TERMS AND CONDITION

1. The Loan
   The Bank hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “the FastCash”), by the Bank after borrower’s risk assessment and scoring
2. Interest Rate
   1. Customers with FCMB account: There will be a risk - based interest rate of 16% per disbursal which will be taken upfront for a one-month loan and at the repayment date for loans with a tenor of more than one month. There shall not be any refund on interest rate collected upfront for any prepayment, pre termination of the loan before 30day period or for any other reason. If the Borrower fails to pay any amount which the Borrower owes the Bank in terms of this agreement on the due date, the Bank shall be entitled to continue to charge accrued interest at the prevailing interest rate of the loan per day.
3. Payment
   1. The Borrower agrees that the Bank shall have the right to deduct the due repayment in full either directly from any of the borrower’s accounts or from the salary payment source including salary account, saving account, deposit account, corporate account with the Bank and any bank in Nigeria or outside of Nigeria including all accounts linked to the Borrowers Bank Verification Number (BVN).
   2. The Borrower hereby gives the Bank the right to deduct monies owing to it from any credit inflow and salary inflow into the accounts in the Bank, any other Bank or payment platform in Nigeria and outside Nigeria
4. Costs and Charges
   All out-of-pocket expenses including registration, legal fees, stamp duties and other fees incurred by the Bank in processing of this facility including enforcement of security and recovery of facility in the event of default shall be for the account of the Borrower.
5. Breach: In the event of:
   1. any failure by the Borrower to pay any amount which is due and outstanding under this agreement
   2. any breach by the Borrower of the terms of this agreement or
   3. any failure by the Borrower to carry out his or her obligations under this agreement; then the full sum outstanding under this agreement, together with any penal charge (if any) and all other charges and expenses owing to and due to the Bank by the Borrower shall become immediately due and payable, and without giving notice to the Borrower, the Bank shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.
6. Authorization to comply
   The Borrower agrees that the Bank is irrevocably authorized to comply with any instructions on the Service receives on his/her behalf through the Bank Channels and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction.
7. Notices
   1. Set off and consolidation rights

      The Bank may at any time and without notice to the Borrower combine all or any of the Borrower’s accounts and liabilities with the Bank in Nigeria (or elsewhere) whether singly or jointly with any person, or set off all or any monies standing to the credit of such account(s) including the Borrower’s deposits with the Bank (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Bank whether as principal or surety, actual or contingent, primary or collateral, singly or jointly with any other person and the Bank may effect any necessary currency conversion at the Bank’s own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.

      By accepting the terms & conditions of the loan and by drawing on the loan. I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank 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 my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.

      I covenant and warrant that the CBN shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.

      I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.

   2. Universal consolidation rights The Bank may, pursuant to this Agreement, charge, attach and debit the balances standing to the credit of the Borrower in any account linked to, or associated with, the Borrower by way of a Bank Verification Number (BVN) in any commercial bank, microfinance bank, mortgage bank, finance house, payment service bank, mobile payment service operators or any other financial service operatorship for which the Central Bank of Nigeria may issue any licences in the future whether such accounts be opened or in existence before, during or after the execution of this Agreement.
      1. The Bank may exercise its prerogative pursuant to clause 8.2 hereof without notice, warning, advice, caution, announcement, or other recourse whatsoever to the Borrower
   3. Direct Debit

      By using the service, you agree to grant FCMB irrevocable authorization to issue open-ended direct debit mandates on all accounts you operate in FCMB or any other Bank in Nigeria or abroad and through any payment platforms through which your salary is paid and in the event of default on loan, you agree that FCMB has your authorization to place a banker’s lien or debit all accounts you own in FCMB or any other Bank in Nigeria or abroad, until all outstanding balance you owe have been recovered

8. Authorization to comply

   The Borrower agrees that the Bank is irrevocably authorized to comply with any instructions on the Service receives on his/her behalf through the bank channel and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction.

9. Notices
   1. The Borrower agrees to accept service of all notices, processes and any other communication relating to this loan through email address and/ or SMS to phone number registered with the Bank and hereby confirms these phone numbers and addresses as his/her phone number and address for service. Therefore, the Borrower also agrees that it is his/her responsibility to ensure that his/her contact details including phone number maintained with the bank are valid.
   2. All notices and processes sent by registered post will be deemed to have been received Seven (7) days after the date

      of posting; all notices and processes delivered by hand shall be deemed to have been received on the day such letter is dated.

10. Appropriation
    1. All amounts received by the Bank will be first apportioned towards overdue interest charged /fees. Any balance outstanding thereafter shall be appropriated lastly towards the principal sum.
    2. The Bank reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.
11. Indemnity

    The Borrower agrees to fully indemnify the Bank against all costs and expenses (including legal fees, collection commission et cetera) arising in any way in connection with the Borrower’s accounts, these terms and conditions, in enforcing these terms and conditions or in recovering any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.

12. Waiver
    1. No forbearance, neglect or waiver by the Bank in the enforcement of any of these terms and conditions shall prejudice the Bank’s right to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.
    2. In so far as any right is conferred on the Borrower with regard to any obligation imposed on the Borrower by this contract, the Borrower hereby waives and forgoes all such rights and benefits, whether conferred by a statute.
13. Operations and Regulation of Credit Bureau and Credit Bureau Related Transactions in Nigeria is by Central Bank of Nigeria, the Bank hereby gives Notice to the Borrower of its duty to share information on the Borrower’s credit status and business history as may be required from time to time by Regulators
14. Assignment to Third Parties

    The Bank reserves the right to assign this agreement to a third party without the permission of the Borrower

15. Service Availability
    1. Use of the Service may from time to time be unavailable, delayed, limited or slow due to, but not restricted to the following factors:
       • Force majeure
       • Industrial Strike Actions
       • Failure from hardware and software
       • system capacities overload
       • failure of or suspension of public or private telecommunication networks
       • power supply or other utilities interruption
       • government or regulatory restrictions, court or tribunal rulings, amendment of legislation or other human intervention
       • any other cause whatsoever beyond the Bank’s control
    2. The Borrower acknowledges and agrees that internet and telecommunications transmissions are never completely private or secured.
    3. All content and services on or available through the Services are provided on an "as is" basis and the Bank does not make any representation or give any warranty or guarantee in respect of the Service or its content.
    4. The Bank may discontinue or make changes in the Service at any time without prior notice to the Borrower and without any liability whatsoever.
16. General Provisions and Conditions
    1. Drawdown under the facility is subject to availability of funds.
    2. SMS alerts / notification charges incurred in relation to this loan shall be for the account of the borrower.
    3. The Borrower irrevocably undertakes that for the period of this agreement, he or she will maintain his or her bank account designated for the purposes of the loan with the Bank.
    4. In the event that the facility becomes due and unpaid, the Bank reserves the right to notify Embassies, High Commissions, foreign consulates, referees, other relevant individuals as contained in the Borrower’s Bank records and any other Entity the Bank considers necessary on the Borrower’s indebtedness to the Bank.
    5. The Borrower authorizes the Bank to access any information available to process his or her application, and permission to register details of the trend of the Borrower’s account with any credit bureau, and the Borrower waives any claims he or she may have against the Bank in respect of such disclosure.
    6. The Bank reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where the borrower is in breach of any of the terms and conditions of this facility. The Borrower shall be notified of any decision taken in this respect.
    7. The Bank reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where the borrower is in breach of any of the terms and conditions of this facility. The Borrower shall be notified of any decision taken in this respect.
    8. The Borrower hereby agrees and consents that such notification by the Bank shall be by way of text messages sent to the Borrowers mobile phone numbers listed on the Borrowers account package with the Bank or by e-mail messages sent to Borrower’s e-mail address listed on the Borrower’s account details/application with the Bank or through any other means the Bank may consider appropriate.
    9. The Borrower specifically and unequivocally waives any right to contest, challenge, protest or claim upon any subsequent amendments made by the Bank to the terms of this facility or any notification sent by way of e-mail or text message to the Borrower’s e-mail address or mobile phone numbers.
    10. The terms and conditions of this banking facility are subject to the Banking and other applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.
    11. The Bank does not make any representation or warranty as to the accuracy or completeness of any due diligence reports or other reports, documents, or credit analyses prepared, or caused to be prepared, by it in connection with its activities under this facility or otherwise.

The Borrower confirms that he/she has read, understood and agreed to the above terms and conditions. By using this service the Borrower indicates that he/she unconditionally accepts the terms of this agreement and agrees to abide by these terms. The Borrower also agrees that this agreement is in effect until he/she discontinues the use of the service and all financial obligations with regard to his/her use of the service has been fully fulfilled.