Terms of Service
These terms govern your use of Magnett's financial automation services. Please read them carefully as they contain important information about your rights and obligations.
Last updated: July 15, 2025 | Effective Date: January 1, 2025
Acceptance of Terms
By accessing or using Magnett's services, you agree to be bound by these Terms of Service and all applicable laws and regulations.
If you do not agree with any of these terms, you are prohibited from using or accessing our services.
These terms apply to all users of the service, including without limitation users who are browsers, vendors, customers, merchants, and contributors of content.
We reserve the right to update these terms at any time without prior notice. Your continued use of the service constitutes acceptance of any changes.
Service Description
Magnett provides AI-powered financial automation services including expense tracking, budget management, and financial insights.
Our services are designed to help users manage their finances across multiple African currencies and banking systems.
We offer both free and premium subscription tiers with varying levels of functionality and support.
Service availability may vary by country and is subject to local regulations and banking partnerships.
User Responsibilities
You must provide accurate, current, and complete information during registration and keep your account information updated.
You are responsible for maintaining the confidentiality of your account credentials and for all activities under your account.
You must not use our services for any illegal activities, fraud, or to violate any applicable laws or regulations.
You agree not to interfere with or disrupt our services or servers connected to our services.
Financial Data and Security
We use bank-grade security measures to protect your financial information, including 256-bit encryption and secure data transmission.
You grant us permission to access your financial account information through our authorized third-party providers.
We maintain read-only access to your accounts and cannot initiate transactions without your explicit authorization.
You acknowledge that no security system is impenetrable and we cannot guarantee absolute security of your data.
Prohibited Uses
Using our services for money laundering, terrorist financing, or other illegal financial activities.
Attempting to gain unauthorized access to other users' accounts or our systems.
Reverse engineering, decompiling, or attempting to extract source code from our applications.
Using automated systems or bots to access our services without explicit permission.
Limitation of Liability
Magnett shall not be liable for any indirect, incidental, special, consequential, or punitive damages.
Our total liability for any claims related to our services shall not exceed the amount you paid for our services in the 12 months preceding the claim.
We do not guarantee the accuracy of financial data provided by third-party institutions or the availability of our services at all times.
You acknowledge that financial decisions based on our insights are made at your own risk.
Key Points to Remember
Important highlights from our terms of service
Account Termination
We may terminate accounts that violate these terms or engage in fraudulent activities.
Data Retention
We retain your data for as long as necessary to provide services and comply with legal obligations.
Governing Law
These terms are governed by the laws of Nigeria and disputes will be resolved through arbitration.
Service Changes
We reserve the right to modify or discontinue services with reasonable notice to users.
Dispute Resolution
Any disputes arising from these terms or your use of our services will be resolved through binding arbitration rather than in court, except that you may assert claims in small claims court if your claims qualify.
The arbitration will be conducted by a single arbitrator in accordance with the rules of the Lagos Court of Arbitration. The arbitration will be held in Lagos, Nigeria, or at another mutually agreed location.
Before initiating arbitration, you must first give us an opportunity to resolve your dispute by sending a written description of your claim to our legal department at the address provided below.
These terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to conflict of law principles.
Questions About These Terms?
If you have any questions about these Terms of Service, please contact our legal team.
We will respond to all legal inquiries within 5 business days.