Terms of Use
Last updated: 16 October 2026
These terms apply when you use the Koloxify app or website. By creating an account you agree to them. Please also read our Privacy Policy.
What Koloxify is
Koloxify is a savings-circle platform. Members of a circle contribute an agreed amount on a schedule, and each member collects the pooled amount on their turn. Koloxify is not a bank or an investment service, and it does not lend money.
Your account
- You must be 18 or over and give accurate information, including for identity verification.
- You are responsible for keeping your password, PIN and devices secure. Tell us at once if you think someone else has accessed your account.
- One person may hold one account.
Circles and contributions
- When you join a circle you agree to its contribution amount, schedule, turn order and rules, which are shown before you join.
- You agree to pay each contribution on time. Circles may apply penalties for late or missed contributions, as shown in the circle rules.
- Payout amounts depend on the contributions actually received in that round.
- You can only leave a circle while it is still forming, before contributions start. The creator of a circle cannot leave it, but can delete it while it is forming.
Fees
Koloxify charges a service fee of 5% on each successful payout round. The fee is shown before you join a circle and on each payout. It is a service fee, not interest.
Agents
Koloxify agents can register customers and record payments for them. An agent may only act on your account with your authorisation, given through a code sent to you or a session you approve.
Acceptable use
You must not use Koloxify for fraud or money laundering, impersonate anyone, interfere with the service, or break any law. We may suspend or close accounts that do.
Closing your account
You can ask to delete your account at any time, once you have no active circles or unpaid penalties. See Delete your account.
Liability
We work to keep Koloxify available and accurate, but we do not promise it will always be uninterrupted or error-free. To the extent the law allows, we are not liable for indirect losses. Nothing in these terms limits rights you have under Nigerian consumer protection law.
Changes and governing law
We may update these terms and will post changes on this page. These terms are governed by the laws of the Federal Republic of Nigeria.