SOMXCHANGE

Legal Disclaimer:

1. No Financial or Investment Advice

• Disclaimer: The platform’s content, data, charts, or any communication related to currency/digital asset values is for informational purposes only and does not constitute financial, investment, trading, or legal advice.
• User Risk: Users acknowledge that they are solely responsible for all their investment decisions and trades, and they accept the inherent risks of dealing in volatile currency/digital asset markets. The service is not liable for any losses incurred.

2. Limitation of Liability for Service Use

• Provision: The services are provided on an “as is” and “as available” basis.
• No Guarantee: The company makes no representation or warranty that the service will be uninterrupted, timely, error-free, secure, or free of viruses or other harmful components.
• Exclusion of Damages: The company’s liability is limited and typically excludes liability for any direct, indirect, incidental, punitive, or consequential damages resulting from the use or inability to use the platform.

3. Payment and Transaction Disclaimer (TrueShilling Specific)

• Finality of Transactions: All digital payments and transfers processed through the “trueshilling” service are typically final and non-reversible once authorized by the user.
• User Error: The service is generally not responsible for funds sent to an incorrect recipient due to a user’s error in providing account details.
• Prohibited Use: The service prohibits transactions involving illegal activities, fraud, or the sale of prohibited goods/services.

4. User Conduct and Indemnification

• Account Security: Users are solely responsible for maintaining the confidentiality of their passwords, PINs, and account information. Any activity under the user’s account is their responsibility.
• Indemnity: Users must indemnify (hold harmless) the company against any and all claims, damages, losses, or costs arising from the user’s breach of the terms or misuse of the services.

5. Governing Law and Jurisdiction

• The agreement will specify the laws of a particular jurisdiction (e.g., the country where the company is registered) that govern the terms, and the specific court or jurisdiction where disputes must be resolved.

Credit Reporting Terms of Service

1. Data Collection and Reporting (Furnishing)

• Data Shared: The company reserves the right to share your personal and financial data with one or more credit reporting agencies.
• Types of Data: This typically includes:
  • Identification Information: Name, address, date of birth.
  • Credit Account Information: Date the account was opened, credit limit, and current balance.
  • Payment History: Whether payments were made on time (positive history) or late (payment defaults/negative history).
  • Serious Credit Infringements: Information suggesting fraudulent activity or an intention not to repay a debt.
• Reporting Frequency: Data is generally updated monthly or upon specific events (like a default).

2. Impact on Your Credit File

• Consent: By using the credit/loan service, you consent to the company both pulling (soft/hard inquiry) and furnishing (reporting) information to CRAs.
• Positive vs. Negative: You acknowledge that late or missed payments will negatively impact your credit score and history, while timely payments will contribute positively.

3. Dispute Resolution

• Right to Dispute: You have the right to dispute any information the company reports to the credit bureaus that you believe is inaccurate.
• Process: The terms will outline the process for filing a dispute, which requires you to notify the company directly so they can investigate and correct the information with the CRAs if necessary.

4. Privacy and Disclosure

• Integration with Privacy Policy: The Credit Reporting Terms are usually a supplementary document to the company’s main Privacy Policy, detailing the specific handling, storage, and protection of credit-related personal information.
• Third-Party Disclosure: The terms permit the company to disclose your credit information to third parties (like debt collectors) as necessary to enforce the credit agreement.

Ownership of Site Agreement to Terms of Use

1. Ownership of Site and Digital Services

The legal owner of the website, mobile applications, and all associated digital services (including the True Shilling services and the underlying platform) is identified as:

SOMXCHANGE AND DIGITAL SERVICES LTD

• Property: The website, all associated links, apps, content (text, graphics, logos, code, databases, etc.), and proprietary technology are the property of SOMXCHANGE AND DIGITAL SERVICES LTD and its licensors.
• Protection: All content is protected by international and local copyright, trademark, and intellectual property laws.

2. Agreement to Terms of Use (The Contract)

This clause establishes the binding legal agreement between the User and the Company:

BY USING THE SITE OR ANY ASSOCIATED APPLICATION (INCLUDING TRUE SHILLING), YOU AGREE TO THESE TERMS OF USE; IF YOU DO NOT AGREE, DO NOT USE THE SITE OR THE SERVICE.

• Acceptance: Your use of the service (e.g., browsing the site, registering an account, or conducting a transaction) constitutes your full and unconditional acceptance of all terms, conditions, and policies incorporated by reference (such as the Privacy Policy and any specific credit reporting terms).
• Limited Privilege: The Company grants you a limited, non-exclusive, non-transferable, and revocable privilege to enter and use the Site and its services, subject to your compliance with all stated terms.
• Modifications: The Company reserves the right, at its sole discretion, to change, modify, add, or remove portions of these Terms of Use at any time. It is your responsibility to review the terms periodically. Your continued use of the service following the posting of changes means you accept and agree to those changes.

Provision of Services

1. Scope of Services

The Company, SOMXCHANGE AND DIGITAL SERVICES LTD, agrees to provide the User with access to and use of its digital platform (the “Service”), which typically includes:

• Digital Wallet/Account: The ability to open, maintain, and access a digital account for storing and managing Shillings or other approved digital assets.
• Transaction Execution: The ability to execute payment transfers (send and receive) via the True Shilling system to other registered users or integrated merchants.
• Exchange Functionality: The capability to exchange approved currencies or digital assets at rates determined by the platform, subject to market volatility.
• Credit Services: (If applicable, as implied by “Credit Reporting”) The provision of digital credit, loans, or installment plans, subject to separate terms and approval.

2. Service Availability and Limitations

• “As Is” Basis: The Service is provided on an “as is” and “as available” basis. The Company does not guarantee uninterrupted, error-free, or continuous access.
• Scheduled Maintenance: The Company reserves the right to suspend access to the Service for scheduled maintenance, system upgrades, or emergency repairs without prior notice.
• Force Majeure: The Company is not liable for any failure or delay in providing the services due to events outside of its reasonable control (e.g., natural disasters, government acts, power failures, or major telecommunication outages).

3. Right to Modify or Terminate Services

• Modification: The Company reserves the right to modify, add, or discontinue any feature, functionality, or aspect of the Service at any time, with or without notice.
• Termination/Suspension: The Company may immediately suspend or terminate the provision of Services to any User who is found to be in breach of the Terms of Use, involved in fraudulent activity, or in violation of Somali law or anti-money laundering regulations.

4. User Obligations in Relation to Service

The User agrees to:

• Maintain Equipment: Be responsible for acquiring and maintaining all necessary hardware and software (e.g., mobile phone, internet connection) to access the Service.
• Follow Instructions: Use the Service strictly in accordance with the user manuals, instructions, and all applicable laws and regulations of the Federal Republic of Somalia.
• Security: Maintain the confidentiality of their account credentials (PINs, passwords) and notify the Company immediately upon detecting unauthorized use of their account.

Limitation of Liability

The User acknowledges and agrees that the following limitations of liability are a fundamental basis of the bargain between the User and SOMXCHANGE AND DIGITAL SERVICES LTD, and are essential for the Company to offer the Services at commercially reasonable terms.

1. Exclusion of Certain Damages

The Company shall not be liable to the User for any loss, damage, or expense arising from or in connection with the Services, except for cases of gross negligence, willful misconduct, or liability that cannot be excluded by Somali law.

Specifically, the Company expressly excludes liability for the following types of damages, regardless of whether the Company was advised of the possibility of such damages:

• Indirect, Special, Exemplary, or Punitive Damages.
• Consequential Damages (e.g., damages that result indirectly from the failure of the service).
• Loss of Profits or Revenues.
• Loss of Goodwill or Business Opportunity.
• Loss of Data or Costs of Procuring Substitute Services.

2. Financial Liability Cap (Maximum Aggregate Liability)

In the event that a court of competent jurisdiction determines the Company is liable for any direct damages, the User agrees that the Company’s total aggregate liability to the User for all claims, losses, or damages arising out of or in connection with these Terms or the use of the Service shall be limited.

3. Exclusions and Exceptions (Uncapped Liability)

The limitations set forth in Sections 1 and 2 above shall NOT apply to liability arising from:

• Fraud or Willful Misconduct by the Company.
• Gross Negligence on the part of the Company.
• Liability for death or personal injury caused by the Company’s negligence.
• Obligations to pay amounts due to the Company under the terms of the agreement.

Accounts, Passwords, and Security

This section outlines the rules for creating and maintaining accounts, and the critical security responsibilities assumed by the User.

1. Account Registration and Eligibility

• Accurate Information: The User agrees to provide current, complete, and accurate information during the registration process, including their name, national identification details, and contact information. The User is obligated to promptly update this information to maintain its accuracy.
• Single Account: The User is generally restricted to maintaining only one (1) active account with the service.
• Verification: The Company reserves the right to verify the User’s identity, including through third-party services and Know Your Customer (KYC) compliance procedures, before granting or continuing account access.

2. Security Responsibility and Credentials

The User is solely responsible for all activities that occur under their account, including all transactions, deposits, and withdrawals. This responsibility includes the security of their login credentials:

• Confidentiality: The User must maintain the strict confidentiality of their account password, PIN (Personal Identification Number), or any other security code (like a one-time password or OTP).
• Non-Disclosure: The User must not share their password or PIN with any third party, including family members, friends, or even Company employees.
• Device Security: The User is responsible for securing the device (e.g., mobile phone) used to access the Service, including maintaining up-to-date operating system security, avoiding malware, and locking the device.

3. Notification of Unauthorized Use

The User agrees to immediately notify the Company/Lender of:

• Any known or suspected unauthorized use of their account, password, or PIN.
• Any other known or suspected breach of the Service’s security.

Failure to report a breach promptly may result in the User being held liable for losses incurred.

4. Company’s Security Measures (Best Effort)

The Company agrees to use commercially reasonable and appropriate security measures, consistent with industry standards for digital financial services, to protect the Service and the User’s data, including:

• Data Encryption: Encrypting all sensitive data, including passwords and transaction data, both in transit and at rest.
• Access Controls: Limiting employee access to User data to only those necessary for providing the Service.
• Password Policies: Enforcing minimum password length and complexity requirements, and potentially requiring periodic password changes.

5. Account Suspension and Termination

The Company reserves the right to immediately suspend or terminate a User’s account without liability if:

The User breaches any of the terms outlined in this security clause.

The Company suspects the account is compromised, being used fraudulently, or involved in illegal activity.