ROSCA (Kibiina) Terms & Conditions
By creating or joining a ROSCA (Rotating Savings and Credit Association) group on FinFlo, you agree to the following terms:
1. Group Participation
- You must be KYC verified to create or join a group
- Group parameters (contribution amount, frequency, size) are set by the creator
- All members must contribute the agreed amount on the scheduled dates
2. Automated Contributions
- Contributions are automatically deducted from your wallet on the due date
- You will receive notifications 24 hours before deductions
- Ensure sufficient balance in your wallet before the due date
3. Security Deposits
- Security deposits may be required when joining a group
- Deposits are refunded upon successful completion of all cycles
- Deposits may be forfeited in case of default
4. Defaults and Penalties
- Late payments may incur penalties as set by the group creator
- Defaults are recorded in your credit history
- Multiple defaults may restrict your ability to join new groups
5. Payouts
- Payouts are made according to the group's payout order
- Funds are held in escrow until payout date
- Payouts are automatically transferred to the designated member's wallet
6. Liability
- FinFlo acts as a platform facilitator only
- FinFlo is NOT liable for member defaults or group disputes
- All financial risks are borne by group members
- FinFlo does not guarantee repayment of contributions
7. Group Management
- Group creators can invite members
- Members can only access groups they belong to or have the access code for
- Groups cannot be modified once started
8. Disputes
- Group members are responsible for resolving disputes among themselves
- FinFlo may assist but is not obligated to intervene
- Defaults and penalties are enforced automatically by the system
By proceeding, you acknowledge that you have read, understood, and agree to these terms.
By creating or joining a ROSCA (Rotating Savings and Credit Association) group on FinFlo, you agree to the following terms:
1. Group Participation
- You must be KYC verified to create or join a group
- Group parameters (contribution amount, frequency, size) are set by the creator
- All members must contribute the agreed amount on the scheduled dates
2. Automated Contributions
- Contributions are automatically deducted from your wallet on the due date
- You will receive notifications 24 hours before deductions
- Ensure sufficient balance in your wallet before the due date
3. Security Deposits
- Security deposits may be required when joining a group
- Deposits are refunded upon successful completion of all cycles
- Deposits may be forfeited in case of default
4. Defaults and Penalties
- Late payments may incur penalties as set by the group creator
- Defaults are recorded in your credit history
- Multiple defaults may restrict your ability to join new groups
5. Payouts
- Payouts are made according to the group's payout order
- Funds are held in escrow until payout date
- Payouts are automatically transferred to the designated member's wallet
6. Liability
- FinFlo acts as a platform facilitator only
- FinFlo is NOT liable for member defaults or group disputes
- All financial risks are borne by group members
- FinFlo does not guarantee repayment of contributions
7. Group Management
- Group creators can invite members
- Members can only access groups they belong to or have the access code for
- Groups cannot be modified once started
8. Disputes
- Group members are responsible for resolving disputes among themselves
- FinFlo may assist but is not obligated to intervene
- Defaults and penalties are enforced automatically by the system
By proceeding, you acknowledge that you have read, understood, and agree to these terms.