Terms and Conditions

Last updated: January 20, 2021

These Terms and Conditions apply to and regulate the provision of financial services provided by Carbon Finance & Investments Limited, a financial institution licensed by the Central Bank of Nigeria (CBN) which provides financial services via its flagship mobile app – Carbon™ (hereinafter called "Carbon Finance") to the Customer herein. These Terms and Conditions constitute Carbon Finance's offer and sets out the terms governing this Agreement.

Carbon™® is an open-end credit plan offered by Carbon Finance and BY ACCEPTING THIS ONLINE OFFER, A CARBON™ ACCOUNT IS SET UP WITH CARBON FINANCE and you agree that you have read these Terms and Conditions. You authorize Carbon Finance to periodically 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.

Carbon™® is an online investments platform that enables you to put away funds you do not want to touch easily. By setting up a PayVest® account, you have chosen to invest a minimum of NGN 100 in an investment account subject to the terms and conditions herein as well as those specified in the term sheet (hereinafter referred to as “PayVest Term Sheet”) which shall be emailed to you upon investment.

By accepting these Terms and Conditions, you have agreed to open a virtual wallet (hereinafter called “Wallet”) wherein all approved loan applications on Carbon™ shall be disbursed. You may also use your Wallet for certain payment services available on Carbon™, or you may use the same for PayVest® wherein you may opt to invest funds subject to the terms thereof.

You will be asked to provide information (such as your date of birth and your Bank Verification Number) when you apply for a Carbon™ loan, as well as your current residential address, and/or any other KYC requirement as may be prescribed by the Central Bank of Nigeria from time to time, for the opening of a PayVest® account. This 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 on the Carbon™ app.

How to use Carbon account

This is an open-end credit account where you access direct loan or credit facility using Carbon™, while you repay the loan or credit facility on a future date via cash transfer or electronic repayment from your Wallet on the Payment Due Date at a flat interest on the loan of up to 1% daily.

1 . Definitions

In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for this Account and agrees to this Agreement while “We”, “us” and “our” and “Lender” shall mean Carbon Finance, and following an assignment, any person, company or bank to whom the rights and/or obligations of Carbon Finance have been assigned.

  • “Account” means the Customer’s account with Carbon Finance
  • “Disbursement Date” means the date Carbon Finance advanced the loan to the Customer’s Wallet
  • “Payment Due Date” means a maximum of 30 days after the loan has been disbursed
  • “Credit Limit” means the maximum credit available to the Borrower on opening a Wallet account with Carbon Finance
  • “Loan” means the amount advanced to the Borrower by Carbon Finance, which shall be no less than N1,000.00 (One Thousand Naira only)

2 . Conditions for use of the Wallet

To use the Wallet –

2.1 You must: (a) accept and agree to these Terms and Conditions; (b) register with us on the Carbon™ app; (c) be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age; (d) have a bank account with a Nigerian financial institution; and (e) 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 such other information as we may request from time to time (collectively, “Customer Information”).

2.2 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.

2.3 You agree to promptly notify us of changes to your Customer Information by updating your profile on the Carbon™ app 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.

2.4 If we approve your registration, you will be authorized to use the Wallet, subject to these terms –

2.4.1 For our compliance purposes and to provide the Wallet services 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.

2.4.2 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:

        1. A copy of your government-issued photo ID, such as a national ID, international passport, permanent voter’s card or driver’s license;
        2. A copy of a utility bill, bank statement, affidavit, or another bill, dated within three months of our request, with your name and Nigerian street address on it; and
        3. Such other information and documentation that we may require from time to time.

2.5 By using the Wallet 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 Wallet to you. For purposes of such authorization, you hereby grant Carbon Finance and our third-party service providers a limited power of attorney, and you hereby appoint Carbon 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 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.

2.6 YOU ACKNOWLEDGE AND AGREE THAT WHEN CARBON FINANCE OR OUR THIRD-PARTY SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM SUCH THIRD-PARTY WEBSITES, CARBON FINANCE AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OF, OR ON BEHALF OF THE THIRD PARTY.

2.7 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 Carbon Finance and our third-party service providers, Carbon Finance owns your confidential Customer Information.

3 . Conditions for use of the PayVest Account

To use the investment account –
3.1 You must: (a) accept and agree to these Terms and Conditions; (b) register with us on the Carbon™ app; (c) be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age; (d) have a bank account with a Nigerian financial institution; and (e) provide all information as may be requested by us, such as your name, occupation, email address, mobile device number, online credentials for your bank account, and such other information as we may request from time to time (collectively, “Customer Information”).

3.2 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.

3.3 You agree to promptly notify us of changes to your Customer Information by updating your profile on the Carbon™ app 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.

3.4 If we approve your registration, you will be authorized to use the PayVest® account, subject to these terms –

a. For our compliance purposes and to provide the PayVest® services 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 PayVest® 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:

      1. A copy of your government-issued photo ID, such as a national ID, international passport, permanent voter’s card or driver’s license;
      2. A copy of a utility bill, bank statement, affidavit, or other bills, dated within three months of our request, with your name and Nigerian street address on it;
      3. Such other information and documentation that we may require from time to time.

3.5 Each time you invest, Carbon Finance shall send a PayVest Term Sheet to your designated email address showing details of the investment made as well as the applicable terms thereof.

3.6 You can increase existing investments which may change the terms of your initial investment. In the event you choose to increase your initial investment, an updated term sheet will be provided to you.

3.7 You authorize Carbon Finance to manage your investment funds, either directly, via its authorized subsidiaries or third party licensed wealth management partners.

3.8 You consent to have any matured investments automatically rolled over into a new investment if a liquidation event is not initiated by you within 72 hours of an investment maturing.

3.9 You agree that with respect to any  investment made by you on Cash Vault, such  investment cannot  be redeemed or liquidated  prior to  the maturity date

4 . 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:

5 . Transaction fee

6. Borrower’s obligations:

7. Lender’s obligations:

8. Credit reference

9. Notices

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:

  1. To the most recent physical address, the Lender holds for the Borrower in its records

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

  3. By delivery of an SMS to any mobile telephone number, the Borrower has provided to the Lender.

  4. By posting such notice on the Lender’s website.

10. Event of default

    • 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 loan or any information 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 Lender may, without notice to or demand on the Borrower (which notice or demand the Borrower expressly waives), set-off, appropriate or apply any balance outstanding on the Borrower’s investment account held by the Lender, or any indebtedness at any time owed by the Lender to or for the account of the Borrower, against the Borrower’s obligations to the Lender, whether or not those obligations have matured.

    • 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 commence.

    • The Borrower shall be responsible for all legal costs and expenses incurred by the Lender in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged.

 

11. Termination of the account

12. General

13. Indemnification

You will indemnify and hold harmless Carbon Finance and the Third Party Providers, and the officers, directors, agents, partners, employees, licensors, distributors, and representatives of Carbon Finance and the Third Party Providers, from and against any and all claims, demands, actions, causes of action, suits, proceedings, losses, damages, costs, and expenses, including reasonable attorneys’ fees, arising from or relating to your access and/or use of, or interaction with the Carbon™ app (including, without limitation, Third Party Content), or any act, error, or omission of your use of your account or any user of your account, in connection therewith, including, but not limited to, matters relating to incorrect, incomplete, or misleading information; libel; invasion of privacy; infringement of a copyright, trade name, trademark, service mark, or other intellectual property; any defective product or any injury or damage to person or property caused by any products sold or otherwise distributed through or in connection with the Service; or violation of any applicable law.

 

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