Terms of Service

These terms govern your use of the Loosh platform. By creating an account or using the Service in any way, you agree to be bound by these terms.

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1. Who we are

The Loosh platform is operated by Alchemy Digital Cloud (Pty) Ltd, a private company registered in South Africa, registration number 2025/028829/07, D-U-N-S 567455153 (“Loosh”, “we”, “us”, “our”).

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2. What Loosh does

Loosh is a digital wallet that lets you top up funds from a payment card, hold a balance, send and receive funds to and from other Loosh users, issue cash tokens redeemable by recipients, and withdraw your balance to a South African bank account. Loosh is not a bank. Funds held in your Loosh wallet are held by us on your behalf in a regulated South African operating account, but a Loosh balance is a claim against us — not a deposit at a registered bank.

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3. Eligibility

To use Loosh you must:

• Be at least 18 years old.
• Be a resident of South Africa (during V1).
• Pass our KYC verification (as required by the Financial Intelligence Centre Act).
• Provide accurate information when registering and keep it up to date.
• Use Loosh only for lawful purposes.

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4. Your account

You are responsible for keeping your account credentials secure. This includes:

• Keeping your phone, email, and authentication factors private.
• Not sharing your account with anyone else.
• Notifying us promptly if you suspect unauthorised access.

We may suspend or terminate your account if you breach these terms, if a regulator or law-enforcement authority requires us to, or if we have reasonable suspicion of fraud or other illegal activity.

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5. Topping up, sending, and receiving

When you top up, you authorise the underlying payment processor (Yoco) to charge your payment card. Top-ups are reflected in your wallet balance once the payment processor confirms settlement. When you send funds, the recipient receives the funds in their Loosh wallet (or, if they’re not yet a Loosh user, they receive a claim link they can redeem after signing up and completing KYC). Sends within the Loosh platform are typically reflected instantly. Cash tokens can be claimed by anyone who has the token link or QR. Once a token is claimed, it cannot be claimed again. Issuers may revoke unclaimed tokens, in which case the funds return to their wallet.

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6. Withdrawing

You can request a withdrawal of your balance to a verified South African bank account in your own name. Withdrawals are processed in scheduled batches via our banking partner (FNB) and typically take one to two working days to reflect, depending on the receiving bank. We may delay or decline a withdrawal where required by law or regulation, where the destination account is not in your verified name, or where we have reasonable suspicion of fraud or illegal activity.

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7. Fees

Specific fees applicable to top-ups, withdrawals, and other actions will be disclosed in the app before each transaction. We may change our fee schedule from time to time; material changes will be communicated at least 30 days in advance.

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8. Reversals and disputes

Sends between Loosh users are not automatically reversible. If you send funds in error, ask the recipient to send them back. If you suspect fraud or unauthorised activity, contact us immediately at hello@loosh.app so we can investigate.

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9. Prohibited uses

You may not use Loosh:

• For any illegal purpose.
• For the purchase or sale of unlawful goods or services.
• To launder money or evade tax.
• To process payments on behalf of third parties (i.e., as an unauthorised payment intermediary).
• In any way that interferes with the operation of the Service.
• To impersonate any person or entity.

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10. Privacy

Our handling of your personal information is governed by our Privacy Policy, which forms part of these terms.

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11. Service availability

We aim to keep the Service available at all times, but we do not guarantee uninterrupted access. We may suspend the Service to perform maintenance, address security issues, or comply with regulatory requirements.

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12. Limitation of liability

To the maximum extent permitted by South African law, our total liability arising from your use of the Service is limited to the balance held in your Loosh wallet at the time of the event giving rise to the claim. We are not liable for indirect or consequential losses, including loss of profit, loss of business, or loss of opportunity. Nothing in these terms excludes or limits liability that cannot be excluded or limited under South African law, including the Consumer Protection Act.

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13. Changes to these terms

We may update these terms from time to time. When we do, we’ll update the “Last updated” date above and notify you of material changes by email or in the app. If you don’t agree to a change, you can close your account before the change takes effect.

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14. Governing law

These terms are governed by the laws of the Republic of South Africa. Any disputes will be resolved in the courts of South Africa.

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15. Contact

Questions about these terms can be sent to hello@loosh.app.