In respect of any transactions entered into on the Ludo Naira Platform, including making a payment to participate in the games hosted by the Host Entities, the Users agree to be bound by the following payment terms:
· Subject to these Terms and Conditions, all amounts collected from the User are held in separate non-interest earning escrow bank account. From these bank accounts, the payouts can be made to (a) Users (towards their withdrawals of Winnings or Play Money); (b) Ludo Naira (towards its Platform Fees); to (c) to the Government (towards TDS on amounts won). The Escrow account shall receive and hold the amounts of the Users in trust as a trustee of and for the benefit and use of the Users.
· Ludo Naira receives only its share of the Platform Fees through the said Escrow account and has no control over the User funds held by the Escrow account in the dedicated non-interest earning escrow account.
· Ludo Naira reserves the right to charge a Platform Fee, which would be specified and notified by it, prior to a User's joining of a game. The Platform Fee (inclusive of applicable tax thereon) will be debited from the User’s account balance and Ludo Naira shall issue an invoice for such debit to the User.
· The User may participate in a game wherein the User has to contribute a pre-specified contribution towards the Prize Money Pool of such game, which will be passed on to the Winner(s) of the game after the completion of the game as per the terms and conditions of such game. The amount to be paid-in by the User towards the Prize Money Pool would also be debited from the User’s account balance maintained with the Escrow Agent.
· Any User availing services are provided with following categories of accounts for the processing and reconciliation of payments:
(i) Play Money – comprises of money contributed by the User through payment gateway
(ii) Winnings – comprises of the money won by the Users by winning the game
· Each time a User participates in any Game on Ludo Naira platform, the Contribution shall be debited in the User’s account. The Contribution for each User shall be first debited from the Play Money and thereafter, any remaining amount of such Contribution shall be debited from the Winnings.
· In case there is any amount remaining to be paid by the User in relation to such User’s participation in any Game(s), the User will be taken to the designated payment gateway to give effect to such payment which shall also be credited to the Escrow account. In case any amount added by the User through such payment gateway exceeds the remaining amount of the Contribution, the amount in excess shall be transferred to the Play Money and will be available for use in participation in Game(s) or for withdrawal in accordance with these Terms and Conditions.
· Debits from the Play money for the purpose of enabling a User’s participation in a game shall be made in order of the date of credit of amounts in the play money, and accordingly, amounts credited into play money earlier in time shall be debited first.
· In order to request a withdrawal of any amount standing in the play money, the User must first complete Ludo Naira’s identity verification, and bank account verification, which will also require submission of User’s PAN card and bank account details. Such withdrawal of any amount standing in the play money may be made by way of a request to Ludo Naira giving complete details along with reasons for withdrawal over email. Ludo Naira shall cause an online transfer to the User's bank account on record with Ludo Naira by instructing the Escrow Agent on behalf of the User (to which the User expressly consents), within a commercially reasonable period of time. Such transfer will reflect as a debit to the User's Play Money. Ludo Naira may, in certain exceptional circumstances and at its sole and absolute discretion, refund the amount to the User after deducting applicable cancellation charges and taxes including GST.
· Further, withdrawal of any amount standing to the User's credit in the Winnings may be made by way of a request to the Escrow Agent through Ludo Naira, but shall in any event occur automatically upon completion of 180 days from the date of credit of such amount in the User's Winnings. In either case, Ludo Naira shall cause an online transfer to the User's bank account on record with Ludo Naira by instructing the Escrow Agent on behalf of the User (to which the User expressly consents), within a commercially reasonable period of time. Such transfer will reflect as a debit to the User's Winnings. Ludo Naira shall not charge any processing fee for causing the online transfer of such amount from the Winnings to the User's bank account on record with Ludo Naira.
· Winners shall be contacted by Ludo Naira or the Host Entities conducting the games / contest to the registered e-mail address of the Users. Users need to complete the verification process in order to raise the withdrawal request. As a general practice, winners will be required to verify their e-mail address & phone number along with following documents:
(a) Self attested Photocopy of the Member’s PAN card;
(b) Member’s bank account details and proof of the same.
· Ludo Naira shall not instruct the Escrow Agent to provide for withdraw of a User’s prize(s)/accumulated winnings/play money unless the above-mentioned documents have been received and verified within the time- period stipulated by Ludo Naira. Only to those winners who successfully complete the verification process and provide the required documents within the time limit specified by Ludo Naira shall the Escrow Agent provide for (at the instructions of Ludo Naira on behalf of the User, to which the User expressly consents) withdraw/receive their accumulated winnings/play money (or any part thereof).
· Users are requested to note that they will be required to provide valid photo identification and address proof documents for proof of identity and address in order for Ludo Naira to process the withdrawal request. The name mentioned on the User's photo identification document should correspond with the name provided by the User at the time of registration on Ludo Naira, as well as the name and address existing in the records of the User's bank account as provided to Ludo Naira. In the event that no bank account has been registered by the User against such User's account with Ludo Naira, or the User has not verified his/her User account with Ludo Naira, to Ludo Naira’s satisfaction and in accordance with these Terms and Conditions, Ludo Naira shall provide such User with a notification to the User's email address as on record with Ludo Naira at least 30 days prior to the Auto Transfer Date, and the User shall register a bank account with his/her User Account and/or to verify his/her User Account by the Auto Transfer Date.
· Bonus Money cannot be withdrawn and is automatically transferred to Play Money when a User loses a Game.
· Ludo Naira shall scrutinize all documents submitted and may, at its sole and absolute discretion, disqualify any winner from withdrawing his accumulated winnings (or any part thereof) on the following grounds:
(a) Determination by Ludo Naira that any document or information submitted by the Member is incorrect, misleading, false, fabricated, incomplete or illegible; or
(b) Member does not fulfil the Eligibility Criteria; or
Any other ground.
· Ludo Naira shall not permit a Winner to withdraw his/her prize(s)/accumulated winnings unless the above-mentioned documents have been received and verified within the time-period stipulated by Ludo Naira, as described herein.
· The User represents and warrants that the documents provided in the course of the verification process are true copies of the original documents to which they relate.
· Users are required to provide proper and complete details at the time of registration. Ludo Naira shall not be responsible for communications errors, commissions or omissions including those of the Users due to which the results may not be communicated to the Winner.
Where any of the fixtures within a game are cancelled or abandoned without an official result, all game entries are considered void and the Contribution shall be duly refunded to User. There are no prize/winnings pay-outs and platform fee charges for these voided Games.
If, in a transaction performed by you on the Platform, money has been charged to your card or bank account and respective amount is not added in your Ludo Naira Account within 24 hours of the completion of the transaction, then you shall inform us by sending an e-mail from your registered e-mail address. Please include the following details in the e-mail – your mobile number, transaction value, transaction date and transaction ID. Ludo Naira will investigate the incident and, if it is found that money was indeed charged to your card or bank account without delivery of the balance in your Ludo Naira Account, then you will be refunded the money within 7 business days from the date of receipt of your e-mail. All refunds will be credited to your Ludo Naira Account.
. The Host Entities may withdraw and / or cancel any contest(s) to be conducted or already conducted, without prior notice to any Users or winners of any games / contest(s). In such an event, Ludo Naira shall cause a refund of the amount of Contribution money contributed by each participant to be effected by instructing the Escrow Agent on behalf of the User (to which the User expressly consents).
Users
Taxes Payable
All prizes shall be subject to deduction of tax (‘TDS’) as per the Income Tax Act 1961. As of April 1, 2018, the TDS rate prescribed by the Government of Nigeria with respect to any prize money amount that is in excess of ₦ 10,000/- is 31.2% of the total prize money amount. In case of any revisions by the Government of Nigeria to the aforementioned rate in the future, TDS will be deducted by Ludo Naira in accordance with the then current prescribed TDS rate. Winners will be provided TDS certificates in respect of such tax deductions. The Winners shall be responsible for payment of any other applicable tax, including but not limited to, income tax, gift tax, etc. in respect of the prize money.