1. INTRODUCTION
1.1. Fido Micro Credit LTD (Fido) is an entity incorporated in Ghana and is regulated and licensed by the Bank of Ghana. Fido is primarily engaged in the business of providing Credit Facilities to individuals and Micro, Small and Medium Enterprises (MSMEs).
1.2. Fido has partnered with Enterprise Life Assurance LTD (Enterprise) to provide a life cover and short term liability cover for eligible Fido customers under the terms and conditions set out in this document.
2. ELIGIBILITY
You must satisfy the following eligibility criteria in order to be eligible for the insurance cover:
2.1. You must not be below eighteen (18) years or above seventy-four (74) years when taking an eligible Fido loan. Note that the insurance shall cease upon attaining the age of seventy-five (75) years.
2.2. You must have taken a credit facility from Fido of not less than GHS 2,000 and not more than GHS 5,000.
3. LIFE COVER
3.1. Enterprise may cover your outstanding loan amount at the date of your death in the event of your death or that of an eligible family member.
3.2. In the case of death of a family member, you will be required to provide to Fido documentation proving the death as well as and the relationship to facilitate payment of the claim.
3.3. Your next of kin is required to advise Fido of your death within eleven (11) months of your death.
3.4. Any claims submitted after thirty-six (36) months shall not be admitted.
3.5. You may only access this life cover twice.
3.6. Fido reserves the right to request any additional documentation it deems necessary in assessing the validity of your claim.
4. SHORT-TERM DISABILITY COVER
4.1. The short-term disability benefit (Disability Benefit) may become payable if you become temporarily unable to work in any occupation you are reasonably able to do, given your experience, education, or training, because of an injury or illness, accident or being hospitalized.
4.2. The Disability Benefit may be a lump sum payment of your outstanding loan amount at the date of disablement. Fido reserves the right to apply this payment to settle your outstanding loan amount or transfer this amount to you.
4.3. In order for one to qualify for this benefit, you must be certified by a qualified medical practitioner recognized by the Dental and Medical Council of Ghana to be totally and temporarily unfit to carry out your normal duties.
4.4. Accordingly, you must provide medical records and proof of hospitalization to Fido as soon as possible after the date of the assessment, but no later than eleven (11) after the said date.
4.5. You may also be required to provide a police report where the injury is as a result of an accident.
5. SUM ASSURED AND COVER LIMITS
5.1. The total sum assured shall be the total facility, from GHS 2,000 up to GHS 5,000, granted by Fido to the you plus finance charges and premium payable in respect of the insurance policy.
5.2. The maximum amount payable under life cover and short-term disablement will be the outstanding balance of the facility as at the date of death or disablement.
5.3. The limits may be adjusted by Enterprise and Fido annually based on actual experience. Any such adjustment will be effected after the expiry of a thirty (30) days’ prior written notice period.
6. PRE- EXISTING CONDITION
No benefit shall be paid as a result of your disablement, if you are disabled before being granted a life cover or short-term disability cover.
7. EXCLUSIONS
Enterprise Life shall not be obliged to make any payment in respect of death, or disablement arising directly or indirectly from or traceable to:
7.1. intentionally self-inflicted injury, suicide, or suicide attempt (whether sane or insane) within the first two years your entry into the scheme.
7.2. any act of war (whether war be declared or not), military action, terrorist activities, riots, unlawful strikes, civil commotion, or insurrection.
7.3. any physical defect or infirmity of which you were aware and which has its origin prior to the granting of the life cover to you. This clause shall apply in the first six months of every individual policy.
7.4. you being affected by alcohol or drugs other than prescribed by a medical practitioner resulting directly in a claim;
7.5. you committing any breach of criminal law which results directly in a claim;
7.6. active participation in mountaineering, horse riding, hunting, motor-racing, powerboat racing or fighting (except in self-defense);
7.7. participation in any form of aviation other than as a fare paying passenger or pilot on a scheduled air service over an established passenger route;
8. CESSION
By proceeding to take a covered credit facility from Fido, you irrevocably cede all of your rights, interests and title under the policy to Fido who shall determine how to apply any benefits accruing to you from the insurance cover.
9. INDEMNIFICATION
Fido undertakes to indemnify you against all losses resulting from the negligence, dishonesty, or fraud of any of its officers having the receipt or charge of monies payable in terms of the insurance policy with Enterprise.
10. LIMITATION AND EXCLUSION OF LIABILITY
10.1. FIDO SHALL TAKE STEPS TO REMEDY ANY ERROR IN ANY ELECTRONIC DOCUMENT SUBMITTED BY YOU OR ANY OTHER ERROR RELATING TO OTHER ASPECTS OF FIDO’S SERVICES AND RESOURCES WHEN IT BECOMES AWARE OF THE ERROR.
10.2. YOU SHALL BE RESPONSIBLE FOR THE SAFEKEEPING OF ALL YOUR CREDENTIALS (SUCH AS PIN CODE) USED TO ACCESS THE FIDO’S SERVICES AND RESOURCES AND FIDO SHALL IN NO WAY BE RESPONSIBLE FOR ANY LOSS OR DAMAGE ARISING FROM THE ACTIVITIES OF THIRD PARTIES.
10.3. FIDO SHALL ALSO NOT BE LIABLE IN ANY WAY FOR ANY LOSS OR DAMAGE SUFFERED BY YOU, WHICH LOSS OR DAMAGE IS AS A RESULT OF THE FRAUDULENT ACT(S) OF THIRD PARTIES.
10.4. FIDO SHALL NOT BEAR ANY LIABILITY TO YOU FOR DAMAGES WHICH YOU MAY SUFFER AS A RESULT OF TRANSMISSION ERRORS, TECHNICAL FAULTS, MALFUNCTIONS, ILLEGAL INTERVENTION IN NETWORK EQUIPMENT, NETWORK OVERLOADS, MALICIOUS BLOCKING OF ACCESS BY THIRD PARTIES, INTERNET MALFUNCTIONS, INTERRUPTIONS OR OTHER DEFICIENCIES ON THE PART OF INTERNET SERVICE PROVIDERS (ALL TOGETHER HEREAFTER REFERRED TO AS "SYSTEM ERRORS").
10.5. YOU ACKNOWLEDGE AND AGREE THAT ACCESS TO FIDO'S SERVICES AND RESOURCES MAY BE LIMITED OR UNAVAILABLE DUE TO SUCH SYSTEM ERRORS, AND THAT FIDO RESERVES THE RIGHT, UPON NOTICE, TO SUSPEND ACCESS TO ITS ONLINE SERVICES AND RESOURCES FOR THIS REASON.
10.6. IN NO EVENT WILL FIDO BE LIABLE TO YOU FOR ANY INCIDENTAL, SPECIAL, CONSEQUENTIAL, DIRECT, INDIRECT, OR PUNITIVE DAMAGES, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR ANY OTHER LEGAL THEORY, WHETHER OR NOT FIDO HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGE.
10.7. ANY LIABILITY INCURRED BY FIDO IN CONNECTION WITH THE PROGRAM SHALL BE LIMITED TO THE REWARD DUE.
10.8. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL FIDO BE LIABLE FOR A NY SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION, OR ANY OTHER PECUNIARY LOSS) HOWEVER CAUSED AND ON ANY LEGAL OR EQUITABLE THEORY OF LIABILITY, AND WHETHER OR NOT FOR BREACH OF CONTRACT, NEGLIGENCE OR OTHERWISE, EVEN IF FIDO HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS WILL APPLY NOTWITHSTANDING ANY BREACH OF CONDITION(S) OR FUNDAMENTAL TERMS(S) OR FOR A FUNDAMENTAL BREACH(S). IN ANY CASE, FIDO’S ENTIRE LIABILITY UNDER ANY PROVISION OF THIS AGREEMENT SHALL BE LIMITED TO YOUR LOAN AMOUNT OUTSTANDING WITH FIDO OR THE MINIMUM LOAN AMOUNT GIVEN BY FIDO PURSUANT TO A LOAN AGREEMENT. THIS LIMITATION OF LIABILITY IS CUMULATIVE WITH ALL FIDO’S EXPENDITURES WITH RESPECT TO THE LIABILITY BEING AGGREGATED TO DETERMINE SATISFACTION OF THE LIMIT.
11. REPRESENTATIONS
All representations made by you to Fido are true and accurate. You further undertake to immediately notify Fido about any changes in any representation made.
12. AMENDMENTS
Fido reserves the right to amend these terms and conditions or to discontinue the insurance coverage provided to you in partnership with Enterprise without giving notice to you. Any amendment so made shall be binding on you.
13. MISCELLANEOUS
13.1. The rule of construction that these terms and conditions will be interpreted against the party responsible for the drafting or preparation of same will not apply.
13.2. Fido may cede, assign or novate any or all of its rights and / or all of its obligations set out in these terms and conditions to any person or entity without notice to you.
13.3. The failure by Fido to enforce any of its rights under or the provisions of these terms and conditions will not be deemed to be a waiver of such right or provision.
13.4. If any provision in these terms and conditions is held to be invalid or unenforceable, the remaining unaffected provisions shall remain in full force and effect.
14. DISPUTE RESOLUTION
14.1. All disputes arising hereunder shall initially be resolved by way of negotiation between the Parties within sixty (60) calendar days of the communication of the dispute to Fido, failing which the Parties shall resort to mediation.
14.2. Where negotiation and mediation fail, the Parties shall resolve the issue through arbitration under the Alternative Dispute Resolution Act, 2010 (Act 798). The decision of the Arbitrator shall be final and binding on both Parties.
14.3. The arbitral tribunal shall be constituted by a Sole Arbitrator jointly appointed by the parties.
14.4. Where you and Fido fail to mutually appoint an arbitrator two (2) weeks after the service of a Notice of Arbitration, either party shall apply to the chairman of the Ghana Arbitration Centre to appoint a Sole Arbitrator.
14.5. The venue of the arbitration shall be Accra and the applicable law shall be the Laws of Ghana.
14.6. The arbitrator's fees, together with all the administrative expenses to be incurred in holding the arbitral proceedings, shall be borne equally by you and Fido.
