Acceptance Of Terms
The following Terms and Conditions (these “Terms”) apply, in addition to the general Busha standard Terms of Use, to any person that utilises Busha’s interest-bearing savings product (the “Yield Wallet”), through the Busha platforms (mobile applications, website, or APIs). All defined terms used but not explicitly defined in these Terms shall bear the meaning ascribed to it in Busha Terms of Use.
These Terms are an addendum to the Busha standard Terms of Use. Therefore, this constitutes a legally binding agreement between you and Busha. You confirm that you accept these Terms and that you agree to comply with them. If you do not agree to these Terms, you must not use the Yield Wallet.
For purposes of these Terms, any reference to "We", "Our", "Company", “Yield Wallet” “Busha” "Us" and any similar term refers to the Busha Digital Limited, and the terms "User", "You" and "Your" refer to a User of our platforms.
By utilising the Yield Wallet, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also acknowledge and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements that may apply to your use of the Yield Wallet. This includes but is not limited to those related to taxation, export or import activity, or foreign currency transactions.
Please read these Terms carefully before using the Yield Wallet because they affect your legal rights and obligations.
These Terms are an addendum to the Busha standard Terms of Use. Therefore, this constitutes a legally binding agreement between you and Busha. You confirm that you accept these Terms and that you agree to comply with them. If you do not agree to these Terms, you must not use the Yield Wallet.
For purposes of these Terms, any reference to "We", "Our", "Company", “Yield Wallet” “Busha” "Us" and any similar term refers to the Busha Digital Limited, and the terms "User", "You" and "Your" refer to a User of our platforms.
By utilising the Yield Wallet, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also acknowledge and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements that may apply to your use of the Yield Wallet. This includes but is not limited to those related to taxation, export or import activity, or foreign currency transactions.
Please read these Terms carefully before using the Yield Wallet because they affect your legal rights and obligations.
Amendments/Changes
We may update our terms from time to time. We reserve the right and sole discretion to make changes to these terms at any time. It is your responsibility to check this service periodically for changes. Changes to these terms are effective when they are uploaded to our service.
We will do our best to notify you of any amendments to these Terms that we consider likely to affect your rights and obligations materially. Any such notice will be posted on the Busha website or sent by email to the email address associated with your Busha Account.
Following any amendments, continued use of our service means acceptance and agreement to the changes. If you do not agree with any amendments made to these Terms at any time in future, you must stop using the Yield Wallet with immediate effect. We will send you newsletters, service announcements, and other relevant information as you use our services. You may wish to unsubscribe from our mailing list.
We will do our best to notify you of any amendments to these Terms that we consider likely to affect your rights and obligations materially. Any such notice will be posted on the Busha website or sent by email to the email address associated with your Busha Account.
Following any amendments, continued use of our service means acceptance and agreement to the changes. If you do not agree with any amendments made to these Terms at any time in future, you must stop using the Yield Wallet with immediate effect. We will send you newsletters, service announcements, and other relevant information as you use our services. You may wish to unsubscribe from our mailing list.
The Busha Yield Wallet
The Busha Yield Wallet allows you to earn interest on digital currency deposited into a wallet designated for this purpose. Busha Yield allows you to grow your crypto holdings by investing them and earning interest on your asset(s). The Yield Wallet is expressly a Deposit and Interest Bearing Product.
- Supported Yield Wallet Digital Currencies: The Yield Wallet is currently only available in certain supported digital currencies, but Busha may, in its sole discretion, decide to support additional digital currencies in the Yield Wallet from time to time in the future.
- When you choose to create a Yield Wallet, the currently Supported Yield Wallet Digital Currencies will be shown. You will only be able to create a wallet for these Supported Yield Wallet Digital Currencies. Under no circumstances should you attempt to transfer any digital currency into your Yield Wallet other than a Supported Yield Wallet Digital Currencies.
Your Yield Wallet shall not be deemed to be opened, and we have no responsibility to you in connection therewith unless and until you have received confirmation from us that your Yield Wallet has been opened. We are not obliged to accept an application to open a Yield Wallet, and we reserve the right not to open a Yield Wallet for any applicant at our sole and absolute discretion.
Any reference to “interest” in these Terms refers to interest earned on Supported Digital Currencies which, for the avoidance of doubt, will itself be denominated in the same Supported Digital Currencies as the relevant Yield Wallet.
Any reference to “interest” in these Terms refers to interest earned on Supported Digital Currencies which, for the avoidance of doubt, will itself be denominated in the same Supported Digital Currencies as the relevant Yield Wallet.
Appointment of Busha as an Intermediary
By utilising the Yield Wallet, you acknowledge that Busha is able to generate a return on digital currency deposited into your Yield Wallet by placing your digital currency with third-party service providers (hereinafter a “Deposit Partner”), who will, in turn, facilitate the entering into a long term fixed deposit transaction, utilising your funds.
You accordingly agree to appoint Busha as an intermediary for this purpose and expressly authorise Busha as an agent, for and on your behalf, to place any digital currency held in your Yield Wallet with its chosen Deposit Partner(s). By doing so, you acknowledge and understand that Busha will deposit any digital currency held in your Yield Wallet to third parties at your own risk. You furthermore acknowledge that Busha may add or remove any such Deposit Partner(s) from time to time, in its sole discretion, without providing notice to you thereof.
While Busha takes steps to vet its chosen Deposit Partners, it is ultimately at your own risk and benefits that digital currency is deposited. Accordingly, please carefully read the ‘Risk Warning and Indemnity’ section of these Terms, and familiarise yourself with the Yield Wallet product.
Except where prohibited or limited by applicable law, you grant Busha the right, without further notice to you, to hold the digital currency held in your Yield Wallet in Busha’s name or another name, and to use any amount of such digital currency separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in Busha’s possession and/or control a like amount of digital currency, and to use or invest such digital currency.
You acknowledge that with respect to assets used by Busha under this section:
You accordingly agree to appoint Busha as an intermediary for this purpose and expressly authorise Busha as an agent, for and on your behalf, to place any digital currency held in your Yield Wallet with its chosen Deposit Partner(s). By doing so, you acknowledge and understand that Busha will deposit any digital currency held in your Yield Wallet to third parties at your own risk. You furthermore acknowledge that Busha may add or remove any such Deposit Partner(s) from time to time, in its sole discretion, without providing notice to you thereof.
While Busha takes steps to vet its chosen Deposit Partners, it is ultimately at your own risk and benefits that digital currency is deposited. Accordingly, please carefully read the ‘Risk Warning and Indemnity’ section of these Terms, and familiarise yourself with the Yield Wallet product.
Except where prohibited or limited by applicable law, you grant Busha the right, without further notice to you, to hold the digital currency held in your Yield Wallet in Busha’s name or another name, and to use any amount of such digital currency separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in Busha’s possession and/or control a like amount of digital currency, and to use or invest such digital currency.
You acknowledge that with respect to assets used by Busha under this section:
- You may not be able to exercise certain rights of ownership; and
- Busha will earn a commission or interest in connection with using digital currency in its business, to which you will have no entitlement.
Risk Warning And Idemnity
Please note that the risks involved in trading or holding digital currencies can be substantial. Digital Currency Services are not currently regulated by the Central Bank of Nigeria or any other regulator. Therefore carefully consider whether trading or holding Digital Currencies is suitable for your risk appetite.
You are solely responsible for the decision to use our service to deal with our supported digital currency and accept the risk that underlying software protocols relating to the supported digital currency you store in your Digital Currency Wallet may change.
Our Yield Wallet is not a checking account nor a traditional bank savings account, and it is not covered by insurance against losses. We will assign, invest, use, commingle or otherwise dispose of digital currencies assets to counterparties to invest and generate a return.
By utilising the Yield Wallet, you indemnify Busha, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Yield Wallet, including (without limitation) the loss of digital currencies deposited into your Yield Wallet (whether in whole or in part).
You accordingly hereby waive any claim that you may have against Busha arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages). You understand and agree that should a counterparty become insolvent or otherwise deliver any deposited amount; this may impact your investment.
Before using the Yield Wallet, you should ensure that you understand the risks associated with digital currencies. Digital currency markets can be volatile, and prices can fluctuate significantly, resulting in sudden and significant increases or decreases in the value of your digital currencies assets. This market volatility and other risks involved in buying, selling or trading digital currencies are explained on the risk warning page of the Busha website. There may be additional risks not identified in these Terms or the risk warning.
You should carefully assess whether your financial situation and risk tolerance are suitable for buying, selling or lending digital currencies. You accept and agree that Busha does not guarantee the return you may earn on digital currencies held in your Yield Wallet.
You are solely responsible for the decision to use our service to deal with our supported digital currency and accept the risk that underlying software protocols relating to the supported digital currency you store in your Digital Currency Wallet may change.
Our Yield Wallet is not a checking account nor a traditional bank savings account, and it is not covered by insurance against losses. We will assign, invest, use, commingle or otherwise dispose of digital currencies assets to counterparties to invest and generate a return.
By utilising the Yield Wallet, you indemnify Busha, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Yield Wallet, including (without limitation) the loss of digital currencies deposited into your Yield Wallet (whether in whole or in part).
You accordingly hereby waive any claim that you may have against Busha arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages). You understand and agree that should a counterparty become insolvent or otherwise deliver any deposited amount; this may impact your investment.
Before using the Yield Wallet, you should ensure that you understand the risks associated with digital currencies. Digital currency markets can be volatile, and prices can fluctuate significantly, resulting in sudden and significant increases or decreases in the value of your digital currencies assets. This market volatility and other risks involved in buying, selling or trading digital currencies are explained on the risk warning page of the Busha website. There may be additional risks not identified in these Terms or the risk warning.
You should carefully assess whether your financial situation and risk tolerance are suitable for buying, selling or lending digital currencies. You accept and agree that Busha does not guarantee the return you may earn on digital currencies held in your Yield Wallet.
Interest - Calculation And Crediting
The Yield Wallet’s interest rate is variable and may fluctuate from time to time. The Busha website/mobile app will communicate the applicable interest rate to you. However, it will vary depending on prevailing market conditions and the interest rates offered by our Deposit Partner(s). We will determine the applicable interest rates at our sole discretion.
You acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits.
Owners of yield wallets will accrue interest daily, and this interest is paid to the spot wallet. Interest paid can be transferred from Spot Wallets to Yield Wallets at the user's discretion. Interest will be calculated by applying an effective daily rate to the principal amount in your Yield Wallet on each day. The Annual Percentage Yield (APY) is the total return paid out if assets/funds are invested for a year. To make the maximum yield on your assets/funds, you will need to leave your capital in the Yield Wallet for a year, regardless of whether the relevant year is a leap year (365/366).
All interest will be denominated in the relevant Supported Yield Wallet digital currency (subject to liquidity loss provisions below).
You acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits.
Owners of yield wallets will accrue interest daily, and this interest is paid to the spot wallet. Interest paid can be transferred from Spot Wallets to Yield Wallets at the user's discretion. Interest will be calculated by applying an effective daily rate to the principal amount in your Yield Wallet on each day. The Annual Percentage Yield (APY) is the total return paid out if assets/funds are invested for a year. To make the maximum yield on your assets/funds, you will need to leave your capital in the Yield Wallet for a year, regardless of whether the relevant year is a leap year (365/366).
All interest will be denominated in the relevant Supported Yield Wallet digital currency (subject to liquidity loss provisions below).
Deposit And Withdrawals
You can utilise your Yield Wallet by depositing Supported Yield Wallet digital currency into your Yield Wallet from your Busha Spot Wallet. There is no minimum amount required to open a Yield Wallet. Busha may, however, in its sole discretion, choose to institute a minimum balance in the future which would thereafter be required to open and/or maintain a Yield Wallet.
Busha endeavours to process all withdrawal from Yield Wallets as expeditiously as possible but must do so in conjunction with its Deposit Partner(s). Withdrawals will be processed to your Busha Spot Wallet denominated in the applicable Supported Yield Wallet digital currency. Yield Wallet Users may withdraw to their Busha Spot Wallets.
Users of the Yield Wallet can choose to withdraw at any time by choosing between two options: Standard redemption or Fast redemption.
Busha endeavours to process all withdrawal from Yield Wallets as expeditiously as possible but must do so in conjunction with its Deposit Partner(s). Withdrawals will be processed to your Busha Spot Wallet denominated in the applicable Supported Yield Wallet digital currency. Yield Wallet Users may withdraw to their Busha Spot Wallets.
Users of the Yield Wallet can choose to withdraw at any time by choosing between two options: Standard redemption or Fast redemption.
- Where standard redemption is chosen, assets in the yield wallet would still earn interest for the day of withdrawal, and Busha will transfer the assets/funds to the user’s spot wallet the following day.
- Where fast redemption is chosen, assets would be received on the same day as withdrawn; users would be able to receive the assets on the same day without the option of earning the interest on the date of withdrawal.
Please note, however, that Busha does not guarantee a timeline for the processing of withdrawals and expressly disclaims any loss, liability or damage, whether direct or indirect, which you may suffer as a result of any delay in processing a withdrawal request. Deposit and withdrawals are carried out only on business days, but you agree that we have not provided any guarantee in relation to the deposit and withdrawal processing period.
Busha cannot reverse digital currency transactions once they have been sent to the relevant digital network. Therefore, you are solely responsible for ensuring all instruction and information provided to us regarding all transactions are accurate.
Busha cannot reverse digital currency transactions once they have been sent to the relevant digital network. Therefore, you are solely responsible for ensuring all instruction and information provided to us regarding all transactions are accurate.
Commission and Fees
As consideration for developing and making the Yield Wallet platform available to you, you acknowledge and agree that Busha will earn a commission on any digital asset deposited in connection with the Yield Wallet. This commission will be factored into the effective interest rate communicated to you, such that the effective interest rate offered to you will be net of any commission or fees. Busha reserves the right to change our fees at any time and will inform all Yield Wallet Users accordingly.
Service Availability
While we will do everything we can to provide continuous operations, Busha does not provide any warranty or guarantee concerning the availability of the Yield Wallet. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Busha website or your Yield Wallet. We make no representation that the Busha website, Busha API, your Busha Account and/or your Yield Wallet or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.
Compliance And KYC
Yield wallet Users should read this section in collaboration with our KYC policy. Busha implements and maintains high standards of Know Your Customer (“KYC”) processes and controls and is committed to combating fraud and assisting in preventing money laundering and terrorist financing. This is explained more fully on the AML/KYC Policy page of the Busha website. To ensure that we meet these standards, we may require you to provide specific additional documentation and/or personal details when utilising the Yield Wallet (“Identity Verification”).
You represent and warrant that any and all information provided to us is true, accurate and not misleading in any respect. If any such information changes, you must update such information as soon as reasonably possible.
Busha reserves the right to, at any time:
You represent and warrant that any and all information provided to us is true, accurate and not misleading in any respect. If any such information changes, you must update such information as soon as reasonably possible.
Busha reserves the right to, at any time:
- Restrict or suspend the use of your Yield Wallet when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or enhanced due diligence ("EDD"); or
- Terminate your Busha Account, and accordingly terminate your Yield Wallet if you provide, or we suspect that you have provided, false or misleading information or refuse to provide information that we require for Identity Verification and/or EDD purposes.
You accept and agree that there may be delays in accessing your Yield Wallet or in processing deposits or withdrawals through your Yield Wallet. At the same time, we undertake any Identity Verification and/or EDD procedures.
Retention Of Information
Busha Yield Wallet Users should also read this section and the Busha Privacy Policy. Busha is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with Busha.
We reserve the right to keep such information and documentation for the required period. You accept and agree that information and documentation you provide to Busha may be retained by us, including following the closure of your Yield Wallet and/or Busha Account. Busha will maintain all information in accordance with the relevant data protection rules.
We reserve the right to keep such information and documentation for the required period. You accept and agree that information and documentation you provide to Busha may be retained by us, including following the closure of your Yield Wallet and/or Busha Account. Busha will maintain all information in accordance with the relevant data protection rules.
Restriction, Suspension, Termination
Busha reserves the right to restrict, suspend or terminate your Yield Wallet where:
- we reasonably suspect that your Busha Account and/or Yield Wallet is the subject of an operational or other error, in which case we may suspend access to your account until the error is rectified;
- we reasonably suspect that your Busha Account and/or Yield Wallet has been or is being used with any unlawful, fraudulent or Prohibited Activity, or breach of these Terms or our standard Terms of Use;
- we reasonably suspect that you or your Busha Account and/or your Yield Wallet is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;
- we reasonably suspect your involvement in any attempt to gain unauthorised access to any Busha Account and/or Yield Wallet;
- your Busha Account and/or Yield Wallet is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance;
- we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
Busha will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Busha Account and/or Yield Wallet unless we are prevented from doing so by any legal or regulatory process or requirement or where doing so may compromise Busha’s security and/or risk management procedures. You accept and agree that Busha is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your Busha Account. Busha shall have no liability to you in connection with the restriction, suspension or termination of your Busha Account.
You accept that, once your account is closed:
You accept that, once your account is closed:
- We reserve the right to delete all your account information on our server and the right to retain any information required for legal and operational reasons
- It will not be accessible to you.
- We are under no obligation to notify you of or provide you with any digital currency credited to your Account.
Financial Advice
No information provided by this service concerning your account and Yield Wallet provided through any of our platforms shall constitute financial, investment or other professional advice.
You are solely responsible for any decision to load, store, buy, sell digital currency into a Yield Wallet. Such a decision should consider your risk appetite and financial circumstances. Kindly contact your legal or financial adviser in relation to your specific situation.
You are solely responsible for any decision to load, store, buy, sell digital currency into a Yield Wallet. Such a decision should consider your risk appetite and financial circumstances. Kindly contact your legal or financial adviser in relation to your specific situation.
Taxes
You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your Busha Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.
Disclaimer And Warranties
The Yield Wallet services are provided strictly on an “as-is” and “as-available” basis without any representation or warranty, whether express or implied, to the maximum extent permitted by the applicable law.
Busha expressly disclaims, and you waive, all warranties of any kind, whether express or implied. We make no representations about the accuracy of the historical digital currency data available on the service. Without limiting the generality of the preceding, the Yield Wallet and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.
We will make efforts to ensure that all requests are processed on time, but we make no warranties regarding the length of time required to complete processing which depends on factors outside our control.
Busha expressly disclaims, and you waive, all warranties of any kind, whether express or implied. We make no representations about the accuracy of the historical digital currency data available on the service. Without limiting the generality of the preceding, the Yield Wallet and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.
We will make efforts to ensure that all requests are processed on time, but we make no warranties regarding the length of time required to complete processing which depends on factors outside our control.
Limitation Of Liabilities
In no event shall Busha, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the Busha Yield Wallet and/or your Busha Account, including without limitation any damages caused by or resulting from any reliance upon any information received from Busha, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to Busha’s records, programmes or services.
Without limiting the generality of the above, in no event will any liability of Busha, its operating entities, or any other affiliates (including their respective directors, members, employees or agents) arise concerning your use of the Yield Wallet or your Busha Account, exceed (in aggregate) the fees earned by Busha in connection with your use of your Busha Account in the six months immediately preceding the event giving rise to the claim for liability.
The above limitations of liability shall apply to the fullest extent permitted by law in the Federal Republic of Nigeria.
Without limiting the generality of the above, in no event will any liability of Busha, its operating entities, or any other affiliates (including their respective directors, members, employees or agents) arise concerning your use of the Yield Wallet or your Busha Account, exceed (in aggregate) the fees earned by Busha in connection with your use of your Busha Account in the six months immediately preceding the event giving rise to the claim for liability.
The above limitations of liability shall apply to the fullest extent permitted by law in the Federal Republic of Nigeria.
Other Useful Information
These Terms refer to, incorporate, and include the following additional terms, which also apply to your use of the Yield Wallet.
