Terms of Service
Last Updated: October 2026 • Effective Date: June 15, 2025
1. Acceptance of Terms
By signing up for Laskad, connecting a WhatsApp group invite link, or contributing funds into a group managed by Laskad, you agree to be bound by these Terms of Service and our Privacy Policy. If you do not agree to these terms, you must not access or use Laskad.
2. Description of Services
Laskad Technologies Inc. provides specialized financial management software designed for WhatsApp communities, associations, cooperatives, and thrift groups, including:
- Dedicated virtual bank accounts for WhatsApp groups.
- Automated payment tracking and instant stamped PDF receipts delivered into group chats.
- Turn-by-turn rotational savings queues (Ajo/Esusu pots) with automated reminders.
- Cryptographic multi-admin approval voting (75%+ threshold) for escrow vault payouts.
- Natural language member balance inquiries and financial summary reporting.
3. Regulatory Status & Banking Rails
Laskad is a financial technology software provider, not a bank.
All banking operations, escrow vault custody, and settlement rails are powered exclusively by SafeHaven Microfinance Bank, an institution licensed and regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). Funds deposited into group virtual accounts remain held in regulated banking escrow.
4. User & Administrator Responsibilities
When utilizing Laskad as a group administrator or contributing member, you agree to:
- Provide accurate, verifiable identification during KYC onboarding.
- Maintain strict confidentiality of your administrative credentials, security PINs, and voting tokens.
- Ensure all group collections and payouts comply with Nigerian laws, prohibiting money laundering, illegal schemes, or fraudulent activity.
- Acknowledge that Laskad cannot reverse settled bank transfers executed pursuant to validated multi-admin voting approvals.
5. Subscription Plans, Free Trial & Fees
Admin Subscriptions: Only group administrators subscribe to management plans (Laskad Basic: ₦2,500/mo, Laskad Plus: ₦6,000/mo, Laskad Pro: ₦12,000/mo). Group admins receive a 2-Month Free Trial with zero obligation.
Zero Member Fees: Contributing group members pay ₦0 in subscription fees and are never required to download a third-party application.
Withdrawal Settlement Fees: When funds are disbursed from group escrow vaults to commercial bank accounts, a standard low fixed core banking settlement fee applies. Fees are transparently disclosed before payout execution.
6. Multi-Admin Escrow & Voting Governance
For groups configured with multi-admin withdrawal protection, no funds can be released from the SafeHaven MFB escrow vault without the cryptographically verified approval of at least 75% of designated administrators. Laskad cannot override administrator consensus votes, ensuring unilateral fund release is impossible.
7. Third-Party Integrations & WhatsApp Policies
Laskad integrates with the official Meta WhatsApp Cloud API. Users must adhere to Meta's WhatsApp Terms of Service and Acceptable Use Policies. Laskad is not liable for service interruptions caused by upstream Meta network outages or telecom carrier connectivity issues.
8. Limitation of Liability
To the fullest extent permitted by applicable law, Laskad Technologies Inc., its officers, and licensed banking partners shall not be liable for any indirect, incidental, punitive, or consequential damages resulting from unauthorized account access resulting from compromised user devices, internal group governance disputes, or third-party service interruptions.
9. Dispute Resolution & Contact
If you discover an unauthorized transaction or have a dispute regarding group funds, you must notify support within 24 hours of the occurrence.
Contact our legal and support team via WhatsApp at +234 906 557 7709 or email legal@laskad.com.
