Terms of Service

Please read these terms carefully before using Blengo's savings and investment services.

Last Updated: February 12, 2026
1. Introduction

Welcome to Blengo ("Company," "we," "our," "us"). By accessing or using our website, mobile application, and savings/investment services (collectively, the "Services"), you agree to be bound by these Terms of Service ("Terms"). Please read them carefully.

Acceptance of Terms: By creating an account, purchasing a thrift plan, or using any of our Services, you acknowledge that you have read, understood, and agree to be bound by these Terms.

2. Eligibility

To use our Services, you must:

  • Be at least 18 years of age
  • Have legal capacity to enter into binding contracts
  • Be a resident of the Federal Republic of Nigeria
  • Provide accurate, current, and complete information
  • Not be restricted from using our Services under applicable law

We reserve the right to verify your eligibility and refuse service to anyone at any time.

3. Our Savings Plans
3.1 Plan Types
Plan Contribution Duration Interest Rate
BASIC PLAN ₦25,000 – ₦50,000 monthly 12 months 25%
PLUS PLAN ₦100,000+ monthly 12 months 30%
MAX PLAN One-time (any amount) 12 months lock-in 40%
3.2 Payment Obligations
For Basic and Plus Plans (Monthly Payment):
  • First payment is due immediately upon enrollment
  • Subsequent payments must be made on or before the 1st of each month
  • Payments are non-refundable once processed
  • You authorize us to charge your provided payment method
For Max Plan (One-time Investment):
  • Full payment is due immediately upon enrollment
  • Payment is non-refundable and locked for the 12-month term
  • Early withdrawal is not permitted
  • No monthly contributions required
4. Late Payment Penalties
IMPORTANT: ₦5,000 Late Payment Fine

For Basic and Plus Plans, all monthly payments must be made on or before the 1st of every month. Failure to comply will result in:

  • An automatic fine of ₦5,000 (Five Thousand Naira) assessed on the 2nd day of the month
  • Accumulation of fines for each month payment is missed or delayed
  • Suspension of interest accrual until all outstanding payments and fines are settled
  • Possible termination of the savings plan after 3 consecutive missed payments

All fines must be paid in full before any withdrawal or maturity payout can be processed.

5. Legally Binding Agreement

By enrolling in any Blengo savings plan, you enter into a legally binding savings contract with Blengo. This agreement is enforceable under the laws of the Federal Republic of Nigeria.

5.1 For Monthly Plans (Basic & Plus):
  • You commit to the full 12-month contribution cycle
  • You cannot withdraw your funds before maturity without penalty
  • Early termination will result in forfeiture of all accrued interest
5.2 For Max Plan (One-time):
  • Your investment is locked for the entire 12-month term
  • No early withdrawals are permitted under any circumstances
  • Funds cannot be accessed until the maturity date
6. Maturity and Payouts

Upon successful completion of your 12-month savings cycle:

  • Principal + Interest: You will receive your total contributions plus the guaranteed interest rate
  • Processing Time: Payouts are processed within 5-7 business days after maturity date
  • Payout Method: Funds will be transferred to your registered bank account
  • Taxes: You are solely responsible for any taxes applicable to your earnings
7. Account Responsibilities
  • You are responsible for maintaining the confidentiality of your account credentials
  • You agree to immediately notify us of any unauthorized use of your account
  • You are solely responsible for all activities that occur under your account
  • We are not liable for any loss or damage arising from your failure to protect your account
8. Cancellation and Termination
8.1 By You:

You may cancel your account at any time. However, active savings plans cannot be cancelled. Funds are locked until maturity as per the binding agreement.

8.2 By Us:

We reserve the right to terminate or suspend your account immediately, without prior notice or liability, for any reason including but not limited to:

  • Violation of these Terms
  • Fraudulent or illegal activity
  • Three (3) consecutive missed payments on monthly plans
  • Providing false or misleading information

Upon termination, any pending transactions will be cancelled, and we may permanently delete your account data.

9. Limitation of Liability

To the maximum extent permitted by law, Blengo shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including without limitation:

  • Loss of profits, data, or goodwill
  • Service interruptions or system failures
  • Unauthorized access to your account
  • Actions or omissions of third parties

Our total liability to you shall not exceed the amount of interest earned on your active savings plan.

10. Changes to Terms

We reserve the right to modify or replace these Terms at any time. Material changes will be effective:

  • 30 days after posting on our website for existing users
  • Immediately upon posting for new users

Your continued use of our Services after any changes constitutes acceptance of the modified Terms.

11. Governing Law

These Terms shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to its conflict of law provisions.

Any disputes arising under these Terms shall be resolved exclusively by the courts of Lagos State, Nigeria.

12. Contact Us

If you have any questions about these Terms, please contact us:

Contact Us

By using Blengo's services, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.

© 2026 Blengo. All rights reserved.