FIDO MICRO CREDIT LIMITED
Terms of Service
This document sets out the Terms and Conditions (“Ts & Cs”) that will govern your relationship with Fido. The said Ts & Cs shall apply to you having downloaded the Fido App or while you access our website or other online platforms, to the full extent applicable, whether or not you have applied for a Credit Facility from Fido.
You hereby represent and warrant to Fido as follows:
6.1. 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.
6.2. Fido shall accept this request only after full repayment of the full disbursement amount plus other applicable charges.
7.1. The Credit Facility may attract a commitment and other fees (the “Fees”) specified in the Disclosure Statement and the Agreement.
7.2. The amount drawn down, along with any capitalized fees, (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 period during which the amount drawn down remains outstanding.
8.1. 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.
8.2. You 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.
8.3. Fido only accepts the electronic forms of payments.
8.4. You may be required to complete an irrevocable direct debit mandate form, formally instructing Your bank or electronic money operator to transfer money to Fido's advised account until the Repayment Amount is fully paid off.
8.5. Where You are required to issue a direct debit mandate in favour of Fido, the mandate shall lapse upon Fido receiving all amounts due and owing under the Agreement.
8.6. 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 any of the following methods: face-to-face communication, phone call, text message, email, or Your status as presented within the Fido app or through any social media platform.
8.7. 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 daily penalty rate for each day that the amount remains unpaid after the due date, until the You pay the delayed payment in full in addition to a flat penalty fee.
8.8. 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.
Fido reserves the right to assign its rights, or any part thereof, under the Agreement to third parties ("Third Party Assignees") having provided reasonable notification of same, PROVIDED THAT any such assignment by Fido to Third Party Assignees shall not be invalidated only by reason that You did not receive prior notification of the assignment.
If You default in any way on Your obligations under the Agreement:
All representations made by You in light of the Agreement are true and accurate as of the Effective Date of the Agreement and You undertake under the Agreement to immediately notify Fido about any changes in any representation made.
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.
If any provision of the Agreement is declared invalid, illegal or unenforceable by a court of competent jurisdiction, such declaration shall not affect the validity, legality, or enforceability of any other provision of the Agreement and where necessary the Parties shall negotiate a replacement provision.
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.
The Agreement and the relation between the parties shall be governed by the laws of the Republic of Ghana.
SCHEDULE 1 - EXCLUDED ACTIVITIES
Any of the following activities:
For the full list of excluded activities, see Comprehensive Excluded Activities List.