Terms & Conditions

    Last updated: December 24, 2024

    Introduction

    These Terms and Conditions ("Terms") contained on this webpage is a legal agreement that applies to the Seller, buyer, and affiliate (each a "party") involved in connection with the Ratefy Services.

    Who We Are And Our Company Information

    Ratefy Technology Ltd is a company registered under the laws of the Federal Republic of Nigeria. Our registered office is 1 Finetouch Hall, Olubose Street, Ile-Ife, Osun state, Nigeria.

    PLEASE READ AND UNDERSTAND THE TERMS OF THE AGREEMENT CAREFULLY BEFORE AGREEING TO BE BOUND BY ITS TERMS.

    The Governing Language

    The governing language of these terms and all communication between You and Ratefy will be English language.

    Who May Use Our Services?

    You may use the Services only if you agree to form a binding contract with Ratefy and are not a person barred from receiving services under the laws of the applicable jurisdiction. If you are below the age of 18, you are not permitted to use Ratefy services. We do not knowingly engage people younger than the age of 18.

    Description of the Ratefy Services

    Ratefy is an online service that allows users to create and publish announcements, to view announcements published by other users, to communicate with other users on the transaction page, to safeguard the payment through the escrow infrastructure. Ratefy Services are intended to facilitate the completion of any digital asset transaction in accordance with the Ratefy Terms of Service. Although one or more of the Underlying Parties and the Escrowed digital Funds or currencies may be a citizen of and/or physically located in a location, venue or jurisdiction other than Nigeria, the Underlying Parties all represent and agree that the Transaction and Ratefy Services are being coordinated and taking place in Nigeria.

    Compliance

    Ratefy and the Services are not affiliated or associated with, nor endorsed or sponsored by any third party, including but not limited to any online platform like Paypal, Payoneer, Wise, TikTok, YouTube and Skrill. Designated trademarks, brands, and other identifiers are solely the property of their respective owners.

    Ratefy is not a licensed vendor or authorized dealer of any digital asset, e-wallet or gift card company. Any digital asset, e-wallet funds or gift cards you receive directly from a user using the Ratefy Marketplace are subject to the terms and conditions of the third-party merchant with whom it is redeemable ("Issuer"). Ratefy is not responsible for the acts or omissions of any Issuer(s), or any fees, expiration dates, penalties or terms and conditions associated with the platform's account or e-wallet funds received using the Ratefy Marketplace.

    YOU ARE WHOLLY RESPONSIBLE TO COMPLY WITH ALL LAWS AND REGULATIONS FOR THE JURISDICTION(S) IN WHICH YOUR TRANSACTION TAKES PLACE.

    Prohibited Use

    All transactions must take place within Ratefy. Taking transactions outside the Ratefy platform or exchanging external contact details are strictly prohibited.

    When accessing or using the Services, you agree that you will not:

    • Use our Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying our Services.
    • Engage in any activity which could violate, or assist in violation of, any law, statute, ordinance, or regulation.
    • Interfere with another user's access to or use of any of our Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights of other users.
    • Engage in any activity which operates to defraud, defame or otherwise cause any damage to Ratefy or our users.
    • Introduce to the Services any virus, Trojan, worms, logic bombs or other harmful material.
    • Use of Ratefy intellectual property, name, or logo without prior written consent from us.
    • Encourage or induce any third party to engage in any of the activities prohibited under this section.

    Transfer Limitations

    We may, in our sole discretion, impose limitations or restrictions on the size, type, or manner of any proposed transactions.

    No Guarantee

    Ratefy does not guarantee that you will be able to sell any digital offering on its Marketplace. The act of buying or selling digital offerings via Ratefy's Marketplace does not guarantee that you will be able to buy or sell digital offerings via the Marketplace at a later time.

    Relationship

    Nothing in this Agreement is intended to nor shall create any partnership, joint venture, agency, consultancy, or trusteeship, you and Ratefy being with respect to one another independent contractors.

    Accuracy of Information

    You represent and warrant that any information you provide via the Services are accurate and complete. You accept and acknowledge that Ratefy is not responsible for any errors or omissions that you make in connection with any transaction initiated via the Services.

    Taxes

    It is your responsibility to determine what, if any, taxes apply to the transactions for which you have submitted digital offering transaction details via the Services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority.

    User Reputation

    When you engage in a Transaction, we allow other users to provide feedback on their interaction with you. We also permit users to file reports if the users believe you have violated this Agreement.

    Intellectual Property Rights

    We grant you a limited, nonexclusive, nontransferable license, subject to the terms and conditions in this Agreement, to access and use the Services, Website, and related content solely for purposes approved by Ratefy. Any other use of the Website or Content is expressly prohibited and all other right, title, and interest in the Services, Website or Content is exclusively the property of Ratefy.

    General Description of Services

    The Website allows users to solicit offers to trade wherein "buy" or "sell" digital offerings. When a user initiates a transaction, the transaction is consummated pursuant to this Agreement and to the additional terms, if any, detailed by the user or the user's counterparty.

    Definition & Obligations of Seller

    A Seller trades or solicits an offer to trade digital offerings for Naira funds. The 2 ways to "Sell" on Ratefy are:

    • Make "Sell Offer": The Seller is responsible for listing the terms of the transaction, and the Buyer will accept.
    • Take "Buy Offer": Out of the available offers posted by buyers, an offer is selected by the seller.

    Definition & Obligations of Buyer

    A buyer trades or solicits an offer to trade Naira funds for digital assets/offerings. The 2 ways to "buy" on Ratefy are:

    • Make "Buy Offer": A User can create a Buy digital assets/offerings offer.
    • Take "Sell Offer": Out of the available offers posted by sellers, an offer is selected by the buyer.

    When a transaction has been initiated, the Buyer's Naira fund of equivalent amount is moved to his/her "escrow wallet" and is locked until all conditions necessary to consummate the transaction have occurred.

    RATEFY DOES NOT ACT AS A PAYMENT PROCESSOR. ALL LIABILITY FOR SENDING AND RECEIVING FOREIGN CURRENCY E-WALLET PAYMENT AND CONFIRMING THE VALIDITY OF THE TRANSACTIONS LIES BETWEEN THE BUYER AND SELLER.

    Disputing Transactions Through Ratefy

    In most cases, the easiest way to settle a dispute is for Buyers and Sellers to communicate, work together to figure out what happened, and come to an agreeable solution. When a Buyer and a Seller cannot come to an agreeable solution, Ratefy's support team can help. Either party can initiate the dispute resolution process with respect to a transaction.

    Dispute Resolution Process

    Below are the steps Ratefy Support takes in the event of a dispute:

    • Initiation: Select the type of dispute from the options presented and describe the issue.
    • Notification: Ratefy Support will notify the other party via email and transaction chat.
    • Response: Review the dispute and provide an explanation with evidence.
    • Investigation: Ratefy Support reviews communication and evidence from both parties.
    • Dispute Instruction: Ratefy Support may give instructions that you are required to follow.
    • Appeal: You have the right to request an appeal within 2 calendar days of the decision.
    • Finality: Ratefy's decision after appeal is conclusive, final and binding.

    Suspension or Termination of Services & Account

    We may in our sole discretion, immediately and without prior notice: suspend, restrict, or terminate your access to any or all of the Services, and/or deactivate or cancel your account if required by applicable law, or if we reasonably suspect you have acted in violation of this Agreement.

    Fees

    Ratefy charges fees for Services, applicable fees will be displayed prior to you using any Service to which a fee applies. See our Fees page for further details.

    Indemnification

    If you have a dispute with one or more users of our Services, you release Ratefy, its affiliates and service providers from any and all claims, demands and damages arising out of or in any way connected with such disputes.

    Disclaimers

    RATEFY MAKES NO WARRANTY WITH REGARD TO THE UNDERLYING TRANSACTION, ANY TRADE MADE BY YOU THROUGH THE USE OF THE SITE OR THE SERVICES, THAT THE SERVICES WILL MEET YOUR REQUIREMENTS, OR THAT THE SERVICES OR THE SITE WILL BE UNINTERRUPTED, TIMELY, OR ERROR-FREE.

    Limitation of Liability

    IN NO EVENT SHALL RATEFY, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, BE LIABLE FOR ANY AMOUNT GREATER THAN THE VALUE OF TOTAL FEES PAID BY YOU FOR THE SERVICE IN THE TWELVE (12) MONTHS PRIOR TO THE LOSS ARISING, OR FOR ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES.

    Payment

    Ratefy uses third-party Payment and e-wallet infrastructure. Users might experience processing delays. Naira disbursement from Ratefy e-wallet might also experience a delay before reflecting in your bank account.

    Governing Law

    These Terms shall be interpreted and governed in accordance with the Laws of the Federal Republic of Nigeria and you submit to the non-exclusive jurisdiction of the Courts located in Nigeria.

    Severability

    If any part of this Agreement is held by any arbitrator or court of Nigeria to be invalid or unenforceable, the validity or enforceability of the other sections shall not be affected.

    Arbitration

    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 basis.

    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.

    Complaints

    If you have any complaints about Ratefy and Ratefy Services, you may contact Ratefy Technology Ltd at chat@ratefy.co. Ratefy will respond to your email within 7 business days.

    Contact Us

    Ratefy Technology Ltd
    Email: chat@ratefy.co
    Address: 1 Finetouch Hall, Olubose Street, Ile-Ife, Osun state, Nigeria.
    Hours of Operation: 9am, 6pm (Mon, Fri)