Please read these terms carefully before using VaultMart. By creating an account you confirm you have read and agree to these terms.
By creating an account or using VaultMart, you agree to be bound by these Terms of Service. If you do not agree, do not use the platform. VaultMart Nigeria Limited ("VaultMart", "we", "us") reserves the right to update these terms with 7 days notice to users. Continued use after notice is deemed acceptance.
You must be at least 18 years old and resident in Nigeria to use VaultMart. By registering, you confirm that all information you provide is accurate and that you are not prohibited from using the platform under Nigerian law. Each individual or business may only operate one buyer account and one vendor account.
Buyers agree to: only purchase items they intend to buy and pay for; provide accurate delivery addresses; confirm or dispute delivery within 48 hours of the seller marking an item delivered; not raise fraudulent disputes; not attempt to circumvent VaultMart's escrow system by paying sellers off-platform. Abuse of the dispute system may result in account suspension and forfeiture of wallet balance.
Vendors agree to: only list items they actually own and are authorised to sell; accurately describe all items including condition, photos, and defects; ship within 48 hours of escrow confirmation; not list prohibited items (see Section 5); provide genuine NIN and BVN for KYC; not solicit buyers to transact off-platform. Vendors are solely responsible for the accuracy of their listings and the quality of items sold. Free-tier vendors are limited to 1 order per day and 5 orders per week — see Section 8 for details.
The following are strictly prohibited on VaultMart: stolen or counterfeit goods; weapons, ammunition, or explosives; controlled substances or illegal drugs; items that infringe intellectual property rights; adult content; financial fraud or money laundering; cryptocurrency, gift cards, or other monetary instruments. VaultMart reserves the right to remove listings and ban accounts without notice for violations, and may report suspected criminal activity to Nigerian law enforcement.
VaultMart operates an escrow system whereby buyer payments are held by VaultMart until the buyer confirms delivery. Funds are auto-released to vendors 5 days after delivery confirmation, or earlier if the buyer confirms manually. VaultMart is not a bank and does not pay interest on escrow funds. Escrow funds are held in a segregated account and are not part of VaultMart's operating funds. In the event of platform shutdown, all escrow funds will be returned to the appropriate party.
Vendors may send Pay Now invoices to buyers within an active chat. Each invoice lists one or more products at a fixed price and expires 24 hours after creation, or immediately if any item goes out of stock or has its price changed. Pay Now invoices are binding offers — once a buyer pays, the items are reserved and shipped under standard order terms. Vendors may cancel a pending invoice at any time before payment.
If a buyer raises a dispute, VaultMart admin will review evidence from both parties and make a binding decision within 48 hours. Possible outcomes are: full refund to buyer, full release to vendor, or a partial split. VaultMart's decision is final. Users who repeatedly abuse the dispute system may be suspended. All disputes must be raised within 7 days of delivery — disputes raised after this window will not be entertained.
Buyers pay a 2% service fee at checkout (minimum ₦250) on top of the listed price. Vendors pay a platform fee deducted from their payout when escrow releases, depending on their plan: 3% on the Free plan, 2% on the Premium plan (₦10,000/month), 1.5% on the Gold plan (₦20,000/month). All vendor subscription plans are billed monthly via Paystack or wallet and auto-renew unless cancelled. There are no refunds on subscription fees. A 7-day grace period applies after subscription expiry before plan downgrade. VaultMart reserves the right to adjust fees with 14 days notice. Pay-per-boost listings cost ₦2,000 each and last 7 days.
Free-tier vendors are subject to order limits: 1 order per day and 5 orders per week. Limits reset daily at midnight Lagos time and weekly on Monday at midnight Lagos time. Free-tier vendors are also limited to 5 active listings at any time. Vendors who reach their cap are temporarily unable to accept new orders until limits reset or they upgrade to Premium or Gold. These limits do not apply to Pay Now invoices sent to buyers with whom the vendor has an existing order in the past 7 days.
VaultMart provides each user with a wallet for holding funds. Buyers can fund the wallet to pre-pay for orders. Vendors receive payouts to their wallet on escrow release. Withdrawals from wallet to bank are processed manually within 24 hours (Mon-Sat, 8am-8pm) and incur a ₦100 transaction fee. Funding the wallet via bank transfer incurs a ₦100 transaction fee. Minimum withdrawal amount is ₦500. VaultMart may freeze wallet funds during dispute resolution or pending account review.
Users who refer new buyers to VaultMart may earn rewards: a ₦500 bonus when their referee completes a first order of ₦10,000 or more, and 1% of the buyer service fee on every subsequent order by that referee for 12 months from signup. Rewards are credited to the referrer's wallet at escrow release. Self-referrals, fake accounts, and any attempt to manipulate the program result in forfeiture of all earnings and possible account suspension.
By creating an account, you consent to receive transactional emails (order confirmations, escrow updates, dispute notices) and SMS notifications relating to your activity. You also consent to occasional marketing communications about new features, promotions, and updates. You may opt out of marketing at any time from your account settings, but transactional notifications are required to use the platform.
VaultMart collects and processes personal data including names, contact details, NIN, BVN, bank account information, and transaction history as necessary to provide the platform. Full details are in our Privacy Policy. By using VaultMart, you consent to this processing in accordance with the Nigeria Data Protection Act 2023.
VaultMart is a marketplace platform and is not a party to transactions between buyers and sellers. We do not inspect, guarantee, or warrant the quality or legality of listed items. To the maximum extent permitted by Nigerian law, VaultMart's liability for any claim arising from use of the platform is limited to the amount of the transaction in dispute. We are not liable for indirect, consequential, or punitive damages.
VaultMart may suspend or terminate accounts for: violation of these terms; fraudulent activity; non-payment of fees; prolonged inactivity (12+ months with no activity and zero wallet balance); or at our discretion with 7 days notice. Users may delete their accounts at any time, provided they have no active orders and a zero wallet balance. Active escrow funds will be returned to the appropriate party on termination.
We may update these terms from time to time. Material changes will be communicated to users at least 7 days in advance via email and in-app notification. Continued use of VaultMart after the effective date constitutes acceptance. Users who do not accept the updated terms must close their account before the effective date.
These terms are governed by the laws of the Federal Republic of Nigeria. Any dispute arising from these terms shall first be subject to good-faith negotiation. If unresolved within 30 days, the dispute shall be referred to the exclusive jurisdiction of the courts of Lagos State, Nigeria.
See also: Privacy Policy