Terms of Use

Overview:

Welcome to My Runway (hereafter referred to as "My Runway", "we", "us", or "our"). These Terms of Use ("Terms") govern your access to and use of our website and mobile application. By accessing or using our services, you agree to comply with and be bound by these Terms. If you do not agree to these Terms, please do not use our services.

Acceptance of Terms:

By accessing or using My Runway's services, you agree to these Terms and our Privacy Policy. We may update these Terms from time to time, and your continued use of our services constitutes your acceptance of any changes. Please review these Terms periodically for updates.

Eligibility:

You must be at least 18 years old and have the legal capacity to enter into these Terms. By using our services, you represent and warrant that you meet these eligibility requirements.

User Accounts:

To access certain features of our services, you may be required to create an account. You agree to provide accurate, complete, and current information during the registration process and to update your information promptly if it changes. You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account.

How It Works:

• Create an Account: Sign up on our website or mobile application.
• Complete Verification: Follow the steps to verify your identity.
• Deposit Funds: Add funds to your account.
• Create a Runway Plan: Set up a plan to spread 25% of your income or allocate funds for essential expenses like transportation, internet, or food.

User Responsibilities:

You agree to use our services only for lawful purposes and in accordance with these Terms. You are responsible for your use of our services and for any content you provide, including compliance with applicable laws, rules, and regulations.

Prohibited Activities:

You agree not to:

• Use our services for any unlawful purpose or in violation of any local, state, national, or international law.
• Interfere with or disrupt the operation of our services or the servers or networks used to make our services available.
• Engage in any activity that could damage, disable, overburden, or impair the functioning of our services.

Intellectual Property:

All content and materials on our website and mobile application, including but not limited to text, graphics, logos, images, and software, are the property of My Runway or its licensors and are protected by intellectual property laws. You may not use, reproduce, modify, or distribute any content from our services without our prior written permission.

Disclaimers and Limitation of Liability:

My Runway's services are provided on an "as is" and "as available" basis. We make no warranties, express or implied, regarding the availability, accuracy, or reliability of our services. To the fullest extent permitted by law, we disclaim all warranties, including but not limited to warranties of merchantability, fitness for a particular purpose, and non-infringement.

In no event shall My Runway or its affiliates, officers, directors, employees, agents, or licensors be liable for any indirect, incidental, special, consequential, or punitive damages arising out of or in connection with your use of our services.

Fees and Charges:

Deposit Fees:

• Your first deposit to your My Runway account is completely free
• After your first free deposit, payment processing fees of 1.5% + ₦100 apply to all subsequent deposits
• Payment processing fees are capped at a maximum of ₦2,000 per transaction
• These fees are charged by our payment processor (Paystack) and passed through to you

Payout Fees:

• Your first 5 payouts are completely free as a new user benefit
• After your first 5 free payouts, the following fees apply:
• ₦50 for payout transactions below ₦50,000
• ₦100 for payout transactions of ₦50,000 and above

Payment Processing:

• All fees are automatically deducted from the respective transaction amounts
• Payout fees are deducted from your runway payout amount before transfer
• Deposit fees are added to your deposit amount during funding

Payments and Refunds:

All payments made through the My Runway for services provided are non-refundable unless explicitly stated otherwise.

Runway Plan Maintenance:

Users creating a Runway plan are required to maintain the plan for a minimum of three months from the date of creation.

If a user discontinues the Runway plan before the minimum period:

• For plans created with a frequency of [weekly/6 days/5 days, etc.]:

• We reserve the right to deduct 2% of the sum of the first 5 runways (if weekly), first 6 runways (if every 6 days), first 7 runways (if every 5 days), etc., as applicable, from any refunded amount or as a penalty for early termination.

Governing Law:

These Terms shall be governed by and construed in accordance with the laws of Nigeria. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Nigeria

Modification of Terms:

My Runway reserves the right to modify these terms at any time without prior notice. Users are encouraged to review these terms regularly for updates.

Contact Us:

If you have any questions or concerns about these Terms or our services, please contact us at [email protected].