These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein. These Terms and Conditions constitute FairMoney’s offerings and set out the terms governing this Agreement. By registering for a FairMoney Account or using any of the services provided on the FairMoney App, you agree to comply with all of the terms and conditions in this user agreement. You also agree to comply with the following additional policies that apply to you: • Privacy Policy • Acceptable Use Policy • Consent to Receive Electronic Disclosures (E-Sign Disclosure and Consent) We may revise this user agreement and any of the policies listed above from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes reduce your rights or increase your responsibilities, we will provide you with notice of at least 21 days. The conditions applying to changes in loan terms are different and are noted in section 11.0 of this document. By continuing to use our services after any changes to this user agreement become effective, you agree to abide and be bound by those changes. If you do not agree to these terms and conditions, please do not proceed and exit the application immediately. Please be informed that on notice to you, we can terminate your relationship with us if we believe that you have violated any of these terms.We shall provide you with 21 days notice in the event that this becomes necessary
The following definitions relate to these Terms of Use: 1.1.“Account” or “Wallet” is an electronic stored value account on FairMoney created for use by the customer. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone via the FairMoney mobile applications. 1.2.“Agent” refers to any party or device, including authorized FairMoney Agents, that facilitate FairMoney transactions on behalf of customers. 1.3. “BVN” means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution. 1.4. “CBN” means the Central Bank of Nigeria. 1.5.“Content” means all information whether textual, visual, audio or otherwise, appearing on or available through the services. 1.6.“Credit” means the movement of funds into an Account or Wallet. 1.7.“Debit” means the movement of funds out of an Account or Wallet. 1.8.“Level 1 customer” refers to a new customer who fulfills the minimum requirement listed in section 6.9 of this document and as defined in the CBN three tier Know Your Customer (KYC) requirements. 1.9.“Level 2 customer” refers to a FairMoney user who fulfills the minimum requirements listed in section 6.9 of this document and as defined in the CBN three tier KYC requirements. 1.10. “Level 3 customer” refers to a FairMoney user who fulfills the minimum requirements listed in section 6.9 of this document and as defined in the CBN three tier KYC requirements. 1.11. “Linked Bank Account/Card” refers to a bank account, debit card or credit card that you have linked to your FairMoney Account. This allows you to carry out transactions using funds from your FairMoney account. 1.12. “Merchant” means any person or entity who offers and or accepts payment for goods or services using FairMoney. 1.13. “Mobile Payments” describes the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels. 1.14.“Mobile phone” means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMSs, among other communication options. 1.15. “OTP” means One Time Password, used to authorize transactions or processes. 1.16. “PIN” means Personal Identification Number. 1.17. “Products” refer to FairMoney products, including person-to-person money transfer, bill payments, airtime top-up, FairMoney retail payment services, or other Merchant products and services provided through FairMoney. 1.18. “Registered phone number” refers to any phone number that has been registered on FairMoney. 1.19.“Services” refer to any products and services provided to the customer. 1.20.“FairMoney Wallet” means an electronic stored value account on FairMoney used to perform transactions. 1.21.“SMS” or “Short Message Service” is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices. 1.22. “Investment” means placing funds with FairMoney for an agreed tenor for a promised return at the Prevailing Rate. 1.23. “Investment Account” means your virtual account with FairMoney for the placement of Investments offered on the App 1.24.“Loan” means the principal amount of the loan together with any interest and fees due on the loan,made or to be made to you under this Agreement from time to time through the App or (as the context requires) the outstanding repayment amount for the duration of that loan. 1.25. “Prevailing Rate” means the rate of interest payable on the Investment as shall be notified to you through the App, which rate may vary from time to time. 1.26. “Credit Reference Bureau” includes any financial institution or a credit reference bureau duly licensed under the laws and regulations of the Federal Republic of Nigeria to, collect and facilitate the sharing of customer credit information
2.1 In addition to the definitions in Section 1 unless the context requires otherwise: the singular shall include the plural and vice versa. 2.2 A reference to any one gender, whether masculine or feminine includes the other. 2.3 All the headings and sub-headings in this agreement are for convenience only and are not to be taken into account for the purposes of interpretation of this Agreement. 2.4 The recitals and schedules shall be deemed to form part of this Agreement. 2.5 In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for this Account and agrees to this Agreement while “We”, “us” and “our” “Lender” and “Bank” shall mean FairMoney, and following an assignment, any person, company or bank to whom the rights and/or obligations of FairMoney have been assigned. “Account” means the Customer’s account with FairMoney “Disbursement Date” means the date FairMoney advanced the loan to the Customer’s account “Payment Due Date” means a maximum of 30 days after the loan has been disbursed “Credit Limit” means the maximum credit available to the Borrower on opening an account with FairMoney “Loan” means the amount advanced to the Borrower by FairMoney.
3.1 In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your Equipment, subject to these Terms and Conditions. We reserve all other rights. except as expressly set out in this Agreement or as permitted by any local law. You agree: 3.2 not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App. 3.3 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. 3.4 not to disassemble, decompile, reverse-engineer, or create derivative works based on the whole or any part of the App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving inter-operability of the App with another software program, and provided that: 3.5 the information obtained by you during such activities is not disclosed or communicated to any third party without our prior written consent; and is not used to create any software that is substantially similar to the App. 3.6 you include our copyright notice on all entire and partial copies you make of the App on any medium; and you undertake 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; and 3.7 you agree to comply with all technology control or export laws and regulations in your country that apply to the technology used or supported by the App or any Service (the Technology).
5.1 To meet our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following: 5.1.1 your full name; 5.1.2 your date of birth; 5.1.3 your Bank Verification Number (“BVN”); 5.1.4 your current residential address; 5.1.5 your picture; 5.1.6 copy of a valid Government issued ID (national ID, international passport, permanent voter’s card or driver’s license); 5.1.7 a copy of recent utility bill, bank statement, affidavit, or another bill, dated within three months of our request, which carries your name and address; 5.1.8 any other information or document as we may require for our internal risk assessment. 5.2 You warrant that all information and documentation provided to us are true, correct, and accurate. You also undertake to notify us of any changes to the information or documentation which you have provided. 5.3 You hereby agree and authorise FairMoney to verify information provided by you against the information held by any third party (including official databases) such as, NIBBS, Payment System Providers any other information bank available to FairMoney. 5.4 The information that FairMoney may verify against the information which you have provided to us include (without limitation): your name, phone number, date of birth, address, age, Identification Number (“ID”) or Passport Number and such other information that will enable FairMoney to identify you and comply with the regulatory “Know Your Customer” requirements (together the “Personal Information”). 5.5 You hereby agree and authorise FairMoney to collect and verify information including, but not limited to, data relating to your phone (including, without limitation, your phone’s history) from your Equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as FairMoney shall require for purposes of providing you the Services (the “Relevant Information”). In case you are nominating a person as your guarantor, you are also confirming that you have sought approval from the named person for the same, and that they are willing to act as a guarantor for this loan facility. 5.6 You hereby consent to FairMoney verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the extent necessary in FairMoney opinion for the provision of the Services. 5.7 You hereby agree and authorise FairMoney to obtain and procure your Personal Information and Relevant Information from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such Personal Information by us or our Third Party Partners. 5.8 You agree to indemnify and hold Fairmoney and the Third-Party Partners harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information and/or Relevant Information. 5.9 FairMoney reserves the right to request for further information from you pertaining to your use of the Services at any time. Failure to provide such information within the time required by FairMoney may result in FairMoney declining to accept your application for an Account or access to the Services. 5.10 You acknowledge and agree that when FairMoney or our third-party service providers access and retrieve information from such third-party websites, FairMoney and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party. 5.11 You consent to indemnify FairMoney MFB against any liability resulting from Erroneous transfer. 5.12 You consent that FairMoney MFB can deduct funds from customer's account when such funds have been established as erroneous or fraudulent in nature. 5.13 FairMoney MFB advises its customers not to give their financial details, such as BVN (Bank Verification Numbers), OTP (One Time Password) and other sensitive financial information to anyone or third party. FairMoney will not be liable if such details are compromised.
