These Terms of Use, otherwise known as “Agreement” is an agreement between you and The
BIG MULTIMILLA INTERNATIONAL LTD (the “Company” or “Us” or “We”). These terms of use will govern your use of ‘MULTIMILLA’ and its services and products (the “Product” or “Platform”).
2. Our Services
Multimilla offers four services: Ajo contribution cycles, Loans, Fixed Deposits and Cards.
3. Ajo Contribution Cycle
Ajo is a way for friends and strangers to contribute money and support each other's financial growth.
3.1 How it works. You contribute to a cycle. When You reach the Number 1 position in Your cycle, You receive the contributions of the 4 people who joined directly under You.
3.2 Example. If You are on the ₦8,000 package and reach Number 1, the 4 contributions (₦8,000 × 4 = ₦32,000) are paid to Your Wallet Balance after Multimilla deducts its cycle fee from the ₦32,000.
3.3 Cycle fee. Multimilla takes a percentage from each completed cycle. The percentage is not fixed and depends on the package. Before You contribute, the exact amount You will receive is shown in Your Overview.
3.4 Board reset. Once a contribution package reaches 1,000 active boards, all boards in that package are deleted and restarted. This keeps the system fair and keeps participation going.
4. Open Charges Policy
We do not charge for instant transactions such as deposits, airtime purchases and other bill payments.
5. Withdrawal Fees
A small fee applies when You withdraw funds, including funds linked to loans and fixed deposits. The fee depends on the amount withdrawn:
Withdrawal Amount | Fee |
₦100 to ₦10,000 | ₦50 |
Above ₦10,000 to ₦1,000,000 | ₦100 |
Above ₦1,000,000 to ₦3,000,000 | ₦1,000 |
Above ₦3,000,000 to ₦5,000,000 | ₦3,000 |
Above ₦5,000,000 to ₦10,000,000 | ₦5,000 |
6. Loans
6.1 Interest. We charge interest of 3% per month on the amount You borrow.
6.2 Interest on multi-month loans. For a loan longer than one month, We deduct one month from the interest period. For example, if You borrow for two months, You pay interest for only one month on the amount You collected.
6.3 Processing fee. We charge a processing fee, calculated as a percentage of the loan amount You collect. You pay this fee back together with Your loan repayment.
6.4 Late payment. If You fail to repay on the due date, We charge an extra 1% for each day You are in default until the loan is fully paid.
6.5 Repayment. You agree to repay everything You owe (principal, interest, processing fee and any late charges) by the agreed due date.
7. Fixed Deposits
7.1 Locking Your funds. When You place money in a fixed deposit, You choose a duration, and Your funds stay locked for that period.
7.2 Interest. Your interest is paid automatically into Your Account.
7.3 Return of capital. Your original capital is returned to You after the due date of Your fixed deposit.
8. Cards
8.1 Waiting list. When You request a card, You join a waiting list.
8.2 Notifications. We will notify You when You become eligible for a card and when Your card is ready.
8.3 Eligibility. Card issuance is subject to eligibility checks, and We may decline a request if requirements are not met.
9. Your Responsibilities
You agree to:
10. Changes to Fees and Terms
We may change Our fees, rates or these terms from time to time. We will notify You before the changes take effect.
11. Limitation of Liability
We are not liable for losses caused by events beyond Our control, such as network failures, wrong details You provide, or unauthorised access caused by Your failure to protect Your login details.
Money laundering has emerged as a significant vehicle for funding major atrocities around the globe, including wars, terrorism, government corruption, human trafficking, the illegal arms trade, and drug trafficking, among others. In response, several governments, including Nigeria's, have enacted laws, rules, and regulations aimed at eradicating money laundering and mitigating its detrimental effects.
Notable among these are the Money Laundering (Prohibition) Act, 2011 (as amended), the Terrorism (Prevention) Act, 2011 (as amended), and the Central Bank of Nigeria's regulations on anti-money laundering and combating the financing of terrorism in banks and other financial institutions, issued in 2013.
As a responsible organization, Multimilla is firmly opposed to money laundering and is dedicated to fully complying with Nigeria's anti-money laundering laws. We recognize the challenges and risks associated with digital asset transactions, which often serve as a popular conduit for money laundering. To safeguard our company from illicit activities, we have established robust policies and structures aligned with all relevant laws and regulations aimed at combating money laundering. Additionally, we have implemented independent measures that we believe strengthen our efforts to prevent money laundering on our platform.
Our policies and structures are regularly updated to ensure compliance with evolving regulations and adherence to international best practices. In alignment with current money-laundering laws and regulations, as well as global standards, we have undertaken the following actions:
a) Established a compliance unit led by a compliance officer who oversees the implementation of our anti-money laundering policies in accordance with government guidelines;
b) Registered with the Special Control Unit against Money Laundering of the Economic and Financial Crimes Commission (EFCC) and collaborate with the Commission as necessary;
c) Committed to developing vetting systems designed to manage and mitigate money laundering risks, identify suspicious transactions, and report them to relevant authorities;
d) Conducted reviews to identify potential money-laundering risks and report these to the appropriate authorities;
e) Established transaction limits that are regularly assessed in line with government policy or industry standards;
f) Continuously cooperate with investigative efforts of security agencies and relevant government bodies by placing a lien on accounts under investigation for fraud, money laundering, or any other criminal misconduct;
g) Conduct regular background checks on suspicious users based on their transaction activities within our platform.