In this Agreement, the following terms shall have the meaning ascribed to it below, unless the context requires otherwise;


Account” means the Customer’s user account with the Company.


Agreement” means this Savings Agreement, including the Schedules and Annexures attached hereto, as the same may be amended, modified or supplemented from time to time.


Applicable Laws” means any applicable law, regulations, administrative orders, constitution, principles of law, governmental policies, statute, or treaty, and shall include notifications, regulations, policies, guidelines, circulars, directions, directives and orders of any governmental authority, statutory authority, superior courts of record or tribunal having jurisdiction over the Parties or this Agreement.


Business Day” means a day other than a Saturday, Sunday, or public holiday in the Federal Republic of Nigeria.


Deposit” means any deposit of money made by the Customer or on the Customer’s behalf into an Account.


Financial Institution” means a licensed deposit money bank or authorized financial institution in Nigeria.


Linked External Account” means an account domiciled in a Financial Institution to which the Customer’s Account is linked.


Mobile Application” means the application software that enables access to Company’s Platform, through which it is possible to register as a user and manage your account, save and apply for loan facilities.


Platform” means the Customer’s online, mobile application, web-based platform through which it provides its services to its users.


Tenure” means the agreed upon fixed tenure for Deposits

  • The headings are inserted for convenience only and shall not affect the construction of this Agreement.


  • Words denoting a gender include all genders, and words denoting persons shall include the singular and vice versa.


  • A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).


  • A reference to a company shall include any company, corporation, or other body corporate or entity, wherever and however incorporated or established.


  • A reference to a statute or statutory provision is a reference to it as amended, extended, or re-enacted from time to time. A reference to a statute or statutory provision includes any subordinate legislation made from time to time under that statute or statutory provision.


  • References to clauses and schedules are to the clauses and schedules of this agreement and references to paragraphs are to paragraphs of the relevant schedule.


  • Any words following the terms ‘including’, ‘include’, ‘in particular’ or ‘for example’ or any similar phrase shall be construed as illustrative and shall not limit the generality of the related general words.


  • Any reference to writing shall include emails or pushed notifications.


  • Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.


  • Unless the context otherwise requires, words in the singular shall include the plural and, in the plural, shall include the singular

Under this Agreement, the Company undertakes to accept from the Client such Deposit as the Customer is minded to place in his Account and upon request, make available to the Customer, the Deposit and applicable Interest further to the terms and conditions and in the procedure set out in this Agreement.


The Customer hereby agrees to create an Account with the Company and hereby undertakes not to transfer any of its rights and interests in the Accounts nor create any form of security interest over such rights and interests to any third party without the Company’s prior written consent.


The Customer represents and warrants that it has the power and capacity to open and operate the Account, that the terms and the relevant Account applications constitute valid and binding obligations of the Customer, and that the Customer has taken all necessary actions to duly authorize the execution and delivery of the same.


The Customer may choose to link his Account to a Financial Institution; provided that any Linked External Account must be owned by the Customer (which ownership will need to be verified) and must be a personal account (not a business or commercial account).


A Customer’s request to establish a Linked External Account is subject to the Company’s verification and approval. In its discretion, the Company may limit the number of Linked External Accounts you may have at one time or de-link any Linked External Account.


This Agreement shall commence upon the Effective Date, being the date of creation of an Account by the Customer and shall continue in force until the Account is closed by either of the Parties and in accordance with the terms and conditions of this Agreement.


Under this Agreement, the Company undertakes to accept the Deposit from the Customer for a Tenure, make available the Deposit as well as the applicable agreed Interest at the expiration of the Tenure, further to the terms and conditions and in accordance with the procedure set out in this Agreement.


Deposits may only be made in Nigerian Naira, by electronic transfer or other acceptable means as may be specified by the Company.


The Company reserves the right to refuse, return or limit any Deposit the Customer may make to its Account and to establish (and change) maximum limits for Account principal balances and transactions in its discretion from time to time.


The Borrower shall repay the Loan in full on the Repayment Date.


The Borrower may, if it gives the Lender not less than 5 (five) Business Days prior notice, prepay the whole or any part of the Loan, PROVIDED that the Borrower shall pay together with such prepayment the whole of the Interest due on the Loan, as though the payment was made on the Repayment Date.


All payments that the Borrower makes under this agreement shall be made in full, without any deduction, set-off or counterclaim


The Deposits shall accrue interest at the percentage rate of shown on the Mobile Application, calculated on an annual basis.


The interest shall be paid by the Company to the Linked External Account upon a withdrawal request by the Customer at the expiration of the Tenure.


Withdrawals are not permitted until the expiration of the Tenure.


Where the Customer initiates a withdrawal transaction before the expiration of the Tenure, the Customer agrees to be charged a 2.5% penalty fee for such withdrawal transaction.


The Customer shall be entitled to make partial or total withdrawal of all sums in his Account upon the expiration of the Tenure.


Withdrawals may only be made in Nigerian Naira, by transferring funds to the Linked External Account from which the Customer deposited the funds or other types of account that may be permitted by the Company from time to time.


By using the Mobile Application to initiate a withdrawal of funds from your Account, you authorize the Company to make the transaction you select on the App.


The Company may subtract from the Amount deposited, the amount of any withdrawal made or debit transaction that is initiated or approved.


You may not make any withdrawal that would exceed the Available Deposit and accrued Interest in your Account.


Except as may be required by applicable law, if you instruct the Company to send a transfer of funds, the Company, its service providers, and every other financial institution involved in the transfer may rely on any bank number or account number you provide, with no liability whatsoever where the number may, in fact, be erroneous.


The Company may refuse any withdrawal by any method it does not specifically permit for the Customer’s Account, which does not include all information required by the Company or which would exceed any applicable frequency or transaction limits.


The Company reserve the right and absolute discretion to establish (and change) maximum limits for withdrawal transactions from time to time.


The Customer hereby agrees that the Company, its service providers, agents, officers, directors, and employees (and the same of its subsidiaries and affiliates and its subsidiaries and affiliates themselves) (collectively, the Indemnified Parties) will not be liable for anything it does when following the Customer’s instructions. In addition, the Indemnified Parties will not be liable if any such Indemnified Party doesn’t follow the Customer’s instructions if it reasonably believes that the Customer’s instructions would expose it to potential loss or civil or criminal liability, or conflict with customary industry practices or its regulatory authorities. THE INDEMNIFIED PARTIES WILL NOT BE LIABLE FOR INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES REGARDLESS OF THE FORM OF ACTION AND EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IF IT FAILS TO STOP ANY PAYMENT OR MAKE ANY PAYMENT BY AN UNAUTHORISED USER, OUR LIABILITY, IF ANY, WILL BE LIMITED TO THE DEPOSIT MADE, NOT INCLUSIVE OF INTEREST, ACCRUED OR OTHERWISE. The foregoing limitation of liability will not apply where expressly prohibited by the laws applicable to this Agreement. This limitation of liability section will survive the termination of your Account and this Agreement.


Except as required by applicable law, the Customer hereby agrees to indemnify and hold the Indemnified Parties harmless from and against losses arising in connection with the services provided under this Agreement, except for losses arising out of its own gross negligence or willful misconduct. The Customer further agrees to hold the Indemnified Parties harmless from losses arising out of actions taken or omitted in good faith by the Company in reliance upon instructions from the Customer. The Indemnified Parties are not responsible for any actions or omissions by any third party. If the Customer gives the Company any instruction that the Company believe may expose it to potential liability, the Company may refuse to follow the Customer’s instructions and the Company will not be liable to the Customer if it refuses to follow the Customer’s instructions. This Indemnification section will survive the termination of the Customer’s Account and this Agreement.


The Company may decline or prevent any or all transactions to or from the Customer’s Account in its sole discretion, as permitted by applicable law, in order to protect the Customer or Company or to comply with legal requirements.


The Company may refuse, freeze, reverse or delay any specific withdrawal, payment or transfer of funds to or from the Customer’s Account, or may remove funds from the Account to hold them pending investigation, including, but not limited to, in one or more of the following circumstances:


  • The Customer maintains the Account at zero balance for at least 90 days;


  • The Account is inactive;


  • The Account is involved in any legal or regulatory administrative proceeding;


  • The Company receives conflicting information or instructions regarding Account ownership, control or activity;


  • The Company suspects that the Customer may be the victim of a fraud, scam or financial exploitation, even though the Customer had authorized the transaction(s);


  • The Company suspects that any transaction may involve illegal activity or may be fraudulent;


  • The Company are complying in its sole judgment, with any federal, state or local law, rule or regulation, including federal asset control and sanction rules and anti-money laundering rules, or with policies adopted to assure that The Company complies with those laws, rules or regulations; or


  • The Company reasonably believe that doing so is necessary to avoid a loss or reduce risk to us


The Customer may notify the Company at any time to close his Account. However, the Company is not required to close the Account at the Customer’s request where there are pending transactions, the Account is used as security for a loan facility on the Platform, or the Customer’s Account is subject to investigation, review, legal process (such as a garnishment, attachment, execution, levy or similar order). In those cases, the Company will restrict the Account against all future withdrawals other than under legal process until pending transactions are paid or returned, the balance is no longer negative, and any legal restriction has been released.


The Company may also close the Customer’s Account at any time, for any reason or no reason, with or without prior notice to the Customer. If the Company closes the Customer’s account accordingly, the Customer’s Account balance will be returned to the Customer electronically to a Linked External Account. The Company will have no liability for any action we take under this section.


The Company may restrict the Customer’s Account in preparation for closing and/or if the Account is subject to investigation, review, or legal process (such as a garnishment, attachment, execution, levy or similar order). As the Company do so, it will not pay any additional interest on the Account and may limit deposits to, or withdrawals from, the Account. The Company may send you written notice that it has closed or will close the Account and return the balance less any fees, claims, setoffs or other amounts. This Agreement will survive the closing of the Account and the Customer shall still be responsible for obligations incurred prior to or in connection with the closing of the Account. After the Account is closed, the Company has no obligation to accept deposits or pay any outstanding transfer requests but may reopen the Account if it receives a deposit.


Termination: Either Party may terminate this Agreement upon Fourteen (14) days’ notice to the other Party, PROVIDED, however that all outstanding amounts due under the Loan must be paid in full by the Borrower to the Lender upon the expiry of such Fourteen (14) days’ notice period. A termination of this Agreement by either Party shall not automatically terminate the Savings Agreement between the Parties.


Assignment: The Lender shall upon giving notice thereof to the Borrower be entitled to transfer or assign any of its rights or interest under this Agreement to any person or company. The Borrower may not assign any of its rights or transfer any of its rights or obligations under this Agreement.


Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. Each Party acknowledges that in entering into this Agreement it does not rely on and shall have no claim in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement.


Variation: The Lender shall be entitled to vary or amend this Agreement where necessary, PROVIDED, however that notice thereof shall be given to the Borrower.


Waiver: A waiver of any right or remedy under this Agreement or by law is only effective if given in writing and shall not be deemed a waiver of any subsequent right or remedy. A failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent or restrict the further exercise of that or any other right or remedy.


Severance: If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Agreement.


Notices: All notices, consents, demands or other communications (“Notices”) required or permitted to be given under this Agreement shall be in writing, in the English language and signed on behalf of the party sending same. All Notices shall be deemed delivered if delivered personally (by courier or otherwise), sent by prepaid first-class mail, email, or by facsimile, with evidence of delivery where applicable, addressed to the Party to whom such Notice is to be given.


Third-party Rights: This Agreement does not give rise to any rights for a third party to enforce any term of this Agreement.


Governing Law: This Agreement, and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation, shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.


Dispute Resolution: Any dispute or difference arising out of or in connection with this Agreement, which cannot be settled amicably between the Parties, shall be settled by a court of competent jurisdiction.


Clicking the Terms and Conditions “Check box” has caused this Agreement to be executed effective immediately