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 Digital Credit Facilities to individuals and Micro, Small and Medium Enterprises (“MSMEs”).
1.2. Fido Pro is a credit line made available by Fido, on an invitation-only basis, to selected salaried employees in Ghana. All applications, approvals, drawdowns and repayments under Fido Pro are exclusively made, approved and processed electronically.
1.3. You (which expression shall apply to the natural person to whom Fido makes the credit line available) have been invited by Fido to apply for, or have applied for, the Fido Pro Credit Line.
1.4. By accepting these Fido Pro Terms and Conditions ( Fido Pro Ts & Cs), You also agree to Fido’s Terms of Service, and Fido’s Privacy Policy.
2. SCOPE
2.1. This document sets out the Fido Pro Ts & Cs that shall govern the Fido Pro credit line between You and Fido.
2.2. These Fido Pro Ts & Cs shall be read together with Fido’s Terms of Service. Where any provision of the Terms of Service is inconsistent with these Fido Pro Ts & Cs, these Fido Pro Ts & Cs shall prevail in respect of the credit line.
2.3. Notwithstanding Clause 2.2 above, Clauses 4.2 (to the extent that it requires a Disclosure Statement for each drawdown), 4.4, 5.1, 6, 7.1, 8.1, 8.7 and 11.1.4 of the Terms of Service therein shall not apply to the Credit Line. All other clauses of the Terms of Service shall apply to the Credit Line with the necessary modifications.
2.4. Fido Pro is offered as a limited pilot and may be discontinued by Fido in accordance with clause 14 herein.
3. DEFINITIONS
In these Fido Pro Ts & Cs, unless the context otherwise requires:
3.1. “Amount Due” means the entire Used Amount together with all Interest and fees accrued thereon as at the Due Date;
3.2. “Available Balance” means the Credit Limit less the Used Amount shown to You in Your Fido App;
3.3. “Credit Limit” means the maximum amount that may be outstanding under the credit line at any time, being GHS 4,000 or such other amount as Fido may determine under clause 7.4;
3.4. “Credit Line” means the Fido Pro revolving credit facility made available to You under these Fido Pro Ts & Cs;
3.5. “Drawdown” means any amount drawn by You under the Credit Line, whether disbursed to Your own mobile money account or to a Third-Party Recipient;
3.6. “Due Date” means the single fixed date in each month, as determined under clause 10.1 and displayed in the Fido App, by which the Amount Due shall be paid;
3.7. ”Overdue Principal” means any part of the Used Amount included in the Amount Due, whether in full or in part that remains unpaid after a Due Date;
3.8. “Terms of Service” means Fido’s general Terms of Service and End-User License Agreement (“EULA”), as amended from time to time;
3.9. “Third-Party Recipient” means any person, other than You, to whose mobile money account You instruct Fido to disburse a drawdown to; and
3.10. “Used Amount” means the aggregate of all Drawdowns which have not been repaid by You.
4. REPRESENTATIONS AND WARRANTIES
You hereby represent and warrant to Fido as follows:
4.1. You are at least 18 years old and have legal capacity to enter into these Fido Pro Ts & Cs.
4.2. You have been in full-time employment in Ghana, with Your current employer for at least three (3) months and earn a gross monthly salary of not less than Fifteen Thousand Ghana Cedis (GHS 15,000) . Fido may ask for further proof of employment and salary and may decline Your application if it cannot verify them.
4.3. You have personally accessed the Fido App, and fully understand what You are signing up for, including Your obligations under the credit line.
4.4. Your application for the credit line was personally initiated and concluded by You.
4.5. The mobile money account You provide to Fido is registered in Your name.
4.6. All documents and information You provide to Fido, including Your payslip, bank statements and employment details, are true, complete, genuine and relate to You.
4.7. You have not previously opened an account with Fido, in Your name, with Your number or with Your Ghana Card.
5. INVITATION AND APPLICATION
5.1. Register for the Fido Pro waiting list by entering Your phone number on the Fido Pro landing page. Fido may send You an invitation by SMS or, where You have consented to it, by WhatsApp. An invitation is personal to You and may not be transferred.
5.2. Download the Fido App and apply for the credit line using the same phone number You registered on the Fido Pro waiting list. Fido will not process an application made with a different number.
5.3. You shall correctly and fully complete all required digital Know Your Customer (“KYC”) requirements, including biometric verification against Your Ghana Card record held by the National Identification Authority, and all application form(s).
5.4. You shall provide, and You hereby authorise Fido to review: (a) Your most recent payslip; (b) Bank statements for the last three (3) months for the bank account into which Your salary is paid; (c) the name of Your employer and the industry in which it operates; (d) Your job title and (e) any other information which Fido may reasonably request.
5.5. Fido shall provide You with a Pre-agreement Statement (the “Pre-agreement Statement”) which summarizes the important terms of the credit line before You accept these Fido Pro Ts & Cs. No further Pre-agreement Statement shall be required for each drawdown.
5.6. Fido reserves the right, in its sole discretion, to decide whom to invite and whether to approve Your application. Registration on the Fido Pro waiting list does not guarantee an invitation or approval.
5.7. While Your phone number remains on the Fido Pro waiting list or Your Credit Line is in effect, You shall not be able to obtain any other credit product from Fido. You may continue to use Fido’s non-credit products such as our savings product. You may request removal from the waiting list at any time by contacting Fido’s customer support as set out in Fido’s Privacy Policy.
6. CREDIT BUREAU CONSENT
6.1. By ticking the separate credit bureau consent box in the Fido App, You expressly consent to Fido doing the following until Your Credit Line is closed and all amounts owed to Fido are paid in full.
6.1.1. Requesting and obtaining Your credit report from any credit bureau licensed by the Bank of Ghana at the application stage and periodically while the Credit Line remains open;
6.1.2. Using such credit report to decide whether to approve, continue, vary, suspend or close the Credit Line; and
6.2. Fido shall disclose information on the Credit Line, including the Credit Limit, Drawdowns, repayments and any default, to licensed credit bureaus in accordance with the Credit Reporting Act, 2007 (Act 726) and the regulations made under it.
6.3. If You do not give the consent in Clause 6.1, Fido cannot process Your application.
6.4. The consent given under clause 6.1 is given once, at the application stage, and shall apply to all Drawdowns under the credit line. You shall not be required to give a separate consent before each Drawdown.
6.5. You may withdraw Your consent under clause 6.1 by cancelling the Credit Line in accordance with clause 12. Such drawdown shall not affect any credit report already obtained or any disclosure which Fido is required by law to make.
7. CREDIT LINE
7.1. Where Your application is approved , Fido shall offer You a Credit Line not exceeding the Credit Limit in the Fido App. The credit line shall take effect on the date on which You accept that offer in the Fido App ( the “Effective Date”). No Interest shall be charged until You make a Drawdown. Fido may withdraw the offer if You do not accept it within one (1) day of approval.
7.2. The Credit Line offered to You is revolving. Each time You make a Drawdown, the Available Balance reduces by the amount drawn. Each repayment of principal restores the Available Balance by the amount repaid once Fido receives it. If You do not pay the Amount Due by the Due Date, You may not make any further Drawdown until You have paid all amounts owed in full, after which Fido may, at its discretion, allow You to make a Drawdown again.
7.3. The Credit Line has no fixed end date and shall remain in effect until it is cancelled by You under clause 12, or suspended, terminated or discontinued by Fido under clauses 11, 13 or 14.
7.4. Fido may based on its credit assessment of You, (i)increase the Credit Limit by notifying You by SMS or push notifications; or (ii) reduce Your Credit Limit, by giving You not less than seven (7) days’ notice by SMS or push notifications, which shall not be less than the Used Amount at the time of the reduction. Where Clause 13 applies Fido may reduce the Credit Limit with immediate effect.
8. DRAWDOWN
8.1. You may Drawdown any amount up to the Available Balance, as many times as You wish, while the credit line is in effect.
8.2. You may instruct Fido to disburse a Drawdown to:
8.2.1. Your own mobile money account registered in Your name; or
8.2.2. the mobile money account of a Third-Party Recipient.
8.3. Where You instruct Fido to disburse a Drawdown to a Third-Party Recipient:
8.3.1. the name registered to the mobile money account You have entered shall be displayed;
8.3.2. You shall select the reason for the payment from the list provided in the Fido App; and
8.3.3. You shall confirm the disbursement by entering Your PIN before it is made.
8.4. Once You confirm a Drawdown, the amount shall be disbursed on Your instruction and the disbursement cannot be reversed by Fido. Every Drawdown, including a Drawdown disbursed to a Third-Party Recipient, shall constitute credit drawn by You, and You alone shall be liable to repay it together with the Interest thereon.
8.5. Fido shall not be liable for any dispute between You and a Third-Party Recipient, or for any Drawdown disbursed to the mobile money account You confirmed under clause 8.3.
8.6. Fido reserves the right to delay, decline or limit any Drawdown, including by setting per-transaction or daily limits on disbursements to Third-Party Recipients, where Fido reasonably suspects fraud, money laundering or a breach of these Fido Pro Ts & Cs, or where Fido is required to do so by law.
8.7. Fido reasonably expects a Drawdown to be disbursed instantly. Where You do not receive a Drawdown, You shall notify Fido within three (3) days following the date of the Drawdown, in person at Fido’s offices, via email to info.gh@fidocredit.com or by contacting Fido’s customer support phone number. Fido reserves the right to request evidence in support of Your claim.
9. FEES AND INTEREST
9.1. The Used Amount shall attract interest at the rate of 0.36% (zero point three six percent) per day, computed as simple interest ( the “Interest”), for each day that the Used Amount remains outstanding. Interest shall accrue only on the Used Amount and not on the Available Balance, Interest, late fees or penalties, subject to Clause 11.2(b).
9.2. Save for the Interest and the late payment charges set out in clause 11, the credit line shall not attract any commitment fee, processing fee, Drawdown fee, account fee or any other fee.
9.3. Any charges levied by Your mobile money operator for receiving Drawdowns or making repayments shall be borne by You.
9.4. Fido shall display in the Fido App, at all times, the Used Amount, accrued Interest, Available Balance and next Due Date together with a record of all Drawdowns and repayments.
10. REPAYMENT
10.1. Fido shall determine Your Due Date at the application stage by reference to the date on which Your salary is ordinarily paid. The Due Date shall be displayed in the Fido App and shall remain the same each month, unless Fido agrees to change it at Your request by contacting Fido’s Customer Support.
10.2. You shall be responsible for ensuring that the Amount Due is paid to Fido in full by the Due Date. Any payment actually received by Fido after the Due Date, even if initiated and completed by You (but not received by Fido) before the Due Date, may constitute a late payment at Fido’s sole discretion.
10.3. You may repay any amount at any time, including after the Due Date. Any amount repaid and applied to the Used Amount under clause 10.4 shall restore the Available Balance in accordance with clause 7.2. Any Overdue Principal shall attract the late payment charges set out in clause 11.2 until it is paid.
10.4. Payments received by Fido shall be applied in the following order: late payment charges, Interest and then the Used Amount.
10.5. Fido only accepts electronic forms of payment, through the channels displayed in the Fido App.
10.6. Fido shall be responsible for verifying receipt of Your repayment and notifying You if repayment has not been made. The said notification may be via text message, email, phone call or Your status as presented within the Fido App.
11. LATE PAYMENT AND DEFAULT
11.1. Where the Amount Due is not paid in full by the Due Date, Your right to make further Drawdowns shall be suspended.
11.2. Any Overdue Principal shall attract:
11.2.1. a late fee of 0.6% (zero point six percent) of the Overdue Principal, charged after each Due Date on which it remains unpaid; and
11.2.2. a daily penalty rate of 0.533% (zero point five three three percent) on the Overdue Principal, for each day it remains unpaid, which shall apply in place of the Interest on that amount.
11.2.3. Interest, late fees and penalties shall be charged only on principal.
11.3. Fido shall notify You by text message and push notification before and on each Due Date. In the event You become bankrupt, the Credit Line shall terminate and any amounts payable by You or due to Fido hereunder shall become immediately due and payable in full.
11.4. Clause 14 (Default) of the Terms of Service shall apply to any amount which remains unpaid after the Due Date.
11.5. Fido may, at its discretion, defer or waive any late fee or penalty, in whole or in part. Any deferral or waiver shall not affect Fido’s rights in respect of any other amount or Due Date.
12. CANCELLATION
12.1. You may cancel the Credit Line at any time through the Fido App, provided that the Used Amount, Interest and any penalties are all zero at the time of the request.
12.2. Fido may cancel the Credit Line by notifying You at any time provided that no amount is owed under it.
12.3. Cancellation by You shall take effect upon confirmation by Fido within the Fido App. No penalty shall be charged to You upon cancellation.
12.4. Where You wish to access the credit line again after cancellation, Fido shall treat Your request as a new application.
13. SUSPENSION AND TERMINATION
13.1. Fido reserves the right, in its sole discretion, to terminate Your application process at any time before the Effective Date.
13.2. Fido reserves the right to suspend Drawdowns, or to terminate the credit line with immediate effect, where:
13.2.1. You have provided false, inaccurate or misleading information to Fido;
13.2.2. You no longer meet the requirements set out in clause 4.2;
13.2.3. Fido reasonably suspects fraud, money laundering or the use of any Drawdown for a purpose prohibited under clause 16;
13.2.4. You fail to pay the Amount Due by the Due Date or are otherwise in breach of any provision of these Fido Pro Ts & Cs; or
13.2.5. Fido is required to do so by law or by any regulatory authority.
13.3. You shall notify Fido immediately by Contacting Fido’s Customer Support, where You cease to be in full-time employment, change Your employer, or Your gross monthly salary falls below the minimum amount stated in clause 4.2.
13.4. Upon termination under clause 13.2, any amount owing by You shall become immediately due and payable.
13.5. Upon such termination, Fido shall in no way be liable to You for any loss or damage deriving from the termination.
14. DISCONTINUATION OF FIDO PRO
14.1. Fido reserves the right to discontinue the Fido Pro pilot, or to terminate the Credit Line for any reason not covered by clause 13, at any time by notifying You.
14.2. Upon discontinuation, You shall not be able to make any further Drawdowns, any amount owing by You shall be payable on the next Due Date in accordance with these Fido Pro Ts & Cs, and the Credit Line shall automatically close once all amounts owing are paid in full.
15. DISCLOSURE OF INFORMATION, DATA RETENTION, AND USE OF DATA
15.1. Clause 11 of the Terms of Service, save for clause 11.1.4, shall apply to the credit line.
15.2. In addition, You agree that Fido may collect, use and retain Your employment and income information, including Your payslip, bank statements, employer, industry, LinkedIn profile and salary, for the purposes of assessing, monitoring and managing the credit line, in accordance with the Data Protection Act, 2012 (Act 843) and Fido’s Privacy Policy.
15.3. You agree that Fido may disclose to a Third-Party Recipient such information as is necessary to complete a disbursement, and may disclose to the appropriate authorities the details of any Drawdown where required by law.
15.4. Fido shall send You messages about the Credit Line by SMS and push notifications and by WhatsApp only where You have expressly opted in. You may opt out of receiving messages at any time through our Fido App settings or dial *998*13#.
16. COVENANTS
16.1. You shall not use any Drawdown, or any part thereof, whether disbursed to Your own mobile money account or to a Third-Party Recipient, for electronic gambling, money laundering or any unlawful purpose.
16.2. Further, You shall not use any Drawdown, or any part thereof, for any of the excluded activities listed in Schedule 1 of the Terms of Service.
16.3. Fido reserves the right to terminate the credit line and call up the entire outstanding balance of the Used Amount, Interest and penalties, where Fido reasonably believes that Your use of any Drawdown involves an unsanctioned or illegal activity, or unlawful purpose. Fido further reserves the right to report You to the appropriate authorities in such cases.
16.4. The payment reason You select under clause 8.3(b) shall be true and accurate.
17. CONTACT
17.1. During the application process You shall be required to provide Your contact details and other relevant information to Fido to facilitate communication between You and Fido.
17.2. Fido shall contact You directly, using the contact details provided by You. Fido shall not contact Your employer or any Third-Party Recipient in respect of any amount owing under the credit line.
18. LIMITATION AND EXCLUSION OF LIABILITY
18.1. CLAUSE 16 OF THE TERMS OF SERVICE SHALL APPLY TO THE CREDIT LINE.
18.2. IN ADDITION, FIDO SHALL NOT BE LIABLE FOR ANY LOSS ARISING FROM A DRAWDOWN DISBURSED TO A THIRD-PARTY RECIPIENT IN ACCORDANCE WITH YOUR CONFIRMED INSTRUCTION, INCLUDING WHERE THE THIRD-PARTY RECIPIENT FAILS TO DELIVER ANY GOODS OR SERVICES, OR WHERE YOU ARE INDUCED BY FRAUD OF A THIRD PARTY TO MAKE THE DISBURSEMENT.
18.3. FIDO SHALL NOT BE LIABLE FOR ANY LOSS, DAMAGE OR UNAUTHORIZED DRAWDOWN RESULTING FROM YOUR NEGLIGENCE, INCLUDING DISCLOSURE OF YOUR PIN OR PASSWORD. IN THE EVENT OF A SUSPECTED UNAUTHORIZED DRAWDOWN, YOU MUST NOTIFY FIDO IMMEDIATELY.
19. AMENDMENT
19.1. Fido shall give You not less than thirty (30) days’ notice, within the Fido App and by SMS , before any amendment to the Interest rate, fees, penalties, the Credit Limit structure (other than a change to Your Credit Limit under Clause 7.4 or discontinuation of Fido Pro under Clause 14), the Due Date or the consequences of late payment.
19.2. Fido reserves the right to make any other amendment, or any amendment required by law or for security reasons, with immediate effect, and shall notify You accordingly.
19.3. Where You do not accept an amendment under clause 19.1, You may cancel the credit line in accordance with clause 12 before the amendment takes effect.
20. GENERAL PROVISIONS
20.1. These Fido Pro Ts & Cs, together with the Terms of Service and the Pre-agreement Statement, express and incorporate the entire understanding of the Parties in relation to the Credit Line.
20.2. Clauses 10 (Force Majeure), 12 (Assignment), 17 (Accuracy of Representations), 19 (Non-Waiver), 20 (Validity, Legality, and Enforceability), 21 (Dispute resolution) and 22 (Governing Law and Jurisdiction) of the Terms of Service shall apply to the Credit Line, and references in those clauses to the “Agreement” shall be read as references to these Fido Pro Ts & Cs.
20.3. You may lodge a complaint with Fido through the complaints process published on Fido’s website. Where You are not satisfied with Fido’s resolution of Your complaint, You may escalate it to the Bank of Ghana.
