Last Updated: January 12, 2023
Please read carefully before using the Platform.
Welcome to Aida Microfinance Bank Limited!
Aida Microfinance Bank Limited (“we”, “us” or “Aida”), offers various services (“the Services”) through its platform (“the Platform”) which enable you, either as an individual or as an Agent as the case may be, to qualify to borrow small amounts over short periods of time (each a “Loan”), transfer and receive funds to and from bank accounts and mobile money accounts, other services from third party merchants using your mobile money account wallet, as well as provide a host of other services. The Platform is operated subject to these Terms of Service (“Terms”)
1. This is a Contract.
These Terms constitute a contract. You may not use the Platform if you do not accept these Terms. By using any part of the Platform, you accept these Terms. If you are under eighteen (18) years of age, you may not use the Platform.
2. You must accept our privacy policy.
To provide you with the Services, you must authorize the provision of certain personal information to us as described in our privacy policy. Our privacy policy governing the Services is attached to and incorporated into these Terms (“Privacy Policy”). By accepting these Terms and using the Services, you consent to and authorize the collection and use of personal information in accordance with the Privacy Policy.
3. You must be truthful.
You agree to provide true, accurate and complete information about yourself as prompted (“Account Data”) and you confirm that you have full authority to provide the Account Data including in particular the information relating to the person you have provided as your relationship contact. You agree to indemnify and keep us indemnified in full against all demands or claims that may be brought against us with respect to any information related to third parties provided by you to us during your use of the Platform including any information related to your relationship contact. You also agree to update the Account Data to keep it current.
4. You authorize us to verify your information.
You hereby authorize us to conduct information verification checks on you should we deem it necessary. You further duly authorize us to forward your Account Data and personal information to verification suppliers, information suppliers and third parties acting on behalf of Aida to verify information about you which includes but is not limited to qualification, certification, employer background screening, employment verification, employment references, criminal records, driver’s license validation, passport validation, identity verification and any other personal information required to validate, verify and confirm your information. You understand and agree that your consent declaration will remain valid indefinitely for all existing and future personal and verification requests, screening, validation and confirmation of information regarding yourself.
5. Account and wallet authorisation
You authorize us to use your information to create your unique account and wallet account on Aida platform to receive the loan service and access other services.
6. You must keep your account secure.
You are responsible for maintaining the confidentiality of your password and account. Furthermore, you are entirely responsible for any and all activities that occur through the use of your account or password. You agree to immediately notify us of any unauthorized use of your account or any other breach of security. An operation of your account by either yourself and/or any other individual shall be deemed to be an authorised transaction and you hereby indemnify us against and waive any claims relating to the unauthorized use of your account.
7. Our fee is payable on top of the amount you borrow.
Following the account registration process, you may be offered the opportunity to apply for loans in certain amounts. We reserve the right to decline the loan application for any reason. However, if we accept your application and grant you a loan we will charge a fee you must pay to us on top of paying back the borrowed amount (“Interest”). The Interest payable is stated together with the loan amount at the time you apply for each Loan. The loan shall be credited into your account wallet on the Aida platform less deduction of the applicable Interest.
8. You must repay by the Due Date or rollover your Loan.
You must repay the Loan by the date specified when you take the Loan (“Due Date”). It is important that you repay the Loan and Interest by the Due Date. If you fail to do so, we will at our discretion rollover your Loan for a period of time determined by us ("Rollover Period") and charge you an additional fee ("Rollover Fee") in the amount of two percent (2%) per day. You must then repay the loaned amount, Interest and Rollover Fee by the end of the Rollover Period.
9. If you fail to repay, you will be in default.
If you still have not repaid the Loan amount and fees, by the end of the Rollover Period, you will be in default. This default may be reported by us to credit reference bureaus duly licensed under the Credit Reporting Act 2017, within 28 (twenty-eight) days of your default and such report may affect your ability to borrow money in the future. You will become responsible for the reasonable costs we or our suppliers may incur in collecting the payment in accordance with applicable law. Overdue amounts will be rounded up to the nearest whole Nigerian Naira.
10. Agent Loans and Interest.
Where a Loan is provided to you in your capacity as a registered Agent, you acknowledge and agree that that the Loan will be subject to Interest at a rate of zero-point four percent (0.4%) per day. Agent Loans require repayment within fourteen (14) days from the date the Loan is made to you, or such other date as may be agreed by us. Should you fail to repay the Loan on or before the due date, you will be liable to pay Interest at a rate of zero-point four percent (0.4%) per day until the Loan is repaid in full. The aforesaid Interest shall be calculated and compounded daily and shall be based upon the total outstanding amount which includes Interest already generated, Rollover Fees and penalties.
11. You grant a mandate.
You expressly request, instruct and authorize us to debit from any of your accounts, which has your bank verification number (“BVN”) registered and/or from a pre-designated wallet, where your aforesaid BVN account(s) lack(s) sufficient funds to repay the Loan, and in accordance with any direct debit instruction that we issue and deliver to you herein, the amount of the Loan, Interest, Rollover Fee or any other applicable fees, as necessary for the payment due in respect of the Loan on the Due Date or, before or after the Rollover Period. All such debits from your account by us in accordance with this direct debit instruction issued and delivered to you by us shall be treated as though it was personally signed by you. You understand that the withdrawals hereby authorised will be processed by electronic funds transfer, and you also understand that details of each withdrawal will be printed on your bank statement. You expressly agree to pay any bank charges relating to this mandate.
12. Payments to third-party merchants
You may also use your supported mobile money wallet, account or credit card to pay for products and services offered by third party merchants on the Aida platform, where applicable. Where applicable, these merchants sell their respective products subject to their own terms and conditions.
13. Third-party merchant responsibility
Where you decide to purchase products from third party Merchants through our platform, you do so at your own risk and subject to the relevant Merchant’s terms and conditions. The products are not investigated, monitored, or checked for accuracy, reliability, appropriateness or completeness by Aida. By permitting you to discover products via the Platform, Aida does not imply approval or endorsement of such Products. You agree that Aida is not responsible or liable for the Products you purchase from Merchants.
14. We may contact you.
You expressly agree that, as part of the Services, you may, from time to time, receive communications from us via text message (SMS) or email, including our promotional newsletters or other information about the Services. You may stop receiving promotional messages by following the opt-out instructions in the message. Even if you choose to opt out of receiving promotional messages, you may not opt out of receiving service-related messages.
15. You must respect our rights in the Platform.
We grant you a limited, non-transferable, personal right and license to use the Platform and any associated software application through which it may be provided. You may not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the software (except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open-sourced components included within the software).
16. We may discontinue the Services.
We may in our sole discretion and at any time terminate your access to the Platform or discontinue providing the Services or any part of the Services, with or without notice. You agree that we will not be responsible or liable to you or any third party for modifying or discontinuing the Services, or for terminating or suspending your access to the Platform.
17. Legally Permitted Use of Platform.
We and our affiliated entities enforce a strict policy against money laundering, terrorism funding and conducting of business with entities/individuals situated in territories subject to trade sanction and/or are individually subject to such sanctions ("Policies"). In addition to other prohibitions as set forth in the Terms & Conditions, You are prohibited from using the Platform: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Services or any related website, other websites, or the Internet; or (l) to infringe and/or violate any laws or including but not limited to acts of fraud, money laundering, bribery, corruption and/or use any amounts loaned to you for illegal and/or illicit purposes. You furthermore agree that any amounts paid to us by you shall not be proceeds from illegal activities. Should it be proven and/or suspected by us that the Platform is being used for illegal and/or illicit purposes and/or violate our Policies we reserve the right to immediately terminate the Services available to you and furthermore reserve our rights to report your conduct to the relevant legal authorities for investigation and possible prosecution.
18. The Services are provided without any warranties or guarantees.
THE SERVICES ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. WE [AND OUR SUPPLIERS] DISCLAIM ALL WARRANTIES WITH REGARD TO THE SERVICES, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE PLATFORM, OR WITH THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SERVICES.
19. We are not liable for any damages you may incur.
IN NO EVENT WILL WE OR OUR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICES, WITH THE DELAY OR INABILITY TO USE THE SERVICES, THE PROVISION OF OR FAILURE TO PROVIDE THE SERVICES, OR FOR ANY LOAN OBTAINED THROUGH THE PLATFORM, OR OTHERWISE ARISING OUT OF THE USE OF THE PLATFORM, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF AIDA MICROFINANCE BANK LIMITED OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
20. Governing law and dispute resolution
This contract is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator to take place in Lagos, Nigeria as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitrators of the United Kingdom. The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing Aida from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect Aida’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.
21. Alteration of the agreement
No alteration, variation or agreed cancellation of this agreement, and this paragraph, shall be of any effect unless directed so by us
22. Entire agreement
This Agreement constitutes the whole agreement between the Parties in regard to the subject matter thereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties.
23. Waiver of rights
No relaxation or indulgence which any party may show to any other party to this Agreement shall in any way prejudice or be deemed to be a waiver of its rights hereunder.
24. Severability
Each and every provision of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.
25. Interpretation
Any substantive provision appearing in, or as a part of, any interpretative provision of this agreement shall have effect in accordance with its tenor, notwithstanding the context in which it appears.
26. We may modify these Terms.
These Terms may be modified without notice at any time in the future. Changes will be posted at (https://www.ishiagumfb.ng/terms_protocal.html) or its successor URL. It is your responsibility to remain informed of any changes as you are bound by the latest version of the Terms.