CrowdFund Terms and Policies

These CrowdFund Terms and Policies (“Terms”) govern all CrowdFund activities organized and managed by Okmall.ng (“we,” “our,” or “us”). By participating in any CrowdFund event on our platform, you (“you,” “user,” or “participant”) agree to comply with and be bound by these Terms. Please read carefully before making a contribution.

1. Eligibility

  • 1.1 Participants must be 18 years of age or older to take part in a CrowdFund.
  • 1.2 Participants must be residents of Nigeria to be eligible as a beneficiary.
  • 1.3 By contributing or participating, you confirm that all personal and banking details provided are accurate and truthful.

2. Nature of CrowdFund

  • 2.1 CrowdFund is a community-driven feature where individuals come together to support one another by contributing toward a shared funding goal.
  • 2.2 Each CrowdFund round is divided into a fixed number of contribution slots, with each slot priced proportionally to help reach the target amount.
  • 2.3 Contributions are voluntary. Participants may purchase multiple slots, and each additional slot increases their representation in the automated selection process but does not guarantee selection.
  • 2.4 CrowdFund is a social e-commerce feature designed to make products and opportunities more accessible through collective contributions.

3. Participation Rules

  • 3.1 Participation is only open while contribution slots remain available. Once all slots are filled, the system automatically proceeds to select a beneficiary.
  • 3.2 Multiple slot purchases from the same participant are allowed and will be factored into the selection process fairly.
  • 3.3 Once slots are purchased, they are non-refundable under any circumstance.

4. Beneficiary Selection & Transparency

  • 4.1 Beneficiaries are selected via a fully automated and transparent allocation system, free of human interference.
  • 4.2 The allocation is triggered immediately after all slots in a CrowdFund round are sold out.
  • 4.3 For transparency, the name of the beneficiary, along with the names of all participants, will be automatically published on the Okmall.ng platform.
  • 4.4 The selected beneficiary will receive the total contribution amount minus an 8% service and processing fee, which covers payment gateway charges and Okmall.ng’s commission.

5. Fund Disbursement

  • 5.1 The approved amount will be transferred directly to the bank account provided by the beneficiary during entry.
  • 5.2 Okmall.ng is not responsible for failed or delayed transfers resulting from inaccurate or incomplete banking details.
  • 5.3 Fund disbursement timelines may vary depending on bank processing and payment gateway clearance.

6. General Conditions

  • 6.1 By participating, you grant Okmall.ng the right to use your name and participation details for promotional and transparency purposes without further compensation, unless prohibited by law.
  • 6.2 Okmall.ng reserves the right to modify, suspend, or cancel any CrowdFund event at its sole discretion if circumstances require.
  • 6.3 Okmall.ng is not liable for technical failures, system errors, or fraudulent activities that may affect participation or outcomes.
  • 6.4 These Terms may be updated at any time. Continued participation implies acceptance of the latest version.

7. Governing Law

These Terms shall be governed by and interpreted under the laws of the Federal Republic of Nigeria.

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