TERMS AND CONDITIONS FOR THE OPENING AND USE OF AN ONLINE LOAN ACCOUNT WITH AELLA CREDIT LIMITED
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").
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).
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).
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.
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:
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.
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.
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;
No failure on the part of any party to exercise, or delay on its part in exercising, any right, power or remedy provided by this Agreement or by law shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any further or other exercise of that, or any other right, power or remedy.
If any provision or part of a provision of this Agreement shall be, or be found by any court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of this Agreement, all of which shall remain in full force and effect.
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.
For any disagreement with any part hereof, do not access or continue the use of the service or Platform.
"We," "Us" and/or "Our" refers to Aella Financial Solutions Limited, Aella Credit, Aella Services and Aella Platforms and Aella Channels whilst “You” refers to customers and any user of any of Aella website, Aella Mobile Application Aella Services, Aella Platforms, Aella Mobile Application and all other Aella related products and channels as the context may so admit.
We are a financial solution driven organisation providing easy, secure, fair and fast means of making and completing various financial transactions. These include but is not limited to purchasing airtime, pay bills and utilities, and other moneytart transactions via the web (www.aellacredit.com)
All transactions performed are final and cannot be recalled except in the case of a proven fraud.
Aella does not have any control over, and are not responsible or liable for, the products or services that are paid for with our Services and/or Platform. We cannot ensure that a service provider you are dealing with will actually complete the transaction
Some services on our websites, channels, Application or platform would attract a charge. For a list of services that would attract fees, please click on our FAQ.
Please click on our FAQ for a description of the minimum and maximum amounts that can be paid using this website, channel, Application or platform.
We deploy a two-factor authentication software for fraud, risk and compliance monitoring, known as Safetoken. Safetoken generates a 6-8 digit One-Time-Password (OTP) whenever a transaction is initiated via the Platform. To learn more about Safetoken please click on our FAQ.
In the event of a failed transaction (i.e. user has been debited for transaction, but value was not received), please send the following details to firstname.lastname@example.org for resolution: user’s mobile number, transaction amount, transaction date, transaction type and any other detail we would request to enable us resolve your complaint. We shall use our best endeavors to liaise with the applicable financial institution, telecommunication company and/or merchant to reverse the said sum as soon as possible.
All complaints should be received within 48 hours of completing such transactions.
Your email address and phone number supplied at sign-up or initiation of the transaction will be used as a means of communicating information, notices and documents to you. Any changes thereof should be sent to email@example.com
In all circumstances, the terms stated herein are applicable.
We hereby reserve the right to suspend, restrict, or terminate your access to the Platform (in whole or in part) without any notice or liability in the following circumstances:
You shall not and shall not permit any person using your Device or account to:
You shall not and shall not permit any person using your Device or account to: