Terms of Service

1. Introduction

Welcome to PesaFi ("we," "our," or "us"). These Terms of Service ("Terms") govern your use of the PesaFi platform, a decentralized financial platform built on the Base L2 blockchain that provides digital wallet services, cross-border payments, and financial inclusion solutions for users in East Africa and globally.

By accessing or using our services, you agree to be bound by these Terms. If you do not agree to these Terms, please do not use our services.

2. About PesaFi

PesaFi is a financial technology platform that offers:

• Digital Wallets: Secure digital wallets supporting USDC and other cryptocurrencies on Base L2
• Cross-Border Payments: Low-cost, instant money transfers within East Africa and globally
• Merchant Services: Payment solutions for businesses including QR code payments and e-commerce integration
• Financial Inclusion: Access to financial services for unbanked and underbanked populations
• DeFi Integration: Access to decentralized finance protocols for savings and lending

3. Eligibility and Account Creation

3.1 Eligibility Requirements

To use PesaFi services, you must:

• Be at least 18 years old (or the age of majority in your jurisdiction)
• Provide accurate and complete information during registration
• Comply with all applicable laws and regulations
• Not be located in a jurisdiction where our services are prohibited

3.2 Account Registration

• You must create an account using your email address and phone number
• You are responsible for maintaining the security of your account credentials
• You must notify us immediately of any unauthorized access to your account
• We reserve the right to suspend or terminate accounts that violate these Terms

3.3 Identity Verification

We may require identity verification (KYC) for certain services or transaction limits to comply with regulatory requirements and prevent fraud.

4. Services Description

4.1 Digital Wallet Services

• Wallet Creation: We automatically create a smart wallet on Base L2 for each user
• Asset Storage: Your digital assets are stored on the blockchain, not in our custody
• Private Keys: We manage private keys securely using account abstraction technology
• Social Recovery: Account recovery through trusted contacts (no seed phrases required)

4.2 Payment Services

• Peer-to-Peer Transfers: Send and receive USDC instantly with minimal fees
• Cross-Border Payments: International money transfers with competitive exchange rates
• Merchant Payments: Pay at participating merchants using QR codes
• Request Money: Request payments from other users

4.3 Additional Services

• Currency Conversion: Convert between USDC and local currencies using real-time exchange rates
• Transaction History: Access detailed transaction records and receipts
• Notifications: Receive SMS and email notifications for account activity
• Customer Support: 24/7 customer support via email and chat

5. User Responsibilities

5.1 Compliance

You agree to:

• Use our services only for lawful purposes
• Comply with all applicable laws and regulations in your jurisdiction
• Not engage in money laundering, terrorist financing, or other illegal activities
• Provide accurate information and update it as necessary

5.2 Prohibited Activities

You may not:

• Use our services for illegal purposes or to facilitate illegal activities
• Attempt to hack, disrupt, or compromise our systems
• Create multiple accounts to circumvent restrictions
• Use our services to evade taxes or regulatory requirements
• Engage in market manipulation or fraudulent activities

5.3 Security

You are responsible for:

• Keeping your login credentials secure
• Using strong passwords and enabling two-factor authentication when available
• Not sharing your account information with others
• Reporting suspicious activity immediately

6. Fees and Charges

6.1 Transaction Fees

• Peer-to-Peer Transfers: Minimal fees (typically <$0.01)
• Cross-Border Payments: Competitive fees with transparent pricing
• Currency Conversion: Small spread on exchange rates (0.5-1%)
• Merchant Payments: 0.5% fee for merchants

6.2 Fee Structure

• All fees are clearly displayed before transaction confirmation
• Fees may vary based on network conditions and service type
• We reserve the right to adjust fees with 30 days' notice

6.3 No Hidden Fees

We believe in transparent pricing. All fees are clearly disclosed before you complete any transaction.

7. Risk Disclosures

7.1 Cryptocurrency Risks

• Volatility: Cryptocurrency prices can fluctuate significantly
• Regulatory Risk: Cryptocurrency regulations may change
• Technology Risk: Blockchain technology is still evolving
• Market Risk: Cryptocurrency markets can be highly volatile

7.2 Platform Risks

• Smart Contract Risk: Smart contracts may contain bugs or vulnerabilities
• Network Risk: Base L2 network may experience downtime or congestion
• Liquidity Risk: Some assets may have limited liquidity
• Operational Risk: Technical issues may temporarily affect services

7.3 User Acknowledgment

By using our services, you acknowledge and accept these risks. You should only invest what you can afford to lose.

8. Contact Information

8.1 Customer Support

• Email: support@pesafi.ai
• Phone: [Phone Number]
• Address: [Business Address]

8.2 Legal Notices

• Email: legal@pesafi.ai
• Address: [Legal Address]

9. Changes to Terms

9.1 Updates

We may update these Terms from time to time to reflect:

• Changes in our services
• Legal or regulatory requirements
• Industry best practices
• User feedback

9.2 Notification

We will notify you of material changes via:

• Email notification
• In-app notification
• Website announcement

9.3 Acceptance

Continued use of our services after changes constitutes acceptance of the updated Terms.

10. Acknowledgment

By using PesaFi services, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.