Introduction

PLEASE READ THE FOLLOWING TERMS AND CONDITIONS BEFORE PROCEEDING TO ACCESS OR USE FLUTTERWAVE CAPITAL. PLEASE NOTE THAT CLICKING THE “I ACCEPT” BUTTON AND YOUR CONTINUED USE OF FLUTTERWAVE CAPITAL CONSTITUTES YOUR ACCEPTANCE OF THESE TERMS AND PRIVACY POLICY AND YOU AGREE TO BE BOUND BY THEM. THE HEADINGS CONTAINED IN THIS DOCUMENT ARE FOR REFERENCE PURPOSES ONLY.

Definitions

In this agreement, the terms “You”, “Your”, “Customer” and “Borrower” shall mean a Merchant who has applied for a loan and has agreed to the terms of this Agreement while “CashConnect”, “the Bank”, “Us”, “Our” and “Lender” shall mean CashConnect Microfinance Bank.

Account - means the Borrower's loan account with CashConnect.

Agreement - means this Terms and Conditions together and any amendments, modifications, extensions and revisions thereto.

Settlement - means the transactions Flutterwave processed on the Borrower’s behalf, settled on a daily basis.

Day - means a calendar day, that is, every day on the calendar, including weekends and public holidays.

Disbursement Date - means the date the Lender actually advanced the loan to the Borrower.

Instalment - means the sum of money due as one of the daily equal payments for the repayment of the Principal and interest, spread over the loan duration.

Interest - means the applicable interest rate displayed to the merchant and payable daily on the Principal, by the Borrower.

Maturity Date - means the date on which the Borrower is expected to have fully paid the Principal plus the Interest.

Merchant - means an end-user customer or business that uses Flutterwave’s Services in the conduct of its business of selling goods or providing services to the public.

Payment Date - means each day the Borrower is required to make a daily Instalment repayment until the fulfilment of the debt obligations.

Default - means an event in which the Borrower fails to complete payments in full to meet its obligations to the Lender.

Principal / Loan - means the amount disbursed to the Borrower on the Disbursement Date.

Loan terms

1. A Daily Interest rate, will be charged on the Principal disbursed to the Borrower.
2. The Borrower shall repay the Principal and Interest in equal daily instalments from the Borrower’s Daily Settlement, within the requested loan duration from the Disbursement Date.
3. Where the Daily Settlement is less than the daily Instalment, 75% of the Borrower’s Settlement will be deducted, while the outstanding Instalment will be carried over to the next Day.
4. A penalty charge of 1% flat (per month) will be chargeable on any outstanding Principal, which shall be cumulated with and added to the Principal and Interest due.
5. In the event of Default by the Borrower in making any repayment by the Maturity Date, the outstanding Principal and accrued interest shall be conclusive evidence that a sum is due and owing from the Borrower.
6. The Borrower hereby authorizes CashConnect to debit their wallet and bank account, for any outstanding debt after the Maturity Date.
7. In the event of Default, all current funds available and future expected Settlements to the Borrower’s Flutterwave Merchant Account shall be immediately available to CashConnect till all outstanding liabilities are offset.
8. In the event that current funds available in the Borrower’s Flutterwave Merchant Account and future Settlements/Collections do not offset pending liabilities, CashConnect reserves the right to recover any outstanding liabilities owed by accessing outstanding funds in the accounts added by the Borrower to the Flutterwave Merchant Account; and all other bank accounts in any of the Borrower’s accounts in the Borrower’s name within the Federal Republic of Nigeria.
9. In the event that the Borrower suffers any loss as a result of CashConnect honouring such instructions, communications, e-mail instructions, etc., the Borrower shall have no claim or redress against CashConnect or Flutterwave whatsoever.
10. In the event of Default by the Borrower, CashConnect reserves the right, at its discretion, to transfer the defaulting Account to a third-party agency to recover any outstanding debt due to CashConnect. In addition, in the event of a loss of job or business leading to a default, the Bank shall transfer the defaulting Account to a recovery agent company, designated by CashConnect to recover any outstanding debt owed on behalf of the Borrower.
11. CashConnect, through Flutterwave, shall advise the Borrower of any change in the interest rate and/or penalty charge or any other terms and conditions of the Loan.
12. CashConnect may use any information relating to the Borrower for evaluating the credit application. To the extent permitted by law, CashConnect may as it shall consider appropriate give to and receive from credit bureaus and reference agencies, whether based locally or abroad, other financial institutions, regulatory and law enforcement agencies and relevant third parties information about the Borrower, including information on the conduct on the Borrower’s account together with details of any non-payment or delayed payments for the purpose of assisting them and/or CashConnect in making a lending or rating decisions about the Borrower.
13. The Borrower authorizes CashConnect to obtain and retain on the Credit Risk Management System of the Central Bank of Nigeria (CBN) all information relating to the Borrower’s Bank Verification Numbers and the status of indebtedness.
14. By accepting this Agreement, the Borrower covenants to repay the Loan and Interest as and when due. In the event that the Borrower fails to repay the Loan and Principal as agreed, and the loan becomes delinquent, CashConnect shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the Borrower’s indebtedness from any money standing to the Borrower’s credit in any financial institution and from any other financial assets they may be holding for the Borrower’s benefit.
15. The Borrower covenants and warrants that CashConnect shall have the power to set off the Borrower’s indebtedness under this Agreement from all such monies and funds standing to the Borrower’s credit/benefit in any and all such accounts or from any other financial assets belonging to the Borrower and in the custody of any bank or financial institution.
16. The Borrower confirms acceptance of the terms of the Loan. Notwithstanding anything herein contained, express or implied, the Borrower hereby confirms that CashConnect may, at any time of recovery and without notice to the Borrower, deduct any amount due to CashConnect from the Borrower’s account(s) as a result of the Borrower’s defaulting in repayment due.
17. Indemnification: The Borrower hereby irrevocably undertakes to fully indemnify CashConnect and Flutterwave against all claims, costs and expenses (including but not limited to legal fees and collection commission) arising in any way in connection with the Borrower’s accounts; in enforcing the terms and conditions herein; or from the recovery of any outstanding debts due to CashConnect or incurred by CashConnect in any legal proceedings of whatever nature.
18. Non-Assignment: This Agreement is binding on the Borrower and is not in any way or form assignable to a third party.
19. Governing Law and Dispute Resolution:
    • Both Parties agree that the laws of the Federal Republic of Nigeria will apply to these Terms and Conditions and the Loan hereby granted.
    • In the event of a dispute, this Agreement shall be referred to the Lagos Multi-Door Courthouse (LMDC) for mediation which shall be conducted in accordance with the LMDC Mediation Procedure Rules or such other rules mutually agreed by the Parties. Each party shall bear its own costs and would be liable to contribute the same amount in respect of fees to be paid to the mediator.
20. Changes to this Agreement: Updates to our Terms and Conditions: From time to time, we may change, amend or review these Terms and Conditions to reflect any updates on this page. All changes made will be posted on this page and where changes will materially affect you, we will notify you of this change by placing a notice online or via mail. If you keep using our Services, you consent to all amendments to these Terms and Conditions.
21. BVN Consent For Loan Processing: As part of loan processing, an account has to be opened back end with CashConnect through which the loan booked will be disbursed to for ultimate transfer to Merchant wallet for use hence Merchants both new and existing have to provide their BVN for verification by clicking on the BVN verification button on the BVN validation page during the loan processing, however if the existing merchants BVN have been verified then loan process can continue to next stage. By so doing, it means consent has been given to both CashConnect and Flutterwave to access your BVN details and use it as required for the loan processing.