These Terms and Conditions apply to and regulate the provision of overdraft facilities provided by One Finance & Investments Limited (hereinafter called “One Finance” or “Carbon”), a financial institution licensed by the Central Bank of Nigeria (“CBN”) which provides financial services to the Customer herein. These Terms and Conditions constitute One Finance's offer and sets out the terms governing this Agreement.
Carbon Optimus Overdraft is an open-end credit plan offered by One Finance and BY ACCEPTING THIS ONLINE OFFER, AN ACCOUNT IS SET UP WITH ONE FINANCE and you agree that you have read these Terms and Conditions. You agree that you authorize One Finance to review your credit report and you understand that this account may be subject to transaction fees and default fees and is governed by the Laws of the Federal Republic of Nigeria.
By accepting these Terms and Conditions, you have agreed to avail from One Finance an overdraft facility up to the maximum overdraft limit that will be set in this terms and conditions.
You will be asked to provide information (such as your date of birth and your Bank Verification Number) when you apply for a Carbon Optimus Overdraft, as well as your current residential address/registered address ( in the case of a Company), and/or any other KYC requirement as may be prescribed by the Central Bank of Nigeria from time to time. These information shall be used for verification purposes.
In order to ensure that we are able to provide communications to you electronically, you must notify us of any change in your email address and your mobile device number or other text message address by updating your profile.
How to use Carbon Optimus Overdraft
This is an open-end credit account where you access overdraft facilities using a Carbon Account, while you repay the overdraft facility on a future date at a flat interest on the overdraft of up to 1% daily.
In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person or Company who applied for this overdraft facility and agrees to this Terms and Conditions while “We”, “us” and “our” and “Lender” shall mean One Finance, and following an assignment, any person, company or bank to whom the rights and/or obligations of One Finance have been assigned to. “Agreement” shall mean this Terms and Conditions.
“Account” means the Customer’s account with One Finance
“Disbursement Date” means the date One Finance actually advanced the overdraft facility to the Customer
“Payment Due Date” means a maximum of 30 days after the overdraft has been disbursed
“Interest rate” means the rate of interest payable on the overdraft facility
“Credit Limit” means the maximum credit available to the Borrower on using the Carbon Optimus Overdraft with One Finance
“Carbon Optimus Overdraft” means the amount of the overdraft advanced to the Borrower by One Finance pursuant to this Terms and Conditions
Repayments means the payments of the principal and interest in accordance with this Terms and Conditions
1. Conditions for use of the Carbon Optimus Overdraft
In order to use the Overdraft facility –
You must: (a) accept and agree to these Terms and Conditions; ; (b) be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age or a company incorporated in Nigeria; (c) have a bank account with a Nigerian financial institution; and (d) provide all information as may be requested by us, such as your name, email address, mobile device number, online credentials for your bank account, and in the case of a Company, Certificate of Incorporation, Resolution of the Board of Directors approving the transaction as well as such other information as we may request from time to time (collectively, "Customer Information").
You represent and warrant that all Customer Information you provide us from time to time is truthful, accurate, current, and complete, and you agree not to misrepresent your identity or your Customer Information.
You agree to promptly notify us of changes to your Customer Information by updating your profile on your Account and to notify us at least five business days before any changes to your bank account information, including, but not limited to, the closure of your bank account for any reason.
If you accept this terms and conditions you authorize us to do the following:
For our compliance purposes and in order to provide the Overdraft facility to you, you hereby authorize us to, directly or through a third-party, obtain, verify, and record information and documentation that helps us verify your identity and bank account information.
When you register for the Wallet and from time to time thereafter, we may require you to provide and/or confirm information and documentation that will allow us to identify you, such as:
A copy of your government-issued photo ID, such as a national ID, international passport, permanent voter’s card or driver’s license;
A copy of an utility bill, bank statement, affidavit, or other bill, dated within three months of our request, with your name and Nigerian street address on it;
In the case of a Company the Certificate of Incorporation, a certified true copy of a resolution by the Board of Directors approving its entry into this Agreement and appointing an authorized signatory to execute this Agreement and all other ancillary documents on its behalf; and
Such other information and documentation that we may require from time to time.
By using Carbon Optimus Overdraft and providing Customer Information to us, you automatically authorize us to obtain, directly or indirectly through our third-party service providers and without any time limit or the requirement to pay any fees, information about you and your bank account from the financial institution holding your bank account and other third-party websites and databases as necessary to provide the overdraft facility to you. For purposes of such authorization, you hereby grant One Finance and our third-party service providers a limited power of attorney, and you hereby appoint One Finance and our third-party service providers as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place, and stead, in any and all capacities, to access third-party websites, servers, and documents; retrieve information; and use your Customer Information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.
YOU ACKNOWLEDGE AND AGREE THAT WHEN ONE FINANCE OR OUR THIRD-PARTY SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM SUCH THIRD-PARTY WEBSITES, ONE FINANCE AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OF, OR ON BEHALF OF THE THIRD PARTY.
You agree that other third parties shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by you.
We make no effort to review information obtained from the financial institution holding your bank account and other third-party websites and databases for any purpose, including, but not limited to, accuracy, legality, or non-infringement. As between One Finance and our third-party service providers, One Finance owns your confidential Customer Information.
3. Customer consent
By ticking the “I agree to the Terms and Conditions”, on the application form, which you hereby adopt as your electronic signature, you consent and agree that:
We can provide materials and other information about your legal rights and duties to you electronically.
You hereby expressly consent and authorize One Finance to debit your designated salary account, or any other bank account linked to your Bank Verification Number (BVN), for the purpose of repaying the overdraft facility with applicable interest as and when due and in the case of a company, an irrevocable direct debit payment order to its bank instructing it to pay the principal and interest payments to the Lender and has provided Lender with evidence of same
YOUR ACCEPTANCE OF THIS TERMS AND CONDITIONS HAS THE SAME EFFECT AS IF YOU SIGNED THEM USING INK ON PAPER OR ANY OTHER PHYSICAL MEANS.
We can send all important communications, billing statements and demand notes and reminders (collectively referred to as “Disclosures”) to you electronically via our website or to an email address that you provide to us while applying for this loan.
We will alert you when the Disclosures are available, by sending you an electronic communication.
Our email will tell you how you can view the Disclosures.
We will make the Disclosures available to you from the date it first becomes available, or the date we send you the email to alert you that it was available.
You will be able to print a copy of the Disclosure or download the information for your records.
This consent applies to this transaction, to all future Disclosures, to all future transactions in which you use the Carbon Payment option with us, at any time, and to other Disclosures that we provide to you by email, unless you have, prior to such transaction, withdrawn your consent by the procedure mentioned below.
By consenting, you agree that electronic Disclosures have the same meaning and effect as if we provided paper Disclosures to you as we are required to do so. When we send you an email alerting you that the Disclosures are available electronically and make it available online, that shall have the same meaning and effect as if we provided paper Disclosures to you, whether or not you choose to view the Disclosures, unless you had previously withdrawn your consent to receive Disclosures electronically.
Without prejudice to the Lender’s right under this Term and Conditions, the Borrower shall pay the total sum = which shall be the amount equal to the principal and interest payments on the overdraft facility for the tenor of the overdraft facility.
On the maturity date, the Borrower shall pay to the Lender all sums due under in respect of the loan in addition to any accrued interest thereon.
Without prejudice to the provisions in Clause 4.1 and 4.2 above, the Borrower shall be entitled to repay the entire loan and accrued interest on the overdraft facility to the Lender:
upon furnishing the Lender with written contract of its intention to make the voluntary repayments, not later than seven (7) business days before the proposed date of such voluntary prepayments; or
if at any time, it becomes unlawful for the Lender to perform any of its obligations under or as contemplated by this Terms and Conditions or to fund or maintain an overdraft and the borrower has received a written notice from the lender confirming such a position and demanding that the borrower mandatorily repay the overdraft.
All payments made under this Terms and Conditions shall be made to each Party’s in the manner prescribed by the Party as communicated in writing to the other Party
All payments made by the Borrower under this Terms and Conditions shall be made without deduction or withholding for or on account of any present or future taxes, duties or other charges, fees, restrictions or conditions without set-off or counterclaim or any deductions whatsoever. The Borrower hereby undertakes, if compelled by law to make any deductions in any payments, promptly pay to the lender such additional amounts as will result in the net amount being equal to the full amount which would have been receivable has there been no such deduction or withholding.
5. Interest Rate
The Interest rate for the use of the Carbon Optimus Overdraft shall be up to one percent (1%) daily, fixed for the term of this overdraft.
The interest rate payable does not preclude the Lender from charging default fees, penalty fee and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors’ fees.
The interest rate may be increased or decreased from time to time by the Lender. Such change in interest rate will take effect on the Borrower’s account following a minimum of fifteen (15) days written notice.
Total interest rate payable for the term of the loan shall remain applicable in the event of the Borrower liquidating the loan before expiration.
6. Borrower's obligations:
To pay to us, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
The Lender reserves the right to presume that the Borrower has authorized any application for an overdraft facility made in the name of the Borrower. The Borrower will be deemed responsible for any unauthorized application 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.
To repay the overdraft facility given to you and/or to someone you authorized to use this Account in a manner prescribed by the Lender:- an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel. In the case of a company, an irrevocable direct debit payment order to its bank to pay to pay the principal and interest to the Lender and has provided the Lender with evidence of same. 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. Loan repayment via electronic debit card may be effected by the Lender in the way and manner hereinafter specified –
The Lender shall charge a one-time processing fee the first time a Customer sets up a new debit card on the Account. In the event the card is expired or about to expire, you will have to obtain a renewed card from your bank or provide us with another personal debit card.
The Lender shall deduct from the card setup on the repayment due date. We will never make any transactions on the card outside of the scheduled overdraft repayments. In the event of a double repayment initiated in error by you, we will on a best effort basis process a refund within a reasonable time.
You hereby indemnify us against any and all losses, liabilities or damages that may arise in the event that you use a third party’s card on your Account without the consent of such third party.
In the event of a default or insufficiency of funds in your bank account, you hereby authorize us to charge any other cards you may have on your Account or profile other than the primary card listed.
You understand and agree that we do not store card details on our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.
To give The Lender authentic and up-to-date personal, social media, phone and financial records about you that we may reasonably request and analyze, from time to time.
To pay all costs of collection if we take any action to collect this Account or take any action in a bankruptcy proceeding filed by or against you. This shall include, unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts.
Not to give us false information or signatures, electronic or otherwise, at any time.
To pay a Late Fee or penalty fee as may be provided in this terms and conditions.
To make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.
To promptly notify us if you change your name, mailing address, e-mail address or telephone number.
To honor any other promises that you make in this Agreement.
That you will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract and in the case of a Company, a company incorporated in Nigeria and has the authority of the Board of Directors to carry out this transaction.
Not to use Carbon Optimum Overdraft for any act of illegality or criminality and Carbon shall not be legally or criminally culpable for any illegality committed by you.
To fill out the application form (as provided) with accurate information and details as required.
Carbon Optimus overdraft accounts carry an interest on the daily average balance of the account and are accrued daily. Interest is flat and not compounded. If the account is not used, or has been paid in full, there will be no interest charge.
Any payments into a Carbon Optimus account will first be used to pay up any accrued interest before going towards the principal.
The Borrower’s must pay the monthly maintenance fee to keep his Carbon Optimus overdraft account available. If this fee is not paid, the Lender may close the account and require immediate payment in full of any outstanding amount.
Outstanding interest on the Borrower’s Carbon Optimus overdraft account must not exceed 50% of the total limit of the account. If this happens, the Lender may require payment in full.
6. Lender's obligations:
To make available the loan/credit facility to the Borrower of a figure not less than N1,000.00 (One Thousand Naira only)
To perform its obligation under 6.1 above upon confirmation by the Lender of the Borrower’s identity and personal information including information of the Company in the case of a company.
To demand repayment for the Borrower as and when due
To conduct investigations on the Borrower prior to opening an account for the Borrower
To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan.
Not to store or save Borrower’s debit or credit card details given by the Borrower in the application form
The Lender may choose to offer customers a Carbon Optimus overdraft account at their discretion. This offer may be withdrawn at any point.
The Lender may change or revoke the Carbon Optimus overdraft account limit at the beginning of each monthly period. The Lender must notify the Borrower with a 3 day notice if they choose to make any changes.
The Lender must make available to the Borrower their outstanding credit status as and when requested.
7. Credit reference
The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.
The Borrower also agrees that the Borrower’s details (excluding the card details) and the grant of the overdraft facility decision may be registered with the Credit Agency.
The Borrower agrees that The Lender may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:
To the most recent physical address the Lender holds for the Borrower in its records
By delivery to any email address provided by the Borrower during the application process.
By delivery of an SMS to any mobile telephone number the Borrower has provided to the Lender.
By posting such notice on the Lender’s website.
9. Event of default
Default in terms of this Terms and Conditions will occur if:
The Borrower fails to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to the Borrower by the Lender;
Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for this overdraft or any information, certificate or documentation supplied by the Borrower is later discovered to be materially incorrect; or
The Borrower does anything which may prejudice the Lender’s rights in terms of this Agreement or causes the Lender to suffer any loss or damage.
The Borrower is unable to pay the debt generally including carrying out any of the following:
Makes an assignment for the benefit of its credit
Institutes any proceeding or voluntary case seeking to adjudicate it a bankrupt or insolvent
Seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief or protection of debtors or
Seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property.
In the event of any default by the Borrower the lender shall have all the rights and remedies available to it under law enforcing this Agreement including but not limited to, the following:
Lender may, upon notice in writing to Borrower, declare the then outstanding principal balance of the Loan payable for the remainder of the term of the Loan to be immediately due and payable, whereupon the same shall be immediately due and payable, without notice of default, demand for payment or presentment, protest or notice of nonpayment or dishonor, or any other notices or demands of any kind or nature, anything in this Agreement to the contrary notwithstanding.
Lender may pursue any and all other remedies available and take whatever action, at law or in equity, as may appear necessary or desirable to collect the payments due under this loan Agreement, any other payments then due and thereafter to become due under this Agreement or to enforce the performance and observance of any obligation, covenant, agreement to provision contained in this Agreement to be observed or performed by Borrower.
No remedy herein conferred upon or reserved to Lender is intended to be exclusive of any other available remedy or remedies, but each and every such remedy, to the extent permitted by law, shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or otherwise.
10. Termination of the account
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 may terminate your Account by sending written notice to the address on your application.
If there is no debit or credit on your Account for twelve (12) consecutive months, we may terminate this Account without notice to you.
When Termination arises as a result of default, you shall not be able to apply for credit in future.
This Agreement represents the entire understanding between the Lender and the Borrower.
Any amendment to this Terms and Conditions shall be made by the Lender from time to time and communicated to the Borrower in writing.
The Borrower agrees and undertakes that for the period of this Agreement, the Borrower will not close the Borrower’s specified bank account.
This Agreement shall be governed and construed under the laws of the Federal Republic of Nigeria and, in the event of a dispute, such shall be settled amicably by negotiation between the parties and if the parties are unable to resolve the dispute, then such dispute shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
Notwithstanding any other provision in this Agreement, neither the Lender, its affiliates, officers, directors, employees, attorneys or agents shall have any liability with respect to, any claim for any special, indirect, incidental, consequential damages suffered or incurred by you in connection with, arising out of, or in any way related to, a breach of this Agreement.
If The Lender does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, the Lender shall not be deemed to have waived or lost those rights and will not be prevented from insisting upon its strict rights at a later date.
The Lender reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Lender will only notify the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.
The Borrower authorizes and consents to all lawful access, use or disclosure of the Borrower’s particulars, data and information in the application by the Lender which may include but shall not be limited to purposes necessary to promote or sustain the business of the Lender; and the Borrower waives any claims the Borrower may have against the Lender arising from any such access, use or disclosure.