeavors to amicably settle any dispute or difference of opinion arising from or in connection with this Agreement through mutual discussions.
Where the Parties are unable to resolve the dispute through mutual agreement within 30 days from receiving the Notice of Dispute, the dispute shall be submitted to arbitration in the English language in accordance with the Arbitration and Conciliation Act Cap. A18, Laws of the Federation of Nigeria 2004, or any amendment thereto.
The place of arbitration shall be Lagos State, Nigeria and there shall be a sole arbitrator who shall be appointed jointly by the parties. Where the parties fail or are unable to jointly agree on the appointment, they shall approach the Lagos Court of International Arbitration to appoint a sole arbitrator who shall be competent to adjudicate on the issue in dispute. The arbitral award shall be final and binding between the Parties.
Changes and Amendments
We may modify the terms of this Agreement at any time, effective upon posting of an updated version of this Agreement in the Mobile Application. [Users are responsible for regularly reviewing these Terms of Use. Your continued use of this website following any modifications, changes or alterations shall constitute your acceptance of each such modification, change or alteration]/ When we do, we will send you an email to notify you. Continued use of the Mobile Application after any such changes shall constitute your consent to such changes.
Refer & Earn with Sparkle programme.
The benefits of the Refer & Earn with Sparkle Programme shall be subject to reasonable requirements of tracking, verification, and fair use.
The Refer & Earn scheme is targeted at rewarding members of the Sparkle Tribe for the referral of validated new users of the Sparkle Platform, and earnings would only be applicable in this regard. Sparkle tracks the relevant data and reserves the right not to reward any account holder seeking to take undue benefit of the scheme and in the event of fraud, use of bots or dud accounts.
Users may make inquiries regarding the Refer & Earn scheme by emailing support@sparkle.ng. All requests shall be processed within three (3) business days of the confirmation of the referral.
How to contact us
You can contact us through the Sparkle app or send us an email at support@sparkle.ng
How we’ll contact you
We will contact you via the Sparkle app, or through your email, phone or home address. Please let us know if any of these changes.
We also send you instant notifications when you spend or receive money.
Our Privacy Policy
Sparkle Microfinance Bank (Sparkle/us/we/our) operates the Mobile Application (Platform/Service).
This page informs you of our policies regarding the collection, use, and disclosure of personal data when you use our Service and the choices you have associated with that data.
By using the Service, you agree to the collection and use of information in accordance with this Privacy Policy. Unless otherwise defined in this Privacy Policy, terms used in this Privacy Policy have the same meanings as in our Terms of use.
The information we hold about you, and how we use it
We collect several types of information for various purposes and to improve the Service. All information that you provide is covered by the provisions of the Constitution of the Federal Republic of Nigeria 1999 (As amended) and other extant laws and regulations regulating the use and management of personal data, inclusive but not limited to the Nigeria Data Protection Regulation (“Data Protection Regulations”).
Where you reside out of Nigeria, the laws and regulations regulating the use and management of personal data in your Jurisdiction shall apply.
TrueDepth API
Sparkle makes use of collected information using the device camera and the TrueDepth API provided by Apple. The only use of this information is to ensure that the user is a live human during verification. None of the information collected by the TrueDepth API ever leaves the user's device nor is it stored on the device.
Personal Data we collect
Personal data includes but is not limited to - Name, phone number, home address, date of birth, email address, Bank Verification Number (“BVN”), your profile picture (should you include one) and any other information deemed personal under force of law.
Usage Data
When you access the Service by or through a mobile device, we may collect certain information automatically, including but not limited to
- The mobile net• work and operating system you use.
- Your Internet Protocol(“IP”) address.
- Your mobile device unique Identifier.
- Your mobile advertising ID.
- Your location if you’ve authorized tracking.
- Unique device identifiers and other diagnostic data.
Information we collect when you join Sparkle
- Details you give when you sign up for a Sparkle account, like your name, BVN, email address and mobile number.
- The log in credentials and settings you choose for our app and card, so we can give you Sparkling services safely
- Your profile picture.
Information we collect when you use Sparkle
- Details about payments to and from your Sparkle account and your savings activity (stash).
- Details about services from us and our partners that you express interest in.
- Details about how you use our app.
- Information you give is through our chatbot
Information we collect from your phone
- The mobile network and operating system you use, so we can analyse how Sparkle works and fix any issues.
- Your location if you’ve authorised tracking, so we can protect you against fraud.
- Your phone contacts who use Sparkle.
How we use your information
We use your personal data for the following purposes
- To offer the services and functions in a safe and lawful way and to administer your use of the Service.
- To maintain and improve our Service.
- To prevent an illegal use of our Service.
- To detect, prevent and address technical issues.
- To notify you about changes to the Service.
- To verify your identity.
- To provide customer care and support.
- To monitor the usage of the Service.
Our reasons for using your information
According to the Data Protection Regulations, all forms of processing personal data must be on a lawful basis. We generally use your personal information for the purposes outlined above because
- It is necessary for our legitimate interests and does not unduly affect your interests or fundamental rights and freedoms.
- It is necessary for legal and/or regulatory obligations or requests that we are subject to, such as keeping records in accordance with applicable regulations or providing information to a public body or law enforcement agency.
- It is necessary to perform contractual obligations that we owe towards you, or to take pre-contractual steps at the request of you.
- In some cases, we have obtained your prior consent.
To the extent that we process any sensitive personal information relating to you for any of the purposes outlined above, we will do so because either
- you have given us your explicit consent to process that information;
- The processing is necessary for reasons of substantial public interest on the basis of applicable law (for example where we are required by law or regulatory requirements to process that information in order to ensure we meet our KYC and ‘anti money laundering’ obligations).
- or the processing is necessary for the establishment, exercise or defence of legal claims.
Consent
We will ask for your consent to
- process your personal data.
- tell you about our products and services, and those of our partners by email or push notification if we think they’re of interest to you. You can unsubscribe from these by email or via the app.
- help protect you against fraud by tracking the location of your phone if you have authorized it.
- show your profile picture in the app if you add one.
- share information about you with companies we work with when we need your permission.
You do not have to share information about yourself if you do not want to. But if you do not, you may not be able to use some (or any) of our services.
Transfer and Disclosure of Data
For the purposes mentioned above, we may transfer or disclose your personal data to
- Courts, law enforcement authorities, regulators, or attorneys if necessary, to comply with the law or for the establishment, exercise, or defense of legal claims.;
- Anyone you give us permission to share it with.
If you are located outside Nigeria and choose to provide information to us, please note that we transfer the data, including Personal Data, to Nigeria and it is processed in Nigeria.
Your consent to this Privacy Policy followed by your submission of such information represents your agreement to that transfer. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy and no transfer of your Personal Data will take place to an organization or a country unless there are adequate controls in place including the security of your data and other personal information.
Duration for Keeping Personal Information
We will hold your personal information on Sparkle’s systems for as long as is necessary to fulfill the purpose for which it was collected or to comply with legal, regulatory or internal policy requirements.
Your Rights
The data protection law applicable to Sparkle when processing your personal data may entitle you to specific rights in relation to your personal data. In particular and subject to the respective statutory requirements, you are entitled to
- Obtain from Sparkle confirmation whether personal data concerning you are being processed, and where that is the case, access to the personal data.
- Obtain from Sparkle the rectification of inaccurate personal data concerning you.
- Obtain from Sparkle the erasure of your personal data.
- Obtain from Sparkle restriction of processing regarding your personal data.
- Data portability concerning personal data, which you actively provided.
- Object, on grounds relating to your particular situation, to processing of personal data concerning you.
Minor Policy
Our Service does not address anyone under the age of 18 ("Minor").We do not knowingly collect personally identifiable information from anyone under the age of 18. If you are a parent or guardian and you are aware that your child/ children/ ward has provided us with Personal Data, please contact us. If we become aware that we have collected Personal Data from children without verification of parental consent, we take steps to remove that information from our server.
Changes to This Privacy Policy
We may update our Privacy Policy from time to time. Thus, we advise you to review this page periodically for any changes.
We will notify you of any changes by posting the new Privacy Policy on this page. These changes are effective immediately, after they are posted on this page.
Contact Us
If you have questions regarding your data privacy rights or would like to submit a related data privacy right request, please email us as at support@sparkle.ng. Please allow up to 5 days for requests to be processed.
Information Security Policy
The Board and Management of Sparkle Microfinance Bank ("Sparkle"), located at Plot 76a Samuel Adedoyin Street, Victoria Island, Lagos is committed to preserving the CONFIDENTIALITY, INTEGRITY and AVAILABILITY of all the physical and electronic information assets throughout the organization, in order to preserve its competitive edge, assets, legal, regulatory as well as contractual obligations, compliance and reputation. Information and information security requirements will continue to be aligned with organizational goals and the Information Security Management System (ISMS) is intended to be an enabling mechanism for information processing, sharing, storage, electronic operations and reducing information related risks to an acceptable level.
Sparkle is committed to providing quality services to our customers, both internal and external, by aligning Technology investments with organizational goals. It has aligned its processes and operations to the ISO27001, ISO22301 standards and PCIDSS requirements to ensure business continuity, cyber resilience, protection of its information assets and maximization of benefit/returns on Technology investments.
It is therefore our policy to ensure that.
- Sparkle’s current strategy and Information Security and Risk Management framework provides the context for identifying, assessing, evaluating and controlling information-related risks through establishment and maintenance of the ISMS & BCMS. The Information Security risk assessment, Statement of Applicability and risk treatment plan identify how information – related risks are controlled in alignment with Sparkle’s risk management strategy.
- Business continuity and contingency plans, data backup procedures, access control to systems, incident management and reporting are fundamental to this policy. All employees of Sparkle shall have the responsibility of reporting information security breaches and other incidents.
- All employees of Sparkle and external parties identified in the Management Systems are expected to comply with this policy. All staff and certain external parties will receive or be required to provide evidence of receiving appropriate training.
- The Chief Risk Officer (CRO) is the owner of this document and is responsible for ensuring that this policy document is reviewed and reapproved at least annually and in the event of relevant changes and/or incidents.
- Breach of the policy or security mechanism may warrant disciplinary measures, up to and including termination of employment/contract as well as legal action in line with the Cybercrime Prohibition Act 2015.
Cookie Notice Version 1 [February 20, 2020]
By using the Sparkle Digital Platform, you agree to our use of cookies.
Think of Cookies as little Sparklers that keep a track of important data on how you use our site. This could include information on how many times you visited, how long you spent on our website and the pages you preferred.
Cookies never store any of your banking details.
Cookies never store any of your banking details.
At Sparkle, we use cookies to
- Remember your preferences
- Creating a unique experience for you by personalizing content and ads
- Provide social media features and to analyze our traffic.
- Share with our social media, advertising and analytics partners.
- Comply with local laws and regulations; only sharing information when absolutely required
The length of time stored depends on the cookie, but this is generally a maximum of two years.
Examples of Cookies we use
- Session Cookies - We use Session Cookies to operate our Service and give you a better experience by analyzing where you spent your time on our site and which parts are of most interest to you.
- Persistent Cookies - We use Preference Cookies to remember your preferences and various settings. These cookies recognize when you come back to our site so we tailor the experience to suit you
- Third-party Cookies - show you ads for things we think you’ll be interested in
- Security Cookies - We use Security Cookies for security purposes.
Turning off Cookies
Although most browsers automatically accept cookies, you can set your cookies preferences by instructing your browser to refuse all cookies or to indicate when a cookie is being sent. However, this may prevent you from fully experiencing our website.
Please note that if you turn cookies off, you might still see ads for Sparkle in other places. But they’ll be general, and not based on your specific information.
Lastly, don’t worry… apart from the data you share with us, we cannot access content on your devices or any other information about you with cookies.
Unless otherwise defined in this Notice, terms used in the Cookie Notice have the same meanings as in our Terms of use.
This Privacy Notice may be updated from time and the most recent version can be found on www.sparkle.ng
VIRTUAL ACCOUNTS TERMS AND CONDITIONS
These Terms and Conditions (“Terms”) govern the use of Virtual Accounts provided by Sparkle Microfinance Bank Limited (‘’Sparkle”, “We”, “Us”, “Our”). By accessing or using virtual accounts, You (“You”, “Your” whether personally or on behalf of any entity you represent) agree to these Terms and that they constitute a legally binding agreement between you and Sparkle.
Sparkle Microfinance Bank Limited reserves the right to change or modify any and all parts of these Terms at any time, effective immediately. Your continued use of Sparkle’s virtual accounts constitutes a binding acceptance of these Terms, including all changes or modifications made by Sparkle. Please check these Terms periodically for changes and if you have any questions or need clarifications, please contact us via email at support@sparkle.ng.
ACCEPTANCE OF TERMS AND CONDITIONS
This is a legally binding contract between you and Sparkle, each individually a “Party” and collectively the “Parties”. The Agreement contained herein shall govern Your non-transferable (unless otherwise agreed by the Sparkle) use of the Sparkle’s virtual accounts and any products that Sparkle may make available to You through the Sparkle application or website (collectively, the “Services”).
USER CONSENT
You agree and consent that:- You must own and operate a Sparkle account.
- Sparkle is authorized irrevocably and unconditionally to share, receive, disclosure and use any data/information relating to You and/or in connection with Your virtual or any other accounts with Sparkle or any transactions to
- Other banks, financial institutions, debt collection agencies, credit bureau, service providers and other affiliated third parties.
- Regulatory, law enforcement and governmental agencies, whether in Nigeria or elsewhere
- Auditors and any persons or organisations, whether in Nigeria or elsewhere providing electronic or other services to Sparkle.
- Any actual or prospective transferee, assignee or successor of all or any part of the assets or business of the Bank.
- Any court of competent jurisdiction.
- All information requested by Sparkle and provided by You in line with Sparkle’s KYC obligations is truthful, accurate, current and complete and you agree not to misrepresent your identity or information.
USE OF VIRTUAL ACCOUNTS
Sparkle’s virtual account may only be used for receiving and making transfers and all other financial transactions permitted by Sparkle.
Virtual accounts operate like normal accounts and as such, use of these accounts must be in line with all applicable Anti-money laundering and combatting terrorism financing laws and regulations.
KNOW-YOUR-CUSTOMER (KYC)
By use of virtual accounts, you agree to provide all relevant KYC information that may be required by Sparkle at any given time. You further agree that Sparkle shall maintain all information in line with its record-keeping obligations.
RECORD KEEPING
Sparkle in line with regulatory obligations, shall maintain a record of all transactions carried out on each virtual account during the period of use of the virtual accounts and for a period of at least 5 years after the termination of this banking relationship.
INTERMEDIARIES
If you are an intermediary acting for a third party(s), you represent to us that you have:
- satisfactorily performed all know-your-customer and other anti-money laundering checks in accordance with any applicable law or any act or order of any authority and your internal policies (including verification of the third party’s identity and source of funds and nature of such third party’s transactions: and)
- appropriate processes to detect and report any suspicious activity involving the third party.
REPRESENTATIONS AND WARRANTIES
You represent and warrant that:- You have full power and authority to agree and consent to these Terms, and any other documentation relating thereto, and to perform Your obligations under the Agreement and have taken all necessary actions to authorise such execution, delivery and performance.
- Your use of Sparkle’s virtual accounts will not violate or conflict any law applicable to You, any provision of any constitutional obligations or any charge, trust deed, contract or other instrument or any contractual restrictions applicable thereto, binding on, or affecting You or any of Your assets.
- all governmental, regulatory and other consents that may be required to have been obtained by You in relation to these Terms have been so obtained and are in full force and all conditions of any such consents have been fully complied with.
- Your obligations under these Terms constitute Your legal, valid and binding obligations, enforceable in accordance with these Terms
- You will comply with all laws, regulations, guidelines, circulars, codes of conduct and disclosure requirements of any relevant jurisdiction, financial market or exchange or regulatory authority which apply in respect to You and Sparkle from time to time.
- You will promptly give (or procure to give) to Sparkle such information and assistance as Sparkle requires to enable it comply with any of its obligations under these Terms.
- You as an intermediary have put in place reliable systems to verify client/partners identity and proper systems and controls to allocate funds in the pooled virtual account to the individual clients/partners. In addition, You have also made reasonable enquiries as to the source of funds in or passing through the virtual account.
INDEMNIFICATION AND LIMITATION OF LIABILITY
Except in cases directly caused by Sparkle’s negligent actions or failures, Sparkle shall not be liable for any damages, claims, costs, expenses, or losses experienced by You (or anyone you represent). This includes, but is not limited to, direct, indirect, special, consequential, punitive, or incidental damages, or damages due to loss of use, profits, data, or other intangibles, or the cost of procuring substitute goods and services. Such liabilities may arise from the use, resale, inability to use, unauthorized use, performance, or non-performance of the Services, or any action taken or not taken under this Agreement, regardless of whether such damages arise from contract, delict, statute, at law, or any other cause without limitation, and regardless of whether this Agreement is terminated or not.
- Sparkle will not be held liable for any breaches of its security systems if it has employed commercially reasonable efforts, in accordance with Industry Standards, to prevent such breaches. You recognize and agree that You are solely responsible for the security of transaction data and any other information stored on its devices, not Sparkle. Additionally, Sparkle is not accountable for the security of devices belonging to any third parties.
- Sparkle offers the Product "as is," and all information, products, and other content (including third-party information, products, and content) available through virtual accounts are subject to change. Sparkle offers the Product "as is," and all information, products, and other content (including third-party information, products, and content) available through virtual accounts are subject to change.
- You will be liable and fully indemnify Sparkle against any penalties or sanctions imposed on Sparkle by any regulatory authority due to the Services or due to Your failure (as an intermediary) to secure the necessary regulatory documentation from its Partners during the Know-Your-Customer onboarding process.
- Sparkle reserves the right, at its own expense, to assume the exclusive defense and control of any matter relating to your use of its virtual accounts without the prior written consent of You For the avoidance of doubt, this indemnification, defense and hold harmless obligation will survive this Agreement and the termination of Your use of the Services.
TERMINATION OF YOUR USE OF SPARKLE’S VIRTUAL ACCOUNTS
You shall have the right to terminate this Agreement without cause by requesting an account closure, a right which may be exercised at any time and for any reason unless Sparkle believes at its sole discretion, that the request to terminate is to evade an investigation, to mask illegality.
- Upon requesting to terminate, You must transfer any balances left in the account. However, note that Sparkle will immediately debit the account for any fees, levies and sums owed to Sparkle. After the closure of the account:
- Any Sparkle issued debit card will automatically cease to function.
- you shall not receive any communication from Sparkle regarding your now closed account.
- you agree to hold Sparkle and its officers and employees free and harmless from all liabilities, claims and demands of whatever kind in connection with or arising from: (a) the closing of the account; and/or (b) the dishonor of any transaction request which may occur after the closing of the account; and/or (c) the reporting of the closure of your account.
- You agree and accept that Sparkle shall maintain for the purpose of Record Keeping contained in applicable laws, copies of your account information including but not limited to your transactions carried out on Sparkle for a period not less than 5 (five) years. Sparkle shall not process your personal data for any reason except as requested by relevant regulators and regulatory agencies.
Sparkle shall have the right automatically at any time to terminate this Agreement and cease Your access to the Product and Service, close the account and or report to relevant regulatory and law enforcement agencies forthwith upon the occurrence of any of the following events:
- Where transactions using the Product is or suspected to suspicious or linking to money laundering and or terrorism financing in line with the Money Laundering (Prevention and Prohibition) Act 2022, Terrorism Financing (Prevention and Prohibition) Act 2022 and other extant laws.
- If You or any of its affiliates are linked to fraud or other prohibited financial crimes.
- If upon request of Sparkle, You as an intermediary is unable to provide the relevant Know-Your-Customer documentation as contained in this Agreement.
Notwithstanding, the termination of this Agreement shall be without prejudice to any right of claims which either Party may have against the other which are subsisting at the time of termination and all provision of this Agreement which are expressed to have effect termination shall continue in force accordingly.
DATA PROTECTION
The Parties acknowledge and agree that all data provided by either Party, or to which either Party may be exposed to, shall constitute confidential information and where applicable, intellectual property belonging to the disclosing Party.
The Parties warrant, represent and undertake that:- they shall always strictly comply with all provisions and requirement of Nigerian data protection laws which maybe in force from time to time. they shall always strictly comply with all provisions and requirement of Nigerian data protection laws which maybe in force from time to time.
- they shall not at any time process data for any purpose other than with the express prior consent of the other Party, except in the case where processing of data is required to fulfil regulatory obligations and to the extent necessary for the provision of the Service.
- they shall not at any time process data for any purpose other than with the express prior consent of the other Party, except in the case where processing of data is required to fulfil regulatory obligations and to the extent necessary for the provision of the Service.
- they shall ensure that all systems and operations used for the Service, including all systems on which data is processed as in furtherance of the Service, shall at all times be of minimum standard required by all applicable laws and be of a standard no less than the standard which are in compliance with the best industry practice for the protection, control and use of data; and
- they shall take appropriate, reasonable, technical, commercial, and organisational measures to prevent the loss of damage to or unauthorised destruction of data and the unlawful access to or processing of data. The measures taken must always be of a minimum standard require by all applicable laws and be of a standard no less than the standards which are in compliance with best industry practice for the protection, control and use of Data.
Sparkle shall immediately notify You of any data security compromises or suspected security compromises of which it become aware or suspects in so far as it affects it obligation under this Agreement.
GOVERNING LAW & DISPUTE RESOLUTION
- These shall be govern ed by and construed in accordance wit Laws of the Federal Republic of Nigeria. These shall be govern ed by and construed in accordance wit Laws of the Federal Republic of Nigeria.
- Any disputes arising under or in connection with the validity, interpretation and performance of this Agreement that cannot be resolved amicably by the Parties through negotiation within thirty (30) days shall be resolved by Arbitration at the Lagos Court of Arbitration (LCA) in accordance with the Arbitration and Conciliation Act, Cap A18, 2023, Laws of the Federation of Nigeria.
- Arbitration shall be held before a sole arbitrator. The Parties shall endeavour in good faith to mutually agree on the selection of the arbitrator. If the Parties cannot mutually agree on the selection of an arbitrator within ten (10) days of the request, either party may apply to the LCA to appoint the arbitrator. arbitration proceedings shall be conducted in Lagos. The arbitrator will be requested to render an award within ninety (90) days and to provide, in writing the reasoning for the award. The decision of the arbitrator shall be final and binding on the Parties.
- Each Party shall bear its cost in connection with the arbitration and the arbitrator’s fees shall be split equally between both parties.
Judgment upon the award rendered by the arbitrator(s) shall be entered in any court of competent jurisdiction.
FORCE MAJEURE
If the compliance with this Terms and Conditions or any obligation under it is prevented, restricted or interfered with by reason of circumstance beyond the reasonable control of the Party obliged to perform it, the Party so affected shall be excused from performance to the extent of the prevention, restriction or interference, but the Party so affected shall use his best endeavors to avoid or remove the causes of nonperformance and shall continue performance under this Terms and Conditions with utmost dispatch whenever such causes are removed or diminished.
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