Terms and Conditions

Aella Credit is committed to transparency and full disclosure of all important information to customers. Hence, this Term and Condition shall be the Loan Agreement between you (a user of the Aella Credit Application and/or a borrower) and Aella Credit Limited, Aella Financial Solutions Limited (“Aella Credit”).

WHEREAS:

This Loan Agreement is a financial services and an end-user Licence (access to use the Aella Credit Mobile Application) agreement between you (End-user Borrower or you) and Aella Credit Limited a company duly incorporated and licenced under the laws of Nigeria, (Aella, Aella Credit, Aella Credit Limited, Aella Financial Solutions Limited, us or we) for the mobile application software, the data supplied with the software and the associated Services hereinafter defined in this agreement (the App).

AND WHEREAS:

Aella Credit is an entity duly incorporated as a private limited liability company under the Companies and Allied Matters Act Cap C20, LFN 2004 and is duly authorised to provide short term unsecured loans to individuals via a mobile lending application (the App).

YOU AND AELLA CREDIT HEREBY AGREE:

This Agreement (together with our Privacy Policy) sets out the complete terms and conditions (the Terms and Conditions) which shall be applicable to the Account (as hereinafter defined) opened by you with Aella Credit Limited.

1. COMMENCEMENT

1.1 These Terms and Conditions and any amendments or variations (in accordance to the terms of this Agreement) thereto take effect on their date of publication.

1.2 The Agreement shall have effect during and throughout the entire period of your holding an account with Aella Credit, the installation of the APP on your device, total settlement of all loans and outstanding due to Aella and the continuance of the financial services between you and Aella Credit.

2. DEFINITIONS AND INTERPRETATION

For the purposes of this Agreement and the preamble above, unless the context requires otherwise or it is expressly stated the underlisted shall be interpreted as attached thereto:

“Agreement” means this Terms and Conditions and Loan Agreement;

“Account” means your loan account with Aella Credit;

“Business Day” means a day other than a Saturday, Sunday or national or public holiday in Nigeria;

“Credentials”means your personal credentials used to access the App and operate your Account;

“Credit Reference Bureau” includes any financial institution or a credit reference bureau duly licenced under the laws and regulations of Nigeria at every given time, to collect and facilitate the sharing of customer credit information;

“Electronic Money” means a monetary value that is electronically stored in an instrument or device representing an equal amount of cash;

“Electronic Payment Service” means the payment service delivered in electronic form by a licenced payment service provider in accordance with the laws and regulations of Nigeria;

“Electronic Payment System” means the facility operated by the Payment System Provider for the provision of the Electronic Payment Service;

“Encumbrance” includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;

“Equipment” includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;

“Event of Default” shall be as provided in this Agreement;

“Force Majeure” means events, circumstances or causes beyond the reasonable control of Aella Credit making Aella Credits performance of its obligations inadvisable, commercially impracticable, illegal, or impossible, including but not limited to acts of God, war, strikes or labour disputes, embargoes or government orders;

“Licence Restrictions” has the meaning given to it in this agreement;

“Loan” means the principal amount of the loan made or to be made by Aella Credit 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.

“Party” means either of the Borrower or Aella Credit whist Parties refers to both the Borrower and Aella Credit jointly.

3. ACCEPTANCE OF TERMS AND CONDITIONS

3.1 The Terms and Conditions set out in this Agreement and as amended from time to time by Aella Credit must be read and understood prior downloading or streaming the App or opening an account with Aella Credit.

3.2 Downloading the App and clicking the Continue or Accept button during your Loan application on Aella Credits System or any other button which signifies your acceptance of these Terms and Conditions and an intention to use the App shall be deemed your acceptance of the terms and conditions.

3.3 If you do not agree with the Terms and Conditions or any content thereto please do not click Continue in Aella Credits System. Declining the Terms and Conditions will prohibit your access to any of the Services provided by Aella Credit and discontinue you from receiving any information thereto.

3.4 By downloading the App and opening an Account with Aella Credit, you agree to comply with and be bound by the Terms and Conditions governing the operation of the Account and you affirm that the Terms and Conditions herein are without prejudice to any other right that Aella Credit may have with respect to the Account in law or otherwise.

3.5 Downloading the App and opening an account with Aella Credit affirms that you intend to be bound by the content thereto and agree to enjoy all rights and privileges set out therein and also fulfil all obligations required.

3.6 By using the App or any of the Services, you consent to us collecting and using technical information about the Equipment and related software, hardware and peripherals for Services that are internet-based or wireless to improve our products and to provide any Services to you. If you use these Services, you consent to us and our affiliates’ and licensees’ transmission, collection, retention, maintenance, processing and use of your data to determine our credit scoring services or to improve our Services and/or your experience while using the App.

4. GRANT AND SCOPE OF LICENCE TO THE APPLICATION

4.1 In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your Equipment for the purpose of opening a loan Account with Aella Credit, subject to these Terms and Conditions.

4.2 Restriction of Licence

We reserve all other rights to the Application. Except as expressly set out in this Agreement or as permitted by any local law, you agree:

a. not to rent, lease, sub-licence, loan, translate, merge, adapt, vary or modify the App or any of the content thereto;

b. not to make alterations to, or modifications of, the whole or any part of the App, or permit the App or any part of it to be combined with, or become incorporated in, any other programs;

c. not to disassemble, decompile, reverse-engineer or create derivative works based on the whole or any part of the App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving interoperability of the App with another software program, and provided that the information obtained by you during such activities is not disclosed or communicated without our prior written consent to any third party; and is not used to create any software which is substantially similar to the App;

d. not to use the App in an unlawful manner, for any unlawful purpose, or in any manner inconsistent with this Agreement, or act fraudulently or maliciously, either by duplicating it, altering, hacking into or inserting malicious codes, including viruses, or harmful data, into the App, any Service or any operating system;

e. You shall not infringe Aella Credits intellectual property rights or those of any third party in relation to your use of the App or any Service, including the submission of any material (to the extent that such use is not licenced by this Agreement);

f. not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App or any Service;

g. not use the App or any Service in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users;

h. not collect or harvest any information or data from any Service or our systems or attempt to decipher any transmissions to or from the servers running any Service; and

i. to comply with all technology control or export laws and regulations in your country that apply to the technology used or supported by the App or any Service (the Technology).

4.3 Intellectual Property Rights

4.3.1 You consent and acknowledge that all intellectual property rights including not limited to the App, its design, format, templates, content, Technology and this Agreement in its entirety worldwide belongs to Aella Credit and shall not be used in any way prejudicial to Aella and for the personal gain (monetary or otherwise)

4.3.2 You shall be liable for any loss, damage, delay caused to Aella Credit for any use of the App other than for the purpose of opening and applying for credit facility from Aella Credit without the prior written Notification And Consent Of Aella Credit.

4.3.3 Update and Upgrade to the App

From time to time updates to the App may be issued. Depending on the update, you may not be able to use the Services until you have downloaded or streamed the latest version of the App and accepted any new terms and conditions.

4.3.4 updates in this clause that require you updating your device shall be your responsibility and Aella Credit shall not be responsible for any delay, disruption or charges borne by you prior and towards updating the App.

5. USE OF THE SERVICES

5.1 The Services offered by Aella Credit can only be used by persons over the age of 18.

5.2 Aella Credit reserves the right to verify the authenticity and status of your Bank Accounts and Bank Verification Numbers with the relevant Payment System Provider.

5.3 You confirm that personal information provided while opening an account are true and valid and Aella Credit shall not be liable in any way for any false declaration of age and other Personal information provided.

5.4 Aella Credits acceptance of your application for an Account will be displayed on the App. You hereby acknowledge and accept that the acceptance by Aella Credit of your application for an Account does not create any contractual relationship between you and the Payment System Provider.

5.5 Aella Credit reserves the right to decline, discontinue, revoke, prohibit and restrict your application for a Loan at any stage at Aella Credits sole and absolute discretion and without assigning any reason or giving any notice thereto.

5.6 Aella Credit reserves the right (in its sole and absolute discretion) to issue, decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time.

5.7 The terms of the Loan and the interest rate payable in relation to each loan application will be displayed on the App and shall be deemed final and absolute amount unless where manifest error appears.

6. PERSONAL INFORMATION

6.1 In addition to the provisions of the Privacy Policy attached to this Agreement, you hereby agree and authorise Aella Credit to verify information provided by you to Aella Credit against the information held by the Payment System Providers pursuant to the agreement between you and the relevant Payment System Provider for the provision of its products and services and the Electronic Payment Service and any other information bank available to Aella Credit in Nigeria.

6.2 The information that Aella Credit may verify against the information held by the Payment System Providers includes (without limitation): your phone number, name, date of birth, Identification Number (ID) or Passport Number and such other information that will enable Aella Credit to identify you and comply with all regulatory Know Your Customer requirements in your country (together the Personal Information).

6.3 You hereby agree and authorise Aella Credit to verify information including, but not limited to, data relating to your phone (including, without limitation, your phones history, log and location) from your Equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as Aella Credit shall require for purposes of providing you the Services (the Relevant Information).

6.4 You hereby consent to Aella Credit verifying the Personal Information and the Relevant Information with the Payment System Providers and using the Personal Information and the Relevant Information to the extent necessary in Aella Credits opinion.

6.5 You hereby agree and authorise Aella Credit to obtain and procure your Personal Information and Relevant Information from your respective Payment System Provider and you further agree and consent to the disclosure and provision of such Personal Information by the Payment System Provider and further to indemnify and hold Aella Credit and the Payment System Provider harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information and/or Relevant Information.

6.6 You hereby agree and authorise Aella Credit to obtain and procure your Personal Information from the Credit Reference Bureaus and you further agree and consent to the disclosure and provision of such Personal Information by the Credit Reference Bureaus. 6.7 Aella Credit reserves the right to request for further information from you pertaining to your application for an Account at any time. Failure to provide such information within the time required by Aella Credit may result in Aella Credit declining to accept your application for an Account or a Loan.

6.8 Aella Credit reserves the right to supply consumer credit information and information about the Borrower to the Credit Reference Bureaus, and in this regard: you confirm that Aella Credit may transmit to the Credit Reference Bureaus data about the App, opening and termination of an Account by you.

6.9 You acknowledge that the information on non-compliance with the Terms and Conditions of this Agreement may be transferred to the Credit Reference Bureaus; and

6.10 The Credit Reference Bureaus may provide Aella Credit with a credit profile and possibly credit scores on your creditworthiness.

6.11 you hereby agree and consent that Aella Credit shall have the right not to consider or process your Loan Application until all the information required is sufficiently provided and confirmed where deemed necessary by Aella Credit.

7. LOAN APPLICATION – REQUESTS MADE BY THE BORROWER

7.1 You hereby irrevocably authorise Aella Credit to act on all Requests received by Aella Credit from you (or purportedly from you) through the System or your Equipment and to hold you liable in respect thereof. Aella Credit may nevertheless refuse to carry out any Requests in its sole and absolute discretion with or without explaining the reasons for its decision.

7.2 Subject to its discretion, Aella Credit reserves the right to reject any Request in relation to a Loan application from you even if you have previously been issued with a Loan by Aella Credit.

7.3 Aella Credit shall be entitled to accept and to act upon any Request, even if that Request is otherwise for any reason incomplete or ambiguous if, in its absolute discretion, Aella Credit believes that it can correct the incomplete or ambiguous information in the Request without any reference to you being necessary.

7.4 Aella Credit shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which Aella Credit may act if Aella Credit has in good faith acted in the belief that such instructions have been sent by you.

7.5 Aella Credit may, in its absolute discretion, decline to act on or in accordance with the whole or any part of your Request pending further enquiry or further confirmation (whether written or otherwise) from you.

7.6 You agree to and shall release from, and indemnify Aella Credit against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Aella Credit having acted in accordance with the whole or any part of any of your Requests (or failed to exercise) the discretion conferred upon it.

7.7 You acknowledge that to the full extent permitted by law, Aella Credit shall not be liable for any unauthorised drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your Account Personal Identification Number, password, ID or any means whether or not occasioned by your negligence.

7.8 Aella Credit is authorised to effect such orders in respect of your Account as may be required by any court order or competent authority or agency under the applicable laws in your country.

7.9 In the event of any conflict between any terms of any Request received by Aella Credit from you and this Agreement, this Agreement shall prevail.

8. INTEREST AND FEES

8.1 The interest payable by you to Aella Credit in relation to any Loan shall be displayed by Aella Credit on the App.

8.2 A transaction fee shall be chargeable by Aella Credit on each loan Application and for your use of the Services and Aella Credit may from time to time amend or vary its Transaction Fees for the Services.

8.3 Where Transaction fees are applicable, varied or amended, such Fees will be displayed on the App. Aella Credit will use reasonable endeavours to notify you of any changes in relation to Transaction Fees within a reasonable period before such changes are implemented including displaying notices of the changes on the App or Aella Credits website.

8.4 All payments to be made by you under this Agreement shall be made in full without any set off or counterclaim and save in so far as required by the law to the contrary, free and clear of and without any deduction or withholding whatsoever. If you are at any time required to make any deduction or withholding from any payment to Aella Credit, you shall immediately pay to Aella Credit such additional amounts as will result in Aella Credit receiving the full amount it would have received had no such deduction or withholding been required.

8.5 If you fail to make any payments due to Aella Credit at the due date for payment, Aella Credit will be authorised to apply late fees charged on such amount loaned to you at a rate to be communicated to you.

9. STATEMENTS

9.1 A statement and activity report in respect of your Account will be made available on Request. Requests shall be made via our email address: [email protected] or via a contact link on the App.

9.2 The statement on the App shall provide details of the last 4 (four) transactions (or such other number of transactions as determined by Aella Credit) in your Account initiated from your Equipment.

9.3 Your statement will show all amounts added or taken from your Account. You must check your statement carefully and notify Aella Credit as soon as possible, and no later than 48 hours after receipt of your statement, if it includes any transaction or other entry which appears to you to be wrong or not made in accordance with your instructions.

9.4 Aella Credit reserves the right to rectify discrepancies, errors and omissions, add and/or alter the entries in your statements, without prior notice to you.

9.5 A statement issued to you in respect of your Account shall be conclusive evidence of the transactions carried out on your Aella Credit for the periods covered in the statement save for a manifest error.

10. TAXES

10.1 You agree to remain liable for all taxes payable in connection with the payments and must ensure that you pay such taxes and that you pay to Aella Credit such additional amounts as will result in Aella Credit receiving the full amount it would have received had no such taxes been applicable to the payments;

10.2 All payments to be made by you in connection with these Terms and Conditions or any Loan provided to you by Aella Credit are calculated without regard to any taxes payable by you in your country;

10.3 You hereby consent and agree that Aella Credit may withhold amounts in your Account if any tax authority in your country requires Aella Credit to do so, or Aella Credit is otherwise required by law or pursuant to agreements with any tax authority to do so, or if Aella Credit needs to comply with internal policies or with any applicable order or sanction of a tax authority in your country. You will, however, be notified if such deductions are made.

11. BORROWERS RESPONSIBILITIES

11.1 Compliance You shall follow all instructions, procedures and terms contained in this Agreement and any document provided by Aella Credit concerning the use of the System and the Services.

11.2 Responsibility for Your Device a. You agree and consent that it is your responsibility and at your own expense to ensure the safety and efficient operating order of your Equipment necessary for the purpose of accessing the System and the Services and you consent to be responsible for ensuring the proper performance of your Equipment.

b. You agree that Aella Credit shall not in any way and by no means be responsible for any errors or failures caused by any malfunction of your Equipment, nor shall Aella Credit be responsible for any computer virus or related problems that may be associated with the use of the System, the Services and the Equipment.

c. You shall be responsible for charges due to any service provider providing you with connection to the Network and Aella Credit shall not be responsible for losses or delays caused by any such service provider.

d. You acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your Credentials secret and secure. You shall ensure that your Credentials do not become known or come into possession of any unauthorised person. Aella Credit shall not be liable for any disclosure of your Credentials to any third party and you hereby agree to indemnify and hold Aella Credit harmless from any losses resulting from any disclosure of your Credentials.

e. You shall take all reasonable precautions to detect any unauthorised use of the System and the Services. To that end, you shall ensure that all communications from Aella Credit are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorised use of and access to the System will be detected. You shall immediately inform Aella Credit in the event that

i. You have reason to believe that your Credentials are or may be known to any person not authorised to know the same and/ or have been compromised;

ii. You have reason to believe that unauthorised use of the Services has or may have occurred or could occur and a transaction may have been fraudulently initiated or compromised.

11.3 You shall at all times follow the security procedures notified to you by Aella Credit from time to time or such other procedures as may be applicable to the Services from time to time. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your Accounts confidentiality. In particular, you shall ensure that the Services are not used or Requests are not issued or the relevant functions are not performed by anyone other than a person authorised to do so.

11.4 You acknowledge that it shall be your responsibility to contact Aella Credit where you are unable to access your device or the App due to loss, damage or any other reason and you shall remain liable for any loss, damage, request, charges and interest that might have arisen during the period.

11.5 You agree to be responsible for the defence, liability and any associated costs where an alleged fraud, illegality, misconduct or manipulation has been initiated or performed from your device and Aella Credit shall in no way share from such liability or defence.

12. REPAYMENT

12.1 All loans shall be repaid in accordance with these terms and conditions and in compliance with the instructions set out in the notification of approval of the loan and credit facility made to your account;

12.2 Repayment shall only be by means notified in the App or any platform or account communicated to you by Aella Credit in accordance with these terms and conditions and you agree to be liable for any payment via unauthorized means;

12.3 Repayment shall be validated when acknowledged as received by Aella Credit and subsequently reconciled with your account;

12.4 Where a repayment has been acknowledged but not reconciled within 5 business days, you shall issue a request to Aella Credit for a prompt action and Aella Credits response shall be deemed absolute;

12.5 Where an overpayment of your Loan has occurred, you may issue a Request to Aella Credit for payment of such credit balance and Aella Credit will return any such balance to you, less any applicable fees, provided that such amount falls above the minimum transfer amounts specified by the relevant Payment System Provider;

12.6 Termination of your account or a particular transaction shall however not affect any accrued rights and liabilities of either party;

12.7 Where a notice of your demise is received or Aella has reasonable information to believe that a Borrowers death has occurred, Aella Credit will not be obliged to allow any operation or withdrawal from your Account by any person except upon production of administration letters from a competent authority or confirmed grant of letters of administration or confirmed grant of probate by your legal representatives duly appointed by a court of competent jurisdiction;

12.8 In instances of your demise, all outstanding loans shall become payable by your estate, beneficiary, survival, next of kin or any other person to whom your estate devolves and you consent that Aella Credit has right to enforce these terms and conditions against such persons for the full and final settlement of your accrued obligation.

13. DEFAULT ON LOAN AND RECOVERY

13.1 Default (Event of Default) occurs in any of the instances hereto: a. You fail to pay any sum payable under a Loan in accordance with a scheduled repayment date, plan or undertaking; b. Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for a Loan or any information or documentation supplied by the Borrower is incorrect, inaccurate or misleading; c. The Borrower does anything which may prejudice Aella Credits rights under this Agreement; d. You use or attempt to use the App or the Services for an unauthorized, illegal and/or unlawful purpose; e. The Borrower is declared bankrupt, insolvent or unable to pay his debts as they fall due under the laws of his country; or f. Aella Credit receives information to reasonably believe that any of the instances in this Clause has or is about to occur.

13.2 Right of Immediate Recovery

Upon occurrence of an Event of Default as described above, Aella Credit may, without prejudice to any other right or remedy granted to it under any law terminate this Agreement in accordance with the terms of this agreement;

a. Declaring that the Loan (and all accrued interest and all other amounts outstanding under this Agreement is immediately due and payable by demanding via notice to you, whereupon they shall become immediately due and payable;

b. Using all reasonable lawful means including but not limited to litigation and court proceedings, arbitral awards, settlements, lien or encumbrance on your Bank Verification Number related Bank accounts and holdings and other agreed means of offsetting the loan;

c. Supply information concerning the Event of Default to Credit Reference Bureaus. A copy of any information concerning you sent to a Credit Reference Bureau shall be made available to you upon written request.

13.3 Means of Recovery 13.3.1 You consent and authorize Aella Credit to utilize all reasonable and lawful means (including but not limited to letters of demand, lien on your account, legal proceedings) to recover all outstanding debts and accruing interests where an event of default occurs;

13.3.2 You consent and agree that any repayment plan agreed to shall be enforceable against you and you remain liable for any cost incurred in enforcing such payment;

13.3.3 Aella Credit reserves the right to assign its right, title and interest under the Agreement to an external collections agency or third party as may be engaged by Aella Credit of Aellas choice who will take all reasonable steps to collect the outstanding Loan (together with any interest and fees accrued), and in this regard, Aella Credit shall have the right to share with such collection agencies, any information about the Borrower which it deems relevant;

13.3.4 Aella Credit also reserves the right to institute legal proceedings for the recovery of the Loan against you without any prior notice or your consent;

13.3.5 The Borrower shall be responsible for all legal costs and expenses incurred by Aella Credit in connection with any enforcement action taken by Aella Credit for the collection and repayment of the Loan (together with any interest or fees due on the Loan);

13.3.6 In the event that an Event of Default occurs, the Borrower grants to Aella Credit the right to notify the Borrower and any other person who, in Aella Credits opinion, may assist with the recovery of the outstanding Loan amount and you further agree that this notification may be done by any means of communication which Aella Credit deems appropriate.

13.3.7 Aella Credit shall have the right to enforce all legal judgments and recover all its outstanding from you without limitation or prejudice to your undertaking or any repayment plan.

VARIATION AND TERMINATION

14.1 These Terms and Conditions may be amended or varied by Aella Credit from time to time and your continued use of the Services constitutes your agreement to be bound by the terms of any such amendment or variation. Aella Credit will take all reasonable measures to notify you of any changes.

14.2 Where variation or Termination is in compliance with a law or policy by a regulatory agency, Aella Credit shall be obliged to comply with such notice with or without your consent and/or notice but shall notify you as soon as practicable.

14.3 Without prejudice to Aella Credits rights under this clause, Aella Credit may at its sole discretion suspend or close your Account under the following circumstances: a. unauthorised use of the Account or where Aella Credit detects any abuse/misuse, breach of content, fraud or attempted fraud relating to your use of the Services; b. if your Account or agreement with a Mobile Network Operator is terminated for whatever reason; c. if Aella Credit is required or requested to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority; d. if Aella Credit reasonably suspects or believes that you are in breach of any of these Terms and Conditions (including non-payment of any Loan amount due from you where applicable) which you fail to remedy (if remediable) within 5 Business Days after the service of notice to pay up by email, SMS or other electronic means requiring you to do so e. Where such a suspension or variation is necessary as a consequence of technical problems or for reasons of safety; to facilitate update or upgrade the contents or functionality of the Services from time to time; or where your Account becomes inactive or dormant; f. for commercial reasons or for any other reasons as it may determine in its absolute discretion; and g. if you breach any of the Licence Restrictions or the Acceptable Use Restrictions. 14.4 No Variation shall be deemed to be a cancellation or waiver of an outstanding loan or obligation by the Borrower to Aella Credit.

EXCLUSION OF LIABILITY

15.1 You agree and consent that Aella Credit reserves the right to deny and approve a Loan Application and/or decide your Credit Application threshold and will not be liable for any Loss that you might encounter as a result of Aella Credits denial of your loan application.

15.2 Aella Credit shall not be liable for any delay in transmission of credit facility due to your network provider or any other financial institutions network server.

15.3 Aella Credit has no liability for any loss suffered by you should the Services be interfered with or be unavailable by reason of the failure of any of your Equipment, or any other circumstances whatsoever not within Aella Creidits control including , without limitation, Force Majeure or error, interruption, delay or non- availability of the System, terrorist or any enemy action, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.

15.4 Aella Credit shall not be responsible for ensuring that the App functions to meet the requirements of your equipment during the business relationship and it is therefore your responsibility to ensure that the facilities and functions of the App as described meet your requirements. 15.5 Aella Credit shall have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity as a result of your unauthorised use of the App.

15.6 Aella shall not be liable for any losses or damage suffered by you as a result of or in connection with: a. Any defect or fault in the App or any Service resulting from you having altered or modified the App; b. Any defect or fault in the App resulting from you having used the App in breach of the terms of this Agreement; c. Your breach of any of the Licence Restrictions or the Acceptable Use Restrictions; d. Unavailability of sufficient funds in your Value Storage Account; e. failure, malfunction, interruption or unavailability of the System, your Equipment, the Network or the Electronic Payment System; the money in your Account being subject to legal process or other encumbrance restricting payments or transfers thereof; your failure to give proper or complete instructions for payments or transfers relating to your Account; f. Any fraudulent or illegal use of the Services, the System and/or your Equipment; or g. Your failure to comply with the Terms and Conditions and any document or information provided by Aella Credit concerning the use of the System and the Services.

15.7 Aella credit shall under no circumstances be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of any kind, howsoever caused, arising out of or in connection with the Services even where the possibility of such loss or damage is notified to Aella Credit.

15.8 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.

INDEMNITY

16.1 In consideration of Aella Credit complying with your instructions or Requests in relation to your Account, you undertake to indemnify Aella Credit in full and hold it harmless against any loss, charge, damage, expense, fee or claim which Aella Credit suffers or incurs or sustains thereby and you absolve Aella Credit from all liability for loss or damage which you may sustain from Aella Credit acting on your instructions or Requests or in accordance with these Terms and Conditions. This shall also cover but not limited to the following:

a. All demands, claims, actions, losses and damages of whatever nature which may be brought against Aella Credit or which it may suffer or incur arising from its acting or not acting on any Request or arising from the malfunction or failure or unavailability of any hardware, software, or equipment, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any other event beyond Aella Credits control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in any Request received by Aella Credit.

b. Any loss or damage that may arise from your use, misuse, abuse or possession of any third-party software, including without limitation, any operating system, browser software or any other software packages or programs.

c. Any unauthorised access to your Account or any breach of security or any destruction or accessing of your data or any destruction or theft of or damage to any of your Equipment.

d. Any loss or damage occasioned by the failure by you to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by Aella Credit as a consequence of any breach of these Terms and Conditions.

e. Any damages and costs payable to Aella Credit in respect of any claims against Aella Credit for recompense for loss where the particular circumstance is within your control.

NOTICES

16.1 In consideration of Aella Credit complying with your instructions or Requests in relation to your Account, you undertake to indemnify Aella Credit in full and hold it harmless against any loss, charge, damage, expense, fee or claim which Aella Credit suffers or incurs or sustains thereby and you absolve Aella Credit from all liability for loss or damage which you may sustain from Aella Credit acting on your instructions or Requests or in accordance with these Terms and Conditions. This shall also cover but not limited to the following:

17.1 You and Aella Credit shall exchange information in writing via email. Aella Credit shall receive via by email to [email protected] or via such email that may be communicated to you from time to time while the email address provided by you in your personal information will be used in communicating with you.

17.2 You shall be responsible for updating your profile and contact information in case of any changes thereto and Aella Credit shall not be liable for any loss or damage to you for sending notice to the last updated contact information found on your profile.

17.3 Aella Credit may publish notices and information on its website; or by email or SMS to the mobile phone number or email address you provide to us in your request for the App.

17.4 All notices shall be in English Language and unless otherwise prior agreed by the parties, Aella shall not bear the cost or liability that may arise from the Borrowers inability to understand English Language or any associated cost of interpretation.

AELLA CREDITs PRIVACY POLICY

19.1 Aella Credit shall only use your personal information in accordance with our Privacy Policy. Please take the time to read our Privacy Policy, as it includes important terms which apply to you.

19.2 Upon downloading the App and clicking the Accept or Continue or any other button which signifies your acceptance of these Terms and Conditions and an intention to use the App, you will be deemed to have accepted Aella Credits Privacy Policy, a copy of which is available on the App.

ENTIRE AGREEMENT

20.1 These Terms and Conditions and our Privacy Policy constitute the entire agreement between you and us and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between us, whether written or oral, relating to its subject matter.

20.2 You acknowledge that in entering into this Agreement you do not rely on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these Terms and Conditions or our Privacy Policy.

20.3 Parties agree that neither shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

20.4 This Agreement remains the property of Aella Credit and shall not be adopted or relied upon by a third party and is solely for the purpose of the Business relationship, account opening, downloading and installing the App and loan application by you and Aella Credit.

DISPUTE RESOLUTION

21.1 Parties shall use their good faith efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with this Agreement in line with best commercial practices.

21.2 To this end, the Parties in dispute shall each promptly appoint representatives of appropriate standing who shall meet and attempt to resolve any dispute between them.

21.3 In the event that an amicable settlement has not been reached within thirty (30) days of the parties representatives meeting as aforesaid, the following provision shall apply.

21.4 Arbitration Any dispute, difference or question whatsoever and howsoever arising out of or in connection with this Agreement, save as specifically provided herein, shall be referred for final determination to a single arbitrator to be appointed by agreement between the parties hereto or in default of any such agreement within seven (7) days of the notification of any dispute by either party to the other then, upon application by either party, by the Chairman for the time being of the Institute of Arbitrators in Nigeria.

21.6 To the extent permissible by law the determination of the arbitrator shall be final and binding upon the Parties and shall not be subject to any appeal. 21.7 Nothing in this clause shall restrict either Partys freedom to commence legal proceedings of any nature for the purposes of seeking preliminary injunctive relief or interim or conservatory measures from any court of competent jurisdiction pending the final decision or award of any arbitrator

GOVERNING LAW

22.1 This Agreement shall be governed by and construed in accordance with the laws of your country.

22.2 Notwithstanding any provision to the contrary in this Agreement, Aella Credit shall have the right to institute proceedings for recovery of any outstanding amounts against a defaulting Nigerian Borrower in the High Court of Lagos State.