Loan Terms

Loan Term

Loan product information:
Loan amount: ₦5,000 - ₦300,000
Loan term: minimum 91 days, maximum 180 days
Annual interest rate: up to 28% annual interest rate (APR)
Daily interest rate: 28%/365= 0.0767%
Service fees, management fees and other fees: ₦ 0
For example: If you apply for a loan of ₦50,000, the interest is 28% (APR)/year, and the loan term is 180 days, so the amount to be paid is ₦56,904= ₦50,000 loan + ₦50,000 loan interest x28% (APR) x (180/365) days (no other fees)
Total monthly payment: NGN 9484 = NGN 56,904 / 6 months
These Terms and Conditions apply to and regulate the provision of financial services provided by DE FINTEK NIGERIA INVESTMENT LIMITED, a digital microfinance bank that is licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – Instant Loan to the Customer herein. These Terms and Conditions constitute DE FINTEK NIGERIA INVESTMENT LIMITED offerings and set out the terms governing this Agreement.
By registering for a DE FINTEK NIGERIA INVESTMENT LIMITED Account or using any of the services provided on the DE FINTEK NIGERIA INVESTMENT LIMITED App, you agree to comply with all of the terms and conditions in this user agreement. You also agree to comply with the following additional policies that apply to you:
• Privacy Policy
• Acceptable Use Policy
• Consent to Receive Electronic Disclosures (E-Sign Disclosure and Consent)
We may revise this user agreement and any of the policies listed above from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes reduce your rights or increase your responsibilities, we will provide you with notice of at least 21 days. The conditions applying to changes in loan terms are different and are noted in section 11.0 of this document. By continuing to use our services after any changes to this user agreement become effective, you agree to abide and be bound by those changes. If you do not agree to these terms and conditions, please do not proceed and exit the application immediately. Please be informed that on notice to you, we can terminate your relationship with us if we believe that you have violated any of these terms.We shall provide you with 21 days notice in the event that this becomes necessary
1.0 Definitions
The following definitions relate to these Terms of Use:
1.1.“Account” or “Wallet” is an electronic stored value account on DE FINTEK NIGERIA INVESTMENT LIMITED created for use by the customer. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone via the DE FINTEK NIGERIA INVESTMENT LIMITED mobile applications.
1.2.“Agent” refers to any party or device, including authorized DE FINTEK NIGERIA INVESTMENT LIMITED Agents, that facilitate DE FINTEK NIGERIA INVESTMENT LIMITED transactions on behalf of customers.
1.3. “BVN” means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution.
1.4. “CBN” means the Central Bank of Nigeria.
1.5.“Content” means all information whether textual, visual, audio or otherwise, appearing on or available through the services.
1.6.“Credit” means the movement of funds into an Account or Wallet.
1.7.“Debit” means the movement of funds out of an Account or Wallet.
1.8.“Level 1 customer” refers to a new customer who fulfills the minimum requirement listed in section 6.9 of this document and as defined in the CBN three tier Know Your Customer (KYC) requirements.
1.9.“Level 2 customer” refers to a DE FINTEK NIGERIA INVESTMENT LIMITED user who fulfills the minimum requirements listed in section 6.9 of this document and as defined in the CBN three tier KYC requirements.
1.10. “Level 3 customer” refers to a DE FINTEK NIGERIA INVESTMENT LIMITED user who fulfills the minimum requirements listed in section 6.9 of this document and as defined in the CBN three tier KYC requirements.
1.11. “Linked Bank Account/Card” refers to a bank account, debit card or credit card that you have linked to your DE FINTEK NIGERIA INVESTMENT LIMITED Account. This allows you to carry out transactions using funds from your DE FINTEK NIGERIA INVESTMENT LIMITED account.
1.12. “Merchant” means any person or entity who offers and or accepts payment for goods or services using DE FINTEK NIGERIA INVESTMENT LIMITED.
1.13. “Mobile Payments” describes the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels.
1.14.“Mobile phone” means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMSs, among other communication options.
1.15. “OTP” means One Time Password, used to authorize transactions or processes.
1.16. “PIN” means Personal Identification Number.
1.17. “Products” refer to DE FINTEK NIGERIA INVESTMENT LIMITED products, including person-to-person money transfer, bill payments, airtime top-up, DE FINTEK NIGERIA INVESTMENT LIMITED retail payment services, or other Merchant products and services provided through DE FINTEK NIGERIA INVESTMENT LIMITED.
1.18. “Registered phone number” refers to any phone number that has been registered on DE FINTEK NIGERIA INVESTMENT LIMITED.
1.19.“Services” refer to any products and services provided to the customer.
1.20.“DE FINTEK NIGERIA INVESTMENT LIMITED Wallet” means an electronic stored value account on DE FINTEK NIGERIA INVESTMENT LIMITED used to perform transactions.
1.21.“SMS” or “Short Message Service” is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.
1.22. “Investment” means placing funds with DE FINTEK NIGERIA INVESTMENT LIMITED for an agreed tenor for a promised return at the Prevailing Rate.
1.23. “Investment Account” means your virtual account with DE FINTEK NIGERIA INVESTMENT LIMITED for the placement of Investments offered on the App
1.24.“Loan” means the principal amount of the loan together with any interest and fees due on the loan,made or to be made to you under this Agreement from time to time through the App or (as the context requires) the outstanding repayment amount for the duration of that loan.
1.25. “Prevailing Rate” means the rate of interest payable on the Investment as shall be notified to you through the App, which rate may vary from time to time.
1.26. “Credit Reference Bureau” includes any financial institution or a credit reference bureau duly licensed under the laws and regulations of the Federal Republic of Nigeria to, collect and facilitate the sharing of customer credit information
2.0 Interpretation
2.1 In addition to the definitions in Section 1 unless the context requires otherwise: the singular shall include the plural and vice versa.
2.2 A reference to any one gender, whether masculine or feminine includes the other.
2.3 All the headings and sub-headings in this agreement are for convenience only and are not to be taken into account for the purposes of interpretation of this Agreement.
2.4 The recitals and schedules shall be deemed to form part of this Agreement.
2.5 In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for this Account and agrees to this Agreement while “We”, “us” and “our” “Lender” and “Bank” shall mean DE FINTEK NIGERIA INVESTMENT LIMITED, and following an assignment, any person, company or bank to whom the rights and/or obligations of DE FINTEK NIGERIA INVESTMENT LIMITED have been assigned. “Account” means the Customer’s account withDE FINTEK NIGERIA INVESTMENT LIMITED “Disbursement Date” means the date DE FINTEK NIGERIA INVESTMENT LIMITED advanced the loan to the Customer’s account “Payment Due Date” means a maximum of 7-30 days after the loan has been disbursed “Credit Limit” means the maximum credit available to the Borrower on opening an account with DE FINTEK NIGERIA INVESTMENT LIMITED “Loan” means the amount advanced to the Borrower by DE FINTEK NIGERIA INVESTMENT LIMITED.
Part A: General Provisions
3.0 Grant and Scope of License
3.1 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, subject to these Terms and Conditions. We reserve all other rights. except as expressly set out in this Agreement or as permitted by any local law. You agree:
3.2 not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App.
3.3 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.
3.4 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 inter-operability of the App with another software program, and provided that:
3.5 the information obtained by you during such activities is not disclosed or communicated to any third party without our prior written consent; and is not used to create any software that is substantially similar to the App.
3.6 you include our copyright notice on all entire and partial copies you make of the App on any medium; and you undertake not to provide or otherwise make available the App in whole or in part (including object and source code), in any form to any person without prior written consent from us; and
3.7 you agree 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).
4.0 Opening a Account and Condition of Use
4.1. To use DE FINTEK NIGERIA INVESTMENT LIMITED you must first open a DE FINTEK NIGERIA INVESTMENT LIMITED Account by registering your details through our Mobile App. As part of the signup process, you will need to accept these Terms of Use and our Privacy Policy, and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional terms and conditions.
4.2. If you are an individual, you must be a Nigerian citizen,18 years or older to use our services and by opening a DE FINTEK NIGERIA INVESTMENT LIMITED Account you declare that you are 18 years or older. This does not apply to products for which we may set a different age limit. We may require at any time that you provide evidence of your age.
4.3 You must provide all information as may be requested by us, such as your name, BVN, email address, mobile device number and such other information as we may request from time to time (collectively, “Customer Information”).
4.4 You agree to promptly notify us of changes to your Customer Information by updating your profile on the DE FINTEK NIGERIA INVESTMENT LIMITED App and to notify us at least five business days before any changes to your bank account information, including, but not limited to, the closure of your bank account for any reason. If we approve your registration, you will be authorized to use the Account, subject to these terms.
4.5 By opening a DE FINTEK NIGERIA INVESTMENT LIMITED Account you represent and warrant to us that your opening of a DE FINTEK NIGERIA INVESTMENT LIMITED Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.
4.6 By operating a DE FINTEK NIGERIA INVESTMENT LIMITED account, you hereby consent that DE FINTEK NIGERIA INVESTMENT LIMITED may collect, obtain, store and process your personal data that you have provided to us during the onboarding process for the purpose of receiving updates, news, promotional and marketing emails or materials from DE FINTEK NIGERIA INVESTMENT LIMITED
4.7 You may only add payment instruments (such as bank accounts, credit or debit cards) to your DE FINTEK NIGERIA INVESTMENT LIMITED Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.
4.8 During signup you will be asked whether you intend to use your DE FINTEK NIGERIA INVESTMENT LIMITED Account for private or commercial purposes. If you have any intention to use your DE FINTEK NIGERIA INVESTMENT LIMITED Account for commercial purposes, you must tell us, even if you use it also for private purposes. If you have stated that you will use your DE FINTEK NIGERIA INVESTMENT LIMITED Account for private purposes only, you must tell us immediately before, at any point in the future you use it for commercial purposes by contacting Customer Service via email (Rocketloan@kendalending.org) or call (09036186534)
5.0. Personal Information
5.1 To meet our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following:
5.1.1 your full name;
5.1.2 your date of birth;
5.1.3 your Bank Verification Number (“BVN”);
5.1.4 your current residential address;
5.1.5 your picture;
5.1.6 copy of a valid Government issued ID (national ID, international passport, permanent voter’s card or driver’s license);
5.1.7 a copy of recent utility bill, bank statement, affidavit, or another bill, dated within three months of our request, which carries your name and address;
5.1.8 any other information or document as we may require for our internal risk assessment.
5.2 You warrant that all information and documentation provided to us are true, correct, and accurate. You also undertake to notify us of any changes to the information or documentation which you have provided.
5.3 You hereby agree and authorise DE FINTEK NIGERIA INVESTMENT LIMITED to verify information provided by you against the information held by any third party (including official databases) such as, NIBBS, Payment System Providers any other information bank available to DE FINTEK NIGERIA INVESTMENT LIMITED.
5.4 The information that DE FINTEK NIGERIA INVESTMENT LIMITED may verify against the information which you have provided to us include (without limitation): your name, phone number, date of birth, address, age, Identification Number (“ID”) or Passport Number and such other information that will enable DE FINTEK NIGERIA INVESTMENT LIMITED to identify you and comply with the regulatory “Know Your Customer” requirements (together the “Personal Information”).
5.5 You hereby agree and authorise DE FINTEK NIGERIA INVESTMENT LIMITED to collect and verify information including, but not limited to, data relating to your phone (including, without limitation, your phone’s history) from your Equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as DE FINTEK NIGERIA INVESTMENT LIMITED shall require for purposes of providing you the Services (the “Relevant Information”). In case you are nominating a person as your guarantor, you are also confirming that you have sought approval from the named person for the same, and that they are willing to act as a guarantor for this loan facility.
5.6 You hereby consent to DE FINTEK NIGERIA INVESTMENT LIMITED verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the extent necessary in DE FINTEK NIGERIA INVESTMENT LIMITED opinion for the provision of the Services.
5.7 You hereby agree and authorise DE FINTEK NIGERIA INVESTMENT LIMITED to obtain and procure your Personal Information and Relevant Information from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such Personal Information by us or our Third Party Partners.
5.8 You agree to indemnify and hold DE FINTEK NIGERIA INVESTMENT LIMITED and the Third-Party Partners 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.
5.9 DE FINTEK NIGERIA INVESTMENT LIMITED reserves the right to request for further information from you pertaining to your use of the Services at any time. Failure to provide such information within the time required by DE FINTEK NIGERIA INVESTMENT LIMITED may result in DE FINTEK NIGERIA INVESTMENT LIMITED declining to accept your application for an Account or access to the Services.
5.10 You acknowledge and agree that when DE FINTEK NIGERIA INVESTMENT LIMITED or our third-party service providers access and retrieve information from such third-party websites, DE FINTEK NIGERIA INVESTMENT LIMITED and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party.
5.11 DE FINTEK NIGERIA INVESTMENT LIMITED advises its customers not to give their financial details, such as BVN (Bank Verification Numbers), OTP (One Time Password) and other sensitive financial information to anyone or third party.DE FINTEK NIGERIA INVESTMENT LIMITED will not be liable if such details are compromised.
6.0 Transacting
6.1 You may access the available funds in your Account at any time. While we make every reasonable attempt to provide the services as described in our marketing and educational materials, we offer the services “as is” and without any warranties.
6.2. All payments will be processed in Nigerian local currency i.e. Naira.
6.3. DE FINTEK NIGERIA INVESTMENT LIMITED will send you a receipt of all transactions effected from your DE FINTEK NIGERIA INVESTMENT LIMITED Account; this message may be sent via SMS, email, or another available channel.
6.4 .Some transactions may require you to input your pre-configured PIN, you are solely responsible for maintaining the confidentiality of your PIN and login details of your Account. You must protect the secrecy of your PIN and login details and prevent fraudulent use of the same.
6.6. As required by the CBN, there are daily limits on your Account or Wallet. You can increase or reduce these limits by providing DE FINTEK NIGERIA INVESTMENT LIMITED with the required information, subject to the restrictions listed in section 6.9 of this document and as mandated by the CBN
6.7. Your Account will be credited with any deposits made into it, and the credit will be available for transactions immediately after they are cleared.
6.8. We will verify and confirm any record of a deposit into your Account. Our records will be taken as correct unless the contrary is proved.
6.9. The table below outlines the customer classification DE FINTEK NIGERIA INVESTMENT LIMITED adopts along KYC levels along with the applicable transaction limits. You may not withdraw, transfer or make any payments that together exceed any of the per transaction or daily limits defined for your category. Should you attempt to exceed any applicable limits, your transactions will be declined.
DE FINTEK NIGERIA INVESTMENT LIMITED may, acting reasonably and in accordance with regulations set by the Central Bank of Nigeria, vary the limits at any time and any variation will be notified to customers. Where a deposit exceeding the transaction limit for your category is made to your Account, we will notify you to upgrade your Account to the category that applies to such deposit within seven (7) days.