Drimzwallet User Agreement

Last Updated: July 11th, 2022 at 8:53 pm
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DRIMZWALLET MOBILE APPLICATION USER AGREEMENT

GENERAL INSIGHTS ABOUT YOUR ACCOUNT 

This user agreement is a contract between you and Drimzwallet designed and created by Deepdrimz. Ltd, a Cameroon-based company, governing your use of your Drimzwallet account and the Drimzwallet services. If you are an individual, you must be a resident of the country and at least 16 years old, or the age of majority in your country/region of residence to open a Drimzwallet account and use the Drimzwallet services. 

If you are a business, the business must be organized and operating in, or resident in the country to use the Drimzwallet application and use the Drimzwallet services. 

By opening and using a Drimzwallet account, you agree to comply with all of the terms and conditions in this user agreement. You also agree to comply with the following additional policies and each of the other agreements on the Legal Agreements documents that apply to you, including

  • Acceptable User agreement
  • Alternative Payment Methods Terms, etc

Please read carefully all of the terms and conditions of this user agreement, the terms of these policies, and each of the other agreements that apply to you.

We may amend this user agreement and any of the policies listed above from time to time. The revised version will be effective at the time we post it on our website unless otherwise noted. 

If our changes reduce your rights or increase your responsibilities we will post a notice on the Policy Updates page of our website and provide you with at least 14 days’ notice. All future changes set out in the Policy Updates page already published on the Legal Agreements page at the time you register for the Drimzwallet services are incorporated by reference into this user agreement and will take effect as specified in the Policy Update. 

By continuing to use our services after any changes to this user agreement or any of the other applicable terms, agreements, or policies listed above, you agree to abide and be bound by those changes.

If you do not agree to the revised terms and conditions, you must stop using the Drimzwallet services, close your account, and terminate your relationship with us without cost or penalty. This user agreement will continue to apply to your previous use of our services.

ABOUT OUR MAIN BUSINESS

Drimzwallet is a payment services provider and acts as such by creating, hosting, maintaining, and providing our Drimzwallet services to you via the internet. Our services allow you to send payments to anyone with a Drimzwallet account, and, where available, to receive payments, request payments, play or participate in your personal contributions (Njangi), etc.

The Drimzwallet services are offered by Deepdrimz. Ltd.

This user agreement is not a solicitation of the Drimzwallet services and Drimzwallet is not targeting any country/region or market through this user agreement.

Opening An Account

We offer two types of accounts: personal accounts and business accounts. All account types come with two types of internal accounts: Current Account and Savings Account.

All Drimzwallet Current accounts let you do things like:

  • Send and receive payments either by account number or by scanning a code.
  • Buy things online, using mobile devices.
  • Request payments from friends and family.
  • Make contributions in your contribution groups(Njangi).
  • Give out loans in your contribution groups.
  • Start a saving plan for a project. 
  • Create invoices for your clients etc.

All Drimzwallet Saving accounts let you do things like:

  • Initiate a saving plan for a specific duration and a particular percentage that is saved for you and can only be accessed after the duration set has been met. 

You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers, or any other codes that you use to access your Drimzwallet account and the Drimzwallet services.

In order to open and maintain a Drimzwallet account, you must list your correct and updated account information, including but not limited to personal information, financial information, or other information related to you or your business.

You must keep your mailing address, email address, and other contact information current in your Drimzwallet account profile.

Saving Account Specifications 

A savings account is an integral part of every user of this application and can only be initiated by the individual of that account. With this saving account, your funds are held by the Drimzwallet application and can only be accessed only after a certain period of time as per the initial setting from the start. 

To activate your saving plan, the saving account has to be configured by selecting the duration and the percentage, once this is done, it can’t be undone until the duration period is exceeded, likewise, the funds can be accessed. 

The funds in this savings account balance are held and not used for any other purpose for company interest and by this act, no interest is paid to the user or to Deepdrimz Ltd.

Personal accounts

If you primarily need to make purchases and send payments to family and friends, a personal account is probably right for you. With a personal account you can do things like:

  • Buy goods and services.
  • Send and request payments from friends and family.
  • Participate in contributions(Njangi) or Create them
  • Start a saving plan

You can also use a personal account to receive payments for the sale of goods and services, but if you plan to use your Drimzwallet account primarily to sell things, you should consider a business account. You can convert your Drimzwallet account from a personal account to a business account should circumstances change.

Business accounts

We recommend business accounts for people and organizations that primarily use Drimzwallet to sell goods or services, even if your business is not incorporated. With a business account, you can do things like:

  • Use a company or business name as the name on your Drimzwallet account.
  • Create one-click invoices for your clients including all details.
  • Request payments from close clients.
  • Receive major discounts from partnerships with clients etc.

Business accounts may be subject to fees that differ from the fees applicable to personal accounts.

By opening up a business account or converting a personal account to a business account, you certify to us that you are using it primarily for a business or commercial purpose.

Third-Party permissions

You must be the beneficial owner of your Drimzwallet account, and conduct business only on your behalf of yourself.

You may expressly grant, remove and manage permissions for some third parties to take certain actions on your behalf. In some cases, you can do this when logged into your Drimzwallet account – in other cases, you can do this directly with the third party. You acknowledge that if you grant permission for a third party to take action on your behalf, we may disclose certain information about your Drimzwallet account to this third party.

You may permit third-party service providers licensed by the applicable law to:

  • provide account information services to access information about your account on your behalf;
  • provide payment initiation services to initiate payments from your account on your behalf.

Granting permission to any third party to access your Drimzwallet account in any way does not relieve you of any of your responsibilities under this user agreement. You are liable to us for the actions that you authorize the third parties to carry out. You will not hold us responsible for, and you will indemnify us from, any liability arising from the actions or inactions of such third parties in connection with the permissions you granted, subject to your mandatory legal rights.

Closing Your Drimzwallet Account

You may close your account and terminate your relationship with us at any time without cost or penalty, but you will remain liable for all obligations related to your Drimzwallet account even after the Drimzwallet account is closed. When you close your Drimzwallet account, we will cancel any scheduled or incomplete transactions. You must withdraw or transfer any Drimzwallet balance from your Drimzwallet account before closing it.

In certain cases, you may not close your Drimzwallet account, including:

  • To evade an investigation.
  • If you have a pending transaction or an open dispute or claim.
  • If your Drimzwallet account has a negative balance if at all that will be allowed.
Holding a Drimzwallet Balance

Any Drimzwallet balance you hold represents an unsecured claim against Drimzwallet. Drimzwallet combines your balance with the balances of other users and invests those funds in liquid investments. These pooled amounts are held separate from Drimzwallet’s corporate funds, and Drimzwallet will neither use these funds for its operating expenses or any other corporate purposes nor will it voluntarily make these funds available to its creditors in the event of bankruptcy. 

You will not receive interest or other earnings on the amounts in your balance. You agree that Drimzwallet shall own the interest or other earnings on these investments. You agree to assign any rights to any interest derived from your funds to Drimzwallet.

Adding funds to your balance

You may use the payment methods linked to your Drimzwallet account to fund transactions you make using your Drimzwallet account. You don’t need a Drimzwallet balance to buy something or send payments. 

You can add funds to your Drimzwallet account from the Mobile money operators like MTN and ORANGE and even a bank account that’s linked to your Drimzwallet account by requesting an electronic transfer to your Drimzwallet account. The amount transferred will be held as a balance in your Drimzwallet account.

Withdrawing funds from your balance

If you have a Drimzwallet balance, log into your Drimzwallet account to see which of these withdrawal options are available:

  • transferring it to a bank account linked to your Drimzwallet account; or
  • transferring it to your MTN Mobile Money Account; or
  • transferring it to your ORANGE Mobile Money Account.

Depending on the country/region in which your account is registered, you may be able to withdraw your funds through a third-party service provider. Please see the terms of such third-party for information regarding currency conversions.

To protect us and our users from loss, we may delay a withdrawal in certain situations, including if we need to confirm that you have authorized the withdrawal or if other payments to your Drimzwallet account have been subject to a reversal (for example, as a result of a chargeback, a reversal or internet issue). If we place a limitation on your Drimzwallet account, payment is subject to a hold, or your account or an associated account has a negative balance while a withdrawal from your Drimzwallet account is pending, you will have to reinitiate the withdrawal once the limitation or hold has been lifted, or the negative balance is fully paid off.

We may charge a fee to make a transfer to your Mobile Money Accounts (MTN and Orange) and bank accounts. Subject to the fees applicable to such transfers can be found on the Transfer Fees (for personal accounts) page and the Transfer Fees (for business accounts) page. The applicable fees will be disclosed to you in advance each time you initiate such a withdrawal.

How we convert currency

If Drimzwallet converts currency, it will be completed at the transaction exchange rate we set for the relevant currency exchange. The transaction exchange rate is adjusted regularly and includes a currency conversion fee applied and retained by us on a base exchange rate to form the rate applicable to your conversion. 

The base exchange rate is based on rates within the wholesale currency markets on the conversion day or the prior Business Day; or, if required by law or regulation, set at the relevant government reference rate(s).

For some uses of your Drimzwallet accounts, Drimzwallet may determine currency conversion is necessary. The currency conversion fee applicable can be found on our fees page under the heading Currency conversion fees.

Account Statements

You have the right to receive an account statement showing your Drimzwallet account activity. You may view your Drimzwallet account statement by logging into your Drimzwallet account.

MAKING, RECEIVING &  REQUESTING PAYMENTS TO & FROM FAMILY & FRIENDS

Making Payments

You can send funds to a friend or family member or business account or pay for a product or service from your Drimzwallet account using the Payment feature in your Drimzwallet account (sometimes called Pay, Scancode, etc).

It would be impossible to send funds to someone who does not have an account on the Drimzwallet application, by so doing they can claim any funds unless they open a Drimzwallet account. Receiving funds from a friend or family member is described under Receiving Funds.

We may, at our discretion, impose limits on the amount of funds you can send, including funds you send for purchases. You can view any sending limit by logging in to your Drimzwallet account. We may increase your sending limits if you complete the same steps to verify your information as is required for the removal of withdrawal limits.

Receiving payments

If a friend or family member sends funds to you, the funds will appear in your Drimzwallet account balance. These funds can then be used to do anything you require provided it is within the balance range of your account. 

Requesting payments

A family member or friend or even a business can generate a payment request and send it to you either by mail or any messaging service to your phone requesting funds. This request comes as a message and can not be edited but only the exact amount requested by the sender can be sent.

If you use your Drimzwallet account to receive payments for sales of goods and services or funds from family and friends you must: 

  • Pay any applicable fees for receiving the funds.
  • Make the request from your phone to the person you want to request payment to.
  • Enter the amount you want and the reason, and any other info necessary.

Making Deposits

You can send funds to your Drimzwallet current account by initiating a deposit from your app which will request a withdrawal of funds from your third-party apps accounts such as MTN, ORANGE, or PAYAP Mobile payments accounts. These funds will then credit your Drimzwallet current account and your balance will be incremented.

This type of transaction will be charged certain transaction fees but these fees won’t be as a result of Drimzwallet fees but from the third-party applications.

We may, at our discretion, impose limits on the amount of funds you can deposit. You can view any deposit limit by logging in to your Drimzwallet 

Initiating Withdrawals

The Funds in your Drimzwallet current account can be moved or displaced by initiating a withdrawal to either of your registered Mobile Money money account or bank account. 

By so doing the balance in your Drimzwallet current account will be debited and the fee will then be added which can be seen on our fee table and will also be made available for any transaction you initiate. 

NOTE: this withdrawal can only be made to the Mobile Money account you have registered in the app settings as your personal accounts

Buying Something From a Seller Who Accepts Drimzwallet Payment

You can buy something from a seller who accepts Drimzwallet payment using the funds in your Drimzwallet balance. 

This includes:

  • Buying something at an online retailer’s website and selecting Drimzwallet as your payment method at checkout, all you have to do is scan the retailer’s QR code and pay or enter their account number.
  • Sending a payment to a physical merchant for goods or services using their account number or scanning their qr code.

The merchants of these businesses just need to print out their barcodes and stick them out at reachable positions for their clients and all you have to do is scan the code and pay for their services or products.

Transaction Fees

When you buy something from a merchant who accepts Drimzwallet payment or carries any transaction within the app, you pay a fee to Drimzwallet which is shown on our fee list and is equally made visible any time you initiate a transaction.

Payment review

When Drimzwallet identifies a potentially high-risk transaction, we review the transaction more closely before allowing it to proceed. When this happens, Drimzwallet will place a hold on the transaction and the account holder will be asked to exercise patience as reviews and being made to verify the authority upon that transaction.

Governmental Taxes

Some of our fees may be subject to applicable taxes, levies, duties, or similar governmental assessments, including, for example, value-added tax, sales tax, income tax, use or withholding taxes, assessable by any jurisdiction, unless expressly noted, our fees are exclusive of applicable taxes. 

It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is solely your responsibility to assess, collect, report, and remit the correct taxes to the appropriate authority. 

Drimzwallet is not responsible for determining whether any taxes apply to your transaction, or for calculating, collecting, reporting, or remitting taxes arising from any transaction.

Refunds

When you make a payment to someone or account you don’t recognize, immediately get to us by sending an mail with your user name and ID number and a screenshot of the transaction details with an official complaint of what you want. 

With that being done, we would then block the amount and carry out our investigations, and if that is being resolved your account will be refunded with the amount you previously sent, and of course, a fee will be charged.

RESTRICTED ACTIVITIES, LIABILITIES FOR UNAUTHORIZED TRANSACTIONS

Hold, Limitations and Reserves 

Under certain circumstances, in order to protect Drimzwallet and the security and integrity of the network of senders and receivers that use the Drimzwallet services, Drimzwallet may take account-level or transaction-level actions. Unless otherwise noted, if we take any of the actions described here, we’ll provide you with notice of our actions, but we retain the sole discretion to take these actions. 

To request information in connection with an account limitation, hold or reserve, you should visit the Resolution Centre or follow the instructions in our email notice with respect to the limitation, hold or reserve.

Our decision about holds, limitations and reserves may be based on confidential criteria that are essential to our management of risk and the protection of Drimzwallet, our customers and/or service providers. 

We may use proprietary fraud and risk modeling when assessing the risk associated with your Drimzwallet account. In addition, we may be restricted by regulation or a governmental authority from disclosing certain information to you about such decisions. We have no obligation to disclose the details of our risk management or security procedures to you.

In order to facilitate Drimzwallet’s actions described above and allow us to assess the level of risk associated with your Drimzwallet account, you agree to cooperate with Drimzwallet’s reasonable requests for financial statements and other documentation or information in a timely fashion.

Account Limitations

Limitations prevent you from completing certain actions with your Drimzwallet account, such as withdrawing, sending or receiving payments. These limitations are implemented to help protect Drimzwallet, and its clients when we notice restricted activities, an increased financial risk, or activity that appears to us as unusual or suspicious. Limitations also help us collect information necessary for keeping your Drimzwallet account open.

There are several reasons why we may limit your access to your Drimzwallet account or the Drimzwallet services, and/or limit access to your funds, including:

  • If we suspect someone could be using your Drimzwallet account without your knowledge, we’ll limit it for your protection and look into the fraudulent activity.
  • In order to comply with applicable law.
  • If we reasonably believe you have breached this agreement or violated the Acceptable User agreement.

If we limit access to your Drimzwallet account, we’ll provide you with notice of our actions and the opportunity to request restoration of access if, in our sole discretion, we deem it appropriate. You will need to resolve any issues with your account before a limitation can be removed. 

Normally, this is done after you provide us with the information we request. However, if we reasonably believe a risk still exists after you have provided us that information, we may take action to protect Drimzwallet, our users, a third party, or you from reversals, fees, fines, penalties, legal and/or regulatory risks and any other liability.

Protection from Unauthorized Transactions

To protect yourself from unauthorized activity in your Drimzwallet account, you should regularly log into your Drimzwallet account and review your Drimzwallet account activities. 

Drimzwallet will notify you of each transaction by sending an in-app notification and an email to your primary email address on file. You should review these transaction notifications to ensure that each transaction was authorized and accurately completed.

Drimzwallet will protect you from unauthorized activity in your Drimzwallet account. When this protection applies, Drimzwallet will cover you for the full amount of the unauthorized activity as long as you cooperate with us and follow the procedures described below.

What is an Unauthorised Transaction

An “Unauthorized Transaction” occurs when a payment is sent from your Drimzwallet account that you did not authorize and that did not benefit you.

For example, if someone steals your password, uses the password to access your Drimzwallet account, and sends a payment from your Drimzwallet account, an Unauthorized Transaction has occurred.

What is not considered an Unauthorized Transaction

The following are NOT considered Unauthorized Transactions:

  • If you give someone access to your Drimzwallet account (by giving them your login information) and they use your Drimzwallet account without your knowledge or permission. You are responsible for transactions made in this situation.
  • Invalidation and reversal of a payment as a result of the actions described under Refunds, Reversals and Chargebacks.
Reporting an Unauthorized Transaction

You should contact Drimzwallet customer service immediately if you believe:

  • there has been an Unauthorized Transaction sent from your account;
  • there has been unauthorized access to your account;
  • your Drimzwallet login information has been lost or stolen; or
  • any device you have used to access your Drimzwallet account has been lost, stolen or deactivated.

You must give us all the available information relating to circumstances of any Unauthorized Transactions, and/or misappropriated or unauthorized use of your account, and take all reasonable steps requested to assist Drimzwallet in its investigation.

If you notify us of an Unauthorized Transaction within Two (2) days of the transaction and we are satisfied that it was an Unauthorized Transaction, you will be eligible to a certain percentage of protection for the Unauthorized Transaction.

GENERAL INSIGHTS ABOUT CONTRIBUTIONS (NJANGI)  

Types of Contributions (Njangi’s) available 

Drimzwallet application is cable to accommodate two types of contribution mediums based on the type the user finds interest in using. Those two basic types are the Balloting Njangi and the Bidding Njangi 

  1. Balloting Njangi: With this Drimzwallet Njangi type the user is able to choose positions based on scarbled numbering, but before getting here, the owner of this account is supposed to have a valide code from the admin of this njangi group. 

These numbers can be selected as much as described by the admin of that Njangi in the max positions, for example, if an admin of a Njangi group sets max positions to two, a member is limited to just two scrambled numbers. After this selection has been done, you can then join the njangi group after accepting the terms and conditions of the njangi.

  • Bidding Njangi: With this Drimzwallet Njangi type, the users are not liable to gain possession of funds in a chronological manner unlike the previous type (Ballotting). Here all they have to do is select the max positions as defined by the admin of the njangi group and proceed to joining the njangi. 

With this njangi type, members are open to an auction were purchases of a particule amount set by the admin is being made, and when the end result proclaims a winner, 

funds are then being transferred to the winners Drimzwallet current account from the Njangi’s current account. 

Moreso, multiple auctions can be initiated in one seating for members provided their account balance is eligible to handle that excluding the current winner. 

How this Contributions (Njangi’s) can be accessed or Created

On the tabbar at the bottom of the application, theres a button called Njangi, in that UI there is a fab button being placed at the right button of the UI, With that button u can create a njangi by entering all required fields and accepting the term and conditions of the njangi as well as you can equally join a njangi by entering a valid code from the admin and filling all required fields as requested. 

How this Contributions (Njangi’s) are being Operated

Irrespective of the Drimzwallet Njangi type, they all operate in similar manner except for a couple of very little changes. 

A njangi has the ability to make automatic contributions on your behalf provided you authorize that, but if thats not the case you can as well disable auto contributions. 

With this, funds can be deducted from you Drimzwallet current account to make contributions to your njangi’s current account automatically or manually, should incase of any late payment, an additional fee will be involved. 

Also, funds from your njangi current account can as well be credit to you Drimzwallet current as a result of disbursement parameters being met, this transactions can also be done manually or automatically based on the settings of the njangi. Irrespective of all that, a fee will be charged on the client account for every disbursement coming from any njangi group to your Drimzwallet account.

Definitions Found Within the Contributions (Njangi) Groups 
  • CUMULATED WORTH: This value hold the actual worth of all your contributions to be collected at the end of each session, for example if you have two contribution (Njangi) groups and each group has 20 members making a total of 40 members  and each member is entitled to pay a sum of 10,000 XAF daily, this means you Cumulated worth will be: 

First contribution 

20persons x 10,000xaf = 200,000xaf 

200,000xaf x 20days = 4,000,000xaf 

Second contribution

20persons x 10,000xaf = 200,000xaf 

200,000xaf x 20days = 4,000,000xaf 

Making your cumulated worth to be 8,000,000xaf

  • DELAY PENALTY: This is an amount which is set by the admin of each njangi group to set as a regulatory amount for those who turn not to make their contributions on time. The admin can as well levy a penalty on a member for insubordination within the njangi group. 

All payments coming in as penalty are being sent to the njangi savings account as involuntary savings where they are being managed at the end of the njangi session.

  • MANUAL CONTRIBUTIONS: Manual contribution is a process where the user or owner of that account decides to make payments to their njangi group manually without any aid from the system due to personal reasons, this button can only be seen when the automatic payment toggle button has been disabled. 
  • ACCOUNTS: Each Njangi, irrespective of the type comes with a series of account types, this account help the njangi to better manage their affairs within the app. Using all this accounts are not mandatory but optional for all account types. There are practically four account types, which are:
  • Savings Account 
  • Current Account 
  • Shares Account 
  • Loans account

These accounts all carry out different functions, based on the nature of the njangi type, the members will know which account type to use exactly. These account types are practically very easy to use as they are very self-explanatory.

  • MINIMUM STAKE: For bidding Njangi types, the admin is liable to set a minimum stake. In most cases the minimum amount or stake required to start with when entering an auction for the available amount, with this amount set, nothing lesser than that can be used or entered as an initial amount for an auction

.

NOTE: This amount is a mandatory requirement that must be met and entered by the admin.

  • MAXIMUM STAKE: Unlike minimum stake, this is just the direct opposite, but now in some cases this not required so the members will keep bidding till they get to thier satisfaction and the leading member gets to win either as the timer expires or when the admin decides to payout manually to the leading member. 
  • MAXIMUM POSITION: For each njangi type, the admin has to set a limited number of membership names each member is liable to have for a particular njangi group, once this is set the members can not exceed that number but can only have less and its mandatory for all members to have a maximum position. 

NOTE: Given a situation where a user has two membership names, they should bear in mind each membership name is treated as a separate entity and not as a joined person given they all belong to one account type.

  • MEMBERSHIPS: Given a situation were an individual is liable to have more than one personality or names in a particular njangi group, we decided to treat those names as separate entities regardless of whether they belong to a single account. These separate entities are then called call Memberships.

For example, if a member has two or more names in a particular njangi group, and they want to make payments for their manual contributions or engage in a bidding activity, they will have to select the membership name they want active for either of those requests.

  • PAYOUTS: Payouts can be defined in this context as a manual disbursement of funds from a njangi’s current account by the admin to the client Drimzwallet current account who is liable for payments during that period of time. 
  • AUTOMATIC PAYMENT: Automatic payment, is an in app automatic functionality which automatically makes payments for the clients by either creating a debit request from the clients Drimzwallet current account to the njangi current account as payment of their seasonal contribution, also this can be vise versa, moving funds from the njangi current account to the clients Drimzwallet account. 

At the member’s end, this automatic payment can be disabled, once this is disabled the member is liable to making manual payments only, but this action can be undone.

  • NEXT PAYOFF: The next payoff, is the date as to when the next member of the njangi group is to have their seasonal contribution from the general contributions from all members in the group.

GENERAL RULES AND REGULATIONS GOVERNING ALL CONTRIBUTION (NJANGI) TYPES

Creating or Joining a Njangi group 

Anyone can create or join a njangi group, to successfully create a njangi group you have to get the app from the app or play store create and account, then go to njangi creation, then respect all the criterias involved in the creation process, likewise joining a njangi group which you have been invited to, but in order to join this njangi group, you need the right access code from the admin to join or from another member.

NOTE:: When or before joining a njangi, a fee is being paid by all members individually to the Drimzwallet administration, this fee is being deducted from the member’s Drimzwallet account. This fees and any other fee is being detaily explained below in the fee section.

Njangi Start Date

When an admin creates a new njangi, this is an obligatory requirement to meet up with, this states the date the njangi will be initiated and when the first ever contributions will be made into the njangi’s current account from the member Drimzwallet account.

Njangi Fees

Generally, all njangi types will be associated with two types of fees and no extra hidden fees involved.

firstly, all members including admins are entitled to pay a sum of 300 XAF for subscription fee for  joining a njangi or any njangi, this fees will be debited from the members Drimzwallet account to Deepdrimz Ltd.

Secondly, any time a member is to receive their periodic contributions from the njangi group, a fee of below 0.2% or above is debited from the actual contribution amount before being sent to the members Drimzwallet account.

Njangi Admin

An admin of any Drimzwallet Njangi has the rights and power to delete a member from a njangi group, the admin can do this in scenarios were; 

  • the member has multiple names and maybe the member in question does not need all those membership names,
  • another scenario could be in an event were the member does not follow the rules and regulations governing the njangi.
  • In a case were the njangi has come to an end and is moving to the second phase and some members want to deceit from the group.

In njangi’s were loans are initiated, only an admin is eligible to give out loans to its members, with the confirmation of at least two members in the group.

Invitation Code

When an admin creates a njangi, a code is sent to the phone number they used in registering their accounts with, this code can only be used to join the njangi newly created by the admin.

When the admin has successfully joined the njangi, in settings they can equally copy the same code to share with friends and family who intend to join the njangi he/she created. 

In order to use this code, they must have been able to download and have this app running on their mobile devices.

Penalties

Penalties can be allocated to a member automatically if they fail to make contributions after the set time to make a contribution in the Drimzwallet Njangi group has expired.

Also, a penalty can be allocated manually by the admin of a njangi group to a member in a scenario were the member is working against the rules and regulations of the njangi.

In cases of loans given out to members within  a njangi group, penalties can also be allocated to members who fail to pay their loans on time as per the date stated on the loan agreement.

Deleting and Exiting a Njangi

Only an admin has the privilege and rights to delete a Drimzwallet njangi group. For this njangi group to be deleted, the following criteria must ne met;

  • All members of that njangi must have received their contributions.
  • The njangi can’t be deleted at the middle of the process when its has not reached the end date.
  • All members who have penalties must have cleared their debts.
  • All funds in the different accounts must have been transferred or removed.
  • There must not be an active bid in play.

Note: After a njangi group has been deleted, the process can’t be undone and all data will be lost permanently.

Furthermore, a member can as well decide to exit a njangi group, but this can only be done if the njangi contributions has not initially started, or when all members of the njangi group  have successfully participated in receiving their funds from the group, or when all penalties attached to the member identity has been cleared out.

Njangi Loans 

Some njangi groups have the habit of saving funds for business purposes such as giving out loans and other projects to gain on interest and profits respectively. In njangi’s were loans are being issued, only an admin of that group is eligible to give out loans with the confirmation of some members in that group.

When a loan is being issues out, the time duration as to when the loan will be repaid has to be set as well as the amount of interest to be received in return by the njangi group. In a scenario were this date is not respected, the member in question will commence paying penalty on a timely base depending on the admin and other members of the group.

In each njangi group, there are several account types such as the Savings, Current, Shares and Loans account. In order for a njangi group to be eligible to give out loans, the members must have made voluntary savings in both the share account and she savings account. 

This funds will then be reflected in the loans account as funds available to be loaned out by the admin. 

In this loans account, all details as to who, when, and all other details which concern a particular loan are being registered in the account, this is to ensure the transparency within each njangi group amongst all members. The data registered here can not be tempered with as to being deleted or manipulated.

Interest on Laons and Involuntary Savings

When a member does a voluntary saving in either the savings account or shares account, they are able to see details of all funds they have made available for loans, and not only that but a total of all funds made available from all other members of the group. 

With this funds now made available by members, when a loan is being issued, all members who have contributed to either of those accounts are immediately able to know how much return of investment (ROI) they will be getting after the loan and interest is paid back. 

When involuntary savings are being made from penalties, this is being sent to the savings account as well, now at the end of the njangi session this involuntary savings from penalties are being shared amongst members.

NOTE: only members who havn’t been subject to penalty payment are eligible to benefit from this involuntary fund distribution.

Contribution (Njangi) Deposits

In each njangi group, deposits can be made to either the Current account, Shares account or Savngs account.

When funds are being sent to the Njangi’s Current account, they can only be used to pay a member for thier periodic contributions given its their rightful moment to receive their contributions or used to initiate a bidding process based on the two types of njangi available. 

Funds which are being depsoited Voluntarily in the Njangi’s Share account or Savings account, can only be used to give out loans to members of that njangi group, and this can be done from the loans account.

Automatic Payment 

With automatic payment, a njangi member should not be able to miss out on njangi payments, because this automatically decucts funds from your Drimzwallet account balance to pay for your njangi.

In a scenario where there are not enough funds in your Drimzwallet account, you will receive and in-app notification and an SMS alert, reminding you about your njangi being unable to be funded due to insufficient funds in your Drimzwallet account.

Moreover, this action is an automatic process but can as well be deactivated and switched to the manual contribution, which will then be controlled manually by the member.

Automatic Payouts and Manual Payouts

All njangi types are designed to automatically make payments to its members who are in the rightful possession of funds during a particular period of time, this automatic payout is being set to be triggered during a particular time of the day say 8PM or 12AM. Irrespective of all members being able to meet up with their periodic contributions, the automatic payment will be triggered and the funds will be transferred to the members Drimzwallet account. 

Members who have not been able to make payments or their periodic contributions on time, will then be assigned a penalty to be paid along side their periodic contributions. And when this is being paid, it is sent directly to the receiving members Drimzwallet account from the njangi’s Current account.

In most cases and some cases, members are responsive enough to make periodic contributions even before the set automatic time, and in such cases due to emergency or personal reasons from the receiving member of the funds, the admin can manually initiate payout to the member.

Minimum and Maximum Stakes 

This stakes are not to be created for all njangi types but for the bidding type only, based on the structure of this njangi, an auction is being created to sell funds and by so doing members are guided with a limited amount to start bargaining with which is called the minimum stake and this is a mandatory requirement to initiate an auction.

Moreover, unlike the minimum stake, the maximum stake is the limit to which if any active member within that auction attains, the bid comes to an end proclaiming that member the winnier of that particular auction. 

NOTE: In this case the maximum stake is not an obligatory requirement.

Contribution Sessions (Periodic Sessions)

This is simply just the interval in which the admin has to set, so this periodic contributions will have to be effected by either the automatic contributions or manually, for example every:

  • 1 day, which indicates daily contribution,
  • 7 days, which is a weekly contribution
  • 30 days, which will indicate a monthly contribution.

Depending on how the admin and members want it, they will have to choose the number on days after which they want contributions to be done. 

NOTE: This interval once set can not be edited or changed except when the njangi has come to an end. Also this interval is being set in days not months.

Cumulated Worth

This value hold the actual worth of all your contributions to be collected as the end of each session, for example if you have two contribution groups and each group has 20 members making a total of 40 members  and each member is entitled to pay a sum of 10,000 daily, this means you Cumulated worth will be: 

First contribution 

20persons x 10,000xaf = 200,000xaf 

200,000xaf x 20days = 4,000,000xaf 

Second contribution

20persons x 10,000xaf = 200,000xaf 

200,000xaf x 20days = 4,000,000xaf 

Making your cumulated worth to be 8,000,000xaf

Njangi Transactions

Here, we have a list of all transactions that have been made within the dealings of this njangi by all members in that particular njangi group. This transactions involve data coming from, deposits into Current account, deposits into Savings and Shares account, Loans from Loan account, loans repaid from members account, payouts from current account etc.

On the basis of transparency, non of this information can be manipulated and they can only become unavailable to members who leave the group or members who have been deleted from the group or if the group is deleted.

Njangi Bidding

For an auction or a bid to be initiated, the admin need to create it by setting the required parameters. When this parameters are correctly entered the bid timer kicks off and starts counting down. A bid can be set a couple days before the actual day of the set njangi interval.

When the timer is active, members can start the auction process by placing their bids equally respecting the minimum stake, members who have multiple membership names will have to be able to select which membership name they will be using to place their bids, once this is done, then they are eligible for bidding. 

When a bid is placed, any other bid coming after that must be greater than the current leading bid, nothing lesser or equal to will accepted. But in an exceptional scenario, were a member reaches the maximum bid, another member or more members can challenge that position. 

In this case, they will have to go into a ballot mode so a new winner can be proclaimed and

When a winner has then been proclaimed the funds can be automatically transferred when the timer runs down to finish or the admin can manually initiate the payout procedure.  

In situations where the timer runs down with the leading member at the top, that member will be proclaimed winner irrespective of whether they arrived the maximum stake given is was being set by the admin.

During the bid process, there are two types of status a member can get; ie the leading and the won. The leading simply means at that point in time that member is about to win, and the won is as simple as it states.

DRIMZWALLET LEGAL TERMS 

Identity Authentication

You authorize Drimzwallet, directly or through third parties, to make any inquiries we consider necessary to verify your identity. This may include:

  • asking you for further information, such as your date of birth, your taxpayer or national identification number, your physical address and other information that will allow us to reasonably identify you;
  • requiring you to take steps to confirm ownership of your email address or financial instruments;
  • verifying your information against third party databases or through other sources; or
  • requiring you to provide further documentation, such as your driver’s license or other identifying documents at any time.

Anti-money laundering and counter-terrorism financing laws may require that Drimzwallet verify certain identifying information if you use certain Drimzwallet services. Drimzwallet reserves the right to close, suspend, or limit access to your Drimzwallet account and/or the Drimzwallet services in the event that, after reasonable enquiries, we are unable to obtain information about you required to verify your identity.

Drimzwallet is only a payment service provider

We act as a payment service provider only. We do not:

  • Act as a bank or provide banking services;
  • Act as an escrow agent with respect to any funds kept in your account;
  • Act as your agent or trustee;
  • Enter into a partnership, joint venture, agency or employment relationship with you;
  • Have control of, nor liability for, the products or services that are paid for with the Drimzwallet services;
  • Guarantee the identity of any sender or receiver;
  • Determine if you are liable for any taxes; 
Release of Drimzwallet

If you have a dispute with any other Drimzwallet account holder, you release Drimzwallet from any and all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes.

In entering into this release you expressly waive any protections that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favour at the time of agreeing to this release.

Governing Law and Jurisdiction

This Agreement will be governed by and interpreted in accordance with the laws of Cameroon, as such laws are applied to agreements entered into and to be performed entirely within Cameroon, without regard to conflict of law provisions.

Except as otherwise agreed by the parties, you agree that any claim or dispute you may have against Drimzwallet must be resolved by a court located in Cameroon or where the defendant is located. You agree to irrevocably submit to the non­-exclusive jurisdiction of the courts located within Cameroon for the purpose of any suit, action or other proceeding arising out of this user agreement or your use of our websites or the services.

Governing Law and Jurisdiction

All claims you bring against Drimzwallet must be resolved in accordance with this user agreement. All claims filed or brought contrary to this user agreement shall be considered improperly filed and a breach of this user agreement. 

Should you file a claim contrary to this user agreement, Drimzwallet may recover attorneys’ fees and costs (including in-house attorneys and paralegals) up to 2,000,000 XAF, provided that Drimzwallet has notified you in writing of the improperly filed claim, and you have failed to promptly withdraw the claim.

Drimzwallet Privacy

Protecting your privacy is very important to us. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.

All Transaction Types and Fees Involved

Drimzwallet may charge you fees for sending or receiving funds through Drimzwallet account. For example, you may be charged currency conversion fees when making a deposit from Drimzwallet, Deposit transaction fees, Withdrawal transaction fees, Payment transaction fees, bank transfer fees, and even Request fund fees. 

NOTE: Banks and Drimzwallet transactions may include other charges and Drimzwallet will not liable for any fees charged to you by your bank during a bank transfer aside from the normal fees, or Drimzwallet or other financial institutions based on your usage of Drimzwallet.

FEE TYPE

RANGE

PERCENTAGE

AMOUNT

Withdrawal

      

Pay

      

Request

      

Njangi Entry

      

Njangi Picking

      

Currency Conversion

      
       
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