Terms of Service

1. About Siraad

Siraad ("the Platform", "we", "us", "our") is a payment gateway and financial technology platform operated by Siraad, a business registered in Sweden (enskild firma) with operations serving Somalia and the global Somali diaspora. Siraad connects Somali banks and mobile wallets, enabling users to send money, make payments, top up accounts, and manage digital finances.

Siraad is currently operating under a provisional authorization while seeking full licensing from the Central Bank of Somalia (CBS). We comply with all applicable financial regulations and anti-money laundering (AML) requirements.

2. Eligibility

To use Siraad you must:

• Be at least 18 years of age
• Have the legal capacity to enter into a binding contract
• Not be located in a country subject to international financial sanctions
• Complete our identity verification (KYC) process for full access
• Provide accurate, truthful, and complete registration information

3. Account Registration & Security

When you register on Siraad you must provide your full legal name, valid email address, and phone number. You are responsible for:

• Keeping your password and 6-digit PIN strictly confidential
• All activity that occurs under your account
• Notifying us immediately at hello@siraad.app of any unauthorized use
• Ensuring your contact details remain accurate and up to date

Siraad will never ask for your PIN or password by email, SMS, or phone. Do not share these with anyone.

4. Identity Verification (KYC)

In compliance with CBS regulations and anti-money laundering laws, Siraad requires identity verification before full account access is granted. You must provide:

• A government-issued photo ID (Somali passport, NIRA national ID, driver's license, or equivalent foreign document)
• A live selfie/video for liveness verification

KYC verification is free of charge to all users. Siraad absorbs the cost as part of its compliance obligations. Unverified accounts have restricted transaction limits. We reserve the right to suspend or close accounts that fail KYC requirements.

5. Services & Transaction Limits

5.1 Available Services

• Siraad wallet (USD-denominated digital wallet)
• Siraad-to-Siraad transfers (free)
• Bank and mobile wallet transfers
• Merchant payments
• Bill payments (electricity, water, internet, school fees)
• Mobile data bundle purchases
• Currency exchange and live rate information

5.2 Transaction Limits

• Unverified accounts: Maximum $200 per month, $50 per transaction
• KYC-verified accounts: Up to $10,000 per month, subject to review
• Limits may be adjusted based on transaction history and regulatory requirements

6. Fees

Siraad charges the following fees, which are always displayed before you confirm a transaction:

• Siraad to Siraad transfers: FREE
• Bank transfers: 0.5% of transaction amount
• Wallet top-up: 0.3% of amount
• Wallet withdrawal: 0.3% of amount
• Merchant payments: 0.3% (charged to merchant, not customer)
• International card top-up: 1.5% of amount
• KYC verification: FREE

All fees are non-refundable except in cases of platform error. Fees may change with 30 days advance notice.

7. Prohibited Activities

You may not use Siraad for:

• Money laundering, terrorist financing, or any illegal financial activity
• Fraudulent transactions or impersonation of another person
• Purchasing illegal goods, services, or controlled substances
• Gambling, unlicensed securities trading, or Ponzi schemes
• Circumventing international financial sanctions
• Unauthorized access to other accounts or Siraad systems
• Any activity that violates Somali law or applicable international regulations

Violation of these prohibitions may result in immediate account suspension, fund freezing, and referral to law enforcement authorities.

8. Refunds & Disputes

All completed transactions on Siraad are final. Siraad does not guarantee reversal of completed transfers. However:

• If a transaction fails due to a Siraad platform error, the full amount will be refunded within 3 business days
• To dispute a transaction, contact us within 30 days at hello@siraad.app with your transaction reference number
• We will investigate and respond within 5 business days

9. Account Suspension & Termination

Siraad may suspend or close your account if:

• You violate these Terms
• We suspect fraudulent or illegal activity
• Required by law, court order, or regulatory authority
• Your account has been inactive for 24 consecutive months

On termination, any remaining balance will be returned to you after deducting applicable fees and any amounts owed, subject to regulatory holds.

10. Limitation of Liability

To the maximum extent permitted by Somali law, Siraad is not liable for:

• Losses arising from your failure to secure your credentials
• Indirect, incidental, or consequential losses
• Service interruptions caused by third-party banking systems, telecoms, or internet outages
• Losses exceeding the value of the disputed transaction

11. Governing Law & Disputes

These Terms are governed by the laws of Sweden. Any disputes shall first be submitted to mediation. Unresolved disputes may be referred to Swedish courts or the courts of Mogadishu, Somalia, depending on the nature of the dispute and applicable law.

12. Changes to These Terms

We may update these Terms at any time. We will notify you by email and in-app notice at least 14 days before material changes take effect. Continued use of Siraad after the effective date constitutes acceptance of the updated Terms.

13. Contact