Terms and Conditions

Last Updated: December 12, 2022

These Terms and Conditions apply to and regulate the agreement for financial services to be provided by Acceede Labs Limited, a company incorporated under the laws of the Federal Republic of Nigeria, with its registered office address at Central Research Laboratory, University of Lagos, Akoka, Yaba, Lagos State, Nigeria (“Acceede”), via its flagship Mobile App – Acceede, to the Customer (“Borrower”) herein.

These Terms and Conditions set out and constitute the terms governing the Agreement between Acceede and the Borrower.

1. Preamble

1.1 Acceede is an incorporated investment company in Nigeria having some of its investment in the Education sector and is desirous of making funds available to Parents and Guardians of students in primary and secondary schools in Nigeria in form of School Fees Loan for the purpose of meeting up with early payment of their children and wards’ school fees.

1.2 The Borrower is desirous of getting a School Fees Loan from the Lender subject to the Terms, Conditions, Warranties, and Representations contained in this Agreement by registering on and using any of the services provided on the Acceede’s Mobile App.

1.3 This user agreement may be revised at any time, and the revised version will take effect when it is posted, unless otherwise stated. If the changes reduce your rights or increase your responsibilities, you will be given at least 7 days’ notice.

1.4 You agree to abide and be bound by any changes to this user agreement by continuing to use our services after they become effective. If you do not agree to these terms and conditions. Please do not proceed, kindly exit the application

1.5 Please be aware that we reserve the right to terminate your relationship with us if we believe you have violated any of these terms. If this becomes necessary, we will provide you with 7 days’ notice.

2. Definitions

“Account” refers to an electronic stored value account on Acceede that can be accessed via your mobile phone via the Acceede mobile app, created for the Customer’s use in order to keep records of credit and debit transactions related to the loan applied for by the Customer/Borrower.

“BVN” means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution.

“CBN” means the Central Bank of Nigeria.

“Credit” means the movement of funds into an Account.

“Debit” means the movement of funds out of an Account.

“Linked Bank Account/Card” refers to a bank account or debit card or credit card that you have linked to your Acceede Account.

“OTP” means One Time Password, used to authorize transactions.

“PIN” means Personal Identification Number.

“Loan” refers to the loan’s principal amount plus any interest and fees due on it, or (as the context requires) the outstanding repayment amount for the duration of the loan.

“Loan Amount” means the total amount of money being borrowed.

“Interest Rate” means the percentage of the loan amount that will be charged as interest.

“Repayment Period” means the length of time over which the loan will be repaid.

“Late Fees” means the fees that will be charged if a loan payment is not made on time.

“Registered phone number” refers to any phone number that has been registered on Acceede.

“Default” means the borrower’s failure to make loan payments on time or to meet other obligations outlined in the loan agreement.

“Services” refers to any products and services provided to the Customer by Acceede.

“Governing Law” means the jurisdiction in which any disputes will be resolved.

3. Conditions Precedent

3.1 Acceede shall not be required or obligated to make any advance hereunder unless and until all necessary documents and personal information, including but not limited to BVN, email address, mobile device number, proof of identity of the Borrower, proof of identity of the Child/Ward on whose behalf the loan is being taken and such other information as may be requested for from time to time (collectively, “Customer Information”) have been made available to Acceede.

3.2 You agree to indemnify and hold Acceede and her Third-Party Partners harmless for any claims, losses, liabilities, and expenses (including legal fees and expenses) resulting from the disclosure and reliance on such Personal Information and/or Relevant Information.

3.3 To use our services as an individual, you must be a Nigerian citizen, 18 years or older, and by opening an Acceede Account, you declare that you are 18 years or older.

3.4 You agree to promptly notify us of any changes to your Customer Information by updating your personal information on the Acceede App, as well as to notify us at least three (3) business days in advance of any changes to your bank account information, including, but not limited to, the closure of your bank account for any reason.

4. Purpose of the Loan

The purpose of the loan to be accessed shall solely be for Acceede to make payment for the Borrower’s child/ward’s school fees to the Institution where said child/ward attends for their primary/secondary school education.

5. Application for Loan

The Borrower shall make an application for the loan only through Acceede’s mobile app after the Borrower’s application.

6. Loan Amount

The total amount of money being borrowed in the form of school fees from Acceede to the Borrower is specified by the Borrower (“Borrowed Money”).

7. Interest Rate

The Borrowed Money shall bear interest at a rate of 4% monthly.

8. Term

The total amount of the Borrowed Money, including principal and interest, shall be due and payable within Three (3) months of the execution date.

9. Payments

The Borrower agrees to repay the Borrowed Money to Acceede under the following payment schedule:

9.1 Monthly Payments: The Borrower agrees to repay Acceede ⅓ of the repayable amount plus interest each month.

9.2 To facilitate this payment, Acceede will deduct the amount due from the Card setup with your account on the repayment due date. Acceede will never use the Card for anything other than scheduled loan repayments.

9.3 You understand and agree that we do not store card information on our platform and card information must be processed through a secure payment gateway.

9.4 In the event that you initiated a double repayment in error, we will process a refund within a reasonable time frame using our best efforts.

9.5 All payments made by the Borrower shall first be applied to any accrued interest and second to the principal balance.

10. Late Payment

10.1 If the Borrower is late by more than one (1) day for any payment due, it shall be considered late. If a payment is late, the Borrower shall be charged a late fee 2% of original loan amount (per week) until the installment is met.

10.2 In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other Cards or Bank Account linked to your BVN other than the primary Card listed on your Acceede account on an ongoing basis until the debt is settled.

10.3 Acceede reserves the right to assign its rights, title, and interest under the Agreement to a third-party collection agency, which will take all reasonable steps to collect the outstanding loan amount.

11. Representations and Warranties

You represent and warrant to Acceede as follows:

a) That you are an adult capable of entering into and be subjected to the binding terms of this Agreement

b) You have the full power and authority to execute, deliver and perform this Agreement.

c) The execution, delivery and performance of this Agreement has been duly authorized by You.

d) The execution, delivery and performance of this Agreement does not and will not violate or conflict any applicable law, regulation, order or any other requirement by any government or other organization.

e) This Agreement constitutes a legal, valid and binding obligation on You and enforceable against You in accordance with its terms.

12. Remedies

Upon the occurrence of any Default,

a) Acceede may declare the entire unpaid principal balance, together with accrued interest thereon, to be immediately due and payable without demand, protest, or other notice of any kind.

b) Acceede may suspend or terminate any obligation it may have hereunder to advance a school fees loan to the Borrower.

c) To the extent permitted by law, Borrower waives any rights to demand, protest, or file notice of any kind in connection with this Agreement.

d) No delay or omission on the part of Acceede in exercising any right hereunder shall operate as a waiver of any such right or of any other right of such holder, nor shall any delay, omission, or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion.

e) The rights and remedies of Acceede provided herein are cumulative and may be pursued singly, successively, or together, at the sole discretion of the Acceede.

13. Entire Agreement

This Terms and Conditions constitutes the entire agreement between you and Acceede in respect of the subject matter of this Agreement. There are no warranties, representations or other agreements between you and Acceede in connection with execution of this Agreement except as specifically set forth or referred to in this Agreement.

14. Severance

If any provision of this Terms and Conditions is prohibited by law or judged by a court to be unlawful, void or unenforceable, the provision shall, to the extent required, be severed from this Agreement and rendered ineffective as far as possible without modifying the remaining provisions of this Agreement and shall not in any way affect any other circumstances of or the validity or enforcement of this Agreement.

15. Governing Law

These Terms and Conditions shall be construed and governed by the laws of the Federal Republic of Nigeria.