Terms of Service

1. Agreement to Terms

These Terms of Service ("Terms") apply to and regulate the provision of credit facilities by PASSECO TECHNOLOGY NIGERIA LIMITED ("PASSECO" or "Company"), acting as the Lender, through its service "E4Moni" to the Borrower (hereinafter referred to as "You" or "Borrower"). These Terms constitute the offer by PASSECO TECHNOLOGY NIGERIA LIMITED as the Lender and set out the terms governing this Agreement.

PASSECO TECHNOLOGY NIGERIA LIMITED (hereinafter referred to as "PASSECO," "we," "us," or "our," which term shall where the context so admits include its legal representatives and assigns) is the owner and operator of the application E4Moni and acts as the Lender under this Agreement.

PASSECO TECHNOLOGY NIGERIA LIMITED is a company duly registered in Nigeria and licensed by the Federal Competition & Consumer Protection Commission ("FCCPC") to carry on the business of a Digital Money Lender. It is committed to providing financial services at affordable rates to individuals who have limited access to the formal banking system.

By downloading, accessing, or using E4Moni, you agree to be bound by these Terms. If you do not agree to these Terms, you must not use our services.

2. Eligibility Requirements

To use E4Moni services, you must:

• Be at least 18 years of age or the legal age of majority in your jurisdiction
• Be a legal resident of Nigeria
• Have a valid national identification document (NIN, BVN, or other government-issued ID)
• Have a valid Nigerian bank account
• Have a registered mobile phone number
• Provide accurate and complete registration information
• Have the legal capacity to enter into binding contracts
• Not be prohibited from using our services under applicable laws

By using E4Moni, you represent and warrant that you meet all eligibility requirements.

3. Account Registration and Security

3.1 Account Creation

To access our loan services, you must create an account by providing:

• Personal identification information
• Contact information
• Employment and financial information
• Bank account details

3.2 Account Security

You are responsible for:

• Maintaining the confidentiality of your login credentials
• All activities that occur under your account
• Notifying us immediately of any unauthorized access or security breach
• Ensuring the accuracy of your account information

3.3 Account Suspension and Termination

We reserve the right to suspend or terminate your account if:

• You violate these Terms
• You provide false or misleading information
• You engage in fraudulent activities
• You fail to repay loans according to agreed terms
• Required by law or regulatory authorities

4. Loan Services

4.1 Loan Application

When you apply for a loan through E4Moni:

• You authorize us to verify your information with third-party sources
• You consent to credit checks and creditworthiness assessments
• You understand that loan approval is subject to our credit evaluation
• You acknowledge that we may reject your application without providing reasons
• You agree to provide accurate and truthful information

4.2 Loan Terms

Each approved loan is subject to specific terms including:

• Loan Amount: The principal amount disbursed to you
• Interest Rate: The annual percentage rate (APR) applied to your loan
• Fees: Processing fees, late payment fees, and other applicable charges
• Repayment Period: The duration for loan repayment
• Repayment Schedule: The due date(s) for loan repayment
• Total Repayment Amount: Principal + interest + fees

All loan terms will be clearly disclosed before you accept the loan offer. You must review and accept the specific loan agreement before funds are disbursed.

4.3 Interest Rates and Fees

Fees may include:

• Processing fee
• Late payment penalty (charged per day after due date)
• Failed transaction fee
• Early repayment fee (if applicable)

4.4 Loan Disbursement

Upon loan approval and acceptance:

• Funds will be disbursed directly to your registered bank account
• Disbursement typically occurs within minutes to 24 hours
• You are responsible for any bank charges related to receiving funds
• Once disbursed, the loan agreement becomes binding

4.5 Loan Repayment

You agree to:

• Repay the loan in full by the due date
• Maintain sufficient funds in your bank account for automatic deduction
• Authorize direct debit from your bank account
• Make manual payments if automatic deduction fails
• Pay late fees if payment is not received by the due date

4.6 Late Payments and Default

If you fail to repay your loan:

• Daily late payment fees will be charged
• Your credit score may be negatively affected
• We may report the default to credit bureaus
• Your account may be suspended from future loans
• We may engage debt collection agencies
• We may take legal action to recover the debt
• We may contact your emergency contacts

4.7 Early Repayment

You may repay your loan early. Early repayment terms vary and will be specified in your loan agreement. Some loans may have early repayment fees, while others may offer interest reductions.

5. User Obligations and Prohibited Activities

5.1 You Must:

• Provide accurate, current, and complete information
• Update your information promptly when changes occur
• Use the service only for lawful purposes
• Comply with all applicable laws and regulations
• Maintain the confidentiality of your account
• Notify us of any unauthorized use of your account

5.2 You Must Not:

• Provide false, misleading, or fraudulent information
• Use another person's identity or account
• Create multiple accounts to circumvent loan limits
• Attempt to manipulate or abuse our credit evaluation system
• Use our services for illegal activities or money laundering
• Reverse engineer, decompile, or disassemble our app
• Interfere with the proper functioning of our services
• Attempt to gain unauthorized access to our systems
• Use automated tools (bots, scripts) to access our services
• Harass, threaten, or abuse our staff or other users

6. Credit Reporting and Information Sharing

By using E4Moni, you authorize us to:

• Obtain your credit reports from credit bureaus
• Report your loan and repayment information to credit bureaus
• Share your information with our service providers and partners
• Verify your identity and employment information
• Access your bank transaction history for credit assessment

Your loan performance will be reported to credit reference bureaus and may impact your credit score. Timely repayment can improve your credit score, while defaults will negatively affect it.

7. Communications and Notifications

By using E4Moni, you consent to receive communications from us via:

• SMS/text messages
• Email
• In-app notifications
• Phone calls
• WhatsApp or other messaging platforms

These communications may include:

• Loan application status updates
• Repayment reminders
• Account notifications
• Security alerts
• Service updates
• Marketing and promotional offers (you can opt-out)

8. Intellectual Property Rights

All content, features, and functionality of E4Moni, including but not limited to:

• Text, graphics, logos, and images
• Software, algorithms, and code
• Trademarks, service marks, and trade names
• Design, layout, and user interface

are owned by E4Moni or our licensors and are protected by intellectual property laws. You may not copy, modify, distribute, or create derivative works without our written permission.

9. Disclaimers and Limitations

9.1 Service Availability

We strive to provide uninterrupted service but do not guarantee:

• Continuous, error-free, or secure access to our services
• That defects will be corrected immediately
• That our services will be free from viruses or harmful components

9.2 "As Is" Basis

Our services are provided "as is" and "as available" without warranties of any kind, either express or implied, including but not limited to merchantability, fitness for a particular purpose, or non-infringement.

9.3 Financial Advice

10. Limitation of Liability

To the maximum extent permitted by law, E4Moni shall not be liable for:

• Indirect, incidental, special, or consequential damages
• Loss of profits, revenue, data, or business opportunities
• Damages arising from unauthorized access to your account
• Damages resulting from third-party actions or services
• Damages from service interruptions or technical issues

Our total liability shall not exceed the amount of fees you paid to us in the 12 months preceding the claim.

11. Indemnification

You agree to indemnify, defend, and hold harmless E4Moni, its officers, directors, employees, and agents from any claims, liabilities, damages, losses, and expenses (including legal fees) arising from:

• Your use or misuse of our services
• Your violation of these Terms
• Your violation of any rights of third parties
• Your provision of false or misleading information
• Your failure to repay loans

12. Dispute Resolution

12.1 Informal Resolution

Before initiating formal proceedings, you agree to contact us to attempt to resolve any disputes informally. Please email us at passecotech2022@gmail.com with a detailed description of the dispute.

12.2 Arbitration

If informal resolution fails, disputes shall be resolved through binding arbitration in accordance with Nigerian law. The arbitration shall take place in Lagos, Nigeria.

12.3 Class Action Waiver

You agree that disputes will be resolved on an individual basis and not as a class action, consolidated action, or representative action.

13. Governing Law and Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. You agree to submit to the exclusive jurisdiction of the courts of Nigeria for the resolution of any disputes.

14. Changes to Terms of Service

We reserve the right to modify these Terms at any time. We will notify you of significant changes by:

• Posting the updated Terms in the app
• Updating the "Last Updated" date
• Sending you an email or push notification

Your continued use of E4Moni after changes constitutes acceptance of the modified Terms. If you do not agree to the changes, you must stop using our services.

15. Severability

If any provision of these Terms is found to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary, and the remaining provisions shall remain in full force and effect.

16. Entire Agreement

These Terms, together with our Privacy Policy and any specific loan agreements, constitute the entire agreement between you and E4Moni regarding the use of our services and supersede all prior agreements and understandings.

17. Contact Information

For questions about these Terms or our services, please contact us: