Terms of Use for RentSpace

1. Eligibility and User Registration

To use RentSpace, you must:

• Be at least 18 years old.
• Reside in Nigeria with valid identification and an active Nigerian bank account.
• Complete Know Your Customer (KYC) processes including Bank Verification Number (BVN) verification.
• Provide honest and accurate information during onboarding.
• Agree to the Cooperative's Bye-laws and Associate Membership terms.
• Agree to be contacted through the app, SMS, email, and WhatsApp for important updates.

You are responsible for maintaining the confidentiality of your account credentials. We will not be liable for any loss or damage from unauthorized access caused by your negligence.

2. Platform Purpose & Scope

RentSpace is a financial lifestyle platform designed to:

• Enable users to save consistently towards housing rent.
• Offer conditional rent support (up to 70% in later cycles) after the savings milestone for your cycle is reached.
• Integrate Market Mingle for grocery access via savings or short-term financing.
• Incentivize disciplined savings with financial unlocks such as car contribution plans (SpaceAuto) and SpaceContribution.

All features are subject to your compliance with terms, financial behavior, and creditworthiness assessments.

3. Wallet, Transactions, and Disbursements

• Each user is assigned a unique virtual account to fund their SpaceWallet.
• Wallet funds can be used for rent savings, support repayments, and grocery purchases.
• Rent support is disbursed directly to your landlord; no cash withdrawal is permitted for support funds.
• Withdrawals of personal funds (excluding support funds) are permitted per app policy and subject to verification.

4. Rent Support Policy

To qualify for rent support:

• You must save the required share of your rent goal for your cycle: 70% in Cycle 1, 50% in Cycle 2, and 30% in Cycle 3+.
• Additional documentation and requirements (e.g., proof of income, guarantor, and ID) will be requested based on your cycle.
• Repayment for rent support is five monthly instalments. Each instalment is an equal slice of the support plus a 2.5% service charge on the remaining balance. This is a service charge, not interest. Collection is attempted from your wallet first, then from an authorised Remita mandate if needed.
• Missed payments may trigger escalation procedures, including contacting guarantors and recovery processes.

For full terms, refer to the Rent Support Policy Document.

5. Market Mingle & Grocery Financing

• Users can opt-in to Market Mingle, RentSpace's affiliated grocery marketplace.
• You may pre-save toward a grocery package or, if approved, access grocery finance. Grocery finance is repaid over eight weekly instalments: equal slices of the package plus a 2.5% service charge on the remaining balance each week. This is a service charge, not interest.
• Discounts and rewards are based on savings behavior and transaction history.
• All payments are handled via your SpaceWallet.

6. Data Usage and Privacy

RentSpace takes your privacy seriously. We collect and process your data in compliance with the Nigeria Data Protection Act (NDPA).

• Your personal and financial data is used to deliver services, assess risk, and provide support.
• We do not sell your data.
• For details, refer to our Privacy Policy.

7. Security & User Conduct

You agree to:

• Use RentSpace only for lawful, personal purposes.
• Not upload misleading documents or impersonate others.
• Not use the platform to launder money or conduct fraudulent activities.

We reserve the right to suspend or terminate your access if suspicious or non-compliant activity is detected.

8. Modifications, Updates & Termination

We may update these Terms from time to time. Users will be notified of significant changes. Continued use after changes implies consent.

We reserve the right to terminate or suspend accounts that violate these Terms or harm the integrity of the platform.

9. Limitation of Liability

RentSpace is not liable for:

• Loss of data due to user negligence or device issues.
• Delays caused by third-party financial partners.
• Rejections of applications based on eligibility or risk assessments.

10. Contact & Support

Have questions or concerns?

Email: legal@rentspace.tech