Our Terms and Policies

This Agreement is a financial services and an end-user licence agreement between you (“End-user” “Borrower” or “you”) and the relevant Irorun entity duly incorporated and licensed under the laws of your country (“Irorun”, “us” or “we”) for the mobile application software, the data supplied with the software and the associated Services (defined below) (“App”).

This Agreement (together with our Privacy Policy) sets out the complete terms and conditions (the “Terms and Conditions”) which shall be applicable to the Account (as hereinafter defined) opened by you with Irorun.

These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.

Definition & Interpretation

For the purposes of this Agreement and the preamble above, unless the context requires otherwise:

Acceptable Use Restrictions has the meaning given to it in clause 5;
Agreement means this Agreement;
Account means your loan and savings account with Irorun;
Business Day means a day other than a Saturday, Sunday or national or public holiday in your country;
Credentials means your personal credentials used to access the App and operate your Account;
Credit Reference Bureau includes any financial institution or a credit reference bureau duly licensed under the laws and regulations of your country at every given time, to inter alia, collect and facilitate the sharing of customer credit information;
Electronic Money means a monetary value that is electronically stored in an instrument or device representing an equal amount of cash;
Electronic Payment Service means the payment service delivered in electronic form by a licensed payment service provider in accordance with the laws and regulations of Nigeria;
Electronic Payment System means the facility operated by the Payment System Provider for the provision of the Electronic Payment Service;
Encumbrance includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;
Equipment includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;
Event of Default has the meaning given to it in clause 11.1;

Acceptance of Terms

You must carefully read and understand the Terms and Conditions set out in this Agreement and as amended from time to time by Irorun (the Terms and Conditions) before downloading or streaming the App or opening an account with Irorun which will govern the use and operation of the App and the Account.

After downloading the App, you will be deemed to have accepted the Terms and Conditions immediately upon your clicking the “Continue” button during your Loan application on Irorun’s System or any other button which signifies your acceptance of these Terms and Conditions and an intention to use the App. If you do not agree with the Terms and Conditions please do not click “Continue” in Irorun’s System. Please note that you will not be able to access the Services if you decline the Terms and Conditions. If you do not agree to the Terms and Conditions, we will not give you access to Irorun Services.

By downloading the App and opening an Account with Irorun, you agree to comply with and be bound by the Terms and Conditions governing the operation of the Account and you affirm that the Terms and Conditions herein are without prejudice to any other right that Irorun may have with respect to the Account in law or otherwise.

These Terms and Conditions may be amended or varied by Irorun from time to time and your continued use of the Services constitutes your agreement to be bound by the terms of any such amendment or variation. Irorun will take all reasonable measures to notify you of any changes.

Grant & Scope of License

In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your Equipment, subject to these Terms and Conditions. We reserve all other rights. Except as expressly set out in this Agreement or as permitted by any local law, you agree:

not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App;

not to make alterations to, or modifications of, the whole or any part of the App, or permit the App or any part of it to be combined with, or become incorporated in, any other programs;

not to disassemble, decompile, reverse-engineer or create derivative works based on the whole or any part of the App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving inter-operability of the App with another software program, and provided that:

License restricition

You must not:

use the App or any Service in any unlawful manner, for any unlawful purpose, or in any manner inconsistent with this Agreement, or act fraudulently or maliciously, for example, by hacking into or inserting malicious code, including viruses, or harmful data, into the App, any Service or any operating system;

infringe our intellectual property rights or those of any third party in relation to your use of the App or any Service, including the submission of any material (to the extent that such use is not licensed by this Agreement);

transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App or any Service;

use the App or any Service in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users; and

collect or harvest any information or data from any Service or our systems or attempt to decipher any transmissions to or from the servers running any Service.

Acceptable Use Restriction

Intellectual Property Rights

You acknowledge that all intellectual property rights in the App and the Technology anywhere in the world belong to us or our licensors, that rights in the App are licensed (not sold or assigned) to you, and that you have no rights in, or to, the App or the Technology other than the right to use each of them in accordance with the terms of this Agreement. You acknowledge that you have no right to have access to the App in source-code form.

Use of The Services

The Services offered by Irorun can only be utilized by persons over the age of 18. Irorun reserves the right to verify the authenticity and status of your Bank Accounts and Bank Verification Numbers with the relevant Payment System Provider.

Irorun’s acceptance of your application for an Account will be displayed on the App. You hereby acknowledge and accept that the acceptance by Irorun of your application for an Account does not create any contractual relationship between you and the Payment System Provider.

Irorun reserves the right to decline your application for a Loan or to revoke the same at any stage at Irorun’s sole and absolute discretion and without assigning any reason or giving any notice thereto.

Irorun reserves the right (in its sole and absolute discretion) to issue, decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time. The terms of the Loan and the interest rate payable in relation to each loan application will be displayed on the App.