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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
Counterparty:
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