1. DEFINITIONS OF TERMS

For the purposes of this Agreement, unless the context requires otherwise:

• Account means your loan account with the Company;
• Business Day means a day other than a Saturday, Sunday or national or public holiday declared in the Federal Republic of Nigeria in which commercial banks are not open for business;
• Credit Reference Bureau means a dedicated credit reference bureau duly licensed by the Central Bank of Nigeria (CBN) pursuant to the Credit Reporting Act, 2017 (as amended, revised or promulgated from time to time), the CBN Guidelines For The Licensing, Operations And Regulation Of Credit Bureaus In Nigeria and all other laws and regulations on the entities charged to collect and facilitate the sharing of customer credit information;
• Force Majeure means events, circumstances or causes beyond the reasonable control of the Company making the Company’s performance of its obligations inadvisable, commercially impracticable, illegal, or impossible, including, without limitation, acts of God, inclement weather, fire, explosions, floods, pandemics, epidemics, strikes, work stoppages, slowdowns or other industrial disputes, riots or civil disturbances, health, safety and security risks and acts of government which causes a delay or failure in the performance by a party of its obligations (other than payment obligations hereunder under this Agreement);
• Encumbrance includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;
• Interest means the sum charged by the Company on the loan granted to the borrower;
• Loan means the principal amount of the loan made or to be made by the Company to you under this Terms and Conditions from time to time through the App or (as the context requires) the principal amount outstanding for the time being of that loan;
• Indebtedness means all outstanding sum owed by the you to the Company
• Request means a request or instruction received by BIL from you or purportedly from you through the App or by mail or telephone conversation upon which the Company is authorised to act;
• SMS means a short message service consisting of a text message transmitted from your mobile phone to another;
• Third Parties mean banks, payment companies, asset management firms, credit reference bureaus, debt recovery companies, or any other person (entity) that provides any form of service or information to us for the provision of the Service;

2. GRANT AND SCOPE OF LICENSE

In consideration of you agreeing to abide by this Terms and Conditions, we grant you a non-transferable, non-exclusive license to use the App on your device. We reserve all other rights. Except as expressly set out in this Terms and Conditions or as permitted by any local law, you agree:

• not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App;
  
• not to make alterations to, or modifications of, the whole or any part of the App, or permit the App or any part of it to be combined with, or become incorporated in, any other programs;
• not to provide or otherwise make available the App in whole or in part (including object and source code), in any form to any person without prior written consent from us;
• not use the App in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with this Terms and Conditions, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, including viruses, or harmful data, into the App;
• not infringe our intellectual property rights or those of any third party in relation to your use of the App, including the submission of any material (to the extent that such use is not licensed by this Terms and Conditions);
• not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App;
• not use the App in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users;
• and to comply with all technology control or export laws and regulations that apply to the technology used or supported by the App (the Technology).

3. YOUR OBLIGATIONS ON THE LOAN ACCOUNT

• You agree to repay the loan plus accrued interest in accordance with the dedicated repayment schedule as provided upon approval of this application. Such repayment schedule may change at the sole and absolute discretion of the Company
• We presume that you have authorized any loan application made in your name via this platform. You will be deemed responsible for any unauthorized application using this platform. The Company nevertheless reserves the right to refuse to carry out any request in our sole and absolute discretion.
• You acknowledge that to the full extent permitted by law, the Company shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your Account PIN, password, ID or any means whether or not occasioned by your negligence.
  
• The Company is authorized to effect such orders in respect of your Account as may be required by any court order or competent authority or agency under the applicable laws.
• You agree to repay the loan on the repayment due date via electronic debit from the debit card/bank account you provided.
• We shall on the repayment due date deduct via the card details or bank account provided by you. We will never conduct any transactions via the card details or bank account, except as related to 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.
  
• 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 this platform without the consent of such third party.
• In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards or bank accounts, details of which you may have provided to us on this platform (or which may be connected with your BVN) other than the primary card listed on an ongoing basis until the debt is settled.
• You are permitted to rescind this application within seven (7) days from the date of loan approval, provided we have not disbursed the loan to you.
  
• You shall provide us with information, via e-mail or other electronic medium or any other form of writing as well as documents submitted in support of the loan application form, that are true, accurate and complete. We accept no liability for consequences arising out of any erroneous, incorrect or incomplete information supplied by you. If you suspect that there is an error in the information you have provided to us, you shall advise us accordingly without delay. We will endeavor to correct the error whenever and wherever possible on a 'best effort' basis but shall have no liability arising therefrom.
  
• You shall complete your repayment instrument details with true, accurate, up to date and complete personal information on this platform. In the event that your personal information, including phone number, address and status of employment changes, you are required to inform us of such change without delay. Under no circumstance would we be liable for any loss, expense or damage of any kind incurred by us due to your non-compliance with this requirement.
  
• You warrant and represent that you have the right and capacity to accept this loan and have taken all necessary actions to authorize the same in accordance with the terms and conditions herein.
  
• You also represent and warrant that you are not in default under any obligation in respect of any borrowed money that the acceptance of this facility will be or result in breach of or default under any provision of any other agreement to which you are a party.
  

4. INTEREST AND OTHER FEES

1. Subject to iii and iv below, the Annualized Percentage Rate of Interest (“APR”) for the loan is in line with prevailing market conditions.
2. We will calculate interest at a flat rate on the daily balance outstanding.
   
3. We may in our sole discretion increase or decrease the prevailing interest rate for any reason.
   
4. Any change in interest rate will take effect in respect of your loan following a minimum of 14 days’ written notice to you in this regard.
5. All payments to be made by you under this Terms and Conditions shall be made in full without any set off or counter claim and save in so far as required by the law to the contrary, free and clear of and without any deduction or withholding whatsoever. If you are at any time required to make any deduction or withholding from any payment to the Company, you shall immediately pay to the Company such additional amounts as will result in the Company receiving the full amount it would have received had no such deduction or withholding been required
6. Where you fail to pay the instalment by the payment due date, we will charge default interest at a rate of 2% per month (outstanding loan amount + outstanding accrued interest). We will apply default interest rate three (3) days after the payment due date. We shall have the right to apply other late fees or penalties on such amount loaned to you at a rate to be communicated to y0u.
   
7. There would be a processing fee of ₦100 flat. In the event that we vary the rate of interest payable on the loan, you shall be duly notified 10 days prior to the implementation of said variation.

5. PAYMENTS

1. All payments by you will be made via the following methods: electronic debit from your verified debit card/bank account. All other methods of payment will be accepted with our consent only.
2. In particular, you will be given a dedicated and customized repayment schedule upon approval of the loan.
   
3. You will make monthly repayments in accordance with the repayment schedule.
   
4. You will be sent an electronic message or SMS alert five (5) business days before each monthly repayment date and you hereby agree that such notice shall be conclusively deemed received by you without need of any further notice
5. You shall repay the amount owed by the payment due date via an electronic debit from the card/account provided by you or through a direct debit mandate.
6. You hereby agree that non-payment of the amount owed by the payment due date shall render you in default and entitles us to take steps to recover the outstanding loan amount in accordance with Clause viii below.
   
7. You shall ensure that your card, wallet, mobile money or bank accounts are pre funded on or before the repayment dates. You hereby authorize us to charge any other card or accounts listed against your name on the App after unsuccessful attempts on any of your account/cards. You shall also indemnify us for any charges or fees due in respect of failed or unsuccessful direct debits on your bank accounts or cards.
8. You may make an early payment of all the outstanding loan obligation due hereunder on any day before the final payment date.

7. USE OF CREDIT BUREAU

• We will approach some credit reference bureaus for a credit report on you in considering any application for a loan.
  
• You authorize us to access any information available to us as provided by the credit reference bureau.
  
• You consent tour disclosure and provision of your personal information to the credit reference bureaus.
  
• You also agree that your details and the loan application decision will be registered with the credit agency.
  

8. EVENT OF DEFAULT

An Event of Default in terms of this Terms and Conditions will occur if:

• You fail to make any scheduled repayment in full, on or before the payment due date in accordance with the monthly repayment plangiven to you.
  
• A representation, information, warranty or assurance made or given by you in connection with this loan or any information or documentation supplied by you, is later discovered to be materially incorrect.
  
• You do or omit to do anything which may prejudice our rights in terms of this Terms and Conditions or cause us to suffer any loss or damage.
  
• A bankruptcy petition is filed against you.
  
• Fraud is detected at any time during the lifespan of the loan.
  
• Where you are unable to pay any other party within the meaning of Section 1 of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.
  
• Where you fail to remedy any default in the performance or observance of any other term, condition or covenant herein after ten (10) days’ notice is given to you by us.
  

If you default in your obligations under this Agreement, we will be entitled to do the following:

• On each repayment date, collect the total amount payable by the date in accordance with the repayment plan schedule given to you.
  
• Where you fail to honor your obligation to repay your total monthly repayment amount by the payment due date, we will attempt to collect the outstanding amount.
  
• Where a three (3) day period has elapsed since the payment due date and all or some of the repayment amount remains outstanding, we will start calculating accelerated interest at the rate of 2% per month plus the applicable borrowing interest rate.
  
• Following your default, we reserve the right to assign our right, title and interest under the Terms and Conditions to an external collections agency who will take all steps, within the bounds of the law, to collect the outstanding loan amount.
  
• Upon an event of default, notwithstanding any provision of this Terms and Conditions, we reserve the right to declare the loan (and all accrued interest and all other amounts outstanding) under this Terms and Conditions is immediately due and payable, whereupon they shall become immediately due and payable.
  
• We also reserve the right to institute legal proceedings against you and are under no obligation to inform you before such proceedings commence.
  
• We will be entitled to terminate this Agreement (after service of any notice required thereunder) ifyou in any way perpetrate, attempt to or are involved in any act of fraud or other criminal activity in respect of us or the loan, or if any information provided by you as part of your application is incorrect or misleading in any material manner. On such termination, we reserve the right to demand repayment of the full loan amount with interest calculated as stipulated in these Terms and Conditions.
  
• We reserve the right to assign our right, title and interest in the Loan and rights under the Terms and Conditions to an external collections agency who will take all reasonable steps to collect the outstanding Loan (together with any interest and fees accrued), and in this regard, the Company shall have the right to share with such collection agencies, any information about you (including transaction history, Personal Information, Relevant Information) which it deems relevant. You agree and consent to all such disclosures.
  
• We reserve the right to supply all information concerning the Event of Default to Credit Reference Bureaus. A copy of any information concerning you sent to a Credit Reference Bureau shall be made available to you upon written request.
  
• Hold you responsible for all legal costs and expenses incurred by us in attempting to obtain repayment of any outstanding loan balance owed by you. Interest on any amount which becomes due and payable shall be charged in accordance with this Terms and Conditions.
  

The default interest rate:

• is charged by us in addition to the normal interest rate which we charge you at the same time and in the same manner as that normal interest;
  
• accrues before and after any court judgment, which we obtain against you; and
  
• is a form of liquidated damages to compensate us for the additional risk and other administrative costs and expenses associated with your failure to pay the outstanding sum.
  

9. ELECTRONIC DOCUMENT INDEMNITY

We hereby agree to act upon this electronic application, as provided by you, for loan facilities with us and you hereby irrevocably and unconditionally agree that this Terms and Conditions shall be binding and enforceable against you.

10. MISCELLANEOUS

• This Terms and Conditions shall be governed by the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
  
• If we do not strictly enforce our rights under this Terms and Conditions (including our right to insist on the repayment of all sums due on the Payment Due Date) or grant you an indulgence, we will not be prevented from insisting upon our strict rights at a later date.
  
• We reserve the right to transfer or assign our rights and obligation under this Terms and Conditions (including our obligation to lend money to you or the amount owed under this Terms and Conditions) to another person.
  
• We may inform you of a transfer/assignment of our rights hereunder if such a transfer results in a change in the administration of this Terms and Conditions.
  
• You authorize us to disclose any information or documentation relating to the loan to third parties including credit reference bureaus, collection agencies, law enforcement agencies including but not limited to the Economic and Financial Crimes Commission and the Special Fraud Unit of the Nigerian Police Force as well as your employers (where you are in salaried employment) if the loan has ceased to be serviced by you.
  
• The Company reserves the right, at all times, to vary the terms and conditions of the loan. Any such variation will become effective upon notice to you by any means we consider reasonable in the circumstance.
  
• We may at any time with or without notice (a) combine or consolidate some or all of your loan account with us, without any liability to us and (b) set off and transfer any sum standing to the credit of any such account in full or partial payment of any amount you owe to us.
  
• You waive all rights of confidentiality whether arising under any applicable law or in any other manner whatsoever and irrevocably agree that you shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.
  
• This clause is in addition to and does not amend or qualify any other present or future right of ours to combine or set off any of your accounts with us.