Terms of Service

1. Introduction and Acceptance

Welcome to Hoopay, a digital wallet and financial services platform operated in Somalia. These Terms of Service ("Terms") constitute a legally binding agreement between you ("User," "you," or "your") and Hoopay ("Company," "we," "us," or "our").

By creating an account, accessing, or using our services, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, please do not use our services.

These Terms apply to all users of Hoopay services, including mobile money transfers, cryptocurrency exchanges, wallet services, and KYC verification processes within Somalia.

2. Service Description

Hoopay provides digital financial services including:

• Digital wallet services for multiple currencies (USD, USDT, USDC, Somali Shilling)
• Mobile money integration with local providers (EVC Plus, Sahal, Zaad, eDahab)
• Cryptocurrency exchange and trading services
• Money transfer and remittance services
• KYC (Know Your Customer) verification services
• Referral and commission programs
• Community and social features

Our services are designed to comply with Somali financial regulations and international anti-money laundering (AML) standards.

3. User Eligibility and Account Registration

To use Hoopay services, you must:

• Be at least 18 years old or the legal age of majority in Somalia
• Be a legal resident or citizen of Somalia or authorized to conduct business in Somalia
• Provide accurate, current, and complete information during registration
• Complete KYC verification as required by Somali financial regulations
• Not be subject to any sanctions or restrictions under Somali or international law

You are responsible for maintaining the security of your account credentials and are liable for all activities that occur under your account.

4. KYC and Verification Requirements

In compliance with Somali financial regulations and international AML standards, we require:

• Basic Verification: Full name, document type, document number, date of birth, nationality, and address
• Identity Documents: Valid Somali national ID, passport, or driver's license
• Biometric Verification: Selfie photo for identity confirmation
• Enhanced Verification: Additional documentation may be required for higher transaction limits

Transaction limits are applied based on your verification level. We reserve the right to request additional verification documents at any time.

5. Financial Services and Transactions

5.1 Wallet Services

Your Hoopay wallet allows you to store, send, and receive digital currencies. We act as a custodial service for your digital assets.

5.2 Transaction Processing

• All transactions are subject to our verification and fraud prevention procedures
• Transaction fees are clearly disclosed before confirmation
• Processing times may vary based on network conditions and verification requirements
• We reserve the right to reject transactions that violate these Terms or applicable laws

5.3 Exchange Services

Currency exchange rates are determined by market conditions and may include a service fee. Rates are provided as estimates and may change before transaction completion.

6. Fees and Charges

Our fee structure includes:

• Transaction fees for deposits, withdrawals, and transfers
• Exchange fees for currency conversions
• Network fees for cryptocurrency transactions
• Monthly maintenance fees (if applicable)

All fees are clearly displayed before transaction confirmation. We reserve the right to modify our fee structure with 30 days' notice.

7. User Responsibilities and Prohibited Activities

You agree not to use our services for:

• Money laundering or terrorist financing
• Fraud, illegal gambling, or any unlawful activities
• Violating any applicable laws or regulations
• Circumventing our security measures or verification procedures
• Creating multiple accounts or using false identity information
• Engaging in market manipulation or insider trading

Violation of these prohibitions may result in account suspension, termination, and reporting to relevant authorities.

8. Privacy and Data Protection

We collect and process personal data in accordance with our Privacy Policy and applicable Somali data protection laws. By using our services, you consent to such collection and processing.

We implement appropriate security measures to protect your personal and financial information, including encryption, secure storage, and access controls.

9. Risk Disclosure

Digital assets and cryptocurrency trading involve significant risks:

• High volatility and potential for substantial losses
• Regulatory changes may affect service availability
• Technology risks including network disruptions and security breaches
• Liquidity risks in certain markets

You acknowledge these risks and agree that you are solely responsible for your investment decisions.

10. Limitation of Liability

To the maximum extent permitted by Somali law:

• We are not liable for indirect, incidental, or consequential damages
• Our total liability is limited to the amount of fees paid to us in the 12 months preceding the claim
• We are not responsible for losses due to market volatility, network issues, or user error
• We do not guarantee uninterrupted service availability

11. Dispute Resolution

Any disputes arising from these Terms or our services shall be resolved through:

1. Direct Negotiation: We encourage users to contact our customer support for resolution
2. Mediation: If direct negotiation fails, disputes may be referred to mediation
3. Arbitration: Binding arbitration under Somali arbitration rules
4. Court Jurisdiction: Somali courts shall have exclusive jurisdiction for any legal proceedings

12. Governing Law and Compliance

These Terms are governed by the laws of Somalia. We operate in compliance with:

• Central Bank of Somalia regulations
• Anti-money laundering laws
• Consumer protection regulations
• International financial standards where applicable

13. Account Termination

We may suspend or terminate your account for:

• Violation of these Terms
• Suspected fraudulent or illegal activity
• Failure to complete required verification
• Prolonged account inactivity

Upon termination, you may withdraw your funds subject to applicable fees and verification requirements.

14. Modifications to Terms

We may modify these Terms at any time. Material changes will be communicated through:

• Email notification to registered users
• In-app notifications
• Website announcements

Continued use of our services after modification constitutes acceptance of the updated Terms.

15. Contact Information

For questions about these Terms or our services, please contact us: