• Terms of Use

Terms & Conditions for Wakacredit

Table of Contents

These Terms and Conditions apply to and regulate the provision of credit facilities advanced by Wakacredit Limited (hereinafter called “the Lender” or “Wakacredit”) to the Borrower herein. These Terms and Conditions constitute the Lender’s offer and set out the terms governing this Agreement.

BY ACCEPTING THESE TERMS AND CONDITIONS, an account is set up with Wakacredit, and you agree that you have read these Terms and Conditions. You authorize the Lender to conduct verification searches on your information and review your credit report and you understand that this account is subject to transaction fees and default fees and is governed by the Laws of the Federal Republic of Nigeria

You will be asked to provide information (such as your date of birth and your Bank Verification Number) when you apply for a Wakacredit loan. This information is used for verification purposes.

1.0 Who we are

In this agreement, the terms: “You”, “your”, “Customer”, and “Borrower” shall mean the person who applied for this Loan and agrees to this Agreement, while “We”, “us” and “our” and “Lender” shall mean Wakacredit Limited, and following an assignment, any person, company or bank to whom the rights and/or obligations of the Lender have been assigned “Account” means the Borrower’s account with the Lender “Disbursement Date” means the date the Lender actually advanced the loan to the Borrower ”Payment Due Date” means a maximum of 30 days after the loan has been given “Loan” means the amount advanced to the Borrower by the Lender.

2.0 Borrower's Consent

By ticking the “I agree to the Terms and Conditions” on the application form or the Wakacredit Loan Offer letter, you consent and agree that:

  1. We can provide materials and other information about your legal rights and duties to you electronically or by paper.
  2. We are authorised to share data/information collected from your transaction upon request by any investigating agency of the government, a credit bureau or in compliance with an order of the Court.
  3. We can send all important communications, billing statements and demand notes and reminders (collectively referred to as “Disclosures”) to you electronically via our website or to an email address that you provide to us while applying for this loan.
  4. Due to the nature if our services, we are required to work with a number of 3rd parties, and we may receive information about you from them. By agreeing to these terms and conditions, you consent to us receiving personal information and data from 3rd parties for our process.

Your consent to these T&Cs replicates your execution of this contract via electronic signature, and you thereby assent to the following:

3.0 Transaction Fee

  1. Transaction fee shall be charged for each loan facility obtained from the Lender, and the applicable fee payable shall be in accordance with the terms of the loan offer.
  2. The applicable interest rate may be increased or decreased from time to time by the Lender, such change in applicable interest rate will take effect on the Borrower’s account following a minimum of fifteen days written notice electronically mailed.
  3. Total applicable interest rate of the term of the loan shall remain payable notwithstanding that the Borrower liquidates the loan before the expiration of the term.
  4. The Lender shall deduct default and roll-over fees where accruable and in the event of dispute arising from these terms and conditions- the cost of Litigation/Solicitor’s fees

4.0 Borrower’s Obligations

  1. To pay the loan sum, including the applicable interest rate, default or rollover fees, and other amounts due to the Lender charged to you on the basis of this transaction on or before the due date.
  2. We presume that by accessing and consenting to these terms and conditions, you have authorized this loan application made in your name. if you suspect any unauthorized use of your credentials, forgery or fraud, please report immediately by sending an email to com.
  3. To repay the loan given to you and/or someone you authorized to use this account via direct cash transfer to a bank account listed by the Lender, an electronic debut from the card/account you provided on the due date or through an acceptable electronic channel. The Lender reserves the right to accept early repayment before the payment due date, provided the Borrower has given adequate notice and repays full loan along with the interest rate. Loan repayment via electronic debit card may be effected by the Lender in the way and manner hereinafter specified.
  4. The Lender shall charge a one-time processing fee the first time a Customer sets up a new debit card on the account. In the event the card is expired or about to expire, you will have to obtain a renewed card fro your bank or provide us with another personal debit card.
  5. The Lender shall deduct from the card setup on the Payment due date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by you, we will, on a best-effort basis, process a refund within a reasonable time.
  6. You hereby indemnify us against any losses, liabilities or damages that may arise if you use a third party’s card on your Account without the consent of such third party.
  7. In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards you may have on your Account or profile other than the primary card listed on an ongoing basis until the debt and interest rates are settled.
  8. You understand and agree that we do not store card details on our platform, thus, card details shall be processed through a secure payment gateway that is PCI DSS compliant.
  9. For loan amounts greater than Fifty Thousand Naira, we may set up a standing order or direct debit mandate based on the Borrower’s authorization and deduct the repayment amount on the scheduled payment due date.
  10. To provide your authentic and up-to-date personal, social media, phone and financial records that we may reasonably request and analyze, from time to time.
  11. To pay all costs of collection if we take any action to collect this Account or take any action in a bankruptcy proceeding filed by or against you. This shall include, unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts.
  12. To pay a default or roll-over fees as may be provided in these terms and conditions.
  13. Make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.
  14. To promptly notify us if you change your name, your mailing address, your e-mail address or your telephone number.
  15. To honor any other promises that you make in this Agreement.
  16. You will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
  17. Do not use Wakacredit for any act of illegality or criminality as Wakacredit shall not be criminally culpable for any illegality committed by you
  18. Fill out the application form (as provided) with accurate information and details as required.

5.0 Lender’s Obligations

  1. To make available the loan/credit facility to the Borrower.
  2. To execute disbursement in accordance with clause 5.1 above upon confirmation of the Borrower’s identity, personal information and other risk criteria as may be deemed necessary by the Lender.
  3. To demand repayment for the Borrower as at when due.
  4. To conduct investigations on the Borrower before opening an account for the Borrower
  5. To use all reasonable and legitimate means to collect the amount extended to the Borrower, interest rate, roll over fees, delayed payment charges, transaction fees and any other fee  imposed on the Borrower as a result of the loan

6.0 Credit Reference

  1. The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
  2. The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency. The Borrower also
  3. The Borrower’s details and the loan application decision may be registered with the Credit Agency.

7.0 Notices

The Borrower agrees that the Lender may communicate with the Borrower by sending notices, messages, alerts and statements in relation to this Agreement in any of the following manners:

  1. To the most recent physical address the Lender holds for the Borrower on file
  2. By delivery to any email address provided by the Borrower during the application process.
  3. By delivery of an SMS to any mobile telephone number the Borrower has provided to the Lender.
  4. By posting such notice on the Lender’s website.

8.0. Events of Default

Default in terms of this Agreement will occur if:

  1. The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower;or
  2. In the event that the employer or any third-party agent acting on behalf of the Lender is unable to make scheduled deductions from the Borrower’s account on the due date in satisfaction of the Borrower’s loan obligations due to unavailability of funds in the Borrower’s account;
  3. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower is later discovered to be materially incorrect; or
  4. In the event of any default by the Borrower pursuant to Clause 8.1 and 8.2 above, the Borrower shall be liable to pay a delayed payment charge of 0.25% of the amount due per day until the payment of the amount due is fully paid.
  5. The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.
  6. The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commence.
  7. The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.

9.0. Termination of Account

  1. In addition to Termination by default, the Lender may terminate this Agreement at any time and for any reason subject to the requirements of an applicable law.
  2. The Lender can terminate your Account by sending written notice to the address on your application.
  3. If there is no debit or credit on your Account for twelve (12) consecutive months, the Lender may terminate this Account without notice to you.
  4. When Termination arises as a result of default, you will not be able to apply for credit in future

10.0. General

  1. This Agreement represents the entire understanding between the Lender and the Borrower.
  2. Any amendment to this Agreement shall be made by the Lender from time to time and communicated to the Borrower in writing.
  3. The Borrower agrees and undertakes that for the period of this Agreement, the Borrower will not do anything or give any instruction that will make the Lender unable to deduct the monthly repayments as agreed in this Agreement. This includes changing bank accounts without notifying the Lender in writing.
  4. This Agreement shall be governed and construed under the laws of the Federal Republic of Nigeria and, in the event of a dispute, shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
  5. If the Lender does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Payment Due Date) or grant the Borrower an indulgence, the Lender shall not be deemed to have waived or lost those rights and will not be prevented from insisting upon its strict rights at a later date.
  6. The Lender reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only inform the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
  7. The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.
  8. Please refer to our General Data Privacy Policy on our website www.wakacredit.com for your rights under the Nigeria Data Protection Regulation

11.0. Borrower’s Acknowledgement and Confirmation

  1. You acknowledge and confirm that you fully understand the terms and conditions of the loan offer as herein contained and hereby agree to be bound by the same.
  2. If the loan application is made on behalf of the Borrower/beneficiary of the loan for any reason whatsoever, such third party hereby agrees to be liable for any claims of misrepresentation of the terms and conditions of the loan contract against the Lender by the Borrower