Terms of Service
ParoFlex Multipurpose Cooperative Society Limited
Effective Date: 12 January, 2026
Welcome to ParoFlex Multipurpose Cooperative Society Limited (“ParoFlex”, “the Cooperative”, “we”, “our”, or “us”). By accessing our website, registering as a member, or using any of our services, you agree to be bound by these Terms of Service. Please read them carefully.
1. About ParoFlex
ParoFlex Multipurpose Cooperative Society Limited is a registered cooperative society established to provide financial and allied services to its members, including savings, investments, loans, and other cooperative benefits in accordance with applicable laws and cooperative principles.
2. Acceptance of Terms
By using our website or any of our services, you confirm that:
You have read and understood these Terms of Service
You agree to comply with all applicable laws and cooperative regulations
You accept any updates or modifications made to these terms
If you do not agree, please discontinue use of our services.
3. Eligibility & Membership
Membership is open to individuals who meet ParoFlex’s membership requirements.
Members must provide accurate and complete information during registration.
ParoFlex reserves the right to approve, suspend, or terminate membership in accordance with cooperative bylaws.
4. Services Offered
ParoFlex provides, but is not limited to, the following services:
Contributory savings and wealth management
Investment products
Loan facilities (personal, business, asset-backed, and proof-of-funds)
Financial advisory and cooperative benefits
All services are subject to specific terms, eligibility criteria, and internal policies.
5. Savings & Investments
Contributions and investments are made voluntarily by members.
Returns on investments are based on agreed terms and prevailing cooperative policies.
Investment performance may vary, and past performance does not guarantee future returns.
Members are encouraged to understand product terms before committing funds.
6. Loan Services
Loan approvals are subject to eligibility, credit assessment, and cooperative policies.
Interest is calculated using simple interest, unless otherwise stated.
Members are responsible for timely repayment as agreed.
Default may attract penalties, recovery actions, or legal remedies as permitted by law.
7. Fees & Charges
ParoFlex may charge registration fees, service fees, or administrative charges where applicable.
All fees will be communicated clearly before they are applied.
Fees are non-refundable unless otherwise stated.
8. Member Responsibilities
Members agree to:
Provide accurate and up-to-date personal information
Use ParoFlex services responsibly and lawfully
Repay loans and meet financial obligations promptly
Avoid misuse of the cooperative’s platform or services
9. Use of Website & Platform
The website and digital platforms are provided for informational and service access purposes.
Unauthorized access, data scraping, hacking, or misuse is strictly prohibited.
ParoFlex may suspend access for security or maintenance reasons without prior notice.
10. Privacy & Data Protection
ParoFlex is committed to protecting members’ personal data.
Information collected is used solely for cooperative operations and service delivery.
Data handling complies with applicable data protection laws and internal privacy policies.
11. Limitation of Liability
ParoFlex shall not be liable for:
Losses arising from incorrect information provided by members
Delays caused by external factors beyond our control
Investment outcomes that fluctuate due to market conditions
Nothing in these terms limits liability where prohibited by law.
12. Suspension & Termination
ParoFlex reserves the right to suspend or terminate membership if:
False or misleading information is provided
There is persistent default on obligations
The member violates cooperative rules or these Terms
Termination does not relieve members of outstanding financial obligations.
13. Amendments
ParoFlex may update these Terms of Service at any time. Changes will be communicated via our website or official channels. Continued use of services constitutes acceptance of revised terms.
14. Governing Law
These Terms of Service are governed by and construed in accordance with the laws of the Federal Republic of Nigeria and applicable cooperative regulations.
15. Contact Information
For questions, clarifications, or complaints regarding these Terms, please contact:
ParoFlex Multipurpose Cooperative Society Limited
Email: info@paroflexcooperative.com
