React App

LIFELINE AWC AGENT FORM

MKOBO’s Agent Working Capital (AWC) provides quick access to funding of up to N500,000 to Agent Banks to help them increase their transaction volume thereby helping grow their agent banking business.

Product Features:

Loan Amount N50,000 to N500,000
N100 disbursement fee
Tenure - 4 Weeks
Weekly Repayment
A small service fee will apply.
Weekly repayment deducted from Agents’ wallets.
Loan size determined by average transaction over 12 months period

Requirements:

Agent must be a registered with one of AWC’s Business Partners
Agent must have been registered for at least 12months.
Agent must have been active for a minimum of 12months.
Agent must do a minimum daily average transaction of N50,000
Agent may be required to provide a guarantor if necessary.
Agent must provide a govt approved /valid means of ID (Passport, Drivers Licence or National ID)
Agent must provide his/her Bank Verification Number (BVN)

Loan Details

Loan Amount (50000 - 500000) *

Loan Duration

Any outstanding loan?

Yes

Personal Details

BVN *

Firstname *

Lastname *

Email *

Phone No *

Home Address *

Business Details

Business Name *

Business Type

Wallet ID *

TIN

Average Monthly Transaction Volume *

Bank Name

Account Number *

Account Name *

Business Activities

How long as a pocketmoni agent ?

Years

Months

TERMS AND CONDITION

These Terms and Conditions apply to and regulate the provision of credit facilities advance by MKOBO Microfinance Bank Limited (”the Bank”). These standard Terms and Conditions set out the terms governing this Loan Facility. It is important that you read tthese Terms and Conditions carefully and keep them for future reference.

LOAN

The principal amount of the loan (“Principal Amount”) shall be as confirmed by The Bank to the Borrower

II.

Charges (including service & transaction fees) shall be applicable to the loan and these will be added to the loan advance and paid along with the loan granted the Borrower.

INTEREST RATE

Service fee on the loan shall be charged at the prevailing rate as stated under the loan section of the form.

II.

The Bank may at its sole discretion change the prevailing interest rate for any reason and any such change shall be binding on the Borrower. Any change shall become applicable following a minimum of three (3) days written notice.

REPAYMENT

All payments due by the Borrower shall be deducted from Borrower’s wallet & paid by the Business Partner into Mkobo’s wallet.

In Particular:

Repayment shall be in accordance with loan Schedule.

II.

Weekly loan repayments will be debited from Borrower’s wallet on each Repayment due date as detailedin the Schedule.

III.

The Bank may send SMS notification before each Repayment Date and the Borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower without need of any further notice.

IV.

The Borrower hereby agrees that non-payment of the amount owed by any Repayment Date shall render the Borrower in default and entitle the Bank to immediately take steps to recover the outstanding loan amount in accordance with clause F below.

The Borrower may make an early payment of the total outstanding loan obligation due hereunder at any time by a direct deposit to the Bank’s wallet. Early repayment will render the total principal and accrued service fees payable.

USE OF CREDIT BUREAU

The Bank will approach a dedicated Credit Reference Agency for a credit report on the applicant.

II.

The Borrower authorizes the Bank to access any information available to it as provided by the Credit Agency.

III.

The Borrower also agrees that their details and the approved loan disbursed will be registered with the Credit Agency.

IV.

n the event the Borrower wishes to access the credit report, the Bank will advise the Borrower of the contact details of the relevant credit agency and the Borrower waives any claims he/ she may have against the Bank in respect of such disclosure.

INFORMATION FROM NETWORK MANAGER

The Borrower hereby consents to the Bank requesting and the Network Manager/Business Partner providing, relevant transaction information to the Bank as required by the Bank in the processing of the application.

DEFAULT

Default in terms of this Agreement will occur if:

Repayment in full of the outstanding amount or interest, is not made on or before the agreed Repayment Date.

II.

Any information, representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower, is later discovered to be misleading or materially incorrect; or

III.

The Borrower in any way perpetrates or attempts to or is involved in any act of fraud or other criminal activity in respect of the Bank or the Loan or does or omits to do anything, which may prejudice the Bank’s rights, terms of this Agreement or cause the Bank to suffer any loss or damage.

IV.

Any other action by the Borrower oroccurrence of an event categorized as default or an event of default in the Offer Letter.

If a Default occurs as indicated above, all amounts outstanding under the loan facility shall immediately become due and payable to the Bank and the Bank shall be entitled to do the following.

Trigger its ‘Right of Loan Set-Off’ Clause and write CBN to exercise its regulatory power and extend its right to loan repayment to other funds of the Borrower held by any bank in the country.

II.

If (i) in the case of paragraph I above, the Bank has not received on a Repayment Date the amount payable by the relevant date in accordance with the Repayment Schedule, or (ii) in the case of paragraphs II -IV, a TOD (Temporary Overdraft) covering the value of Principal + Service + Transaction fees shall immediately be placed on Borrower’s wallet.

III.

Where more than forty-eight (48) hours have elapsed since the Repayment Date or delivery of the demand notice as indicated in paragraph VI, and the Repayment Amount or any portion ofit remains outstanding, MKOBO shall apply the percentage of the loan represented by the service fee at the prevailing rate, as default weekly interest on any such unpaid amount for every week the same remains outstanding.

IV.

If the loan remains outstanding after half of its cycle lapses, the bank reserves the right to seek repayment via the Borrower’s debit card which was tokenized.

Following the Borrower’s default, the Bank reserves the right to assign it’s right, title and interest under the agreement to anexternal collections agency who will take all steps, within the bounds of the law, to collect the outstanding loan amount.

VI.

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

VII.

The Borrower shall reimburse the Bank for all costs and expenses (including legal cost) incurred by the Bank in connection with or incidental to the recovery of the loan. Interest on any amount, which becomes due and payable, shall be charged in accordance with these Terms and Conditions.

RIGHT OF LOAN SET-OFF

By signing this offer letter/loan agreement and by drawing on the loan, I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means and request the CBN exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.

I covenant and warrant that the bank shall have power to set off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.

hereby waive any right of confidentiality whether arising under common law or statue or in any other manner whatsoever and irrevocably agree that I 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.

COMMUNICATION

The Borrower agrees that the Bank may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

To the most recent address the Bank holds for the Borrower on file.

II.

By delivery to any email address provided during the application process.

III.

By delivery of an SMS to any mobile telephone number the Borrower has provided to the Bank.

IV.

By delivery to the office address the Bank holds for the Borrower.

MISCELLANEOUS

This Agreement and any disputes arising out of or in connection with the same shall be governed by the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts inLagos, Nigeria.

II.

If the Bank shall have reasonably determined that the introduction of, or a change in any applicable law or regulation or in the interpretation by any governmental or other regulatory authority charged with the administration or court of competent jurisdiction makes it apparent thatit is unlawful, illegal or not feasible for the Bank or the Borrower to give effect to fund, or maintain or perform their obligations as contemplated under this Agreement the Bank shall immediately give notice of such occurrence to the Borrower and the commitment hereunder shall immediately be cancelled or discharged and the Borrower shall on the next succeeding Repayment Date or such earlier dates as may be required repay to the Bank the amount outstanding together with accrued interest thereon and any amounts due to the Bank under this Agreement.

III.

If the Bank does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Date) or grant the Borrower an indulgence, the Bank will not be prevented from insisting upon its strict rights at a later date.

IV.

The Bank reserves the right to transfer or assign its rights and obligation under this Agreement (including its obligation to lend money to the Borrower or the amount owned under this Agreement to another person.

The Bank may inform the Borrower of a transfer/assignment of its rights hereunder if such a transfer results in a change in the administration of this Agreement.

VI.

All the terms and conditions stated in this loan application have been read and understood by me and I hereby accept the terms and conditions.

I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means and request the CBN exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets they may be holding for my benefit.

I covenant and warrant that the bank shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.

I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I 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.”
The above conditions were read to me/us and interpreted in the language I/we understand. I/we after reading and understanding the above conditions agreed to the terms and conditions and hereby append my/our signature(s) below:

AGENT DOCUMENT UPLOAD

I have read and agreed to the terms and condition of this application, as well as the entire loan policy of MKOBO Micrfinance Bank Limited

LIFELINE AWC AGENT FORM

Loan Details

Personal Details

Business Details

THE AGENT COVENANTS

AGENT DOCUMENT UPLOAD