Terms & Conditions

Terms & Conditions

Welcome to Ultra! This 'Terms and Conditions' is a contract between you and Ultra Multipurpose Technology Limited (together referred to as "Ultra" "we" "our"). It describes the terms by which you will be bound when you use Ultra ("the Service" or "Ultra App").

Do not use this Service if you do not agree to be bound by these terms. By using the Service you are agreeing to the terms of this Agreement as well as our Privacy Policy.

We may revise these Terms and Conditions and any of the policies from time to time. The revised version will be effective once uploaded on Ultra Website or Mobile Application.

1. DEFINITIONS

The following definitions relate to these Terms and conditions:

• "Account" or "Wallet" is an electronic stored value Account created for use by the customer. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your laptop, mobile phone or any other mobile device via the Ultra App.
• "Agent" refers to any party or device, including authorised Ultra Agents, that facilitate Ultra transactions on behalf of customers.
• "Agreement" refers to these Terms and Conditions.
• "BVN" means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution.
• "CBN" means the Central Bank of Nigeria.
• "Content" means all information whether textual, visual, audio or otherwise, appearing on or available on the Ultra Website or Mobile Application.
• "Credit" means the movement of funds into an Account or Wallet.
• "Debit" means the movement of funds out of an Account or Wallet.
• "Merchant" means any person or entity who offers and or accepts payment for goods or services using the Service.
• "Ultra App" means the service available on the Ultra Mobile Application.
• "Mobile Phone" means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMSs, among other communication options.
• "OTP" means One Time Password, used to authorise transactions or processes.
• "PIN" means Personal Identification Number.
• "Recipient" means a person who receives money through the Service.
• "Sender" means a person who uses the Service to send money.
• "Services" refer to any products and services provided to the customer.
• "Transaction" refers to an order to send money through the Service.
• "Transaction Amount" is the amount of money that the Sender provides to Ultra for transmission to the Recipient.
• "Wallet" means an electronic stored value Account on Ultra App used to perform transactions.
• "Payout Amount" is the amount paid out to the Recipient.
• "Ultra" "We" "us" and "our" means Ultra Multipurpose Technology Limited, and any person or legal entity to whom the rights and/or obligations of Ultra has been assigned to.
• "You" "user" "your" and "customer" means any person who creates an Account on the Ultra App and accesses any or all of our services.

2. ELIGIBILITY FOR THE SERVICE

• Age and Capacity: You must be at least eighteen (18) years old to create an Account, access, or use the Service as a Sender. You must be able to form legally binding contracts under applicable law. Other restrictions may apply.
• Others: You may not submit or receive a Transaction on behalf of any other person.
• Residence within Nigeria: The Service is available to residents of Nigeria only.
• Offer and Acceptance: If you submit a Transaction, you are requesting that we process your Transaction, however we may accept or reject your offer at our sole discretion.
• Multiple Accounts: Senders may have only one active Account. If we determine that a Sender is using multiple Accounts we reserve the right to merge or terminate one or more of the Accounts, limit the Sender's use of the Service, or refuse their continued use of the Service.

3. REGISTRATION OF ACCOUNT AND CONDITION OF USE

• To get started with Ultra, you must download the app, follow the registration process, and complete the required verification steps. As part of the signup process, you will need to accept these Terms and Conditions and our Privacy Policy, and you must have legal capacity to accept the same. If you wish to access additional services, you may be asked to accept additional terms and conditions.
• If you are an individual, you must be aged 18 years or older to use the Services and by registering an Account through the Service you declare that you are 18 years or above.
• You must provide all information as may be requested by us, such as your name, BVN, residential address, email address, phone number, next of kin details, business details and such other information as we may request from time to time (collectively, "User Information").
• You agree to promptly notify us of changes to your User Information by updating your profile on the Ultra App and to notify us within five business days before any changes to your bank Account information, including, but not limited to, the closure of your bank Account for any reason. If We approve your registration, you will be authorised to use the Account created by you, subject to these terms.
• You may only add payment instruments (such as bank Accounts, credit or debit cards) to your Ultra Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act prohibited by these Terms. In the event that you breach the provision of this clause, we reserve the right to deny you access to your Account and may suspend providing our services to you.

4. PAYMENT OF FEES FOR THE SERVICE

• Charges: With each Transaction you submit you are agreeing to pay us a service fee ("Service Fee"), in addition to the Transaction Amount. Payment is due at the time the transaction is submitted for processing. If you submit a transaction that results in Ultra being charged non-sufficient funds (NSF) fees, chargeback fees, or other similar costs, you agree to reimburse Ultra for all such fees.
• Payment: In order for Ultra to process your transaction you authorise us to charge any of the payment instruments included in your payment profile ("Payment Instrument" includes any credit card, debit card, or bank Account). If your payment fails, you authorise us to re-try one or more times using the same Payment Instrument. You warrant that you are an authorised and lawful user of the Payment Instrument(s).
• Other Charge: We are not responsible for fees that may be imposed by financial institutions associated with your Payment Instruments. Ultra is not responsible for any NSF fees, chargeback fees, or other, similar charges that might be imposed on you by your bank, debit card issuer, or other provider.

5. GRANT OF LICENCE AND SERVICE RESTRICTIONS

• In consideration of you agreeing to abide by these Terms, we grant you a non-transferable, non-exclusive licence to use and access our services on your mobile and electronic devices. We reserve all other rights. except as expressly set out in this Agreement or as permitted by any law governing the jurisdictions within which we operate.
• You agree to the following:
  • not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify Ultra App.
  • not to make alterations to, or modifications of the whole or any part of the Ultra Application to be combined with, or become incorporated in, any other programs.
  • not to disassemble, decompile, reverse-engineer, or create derivative works based on the whole or any part of Ultra App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving interoperability of the services with another software program, and provided that the information obtained by you during such activities is not disclosed or communicated to any third party without our prior written consent; and is not used to create any software that is substantially similar to the service.
  • to comply with all technology control or Export Laws and Regulations in your country that apply to the technology used or supported by Ultra App.
• Ultra reserves the right to refuse any Transaction or limit the amount to be transferred, either on a per transaction or aggregated basis. These limits may be imposed on individual Accounts or linked Accounts. Furthermore, we reserve the right at any time to modify or discontinue all or any part of the Service.
• Your Transaction may be delayed by our effort to verify your identity and validate your Payment Instruments and otherwise comply with laws or manage our financial risk. You may be entitled to a refund in certain circumstances and you may cancel your transaction at any time while it is pending.
• You should not use the Service to send money except to people that you know.
• We are not responsible for the quality or delivery of goods or services that you pay for using the Service. You accept that using the Service to pay for goods and services is at your own risk.

6. UNAUTHORISED TRANSACTIONS

• You may not use the Service in violation of this Agreement or applicable laws, rules or regulations. It is a violation of the Agreement to use the Service for any of the following:
  • sexually-oriented materials or services;
  • gambling activities;
  • fraud, money-laundering, the funding of terrorist organisations, or the purchase or sale of firearms, hard drugs, or other controlled substances;
  • payment for multi-level marketing, pyramid selling or ponzi schemes, matrix programmes or other "get rich quick" schemes or high yield investment programmes and for such activities not listed here but are defined as illegal by the CBN and laws of the Federal Republic of Nigeria.
• If you use the Service in connection with illegal conduct, Ultra will not hesitate to terminate your Account and report you to law enforcement agencies.
• Your Payment Instrument must be issued by an approved financial institution. We may refuse Transactions from certain Senders and to certain Recipients that are included on the Specially Designated Nationals list, Non-cooperative Countries and Territories list, and such other lists as issued by different government agencies.

7. PERSONAL INFORMATION

• To meet our Know Your Customer ("KYC") and Anti-Money Laundering ("AML") obligations, we may require you to provide any or all the following information: your full name, date of birth, Bank Verification Number, current residential address, copy of a valid Government issued ID (national ID, international passport, permanent voter's card or driver's licence) and any other information or document as we may require for our internal risk assessment.
• You warrant that all information and documentation provided to us is true, correct, and accurate. You also undertake to notify us of any changes to the information or documentation which you have provided.
• You agree and authorise Ultra to verify information provided by you against the information held by any third party (including official databases) such as, NIBBS, Payment System Providers or any other data verification organisation available to Ultra.
• The information that Ultra may verify against the information which you have provided to us include (without limitation): your name, phone number, date of birth, address, age, Identification Number ("ID") or Passport Number and such other information that will enable Ultra to identify you and comply with the regulatory "Know Your Customer" requirements (together the "Personal Information").
• You hereby agree and authorise Ultra to collect and verify information including, but not limited to, data relating to your phone (including, without limitation, your phone's history) from your mobile device, from any SMS sent to you or by you, from any 3rd party applications, and such other information as Ultra shall require for purposes of providing you our Services (the "Relevant Information").
• You hereby consent to Ultra verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the full legal extent necessary for the provision of our Services.
• You agree to indemnify and to not hold Ultra and its Third-Party Partners liable with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information.
• Ultra reserves the right to request for further information from you pertaining to your use of the Service at any time. Failure to provide such information within the time required by Ultra may result in Ultra declining to accept your application for an Account or access to the Service.
• You acknowledge and agree that when Ultra or our third-party service providers access and retrieve information from such third-party websites, Ultra and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party.
• You consent to indemnify Ultra against any liability resulting from erroneous transfers.
• You consent that Ultra can deduct funds from your Account when such funds have been established as erroneous or fraudulent in nature.
• Ultra advises its users not to give their financial details, such as BVN (Bank Verification Numbers), OTP (One Time Password) and other sensitive financial information to anyone or third parties. Ultra will not be liable if such details are compromised.

8. LIABILITY

• In case of an unauthorised payment or a payment that was incorrectly executed due to an error by us, we shall at your request immediately refund the payment amount including all fees deducted therefrom. This shall not apply in the following circumstances:
  • Where the unauthorised payment arises from your failure to keep the personalised security features of your Ultra Account safe in accordance with these Terms, you shall remain liable;
  • If you fail to notify us without undue delay of a loss of your password or any other event that could reasonably be expected to have compromised the security of your Ultra Account after you have gained knowledge of such an event, Ultra shall not be liable for losses incurred within such a period of time;
  • Where a transaction was unauthorised and you have compromised the security of your Ultra Account, you are expected to notify us within 24 hours of such transaction, failing which Ultra shall not be liable for losses incurred;

9. INTELLECTUAL PROPERTY

• You acknowledge that the Service, including the content of this Mobile App, text, graphics, logos, and images, as well as all other Ultra's copyrights, trademarks, logos, and product and service names are owned exclusively by Ultra Multipurpose Technology Limited (the "Ultra Intellectual Property") and are protected by Copyright and Trademark Laws and various other Intellectual Property Rights and Unfair Competition Laws of the Nigerian, foreign jurisdictions, and international conventions.
• You agree not to display, use, copy, or modify the Ultra Intellectual Property in any manner. You are authorized solely to view and retain a copy of the pages of Ultra App for your own personal, non-commercial use. You further agree not to: (i) use any robot, spider, scraper or other automated device to access the Service; (ii) remove or alter any author, trademark or other proprietary notice or legend displayed on Ultra App (or printed pages thereof); or (iii) infringe Ultra's or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy.
• If you provide us with any suggestions, feedback, reviews or input ("User Submissions") related to our Services, we (and our corporate group entities) will own all rights, titles and interests in and to the User Submissions, even if you have designated the User Submission as confidential. We and our corporate group entities will be entitled to use the User Submission without restriction, including for marketing or business purposes. You assign to us all right, title and interest in and to the User Submission and agree to provide us with any assistance we may require to document, perfect and maintain our rights in the User Submission. For this purpose the word: "assign" is a legal term which means legally transferring the benefit, such as you legally transferring the benefit of the User Submission to us.

10. GOVERNING LAW

• This Agreement shall be governed by and construed in accordance with the Laws of the Federal Republic of Nigeria. Any controversy, dispute, or claim arising out of or relating to the Service or Agreement (a "Claim") shall be governed by and construed in accordance with Laws of the Federal Republic of Nigeria.
• The Parties shall in good faith make efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with these Terms and Conditions.
• In the event that parties are unable to resolve dispute amicably, either of the Parties may the Lagos Court of Arbitration and demand Arbitration following the Guidelines of the Court of Arbitration and the Arbitration and Mediation Act, 2023.
• The seat of arbitration shall be Lagos, Nigeria.
• The language to be used in the arbitral proceeding shall be the English Language.
• Judgement on the Award may be entered in any court with competent jurisdiction and shall be binding on the Parties.
• The cost of Arbitration shall be covered individually by each of the Parties.
• Nothing in the Agreement and within this Dispute Resolution Clause shall preclude any of the Parties from seeking interim reliefs from any Court with competent jurisdiction within Nigeria.