These Terms and Conditions apply to and regulate the provision of financial services provided by FairMoney MFB, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – FairMoney™ to the Customer herein. These Terms and Conditions constitute FairMoney’s offer and sets out the terms governing this Agreement.
By registering for a FairMoney Account or using any of the services provided on the FairMoney App. You agree to comply with all of the terms and conditions in this user agreement. The terms include an agreement to resolve disputes by arbitration on an individual basis. You also agree to comply with the following additional policies that apply to you:
• Privacy Policy
• Acceptable Use Policy
• Consent to Receive Electronic Disclosures (E-Sign Disclosure and Consent)
We may revise this user agreement and any of the policies listed above from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes reduce your rights or increase your responsibilities, we will provide notice to you of at least 21 days. We reserve the right to amend this agreement at any time without notice, subject to applicable law. By continuing to use our services after any changes to this user agreement become effective, you agree to abide and be bound by those changes. If you do not agree to these terms and conditions, please do not proceed and exit the application immediately. Also, please be informed that we can terminate your relationship with us if we believe that you have violated any of these terms.
The following definitions relate to these Terms of Use:
1.1."Account" or "Wallet" is an electronic stored value account on FairMoney created for use by the customer. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone, the FairMoney mobile applications.
1.2."Agent" refers to any party or device, including authorized FairMoney Agents, that facilitate FairMoney transactions on behalf of customers.
1.3. "BVN" means Biometric Verification Number used by the banking industry in Nigeria and issued by a CBN approved financial institution.
1.4. "CBN" means for the Central Bank of Nigeria.
1.5."Content" means all information whether textual, visual, audio or otherwise, appearing on or available through the services.
1.6."Credit" means the movement of funds into an Account or Wallet.
1.7."Debit" means the movement of funds out of an Account or Wallet.
1.8."Level 1 customer" refers to a new customer who provides the minimum requirement listed here in and as defined in the CBN three tier Know Your Customer (KYC) requirements.
1.9."Level 2 customer" refers to a FairMoney user who has submitted his phone number, full name, full address and a copy of a verifiable ID card or phone number and BVN as defined in the CBN three tier KYC requirements.
1.10. "Level 3 customer" refers to a FairMoney user who has linked his FairMoney Account with his BVN has provided all required KYC information as defined in the CBN three tier KYC requirements.
1.11. "Linked Bank Account/Card" refers to bank debit or credit card that you have linked to your FairMoney Account. This allows you to carry out transactions using funds from your FairMoney account.
1.12. "Merchant" means any person or entity who offers and or accepts payment for goods or services using FairMoney.
1.13. "Mobile Payments" describes the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels.
1.14."Mobile phone" means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMS, among other communication options.
1.15. "OTP" means One Time Password, used to authorize transactions or processes.
1.16. "PIN" means Personal Identification Number.
1.17. "Products" refer to FairMoney products, including person-to-person money transfer, bill payments, airtime top-up, FairMoney retail payments services or other Merchant products and services provided through FairMoney.
1.18. "Registered phone number" refers to any phone number that has been registered on FairMoney.
1.19."Services"; any products and services provided to the customer.
1.20."FairMoney Wallet" means an electronic stored value account on FairMoney used to perform transactions.
1.21."SMS" or "Short Message Service" is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.
1.22. “Investment” means placing funds with FairMoney for an agreed tenor for a promised return at the Prevailing Rate.
1.23. “Investment Account” means your virtual account with FairMoney for the placement of Investments offered on the App
1.24.“Loan” means the principal amount of the loan (together with any interest and fees due on the loan) made or to be made to you under this Agreement from time to time through the App or (as the context requires) the principal amount outstanding for the time being of that loan.
1.25. “Prevailing Rate” means the rate of interest payable on the Investment as shall be notified to you through the App, which rate may be varied from time to time.
1.26. “Credit Reference Bureau” includes any financial institution, or a credit reference bureau duly licensed under the laws and regulations of the Federal republic of Nigeria to, collect and facilitate the sharing of customer credit information.