Terms & Conditions
Summary
Introduction
Renmoney Microfinance Bank Limited (“Renmoney”, the “Company”, “Our,” “We” or “Us”) maintains this website,
mobile application and other digital or internet-enabled services (the “Platform”) to provide You (“you”, “yours” or
the “User”) with information about the products and services which we provide, and information about Renmoney.
Please read these General Terms and Conditions (“Terms” or “GTC”) carefully before accessing or using the
Platform, services or products. We reserve the sole right to change, modify, add, or remove portions of this GTC at
any time, as we determine as required by business or other circumstances. Please check these Terms periodically
for changes. If you have any questions about these Terms, please contact us via email at [email protected]
Acceptance of Terms
By accessing or using the Platform, our services or products, you agree to this GTC. You further agree that this
GTC constitutes a legally binding agreement between you (whether personally or on behalf of any entity which you
represent) and Renmoney concerning your access to and use of any of our Platforms and all the services linked,
related, or otherwise connected thereto.
Age Restriction
This Platform (including Renmoney’s service and products) is not intended for the use of minors (those below the age of eighteen (18)). By using this Platform, you represent and warrant that you are at least eighteen (18) years of age and may legally agree to this Agreement. If you are a minor, you shall not use this Platform without the
assistance and consent of a parent or guardian.
Renmoney assumes no responsibility or liability for any misrepresentation of your age.
Renmoney assumes no responsibility or liability for any misrepresentation of your age.
Privacy Notice
Kindly ensure that you read the Privacy Notice here to understand how we collect, process and store personal data.
You agree that you have read and understood the terms of our Privacy Notice when you accept this GTC or access
our website, digital and non-digital platforms, or use our services, content, features, technologies or functions offered
on our website or digital platforms or visit any of our offices for official or non-official purposes.
Note that where any processing of your personal data is based only on your consent, you can withdraw your consent
at any time, however, such withdrawal will not take effect retroactively.
No Warranty
We created this Platform for the convenience of our internet visitors and customers. The information (including text,
graphics and functionality) is presented “as is” and “as available” without express or implied warranties including,
but not limited to implied warranties of non-infringement, merchantability and fitness for purpose.
We expressly disclaim any liability for errors and omissions regarding the information and materials contained on
the Platform. We cannot guarantee the accuracy or completeness of the information contained on this Platform or
its suitability for any purpose.
Creating an Account
While you can access certain parts of the Platform without creating an account, you may be required to create an
account to access certain services on the Platform. If you create an account, you agree to provide accurate,
complete, and correct information and to accurately maintain and update any information about yourself that you
have previously provided to Renmoney.
Renmoney reserves the right to deny the creation of an account if:
(i) in its opinion, you have provided false or inaccurate information about yourself;
(ii) it violates any law, regulation or mandate by government authorities; or
(iii) if it is in breach of Renmoney’s policies. You agree to keep your account details, username and password confidential and to log out from your account at the end of each session. You are responsible for all activities that occur on your account. You are responsible for changing your password promptly if you think it has been compromised. You may not transfer or share your password with anyone or create more than one account unless approved to do so by Renmoney. You also agree to immediately notify Renmoney of any unauthorised use of your username, password or any other breach of security that you become aware of involving or relating to the Platform by emailing [email protected].
Renmoney shall not bear the liability for transactions carried out where access to your account has been compromised by you, malware or human interference outside our control. Renmoney may also take any and all actions it deems necessary or reasonable to maintain the security of the Platform.
• Know Your Customer (“KYC”) Requirements
The Company is regulated by the Central Bank of Nigeria (“CBN”) and mandated by law to independently verify the details that you provide for the purpose of creating an account or transacting on the Platform. You agree and authorise Renmoney, whether through its affiliates or service providers, to collect and verify information including, but not limited to, your Bank Verification Number (BVN), residential or other address, your mobile phone number, and such other information as Renmoney requires to discharge its lawful duties. Where you provide the details of a person as a guarantor, you hereby confirm that you have the prior approval of that person to be named as a guarantor. Renmoney explicitly disclaims liability for any and all losses and damages arising from your failure to comply with this section.
(i) in its opinion, you have provided false or inaccurate information about yourself;
(ii) it violates any law, regulation or mandate by government authorities; or
(iii) if it is in breach of Renmoney’s policies. You agree to keep your account details, username and password confidential and to log out from your account at the end of each session. You are responsible for all activities that occur on your account. You are responsible for changing your password promptly if you think it has been compromised. You may not transfer or share your password with anyone or create more than one account unless approved to do so by Renmoney. You also agree to immediately notify Renmoney of any unauthorised use of your username, password or any other breach of security that you become aware of involving or relating to the Platform by emailing [email protected].
Renmoney shall not bear the liability for transactions carried out where access to your account has been compromised by you, malware or human interference outside our control. Renmoney may also take any and all actions it deems necessary or reasonable to maintain the security of the Platform.
• Know Your Customer (“KYC”) Requirements
The Company is regulated by the Central Bank of Nigeria (“CBN”) and mandated by law to independently verify the details that you provide for the purpose of creating an account or transacting on the Platform. You agree and authorise Renmoney, whether through its affiliates or service providers, to collect and verify information including, but not limited to, your Bank Verification Number (BVN), residential or other address, your mobile phone number, and such other information as Renmoney requires to discharge its lawful duties. Where you provide the details of a person as a guarantor, you hereby confirm that you have the prior approval of that person to be named as a guarantor. Renmoney explicitly disclaims liability for any and all losses and damages arising from your failure to comply with this section.
Transacting on the Platform
You may initiate transactions on your account directly through the Platform. In line with regulatory requirements, we may restrict certain activities on your account until your KYC documents/information is satisfactorily verified.
The Platform may require you to provide your pre-configured Personal Identification Number (“PIN”) and/or One-Time-Password (“OTP”) for authorisation. You agree that you are solely responsible for maintaining the confidentiality of your authorisation details and Renmoney shall not bear any liability if such details are compromised.
• Your Savings and Fixed-Deposit Account (RenVault)
Renmoney offers different savings products and fixed-deposit accounts, subject to specific terms and conditions.If you opt to use the lock feature in respect of any savings product or fixed-deposit account, note that you will be unable to withdraw the locked funds before your designated maturity date. You hereby authorise Renmoney to place an irrevocable restriction on the locked funds until your preferred maturity date. Note that interest rates on our savings products may change from time to time. We will endeavor to notify you of such change, where applicable.
• Upfront Interest
When opening a RenVault account, Renmoney offers the option of taking your interest upfront, no questions asked. If you choose this option, your principal will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request to liquidate your investment before the maturity date, note that:
a. The interest will be calculated on the amount Invested which will result in a reduction of the interest due to you; and
b. We will deduct from your Principal (i) a penal charge equivalent to 50% of the interest earned on the amount Invested (as of the date we approve your liquidation request), and (ii) the unearned interest already paid to you.
Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment, with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid upfront.
• Interest on Maturity
When opening a RenVault account, Renmoney also offers the option of taking your interest on the maturity date of the investment. If you choose this option, your principal and the interest will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request full/partial liquidation before the maturity date, a penal charge equivalent to 50% of the accrued interest on your investment as of the date of approval, will be applied. Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid to you on the next maturity date.
• Withholding Tax
The interest on all Renvault investments is subject to 10% Withholding Tax.
• Renmoney Loans
Renmoney provides consumer financing on a general cash loan basis, subject to specific terms and conditions that will be presented to you in a loan offer letter. When you commence an application for a Renmoney loan, we will create a Renmoney account for you (Renmoney NUBAN Account) as part of the application process. You hereby consent to the creation of the Renmoney NUBAN Account, and you agree that you shall not argue to the contrary before any court of law, tribunal administrative authority or any other body acting in any judicial or quasi-judicial capacity.
• Electronic Money Transfer Levy
You may be charged an Electronic Money Transfer Levy (“EMTL”) on deposits received from non-Renmoney NUBAN accounts into your account.
• Your Savings and Fixed-Deposit Account (RenVault)
Renmoney offers different savings products and fixed-deposit accounts, subject to specific terms and conditions.If you opt to use the lock feature in respect of any savings product or fixed-deposit account, note that you will be unable to withdraw the locked funds before your designated maturity date. You hereby authorise Renmoney to place an irrevocable restriction on the locked funds until your preferred maturity date. Note that interest rates on our savings products may change from time to time. We will endeavor to notify you of such change, where applicable.
• Upfront Interest
When opening a RenVault account, Renmoney offers the option of taking your interest upfront, no questions asked. If you choose this option, your principal will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request to liquidate your investment before the maturity date, note that:
a. The interest will be calculated on the amount Invested which will result in a reduction of the interest due to you; and
b. We will deduct from your Principal (i) a penal charge equivalent to 50% of the interest earned on the amount Invested (as of the date we approve your liquidation request), and (ii) the unearned interest already paid to you.
Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment, with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid upfront.
• Interest on Maturity
When opening a RenVault account, Renmoney also offers the option of taking your interest on the maturity date of the investment. If you choose this option, your principal and the interest will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request full/partial liquidation before the maturity date, a penal charge equivalent to 50% of the accrued interest on your investment as of the date of approval, will be applied. Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid to you on the next maturity date.
• Withholding Tax
The interest on all Renvault investments is subject to 10% Withholding Tax.
• Renmoney Loans
Renmoney provides consumer financing on a general cash loan basis, subject to specific terms and conditions that will be presented to you in a loan offer letter. When you commence an application for a Renmoney loan, we will create a Renmoney account for you (Renmoney NUBAN Account) as part of the application process. You hereby consent to the creation of the Renmoney NUBAN Account, and you agree that you shall not argue to the contrary before any court of law, tribunal administrative authority or any other body acting in any judicial or quasi-judicial capacity.
• Electronic Money Transfer Levy
You may be charged an Electronic Money Transfer Levy (“EMTL”) on deposits received from non-Renmoney NUBAN accounts into your account.
Closing An Account
You may request that we close your account with a credit or zero balance. To close your account, kindly send an email to [email protected] with the following details: (i) your full name and account number; (ii) your email
address; and (iii) where the funds, if any, in the account are to be transferred.
However, Renmoney reserves the right not to honour your request to close your account on the following grounds:
(i) if the request does not come from you or your legal representative; (ii) where there is an ongoing investigation
on the account; (iii) where there is a loan or a yet-to-mature fixed placement on the account; or (iv) if Renmoney
reasonably suspects that the request is fraudulent or violates any law, regulation or mandate by the CBN.
Breach, Suspension and Termination
Renmoney reserves the right to deny access to, and suspend or terminate your access to the Platform or to any
features or portions thereof, or to execute or reverse any transaction at any time and for any reason, including if you
violate GTC or if we believe there is suspicious or unusual activity related to your account. Neither suspension nor
termination under this section shall affect your liability or obligations under this GTC. In the event that we suspend or terminate your access to the Platform, you will continue to be bound by the GTC that was in effect as of the date of your suspension or termination.
We also reserve the right, in our sole discretion, to report any suspicious activity to the relevant law enforcement agency for further investigations.
We also reserve the right, in our sole discretion, to report any suspicious activity to the relevant law enforcement agency for further investigations.
Viruses
Due to the pervasive nature of computer viruses within the Internet, we cannot give any assurances that the Platform, our software or our systems will always be free from viruses and other malicious software. It is your
responsibility to scan all downloaded materials received from the Internet, including from this Platform. We shall not be liable, and you agree not to hold Renmoney responsible, for any damages or losses caused by any viruses or other malicious software which may affect your computer equipment or other property on account of your access to, use of, or downloading from the Platform, software or systems.
Limitation of Liability
Nothing in this GTC, or otherwise in connection with it, whether in contract, tort (including in negligence), breach of statutory duty or otherwise (whether or not foreseeable and howsoever arising), shall be construed as making Renmoney liable in respect of any indirect or consequential losses or expenses of the User or related third parties.
You agree to indemnify and hold Renmoney, its subsidiaries or affiliates, and their respective directors, officers,
employees, and agents, harmless against all liabilities, claims and expenses, including reasonable attorneys’ fees,
arising from: (i) a breach of this GTC or any other related policy by your use or access of the Platform or any internet
site linked to or from the Platform, or in connection with the transmission of any content on the Platform; (ii) your
negligence or willful misconduct whether in contribution or forming the subject of a claim; (iii) providing Renmoney
with false or misleading information or signatures; (iv) lack of notification of a change in name, address or other
contact details; (v) the actions of a third party in respect of any transactions on your account(s); or (v) the directives
of the court or a law enforcement agency.
Authorised Use
The information provided on this Platform is solely for personal use. You are authorised to view and use the information available on this Platform for personal purposes only. Except for personal use, you may not reproduce, modify, display, distribute, perform, disseminate, transmit, transfer, sell, license, publish, use to create a derivative work or use for any public or commercial purposes any of the content of the Platform without the express prior written consent of Renmoney. You also agree to access and use the Platform for lawful purposes only.
Links To This Platform
The Platform may contain links to other websites as well as articles, photographs, text, graphics, pictures, designs,
music, sound, video, information, applications, software, and other content or items belonging to or originating from
third parties (“Third-Party Content”). Such third-Party websites and Third-Party Content are not investigated, monitored, or checked for accuracy, appropriateness, or completeness by us, and we are not responsible for any third-Party websites accessed through the Site or any Third-Party Content posted on, available through, or installed from our Platform.
We do not propose any endorsement, authorisation, sponsorship of or affiliation with the material contained on any linked site or any Third-Party material by providing them on the Platform. Renmoney is not responsible for the content on any site linked to the Platform. Your connection to and use of any such linked site is at your own risk.
We do not propose any endorsement, authorisation, sponsorship of or affiliation with the material contained on any linked site or any Third-Party material by providing them on the Platform. Renmoney is not responsible for the content on any site linked to the Platform. Your connection to and use of any such linked site is at your own risk.
Intellectual Property
The copyright of the pages and the screens displaying the pages, and the information and material therein, is owned by Renmoney unless otherwise indicated may not be distributed, modified, reproduced or licenced in whole or in part without the prior written permission of Renmoney. The display of trademarks herein does not imply that a license of any kind has been granted. Any downloading, re-transmission, or other copying or modification of the trademarks and/or the contents herein may be a violation of applicable laws and regulations and could subject the offender to legal action. The trademarks, brand names, taglines or logos (collectively the “Trademarks”) displayed
on this site, unless otherwise indicated, are registered and unregistered Trademarks of Renmoney and its subsidiaries and affiliates. The Trademarks may only be used publicly with the permission of Renmoney with proper
acknowledgement. The use of Renmoney’s intellectual property right without prior written consent of Renmoney may constitute an infringement or passing-off action in violation of applicable laws.
Prohibited Activity
You may not retrieve data from the Platform to create a business that shall compete with us in any form or manner or for any other commercial benefit, gain or revenue-generating purpose. You may not retrieve data from our site to constitute databases, compilations, stocks, inventories or directories, without express permission from us.
You may not download, sell, re-publish or otherwise give out for profit, any service, information or content made available on the Platform. You may not defraud, or mislead other users, in an attempt to learn sensitive account information or attempt to impersonate a user or person through the use of their information, however, it is gotten.
You may not download, sell, re-publish or otherwise give out for profit, any service, information or content made available on the Platform. You may not defraud, or mislead other users, in an attempt to learn sensitive account information or attempt to impersonate a user or person through the use of their information, however, it is gotten.
Licence to Use Content
We acknowledge your right to provide feedback (“Comment”) to Renmoney on its services and products via any format (telephone calls, email, social media comments). Please be informed that Renmoney may collect, process
and store such feedback for the purpose of improving or marketing its services or products.
You hereby grant Renmoney a non-exclusive license to use, reproduce, edit, and authorize others to use, reproduce, and edit any of your Comments in any and all forms, formats, or media. Renmoney shall take into account the impact of collecting or processing your personal information and may employ techniques such as anonymization or pseudonymization to protect your personal information.
You hereby grant Renmoney a non-exclusive license to use, reproduce, edit, and authorize others to use, reproduce, and edit any of your Comments in any and all forms, formats, or media. Renmoney shall take into account the impact of collecting or processing your personal information and may employ techniques such as anonymization or pseudonymization to protect your personal information.
Security
We welcome your email correspondence. But internet and email communications are not confidential. Information transmitted to us may be read or obtained by other parties. To protect your privacy, our email responses do not include personal account information such as your BVN or bank account numbers. Email is an important communication channel for our Platform’s visitors. We will use your email address and the content of any email for
correspondence purposes to meet our legal and regulatory requirements regarding customer communications. On occasion, we may use your email address to send you communications with information about service and product information that we believe may be of interest to you. If you do not want to receive such unsolicited communications
from us, please send us a message to this effect.
User Representations
By using the Platform, you represent and warrant that:
- all registration information you submit will be true, accurate, current, and complete.
- you will maintain the accuracy of such information and promptly update such registration information, as necessary.
- you have the legal capacity, and agree to comply with this GTC
- you are not a minor in the jurisdiction in which you reside.
- you will not access the Platform through automated or non-human means, whether through a bot, script or otherwise.
- you will not use the Platform for any illegal or unauthorised purpose.
- your use of the Platform will not violate any applicable law or regulation.
If you provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate your account and refuse all current or future use of the Platform (or any portion thereof).
Dispute Resolution
By using the Platform, you represent and warrant that disputes, differences, or claims arising out of or in connection with or concerning the use of Renmoney’s services or the Platform shall be settled amicably through our internal dispute resolution system.
To commence the use of the internal dispute resolution system, you agree to send a written notice of the dispute to Renmoney and such notice of dispute shall state the cause of the dispute and propose a date for negotiations to occur.
Where Parties are unable to reach an amicable resolution after exhausting Renmoney’s internal dispute regulation mechanism, the dispute will be resolved by the courts in Nigeria or through an agreed alternative means of dispute resolution.
To commence the use of the internal dispute resolution system, you agree to send a written notice of the dispute to Renmoney and such notice of dispute shall state the cause of the dispute and propose a date for negotiations to occur.
Where Parties are unable to reach an amicable resolution after exhausting Renmoney’s internal dispute regulation mechanism, the dispute will be resolved by the courts in Nigeria or through an agreed alternative means of dispute resolution.
Governing Law
You agree that the use of this site shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
You further agree to submit to the jurisdiction of the courts of the Federal Republic of Nigeria.
You further agree to submit to the jurisdiction of the courts of the Federal Republic of Nigeria.
Communication Lines
If you wish to contact us, or if any condition in these Terms requires you to give notice to Renmoney, you may send such communication to us by e-mail to [email protected] or to such e-mail address that may be communicated to you from time to time. We will confirm receipt of this by contacting you in writing by e-mail.
If we have to contact you or give you notice in writing, we may do so by posting such notice on our website; the mobile application, by e-mail or SMS to the mobile phone number or e-mail address you provided to us.
If we have to contact you or give you notice in writing, we may do so by posting such notice on our website; the mobile application, by e-mail or SMS to the mobile phone number or e-mail address you provided to us.
Terms & Conditions
Introduction
Renmoney Microfinance Bank Limited (“Renmoney”, the “Company”, “Our,” “We” or “Us”) maintains this website, mobile application and other digital or internet-enabled services (the “Platform”) to provide You (“you”, “yours” or the “User”) with information about the products and services which we provide, and information about Renmoney.Please read these General Terms and Conditions (“Terms” or “GTC”) carefully before accessing or using the Platform, services or products. We reserve the sole right to change, modify, add, or remove portions of this GTC at any time, as we determine as required by business or other circumstances. Please check these Terms periodically for changes. If you have any questions about these Terms, please contact us via email a [email protected]
Acceptance of Terms
By accessing or using the Platform, our services or products, you agree to this GTC. You further agree that this GTC constitutes a legally binding agreement between you (whether personally or on behalf of any entity which you represent) and Renmoney concerning your access to and use of any of our Platforms and all the services linked, related, or otherwise connected thereto.Age Restriction
This Platform (including Renmoney’s service and products) is not intended for the use of minors (those below the age of eighteen (18)). By using this Platform, you represent and warrant that you are at least eighteen (18) years of age and may legally agree to this Agreement. If you are a minor, you shall not use this Platform without the assistance and consent of a parent or guardian.Renmoney assumes no responsibility or liability for any misrepresentation of your age.
Privacy Notice
Kindly ensure that you read the Privacy Notice here to understand how we collect, process and store personal data. You agree that you have read and understood the terms of our Privacy Notice when you accept this GTC or access our website, digital and non-digital platforms, or use our services, content, features, technologies or functions offered on our website or digital platforms or visit any of our offices for official or non-official purposes. Note that where any processing of your personal data is based only on your consent, you can withdraw your consent at any time, however, such withdrawal will not take effect retroactively.No Warranty
We created this Platform for the convenience of our internet visitors and customers. The information (including text, graphics and functionality) is presented “as is” and “as available” without express or implied warranties including, but not limited to implied warranties of non-infringement, merchantability and fitness for purpose. We expressly disclaim any liability for errors and omissions regarding the information and materials contained on the Platform. We cannot guarantee the accuracy or completeness of the information contained on this Platform or its suitability for any purpose.Creating an Account
While you can access certain parts of the Platform without creating an account, you may be required to create an account to access certain services on the Platform. If you create an account, you agree to provide accurate, complete, and correct information and to accurately maintain and update any information about yourself that you have previously provided to Renmoney. Renmoney reserves the right to deny the creation of an account if:
(i) in its opinion, you have provided false or inaccurate information about yourself;
(ii) it violates any law, regulation or mandate by government authorities; or
(iii) if it is in breach of Renmoney’s policies. You agree to keep your account details, username and password confidential and to log out from your account at the end of each session. You are responsible for all activities that occur on your account. You are responsible for changing your password promptly if you think it has been compromised. You may not transfer or share your password with anyone or create more than one account unless approved to do so by Renmoney. You also agree to immediately notify Renmoney of any unauthorised use of your username, password or any other breach of security that you become aware of involving or relating to the Platform by emailing [email protected].
Renmoney shall not bear the liability for transactions carried out where access to your account has been compromised by you, malware or human interference outside our control. Renmoney may also take any and all actions it deems necessary or reasonable to maintain the security of the Platform.
• Know Your Customer (“KYC”) Requirements
The Company is regulated by the Central Bank of Nigeria (“CBN”) and mandated by law to independently verify the details that you provide for the purpose of creating an account or transacting on the Platform. You agree and authorise Renmoney, whether through its affiliates or service providers, to collect and verify information including, but not limited to, your Bank Verification Number (BVN), residential or other address, your mobile phone number, and such other information as Renmoney requires to discharge its lawful duties. Where you provide the details of a person as a guarantor, you hereby confirm that you have the prior approval of that person to be named as a guarantor. Renmoney explicitly disclaims liability for any and all losses and damages arising from your failure to comply with this section.
Transacting on the Platform
You may initiate transactions on your account directly through the Platform. In line with regulatory requirements, we may restrict certain activities on your account until your KYC documents/information is satisfactorily verified. The Platform may require you to provide your pre-configured Personal Identification Number (“PIN”) and/or One- Time-Password (“OTP”) for authorisation. You agree that you are solely responsible for maintaining the confidentiality of your authorisation details and Renmoney shall not bear any liability if such details are compromised.
• Your Savings and Fixed-Deposit Account (RenVault)
Renmoney offers different savings products and fixed-deposit accounts, subject to specific terms and conditions.
If you opt to use the lock feature in respect of any savings product or fixed-deposit account, note that you will be unable to withdraw the locked funds before your designated maturity date. You hereby authorise Renmoney to place an irrevocable restriction on the locked funds until your preferred maturity date. Note that interest rates on our savings products may change from time to time. We will endeavor to notify you of such change, where applicable.
• Upfront Interest
When opening a RenVault account, Renmoney offers the option of taking your interest upfront, no questions asked.
If you choose this option, your principal will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request to liquidate your investment before the maturity date, note that:
a. The interest will be calculated on the amount Invested which will result in a reduction of the interest due to you; and
b. We will deduct from your Principal (i) a penal charge equivalent to 50% of the interest earned on the amount Invested (as of the date we approve your liquidation request), and (ii) the unearned interest already paid to you.
Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment, with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid upfront.
• Interest on Maturity
When opening a RenVault account, Renmoney also offers the option of taking your interest on the maturity date of the investment. If you choose this option, your principal and the interest will not be withdrawable until the maturity date stated on your certificate of investment. However, should you request full/partial liquidation before the maturity date, a penal charge equivalent to 50% of the accrued interest on your investment as of the date of approval, will be applied.
Roll Over: We shall send a notice of your investment maturity date at least 48 hours before the maturity date stated on your certificate of investment with a request for payout instructions. If we do not receive a payout instruction from you on the maturity date, we will roll over the entire amount invested for the same tenor, at the current Renmoney rate. The terms applicable herein shall remain applicable on the rolled-over investment, and interest on the rolled-over investment shall be paid to you on the next maturity date.
• Withholding Tax
The interest on all Renvault investments is subject to 10% Withholding Tax.
• Renmoney Loans
Renmoney provides consumer financing on a general cash loan basis, subject to specific terms and conditions that will be presented to you in a loan offer letter. When you commence an application for a Renmoney loan, we will create a Renmoney account for you (Renmoney NUBAN Account) as part of the application process. You hereby consent to the creation of the Renmoney NUBAN Account, and you agree that you shall not argue to the contrary before any court of law, tribunal administrative authority or any other body acting in any judicial or quasi-judicial capacity.
• Electronic Money Transfer Levy
You may be charged an Electronic Money Transfer Levy (“EMTL”) on deposits received from non-Renmoney NUBAN accounts into your account.
Closing An Account
You may request that we close your account with a credit or zero balance. To close your account, kindly send an email to [email protected] with the following details: (i) your full name and account number; (ii) your email address; and (iii) where the funds, if any, in the account are to be transferred.However, Renmoney reserves the right not to honour your request to close your account on the following grounds: (i) if the request does not come from you or your legal representative; (ii) where there is an ongoing investigation on the account; (iii) where there is a loan or a yet-to-mature fixed placement on the account; or (iv) if Renmoney reasonably suspects that the request is fraudulent or violates any law, regulation or mandate by the CBN.
Breach, Suspension and Termination
Renmoney reserves the right to deny access to, and suspend or terminate your access to the Platform or to any features or portions thereof, or to execute or reverse any transaction at any time and for any reason, including if you violate GTC or if we believe there is suspicious or unusual activity related to your account. Neither suspension nor termination under this section shall affect your liability or obligations under this GTC. In the event that we suspend or terminate your access to the Platform, you will continue to be bound by the GTC that was in effect as of the date of your suspension or termination.
We also reserve the right, in our sole discretion, to report any suspicious activity to the relevant law enforcement agency for further investigations.
Viruses
Due to the pervasive nature of computer viruses within the Internet, we cannot give any assurances that the Platform, our software or our systems will always be free from viruses and other malicious software. It is your responsibility to scan all downloaded materials received from the Internet, including from this Platform. We shall not be liable, and you agree not to hold Renmoney responsible, for any damages or losses caused by any viruses or other malicious software which may affect your computer equipment or other property on account of your access to, use of, or downloading from the Platform, software or systems.Limitation of Liability
Nothing in this GTC, or otherwise in connection with it, whether in contract, tort (including in negligence), breach of statutory duty or otherwise (whether or not foreseeable and howsoever arising), shall be construed as making Renmoney liable in respect of any indirect or consequential losses or expenses of the User or related third parties.Indemnity
You agree to indemnify and hold Renmoney, its subsidiaries or affiliates, and their respective directors, officers, employees, and agents, harmless against all liabilities, claims and expenses, including reasonable attorneys’ fees, arising from: (i) a breach of this GTC or any other related policy by your use or access of the Platform or any internet site linked to or from the Platform, or in connection with the transmission of any content on the Platform; (ii) your negligence or willful misconduct whether in contribution or forming the subject of a claim; (iii) providing Renmoney with false or misleading information or signatures; (iv) lack of notification of a change in name, address or other contact details; (v) the actions of a third party in respect of any transactions on your account(s); or (v) the directives of the court or a law enforcement agency.
Authorised Use
The information provided on this Platform is solely for personal use. You are authorised to view and use the information available on this Platform for personal purposes only. Except for personal use, you may not reproduce, modify, display, distribute, perform, disseminate, transmit, transfer, sell, license, publish, use to create a derivative work or use for any public or commercial purposes any of the content of the Platform without the express prior written consent of Renmoney. You also agree to access and use the Platform for lawful purposes only.
Links To This Platform
The Platform may contain links to other websites as well as articles, photographs, text, graphics, pictures, designs, music, sound, video, information, applications, software, and other content or items belonging to or originating from third parties (“Third-Party Content”). Such third-Party websites and Third-Party Content are not investigated, monitored, or checked for accuracy, appropriateness, or completeness by us, and we are not responsible for any third-Party websites accessed through the Site or any Third-Party Content posted on, available through, or installed from our Platform.
We do not propose any endorsement, authorisation, sponsorship of or affiliation with the material contained on any linked site or any Third-Party material by providing them on the Platform. Renmoney is not responsible for the content on any site linked to the Platform. Your connection to and use of any such linked site is at your own risk.
Intellectual Property
The copyright of the pages and the screens displaying the pages, and the information and material therein, is owned by Renmoney unless otherwise indicated may not be distributed, modified, reproduced or licenced in whole or in part without the prior written permission of Renmoney. The display of trademarks herein does not imply that a license of any kind has been granted. Any downloading, re-transmission, or other copying or modification of the trademarks and/or the contents herein may be a violation of applicable laws and regulations and could subject the offender to legal action. The trademarks, brand names, taglines or logos (collectively the “Trademarks”) displayed on this site, unless otherwise indicated, are registered and unregistered Trademarks of Renmoney and its subsidiaries and affiliates. The Trademarks may only be used publicly with the permission of Renmoney with proper acknowledgement. The use of Renmoney’s intellectual property right without prior written consent of Renmoney may constitute an infringement or passing-off action in violation of applicable laws.
Prohibited Activity
You may not retrieve data from the Platform to create a business that shall compete with us in any form or manner or for any other commercial benefit, gain or revenue-generating purpose. You may not retrieve data from our site to constitute databases, compilations, stocks, inventories or directories, without express permission from us.
You may not download, sell, re-publish or otherwise give out for profit, any service, information or content made available on the Platform. You may not defraud, or mislead other users, in an attempt to learn sensitive account information or attempt to impersonate a user or person through the use of their information, however, it is gotten.
Licence to Use Content
We acknowledge your right to provide feedback (“Comment”) to Renmoney on its services and products via any format (telephone calls, email, social media comments). Please be informed that Renmoney may collect, process and store such feedback for the purpose of improving or marketing its services or products.
You hereby grant Renmoney a non-exclusive license to use, reproduce, edit, and authorize others to use, reproduce, and edit any of your Comments in any and all forms, formats, or media. Renmoney shall take into account the impact of collecting or processing your personal information and may employ techniques such as anonymization or pseudonymization to protect your personal information.
Security
We welcome your email correspondence. But internet and email communications are not confidential. Information transmitted to us may be read or obtained by other parties. To protect your privacy, our email responses do not include personal account information such as your BVN or bank account numbers. Email is an important communication channel for our Platform’s visitors. We will use your email address and the content of any email for correspondence purposes to meet our legal and regulatory requirements regarding customer communications. On occasion, we may use your email address to send you communications with information about service and product information that we believe may be of interest to you. If you do not want to receive such unsolicited communications from us, please send us a message to this effect.
User Representations
By using the Platform, you represent and warrant that:- all registration information you submit will be true, accurate, current, and complete.
- you will maintain the accuracy of such information and promptly update such registration information, as necessary.
- you have the legal capacity, and agree to comply with this GTC
- you are not a minor in the jurisdiction in which you reside.
- you will not access the Platform through automated or non-human means, whether through a bot, script or otherwise.
- you will not use the Platform for any illegal or unauthorised purpose.
- your use of the Platform will not violate any applicable law or regulation.
Dispute Resolution
By using the Platform, you represent and warrant that disputes, differences, or claims arising out of or in connection with or concerning the use of Renmoney’s services or the Platform shall be settled amicably through our internal dispute resolution system.
To commence the use of the internal dispute resolution system, you agree to send a written notice of the dispute to Renmoney and such notice of dispute shall state the cause of the dispute and propose a date for negotiations to occur.
Where Parties are unable to reach an amicable resolution after exhausting Renmoney’s internal dispute regulation mechanism, the dispute will be resolved by the courts in Nigeria or through an agreed alternative means of dispute resolution.
Governing Law
You agree that the use of this site shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
You further agree to submit to the jurisdiction of the courts of the Federal Republic of Nigeria.
Communication Lines
If you wish to contact us, or if any condition in these Terms requires you to give notice to Renmoney, you may send such communication to us by e-mail to [email protected] or to such e-mail address that may be communicated to you from time to time. We will confirm receipt of this by contacting you in writing by e-mail.If we have to contact you or give you notice in writing, we may do so by posting such notice on our website; the mobile application, by e-mail or SMS to the mobile phone number or e-mail address you provided to us.