These Terms of Service (the “Terms”) form a legally binding agreement between you (the “User,” “you,” or “your”) and KclautX Limited (RC 9012799), a company incorporated in the Federal Republic of Nigeria with its registered office in Ibadan, Oyo State (“KclautX,” “we,” “us,” or “our”).
These Terms govern your access to and use of the KclautX mobile application, website, and any related services, features, content, and tools we provide (collectively, the “Services”).
By creating a KclautX account, accessing the Services, or otherwise using the platform, you acknowledge that you have read, understood, and agreed to be bound by these Terms in their entirety, together with the policies incorporated herein by reference.
If you do not agree with these Terms, you must immediately discontinue access to and use of the Platform.
To register for and use the Services, you must:
Where a User is acting on behalf of a company, partnership, trust, association, or other legal entity, such User represents and warrants that:
KclautX may refuse, suspend, restrict, or terminate any application or Account where it determines, in its sole discretion, that the applicant does not satisfy its eligibility requirements.
Non-resident Nigerians (Nigerian citizens residing outside Nigeria) with a valid BVN are eligible to use the Services, provided they are not located in a Prohibited Jurisdiction at the time of registration or use.
The Services are not offered to, and may not be used by:
Without prejudice to Clause 4.1, KclautX presently prohibits the use of the Services by persons connected with any of the following jurisdictions:
KclautX does not permit the use of the Services by United States persons, entities, residents, citizens, green card holders, or persons otherwise subject to United States jurisdiction unless expressly authorized by KclautX in writing.
KclautX reserves the right to amend the list of Restricted Jurisdictions at any time in response to regulatory developments, sanctions obligations, compliance requirements, risk assessments, or third-party provider requirements.
If KclautX reasonably believes that a User is connected to a Restricted Jurisdiction or Restricted Person, KclautX may immediately suspend the Account, reject transactions, freeze access to Services, request additional information, or take any other action deemed necessary for compliance purposes.
To use the Services, you must create a KclautX account by providing your real legal name, email address, mobile phone number, BVN, and any other information we require. You may only maintain one (1) KclautX account at any time. Multiple-account registrations may result in restriction, suspension, or termination of all related accounts.
KclautX is required by applicable Nigerian law to verify the identity of every User and to apply ongoing customer due diligence. We operate a tiered verification model, as described in our AML/KYC Compliance Policy. You agree to provide all documentation we request, which may include:
Users agree to provide all information, documents, records, declarations, and explanations reasonably requested by KclautX for compliance purposes.
KclautX may conduct identity verification; biometric verification; sanctions screening; politically exposed person screening; adverse media screening; source-of-funds verification; source-of-wealth verification; blockchain analytics screening; transaction monitoring; and enhanced due diligence investigations.
KclautX may refuse, delay, suspend, reject, reverse, or restrict any transaction pending completion of compliance reviews.
Where requested by KclautX, a User shall provide satisfactory evidence regarding identity; residence; occupation; source of funds; source of wealth; beneficial ownership; and intended use of the Services.
Failure to provide requested information within the timeframe specified by KclautX may result in suspension, restriction, freezing, or termination of the Account. For the avoidance of doubt, If you cannot or do not complete verification to our satisfaction, we may restrict your access to the Services, refuse to release funds, or close your account. Where verification fails for reasons we can disclose, we will direct you to support to enable reapplication
KclautX may disclose information relating to Users and transactions to regulators, law enforcement agencies, courts, financial intelligence units, sanctions authorities, payment partners, banking partners, compliance service providers, or other competent authorities where required by Applicable Law or where reasonably necessary for compliance purposes.
Identity verification is conducted in partnership with our identity verification Partner. Personal data submitted for KYC is processed in accordance with our Privacy Policy and the Nigeria Data Protection Act 2023.
Users represent and warrant that all information submitted to KclautX is true, accurate, complete, current, and not misleading.
Users shall promptly notify KclautX of any material change to their registration information.
Your access to specific Services and your transaction limits depend on your verification tier. The current tier structure, limits, and verification requirements are published in the Services and may be updated by KclautX from time to time. Higher tiers unlock higher limits and additional Services. Lower tiers are subject to restricted access. Crypto deposits are not gated by tier; specific transactional actions (buy, sell, withdraw, send, swap, gift card, bill payment) are gated by tier.
You are solely responsible for maintaining the confidentiality of your login credentials, two-factor authentication codes, transaction PIN, and any other access credentials. You must notify us immediately at [email protected] if you suspect or become aware of any unauthorized access to your account, any compromise of your credentials, or any transaction you did not authorize.
KclautX will not be liable for losses arising from unauthorized access to your account where you have failed to safeguard your credentials, failed to enable available security features, or failed to notify us promptly of a suspected compromise. For the avoidance of doubt, KclautX shall not be liable for losses resulting from compromised passwords; compromised devices; phishing attacks; social engineering attacks; malware infections; SIM swap fraud; or any failure by the User to maintain adequate security precautions.
KclautX may require multi-factor authentication, biometric verification, transaction confirmation procedures, or additional security measures as a condition for accessing any Service.
KclautX provides the following Services through the platform. The availability of each Service may depend on your verification tier, your jurisdiction, and the availability of the relevant Partner.
KXWallet is your in-app trading and spending wallet. Funds held in KXWallet may be used to buy cryptocurrency, buy gift cards, and make in-app payments. KXWallet balances are denominated in naira and are funded by linking your verified bank account.
NGN Wallet receives proceeds from your Services (including proceeds from selling cryptocurrency and gift cards) and is used for withdrawals to your verified bank account. NGN Wallet balances are denominated in naira.
Through our DAX Partner, you may buy, sell, send, receive, and swap supported cryptocurrencies. The list of supported assets, supported blockchain networks, and applicable fees is published within the Services and may change from time to time. Cryptocurrency execution is performed by our DAX Partner; KclautX provides the user-facing interface and aggregates the experience but does not itself custody or execute crypto trades.
You may sell supported gift cards to KclautX (for credit to your NGN Wallet) or buy supported gift cards from KclautX (paid from your KXWallet). Gift card transactions are facilitated by our gift card Partners. Important conditions apply to gift card transactions, including:
Through our bill payment Partners, you may pay for airtime, data, electricity, cable subscriptions, and other supported utilities. Bill payments are processed by the relevant utility provider (the “Merchant”) and are subject to the Merchant's own terms. KclautX is not the Merchant and is not responsible for the underlying utility service. Failed bill payments are addressed under our Refund and Reversal Policy.
KclautX may add, modify, suspend, or discontinue any Service at any time, with or without notice. Where a change materially and adversely affects existing Services, we will provide at least seven (7) days' advance notice by email, unless a shorter notice period is required by law, by a regulator, or by a Partner's operational constraints.
The Services depend on regulated third-party Partners for cryptocurrency execution, naira payment rails, identity verification, gift card supply and redemption, and bill payment processing. By using the Services, you acknowledge and agree that:
We do not name our Partners in these Terms because Partner arrangements may change. The current list of Partner relationships is available on request through support.
KclautX charges fees for certain Services. The current fee schedule is published within the Services and on our Fees and Charges page. The fees include transaction fees, conversion spreads, withdrawal fees, and any third-party network fees passed through from our Partners.
We may revise the fee schedule from time to time. Fee changes will take effect no earlier than seven (7) days after notice is sent to your registered email address. Continued use of the affected Service after the effective date of the change constitutes acceptance of the revised fees.
You are solely responsible for determining any taxes that apply to your use of the Services and for reporting and paying such taxes to the relevant authorities. Unless expressly stated otherwise, all fees displayed within the Services are exclusive of any applicable taxes.
You authorize KclautX to execute transactions in accordance with the instructions you submit through the Services. Once a transaction has been submitted and confirmed within the Services, it is generally final and cannot be reversed, except as expressly permitted under these Terms, our Refund and Reversal Policy, or applicable law.
You are responsible for the accuracy of all transaction instructions, including beneficiary names, account numbers, wallet addresses, blockchain networks, meter numbers, phone numbers, and any other information required to execute the transaction. KclautX is not liable for losses arising from incorrect, incomplete, or fraudulent instructions you submit.
Cryptocurrency transactions are subject to blockchain network fees, network congestion, and confirmation requirements set by the relevant network. KclautX is not responsible for delays attributable to blockchain networks or for transactions sent to incorrect addresses or networks.
Transaction limits apply to all Services and depend on your verification tier, the type of transaction, and any limits imposed by our Partners. We may modify limits at any time to manage risk, comply with law, or reflect Partner constraints. Where we modify limits in a way that materially restricts your existing usage, we will provide notice where possible.
If your account develops a negative balance for any reason, including but not limited to chargebacks, reversals, fees, sanctions screening adjustments, or errors that benefit you, you agree to promptly repay the deficit. KclautX may set off any amount you owe us against any amount we hold for you, and may suspend Services until the deficit is cleared.
Withdrawal requests are subject to verification, security reviews, fraud checks, sanctions screening, and transaction monitoring procedures.
KclautX may impose daily, weekly, monthly, per-transaction, or cumulative withdrawal limits.
KclautX may delay, suspend, reject, reverse, or restrict withdrawals where additional verification is required; suspicious activity is detected; fraud investigations are ongoing; technical issues arise; a regulatory request has been received; sanctions concerns arise; a court order exists; or applicable Law requires such restriction.
Withdrawal timelines are estimates only and may be affected by banking systems, payment partners, compliance reviews, operational issues, or force majeure events.
KclautX shall not be liable for delays caused by banking institutions, payment processors, settlement providers, telecommunications providers, or other third parties.
Where funds are credited to a User's Account in error, KclautX shall have the unrestricted right to reverse, recover, debit, offset, freeze, or reclaim such funds.
Users shall immediately notify KclautX upon becoming aware of any mistaken, duplicate, unauthorized, or erroneous credit.
A User shall not withdraw, transfer, spend, convert, conceal, dissipate, or otherwise utilize funds known or reasonably believed to have been credited in error.
KclautX may recover erroneous credits without prior notice where reasonably necessary to protect Users, third parties, banking partners, or the Platform.
Any costs, losses, expenses, legal fees, recovery expenses, or damages incurred by KclautX arising from a User's failure to return erroneously credited funds shall be recoverable from the User.
You agree not to use the Services for any of the following purposes, each of which constitutes a “Prohibited Activity”:
If we suspect that you have engaged in any Prohibited Activity, we may restrict, suspend, or terminate your account, freeze affected balances, reverse affected transactions, and report the activity to law enforcement, the Nigerian Financial Intelligence Unit (NFIU), or other relevant authorities, in each case in accordance with our Account Restriction and Suspension Policy and our AML/CFT/CPF Compliance Policy.
The detailed grounds, processes, notification, and appeals procedure for account restrictions, suspensions, and terminations are set out in our Account Restriction and Suspension Policy, which is incorporated into these Terms by reference. The high-level position is as follows:
KclautX may restrict, suspend, or terminate your account, refuse to process a transaction, or limit your access to specific Services for the reasons set out in our Account Restriction and Suspension Policy. These reasons include identity verification concerns, suspicious transaction activity, fraud and security concerns, regulatory and compliance concerns, and platform abuse. For the avoidance of doubt, KclautX may impose restrictions on any Account where it reasonably believes that:
Restrictions may include: temporary suspension; transaction limitations; withdrawal restrictions; freezing of balances; enhanced due diligence reviews; document requests; and complete account suspension.
KclautX shall not be liable for losses arising from restrictions imposed in good faith for compliance, security, fraud prevention, or regulatory purposes.
Where we restrict your account, we will notify you by email and through the Services. Where law or an ongoing investigation requires, we may not disclose the specific reason for the restriction.
During a restriction or suspension, your ability to transact may be limited or paused. Your balances remain visible. The specific impact on your balances depends on the nature of the restriction and is described in the Account Restriction and Suspension Policy. Funds tied to confirmed Prohibited Activity (including sanctions exposure, confirmed fraud, money laundering, or terrorist financing) may be subject to freezing, forfeiture, or transfer to law enforcement, and may not be returned to you.
You may close your account at any time by following the account closure flow within the Services or by contacting [email protected]. Before closure, you must (a) clear any negative balance, (b) instruct us on the handling of any remaining cryptocurrency, and (c) confirm the verified bank account to which any remaining naira balance should be disbursed.
On account closure:
If your account remains inactive for a continuous period of twelve (12) months or such other period as may be determined by Kclautx, we will treat your account as dormant. Before applying any dormancy action, we will send you at least one (1) dormancy notification to your registered email address. If you do not respond within thirty (30) days of the dormancy notification, we may freeze your account pending re-verification. Frozen dormant accounts can be reactivated by contacting support and completing re-verification.
Dormant balances are not forfeited. They are held until claimed, subject to any applicable law on unclaimed funds.
An Account may be designated as dormant where there has been no user-initiated activity for such period as may be determined by KclautX.
KclautX may require additional verification before reactivating a dormant Account.
Where KclautX is unable to contact a User for a prolonged period and applicable law requires, KclautX may report or transfer dormant balances to the appropriate governmental, regulatory, judicial, or statutory authority.
KclautX reserves the right to deduct reasonable administrative costs associated with maintaining dormant Accounts where permitted by Applicable Law.
Nothing in this Clause shall prejudice any statutory rights or obligations relating to unclaimed funds, abandoned property, dormant balances, or regulatory reporting requirements.
KclautX processes your personal data in accordance with our Privacy Policy and the Nigeria Data Protection Act 2023 (NDPA). By using the Services, you acknowledge and agree to the processing of your personal data as described in the Privacy Policy.
You have the right under the NDPA to access, rectify, erase, port, restrict, and object to the processing of your personal data, subject to the lawful exceptions described in the Privacy Policy. To exercise these rights, contact [email protected] or the address provided in the Privacy Policy.
Some of your personal data is shared with our Partners for the purpose of providing the Services (including identity verification, payment processing, cryptocurrency execution, gift card supply, and bill payment processing). The categories of Partners and the data shared are described in the Privacy Policy.
All content, software, designs, trademarks, logos, brand names (including “KclautX,” “Kclaut,” and the KclautX logo), text, graphics, user interfaces, and other materials on the platform (collectively, the “KclautX Materials”) are owned by or licensed to KclautX. Nothing in these Terms grants you any ownership right in the KclautX Materials.
You may not copy, modify, reverse-engineer, decompile, distribute, sell, sublicense, or create derivative works of any part of the platform, the Services, or the KclautX Materials without our prior written consent. Any feedback, ideas, or suggestions you provide to KclautX may be used by us without restriction or compensation.
Nothing on the platform, in the Services, or in any communication from KclautX or our employees, agents, or affiliates constitutes financial, investment, legal, accounting, or tax advice. The information provided through the Services is for general informational purposes only.
Any decision to buy, sell, hold, send, receive, or transact in cryptocurrency, gift cards, or any other product available through the Services is your sole responsibility. You should consider your own circumstances, risk tolerance, and financial position, and seek independent professional advice where appropriate. The risks associated with cryptocurrency are set out in our Risk Disclosure Statement.
THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR STATUTORY.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, KCLAUTX DISCLAIMS ALL WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, AND ANY WARRANTY ARISING FROM A COURSE OF DEALING OR USAGE OF TRADE.
KCLAUTX DOES NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, ERROR-FREE, SECURE, FREE FROM HARMFUL COMPONENTS, OR THAT ANY DEFECT WILL BE CORRECTED. KCLAUTX DOES NOT WARRANT ANY SPECIFIC OUTCOME FROM YOUR USE OF THE SERVICES, INCLUDING ANY PROFIT, LOSS, OR INVESTMENT RESULT.
KCLAUTX DOES NOT WARRANT THE ACCURACY, COMPLETENESS, OR TIMELINESS OF ANY PRICE, RATE, OR OTHER INFORMATION DISPLAYED WITHIN THE SERVICES, WHICH MAY BE SUBJECT TO MARKET CONDITIONS, PARTNER PRICING, AND DELAY.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, KCLAUTX AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND PARTNERS SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS, REVENUE, BUSINESS, GOODWILL, DATA, OR OPPORTUNITY, ARISING OUT OF OR RELATED TO YOUR USE OF, OR INABILITY TO USE, THE SERVICES, EVEN IF KCLAUTX HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
THE TOTAL AGGREGATE LIABILITY OF KCLAUTX TO ANY USER FOR ALL CLAIMS ARISING OUT OF OR RELATED TO THESE TERMS OR THE SERVICES, WHETHER IN CONTRACT, TORT, STATUTE, OR OTHERWISE, SHALL NOT EXCEED THE TOTAL AMOUNT OF FEES PAID BY THAT USER TO KCLAUTX IN THE THREE (3) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.
Nothing in this Section limits liability for fraud, gross negligence, or willful misconduct on the part of KclautX, or for any liability that cannot be excluded or limited under applicable Nigerian law.
To the maximum extent permitted by applicable law, you agree to indemnify, defend, and hold harmless KclautX, its affiliates, officers, directors, employees, and agents from and against any claims, liabilities, damages, penalties, fines, costs, and expenses (including reasonable legal fees) arising from or related to:
KclautX shall not be liable for any failure or delay in performance under these Terms to the extent caused by an event beyond our reasonable control (each, a “Force Majeure Event”), including but not limited to:
Where a Force Majeure Event prevents or delays performance, we will use reasonable efforts to notify affected Users and to resume normal service as soon as practicable.
KclautX operates as a technology-enabled financial services platform and does not provide banking services. We offer users a unified way to buy and sell cryptocurrency, exchange gift cards, and pay utility bills, accessed through the KclautX mobile application and website.
We are not a licensed deposit-taking bank, a licensed digital asset exchange, or a licensed money services provider. Where the Services require regulated activity (including cryptocurrency execution, gift card issuance and redemption, identity verification, naira payment rails, and utility bill processing), we operate through licensed third-party partners (each, a “Partner” and collectively the “Partners”). The use of any Service that depends on a Partner is subject to that Partner's own terms and conditions, which apply in addition to these Terms.
Funds held in your KclautX account are not insured by the Nigeria Deposit Insurance Corporation (NDIC) or any equivalent scheme. The risks associated with cryptocurrency, gift card transactions, and digital financial services are described in our Risk Disclosure Statement.
KclautX may utilize third-party infrastructure providers for the provision of cryptocurrency trading services, virtual account services, payment processing services, compliance services, blockchain analytics, transaction monitoring, sanctions screening, and other operational functions necessary for the provision of the Services.
Nothing contained on the Platform shall be construed as investment advice, financial advice, legal advice, tax advice, accounting advice, or a recommendation to purchase, sell, hold, or transact in any Digital Asset.
Users acknowledge that all decisions relating to the purchase, sale, exchange, transfer, receipt, storage, or disposal of Digital Assets are made solely at the User's own discretion and risk.
KclautX reserves the right to modify, suspend, restrict, discontinue, or introduce any Service where required by Applicable Law, regulatory directives, risk management considerations, security requirements, operational constraints, or business necessity.
If any dispute, claim, or controversy arises out of or relating to these Terms or your use of the Services (a “Dispute”), you must first notify us in writing at [email protected], providing details of the Dispute and the relief sought. The parties shall use reasonable efforts to resolve the Dispute through good-faith negotiation for a period of fifteen (15) business days following the date of the written notice.
If the Dispute is not resolved through negotiation within the fifteen (15) business day period, the parties shall refer the Dispute to mediation at the Lagos Multi-Door Courthouse (LMDC), under the LMDC Rules, before a single mediator. The mediator's recommendation is not binding unless the parties agree in writing to be bound by it. Each party shall bear its own costs of mediation, save as the mediator may otherwise direct under the LMDC Rules.
If the Dispute is not resolved through mediation, either party may commence proceedings in the courts of Lagos State, which shall have exclusive jurisdiction to determine the Dispute.
To the extent permitted by applicable law, each party agrees that any Dispute will be conducted only on an individual basis and not as part of a class, consolidated, or representative action. The parties waive any right to participate in a class, consolidated, or representative action against the other in connection with these Terms or the Services.
These Terms, and any Dispute arising out of or relating to them or your use of the Services, are governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to its conflict of laws principles.
The following KclautX policies are incorporated into these Terms by reference and form an integral part of the agreement between you and KclautX. In the event of a conflict between these Terms and any incorporated policy, these Terms prevail unless the relevant policy expressly states otherwise.
Each policy is published on our website and within the Services. Continued use of the Services after a policy is updated constitutes acceptance of the updated policy.
Any formal notice from KclautX to you under these Terms will be sent by email to the email address registered to your account. It is your responsibility to keep your registered email address current. Email notice is deemed delivered on the date it is sent.
Any formal notice from you to KclautX under these Terms must be sent to [email protected] (for legal notices), to [email protected] (for service issues), to [email protected] (for data protection matters), or to such other address as we may publish from time to time.
By using the Services, you consent to receiving communications from KclautX electronically. We are not required to provide notices in physical form.
We may amend these Terms from time to time to reflect changes in law, regulation, Partner arrangements, Service features, business operations, or risk management. Where a change materially and adversely affects your existing rights, we will provide at least seven (7) days' advance notice by email before the change takes effect, except where a shorter period is required by law or by a Partner's operational constraints.
The current version of these Terms will always be available within the Services and on our website, together with the effective date and version number. Continued use of the Services after the effective date of any amendment constitutes acceptance of the amended Terms. If you do not agree to an amendment, you must stop using the Services and may close your account.
These Terms, together with the policies incorporated by reference, constitute the entire agreement between you and KclautX regarding the Services, and supersede all prior or contemporaneous agreements, communications, or understandings.
If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, that provision shall be modified to the minimum extent necessary to make it enforceable, or, if no such modification is possible, severed. The remaining provisions shall continue in full force and effect.
A failure or delay by KclautX in enforcing any provision of these Terms does not constitute a waiver of that provision or of any other provision. Any waiver must be in writing and signed by an authorized representative of KclautX.
You may not assign or transfer any of your rights or obligations under these Terms without our prior written consent. We may assign or transfer our rights or obligations under these Terms to any affiliate, successor, or purchaser of substantially all of our business, without your consent. We will provide notice of any such assignment that materially affects your rights.
Nothing in these Terms creates a partnership, joint venture, agency, employment, or fiduciary relationship between you and KclautX.
Except as expressly provided, these Terms do not create any right or benefit in favour of any person who is not a party to these Terms.
Provisions of these Terms that by their nature should survive termination or expiration (including provisions on intellectual property, disclaimers, limitation of liability, indemnification, dispute resolution, governing law, and these general provisions) shall so survive.
These Terms are published in English. Where they are translated into any other language, the English version shall prevail in the event of conflict or inconsistency.
If you have any questions about these Terms, please contact us at:
KclautX Limited (RC 9012799)
Registered office: Ibadan, Oyo State, Nigeria
Website: kclautx.com
Version 1.0 — Effective 15 June 2026.