TERMS AND CONDITIONS TO BORROWERS

These Terms and Conditions apply to and regulate the provision of credit facilities by FairMoney to the Borrower herein. These Terms and Conditions constitute the Lender’s offer and sets out the terms governing this Agreement.

 

FairMoney is an open-end credit plan offered by the Lender and by accepting, an account is set up with FairMoney and you agree that you have read the Terms and Conditions. You authorize the Lender to review your credit report and you understand that this account is subject to transaction fees and default fees and is governed by the Laws of the Federal Republic of Nigeria.

 

You will be asked to provide information (such as your date of birth and your Bank Verification Number), when you apply for a FairMoney loan. This information is used for verification purposes.

 

HOW TO USE FAIRMONEY ACCOUNT

This is an open-end credit account where you access direct loan or credit facility using FairMoney, while you repay the loan or credit facility on a future date via cash transfer or electronic repayment from your debit/credit card on the Payment Due Date at a flat interest on the loan of up to 1% daily.

 

  1. DEFINITION

 

In this agreement, the terms: “You”, “your”, “Customer”, and “Borrower” mean the person who applied for this Account and agrees to this Agreement while “We”, “us”, “our” and “Lender” shall mean FairMoney, and following an assignment, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned

  • “Account” means the Borrower’s account with the Lender
  • “Disbursement Date” means the date the Lender actually advanced the loan to the Borrower
  • “Payment Due Date” means a maximum of 30 days after the loan has been given
  • “Credit Limit” means the maximum credit available to the Borrower on opening the account with the Lender
  • “Loan” means the amount advanced to the Borrower by the Lender, which shall be no less than N1,000.00 (One Thousand Naira only)

 

  1. CUSTOMER CONSENT

 

    • By ticking the “I agree to the Terms and Conditions”, on the application form, which you hereby adopt as your electronic signature, you consent and agree that:
    • We can provide materials and other information about your legal rights and duties to you electronically.
    • We are authorized to share, receive and use data/information collected from your transaction with other affiliated Third parties.
    • Your electronic signature on agreements and documents has the same effect as if you signed them using ink on paper or any other physical means.
    • We can send all important communications, billing statements and demand notes and reminders (collectively referred to as “Disclosures”) to you electronically via our website or to an email address that you provide to us for while applying for this loan.
    • We will alert you when the Disclosures are available, by sending you an electronic communication.
    • Our email will tell you how you can view the Disclosures.
    • We will make the Disclosures available to you from the date it first became available to you, or the date we sent you the email to alert you that it was available.
    • You will be able to print a copy of the Disclosure or download the information for your records.
    • This consent applies to this transaction, to all future Disclosures on this Account, to all future transactions in which you use the FairMoney Payment option with us, at any time, and to other Disclosures that we provide to you by email, unless you have, prior to such transaction, withdrawn your consent by the procedure mentioned below.
  • By consenting, you agree that electronic Disclosures have the same meaning and effect as if we provided paper Disclosures to you as we are required to do so. When we send you an email alerting you that the Disclosures are available electronically and make it available online, that shall have the same meaning and effect as if we provided paper Disclosures to you, whether or not you choose to view the Disclosures, unless you had previously withdrawn your consent to receive Disclosures electronically.

 

  1. TRANSACTION FEE

 

  • The Transaction Fee for the use of the FairMoney Account shall be up to a flat 1% daily fixed for the term of this loan.
  • In the event of a default, this transaction fee of up to 1.5% daily fixed will apply until repayment is made. 
  • The Transaction fee may be increased or decreased from time to time by the Lender. Such change in Transaction fee will take effect on the Borrower’s account following a minimum of 15 days written notice.
  • Total transaction fee of the term of the loan shall remain applicable in the event of the Borrower liquidating the loan before expiration.

 

  1. BORROWER’S OBLIGATIONS:

 

  1. To pay to us, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
  2. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower’s account within 24 hours of such fraud.
  3. To repay the loan given to you and/or to someone you authorized to use this Account via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays full loan along with the flat interest rate. Loan repayment via electronic debit card may be effected by the Lender in the way and manner hereinafter specified: 
    1. The Lender shall charge a one-time processing fee the first time a Customer sets up a new debit card on the Account. In the event the card is expired or about to expire, you will have to obtain a renewed card from your bank or provide us with another personal debit card.
    2. The Lender shall deduct from the card setup on the repayment due date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by you, we will on a best effort basis process a refund within a reasonable time.
    3. You hereby indemnify us against any and all losses, liabilities or damages that may arise in the event that you use a third party’s card on your Account without the consent of such third party.
    4. In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards you may have on your Account or profile other than the primary card listed on an ongoing basis until the debt is settled.
    5. You understand and agree that we do not store card details on our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.
  4. To give The Lender authentic and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time.
  5. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of credit having been extended, suspended or terminated under this Agreement or any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”); provided, that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction. 
  6. Not to give us false information or signatures, electronic or otherwise, at any time.
  7. To pay a Late Fee or penalty fee as may be provided in this terms and conditions.
  8. To make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.
  9. To promptly notify us if you change your name, your mailing address, your e-mail address or your telephone number.
  10. To honor any other promises that you make in this Agreement.
  11. That you will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
  12. Not to use FairMoney only for any act of illegality or criminality as FairMoney will not be criminally culpable for any illegality committed by you.
  13. To fill out the application form (as provided) with accurate information and details as required.

 

  1. LENDER’S OBLIGATIONS

 

  1. To make available the loan/credit facility to the Borrower of a figure not less than N1,000.00 (One Thousand Naira only)
  2. To perform a) above upon confirmation of the Borrower’s identity and personal information
  3. To demand repayment for the Borrower as and when due
  4. To conduct investigations on the Borrower prior to opening an account for the Borrower
  5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan.
  6. Not to store or save Borrower’s debit or credit card details given by the Borrower in the application form

 

  • CREDIT REFERENCE

 

  1. The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
  2. The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Agency.
  3. The Borrower also agrees that the Borrower’s details (save the card details) and the loan application decision may be registered with the Credit Agency.

 

  1. NOTICES

 

The Borrower agrees that The Lender may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

  1. To the most recent physical address The Lender holds for the Borrower on file
  2. By delivery to any email address provided during the application process.
  3. By delivery of an SMS to any mobile telephone number the Borrower has provided to The Lender.
  4. By posting such notice on the Lender’s website

 

  1. EVENT OF DEFAULT

 

8.1  Default in terms of this Agreement will occur if:

 

  1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower;
  2. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect; or
  3. The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or causes the Lender to suffer any loss or damage.

 

8.2 In the event of any default by the Borrower subject to clause 8.1 above –

 

  1. The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.
  2. The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence
  3. The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, counsel’s fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of credit having been extended, suspended or terminated under this Agreement or any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection therewith and any legal costs and expenses arising out of or incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”); provided, that the Borrower shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction. 

 

  1. TERMINATION OF THE ACCOUNT
  1. In addition to Termination by default, we may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.
  2. We can terminate your Account by sending written notice to the address on your application.
  3. If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you.
  4. When Termination arises as a result of default, you will not be able to apply for credit in future

 

INTELLECTUAL PROPERTY RIGHTS 

Unless otherwise indicated, the Site is our proprietary property and all source code, databases, functionality, software, website designs, audio, video, text, photographs, and graphics on the Site (collectively, the “Content”) and the trademarks, service marks, product and logos contained therein (the “Marks”) are owned or controlled by us or licensed to us and are protected by copyright and trademark laws and various other intellectual property rights and unfair competition laws of the Nigerian, foreign jurisdictions, and international conventions.

 

The Content and the Marks are provided on the Site “AS IS” for your information and personal use only. Except as expressly provided in these Terms and Conditions, no part of the Site and no Content or Marks may be copied, reproduced, aggregated, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted, distributed, sold, licensed, or otherwise exploited for any commercial purpose whatsoever, without our express prior written permission.

 

Provided that you are eligible to use the Site, you are granted a limited license to access and use the Site and to download or print a copy of any portion of the Content to which you have properly gained access solely for your personal, non-commercial use. We reserve all rights not expressly granted to you in and to the Site, the Content, and the Marks.

 

USER REPRESENTATIONS

 

By using the Site, you represent and warrant that:

 

[(1) all registration information you submit will be true, accurate, current, and complete; (2) you will maintain the accuracy of such information and promptly update such registration information as necessary;]

 

(3) you have the legal capacity and you agree to comply with these Terms and Conditions;

 

[(4) you are not under the age of 18;]

 

(5) You are not using the product for money laundry as espoused in the Nigerian Money Laundering Act of 2011

 

(6) you will not access the Site through automated or non-human means, whether through a bot, script, or otherwise;

 

(7) you will not use the Site for any illegal or unauthorized purpose;

 

(8) your use of the Site will not violate any applicable law or regulation.

 

If you provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate your account and refuse any and all current or future use of the Site (or any portion thereof).

 

USER REGISTRATION

 

You may be required to register with the Site. You agree to keep your password confidential and will be responsible for all use of your account and password. We reserve the right to remove, reclaim, or change a username you select if we determine, in our sole discretion, that such username is inappropriate, obscene, or otherwise objectionable.

 

PROHIBITED ACTIVITIES

 

You may not access or use the Site for any purpose other than that for which we make the Site available. The Site may not be used in connection with any commercial endeavours except those that are specifically endorsed or approved by us.

 

As a user of the Site, you agree not to:

 

  1. systematically retrieve data or other content from the Site to create or compile, directly or indirectly, a collection, compilation, database, or directory without written permission from us.
  2. make any unauthorized use of the Site, including collecting usernames and/or email addresses of users by electronic or other means for the purpose of sending unsolicited email or creating user accounts by automated means or under false pretences.
  3. use a buying agent or purchasing agent to make purchases on the Site.
  4. use the Site to advertise or offer to sell goods and services.
  5. circumvent, disable, or otherwise interfere with security-related features of the Site, including features that prevent or restrict the use or copying of any Content or enforce limitations on the use of the Site and/or the Content contained therein.
  6. engage in unauthorized framing of or linking to the Site.
  7. trick, defraud, or mislead us and other users, especially in any attempt to learn sensitive account information such as user passwords;
  8. make improper use of our support services or submit false reports of abuse or misconduct.
  9. engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.
  10. interfere with, disrupt, or create an undue burden on the Site or the networks or services connected to the Site.
  11. attempt to impersonate another user or person or use the username of another user.
  12. sell or otherwise transfer your profile.
  13. use any information obtained from the Site in order to harass, abuse, or harm another person.
  14. use the Site as part of any effort to compete with us or otherwise use the Site and/or the Content for any revenue-generating endeavour or commercial enterprise.
  15. decipher, decompile, disassemble, or reverse engineer any of the software comprising or in any way making up a part of the Site.
  16. attempt to bypass any measures of the Site designed to prevent or restrict access to the Site, or any portion of the Site.
  17. harass, annoy, intimidate, or threaten any of our employees or agents engaged in providing any portion of the Site to you.
  18. delete the copyright or other proprietary rights notice from any Content.
  19. copy or adapt the Site’s software, including but not limited to Flash, PHP, HTML, JavaScript, or other code.
  20. upload or transmit (or attempt to upload or to transmit) viruses, Trojan horses, or other material, including excessive use of capital letters and spamming (continuous posting of repetitive text), that interferes with any party’s uninterrupted use and enjoyment of the Site or modifies, impairs, disrupts, alters, or interferes with the use, features, functions, operation, or maintenance of the Site.
  21. upload or transmit (or attempt to upload or to transmit) any material that acts as a passive or active information collection or transmission mechanism, including without limitation, clear graphics interchange formats (“gifs”), 1×1 pixels, web bugs, cookies, or other similar devices (sometimes referred to as “spyware” or “passive collection mechanisms” or “pcms”).
  22. except as may be the result of a standard search engine or Internet browser usage, use, launch, develop, or distribute any automated system, including without limitation, any spider, robot, cheat utility, scraper, or offline reader that accesses the Site, or using or launching any unauthorized script or other software.
  23. disparage, tarnish, or otherwise harm, in our opinion, us and/or the Site.
  24. use the Site in a manner inconsistent with any applicable laws or regulations.
  25. [other]