Terms of Service

Welcome to Kobopeer.

These Terms of Service ("Terms") govern your access to and use of the Kobopeer website, application, marketplace, and related services (collectively, the "Platform").

Kobopeer is being developed as a peer-to-peer marketplace intended to help people discover other individuals interested in exchanging Nigerian naira (NGN) for supported foreign currencies.

The Platform is designed to help users discover exchange offers, review available information about other traders, communicate about proposed exchanges, and follow a structured transaction process.

The current version of Kobopeer is a prototype. It uses simulated balances and does not provide live payment processing, real-money transfers, or operational escrow services.

These Terms apply to your use of the Platform, including its demonstration features.

By accessing or using Kobopeer, you agree to these Terms. If you do not agree, you must stop using the Platform.

If you are using Kobopeer on behalf of a company or another legal entity, you confirm that you have the authority to accept these Terms on its behalf.

You must also comply with any applicable laws and regulations governing your use of the Platform.

Kobopeer is currently a demonstration platform. No real-money exchange or live escrow service is provided through the current prototype.

The prototype may display simulated:

• Account balances.

• Currency exchange offers.

• Exchange rates.

• Transaction amounts.

• Trade histories.

• Transaction statuses.

• Escrow balances.

• Verification indicators.

• Referral rewards.

• Other marketplace information.

These displayed values may be generated for demonstration and testing purposes.

Unless Kobopeer expressly announces and implements a separately authorized live service, the displayed balances and transactions do not represent actual funds held by Kobopeer.

A displayed escrow balance does not mean that money has been deposited into a bank account, placed in a trust account, or secured by a payment provider.

A displayed transaction marked "accepted," "completed," "paid," or "released" does not establish that an actual bank transfer occurred.

A displayed verification badge does not, by itself, establish that a person's identity or bank account has been independently verified.

Do not transfer money, disclose banking credentials, or rely on simulated balances as evidence of available funds when using the prototype.

Kobopeer will communicate material changes to the Platform's status and intended functionality. If live trading becomes available, additional terms, disclosures, eligibility requirements, and verification procedures may apply.

You may use Kobopeer only if you are legally capable of entering into a binding agreement.

You must:

1. Provide accurate information when registering or using the Platform.

2. Keep your account information reasonably up to date.

3. Use the Platform only for lawful purposes.

4. Comply with these Terms and applicable laws.

5. Protect your account credentials.

6. Avoid impersonating another person or misrepresenting your identity.

7. Avoid using the Platform to facilitate fraud, money laundering, terrorist financing, sanctions evasion, or other unlawful activities.

You must not use Kobopeer if doing so would violate a law or restriction applicable to you.

If Kobopeer introduces age, residency, identity-verification, or geographic eligibility requirements for a live service, you must satisfy those requirements before using that service.

Unless expressly permitted under the applicable live-service terms, you may not use the Platform on behalf of another person to conduct transactions without appropriate authority.

Kobopeer is intended to provide a structured environment in which users can discover and arrange peer-to-peer currency exchanges.

Depending on the features available at the relevant time, the Platform may allow users to:

• Create an account.

• Create or browse exchange offers.

• Specify the currencies they want to exchange.

• View proposed exchange rates.

• Indicate the amount they wish to exchange.

• Review another user's profile and available trading information.

• Identify users whose accounts have completed certain verification steps.

• Accept or decline exchange offers.

• View transaction instructions and status updates.

• Communicate information relevant to an exchange.

• Report suspected fraud or inappropriate conduct.

• Submit a dispute concerning a proposed or completed exchange.

• Participate in a referral programme, if one is available.

Not every feature will necessarily be available in every version of Kobopeer.

Kobopeer may introduce, modify, restrict, suspend, or discontinue features, subject to applicable law and any contractual obligations that have already arisen.

Kobopeer is designed around exchanges between users rather than a conventional foreign-exchange counter.

For example, one user may have Canadian dollars and want Nigerian naira, while another user has Nigerian naira and wants Canadian dollars.

The users may agree to exchange the currencies at a mutually acceptable rate.

The intended model separates the two sides of the transaction.

5.1 Nigerian naira

The intended live model may involve Kobopeer arranging for the NGN side of an eligible transaction to be held or locked through an appropriately structured escrow or payment arrangement.

The purpose would be to reduce the risk that one user receives the agreed foreign currency while the other user fails to receive the corresponding NGN.

However, the current prototype does not hold or lock real NGN.

Any escrow functionality shown in the prototype is simulated.

5.2 Foreign currency

Under Kobopeer's intended model, foreign currency is transferred directly between the users through their respective banks or other supported payment providers.

For example, in a CAD-to-NGN exchange:

1. One user agrees to provide CAD.

2. The other user agrees to provide NGN.

3. The foreign-currency user transfers CAD to the designated recipient's approved account.

4. The recipient confirms receipt, subject to the applicable transaction process.

5. The NGN side is released only after the applicable release conditions have been satisfied.

Kobopeer does not currently provide this live transaction process.

Unless a future service expressly states otherwise, Kobopeer does not maintain a foreign-currency wallet for users, hold foreign currency in escrow, or automatically convert both currencies through a single payment transaction.

Users must not assume that Kobopeer has received or verified an external bank transfer merely because a user marks a transaction as paid.

5.3 No representation of a live escrow service

The word "escrow" may appear in prototype interfaces, transaction diagrams, and demonstrations.

Those references describe intended functionality only.

They are not a representation that Kobopeer currently holds customer funds or operates a live escrow arrangement.

Before any live escrow service is introduced, Kobopeer must establish the applicable legal arrangements, custody and payment infrastructure, release procedures, recordkeeping, dispute processes, and any required regulatory permissions or registrations.

Certain features may require an account.

When registering, you agree to provide accurate information and not to create an account using another person's identity without authorization.

You must not:

• Create accounts for fraudulent purposes.

• Use false names or fabricated identity documents.

• Misrepresent your ownership of a bank account.

• Use another person's account without authorization.

• Create multiple accounts to evade restrictions or abuse promotions.

• Sell, rent, or transfer your account to another person without Kobopeer's authorization.

Kobopeer may require additional information where reasonably necessary to provide a service, verify an account, investigate suspected misuse, or satisfy applicable legal obligations.

Registration does not guarantee access to every feature.

Kobopeer may refuse, restrict, suspend, or terminate access where reasonably necessary for security, fraud prevention, legal compliance, or protection of users, subject to applicable law.

You are responsible for taking reasonable steps to protect your account.

These steps include:

• Using a strong, unique password.

• Keeping passwords and authentication codes confidential.

• Avoiding shared or unsecured devices when accessing your account.

• Protecting access to the email address and phone number associated with your account.

• Reviewing account activity where the relevant functionality is available.

• Reporting suspected unauthorized access promptly.

You must not request another user's password, one-time passcode, online banking password, or other authentication credentials.

Kobopeer will not ask you to disclose your online banking password or bank authentication code as proof of payment.

If you believe that your account has been compromised, stop using the affected account and contact Kobopeer through its published support channel.

Kobopeer may temporarily restrict an account where reasonably necessary to investigate suspected unauthorized access, fraud, or security threats.

Kobopeer may offer account-verification procedures intended to increase confidence between users.

Depending on the live functionality, verification may involve confirming information associated with an identity, phone number, email address, or bank account.

8.1 What verification means

A verification indicator means only that the account has completed the specific verification process identified by Kobopeer.

For example, a bank-account verification indicator may mean that a particular account passed a defined account-verification challenge.

It does not automatically establish that:

• Every payment sent from that account will be legitimate.

• The account has never been compromised.

• The account holder will honour every transaction.

• Every statement made by the user is true.

• The user is free from fraud allegations.

• The user is financially reliable.

• A future payment has been received by its intended beneficiary.

Verification is not a guarantee of trustworthiness or transaction safety.

8.2 Account ownership and payment origin

Where a live verification procedure uses a small bank transfer or transaction challenge, that procedure must be implemented and validated through an appropriate backend process.

The fact that a bank account passed an earlier verification challenge does not, on its own, prove the origin, authorization, or final settlement of every later payment.

Payment-origin verification and confirmation of receipt must be addressed separately.

8.3 Approved account details

If Kobopeer introduces a live service that restricts users to verified bank accounts, users must follow the account-management rules displayed by the service.

Kobopeer may require re-verification before permitting changes to banking information.

Users must not attempt to bypass account restrictions or substitute an unapproved bank account during a transaction.

8.4 Verification decisions

Kobopeer may request additional information or repeat a verification procedure where reasonably necessary to protect users or comply with applicable requirements.

Verification may be refused, delayed, suspended, or withdrawn if the relevant information cannot be validated or if a security concern arises.

Users are responsible for reviewing the details of an offer before accepting it.

These details may include:

• The currency being offered.

• The currency being requested.

• The proposed amount.

• The exchange rate.

• Any fees.

• The payment method.

• The relevant payment deadline.

• The bank-account details designated for the transaction.

• Any applicable cancellation conditions.

Users should confirm that they understand the total amount each party is expected to provide.

An exchange rate displayed on Kobopeer may be user-provided, calculated from user inputs, or obtained from another source, depending on the feature.

Unless expressly stated otherwise, a displayed rate is not a guarantee that the rate is available from a bank or that a bank will execute a transaction at that rate.

Users must not misrepresent exchange rates, payment amounts, available balances, or payment confirmations.

Kobopeer may restrict offers that appear fraudulent, misleading, unlawful, or inconsistent with the Platform's rules.

Users are responsible for making informed decisions about the people with whom they choose to trade.

Before entering a proposed transaction, you should:

1. Review the other user's available profile and verification information.

2. Confirm the exchange amount and rate.

3. Review all applicable transaction instructions.

4. Check the recipient's approved payment details.

5. Ensure that you are legally entitled to send and receive the relevant funds.

6. Confirm that the transaction is consistent with the requirements of your bank and payment provider.

7. Keep records of relevant communications and payment references.

8. Report suspicious conduct promptly.

You must not intentionally mislead another user about the source, ownership, destination, or status of funds.

You must not use Kobopeer to receive or transfer funds on behalf of an unidentified third party in circumstances that are inconsistent with applicable law or the Platform's instructions.

Under Kobopeer's intended operating model, foreign-currency transfers occur outside the Platform through the relevant banks or payment providers.

Users must follow the payment instructions applicable to their transaction.

A user who sends an external payment should retain appropriate evidence, such as a bank-issued transaction reference or receipt.

However, a payment receipt or screenshot is not conclusive proof that the recipient received cleared funds.

Payments may be delayed, rejected, reversed, recalled, frozen, or investigated by the relevant financial institution.

A bank may also apply its own limits, fees, exchange rates, fraud controls, or compliance procedures.

Kobopeer does not control those independent processes.

Users should not send money to an account that differs from the approved account details for the transaction without first resolving the discrepancy through the applicable transaction process.

If the recipient does not receive the expected payment, the users should follow the applicable dispute procedure rather than relying solely on a screenshot or a sender's assertion.

This section describes the intended operation of a future live service. It does not mean that the current prototype holds real money.

If Kobopeer introduces an operational NGN escrow arrangement, the applicable live-service terms will identify the entity or payment provider responsible for receiving, holding, safeguarding, and releasing funds.

The process may include the following stages.

Stage 1: Trade acceptance

The users agree to the transaction details.

The live system records the accepted offer and applies the relevant transaction rules.

Stage 2: NGN funding or locking

The required NGN amount is received or locked through the approved arrangement.

A transaction must not be represented as funded merely because a database field or user interface says that it is funded.

Stage 3: External foreign-currency transfer

The relevant user sends the agreed foreign currency directly to the designated recipient's approved account.

Stage 4: Payment confirmation

The recipient confirms receipt, and any required independent payment checks are completed.

The process must account for circumstances in which a transfer is pending, incomplete, reversed, disputed, or otherwise not sufficiently confirmed.

Stage 5: Release or dispute

The NGN amount may be released only when the applicable release conditions have been satisfied.

If a qualifying dispute arises, the relevant amount may remain restricted while the matter is reviewed, subject to the actual legal arrangement and the rights of the parties.

Stage 6: Completion

The transaction is marked complete when the required conditions have been satisfied and the relevant records have been updated.

A user's click on "Payment Sent," an uploaded screenshot, or an automated notification must not, by itself, trigger an unconditional release of funds.

The live service must use appropriate server-side authorization and transaction controls.

Kobopeer intends to provide a structured process for reporting transaction problems when the relevant functionality is available.

Examples of potential disputes include:

• A recipient says that the expected payment was not received.

• A sender claims that a transfer was completed but the recipient disagrees.

• A user reports that payment was made to the wrong account.

• The parties disagree about the agreed exchange rate or amount.

• A user suspects that payment evidence is fabricated.

• A user alleges impersonation, unauthorized account use, or fraud.

• A transaction appears to have been duplicated.

• A user reports that a payment was reversed or recalled.

13.1 Submitting a dispute

Users should submit disputes through the available Platform procedure or the published support channel.

A report should include the relevant transaction reference, a description of the issue, the approximate time of the transaction, and supporting evidence that the user is authorized to share.

Users should not submit another person's unnecessary personal information or disclose passwords, authentication codes, or full banking credentials.

13.2 Review process

Where a live dispute process exists, Kobopeer may review information such as:

• The accepted offer and transaction terms.

• The recorded transaction timeline.

• Account-verification status.

• Relevant user communications.

• Bank-issued payment references.

• Available payment-provider confirmation.

• Relevant records from the escrow or payment provider.

• Evidence submitted by the parties.

The information considered will depend on the nature of the dispute and the records lawfully available to Kobopeer.

Kobopeer may request additional information, restrict relevant account activity, or refer a matter to the responsible financial institution or other appropriate authority.

13.3 Interim restrictions

If an operational escrow service is available, the responsible party may restrict the disputed amount while a matter is reviewed, where permitted by the applicable arrangement and law.

A dispute report does not automatically entitle either party to receive funds.

The current prototype cannot freeze, recover, or return real money because it does not provide live escrow services.

13.4 Dispute outcomes

Depending on the circumstances and the applicable live-service terms, a dispute may result in:

• Release of an eligible escrowed amount.

• Return of funds under the applicable arrangement.

• Continued restriction pending further information.

• Cancellation of an eligible transaction.

• Suspension of an account.

• Referral to a bank, payment provider, law-enforcement agency, regulator, or other appropriate authority.

Kobopeer cannot guarantee that every dispute will be resolved in favour of a particular user or that losses can always be recovered.

13.5 External payment disputes

Where a payment occurs directly through a bank or another payment provider, that institution's procedures may be relevant.

Kobopeer cannot independently reverse a completed bank transfer or compel a bank to return funds unless it has the legal authority and technical ability to do so.

Users should contact their financial institution promptly when a payment is unauthorized, misdirected, or suspected to be fraudulent.

You must not use Kobopeer to:

1. Commit or facilitate fraud.

2. Launder money or conceal the proceeds of crime.

3. Finance terrorism or evade sanctions.

4. Use funds obtained through theft, fraud, or unauthorized access.

5. Misrepresent the identity of a sender, recipient, account holder, or beneficial owner.

6. Submit forged receipts or fabricated payment confirmations.

7. Impersonate another user.

8. Manipulate exchange offers or transaction statuses.

9. Circumvent identity-verification or security controls.

10. Use another person's bank account without appropriate authorization.

11. Split transactions to evade applicable reporting or monitoring requirements.

12. Use the Platform in violation of applicable foreign-exchange, sanctions, anti-money-laundering, or payment-services laws.

13. Harass, threaten, or defraud another user.

14. Attempt to access accounts, databases, or systems without authorization.

15. Introduce malware or interfere with the Platform's operation.

16. Reverse-engineer or abuse security mechanisms except where permitted by law.

17. Use automated tools to manipulate marketplace activity or referral rewards.

18. Exploit a bug to obtain an unauthorized balance, benefit, or transaction outcome.

Kobopeer may investigate suspected violations and take proportionate action, subject to applicable law.

Kobopeer intends to operate in a manner consistent with applicable laws and regulations.

Depending on the final operating model, applicable requirements may include identity verification, customer due diligence, transaction monitoring, recordkeeping, reporting, sanctions compliance, and restrictions on particular transactions or users.

Users must provide accurate information reasonably required for lawful compliance purposes.

Kobopeer may refuse, delay, restrict, suspend, or cancel an activity where reasonably necessary to address suspected fraud, comply with a lawful requirement, protect users, or prevent misuse.

Where the law permits or requires it, Kobopeer may disclose relevant information to a financial institution, payment provider, regulator, law-enforcement agency, or other authorized recipient.

Kobopeer does not promise that every proposed transaction will be permitted or processed.

Important regulatory qualification

The regulatory treatment of a peer-to-peer exchange platform depends on what it actually does, including its role in arranging exchanges, receiving or controlling funds, transmitting payment instructions, and providing services to users.

Kobopeer will not represent that it is licensed, registered, approved, or authorized unless that statement is accurate and supported by the relevant current status.

A prototype disclaimer does not remove legal obligations that may arise from actual business conduct.

The current prototype may display illustrative amounts or simulated transactions.

Such displays do not establish that a real fee has been charged or that a real payment has occurred.

Before a live service introduces fees, Kobopeer will disclose the applicable charges, their calculation, and when they become payable.

Users remain responsible for fees imposed independently by their banks, payment providers, or other institutions, unless the applicable service terms expressly state otherwise.

A fee shown in an interface must not be treated as a binding charge unless the relevant live service clearly establishes it as such.

Kobopeer may offer referral or promotional programmes.

The applicable campaign terms will identify eligibility requirements, reward amounts, qualifying activities, payment methods, expiry dates, and other relevant conditions.

Unless expressly stated otherwise, simulated referral rewards displayed in the prototype have no cash value and cannot be withdrawn or redeemed.

Kobopeer may exclude fraudulent, duplicate, self-generated, or otherwise ineligible referrals.

A referral reward must not be represented as payable until the relevant campaign is live and its conditions have been satisfied.

Kobopeer may amend or discontinue a promotional campaign prospectively, subject to applicable law and any rights that have already vested under the applicable campaign terms.

Kobopeer and its licensors retain their rights in the Platform's branding, design, software, text, graphics, and other protected materials, except where otherwise stated.

You may use the Platform for its intended lawful purposes.

You must not reproduce, distribute, sell, or commercially exploit protected Platform materials without permission, except where permitted by applicable law.

You retain any rights you have in information you submit, subject to the permissions reasonably necessary to operate the Platform and the terms of the Privacy Policy.

You must not submit content that unlawfully infringes another person's rights.

You are responsible for the information you submit through Kobopeer.

You must have the right to provide any personal information, documents, images, payment references, or other materials you submit.

You must not upload fabricated documents or evidence intended to mislead another user or the Platform.

Kobopeer may review, restrict, remove, or retain submitted material where reasonably necessary for service operation, security, dispute handling, or legal compliance.

The collection and use of personal information are governed by the Privacy Policy.

Kobopeer may depend on third-party services, including:

• Cloud hosting providers.

• Authentication providers.

• Database and infrastructure providers.

• Email and messaging services.

• Telephone-notification providers.

• Banks and payment providers.

• Identity or account-verification providers.

• Security and monitoring services.

Third-party services may have their own terms, privacy policies, operating restrictions, and availability limitations.

Kobopeer does not control every aspect of third-party services.

Where a transaction relies on a bank or payment provider, the relevant institution's processing rules and legal obligations may affect the transaction.

Nothing in these Terms removes a right or remedy you have directly against a third-party provider under applicable law.

Kobopeer may update, maintain, restrict, suspend, or discontinue all or part of the Platform.

The Platform may occasionally be unavailable because of maintenance, technical failures, security incidents, third-party outages, or circumstances outside Kobopeer's reasonable control.

Kobopeer does not guarantee uninterrupted access or that every displayed feature will always operate without error.

Material changes to the Platform's financial functionality will be communicated as appropriate.

The introduction of live-money services may require new terms, additional consent, identity verification, or acceptance of separate agreements.

To the extent permitted by applicable law, the current prototype is provided on an "as is" and "as available" basis.

Kobopeer does not warrant that the prototype will be uninterrupted, error-free, completely accurate, or suitable for a particular purpose.

Kobopeer does not guarantee:

• That a user is trustworthy.

• That an exchange offer is genuine.

• That a proposed exchange will be completed.

• That an external bank transfer will succeed.

• That a recipient will receive a payment.

• That a displayed verification indicator guarantees future conduct.

• That a simulated escrow balance corresponds to real funds.

• That a future dispute will result in recovery of funds.

Nothing in this section excludes a warranty, statutory protection, or other right that cannot lawfully be excluded.

To the extent permitted by applicable law, Kobopeer will not be liable for indirect, incidental, special, exemplary, or consequential loss arising from the use of the prototype.

Examples may include loss of anticipated profit, loss of opportunity, or loss arising from reliance on simulated transaction information.

This section does not exclude or restrict liability where doing so would be unlawful, including liability that cannot legally be excluded or limited.

Nothing in these Terms removes any applicable statutory rights or remedies.

Any liability limitations applicable to a future live service will be set out in the terms governing that service and must comply with applicable law.

To the extent permitted by applicable law, you agree to be responsible for losses and reasonable costs directly arising from your unlawful use of the Platform, fraudulent conduct, or material violation of these Terms.

This provision does not require you to indemnify Kobopeer for losses caused by Kobopeer's own negligence, unlawful conduct, or other circumstances where such an obligation would be prohibited by law.

You may stop using the Platform at any time.

Where account deletion is available, you may request deletion through the relevant account feature or published support channel.

Kobopeer may suspend or restrict an account where reasonably necessary to address:

• Suspected fraud.

• Unauthorized account access.

• Security threats.

• Abuse of other users.

• Material violations of these Terms.

• Legal or regulatory requirements.

• Attempts to manipulate the Platform.

Where appropriate and legally permissible, Kobopeer may notify you of a restriction and provide a way to request a review.

Account termination does not automatically delete all associated information. Some information may need to be retained for security, dispute resolution, legal compliance, or other legitimate purposes described in the Privacy Policy.

The current prototype does not hold real customer funds. If a live service is introduced, separate procedures will govern outstanding transactions and any funds that remain subject to an applicable payment or escrow arrangement.

Your use of Kobopeer is also governed by the Privacy Policy at /privacy.

The Privacy Policy explains what personal information Kobopeer collects, how it is used and disclosed, how it is protected, and how you may exercise applicable privacy rights.

You should review that policy before submitting personal or financial information.

Kobopeer may update these Terms to reflect changes in the Platform, applicable law, security requirements, or business operations.

The updated version will be published on the Platform with a revised "Last updated" date.

Where required by law, Kobopeer will provide notice or obtain additional consent before implementing a material change.

Your continued use of the Platform after a change takes effect may constitute acceptance where permitted by applicable law.

If you do not agree to revised Terms, you should stop using the affected service.

These Terms are intended for a service operated from Canada, but the appropriate governing law and dispute-resolution arrangements must be confirmed against Kobopeer's actual legal entity, business structure, and customer base.

Before publication, Kobopeer should identify the governing jurisdiction and any applicable court or dispute-resolution arrangements in consultation with legal counsel.

Nothing in this section removes a mandatory consumer right or other protection that applies under law.

If a provision of these Terms is found unenforceable, the remaining provisions will continue to apply to the extent permitted by law.

A failure to enforce a provision does not necessarily waive the right to enforce it later.

You may not transfer your rights or obligations under these Terms without Kobopeer's consent, except where permitted by law.

Kobopeer may transfer or restructure its rights and obligations as part of a lawful business reorganization, subject to applicable law.

These Terms, together with any applicable supplemental terms, govern your use of the Platform.

For questions about these Terms, account access, or the Platform, contact:

Business: Kobopeer
Website: https://app.kobopeer.com
Email: Hello@kobopeer.com
Legal entity: Kobopeer Limited
Business address: Plot 8, Providence Street , Lekki , Lagos