1. Definitions
1.1. "Agreement" means these Terms and Conditions in addition to the loan agreement 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" means Fido Micro Credit LTD
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;
1.9. "IVR" means the Interactive Voice Response Call System used by Fido to contact customers
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. "Merchant" means any member of MMFL’s network of merchants and agents.
1.13. "Mobile Money Account" means MTN Mobile Money Merchant Wallet or Account provided by MobileMoney Fintech Limited.
1.14. "Mobile Money Account Usage Data" means the transactional data as produced from the Customer’s interaction with the MTN Mobile Money Wallet or Account;
1.15. "MMFL" means MobileMoney Fintech Limited
1.16. "MTN" means the Network Operator named MTN ;
1.17. "Network" means the mobile network operated by MTN
1.18. "Overdue interest" means the amount charged to the Customer in case of failing to meet the Due date of repayment
1.19. "Parties" means Fido and the Customer
1.20. "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.
1.21. "Privacy Policy" shall mean Fido's privacy policy which is available here.
1.22. "Repayment Period" means time within which Customer agrees to repay loan;
1.23. "Fido Merchant Loans" means the provision of Micro Credit Loan services to Customers via a platform owned and managed by the Service Provider;
1.24. "Service Provider" means Fido, the partner working with MMFL to deliver 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 Fido Merchant Loans (the Product) to MMFL Merchants (Customers) via the MMFL platform.
2.3. Through the Product, Customers will be able to apply for and receive credit facilities / loans (each a "Credit Facility").
2.4. All applications for the Product shall be exclusively made on MMFL’s platform for Merchants and approved by Fido.
2.5. Subject to internal credit policies, Fido may decide to grant you credit or not at its own discretion.
2.6. By applying for the Product you confirm that you have read and understood these Terms and Conditions, the Loan Payment 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. These Merchant Loan Terms and Conditions ( ML T&Cs) may change from time to time.
2.8. If you do not agree with these ML T&Cs, do not proceed with the application process, i.e., do not accept the ML T&Cs.
2.9. By agreeing to these ML T&Cs 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 Product. The said terms and conditions shall apply to you having accepted the T&Cs or while you have access to MMFL’s Merchant 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 Product is only open to eligible MMFL Merchants.
3.3. Eligible customers hereby agree that the Credit Facility may be used for the following purposes only:
a. Working capital for the Merchant's business operations.
b. Other business related purposes as approved by the Fido.
3.4. Eligible customers hereby agree that the Credit Facility may not be used for the excluded activities outlined in Schedule 1 below.
4. Eligibility and Application Process
4.1. Fido shall open the Product for application to individuals who:
a. Are Ghanaian residents aged 18 years and above;
b. Are formally registered as MMFL Merchants for a minimum of four (4) months;
c. Have a satisfactory transaction history and credit profile;
d. Meet the minimum MMFL Merchant tier as defined by Fido.
4.2. Employees of Fido and its affiliates are not eligible to participate in the application for the Product.
5. Modification
5.1. Fido reserves the right to disqualify any eligible Customer engaging in fraudulent or suspicious activity and Fido is under no obligation to disclose the reasons for disqualification.
5.2. Fido reserves the right to amend, suspend, or terminate the Product, or any aspect of it and these T&Cs, at any time without prior notice to you and without liability.
5.3. Fido’s decisions in relation to the Product, including eligibility and interpretation of these T&Cs, shall be final and binding.
6. Credit Assessment and Approval
6.1. Fido shall assess your creditworthiness based on:
a. Mobile money transaction history
b. Credit scoring
6.2. By applying for the Product, you consent to credit checks and authorization for MMFL to share transaction data with Fido.
6.3. An approval of a Credit Facility does not create any obligation for future credit extensions.
7. Anti-Fraud and Coercion
7.1. The Customer shall not engage in any fraudulent, deceptive, suspicious or abusive conduct in connection with this Product
7.2. Fido may report suspected misconduct to relevant authorities and reserves all rights to pursue any legal remedies available.
7.3. Fido reserves the right to disqualify any Customer from benefitting from the Product, 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 Product.
8. Repayment
8.1. You shall pay the total amount due of your loan in terms of the loan agreement, which includes the principal debt, all fees, interest and applicable taxes, using your Mobile Money Merchant 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 loan agreement. Any payment actually received by Fido subsequent to the due date, even if initiated and completed by You (but not received by Fido) prior to the due date, may, at Fido’s sole discretion, constitute a late payment.
8.4. Fido exclusively accepts electronic forms of payments. Any payments remitted to any individual, whether affiliated to Fido or not, will not be considered a valid loan repayment.
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 its IVR Call system.
8.6. Any Repayment Amount, comprising the Principal and the Interest (whether in full or in part), that remains unpaid after each due date shall attract a one-off late repayment fee of five percent (5%), applied strictly to the overdue amount. Further loan disbursements shall be halted until all outstanding loans are fully repaid and a lien shall be placed on the relevant mobile money Merchant account to automatically deduct any future credits.
8.7. 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
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
If You default in any way on Your obligations under the Agreement:
a. Fido shall be entitled at any time thereafter to demand immediate repayment of the Repayment Amount or the outstanding balance thereof. Such demand shall be made to you via SMS and/or a call from Fido’s recovery team, and shall constitute your formal notice of default with the full amount becoming immediately due and payable.
b. You shall be responsible for the expenses associated with all lawful processes and procedures that Fido may employ in the recovery of any amount owed to Fido and payable by You.
11. Disbursement
11.1. Fido shall transfer the amount requested to You only to your approved mobile money Merchant account. Fido reasonably expects the transfer to be effected no later than one (1) 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) business 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. Upon receipt of such notification as specified in clause 11.2, Fido reserves the right to request supporting evidence for your claims and may, at its sole discretion, elect to modify your repayment schedule.
12. Loan Cancellation Request
12.1. You have the right to make a written cancellation request not later than five (5) business days after disbursement. Such a request may be done in person at Fido’s offices or via email to info.gh@fidocredit.com.
12.2. Fido shall only approve this request subsequent to the full repayment of the entire disbursed amount inclusive of accrued interest and processing fees.
12.3. Upon such cancellation, no penalty shall be charged to the Customer.
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 MMFL 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. Merchant Obligations
14.1. The Customer agrees to:
a. Provide accurate and truthful information in all dealings;
b. Use the Credit Facility only for legitimate business purposes;
c. Make timely repayments according to the Loan Repayment Schedule;
d. Maintain sufficient balance in the Mobile Money Account for automatic deductions;
e. Notify Fido immediately of any changes to contact information, business status, or circumstances affecting repayment ability.
14.2. The Customer shall not:
a. Use the Credit Facility for illegal purposes;
b. Provide false or misleading information;
c. Obstruct or interfere with repayment processes.
14.3. By accepting these terms and conditions, the Customer warrants 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 these Terms and Conditions, mandates MMFL to provide Fido with contact information and other data for the purposes of all communication between the Parties.
15.2. Fido reserves the right to contact the Customer directly or through any of the contacts hereafter provided by MMFL 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 held liable for any errors or omissions in the data received from MMFL. Consequently, the Customer shall not be released from any of his/her/its obligations assumed hereunder by reason of any such error.
16.2. Fido warrants that it maintains industry-standard technical and organizational security measures to protect its platform. However, Fido shall not be liable for any loss, damage, or unauthorized transactions resulting from the Customer’s negligence, including disclosure of access credentials (PINs, passwords), failure to maintain adequate security, or failure to promptly report suspected fraud. The Customer is solely responsible for maintaining the confidentiality of their credentials. In the event of a suspected breach, the Customer must notify Fido immediately. Upon receipt of such a report, Fido shall use commercially reasonable efforts to assist the Customer in resolving the issue.
16.3. The Customer acknowledges and agrees that Fido’s liability is strictly limited to services directly provided by Fido under this Agreement and shall not extend to third-party failures beyond Fido’s reasonable control.
16.4. Fido reserves the right to suspend, make unavailable, or temporarily limit access to its online services in the event of general systems failure, maintenance, or security errors. Fido shall provide prior notice to the Customer where reasonably practicable, or immediate notice following any emergency suspension.
16.5. To the maximum extent permitted by applicable law, Fido shall in no event 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). This exclusion of liability applies irrespective of the cause and the legal or equitable theory of liability invoked, including, but not limited to, breach of contract or negligence, even if Fido has been advised of the possibility of such damages. These limitations shall 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 outstanding Loan amount owed by the Customer to Fido or the minimum Loan amount stipulated by Fido pursuant to a Loan agreement. This limitation of liability is cumulative with all Fido’s expenditures concerning the liability being aggregated to determine the satisfaction of the stated limit.
17. No Partnership Or Agency
Nothing in these T&Cs is intended to, or shall be deemed to, establish any partnership, joint venture, or agency relationship between you and Fido, or authorize you to make or enter into any commitments for or on behalf of Fido
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 confidential or proprietary information received from the other in connection with the Product ("Proprietary Information") and shall not undertake any action which undermines the integrity and availability of any such information.
18.2. 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
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 and Protection
20.1. By applying for or using the Product, you consent to Fido collecting, using and processing your Personal Data, including your Mobile Money Account Usage Data received from MMFL, to assess your application, provide the Product, recover amounts owed, report to credit bureaus, and comply with its legal and regulatory obligations, in accordance with the Privacy Policy and the Data Protection Act, 2012 (Act 843).
20.2. Fido shall retain your Personal Data only for as long as necessary for these purposes or as required by applicable law
21. No Warranties or Representations
To the fullest extent permitted by applicable law, the Product is provided on an “as is” and “as available” basis. We do not warrant or represent that the Product 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 ML T&Cs 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.
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. General Provisions
23.1. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements, representations, or understandings.
23.2. If any provision is held invalid, illegal or unenforceable, it shall be severed, and the remaining provisions shall remain in full force.
23.3. 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.
23.4. You may not cede, assign, transfer or novate any or all of your rights and obligations set out in these T&Cs to any person or entity without Fido’s prior written consent. The Fido may assign any or all of your rights and obligations set out in these T&Cs to any person or entity with reasonable notice to you.
23.5. No Party shall be liable for failure to perform obligations due to events beyond reasonable control including but not limited to Force Majeure events listed in Clause 10 of Fido’s Terms of Service.
SCHEDULE 1 - EXCLUDED ACTIVITIES
(1) Forced labor or child labor
(2) Activities or materials deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international phase-outs or bans as defined in global conventions and agreements, such as (but not limited to):
(a) hazardous chemicals, pharmaceuticals, pesticides and wastes;
(b) ozone depleting substances;
(c) endangered or protected wildlife or wildlife products
(3) Cross-border trade in waste and waste products, unless compliant to the Basel Convention and the underlying regulations
(4) Destruction of High Conservation Value areas
(5) Radioactive materials and unbounded asbestos fibres
(6) Pornography and/or prostitution.
(7) Racist and/or anti-democratic media
(8) In the event that any of these following products form part of a project’s primary financed business activities:
(a) Alcohol beverages (except beer and wine)
(b) Tobacco
(c) Weapons and munitions; or
(d) Gambling, casinos and equivalent enterprises
(9) Production of, trade in, or distribution of ammunition and weapons and critical components thereof (nuclear weapons and radioactive ammunition, biological and chemical weapons of mass destruction, cluster bombs, anti-personnel mines, enriched uranium)
(10) Production of, or trade in radioactive materials
(11) Commercial logging operations or the purchase of logging equipment for use in primary tropical moist forests or old-growth forests.
(12) Production or trade in wood or other forestry products other than from sustainably managed forests.
(13) Production, trade, storage, or transport of significant volumes of hazardous chemicals, or commercial scale usage of hazardous chemicals. Hazardous chemicals include gasoline, kerosene, and other petroleum products.
(14) Production or activities that impinge on the lands owned, or claimed under adjudication, by Indigenous Peoples, without full documented consent of such peoples.
(15) Any activities involving significant degradation, conversion or destruction of Critical Habitats
(16) Sex trade and any related infrastructure, services and media, such as pornography
(17) AI where it poses “unacceptable risk” as defined in the EU AI Act 2021
(18) Nuclear power plants (apart from measures that reduce environmental hazards of existing assets) and mines with uranium as an essential source of extraction.
(19) Biofuel projects that are not environmentally friendly
(20) Mining, prospecting or exploring for Fossil Fuels
(21) Producing, processing or refining Fossil Fuels or using waste heat from the burning of Fossil Fuels whether by a Portfolio Company or a third party
(22) Generating power or heat using Fossil Fuels, storing or transmitting that power or heat or refurbishing or rehabilitating power generation plants that use Fossil Fuels
(23) Storing, transporting, distributing or trading in Fossil Fuels, or developing, acquiring, constructing, operating or maintaining any infrastructure for the storage, transport, distribution of, or trade in, Fossil Fuels
(24) CCUS, where “CCUS” means carbon capture and storage and carbon capture, use, transport and storage.
(25) Engaging in Fossil Fuel Dependent Heavy Industry
(26) The production and provision of goods, services or other outputs (including advisory or financial services and utilities) for exclusive use in connection with any activity referred to items 25 to 30;
(27) The improvement of the efficiency, health and safety or environmental and social standards of any business engaged in any activity referred to in (v) to (aa) above
(28) Investments into search, extraction, production, distribution, processing and promotion of fossil fuels (coal, oil, natural gas and peat).
(29) Activities that increase use of fossil fuels and/or prolong the technical or economic lifetime of heat and power production using fossil fuels, except for back-up in power generation plants, for household cooking purposes and for processes where feasible alternatives do not exist.
(30) Prospection, exploration and mining of coal; land-based means of transport and related infrastructure essentially used for coal; power plants, heating stations and cogeneration facilities essentially fired with coal, as well as associated stub lines.
(31) Non-conventional prospection, exploration and extraction of oil from bituminous shale, tar sands or oil sands.
(32) Upstream oil exploration and production.
(33) Midstream oil, including pipelines.
(34) Downstream oil, including refineries and petrol stations.
(35) Heavy fuel oil (HFO) or diesel-only, dual-fuel HFO or diesel/gas and HFO or diesel/renewable hybrid power plants.
(36) Refurbishment, retrofitting and rehabilitation of existing HFO or diesel-only, dual-fuel HFO or diesel/gas and HFO or diesel/renewable power plants leading to an increase of absolute GHG emissions (i.e. where energy efficiency measures do not compensate for any capacity or load factor increase) and/or where the lifetime of an asset that would be otherwise retired would be substantially increased.
(37) Diesel-only mini grids.
(38) Upstream gas exploration and production.
(39) Midstream/downstream gas (including gas import/export infrastructure and processing facilities) except gas transport, storage and distribution infrastructure where the primary purpose is power generation consistent with a country’s pathway to net zero emissions by 2050 or liquid petroleum gas (LPG) and associated facilities for sourcing, transport, storage, bottling and distribution.
(40) Transport (road/rail/port) infrastructure where the primary use is fossil fuel transport (primary use means more than 50 per cent of the infrastructure’s handled tonnage.
ACKNOWLEDGMENT AND ACCEPTANCE
By applying for and accepting the Credit Facility, the Merchant acknowledges that they have:
a. Read and understood these Terms and Conditions
b. Had the opportunity to seek independent legal advice
c. Provided accurate and complete information
d. Agreed to be bound by these terms
MERCHANT ACCEPTANCE
I, the undersigned Merchant, acknowledge that I have read, understood, and agree to be bound by these Terms and Conditions.
