Kova Technologies Ltd ("Kova," "we," "our," or "us") is a company registered under the Companies and Allied Matters Act (CAMA) 2020, with its registered office at 278 Ikorodu Road, Anthony, Lagos, Nigeria. Kova provides a technology platform for collective finance, enabling groups of people to pool funds, track contributions, and manage shared financial goals.
These Terms of Service ("Terms") govern your access to and use of the Kova mobile application, website at kova.finance, and all related services, features, and content (collectively, the "Services"). These Terms constitute a legally binding agreement between you and Kova.
Please note: Kova is not a bank, deposit-taking institution, or licensed financial institution. We are a technology platform that facilitates group financial coordination. We work with licensed third-party partners to process payments and verify identities. Contributions made through Kova are managed using the services of our licensed payment and custody partners. The specific arrangements for fund custody may change as we develop our partnerships, and we will notify you of any material changes.
Kova does not provide financial, investment, tax, or legal advice. Any information provided through the Services is for informational purposes only.
By creating a Kova account, accessing, or using any part of the Services, you confirm that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, and any other policies referenced herein. If you do not agree, you must not use the Services.
To use the Services, you must:
Be at least 18 years of age
Be a resident of Nigeria
Have a valid bank account with a Nigerian financial institution
Have a valid Bank Verification Number (BVN)
Have the legal capacity to enter into a binding agreement
Not have been previously suspended or removed from the Services
By creating an account, you represent and warrant that all information you provide is accurate, complete, and current, and that you meet all eligibility requirements.
To access the Services, you must create a Kova account by providing your full name, email address, phone number, date of birth, and creating a password. You must complete identity verification (KYC) through our licensed verification partner before you can make or receive contributions.
You are responsible for maintaining the security of your account credentials, including your password, PIN, and any device used to access the Services. You must not share your login credentials with anyone. You must notify us immediately at support@kova.finance if you suspect any unauthorised access. Kova is not liable for any loss resulting from unauthorised access caused by your failure to secure your credentials.
We are required to verify your identity under applicable laws and Central Bank of Nigeria (CBN) regulations. Verification is performed through licensed third-party KYC providers and may include verification of your BVN, government-issued identification, proof of address, and biometric data. Your transaction limits are determined by your verification tier. We may request additional verification at any time.
You must ensure that all information in your account is accurate and up to date. Providing false, misleading, or incomplete information may result in suspension or termination of your account.
Any verified Kova user may create a group. The person who creates a group is the "Organizer." A group serves as the community layer on Kova — members can create and participate in multiple financial goals within the group.
Within a group, any authorised member may create a "Goal" — a shared financial objective with a target amount, purpose description, and optional deadline. Financial activity on Kova (contributions, tracking, disbursement) occurs at the goal level. Each goal operates as an independent shared wallet within the group.
By joining a group on Kova, you agree to the terms in this section and in Section 5 (Group Agreement). You acknowledge that certain information about you will be visible to other group members as described in our Privacy Policy.
When joining a goal, each member selects a contribution tier:
Tier
Description
Governance Rights
Deciding Contributor
Higher contribution level with governance responsibility
Must approve payout requests before funds are disbursed
Active Contributor
Standard contribution level
Can view and contribute, no payout approval authority
Silent Contributor
Lower or flexible contribution level
Can view and contribute, no payout approval authority
Key point: Contribution tiers carry governance weight. Payouts require approval from Deciding Contributors before funds can be released. This is a core security and transparency feature.
The Organizer manages group membership, creates goals, and initiates disbursement requests. The Organizer does not have unilateral access to group funds — all disbursements require approval from Deciding Contributors. Only the Organizer can initiate a payout request, but the request must be approved before funds move.
This section governs the relationship between group members regarding contributions, governance, and disbursements. By joining a group and participating in any goal, you agree to these terms
Contributions made to a group goal are voluntary transfers of funds towards the stated purpose of the goal. Once made, contributions are allocated to the group's goal and are subject to the governance and disbursement rules in these Terms. Contributions are not deposits, investments, or loans. They are pooled funds directed towards a shared objective as defined by the group.
Funds contributed to group goals are managed through licensed financial service partners and held in accounts designated for the purpose of facilitating the group's financial goals. Kova uses commercially reasonable efforts to safeguard contributed funds and maintain accurate records of all contributions and disbursements.
The specific custody arrangements may evolve as Kova develops its partnerships with licensed financial institutions. We will notify you of any material changes to how contributed funds are held.
Kova maintains internal ledger records that track every contribution, the contributing member, the amount, date, and the goal to which it was allocated. These records are available to group members through the app in real time.
Funds from a group goal may only be disbursed when:
The Organizer initiates a payout request specifying the recipient and amount
The required number of Deciding Contributors approve the payout request
The goal has sufficient funds to cover the requested disbursement
Disbursements are processed through licensed payment processors and are subject to standard processing times. Kova does not guarantee that any goal will reach its target amount.
Important: Contributions to group goals are intended to be irrevocable once made, subject to limited exceptions below. This ensures groups can rely on committed funds for their shared goals.
Exceptions:
If a goal is cancelled by the Organizer before any disbursement, contributions will be returned to members, less applicable fees and processing costs
If a technical error results in an incorrect contribution (wrong amount or wrong goal), you may request a correction within 48 hours by contacting support@kova.finance
Disputes between group members regarding contributions, disbursements, or governance are the responsibility of the group members. Kova provides the platform and tools for transparent tracking but does not mediate interpersonal disputes. If you believe a transaction was fraudulent or violated these Terms, report it to support@kova.finance.
By joining a group, you consent to the following being visible to other members: your name, contribution tier, contribution status and amounts, approval votes, and activity within the group. Your bank details, BVN, identity documents, phone number, email, activity in other groups, and overall financial position remain private. Full details are in our Privacy Policy
You may leave a group at any time. Upon leaving, your historical contribution data remains visible for record-keeping. Contributions already made to active goals are not automatically refunded. Your governance rights cease immediately. If you are the Organizer, you must transfer the role to another member before leaving.
Kova charges a service fee of 1.5% on contributions made to group goals. This fee is built into the goal target amount so that the group's stated goal is fully met after the fee is deducted.
Contributions and disbursements may be subject to fees from our payment processing partners, disclosed at the point of transaction.
We may change our fee structure with at least 30 days' notice through the app and/or email. Continued use after the effective date constitutes acceptance.
You are responsible for any taxes applicable to your use of the Services, including VAT where applicable.
You are responsible for any taxes applicable to your use of the Services, including VAT where applicable.
Payment Methods and Transactions
Kova currently accepts contributions via bank transfer and USSD. We do not accept card payments. We may add or remove payment methods at any time.
Payments are processed through licensed third-party payment processors. Processing times depend on the payment method, processor, and receiving bank. Kova is not responsible for delays beyond our control.
If a contribution fails, it will not be recorded against the goal. If funds are debited but the contribution doesn't appear, contact support@kova.finance with your transaction reference and bank statement evidence.
You can access your transaction history through the app at any time. Report discrepancies within 30 days.
Prohibited Activities
You agree not to use the Services for:
Money laundering, terrorist financing, or any other financial crime
Fraud, impersonation, or misrepresentation
Creating groups or goals for illegal purposes
Structuring transactions to avoid KYC requirements or limits
Attempting to reverse a legitimate contribution through your bank to circumvent governance rules
Harassment, threats, or defrauding other users
Unauthorised access to other users' accounts
Reverse engineering or extracting source code
Using automated scripts, bots, or scrapers
Interfering with the operation of the Services
Any activity violating applicable Nigerian law
Kova reserves the right to suspend or terminate your account immediately for any prohibited activity.
Important: By making a contribution, you authorise the debit from your bank account. You agree not to initiate a bank reversal on a voluntary contribution, except in cases of genuine unauthorised access to your bank account by a third party.
Initiating a reversal on a legitimate contribution is a violation of these Terms and may result in:
Suspension of your account
Legal action to recover the reversed amount
Reporting to relevant authorities if determined to be fraudulent
If you have a dispute about a contribution or group handling of funds, you agree to first contact support@kova.finance before taking any action with your bank.
The Kova platform, including the app, website, software, brand, logo, designs, and all content are the exclusive property of Kova Technologies Ltd or its licensors.
We grant you a limited, non-exclusive, non-transferable, revocable licence to use the Services for personal, non-commercial use in accordance with these Terms.
Your use of the Services is subject to our Privacy Policy, which is incorporated into these Terms by reference. It explains how we collect, use, store, share, and protect your personal data in compliance with the Nigeria Data Protection Act (NDPA) 2023.
The Services are provided "as is" and "as available" without warranties of any kind. To the fullest extent permitted by law, Kova disclaims all warranties, including implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
We do not guarantee uninterrupted, error-free, or secure availability. We will make reasonable efforts to notify you of planned downtime.
The Services rely on third-party providers. Kova is not responsible for their acts, omissions, failures, or delays.
Kova does not guarantee that any goal will be fully funded or that all members will contribute on time. Goal success depends entirely on group members.
To the fullest extent permitted by law:
Kova shall not be liable for indirect, incidental, special, consequential, or punitive damages
Kova shall not be liable for disputes between group members
Kova shall not be liable for delays or errors caused by third-party processors
Kova's total aggregate liability shall not exceed the service fees you paid in the preceding 12 months
Nothing excludes liability for fraud, wilful misconduct, or liability that cannot be excluded under Nigerian law.
You agree to indemnify and hold harmless Kova, its directors, officers, employees, and agents from claims, losses, damages, and expenses arising from your use of the Services, violation of these Terms, violation of law, disputes with other group members, or your negligence or misconduct.
We may suspend your account immediately if you violate these Terms, engage in prohibited activities, provide false information, are under investigation, or if required by law.
We may terminate your account with 30 days' written notice, or immediately in the circumstances in 15.1.
You may close your account by contacting support@kova.finance. You must first leave all groups and resolve any outstanding obligations.
Upon termination: access ceases; contributions to active goals remain and are not automatically refunded; data is retained as required by law; and accrued rights and obligations survive, including Sections 5.4, 9, 10, 12, 13, 14, and 20.
We may update these Terms with at least 30 days' notice for material changes. Continued use after the effective date constitutes acceptance. The latest version is always at kova.finance/terms.
Communications
By creating an account, you consent to receiving electronic communications including transaction confirmations, reminders, group updates, and security alerts. Transactional communications cannot be opted out of. Marketing communications can be managed through account settings.
Governing Law and Dispute Resolution
These Terms are governed by the laws of the Federal Republic of Nigeria.
Disputes shall first be attempted through negotiation. If unresolved within 30 days, disputes shall be submitted to arbitration before a sole arbitrator under the Lagos State Arbitration Law 2009, in Lagos, Nigeria. The language of arbitration shall be English.
General Provisions
These Terms, together with the Privacy Policy, constitute the entire agreement between you and Kova regarding the Services.
If any provision is found invalid, the remaining provisions continue in full force.
Failure to enforce any provision does not constitute a waiver.
You may not assign your rights without our consent. Kova may assign these Terms to any affiliate or in connection with a merger or acquisition.
Kova is not liable for failures caused by events beyond reasonable control, including natural disasters, government actions, network failures, or pandemics.
Nothing in these Terms creates a partnership, agency, or fiduciary relationship. Kova is a technology platform provider and not a financial institution, trustee, or fiduciary.
General Provisions
General Support
support@kova.finance
Data Protection
dpo@kova.finance
Address
32 Sanusi Adekunle, Greenfields Estate, Lagos, Nigeria
Website
kova.finance