1. Definitions
1.1. "Agreement" means these Terms and Conditions governing the Credit Facility
1.2. "Bank of Ghana" means the central bank and regulatory authority for financial services in Ghana
1.3. "Business Day" means any day other than Saturday, Sunday, or public holidays in Ghana
1.4. “Customer” or “you” or “your” will refer to the person to whom the Mobile Money account belongs to and includes all his personal or legal representatives and assigns
1.5. "Default" means any breach of these Terms and Conditions
1.6. “Due Date” means the date communicated by the service provider by which the loan repayment falls due; In a case where the loan is not fully repaid on the Due Date, we shall be entitled to define a new due date.
1.7. Fido Micro Credit Ltd means Fido, the service provider
1.8. “Interest” means the price of loan calculated periodically, starting from the moment of loan disbursement, and charged to the customer at the moment of the loan repayment;
1.10. “Loan amount” means the volume of the cash that is lent to the Customer and disbursed to the designated mobile money account;
1.11. “Loan Payment Schedule” means the notice with the details of your loan such as the amount and repayment terms, service and other permitted fees and charges which will be provided to you if you are elected to receive a loan.
1.12. “Loan Postponement Offer” means the flexible payment mechanism which allows clients to extend their loan due date in exchange for settling accrued interest and fees up to the date of the request.
1.12. “Postponed Due Date” means the new payment due date offered once by Fido to eligible customers extending their original loan due date in exchange for settling accrued interest and fees up to the date of the request.
1.13. “Overdue interest” means the amount charged to the Customer in case of failing to meet the Due date of repayment
1.14. “Personal Data” shall have the meaning of the definition as per the Data Protection Act, 2012 (Act 843) of the Republic of Ghana and any amendment thereof.
1.15. “Privacy Policy” shall mean Fido's privacy policy which is available here.
1.16. “Repayment Period” means time within which Customer agrees to repay loan;
1.17. “Service Provider” means Fido, delivering a lending solution through its proprietary analytics and delivery platform to enable the provision of the Services.
2. Introduction
2.1 Fido Micro Credit LTD (Fido) is a private limited liability company incorporated in Ghana regulated by the Bank of Ghana and is primarily engaged in the business of providing Credit Facilities to individuals, Micro, Small and Medium Enterprises.
2.2 Fido is launching the Loan Postponement (the Offer) to its Customers via the Fido App.
2.3 Through the Offer, Customers will be able to apply for a one time loan postponement to extend their loan due date in exchange for paying all interest and fees accrued up to the date of the request.
2.4 All applications for the Offer shall be exclusively made on the Fido platform for Customers and approved by Fido..
2.5. Subject to internal credit policies, Fido may decide to grant you credit and the Offer or not within its discretion.
2.6 By using this service you confirm that you have read and understood these Terms and Conditions, the Loan Schedule and the Privacy Policy, as they apply from time to time, and that these Terms and Conditions and Privacy policy are binding on you.
2.7. By applying for the Offer you agree to these terms and conditions as well as Fido’s general Terms of Service.
2.8. This Agreement may not be assigned by you to any other person.
2.9. These Terms and Conditions may change from time to time.
2.10. If you do not agree with these T&Cs, do not proceed with the application process, i.e., do not accept the T&Cs.
2.11 By agreeing to these Terms and Conditions and subject to your right to opt out, you consent to be contacted via SMS or whatsapp for marketing purposes.
3. Overview and Purpose
3.1 This document sets out the terms and conditions that will govern your relationship with Fido if you apply for the Offer. The said terms and conditions shall apply to you having accepted the T&Cs or while you have access to Fido’s platforms, to the full extent applicable, whether you have applied for a Credit Facility or not. Please read these terms and conditions carefully.
3.2 The Offer is only open to eligible Fido Customers.
3.3 The Offer shall have the following features:
3.4 Eligible customers hereby agree that all Credit Facilities may not be used for the excluded activities as outlined in Fido’s Terms of Service.
4. Eligibility and Application Process
4.1 Fido shall open applications for the Offer to:
4.2 Employees of Fido and its affiliates are not eligible to participate in the application for the Offer.
5. Modification
5.1 Fido reserves the right to disqualify any eligible Customer engaging in fraudulent or suspicious activity. Fido is under no obligation to disclose the reasons for disqualification.
5.2 Fido reserves the right to amend, suspend, or terminate the Offer, or any aspect of it and these T&Cs, at any time without prior notice and without liability.
5.3 Fido’s decisions in relation to the Offer, including eligibility and interpretation of these T&Cs, shall be final and binding.
6. Anti-Fraud and Coercion
6.1 The Customer shall not engage in any fraudulent, deceptive, suspicious or abusive conduct in connection with this Offer.
6.2 Fido may report suspected misconduct to relevant authorities and reserves all rights to pursue any legal remedies available.
6.3 Fido reserves the right to disqualify any Customer from benefitting from the Offer, and to withhold or cancel the prior registrations, where Fido determines, at its sole discretion, that the Customer has engaged in fraud, misrepresentation, manipulation of the process, or any activity that undermines the integrity of the Offer.
7. Postponed Due Date
7.1 The Customer shall be permitted to extend the due date on an active loan, in exchange for settling accrued interest and fees once.
7.2 The Customer shall be permitted to pay the accrued interest and fees as displayed on the Fido App on the active loan, after which new due dates will be provided.
7.3 The Customer shall be provided with a new one-time fee which shall be applicable
7.4 The Customer’s principal loan amount shall not attract a late payment fee during the postponement period.
7.5 The Customer’s principal loan amount shall remain unchanged unless partially repaid), with daily interests accruing on the outstanding balance.
8. Repayment
8.1 The Customer shall pay the total amount due of the loan in terms of the loan agreement, which includes the principal debt, all fees, interest and applicable taxes, using their Mobile Money Account.
8.2 The Principal shall become due in full, together with the Fees and the Interest (collectively referred to hereafter as "Repayment Amount"), on the dates set out in the repayment schedule of the Agreement.
8.3 The Customer shall be responsible for ensuring that the Repayment Amount is paid to Fido by the due date specified in the Agreement. 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.
8.4 Fido only accepts the electronic forms of payments.
8.5 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 any of the following methods: phone call, text message, or through a social media platform.
8.8 Any Repayment Amount, comprising the Principal, the Fees, and the Interest (whether in full or in part), remaining unpaid after each due date shall be treated as a principal amount and shall attract a one-off late repayment fee of 5% of the principal amount (not outstanding). Further loan disbursements shall be halted until all outstanding loans are fully repaid and a lien shall be placed on the relevant mobile money account to automatically deduct any future credits.
8.9 In the event You become bankrupt, the Agreement shall lapse and any amounts payable by You or due Fido hereunder shall become immediately due and payable in full.
9. Interest
9.1 The amount drawn down, along with any capitalized fees if applicable, (collectively referred to hereinafter as the "Principal") shall attract an interest rate specified in the Agreement, computed as simple interest (hereinafter referred to as the "Interest") for the duration of the credit facility.
10. Default
10.1 If You default in any way on Your obligations under the Agreement:
11. Disbursement
11.1 Fido shall transfer the amount requested to You only to your approved mobile money account. Fido reasonably expects the transfer to be effected no later than one business day following the date on which the Agreement is concluded. The Agreement shall only take effect after the amount requested has been successfully disbursed (hereinafter referred to as the "Effective Date").
11.2 Where you do not receive the disbursement with the timeframe stipulated in clause 11.1, You are required to notify Fido within three (3) days following the date on which the amount should have been disbursed. Such notification may be done in person at Fido’s offices or via email to info.gh@fidocredit.com , or by contacting our customer support phone number.
11.3 Where Fido receives such notification as specified in clause 11.2, Fido reserves the right to request evidence in support of Your claims and may choose to make changes to Your repayment schedule at its sole discretion.
12. Loan Cancellation Request
12.1 You have the right to make a cancellation request not later than two (2) calendar days after disbursement. Such a request may be done in person at Fido’s offices or via email to info.gh@fidocredit.com , or by contacting our customer support phone number.
12.2 Fido shall accept this request only after full repayment of the full disbursement amount plus other applicable charges.
13. Termination
13.1 Fido reserves the right to, in its sole discretion, terminate Your application process or the Agreement any time before the Effective Date.
13.2 Fido further reserves the right, in its sole discretion, to terminate the Agreement if it is unable to disburse the amount requested due to a system failure on the part of network providers or due to any other reason attributable to a third party unrelated to Fido.
13.3 Upon such termination or cancellation, Fido shall in no way be liable to You for any loss or damage deriving from the termination.
14. Customer Obligations
14.1. The Customer agrees to:
14.2. The Customer shall not:
14.2. By accepting these terms and conditions, the Customer warrants (promise in a way that you can be held legally bound by that promise) that it has the required legal and contractual capacity to enter into and be bound by contractual terms. In particular, the Customer warrants that he/she is at least 18 years old.
15. Contact
15.1 The Customer upon accepting this Agreement mandates Fido with contact information and other data for the purposes of all communication between the Parties.
15.2 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.
15.3 Fido reserves the right to contact the Customer directly or through any of the contacts hereafter provided by the Customer at any given time. In doing so, Fido may rely on information hereafter provided by the Customer.
16. Limitation and exclusion of liability
16.1 Fido shall not be responsible for any errors or omissions per the data obtained from customers notwithstanding that any such error may adversely affect the Customer or the discharge of the Customer’s obligations hereunder and hereafter, and the Customer shall not be discharged from any of his/her/its obligations hereunder and hereafter assumed by reason of any such error.
16.3 The Customer shall be responsible for the safe keeping of all its credentials (such as PIN code) used to access the services and Fido shall in no way be responsible for any loss or damage arising from the activities of third parties.
16.4 Fido shall also not be liable in any way for any loss or damage suffered by the Customer, which loss or damage is as a result of the fraudulent act(s) of third parties who have had access to the Customer’s mobile money account through the Customer or otherwise.
16.5 Fido shall not bear any liability to the Customer for damage which the Customer 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 service providers (all together hereafter referred to as "System Errors"). The Customer acknowledges 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.
16.5 Fido shall in no event, to the maximum extent permitted by applicable law, be liable for any 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 the T&C 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.
17. No Partnership Or Agency
18. Confidentiality And Information Security
18.1 You, together with Fido, agree that you shall take reasonable measures to maintain the confidentiality, integrity and availability of Proprietary Information received and shall not undertake any action which undermines the integrity and availability of any such information.
12.2 Excluded from the provisions of the preceding paragraphs are all data, information and documents that, legally or contractually, must be rendered or submitted to any public entities, financial institutions, insurance organizations, credit bureaus, or consultants in the scope of their duties, as well as disclosures that are required to honor any other duty established by law. In such cases the requested information should only be presented to the authority or entity that is entitled to the information and must be strictly limited to the necessary information to achieve the defined objective.
19. Representations
19.1 All representations made by you are true and accurate as of the effective date of this Agreement (being the date of its acceptance) and You further undertake to immediately notify Fido about any changes in any representation made.
20. Data Privacy
By participating in the Campaign, you consent to the collection, use and processing of your personal information in accordance with Fido’s Privacy Policy and the applicable Data Protection laws in the republic of Ghana.
21. No Warranties or Representations
To the fullest extent permitted by applicable law, the Service is provided on an “as is” and “as available” basis. We do not warrant or represent that the Service will be error-free, or that the content provided on or via the Service is or will be accurate, suitable, complete or fit for or compatible with any particular purposes.
22. Governing Law and Dispute Resolution
22.1 These Terms and Conditions are governed by and will be interpreted in accordance with the laws of the Republic of Ghana without reference to any conflict of law provisions. Any dispute, controversy, or claim arising under, out of, or in relation to the Agreement, or the breach, termination or invalidity of the Agreement, shall be resolved by recourse to the law courts of Ghana.
22.2 The parties shall endeavor to amicably settle any disputes and misunderstandings which may arise in connection with this agreement. Where amicable settlement of any dispute arising from this Agreement is impossible within fourteen (14) days, the aggrieved party shall refer the dispute to the High Courts of Ghana for resolution and the proper forum shall be the Commercial Division of the High Court.
23. Personal Data Protection
By applying for this Offer, you expressly agree that your personal data shall be processed for the purpose of executing the Service. Additionally such personal data will be retained by Fido, in accordance with the law.
24. MISCELLANEOUS
24.1 Fido may cede, assign or novate any or all of its rights and / or all of its obligations set out in these T&Cs to any person or entity without notice or recourse to you.
24.2 If any provision in these T&Cs is held to be invalid or unenforceable, the remaining unaffected provisions shall remain in full force and effect.
25. GENERAL PROVISIONS
25.1. Entire Agreement
This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements, representations, or understandings.
25.2. Severability
If any provision is held invalid, illegal or unenforceable, it shall be severed, and the remaining provisions shall remain in full force and and where necessary the Parties shall negotiate a replacement provision..
25.3 Non-Waiver
No exercise or failure to exercise or delay in exercising any right, power or remedy vested in Fido under or pursuant to the Agreement shall constitute a waiver by Fido of that or any other right, power or remedy.
25.4 Assignment
The Customer may not assign rights or obligations without written consent. The Fido and Provider may assign their rights.
25.5 Force Majeure
No Party shall be liable for failure to perform obligations due to events beyond reasonable control (natural disasters, war, government actions, etc.).
ACKNOWLEDGMENT AND ACCEPTANCE
By applying for and accepting the Credit Facility, the Customer acknowledges that they have:
CUSTOMER ACCEPTANCE
I, the undersigned Customer, acknowledge that I have read, understood, and agree to be bound by these Terms and Conditions.
