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”).
These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.
IT IS AGREED AS FOLLOWS:
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 your 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;
Force Majeure means events, circumstances or causes beyond the reasonable control of Irorun making Irorun’s performance of its obligations inadvisable, commercially impracticable, illegal, or impossible, including but not limited to acts of God, war, strikes or labour disputes, embargoes or government orders, pandemics, epidemics;
Licence Restrictions has the meaning given to it in clause 4;
Loan means the principal amount of the loan made or to be made by Irorun to you under this Agreement from time to time through the App or (as the context requires) the principal amount outstanding for the time being of that loan;
Mobile Network Operator means a mobile network operator in your country licensed in accordance with the relevant laws and regulations;
Network means a mobile cellular network operated by a Mobile Network Operator;
Payment System Provider means a Mobile Network Operator, Deposit Banks, and other financial institutions that has been duly licensed by the laws and regulations of Nigeria to provide electronic payment services in Nigeria;
Request means a request or instruction received by Irorun from you or purportedly from you through the Network and the Electronic Payment System and upon which Irorun is authorised to act;
Services shall include any form of financial services or products that Irorun may offer you pursuant to this Agreement and which you may from time to time subscribe to; and “Service” shall be construed accordingly;
SIM Card means the subscriber identity module which when used with the appropriate mobile phone handset enables you to access the Network and, in some cases, to use the Value Storage Account (as defined below);
SMS means a short message service consisting of a text message transmitted from your mobile phone to another;
System means Irorun’s electronic communications software enabling you to communicate with Irorun for purposes of the Services. The System and the Services will for the purpose of this Agreement be accessed through the Electronic Payment System;
Technology has the meaning given to it in clause 3.1.4;
Transaction Fees includes any fees and charges payable for the use of the Services as published by Irorun on Irorun’s website or by such other means as Irorun shall in its sole discretion determine. Transaction Fees are subject to change at any time at Irorun’s sole discretion; and
Value Storage Account means your electronic money store of value, being the record maintained by a Payment System Provider from time to time held by you in the Electronic Payment System.
In addition to the definitions in clause 1.1, unless the context requires otherwise:
You must not:
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.
No failure on the part of any party to exercise, or delay on its part in exercising, any right, power or remedy provided by this Agreement or by law shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any further or other exercise of that, or any other, right, power or remedy.
No failure by Irorun to exercise, and no delay in exercising, any right or remedy in respect of any provision of this Agreement shall operate as a waiver of such right or remedy.
If any provision or part of a provision of this Agreement shall be, or be found by any court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of this Agreement, all of which shall remain in full force and effect.
The Parties shall use their good faith efforts to resolve any dispute, controversy or claim of any nature whatsoever arising out of or in relation to or in connection with this Agreement. To this end, the Parties in dispute shall each promptly appoint representatives of appropriate standing who shall meet and attempt to resolve any dispute between them. In the event that an amicable settlement has not been reached within thirty (30) days of the parties’ representatives meeting as aforesaid, the following provisions of this clause 18 shall apply.
This Agreement shall be governed by and construed in accordance with the laws of your country.
These additional terms and conditions shall apply to borrowers or users of the App and Services who are resident in Nigeria (“Nigerian Borrower”).
Irorun is a product of Lending Technologies Limited ("Lendsqr"), an entity duly incorporated as a private limited liability company under the Companies and Allied Matters Act Cap C20, LFN 2004. Lendsqr is duly authorized to provide short term loans to individuals via a mobile lending application by the Ogun State Government of Nigeria.
The Terms and Conditions between Irorun Nigeria and a Nigerian Borrower shall be governed by and construed in accordance with Nigerian Law.
Notwithstanding any provision to the contrary in this Agreement, Irorun Nigeria shall have the right to institute proceedings for recovery of any outstanding amounts against a defaulting Nigerian Borrower in the High Court of Ogun State.
Irorun is a product of Lending Technologies Limited. Licensed as a Money Lender by the Ogun State Government of Nigeria.