Micro Loans by MamaMoni Terms of Use
1. This Terms of Use regulates the how you interact with this website, app, and the provision of Services by MamaMoni.
By continuing to use this website or app provided by mamamoni you agree to be bound by these terms and conditions and other legal policies
2.You acknowledge that to get a loan from MamaMoni you need to make a request on the website or app. During this process you will be required to link your account or card to enable MamaMoni view your account and make a loan decision.
3.MamaMoni does not store or hold financial information, but processes requested informed through reputable, payment gateway and financial API providers
4. The Services provided by MamaMoni enables low-income women in the informal sector in Nigeria to request for micro loans for their business through www.mamamoni.com.ng or the micro loans by MamaMoni on google play store
You may apply for loans through the website or app, you agree and acknowledge that MamaMoni may, at its sole discretion, accept or reject any such loan application.
5.To qualify for a loan you must meet the following criteria:
a) You must be a woman and not less than 21 years of age
b) You must be in business as a trader, shop owner, distributor, artisan or any informal business, vocation, or trade
c) You must have a valid bank account and BVN
d) The money applied for must be for business purpose
6.You expressly permit MamaMoni to request for specific financial and personal data from you which will be needed to make a lending decision. Some of this information may be shared with 3rd party processors. You expressly permit MamaMoni to process, share and otherwise deal with such information only for the purpose of making lending decisions and for recovery of loans when due.
7.Once a loan decision is made and MamaMoni accepts to offer you a loan, you expressly agree and authorize mamamoni to debit your account or linked card or authorize its partners to debit your account or card linked to MamaMoni for repayment of loans and applicable interest as at when due.
8.You expressly permit MamaMoni to request for, process and review your credit report
9.You agree that MamaMoni may communicate with you via electronics means including but not limited to your registered email, sms, in app notification, WhatsApp and other electronics or digital means
10.You agree that MamaMoni has the right and discretion to assign its rights and obligation under this agreement to a third party or a collection agency
11.You agree that MamaMoni has the right to assume that you directly applied or authorized the application of loan made in your name using your financial or personal details.
12.You expressly agree to provide accurate, recent, and true information when requested from you and to inform MamaMoni of any change in personal or financial information as applicable
13.You agree that you will indemnify and hold MamaMoni harmless and free of any damage that arises in the event that you use a 3rd party information to obtain a loan
14.You agree that you have attained legal age and not under any form of legal liability that will ordinarily deprive you from complying with this agreement you also expressly agree not to use MamaMoni for any crime or in furtherance of any illegality
15.Once a loan is granted to you you expressly agree to re pay the loan amount and any interest on it , on or before the due date using either direct cash payment to MamaMoni or via electronic transfer or permit MamaMoni to initiate direct automated debit payment on your account or on your card or you agree to initiate manual card payment in favor of MamaMoni. MamaMoni will never charge your account or card linked to it outside of the scheduled loan repayment. Provided that MamaMoni has the right to charge your account at any time outside of the scheduled repayment schedule only in the event that the loan amount and interest remained unpaid, and attempts were made to recover the payment to no avail.
16.You are solely responsible for: ensuring that any online communications (including emails, live chats, forms etc.) is appropriately secured in transit and during delivery of such communications. MamaMoni may use industry standards and technology to protect communications through the Website, but you agree that MamaMoni is not liable in any way for the security or otherwise of any such communication.
17. You are solely responsible for ensuring that MamaMoni has your correct contact details to enable MamaMoni to provide you with any requested Services. You agree that MamaMoni may use personal information provided by you or otherwise collected by us, directly or indirectly, from you in accordance with MamaMoni’s Privacy Policy.
18. MamaMoni will provide its Services with due care and skill but does not guarantee that they will be continuous or without errors. MamaMoni does not guarantee, represent, or warrant that the website will always be available or online; While MamaMoni makes all attempts and takes all reasonable measures to ensure an error free website or app, it does not guarantee that the website, app, or the services provided will be complete or free from all viruses, defects, or errors. You acknowledge and agree that the existence of any defects or errors on the website, app or Service provided does not constitute a breach of any Terms of Use between you and MamaMoni; and any information supplied or accessed using the website is correct and complete or sufficient for your intended use.
19.MamaMoni will not be liable if the Website is unavailable for any reason, including but not limited to server or computer downtime attributable to malfunctions, upgrades, maintenance activities or technical interruptions arising from internet service providers or your device.
20.MamaMoni may, from time to time, set guidelines for loans including but not limited to amending interest rates for new loan application, amending the minimum or maximum amounts for new loan applications. MamaMoni reserves the right to update these guidelines from time to time by either updating this Terms of Use or making available the updated guidelines on the Website or app.
21.Each party acknowledges and agrees that A party must not disclose the other party’s Confidential Information to any person except:
(a) to its professional advisers and its personnel on a “need to know” basis, but only if those persons have agreed to keep the Confidential Information confidential in accordance with the terms of this Terms of Use;
(b) with the other party’s prior written consent, but only to the extent that such consent is given;
(c) if required by law, or any regulatory authority, but only to the minimum extent required to satisfy the law or rules of the regulatory authority ; or
(d) if it is in the public domain, other than as a result of a breach of this Terms of Use by the recipient (with the “recipient” being the party receiving the Confidential Information from the party disclosing it).
22.Other than as set out in this Terms of Use, and to the extent permitted by law, MamaMoni excludes all warranties, liabilities, rights, remedies, conditions and guarantees arising under or in respect of this Terms of Use and the Services, whether in contract, tort (including negligence), statute or any other cause of action. In no event will MamaMoni be liable to you or any other person for loss of use, production, profit, revenue, business, data, contract, or anticipated savings or for delay or for any financing costs or increase in operating costs or any economic loss for any indirect or consequential loss or damage.
23.You indemnify MamaMoni, its officers, agents, and contractors against all actions, claims and demands (including the cost of defending or setting any actions, claims and demands) arising out of any deliberate, unlawful, or negligent act or omission by you.
24.Nothing in this Terms of Use transfers ownership in, or otherwise grants any rights in, any intellectual property rights of MamaMoni, except any rights expressly granted to you under this Terms of Use.
25. All intellectual property rights in a Service and all information generated, compiled, arranged, stored, or otherwise developed by Mamamoni, belong to MamaMoni.
26. MamaMoni may amend this Terms of Use from time to time, with or without notice to you. However, MamaMoni will endeavor to provide a notice of any such amendments on the Website. If you continue to use the Service, on or after the date of any amendments to this Terms of Use, then you are taken to have agreed to these amendments
27. Neither party will be liable for any delay or failure to perform its obligations pursuant to this Terms of Use, except your obligation to make repayments and other amounts payable by you, under this Terms of Use if such delay is due to Force Majeure.
28.Each party agrees to do all things that may be necessary or desirable to give full effect to every part of this Terms of Use if asked in writing by another party to do so.
29.You must not assign, transfer, subcontract or otherwise dispose of, in whole or in part, your rights or obligations under this Terms of Use, without the prior written consent of MamaMoni. MamaMoni may at any time transfer or otherwise assign the whole or any part of this Terms of Use to any person. If so, you consent to such transfer or assignment.
30.If any provision of this Terms of Use is invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions will not be affected and such invalid, illegal or unenforceable provision is to be severed from this Terms of Use.
31.Failure by any party to exercise, or delay in exercising, any right, power or remedy under this Terms of Use does not prevent its exercise. To be effective, a waiver must be in writing signed by the party giving the waiver.
32.Where, in this Terms of Use, MamaMoni is required to give notice in writing, MamaMoni may give the same by:
(a) posting the notice on the MamaMoni Website or app.
(b) sending by email or sms to the email address or phone number last provided to MamaMoni by you; or
(c) posting the notice to the postal or street address that you last provided to MamaMoni.
33. This Terms of Use is governed by and is to be construed in accordance with the laws applicable to Lagos State in the Federal Republic of Nigeria. The parties irrevocably submit to the exclusive jurisdiction of the courts sitting in Lagos State of Nigeria, in respect of all matters arising out of or relating to this Terms of Use, its performance and subject matter.