Application Terms & Conditions

Welcome to nsave! These Terms and Conditions (the “Terms and Conditions”) govern the use of the nsave mobile application available at Apple App Store and Google Play Store (the “App”, “app”, “services”), including any related app (such as a verification app) or website, by all Platform user (“you” or “User(s)”).

Masref Ltd. (“nsave”, “Company”, “we”, “us” or “our”) provides services along with our affiliate entities. The nsave Debit Mastercard is issued by AF Payments Limited, a regulated EMI with FCA Firm Registration Number 900440 (“Partner”). The Account Terms and Conditions can be found here nsave.com/account-terms-and-conditions.

For any information regarding the website “nsave.com” (the “Website”), please refer to our Website Terms of Use nsave.com/terms-and-conditions.

If you have any queries or complaints please contact customer services (see details below).

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY BEFORE USING THE APP.

In order to use the App, you will be requested to review and agree to the following Terms and Conditions and our Privacy Policy nsave.com/privacy-policy. If you do not agree to these Terms and Conditions or to our Privacy Policy, please do not use the Website, App or any other services provided by us, or any of their parts.

ABOUT US – IMPORTANT INFORMATION

Masref Ltd. (the “Company”) is a company limited by shares registered under the laws of United Kingdom with registered seat in London, UK (Company number: 14337994). If you have any questions or concerns, please contact us at support@nsave.com or write a mail to us at our address: 124 City Road, London, United Kingdom EC1V 2NX. You can also contact our customer support at any time on WhatsApp at +44 7418 610405.

nsave was designed to assist you in opening an electronic money account in GBP or EUR in the United Kingdom (the “Account”) to help you store your funds and execute payments. Your attention is drawn to the fact that the Account is not covered by the Financial Services Compensation Scheme and is a non-interest-bearing account.

DEFINITIONS

"Account" means your GBP or EUR account issued by our Partner. The Account Terms and Conditions can be found here nsave.com/account-terms-and-conditions.

"App" means our nsave mobile application available at Apple App Store and Google Play Store.

"Company" means Masref Ltd.

"KYC" means Know Your Customer identity verifications.

"Onboarding" means the process during which you undergo KYC identity verifications.

"Terms and Conditions" means the present terms and conditions.

"User Profile" means your personal user profile on the App.

"Website" means the website available on the URL “nsave.com”.

1. ACCESSING AND USING THE NSAVE APPLICATION

1.1 Our services are exclusively available to individuals of 18 years old or more who have full legal capacity. These services are provided in the United Kingdom and may not be available for nationals or residents of certain countries. Furthermore, due to geographic location, the App or some of its content, features or services may not be available in certain jurisdictions.

1.2 These services are only accessible on the App, that can be downloaded exclusively from an official App Store. A smartphone that (i) has the iOS or Android operating system and (ii) meets the specifications listed in the applicable Official App Store is required.

1.3 All prices payable for the services are displayed on the App. Prices are mentioned in GBP or EUR depending on the Account currency and exclude value added tax (VAT) or other sales tax, which will be added if applicable to the invoice charge at the appropriate rate. The validation of your User Profile and access to the services requires the timely payment of fees as indicated in the App.

1.4 To access the services, you must download our App, register on the App and undergo a two-factor authentication to verify your details. The User Profile is personal and non-transferable and cannot be opened on behalf of someone else. Once your User Profile is validated, you will receive your Account details.

1.5 You are responsible for the use of your smartphone and bear all consequences arising from the use of the App on your smartphone. In particular, you shall be liable for any unlawful actions taken by a third party using the App installed on your smartphone.

2. DISCLAIMERS

2.1 We do not provide investment, legal, accounting or tax advice and nothing on the App should be construed as personalized advice. Please seek advice from a qualified specialist when deciding to use our services.

2.2 Though we take all reasonable care to ensure the correctness and accuracy of the information presented on the App, we do not warrant the adequacy, accuracy, reliability or completeness of the information contained therein and expressly disclaim liability for errors or omissions. You are responsible for evaluating the reliability and completeness of any information or content available on the App.

2.3 The content of the App is not, and should not be construed as marketing, an offer, or a solicitation of an offer, to buy or sell any securities or other financial instruments. Furthermore, we do not provide any banking, brokerage, asset management, portfolio management, distribution or investment services.

2.4 Neither the App nor the information and functions contained on the App are directed at or intended for distribution to, or use by, any person in any jurisdiction where the distribution of such information or functions is forbidden or that would require obtaining licenses or authorizations that we have not obtained.

2.5 You expressly agree that the use of the App is at your sole risk. To the extent permitted under applicable law, any and all warranty for the App is excluded. We provide the App “as is” and “as available” without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose and of uninterrupted and/or error-free availability and/or accessibility of services.

2.6 We reserve the right to completely restrict, block or cancel any access to the App and services at any time and for any reason, without notice and without any liability.

2.7 We endeavor to ensure unrestricted use and availability of the services provided, but cannot provide an unrestricted guarantee for their reliability. You acknowledge that access to the services may be temporarily restricted for technical reasons (e.g., malfunctions, maintenance) or for reasons beyond our control (e.g., force majeure, third-party fault etc.).

3. REPRESENTATIONS AND WARRANTIES

3.1 By accessing the App, you represent and warrant that:

a. You have read and understood these Terms and Conditions as well as the Account Terms and Conditions;

b. If you are an individual, you are at least 18 years old and of sufficient legal age and capacity to use the services;

c. You are an "Eligible User" as such term is below:

Initially, all users are "Eligible Users" except the following:

• a user who would cause a breach of the law or requirements of any country or governmental
• authority, including anti-money laundering regulations or conventions;
• a user that (i) is subject of economic or financial sanctions or trade embargoes or sanctions administered or enforced by any country or government, (ii) is located, organized or resident in Iran, North Korea, Syria, Russia, the Crimea Region or other parts of Ukraine or any other country or territory that is the subject of country-wide or territory-wide sanctions, (iii) is listed in any Sanctions-related list of sanctioned persons, (iv) is resident of, or located in, a geographic area that is subject to UK, EEA Member States or other sovereign country sanctions or embargoes, (vi) listed on the UK Government’s Sanctions list, (vii) listed on the European Commission’s consolidated list of Restrictive measures in force, (viii) listed on the French Direction du Trésor summary table of restrictive measures by country, (ix) listed on the United States Department of Treasury’s OFAC, is directly or indirectly owned or controlled by any person or persons described in this Clause and/or (x) is otherwise a party with whom
• the Company is prohibited from dealing with under applicable laws;
• a user that is (i) a citizen or resident of a geographic area in which access to the WebApp is prohibited by any applicable law, decree, regulation, treaty, or administrative act, (ii) a citizen or resident of, or located in, a geographic area that is subject to U.S. or other sovereign country sanctions or embargoes;

d. You are not a citizen or resident of a geographic area in which access to or use of the services is prohibited by applicable law, decree, regulation, treaty or administrative act ;

e. You have obtained sufficient information about nsave to make an informed decision to use the services;

f. You understand and assume all risks associated with our services as defined in these Terms and Conditions and Account Terms and Conditions;

g. You have the necessary authority and consent to accept these Terms of Use, to enter into a binding agreement with nsave and our Partner and to perform any obligations set out herein;

h. The acceptance of these Terms and conditions and the entry into a binding agreement with nsave shall not result in any breach of, be in conflict with, or constitute a material default under: (i) any provision of any judgment, decree or order imposed on you by any court or governmental or regulatory authority; and/or (ii) any material agreement, obligation, duty or commitment to which you are a party or by which you are bound or (iii) any laws, regulations or rules applicable to you;

i. The execution and delivery of, and performance under these Terms and Conditions require no approval or other action from any governmental authority or person other than you;

j. To the extent required by applicable law, you comply with all applicable anti-money laundering regulations including, but not limited to (a) any applicable money laundering statutes of all jurisdictions in which you are located, resident, organized or operate, and the rules and regulations thereunder, and/or (b) any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental authority to which you are subject;

k. You agree not to allow anyone to use your User Profile or share your user credentials with any other person for the purpose of facilitating their unauthorized access to the services. If you do share your user credentials with anyone we will consider their activities to have been authorized by you. You alone are responsible for any acts or omissions that occur during the use of the services through the use of your user credentials. We reserve the right to suspend or block your access to the services upon suspicion of any unauthorized access or use, or any attempted access or use, by anyone associated with your user credentials.

4. LIABILITY

4.1 Unless in presence of gross negligence or wilful intent, in no event shall nsave or any of its board members, directors, members, employees, affiliates or other representatives be liable for damages arising out of or in connection with the use of this App or Website or any reliance on any of the content provided on the App or Website or the inability to access or use the App or Website, no matter the cause. This limitation of liability applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit loss, costs, loss of or damage to property and claims of third parties. To the extent that a competent court or tribunal or other competent dispute resolution body or authority finally determines, notwithstanding the exclusion contained in this Clause, that nsave is liable to you for any damages, nsave’s liability to you for any damages howsoever arising shall not exceed any payment made to us, if any.

4.2 Users shall hold nsave or any of its board members, directors, members, employees, affiliated or other representatives harmless against any loss, damages, claims (including legal and attorney’s fees) and/or costs arising from their access and use of the App or by any third party in connection with their access and use of the App, by any breach of the Terms and Conditions or by any other cause whatsoever relating to the use of the App or Website.

4.3 nsave reserves the right to take any action which it may consider appropriate in the circumstances to prevent or mitigate or recover losses or damages arising from the non-compliance with these Terms and Conditions and any liability or inconvenience whether perceived or otherwise for nsave, its Partner, or its clients, suppliers, service providers or advertisers or otherwise cause nsave to lose or suffer any inconvenience, harm or damages in any proprietary interest or goodwill or which may adversely affect access to or use of the App or Website or any software, services, features or facilities offered on the App and Website.

5. INTELLECTUAL PROPERTY

5.1 Through these Terms and Conditions, we grant you a non-exclusive, royalty free, worldwide license to use the content of the App under these Terms and Conditions.

5.2 The contents, features and functionalities of the App (including but not limited to text, graphic, user interface, visual interface, photographs, videos, database, trademark, logo) are the property of nsave or its licensors and may be viewed and used only for your personal, non-commercial use. Your access to the App and the information contained therein, does not in any way convey or transfer any right in or to the intellectual property rights of nsave or any licensor in respect of data or information displayed or accessible from the App or in any of the trademarks, copyright, designs, patents, domain names, know-how, confidential information, trade secrets or any other intellectual property rights which may vest in nsave or its licensor.

5.3 No part of this App may be reproduced, distributed, published, linked or delivered to any other party for any purpose. In no event shall a user acquire title to any software or App material by downloading it, or otherwise copying it, from the App.

6. INFORMATION AND SECURITY

6.1 You undertake to ensure and warrant to nsave that all information, documentation, data and material provided or transmitted via the App or through any software, services, features or facilities on the App will be accurate, truthful and current and you will be solely responsible for the content of such information, documentation, data and material.

6.2 In the event that you have chosen or been provided with a username, password or ID code to access any part of the App, or any software, services, features or facilities on the App you are responsible to ensure the safeguarding and confidentiality of such username, password and ID code. You must not disclose it to any third party. We will be entitled to presume that it is you when your user name, password and ID code is used unless you have immediately notified us in writing if you have any reason to believe that the confidentiality of your user name, password or ID code may have been compromised.

6.3 You must inform us as soon as you are aware of the theft of your phone, user name, password or ID code, or if your user account or email are compromised in any way.

6.4 We have the right to disable any user name, password or ID code at any time, whether chosen by you or assigned by us, if we reasonably believe that you have failed to comply with any of the provisions of these Terms and Conditions, or if our Partner suspects, at its sole discretion, that you have breached any of the Account Terms and Conditions. If you know or suspect that someone other than you obtained your username, password or ID code, you must promptly notify us.

6.5 You do not have any right to access the App and we may block your access to the App at any time when this is necessary for security reasons or to implement technical measures.

6.6 You can close your Account, and so end this agreement, at any time by letting us know. You can do this through the nsave app, by writing to us at our head office or by emailing us at support@nsave.com. We may close or suspend your account immediately, and end your access to our website, in exceptional circumstances. Exceptional circumstances include, for example the following: (a) if we or our Partner have good reason to suspect that you are behaving fraudulently or otherwise criminally; (b) if you haven't given us or our Partner any information we need, or we have good reason to believe that information you have provided is incorrect or not true; (c) if you've broken these terms and conditions in a serious or persistent way and you haven't put the matter right within a reasonable time of us asking you to; (d) if we have good reason to believe that your use of the nsave app is harmful to us or our software, systems or hardware; (e) if we or our Partner have asked you to repay money you owe us and you have not done so within a reasonable period of time; (g) if you've been declared bankrupt; or (h) if we or our Partner have to do so under any law, regulation, court order or ombudsman’s instructions.

7. VIRUSES, HACKING AND OTHER OFFENCES

7.1 You must not misuse the App or interfere with other users of the App by knowingly introducing or sending viruses, trojans, worms, logic bombs or other material, which is malicious or technologically harmful. You must not attempt to gain unauthorised access to the App or the server or data center on which the App is stored or any server, cloud, computer or database connected to the App. You must not attack the App via a denial-of-service attack or a distributed denial-of-service attack or any similar attack.

7.2 By breaching the provisions of this Clause, you may be acting contrary to applicable law. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use the App will cease immediately.

7.3 To the maximum extent permissible by law, we will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your telephone, computer equipment, computer programs, data or other proprietary material due to your use of the Website or App or due to your downloading of any material posted on it, or on any Website or App linked to it.

8. LINKS AND CONTENTS TO OTHER WEBSITES

Links on the App may be directed to third-party websites or apps, which are not owned nor controlled by the Company. Access to these third-party websites or apps is, at the User’s own risk and responsibility, subject to the terms and conditions and privacy policies of the relevant third-party providers.

9. DATA PROTECTION

9.1 We are subject to the UK Data Protection Act, 2018. With regard to the procurement, processing and use of the personal data of its customers. We undertake to protect customer data at all times by taking appropriate measures, and undertakes not to disclose personal data of the customer unless this is absolutely necessary for the fulfilment of a contract, the customer has consented to this, or there is a legal obligation to do so.

9.2 Despite the aforementioned, our statutory or regulatory obligations to provide information or to report apply. This means that we are entitled in particular to block access to the app at its discretion for an indefinite period (e.g. to review suspicious incidents). We need certain data to determine customer needs and meet customer interests in compliance with the Data Protection Act and the privacy policy. This requires a systematic collection and evaluation of electronic customer data or by third parties commissioned by us and subject to customer confidentiality, to which you agree. We store customer data for a period of five years to comply with regulatory obligations. After this period, you have the right to have structured customer data erased from live systems, if this is permitted by law.

9.3 In order to use the App, you will be requested to review and agree our Privacy Policy nsave.com/privacy-policy which is hereby incorporated in the present Terms by reference. If you do not agree to our Privacy Policy, please not use the Website or App, or any of their parts.

10. NOTIFICATIONS

10.1. We may send notices to the email address you have provided. It is your responsibility to ensure that you notify us of any changes to your email address. Any notice sent by us to your email address is considered delivered at the time of sending. You must notify us immediately of aII facts that are materiaI to the business relationship (changes of home, address, residence, telephone number or email address, or changes in tax residency). As soon as electronic documents and notifications from us are available to the customer in the nsave app or are sent via email, they are deemed to have been delivered. We use email and in-app correspondences as the main communication channels for notifications etc.

10.2. We are authorised to communicate via electronic channels (mobile applications and other electronic channels) to the user addresses (e.g. email address or mobile phone number for mobile applications) used or explicitly provided by the customer to nsave.

10.3. You acknowledge that unencrypted emails and other unprotected electronic communication channels are not secured against access by unauthorised third parties and therefore involve corresponding risks, e.g. lack of confidentiality, manipulation of content or sender data, misdirection, delay or viruses.

11. FEES

Our fees are detailed in our fee and charges policy and schedule here [hyperlink]. We reserve the right to make changes and adjustments to the fee regulations in future. You will also be informed by email and the regulations will be deemed to have been approved within 60 days without objection.

12. MISCELLANEOUS

12.1 The Terms and Conditions apply to any User as long as such User accesses and uses the App.

12.2 The Company reserves the right to amend the present Terms and Conditions in its sole discretion. The most current version published on the App applies.

12.3 In the event that any of the terms of these Terms and Conditions are found to be invalid, unlawful or unenforceable, such terms will be separable from the remaining terms, which shall continue to be valid and enforceable.

12.4 You must keep the following additional terms in mind while doing business with us:

12.4.1 Outsourcing. we are permitted to outsource services/business units (for instance, collection and administration of customer data, preparation of transaction data) in whole or in part to our Partner and other third parties within or outside the jurisdiction of the United Kingdom. If data is exchanged for this purpose, all the data will be transmitted in encrypted form. The use of these services is subject to the respective terms of use and data protection conditions of such services.

12.4.2 Data processing. By using this App, the customer consents for their data to be processed by us and transferred to third parties in connection to the services, and for such parties to pass their data to additional outsourcing parties. Data will be treated in confidence by all data processors. Please refer to our privacy policy for more information.

12.4.3 Consumer profiling. we can use customer data to create customer profiles that enable it and others to offer its customers services, products or information that are tailored to the individual situation of the customer or could be of interest to them in our opinion within the framework of the drafting and execution of contracts with the involved contracting partners. No other information will be passed on to third parties.

12.4.4 We do not share any data with Partner or other partner companies unless a customer actively agrees to their data being shared with the Partner or other partner companies, which is then subject to the terms of use and privacy policy of the Partner or respective partner company(ies).

13. APPLICABLE LAW AND PLACE OF JURISDICTION

13.1 Use of the App shall be subject to laws of England and Wales, which shall exclusively govern the interpretation, application, and effect of all the conditions of use set out above, without regard to its conflict of laws provision.

13.2 Any dispute, controversy, or claim arising out of, or in relation to, these Terms and Conditions or the use of the App, including regarding the validity, invalidity, breach, or termination thereof, shall be resolved by arbitration in accordance with the expedited procedure of the London Court of International Arbitration (LCIA) in force on the date on which the Notice of Arbitration is submitted in accordance with those Rules. The number of arbitrators shall be one. The seat of the arbitration shall be London, United Kingdom. The arbitral proceedings shall be conducted in English.

14. ENTRY INTO FORCE AND AMENDMENTS

These terms shall enter into force immediately. We reserve the right to make changes to them at any time. In the case of any changes, the updated terms shall be notified to the customer by email and shall be deemed approved without objection within 60 days. If no notice of objection is received within this period, which begins after receiving the email, the amended terms and conditions shall be deemed to have been agreed and accepted. Within the framework of the notice of termination regarding the change to the terms, nsave shall inform the customer separately of their right to object, the objection period and the implication of not raising an objection.

15. SEVERABILITY

Should individual provisions of these terms be or become ineffective and/or contradict the statutory provisions, this shall not affect the effectiveness of the remaining terms.

Last update: September 18, 2023