Terms and Conditions

By (i) using this website, here, or our app, (ii)any of our websites and/or services, (iii) signing up for an account with Hadi Finance, you agree to these Terms and Conditions. These Terms and Conditions constitute Hadi Finance's offerings and set out the terms governing this Agreement. The website, Privacy Policy and Merchant Terms of Service (where applicable) are incorporated by reference into these Terms of Use.

1. About Us

   Hadi Finance Limited (“we”, “us” or “our”) is a tech enabled digital lender. We allow you access inventory financing from any of our partner distributors.

   We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not have control or assume the liability or legality for the products or services that are paid for with our service. We do not guarantee any user's identity and cannot ensure that a buyer or seller will complete a transaction.

   This Terms of Use is an agreement between you and Hadi Finance. It details Hadi Finance's obligations to you. It also highlights certain risks on using the services and you must consider such risks carefully as you will be bound by the provision of this Agreement through your use of this website or any of our services.

2. Privacy Policy

   Hadi Finance is committed to managing your Personal Information in line with global industry best practices. You can read our Privacy Policy to understand how we use your information and the steps we take to protect your information.

3. Age Restriction

   Our website and services are not directed to children under 18. We do not knowingly transact or provide any services to children under 18 and we will take all reasonable measures to ensure we do not transact or provide services directed to children under 18.

4. Registration/Virtual Account

   To use Hadi Finance, you have to create a Hadi Finance account by registering. To register, you will provide us with certain information such as your email, first name, last name, business name and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky. By signing this Terms and Conditions, you give us permission to do all these.

   You shall:

   • i. Not use the account to facilitate prohibited or illegal transactions.
   • ii. Not fund your account with proceeds of crime.
   • iii. Comply with all applicable laws and any relevant card scheme rules.
   • iv. Avoid unauthorized third-party use of or access to your account and/or any event which might lead to such unauthorized use.
   • v. Comply with any additional security, authentication, risk control, or other requirements imposed by Hadi Finance or any of the payment partners.
   • vi. Comply with all applicable AML/CFT regulations.

   Hadi Finance shall reserve the right in their absolute discretion (i) to reject any application by any person to register on Hadi Finance as an Investor for any reason whatsoever, and (ii) to de-register (or procure the de-registration) you from Hadi Finance at any time and for any reason. In each instance there shall be no compensation payable to you and there shall be no right of appeal unless arising by virtue of a contractual agreement or arising by operation of law. Without prejudice to any provision of the investment documentation that may result in the same, de-registration pursuant to this condition shall not, of itself, affect your rights in respect of existing funds held at the time of de-registration on registration/account opening provided that the relevant funds were not used to facilitate prohibited or illegal transactions, are in compliance with any relevant card scheme rules, are not derived from any unauthorised third-party use or access to your account, comply with Hadi Finance's security, authentication, risk control requirements and the funds were not procured with proceeds of a crime.

   Additionally, Hadi Finance shall not be obligated to register you and/or create an account for you if, when conducting verification checks on you, it is discovered that you have been engaged in any activity in violation of AML/CFT laws or any other relevant laws applicable to Hadi Finance from time to time.

5. Accessing our loans

   5.1 Definition

   The following definitions relate to our loans:

   • “Account” or “Wallet” is an electronic stored value account on Hadi Finance created for use by the customer.
   • “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.
   • “Registered phone number” refers to any phone number that has been registered on Hadi Finance.
   • “Services” refer to any products and services provided to the customer.
   • “Hadi Finance Wallet” means an electronic stored value account on Hadi Finance used to perform transactions.
   • “SMS” or “Short Message Service” is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.
   • “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.

   In this agreement, the terms: “You”, “your”, “Customer” shall mean the person who applied for this Account and agrees to this Agreement

   5.2Personal Information

   5.2.1.

   To complete your onboarding and in line with our Know Your Customer (“KYC”) and Anti- Money Laundering (“AML”) obligations, you will be required to provide any or all the following:

   • (i) your name;
   • (ii) your BVN;
   • (iii) your date of birth;
   • (iv) your residential address;
   • (v) copy of a valid Government issued ID (national ID, international passport, permanent voter's card or driver's license);
   • (vi) your picture;
   • (vii) a proof of address in the form of a copy of recent utility bill, bank statement, dated within three months of our request, which carries your name and address or a tenancy agreement;
   5.2.2.

   You warrant that all information and documentation provided to us are true, correct, and accurate. You also undertake to notify us immediately of any changes to the information or documentation which you have provided.

   5.2.3.

   In line with our Privacy Policy, you hereby agree and authorise Hadi Finance to verify information provided by you against the information held by any third party (including official databases) such as, NIBBS, Payment System Providers regtechs and any other database available to Hadi Finance.

   5.2.4.

   You hereby agree and authorise Hadi Finance 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 Hadi Finance 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.

   5.2.5.

   You hereby consent to Hadi Finance verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the extent necessary in Hadi Finance opinion for the provision of the Services.

   5.2.6.

   You hereby agree and authorise Hadi Finance 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.

   5.2.7.

   You agree to indemnify and hold Hadi Finance 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.

   5.2.8.

   Hadi Finance 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 Hadi Finance may result in Hadi Finance declining to accept your application for an Account or access to the Services.

   5.2.9.

   You acknowledge and agree that when Hadi Finance or our third-party service providers access and retrieve information from such third-party websites, Hadi Finance and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party.

   5.2.10.

   You consent to indemnify Hadi Finance against any liability resulting from Erroneous transfer.

   5.2.11.

   You consent that Hadi Finance can deduct funds from customer's account when such funds have been established as erroneous or fraudulent in nature.

   5.3.

   Funding and Transfer out of your Account

   5.3.1.

   Once you open your account, you will be assigned a Bank Account Number. The account number will be required when you or a third party wants to fund your account. Save for any limits that are applicable to the account, your account may be credited by transfers from other account holders on the Hadi Finance App, through bank transfers to your Account and by cards. Your account may also be funded by Hadi Finance if your approved loan is disbursed into the account.

   5.3.2.

   You may transfer the funds in your account to other accounts on the Hadi Finance App, and to any bank account with a Nigerian bank.

   5.3.3.

   We may not process your transfer or payment if:

   • (i) Your instructions are unclear.
   • (ii) You have insufficient funds.
   • (iii) There is a suspicion of criminal, fraudulent or illegal activity on your Hadi Finance Account.
   • (iv) There is a suspicion of unauthorized access on your Hadi Finance Account.
   • (v) We (and/or our Partners) are legally restricted from completing the transfers.
   • (vi) It goes over your payment limits (where applicable).
   • (vii) Your account has been dormant for more than 12 months.
   • (viii) We are prohibited or restricted from doing so in accordance with the payment system regulations or any applicable law in Nigeria.
   5.3.4.

   You are responsible for providing the correct details for the recipient of your transfers or payments. Where payments are made according to your instructions and those instructions were wrong, but authorized, we will work with our partners to assist you in retrieving the amount if you notify us promptly. Where we are unable to retrieve the payment, we will assist you with the relevant information in our possession that you may need to reclaim your funds.

   5.3.5.

   You may be required to set a password/Personal Identification Number (PIN) to carry out transactions using the account. When you enter your password to confirm a transaction, you confirm that we may treat the transaction as having been authorized.

   5.4.

   Loan Tenor, Interest & Fees

   5.4.1.

   The loan tenors available on our platform are for 3 days , 7days and 14 days. Interest is payable at 1.5 percent weekly. The loan fees payable by you in relation to any loan shall be displayed on the app. Failure to make repayments as at when due will attract a penalty fee of 1% per month on unpaid amount in addition to charging current rate of interest on outstanding debt. In case of 0% interest rate, we apply 1% on outstanding debt on the first day after the loan was due.

   5.4.2.

   The loan fee may be increased or decreased from time to time by us. Such change in loan fee will take effect on your account following a minimum of 15 days written notice.

   5.4.3.

   In the event that you wish to liquidate the loan facility before the closure date (final due date), you may contact Hadi Finance at [ ] to understand the reduction in total amount to repay, given that the loan is being terminated early.

   5.4.

   Event of Default

   5.5.1.

   Default in terms of this Agreement will occur if:

   • (i) You fail to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to you.
   • (ii) You fail to make any non-scheduled payment in full or before the payment due date in accordance with conditions set by the Lender, which may include but is not limited to, fees, fees relating to loan modifications and any default related costs.
   • (iii) You default on a loan or financial obligation that has a significant impact on your ability to make payments pursuant to (i) and (ii) above.
   • (iv) Any representation/information, warranty or assurance made or given by you in connection with the application for this loan or any information or documentation supplied by you is later discovered to be incorrect; or
   • (v) You do anything which may prejudice the Lender's rights in terms of this Agreement or causes the Lender to suffer any loss or damage.
   • (vi) You are subject to a bankruptcy, insolvency or any other analogous administrative process in any jurisdiction.
   5.5.2.

   In the event of any default by you –

   • (i) 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.
   • (ii) The Lender also reserves the right to institute legal proceedings against the defaulting Borrower and is under no obligation to inform you before such proceedings commence.
   • (iii) You shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all costs, suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including, without limitation, any direct, indirect or consequential losses, loss of profit, loss of reputation, penalties, counsel's fees and disbursements and other costs of investigation or defence, including those incurred upon any appeal) which may be instituted or asserted against or incurred by any Indemnified Person as the result or arising out of:
   1. credit having been extended, suspended or terminated under this Agreement or
   2. any loan documents and the administration of such credit and in connection with or arising out of the transactions contemplated under this Agreement or any loan document and any actions or failures to act in connection therewith and any legal costs and expenses arising out of or
   3. incurred in connection with disputes between or among any parties to this Agreement or any loan document (collectively, “Indemnified Liabilities”);
   • (iv) provided that you shall not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person's gross negligence or wilful misconduct, as finally determined by a court of competent jurisdiction.

6. Disputes & Reversal

   If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us take action to help prevent financial loss.

   All claims against us related to payments should be made within 15 (fifteen) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.

   If you enter into a transaction with a third party and have a dispute over the goods or services you purchased, we have no liability for such goods or services. Our only involvement with regard to such transaction is as a payment gateway.

   We may intervene in disputes between users and merchants concerning payments but have no obligation to do so.

   Your transaction ID and/or transaction details will be required to resolve all disputes

7. Acceptable Use

   You are independently responsible for complying with all applicable laws related to your use of our website and services. However, by accessing or using Hadi Finance, you agree to comply with our terms and conditions.

8. Disclaimers

   WE TRY TO KEEP HADI FINANCE AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK.

   OUR WEBSITE AND SERVICES ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS, IMPLIED AND/OR STATUTORY WARRANTIES (INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED OR STATUTORY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, HADI FINANCE MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OUR WEBSITE OR FROM HADI FINANCE, ITS PARENTS, SUBSIDIARIES, OR OTHER AFFILIATED COMPANIES, OR ITS OR THEIR SUPPLIERS (OR THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF ANY SUCH ENTITIES) (COLLECTIVELY, "HADI FINANCE PARTIES") SHALL CREATE ANY WARRANTY.

9. Limitation of Liability

   IN NO EVENT WILL ANY OF THE HADI FINANCE PARTIES BE LIABLE FOR (A) ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR (B) ANY DAMAGES WHATSOEVER IN EXCESS OF THE AMOUNT OF THE TRANSACTION (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM LOSS OF REVENUES, LOST PROFITS, LOSS OF GOODWILL, LOSS OF USE, BUSINESS INTERRUPTION, OR OTHER INTANGIBLE LOSSES), ARISING OUT OF OR IN CONNECTION WITH HADI FINANCE'S WEBSITE OR SERVICES (INCLUDING, WITHOUT LIMITATION, USE, INABILITY TO USE, OR THE RESULTS OF USE OF HADI FINANCE'S WEBSITES OR SERVICES), WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, CONTRACT, TORT, STATUTE, OR ANY OTHER LEGAL THEORY. NOTHING IN THIS CLAUSE 9 LIMITS ANY LIABILITY THAT CANNOT LEGALLY BE LIMITED, INCLUDING LIABILITY FOR DEATH, PERSONAL INJURY, FRAUD OR FRAUDULENT MISREPRESENTATION.

10. Exclusions

    Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages. Accordingly, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any Hadi Finance Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the Hadi FINANCE'S Party's liability shall be the minimum permitted under such applicable law.

11. Termination and suspension

    11.1.1.

    We may terminate your Hadi Finance account, or any payment service associated with it by giving you prior notice of 21 days in the event of breach of any of the terms set out in this document.

    11.1.2.

    You may terminate your Hadi Finance Account with us at any time. Please note that termination of your account with Hadi Finance does not extinguish any right or interest that may have accrued to Hadi Finance prior to the termination or on account of your use of the Hadi Finance.

    11.1.3.

    Together with a termination notice or at any time thereafter we may give you reasonable instructions on how to withdraw remaining funds.

    We may at any time suspend or terminate your Hadi Finance Account in case you breach any condition of these Terms of Use or any other condition applicable to specific services covered by separate terms and conditions. A notice of 21 days shall be provided in case of such an eventuality

    11.1.4.

    We may suspend or terminate your Hadi Finance account if you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services. We have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.

    11.1.5.

    We may suspend your Hadi Finance Account at any time if:

    • (i) We reasonably believe that your Hadi Finance Account has been compromised or for other security reasons;
    • (ii) We reasonably suspect your Hadi Finance Account to have been used or is being used without your authorization or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify.
    11.1.6.

    In addition to Termination by default, we may terminate this Agreement at any time and for any reason subject to the requirements of applicable law. We can terminate your Account by sending written notice to the address on your application. If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you.

    11.1.7.

    When Termination arises as a result of default, you will not be able to apply for credit in future.

12. Updates, Modifications & Amendments

    We may need to update, modify or amend our Terms of Use as our technology evolves. We reserve the right to make changes to this Terms of Use at any time by giving notice to users on this page.

    We advise that you check this page often, referring to the date of the last modification on the page If a user objects to any of the changes to the Terms of Use, the User must cease using our website and/or services immediately.

13. Applicable Law

    These Terms of Use and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be interpreted and governed by the laws currently in force in the Federal Republic of Nigeria.

14. Legal Disputes

    We shall make an effort to settle all disputes amicably. Any dispute arising out of this Terms of Use, which cannot be settled, by mutual agreement/negotiation within 1 (one) month shall be referred to arbitration by a single arbitrator at the Lagos Multi-Door Courthouse (“LMDC”) and governed by the Arbitration and Conciliation Act, Cap A10, Laws of the Federal Republic of Nigeria. The arbitrator shall be appointed by both of us (we and you), where both of us are unable to agree on the choice of an arbitrator, the choice of arbitration shall be referred to the LMDC. The findings of the arbitrator and subsequent award shall be binding on both of us. Each of us shall bear our respective costs in connection with the Arbitration. Venue for the arbitration shall be Lagos, Nigeria. You waive any claim that such proceedings brought pursuant to this clause and at LMDC, have been brought in an inconvenient forum and further waive the right to object, with respect to such proceedings, that the LMDC does not have any jurisdiction over you.

15. Severability

    If any portion of these Terms of Use is held by any court or tribunal to be invalid or unenforceable, either in whole or in part, then that part shall be severed from these Terms of Use and shall not affect the validity or enforceability of any other part in this Terms of Use. If any provision or part-provision of this Terms of Use is deemed severed, the parties shall negotiate in good faith to agree a replacement provision that, to the greatest extent possible, achieves the intended commercial result of the original provision.

16. Acceptance

    You have read, understood, and agree to be bound by the Terms and Conditions, which outline the terms and conditions governing the services provided by Hadi Finance.

    You hereby affirm that you have fully read and comprehended the contents of the Terms and Conditions, including but not limited to provisions relating to account registration, data privacy, intellectual property, and limitation of liability. You acknowledge that you have had sufficient opportunity to seek independent legal advice regarding the Terms and Conditions and their implications. You also acknowledge that you have not relied on any representations, warranties, or statements made by Hadi Finance or its representatives, other than those expressly provided for in this Terms and Conditions.