EZ Cash Terms and Conditions
1. Acceptance
These Terms and Conditions are between Customers
(“you” “your”) and Stanbic IBTC Bank PLC (“Stanbic IBTC” "the Bank",
"we" or "us") at the time you request for EZ Cash loan from
Stanbic IBTC Bank. Stanbic IBTC Bank’s EZ Cash loan includes EZ Cash loan accessed
via any of Stanbic IBTC’s digital channels i.e.
Internet Banking, Mobile App, USSD and web channels.
Stanbic IBTC’s EZ Cash is a product that
forms part of Stanbic IBTC’s Digital Lending suite. By accessing and requesting
for loans via the aforementioned channels, you hereby
agree and consent to be bound by these Terms and Conditions.
2. Devices and medium
You may choose to access our EZ Cash on a Computer,
Mobile phone, Telephone using VAR (Voice Assistance Response), or similar
technologies (the device) and the medium through which you access EZ Cash may
include the Internet, wireless application protocol (WAP), wireless Internet
gateway (WIG), short messaging system (SMS), voice over an automated voice
recognition system or similar technologies (the medium). We will refer to the
device and the medium collectively as "the communication system". You
must take all reasonable precautions to keep safe and prevent fraudulent use of
your devices and security information. These precautions include never writing
down or otherwise recording your security details such a Transaction
authorization, Personal Identification Number (PIN),Access codes and One time
passwords in a way that can be understood by someone else; not choosing
security details that may be easy to guess; taking care to ensure that no one
hears or sees your security details when you use it; not disclosing your
security details to anyone, including us; changing your security details
immediately and telling us as soon as possible if you know, or even suspect,
that someone else knows your security details; keeping your security details
and device safe; complying with all reasonable instructions we issue regarding
keeping your security details safe; and undertake reasonable and adequate
safeguards to scan for computer viruses or other destructive properties.
We will not be liable for any instruction
given by you or anyone acting with your authority from the moment you access/use
EZ Cash. You are responsible for making sure information shown or stored on
mobile device is kept secure. You must advise us of any change to your mobile
phone number without delay.
3. Amendments
The terms and conditions may be amended/varied
from time to time and you are bound by the version of the
terms and conditions that exists at the time you access EZ Cash. EZ Cash Terms
and Conditions shall be available on Stanbic IBTC Bank’s website, Mobile
banking platform and USSD banking platform.
4. Interest and Fees
For the use of EZ Cash, customers will be
charged the following:
- The interest rate for
this term loan is 3% flat per month.
- This term loan will
attract a management fee of 1% on the amount borrowed and a 7.5% value
added tax (VAT) deduction on the fee charged.
- For
personal banking customers, an
insurance premium on the
loan amount will be charged based on the tenor of the loan and insurance
company selected by the Borrower.
- For business banking
customers, a Credit Guarantee fee of 1.5% flat, on the loan amount, will
be charged to the Borrower’s account held with the Bank.
- A late repayment fee
of 1% flat per month, shall be applied on the outstanding unpaid
obligation without recourse to the borrower
- The interest rate
applicable to the loan is initially determined by the Bank and will be
disclosed to the Borrower in writing or electronically.
- If the Borrower’s use
of the loan exceeds the arranged limit, interest will be charged on the
excess amount at a rate above the interest rate in 4.1 above but not
exceeding the legal maximum permissible rate.
- The interest payable
by the Borrower is:
- Calculated on a daily
basis on the outstanding balance owing on the Borrower’s loan;
- Calculated a 365-day
year, irrespective of whether the year in question is a
leap year;
- debited to the
Borrower’s account held with the Bank monthly in arrears, notwithstanding
that such balance may have been increased by the debiting of interest to
such balance and is due and payable immediately.
- The Bank may, from
time to time, upon 10 (ten) business days prior written notice to the
Borrower vary the pricing applicable to the Loan and the method of
calculating it during the agreed term of the Loan subject to changes in
CBN regulations and money market conditions. Such changes will be
communicated either directly to the Borrower or via a general notice to
all Borrowers of the Bank. If the Bank elects to advise such change(s)
directly to the Borrower, the Bank’s advice will take the form of a letter
or SMS
5. Use of EZ
Cash
You can access and use EZ Cash service on Internet
Banking, Mobile App, Web or USSD channels to request for EZ Cash loans. We will
act on instructions that appear to have been sent by you
Use of a communication system means we do
not interact face-to-face. Unless you notify us before we give effect to an
instruction, you authorize us to rely on and perform all instructions that
appear to originate from you (even if someone else is impersonating you).
6. Your authority
You permit us to regard all activities you conduct,
or instructions sent when you request for EZ Cash as being authorized by you
and intended to have legal force and effect.
7. Sufficient notice
You permit us to issue notices required in
terms of these Terms & Conditions, legislation or
regulation by making such notification available via our communication systems
or sending such notification by email, SMS or similar future technologies. Any
notices so issued by us, will as far as they contain contractual terms relating
to EZ Cash, also form part of these Terms and Conditions.
8. Nature of information on the
communication system
Information on the communication system is
intended to provide you with only general information about the bank, its
products, services and objectives. From time to time we may provide information on:
a. projected revenues, income, earnings per
share, capital expenditures, dividends, capital structure or other financial items;
b. our plans, objectives and projections for
future operations and services
9. Transmission of information and security
tips
Information transmitted via an unsecured
link over a communication system is susceptible to potential unlawful access, distortion or monitoring. You must comply with the security
tips which are published on our website from time to time. As we do not have
the ability to prevent unlawful activities by unscrupulous persons, you accept
that we cannot be held liable for any loss, harm or damage suffered by you as a
result thereof. To limit these risks, we may request independent verification
of any information transmitted by you via our communication system from time to
time.
10. Indemnity
You shall indemnify us for all losses and
costs we may incur on your behalf due to your non-payment; any instruction
exceeding the amount available in your bank account; or unauthorised
instructions executed which were not due to our negligence.
11. Unavailability of EZ Cash Services
We will at all times and for whatever
reason, have the sole and exclusive right to suspend or terminate EZ Cash
without any prior notification or giving any reasons for such termination or
suspension. You acknowledge and accept that EZ Cash banking services may be
unavailable from time to time for any reason, including: technical failure or
problems with the communication system itself or our communication system
underlying banking systems (the bank system); technical failure or problems
with any systems directly or indirectly underlying EZ Cash transactional
services that are owned or controlled by third parties; unavailability of
telecommunication or electricity services; or other circumstances beyond our
control . You undertake, in the event of unavailability of EZ Cash services, to
limit potential errors/losses by using any other means of Banking with us for
the duration of the unavailability of EZ Cash banking services.
12. Warranties and representations
We do not expressly warrant that EZ Cash
services will be error-free or will meet any particular criteria of accuracy,
completeness or reliability of information, performance or quality. We
expressly disclaim all implied warranties, including, without limitation,
warranties of merchantability, title, fitness for a particular purpose,
non-infringement, compatibility, security and accuracy.
13. Disclaimer and limitation of liability
For purposes of this clause, the Bank as
well as other Stanbic IBTC entities, its affiliates, shareholders, employees,
consultants and agents. Although taking sufficient care to ensure that the
content provided on the communication system is accurate and that you suffer no
loss or damage as a result of you using the content on
the communication system and EZ Cash services are provided "as is".
We are not liable for any damages whatsoever relating to your use of EZ Cash
services on the communication system. This includes the information contained
on the communication system or your inability to use the communication system
or EZ Cash services, including, without limitation, any direct, indirect,
special, incidental or consequential damages, whether
arising out of contract, statute, delict or otherwise and regardless of whether
we were expressly advised of the possibility of such loss or damage. Without
derogating from the generality of the foregoing, we are not liable for:
a. any damages which you suffer as a result of a compromise of your access codes.
b. any interruption, malfunction, downtime or other failure of the communication system or EZ
Cash service, our banking system, third party system, databases or any
component part thereof for whatever reason.
c. any loss or damage which arises from your
transactions, instructions, orders, investment decisions, purchases or disposal
of goods and services, including financial instruments or currencies, from
third parties based upon the information provided on the communication system.
d. any loss or damage with
regard to your or any other data directly or indirectly caused by
malfunction of our bank system, third party systems, power failures, unlawful
access to or theft of data, computer viruses or destructive code on the bank
system or third-party systems; programming defects, negligence on our part.
e. any interruption, malfunction, downtime
or other failure of goods or services provided by third parties, including,
without limitation, third party systems such as the public switched
telecommunication service providers, internet service providers, electricity
and water suppliers, local authorities and
certification authorities
f. any event over which we have no direct
control.
14. Breach
We may terminate your access to EZ Cash
services if you breach a material term of these terms and conditions and fail
to remedy it within five days of you being notified by us. We may do this
without detracting from our right to take any other steps available to us at
law or under these Terms & Conditions. If you
have consistently breached any of these Terms and Conditions including where;
you are, or we reasonably suspect you may be, using or obtaining, or allowing
someone else to use an account or receive services or money illegally; or your
account is, or we reasonably suspect your account is, being used for an illegal
or fraudulent purpose; or we have reasonable grounds to suspect fraudulent use
of your security details; or we have reasonable grounds for believing you have
committed or are about to commit a crime in connection with your account; or
you have not satisfied any anti-money laundering requirements or there has been
or we suspect there has been fraud involving any of your accounts with us; or
If there has been or we suspect there has been suspicious activity on your
account; or If you stop holding any account, product or service in respect of
which the EZ Cash Services may be used.
15. Capacity to enter into
these Terms & Conditions
You warrant to us that you have the required
legal capacity to agree and be bound by these terms and conditions. Anyone
below the age of 18 must be assisted by their legal guardian when reading this these
Terms & Conditions. If you are below 18 years of age you have
to speak to your legal guardian or parents. If you are unsure whether
you have the legal capacity to enter into contractual
agreements/ these Terms & Conditions., please contact our Customer Contact
Centre for assistance before you start or continue to use EZ Cash Services.
16. Contact details /address for notices
For the purpose of service of any legal process we
choose the following registered address: E-Business Department, Stanbic IBTC
Bank PLC, IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos.
For
Complaint or Query Management
Do not hesitate to reach out to
your lender through the following
Telephone:
+234 1 422 2222
Address: The IBTC Place, Walter Carrington
Crescent, Victoria Island, Lagos
Email: customercarenigeria@stanbicibtc.com
If
dissatisfied with the resolution of your complaint, you may escalate the
complaint to the Consumer Protection Department of the Central Bank of Nigeria
by writing to the Director, Consumer Protection Department, CBN, Abuja or send
an email to: cpd@cbn.gov.ng.
17. Law that applies to the Terms and
Conditions
The EZ Cash Services Terms and Conditions
will be governed and construed in accordance with the Federal Republic of
Nigeria without reference to any conflict of law provisions, and any dispute
arising therefrom shall be determined in accordance with such laws. Except
stated otherwise, all copyright in the communication systems is owned by or
licensed to us or members of Stanbic IBTC Group.
18. General provisions
No failure or delay by us to exercise any of
our rights is to be construed as a waiver of any such right, whether this is
done expressly or is implied. It will also not affect the validity of any part
of these conditions or prejudice our right to take subsequent action against
you.
If any of these terms, conditions or
provisions are held to be invalid, unlawful or
unenforceable to any extent; such term, condition or provision will be severed
from the remaining terms, conditions and provisions, which will continue to be
valid to the full extent permitted by law.
If you have any questions about this terms
and conditions or do not understand anything in these Terms & Conditions,
please call our Customer Care Centre 0700 909 909 909
19. Payments
1. All
payments by the Borrower under the Loan, whether of principal, interest, fees,
costs or otherwise, shall be made in full in immediately available funds,
without set-off or counterclaim and free and clear of any deduction or
withholding on account of tax or otherwise.
2. If
the Borrower is required by law to make any deduction or withholding from any
payment under the Loan, the sum due from the Borrower in respect of such
payment shall be increased to the extent necessary to ensure that, after the
making of such deduction or withholding, the Bank receives a net sum equal to
the sum which it would have received had no such deduction or withholding been
required.
3. If a repayment in terms of this Term Loan falls due on a date, which
is not a Business day (being a day which is a
Saturday, Sunday or official public holiday in Nigeria), then such repayment
shall be made on the due date.
20. Confidential Information
- The Borrower hereby
consents that the Bank may: -
- hold and process, by
computer or otherwise, any information obtained about the Borrower as a
consequence of the Facilities contemplated in this Letter;
- include personal data
in the Bank’s systems which may be accessed by other companies in the
Bank’s group for credit assessment, statistical analysis including
behavior and scoring and to identify products and services (including
those supplied by third parties) which may be relevant to the Borrower;
and
- permit other
companies within the Bank’s group to use personal data and any other
information it holds about the Borrower to bring to its attention
products and services which may be of interest to the Borrower.
- The Borrower further
consents that the Bank may disclose its personal data and/or information
relating to the Borrower including data and information relating to this
Letter and any documents referred to herein or the assets, business or
affairs of the Borrower outside the Bank’s group whether such personal
data and/or information is obtained after the Borrower ceases to be the
Bank"s Borrower or during the continuance of the banker-Borrower
relationship or before such relationship was in contemplation:
- for fraud prevention purposes;
- to licensed credit
reference agencies or any other creditor, if the Borrower is in breach of
this Loan Letter or any documents referred to herein;
- to its external
lawyers, auditors and other sub-contractors or persons acting as the
Bank"s agents;
- to any person who may
assume the Bank"s rights under this Loan Letter;
- if the Bank has a
right or duty to disclose or are permitted or compelled to do so by law;
and
- for the purpose of
exercising any power, remedy, right, authority, or discretion relevant to
this Loan Letter or any other document.
- The Borrower
acknowledges and agrees that, notwithstanding the terms of any other
agreement between the Borrower and the Bank, a disclosure of information
by the Bank in the circumstances contemplated by this clause does not
violate any duty owed to the Borrower either in common law or pursuant to
any agreement between the Bank and the Borrower or in the ordinary course
of banking business and the customs, usage and practice related thereto
and further that disclosure as aforesaid may be made without reference to
or further authority from the Borrower and without inquiry by the Bank as
to the justification for or validity of such disclosure.
21. Cross Default
Default in respect of any other financial obligation or shall render the
Borrower default. ‘Default’ in this context shall include, but not be limited
to, any irregular conduct of an account, non-compliance with the legal and
regulatory requirements of Nigeria or violation of its corporate governance
principles.
22. Environmental & Social
Responsibility
22.1 The Borrower
warrants and represents to the Bank that it is in full compliance with all
applicable laws, regulations and practices relating to the protection of the
environment and its social responsibility applicable to it in each jurisdiction
in which the Borrower conducts business (its "Environmental & Social
Responsibility") and hereby undertake to continue to do so for so long as
the Borrower is indebted to or owes any obligations to the Bank.
22.2 The Borrower warrants that it is not aware of any circumstances
which may prevent full compliance with its Environmental & Social
Responsibility in future
22.3 The Borrower hereby indemnifies the Bank against any loss,
damage, claims, costs or any other liability, which may arise (because of this
or any other banking facility and/or the Bank having an interest in any of the
Borrower’s assets) in respect of a breach of, or a failure by the Borrower to
meet its Environmental & Social Responsibilities.
22.4 The Borrower undertakes
to notify the Bank in the event of material Environmental & Social
incidents which include contamination, strikes, protests, lawsuits, claims or
media coverage of Environmental & Social concerns, or suspension or
withdrawal of E&S permits.
23. Sanctions
23.1 The Borrower/Customer declares warrants,
represents and undertakes to the Bank on the date of signature hereof and on
each date upon which a facility is utilized that:
23.1.1 He/She/it will not use or make available the proceeds of any of the
Facilities for the purposes of financing, directly or indirectly, the
activities, business or transactions of any entity or person or subsidiary or
affiliate which is Sanctioned or in a country which is subject to any
Sanctions;
23.1.2 He/She/it will not contribute or otherwise make available, directly
or indirectly, the proceeds of any of the Facilities to any other entity,
person, affiliate or subsidiary, or if such party uses or intends to use such
proceeds for the purpose of financing the activities of any person or entity
which is subject to any Sanctions;
23.1.3 He/She/it is not involved in any illegal or terrorist activities;
and
23.1.4 none of its bank accounts held with the Bank are being used
fraudulently, negligently, for illegal or terrorist activities, or for any purpose
that does not comply with any law.
23.2 The Borrower/Customer hereby indemnifies
and holds the Bank and/or any Bank Related Entity (Bank Related Entity shall
mean Standard Bank Group Limited or any other Subsidiary or associate company
of Standard Bank Group Limited) harmless against any actions, proceedings,
claims and/or demands that may be brought against the Bank and/or Bank Related
Entity and all losses, damages, costs and expenses which the Bank and/or Bank
Related Entity may incur or sustain, in connection with or arising out of:
23.2.1 the seizure, blocking or withholding of any funds by any
Sanctioning Body; and
23.2.2 the breach of any warranties as set out in paragraphs above.
Payment under the
above indemnity shall be made by the Borrower/Customer on demand by the Bank or
such other Bank Related Entity
23.3 Definitions
23.3.1 "Sanction List" shall mean the
Specially Designated Nationals and Blocked Persons List of OFAC and/or the UNSC
list of persons or entities suspected to be involved in terrorist related
activities or the funding thereof and/or any other list of HMT and/or EU
23.3.2 “Sanctioned" shall
mean listed on all or any one of the Sanction Lists and/or subject to any
Sanctions.
23.3.3
"Sanctions" shall mean the economic sanctions, laws, regulations,
embargoes or restrictive measures administered, enacted or enforced by any one
of the following regimes (each a "Sanctioning Body"):the United
States Government;
23.3.3.1 the United Nations;
23.3.3.2 the European Union;
23.3.3.4 the United Kingdom; or
23.3.3.5 the respective
governmental institutions and agencies of any of the foregoing, including
without limitation, the Office of Foreign Assets Control of the Department of
Treasury of the United States of America ("OFAC") or the United
Nations Security Council ("UNSC") or Her Majesty’s Treasury of the
United Kingdom ("HMT") or the
European Union’s Common Foreign and Security Policy ("EU").
24. MLPA, AML/CFT Requirements
The Borrower acknowledges that the Bank is obliged to comply with
the Money Laundering (Prohibition) Act (MLPA) 2011 (as amended) and Central
Bank of Nigeria Anti-Money Laundering/Combating of Financing of Terrorism
(AML/CFT) Regulation, 2009 (as amended), and undertakes to provide such
information and documents as the Bank may, from time to time request in order
to comply with such MLPA and AML/CFT requirements including information and
documents of the Borrower from time to time.
25. Global Standing Instruction
By accepting this loan offer 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 CBN through the Credit Risk Management System
(CRMS) or by any other means, and request the CBN to 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 CBN 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.
26. Credit Guarantee (for Business Customers
only)
I / We hereby
consent and authorize the Bank to guarantee the credit facilities with any of
the licenced Credit Guarantee Companies in Nigeria and hereby confirm that I /
We have sought and obtained independent professional advice and hence do not
have any objections to the Bank guaranteeing my / our credit facilities with
the Credit Guarantee Companies in Nigeria.
27. Consent to charge Current Account
Maintenance (CAM) Fee
I/We consent to the Bank converting my/our
Biz Smart and Biz Smart Plus Account(s) to a regular Current Account while I/We
enjoy credit facility(ies) from the Bank and I/We
consent to charging Current Account Maintenance (CAM) Fee of N1.00 per mille on the account upon disbursement of credit facility
to me/us, as is obtainable on the regular Current Account. I/We hereby waive
my/our right to claim that CAM Fee is not chargeable on Biz Smart and Biz Smart
Plus Account(s) as stated in the Terms and Conditions of the Account Opening
Package of the Bank. The account shall be converted from the regular Current
Account back to a Biz Smart and Biz Smart Account(s), upon full liquidation of
the credit facility, only at my/our request.