Please read carefully before using this service.
Welcome to OKash!
The OKash service ("Service") enables you to qualify to borrow small amounts over short periods of time (each a "Loan"). The Service is operated by OPay Microfinance Bank Limited ("we", "us" or "OPay MFB"), subject to these Terms of Service ("Terms").
1. This is a Contract. These Terms constitute a contract. You may not use the Service if you do not accept these Terms. By using any part of the Service you accept these Terms. If you are under eighteen (18) years of age, you may not use the Service.
2. You must accept our privacy policy. To provide you with the Service, you must authorize the provision of certain personal information to us as described in our privacy policy. Our privacy policy governing the Service is attached to and incorporated into these Terms ("Privacy Policy"). By accepting these Terms and using the Service, 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 Service 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 OPay MFB 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.
You authorize us to use your information to create your OKash account on OPay MFB platform to receive the loan service.
For the purpose of repayment and mandate execution, you also authorize us and our affiliates to share, receive and rely on information necessary to effect debits, transfers and redemptions across your accounts with us and our affiliates.
5. 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.
6. 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 OKash Account less deduction of the applicable Interest.
7. 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 for a period of time determined by us ("Rollover Period") and charge you a fee ("Rollover Fee") in the amount of two percent (2%) per day on the unpaid principal. For the avoidance of doubt, no addition Interest will be charged during the Rollover Period. By implication, you will then have to repay the loaned amount, Interest and Rollover Fee by the end of the Rollover Period.
8. 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.
9. You grant a mandate. You expressly request, instruct and authorize us to debit (a) any of your bank accounts linked to your Bank Verification Number ("BVN"), and/or (b) OPay Accounts (including but not limited to OPay Wallet, OWealth and any other wallet, stored-value, card, savings or investment balances held on the OPay platform) you maintain with us, OPay Digital Services Limited, or our affiliates , for 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.
10.We may assign/sell the overdue receivables to a third-party. To ensure recovery of overdue receivables, you acknowledge and agree that where any amount due under this Agreement remains unpaid, we may, without obtaining further consent from you, in compliance with applicable laws, assign/sell all or part of the receivable and its ancillary rights to a third-party assignee, or appoint an authorized third-party collections service provider to administer and collect the debt. Such arrangement does not waive or vary your obligations under this Agreement but may change the payment channel/instructions; any update will be communicated to you in writing via the App, SMS or email, and you shall follow the latest instructions.
For the foregoing purposes, you authorize us to disclose and process information necessary for debt administration and recovery (e.g., identification and contact details, BVN/account or wallet identifiers, loan and repayment records, delinquency status and communications logs). Whether or not an assignment or outsourcing occurs, your obligation to pay principal, interest and any lawful/contractual charges remains unaffected.
11. We may contact you. You expressly agree that, as part of the Service, 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 Service. 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.
12. Authorization to reach out to your emergency contact in a case where you become incommunicado. In a situation where you become incommuncado, you authorise that we can reach out to your relationship contact in order to re-establish contact with you. In a case where your relationship contact expressed interest to repay your loan, You authorise us to share your loan details with your emergency contact.
13. You must respect our rights in the Service.We grant you a limited, non-transferable, personal right and license to use the Service 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).
14. We may discontinue the Service.We may in our sole discretion and at any time terminate your access to the Service or discontinue providing the Service or any part of the Service, 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 Service, or for terminating or suspending your access to the Service.
15. Legally Permitted Use of Service. 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 Service 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.
16. The Service is provided without any warranties or guarantees. THE SERVICE IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. WE AND OUR SUPPLIERS DISCLAIM ALL WARRANTIES WITH REGARD TO THE SERVICE, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SERVICE, OR WITH THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SERVICE.
17. 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 SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF APPS AND GAMES AS OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
18.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 OPay MFB 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 OPay MFB’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.
19. No alteration, variation or agreed cancellation of this agreement, and this paragraph, shall be of any effect unless directed so by us. The updated Terms shall become effective immediately upon posting. Your continued use of our services after any such change constitutes your acceptance of the updated Terms. We may notify you of significant changes through in-app notification, email, or other reasonable means.
20. 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.
21. 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.
22. 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.
23. 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.
24. Assignment on Merger or Acquisition.In the event that OPay MFB undergoes a merger, acquisition, corporate reorganization, or sale of all or substantially all of its assets or business, all rights and obligations arising under these Terms and Conditions shall automatically be assigned to, assumed by, and continue to be enforceable against and by the successor or acquiring entity, without the need for further consent from you. Such successor or acquiring entity shall be deemed substituted for OPay MFB for all purposes under these Terms and Conditions.
25.We may modify these Terms. These Terms may be modified without notice at any time in the future. Changes will be posted at https://h5.ng.o-kash.com/html/terms.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.