Terms of Service
1. Acceptance of Terms
By downloading, installing, or using Korafy ("the App"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, do not use the App.
2. Description of Service
Korafy is a mobile application that enables users to:
- Create and manage savings circles — organize rotating savings and credit associations (roscas/susus/ajos) with trusted groups
- Fund their account — deposit funds via linked bank accounts (ACH) or virtual bank accounts
- Hold digital dollars — maintain a USDC stablecoin balance held in custody by our financial services partner
- Withdraw funds — transfer funds back to a linked bank account
3. Eligibility
To use Korafy, you must:
- Be at least 18 years of age
- Be a legal resident of the United States
- Have a valid email address
- Provide accurate and complete registration information
4. Account Registration and Security
- You are responsible for maintaining the confidentiality of your account credentials
- You must notify us immediately of any unauthorized access to your account
- You are responsible for all activity that occurs under your account
- We reserve the right to suspend or terminate accounts that violate these Terms
5. Financial Services Disclosures
5.1 Korafy Is Not a Bank
Korafy is a technology platform that facilitates savings circle management and stablecoin transactions. We are not a bank, credit union, or licensed money transmitter. Financial services are provided through our partner, Brale, Inc.
5.2 USDC Stablecoin
Your account balance is denominated in USDC (USD Coin), a stablecoin pegged to the U.S. dollar. USDC is issued by Circle Internet Financial, LLC.
- USDC balances are not insured by the FDIC or any government agency
- The value of USDC is intended to remain at $1.00 USD, but this is not guaranteed
- USDC is held in custody on the Solana blockchain through our financial services partner
5.3 Bank Account Linking
Bank account linking is provided through Plaid, Inc. By linking your bank account, you authorize Plaid to access your bank account information for the purposes of verifying your identity and facilitating transactions. You also agree to Plaid's End User Privacy Policy.
5.4 Transaction Processing
- Deposits (ACH) — funds deposited via ACH typically take 1-3 business days to settle
- Withdrawals (ACH) — withdrawal requests are processed within 1-3 business days
- Savings circle contributions — are processed according to the circle's schedule
- Payouts — are disbursed to the designated recipient per the circle's rotation order
5.5 Fees
Korafy currently does not charge fees for basic account services. We reserve the right to introduce fees in the future with reasonable advance notice.
6. Savings Circles
6.1 Circle Rules
- Circles operate on a fixed contribution schedule set by the circle administrator
- Each member contributes a fixed amount per cycle
- Payouts rotate among members according to a predetermined order
- Circle administrators can invite members and manage circle settings
6.2 Member Obligations
- By joining a circle, you commit to making all scheduled contributions
- Failure to make contributions may result in removal from the circle and may affect your standing in future circles
- You understand that savings circles depend on mutual trust and commitment among members
6.3 Disputes
- Korafy facilitates circle operations but is not responsible for disputes between circle members
- Circle administrators are responsible for managing their circles
- Korafy reserves the right to intervene in cases of fraud or abuse
7. Prohibited Activities
You agree not to:
- Use the App for illegal purposes, including money laundering or terrorist financing
- Provide false or misleading information
- Attempt to circumvent security measures
- Interfere with the operation of the App
- Use the App to harass, abuse, or harm other users
- Create multiple accounts for fraudulent purposes
- Reverse engineer, decompile, or disassemble the App
8. Intellectual Property
All content, features, and functionality of Korafy — including text, graphics, logos, and software — are owned by Infomyne Technologies Limited Liability Company and are protected by intellectual property laws. You may not reproduce, distribute, or create derivative works without our written permission.
9. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW:
- Korafy is provided "AS IS" and "AS AVAILABLE" without warranties of any kind
- We do not guarantee uninterrupted, error-free, or secure operation of the App
- We are not liable for any indirect, incidental, special, consequential, or punitive damages
- Our total liability for any claim arising from your use of the App shall not exceed the amount you paid to us in the 12 months preceding the claim
- We are not responsible for losses resulting from blockchain network issues, stablecoin depegging events, or third-party service disruptions
10. Indemnification
You agree to indemnify and hold harmless Infomyne Technologies Limited Liability Company, its officers, directors, employees, and agents from any claims, damages, losses, or expenses arising from your use of the App or violation of these Terms.
11. Modifications to Terms
We may modify these Terms at any time. Material changes will be communicated through the App or via email. Your continued use of the App after changes constitutes acceptance of the modified Terms.
12. Termination
- You may terminate your account at any time by contacting us
- We may suspend or terminate your account for violation of these Terms
- Upon termination, you retain the right to withdraw any remaining balance, subject to applicable laws and pending circle obligations
13. Governing Law
These Terms are governed by the laws of the State of Delaware, without regard to conflict of law provisions. Any disputes shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
14. Severability
If any provision of these Terms is found to be unenforceable, the remaining provisions shall continue in full force and effect.
15. Contact Us
If you have questions about these Terms, contact us at:
Infomyne Technologies Limited Liability Company
Email: legal@korafy.io
Website: https://korafy.io