Loan Policy

These Terms and Conditions apply to and regulate the provision of credit facility by Brightway Microfinance Bank through its digital channels to the Borrower herein.

These Terms and Conditions constitute the Lender’s offer and sets out the Loan terms which the Borrower must agree to, before the Borrower can access the Credit Facility offer by the Lender. BMFB reserves the right to amend these Terms and Agreement from time to time without prior notice.

BMFB Loan is an open-end credit facility offer by the Lender, and by agreeing to Our loan Terms and Conditions, You initiate Your Loan application through the BMFB digital touch points, this agreement authorizes the Lender to verify Your identity. You will be asked to provide information (such as your date of birth and your Bank Verification Number), to verify Your identity when You apply for a loan. You may also be asked to upload a government ID for further verification.

To determine Your eligibility for Our loan, a credit appraisal is run by the system on your application to determine Your credit worthiness. If You passed the appraisal, Your loan application is approve, and a loan offer is made, which You can accept or decline.

BMFB Loan Account

The BMFB Loan Account is an open-end credit Account that you use to access direct loan or Credit facility through BMFB digital touch points, if Your application is successful, the Loan is disbursed into the Account, and the Account also receive Your loan repayment on the Payment Due Dates specified on the loan offer given to You.

Note that this Account is subject to maintenance fee charges, Loan processing fee and penalty fee charges in the event of default by the Borrower.

Definitions

In this agreement, the Terms: “You”, “Your”, “Customer”, and “Borrower” refer to the Person who applied for the credit facility and agrees to the loan Terms and Conditions. while “We”, “Us”, “Our” and “Lender” means Brightway Microfinance Bank (BMFB), and following an assignment, any Person, Company or Bank to whom the Rights and/or Obligations of The Lender have been assigned.

1. 'Account' Means the Borrower’s Account with The Lender, while 'Accounts' Means the Borrower’s Accounts with other Banks.

2. 'Disbursement Date' Means the Date the Lender Actually Advanced the Loan to the Borrower.

3. 'Payment Due Date' Means the Date When the Instalment Should Be Repaid.

4. 'Credit Limit' Means the Maximum Credit Available to the Borrower on Opening the Account with the Lender.

5. 'Loan' or 'Credit Facility' Means the Amount Advanced to the Borrower by the Lender.

Loan Disbursement

Depending on the loan amounts offer to You, the Borrower, You may be required to sign the loan offer letter, at this stage BMFB may request You to submit additional loan document. To complete Your loan application process, You must agree to Our loan Terms and Conditions and give Your consent that a Direct Debit mandate be set up on Your Accounts.

The Multi-Bank Direct Debit Mandate facilitates loan repayments and recovery on behalf of BMFB across multiple Bank Accounts linked to the BVN of the Borrower.

After giving Your consent and accepting this agreement the loan is disbursed into the Borrower Account.

Loan Collections, Repayment, Recovery

The Multi-Bank Direct Debit Mandate facilitates loan repayments and recovery on behalf of BMFB across multiple Bank Accounts linked to the BVN of the Borrower. The Borrower has an obligation to fund his/ her Accounts to ensure collections, repayment and recovery of the loan is made by BMFB.

Event of Default By The Borrower

In the event of default by the Borrower, the Lender reserves the right to adopt a more aggressive approach to recover the Loan

The Lender reserves the right to assign its right, title and interest under the Agreement to an external Collections Agency who will take all reasonable steps to collect the outstanding loan amount.

The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform the Borrower before such proceedings commences.

Borrower’s Obligations

1. To pay to Us, the loan principal and interest, on or before the Payment Due Date and in case of default pay any applicable default or penalty fees, charged by the Lender to the Borrower Account. Borrower promises to pay these amounts as agreed in this Agreement.

2. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account unless the Borrower notifies the Lender, in writing, of imminent fraud by another person on the Borrower’s account within 24 hours of such fraud.

3. To repay the loan given to You and/or to someone You authorized to use this Account, on or before the due date.

4. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays full loan along with the flat interest rate.

5. You agree to give The Lender authentic and up-to-date personal, email, phone and financial records about you that we may request to update Your records with Us.

The Borrower also agrees:

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  Not to give Us false information or signatures, electronic or otherwise, at any time.

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  To make all payments via electronic funds transfer as stated in the loan offer

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  To promptly notify Us if You change Your name, Your mailing address, Your e-mail address or Your telephone number.

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  To honor any other promises that You make in this Agreement.

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  Not to accept this Account unless You are of legal age and have the capacity to enter into a valid contract.

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  Not to use Your BMFB Account for any act of illegality or criminality as BMFB will not be criminally culpable for any illegality committed by the Borrower.

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  To give the Lender legal authority to deduct full repayment before due date where it is established that the loan was obtained fraudulently.

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  To fill out the application form (as provided) with accurate information and details as required.

Credit Reference

The Lender or its duly authorized representatives/agents will utilize dedicated Credit Bureau Agencies for a credit report on the Borrower in considering any application by the Borrower for Credit Facility.

The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Bureau Agencies.

The Borrower also agrees that the Borrower’s details (save the card details) and the Credit Facility availed the Borrower will be registered by the Lender with the Credit Bureau Agencies.