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Opay CreditMe Regulations and Service Agreement.

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Opay CreditMe Regulations and Service Agreement.
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CreditMe Service Agreement

 Credit Me Service Agreement Effective Date: September 9, 2021 

The Credit Me Service Agreement (hereinafter referred to as the "Agreement") is a binding contract entered into between Blue Ridge Microfinance Bank Limited, as well as its affiliates which operate the OPay Wallet Platform, or other related Platforms(hereinafter collectively referred to as "Credit Me", "We", "Us"), and users (hereinafter referred to as "You", "Your") regarding the usage of the Credit Me Service (hereinafter referred to as the "Service"). 

By clicking "confirm" on network pages or by accepting this Agreement in other ways, You indicate that you are in agreement with Us, and You agree to accept all of the contents of this Agreement. 

Before accepting this Agreement, please read all of its contents carefully (especially segments that are highlighted, underlined, or in bold). If you do not agree with anything in this Agreement, or if you cannot understand the meaning of a provision accurately, please do NOT click confirm or perform any follow-up actions. 

Should You have any questions regarding any of the provisions of this Agreement, please reach Us via the customer service channels of Us, and they will explain the content of the provision to You. 

You agree that we are entitled to update the contents of this Agreement from time to time, and that such updates will be announced in advance on our Platform. 

You can determine when this Agreement was last revised by referring to the "Effective Date" above. Your continued use of this Service after changes to the Agreement are announced and come into effect shall indicate that you have fully read, understood and agreed to the amended contents of the Agreement. 

You must also comply with the content of the Agreement after it has been amended in order to continue Using this Service. If you do not agree with any revised content, You should stop Using this Service before it comes into effect. 

1. Definitions Credit Me: 

this refers to the service where you use the kind of consumer credit service stated on this Agreement to pay for buying products/services, to transfer to others for products/services, or/and to withdraw cash(if applicable), allowing you to complete transactions with insufficient funds. 

Platform: means you may make a request or requests for a Credit Me credit from Us through our online sites, including any sub-domains thereof, or other application channels offered by Us, from which You may make a request or requests for Credit Me.

 Designated OPay Account: refers to Your own Pay Wallet Account necessary for Your application, use, and termination of this service.

 Credit Me Account: this refers to the account You registered on our Platform to receive Credit Me Services. You fully acknowledge that the name of Your Credit Me Account may be the same as Your Designated OPay Account Service Fee: this refers to service charges You must pay for the use of this Service.

 This service fee will be determined by the amount of the Credit Me amount You use, which will be clearly stated on our Platforms and each receipt You received 

Instructions: refer to the instructions (including but not limited to information transmission instructions, authorization instructions, etc.) issued to Credit Me through the Designated OPay Account, input the payment password or in accordance with the method agreed in the "CreditMe Service Agreement", all instructions and its contents are irrevocable and changeable, unless expressly stipulated otherwise in the contracts You entered with Us 

points to a merchant or service provider who provides goods or services to you and receive payment from Your CreditMe.

 Principal Amount: Refers to the original Credit Me amount of uncalculated interest issued by Us to You. 

Repayment Amount: refers to the sum of Your accumulated overdue CreditMe principal, interests, service fees and other payables (if any) that should be repaid on the repayment date.

 "Cash-out" Transactions: this refers to You/Your transaction partners paying cash to others/You directly through fictitious transactions, falsified prices, returning cash for goods, etc. 

Owealth: this refers to the product that We operate on our Platform for customers to earn interests by depositing money into special Owealth account. You can learn more information about Owealth by checking terms and conditions of this product

 2. Your Credit Me Account 

You must be registered on our Platform to access or use Services. Except with our approval, one user with one BVN may only register one Credit Me account on the Platform. 

You can click on the Credit Me icon in the Opay APP and will be prompted to review the Credit Service Agreement and to apply for a Credit Me overdraft Credit Limit. 

If approved, your credit limit is communicated to you on your Credit Me account page. 

In case that you are not qualified to open a Credit Me account with applicable Credit Limit, You can raise another application by locking/freezing certain amount of your Owealth account (hereinafter the "Lock").

 You fully understand that though having the policy aforementioned to increase Your chance, You are not 100% sure to be qualified to open such account and have Credit Me amount. 

We may cancel or terminate Your Credit Me account if We have reasons to suspect that you registered more than one Credit Me Account using one BVN or You are engaging in high-risk transactions or performances. 

 Upon registration on the Platform, We shall assign an account and issue a member ID and password (the latter shall be chosen by a registered user during registration) to You. A set of Credit Me ID and password is unique to a single account. You shall be solely responsible for maintaining the confidentiality and security of Your Credit Me ID and password and for all use of and activities that occur under Your account (whether such use or activities are authorized or not).

 Your account is non-transferable. You cannot sell, combine, or otherwise share it with any other person. Any violation of this Agreement will cause your account to fall out of good standing and We may cancel your account in our sole discretion. If your account is canceled, You may forfeit any pending, current, or future account credits, and any other forms of unredeemed value in Your account without notice. 

Upon termination, the provisions of this Agreement are, by their nature, intended to survive termination (e.g., any disclaimers, all limitations of liability, and all indemnities) shall survive. We also reserve the right to change or discontinue any aspect or feature of our services or the Platform, including, without limitation, requirements for use.

 3. Credit Me Service

 Credit Me Service provides you with the following Services: Credit Me consumption service, which means You can use Your Credit Me amount for consumption, including but not limited to buying products, paying for services. Credit Me transfer service, which means You can use part of Your Credit Me amount when you transfer money to Your Counterpartners through consumption or other interpersonal relationship scenes.

 Credit Me withdrawal service, which means you are entitled to withdraw part or all of the CreditMe amount into Your personal account for your personal use.

 You can choose one or several parts of our Services in specific consumption scenarios according to your needs if such services are available for you. You fully understand that the aforementioned Services may be added/modified/canceled from time to time according to our independent judgement. 

The specific rules of aforementioned Services will be displayed clearly on our Platform and keep You informed from time to time. You fully understand and acknowledge that some of the Services may be provided by our affiliates, assigners, agents, suppliers or other entities authorized by Us. The entities stated before shall also be referred as We, Us, Ours in this Agreement. 

You fully understand that whether the Services above can be used or not shall be related to the balance of your Designated OPay Account. You can refer to our policies on our Platform for detailed information.

 4. Credit and Amount 

By registering an Credit Me Account and applying for Credit Me Amount, You agree that We: willing to provide any document or information, including but not limited to BVN information, face recognition information, OPay Wallet Account information, We need to issue Your account as well as Your amount; may conduct any enquiry necessary to process Your application and assess Your affordability, including a credit bureau check; and may contact You regarding application, or in connection with any loan that may be subsequently approved by SMS or email or any other methods where applicable. 

Credit Me Amount: Your Credit Me Amount refers to the maximum line of consumer loans/credit approved by Us based on your credit status. It can be used cyclically during the validity period of the line of credit. 

You can log into Your Credit Me Account and check Your credit line on the relevant pages. You fully understand that we are entitled to adjust the credit line at any time according to your credit status. 

Amount Increase: Your Credit Me Amount can be increased by Lock, however, You fully agree that the increased amount shall be determined according to Our unilateral review and evaluation. We are entitled to cancel the increased amount according to our evaluation any time.

 The locked/frozen amount of your Owealth account cannot be used for withdraw, repayment for any debit (including Credit Me) or daily use, but he interest calculation shall remain normal according to applicable policies of Wealth.

 You are fully entitled to unlock the certain amount for your repayment of Credit Me, in case that the consequence of Unlock shall be in compliance with the following Unlock clauses. 

Unlock: You are entitled to unlock the amount when you are approved to do so according to our system, and your Credit Me amount would decrease to a certain amount according to our evaluation. 

We highly recommend you to refer to our lock and unlock policies from time to time on our Platform.

 Validity period of credit line: refers to the period within which You can apply for a Credit Me Amount from our Platform within the credit line. The initial credit limit is valid for one year from the effective date of the Agreement; before the expiration of the validity of the credit limit, if both parties have no objection, it can be automatically extended for one year from the expiration date. The number of extensions is unlimited.

 Credit Me use: The Credit Me credit amount under this Agreement can only be used for the consumption or other scenes as permitted by Us, and it is strictly forbidden to use this service to cash out except approved by Us. 

Credit review: Credit Me has the right to review Your Agreement can only be used for the consumption or other scenes as permitted by Us, and it is strictly forbidden to use this service to cash out except approved by Us.

 Credit review: Credit Me has the right to review Your withdrawal application on a case-by-case basis, and independently determine whether it is approved. 

5. Cost of Credit Me Services

 The following costs of Credit Me Services are payable, some of which may be specified on; Your quotations or bills sent to you: 

Interest, which is calculated on a daily basis from the date You use Your Credit Me Amount; some of our Services may be regarded as interest-free. We will show the interest rates to You clearly before issuing the Credit Me Amount to You on our Platform as well as your bill. 

Service Fee, which is a fee charged for providing Credit Me service under this Agreement. The service fee will be charged based on the amount You actually use. We will show the interest rates to You clearly before issuing the Credit Me Amount to You on our Platform as well as your bill. 

Default Payment Fee (if applicable) : You will be charged of Default Payment Fee if you don't repay the due payment on time. We will display Default Payment Fee clearly on our Platform and keep You fully informed from time to time.

 Other Fees (if applicable) : Any other administration costs, taxes or other charges, inclusive of any bank charges, which may arise from Your debit order instruction in respect of successful and/or failed debit order deductions. 

6. Repayment 

The repayment method for this service shall be in accordance with invoices or any other such written notices published on our Platform or messages sent to you. You will receive reminders before the due date to make sure you can meet up with the deadline.

 Active repayment: You can actively log into the Designated OPay Account and use the source of repayment funds approved by CreditMe to settle the payment. 

 Automatic repayment: You irrevocably authorize Us to automatically deduct money from the Designated OPay Account, OWealth and the debit card bank account bound to. the Designated OPay Account from the date of repayment (including the day) to settle the repayment.

 Repayment instructions: You agree that, in the event of any of the following situations, You irrevocably authorize Us to deduct Your due payment from any bank account under Your BVN.

 7. Use of Personal Information

  Your Personal information is held subject the Privacy Policy as stated on our OPay Platform and the applicable law.

 8. Representations and Warranties 

You represent and warrant that: All the information that You have given Us is true and current in every respect and that We may rely on it; 
If You fail to pay any amounts due under the Agreement, We will be entitled to contact You in respect of these failed payments on any day of the week;
 If there are insufficient funds in the bank account under Your BVN to meet the debit order obligations, We are entitled to track Your bank account and re-present the instruction for payment in the bank account at any time thereafter;

 In the event that You change Your bank account details, We are authorised to apply those bank account changes to any agreement You have concluded with Us (including this Agreement); 

 This electronic Agreement (inclusive of any other policies, terms, bills related to this Agreement) shall constitute the entire Agreement between You and Us. This electronic Agreement is provided and concluded in accordance with any applicable laws, and the terms and conditions contained herein are valid, binding and enforceable between You and Us. 

If any provision of this electronic Agreement, or any portion thereof, is held to be invalid and/or unenforceable for any reason whatsoever, then the remainder of this Agreement shall nevertheless remain in full force and effect. 

9. Events and Results of Default

  Each of the following events and circumstances shall be an Event of Default: 

 Non-payment: You fail to pay any sum payable under this Agreement when due or otherwise in accordance with the provisions thereof unless its failure to pay is caused by administrative or technical error in the transmission of funds and payment is made within three (3) Business Days of its original due date;

 Other obligations: You fail duly and punctually to perform or comply with any of Your respective obligations or undertakings under this Agreement or any other policies, terms, rules that You shall obey in accordance; 

 Misrepresentation: any representation or warranty made or deemed to be made by You proves to have been incorrect or misleading in any respect considered by Us to be material (acting reasonably); 

 Suspension of payments: You stop or suspend payments to Your creditors generally or are unable or admit Your inability to pay Your debts as they fall due or seek to enter into any composition or other arrangement with Your creditors or are declared or become bankrupt;

 If an Event of Default has occurred We may, by sending notice to You declare the CreditMe amount You have used, accrued interest and all other sums payable hereunder to be, whereupon they shall become, immediately due and payable without further demand, notice or other legal formality of any kind; 

 We may also charge You with default interest, whose rate will be stated clearly before charging 10. 

10. Taxes and Other Deductions 

 All sums You payable under this Agreement shall be paid in full without set-off or counterclaim or any restriction or condition and free and clear of any tax or other deductions or withholdings of any nature. 

If We or any other person is required by any law or regulation to make any deduction or withholding (on account of tax or otherwise) from any payment for our account, You shall, together with such payment, pay such additional amount as will ensure that the We receives (free and clear of any tax or other deductions or withholdings) the full amount which it would have received if no such deduction or withholding had been required. 

11. Governing Law and Arbitration

  This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of Nigeria Both Parties irrevocably agree that any dispute arising out of or relating to this Agreement which cannot be resolved through negotiations may be brought to Chartered Institute of Arbitrators (UK), Nigerian Branch, the arbitration rules of which shall be applied and the award shall be final and binding on both parties You irrevocably and unconditionally waive any immunity to which it may at any time be or become entitled, whether characterized as sovereign immunity or otherwise, from any set-off or legal action in Nigeria or elsewhere. 

12. Contact

If you have any questions regarding our CreditMe services, please contact us as follows:

 whatsapp:+234 09139014416 phonecalls: 018883321

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