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Terms of Service

Effective Date - January 11th, 2025

1. Background

Yara ("Yara" or "we" or "our" or "us"), offers a money transfer platform ("Platform") through its website and mobile application (the "Site"), that enables users to send money internationally to recipients in supported countries. The Platform provides various payment methods including bank transfers, card payments, cryptocurrency payments, and wallet-based transactions (collectively, the "Services"). All of the information we collect through or in connection with your use of our Platform is subject to the Yara Privacy Policy ("Privacy Policy"), which is incorporated by reference into these Terms of Service ("Terms"). Please read our Privacy Policy carefully before using our Platform. These Terms, together with the Privacy Policy, set forth the terms and conditions that apply to your use of the Platform and Yara's provision of the Services.

2. Account Creation

You must create an account with us to access and use our Platform. You alone are responsible for maintaining the confidentiality of your password and for all activities that occur under your account. If you are an individual, you may only create an account with us and use our Platform if you are at least eighteen (18) years of age, have the authority to bind yourself, and are otherwise capable of forming legally binding contracts under applicable law. We are under no obligation to create an account for you, and we may delete or deactivate your account in our sole and complete discretion. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete.

3. Services Description

Yara provides international money transfer services that allow you to send funds to recipients in supported countries. Our Services include currency conversion, recipient management, and transaction tracking. Exchange rates and fees are displayed before you confirm any transaction. By using our Services, you authorize us to act on your behalf to facilitate the transfer of funds to your designated recipients.

4. Recipient Verification Disclaimer

YOU UNDERSTAND THAT WE DO NOT INQUIRE INTO THE BACKGROUND OF RECIPIENTS OR ATTEMPT TO VERIFY THE IDENTITY OF RECIPIENTS BEYOND BASIC INFORMATION PROVIDED BY YOU. YOU AGREE TO (I) CONDUCT ANY VERIFICATION OR DUE DILIGENCE THAT YOU MAY REQUIRE BEFORE SENDING FUNDS TO A RECIPIENT, AND (II) ENSURE THAT ALL RECIPIENT INFORMATION PROVIDED IS ACCURATE AND COMPLETE. YARA SHALL NOT BE LIABLE FOR ANY LOSSES ARISING FROM INCORRECT RECIPIENT INFORMATION PROVIDED BY YOU.

5. Transaction Fees and Exchange Rates

(a) Fees: All applicable fees for our Services will be disclosed to you before you confirm any transaction. We reserve the right to modify our fee structure at any time, with such changes becoming effective for future transactions.

(b) Exchange Rates: Exchange rates are determined at the time of transaction confirmation and may vary based on market conditions. The exchange rate displayed during transaction initiation is subject to change until the transaction is confirmed.

(c) Payments: All payments must be made in the currency specified for the payment method selected. You are responsible for any additional fees charged by your bank, payment provider, or cryptocurrency network.

(d) Refunds: In the event a transaction cannot be completed, we will refund the amount to your original payment method, less any non-recoverable fees. Refund processing times may vary depending on the payment method used.

6. Term and Termination

These Terms are effective and binding on you as of the date that you create your account and can access our Platform, and will continue to be binding on you until terminated as set forth herein (the "Term"). You may terminate these Terms at any time by deleting your account. We may terminate these Terms and your access to our Platform at any time and in our sole discretion, including but not limited to cases of suspected fraud, violation of these Terms, or regulatory requirements.

7. Platform Restrictions

You agree that you will not, and will not permit third parties to:

  • Use the Platform for unlawful purposes, money laundering, terrorist financing, or any illegal activities;
  • Provide untruthful or inaccurate account information, recipient information, or any other information we may rely upon;
  • Misrepresent your identity or affiliation with a third party;
  • Copy, reproduce, or reverse engineer the Platform;
  • Remove or alter trademarks or other intellectual property notices from or contained on the Platform;
  • Upload, transmit or distribute to or through our Platform any computer viruses or any software intended to damage or alter a computer system or data;
  • Use software or automated agents or scripts to generate automated searches, requests or queries to, or strip, scrape, or mine data from our Platform;
  • Circumvent any security measures or attempt to gain unauthorized access to the Platform or its systems;
  • Use the Platform in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Platform.

8. Representations and Warranties

As a condition to using our Platform, you hereby represent, warrant and covenant that:

  • You will use our Platform and any information and content provided by our Platform in accordance with all applicable laws;
  • All information you provide is accurate and complete;
  • You have the legal right to use any payment method you use through our Platform;
  • You are not using our Services for any illegal purpose, including money laundering or terrorist financing;
  • You will comply with all applicable anti-money laundering and know-your-customer regulations;
  • You will promptly notify us of any unauthorized use of your account or any other breach of security.

9. Indemnification

You agree to indemnify and hold us and our officers, employees and agents harmless and free from any claim made by any third party due to or arising out of: (i) your use of our Platform or the Services; (ii) your violation of these Terms; (iii) your transactions; (iv) violation of applicable laws or regulations; (v) your negligence or willful misconduct; or (vi) any inaccurate information you provide. We reserve the right, at your expense, to assume the exclusive defense and control of any claims, and you agree to cooperate with our defense of such claims. You agree not to settle any claims without our prior written consent.

10. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT WILL (I) YARA BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, ENHANCED, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, DATA, BUSINESS, GOODWILL, PROFITS OR REVENUE) FOR ANY CLAIM ARISING UNDER THE TERMS, REGARDLESS OF THE CAUSE OF ACTION AND EVEN IF ADVISED OF THE POSSIBILITY OF THOSE DAMAGES AND (II) YARA'S AGGREGATE LIABILITY TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES ARISING OUT OF OR RELATING TO THE TERMS OR THE SERVICES, WHETHER BASED ON AN ACTION OR CLAIM IN CONTRACT, EQUITY, NEGLIGENCE, TORT OR OTHERWISE, EXCEED THE GREATER OF $100 OR THE FEES THAT YOU HAVE PAID TO YARA IN THE TWELVE (12) MONTHS PRECEDING THE DATE ON WHICH THE CLAIM AROSE.

11. Dispute Resolution

You and Yara agree that any dispute arising out of or relating to these Terms or the Services shall be resolved through good faith negotiation first. If the dispute cannot be resolved through negotiation within thirty (30) days, it shall be finally settled in binding arbitration, on an individual basis, in accordance with the Nigerian Arbitration Commission's rules for arbitration of consumer-related disputes. Subject to applicable jurisdictional requirements, consumer claimants may elect to pursue their claims in their local small-claims court rather than through arbitration so long as their matter remains in small claims court and proceeds only on an individual (non-class or non-representative) basis.

12. Class Action Waiver

TO THE EXTENT PERMISSIBLE BY LAW, ALL CLAIMS WILL ONLY BE BROUGHT ON AN INDIVIDUAL BASIS, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING (COLLECTIVELY "CLASS ACTION WAIVER"). THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON'S CLAIMS OR ENGAGE IN ANY CLASS ARBITRATION. YOU ACKNOWLEDGE THAT, BY AGREEING TO THESE TERMS, YOU AND YARA ARE EACH WAIVING ANY RIGHT TO A TRIAL BY JURY AND YOU ARE WAIVING THE RIGHT TO PARTICIPATE IN A CLASS ACTION AGAINST YARA.

13. Compliance with Laws

You agree to comply with all applicable laws and regulations in connection with your use of our Services, including but not limited to anti-money laundering laws, sanctions laws, and tax laws. Yara is committed to complying with all applicable financial regulations and may be required to report certain transactions to relevant authorities.

14. Changes To These Terms

We reserve the right to update, amend or change these Terms at any time as required by law or business needs. Any update, modification or amendment to these Terms will be posted on the Yara website with the effective date updated. Your continued use of the Platform after any such changes constitutes your acceptance of the new Terms.

Contacting Yara

If you have any questions or complaints about these Terms, you can contact us at [email protected] and your inquiry will be dealt with as soon as possible. For urgent matters related to your transactions or account security, please contact our customer support team immediately.