Terms and Conditions.

Introduction to our Terms and Conditions (“the Agreement”)

By opening an account with us, you are setting up an agreement between Kwaba International Limited (or any other company we transfer it to) and you. These terms and conditions apply to and regulate the provision of financial services provided by Kwaba International Limited (hereinafter called “Kwaba”), a money lender and multi-purpose cooperative society that offers financial services via its website and mobile application to the customer herein.

Parties to this Agreement

This Agreement is a contract between you (“You”, “Your”) and Kwaba International Limited (“Kwaba”, “We”, “Us”, “Our”) (each individually a “Party”,and collectively the “Parties”. This Agreement is a legally binding agreement between You and Kwaba governing Your non-transferable (unless with Our prior written consent) use of the Kwaba App, Kwaba website, and any features and products that Kwaba may make available to You through the Kwaba application or website (collectively, the “Services”). We may transfer or assign this Agreement, and any rights under this Agreement, to a third party without notice to You or without Your consent.

Acceptance Of This Agreement

By using this service, you acknowledge that you have reviewed, considered the terms of this Agreement and understand same and agree to be bound by it. If you do not agree with these Terms or do not intend to be bound by it, you must quit the use of this Application immediately. In addition, when using this service, you shall be subject to any posted guidelines or rules applicable to such services. Accordingly, any participation in this service shall constitute acceptance of this Agreement.

Definitions - This section defines the terms used in this Agreement

In this agreement, the terms: “You”, “Your”, “Customer”,shall mean the person who applied for this Account and agrees to this Agreement while “We”, “Us” and “Our” shall mean Kwaba, and following an assignment, any person, company or bank to whom the rights and/or obligations of Kwaba have been assigned.
"Account" means Your account with Kwaba;
“Card” means a virtual or physical card issued to You by Kwaba or it's partners which can be used to undertake payment transactions.
“Disbursement Date” means the date Kwaba advanced the loan to Your Account.‍
“Payment Due Date” ‍means the set repayment date for the loan
“Credit Limit” ‍means the maximum credit available to You on opening an account with Kwaba
“Loan” means the amount advanced to You by Kwaba, which shall be no less than ₦1,000.00 (One Thousand Naira only)

Customer's Consent

By ticking the “I agree to the Terms and Conditions”, on the Kwaba application which you hereby;
Adopt as your electronic signature, you consent and agree that:
  1. We can provide materials and other information about your legal rights and duties to you electronically.
  2. We are authorized to share, receive and use data/information collected from your transaction with other affiliated third parties including but not limited to switching companies, mobile network operators, electricity companies, aggregators, credit bureaus, other financial institutions, e-commerce platforms, etc.
  3. You hereby expressly consent and authorize us or any of our duly authorized agent or partner to debit your designated bank account, or any other bank account linked to your Bank Verification Number (BVN), for repaying the Loan with applicable interest as and When due.
  4. To access payroll-related offers, you have expressly consented and authorized us to verify your salary details with your employer and/or your employer's appointed salary processors without further recourse to you.
  5. An account will be opened on your behalf with our financial partners if you are using any of our financial services and you agree to the terms and conditions of our partners.
  6. Your electronic signature on agreements and documents has the same effect as if you Signed them using ink on paper or any other physical means.
  7. 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.
  8. We will alert you when the Disclosures are available, by sending you an electronic communication.
  9. Our email will tell you how you can view the Disclosures.
  10. 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.
  11. You will be able to print a copy of the Disclosure or download the information for your records.
  12. This consent applies to this transaction, to all future Disclosures on this Account, to a future transactions in which you use Kwaba as a financial service broker, 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.
  13. By consenting, you agree that electronic Disclosures have the same meaning and effect 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.

Conditions For Use

To use this service, users must;
  1. accept and agree to these Terms and Conditions
  2. be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age;
  3. have a bank account with a Nigerian financial institution;
  4. 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.
  5. By using this Application you authorize Kwaba, its affiliates and partners to review your credit report, bank statements, employment history 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.
  6. You agree to submit correct/true personal data/information that may be necessary for your use of our services, Kwaba may use information collected with other affiliated third parties without your permission.
  7. To access or use this mobile application, you must register as a member of the app. Your Membership is not transferable or assignable.
  8. When registering as a member of the app/website, you must provide us with accurate, complete and up-to-date information as requested. It is your responsibility to inform us of any changes to that information.
  9. You are permitted to create one profile for yourself. You must not create multiple member profiles on the app.
  10. 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.
    1. We shall charge a one-time processing fee the first time You set 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.
    2. We shall deduct from the card setup on the Payment Due Date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error, We will on a reasonable effort basis process a refund within a reasonable time.
    3. You hereby indemnify Us against any losses, liabilities or damages that may arise if You use a third party's card on Your Account without the consent of such third party

Loan Terms

Borrower's Obligation;

  1. To pay to kwaba, the loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to the Lender charged to this Account. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
  2. The Lender reserves the right to presume that the Borrower has authorized any loan application made in the name of the Borrower using this Account. The Borrower will be deemed responsible for any unauthorized application using this Account 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.
  3. To repay the loan given to you and/or to someone you authorized to use this Account via direct cash transfer to a bank account listed by the Lender, an electronic debit from the card/account you provided on the due date, or through an acceptable electronic channel. The Lender reserves the right to accept early repayment before the Payment Due Date, provided the Borrower has given adequate notice and repays the full loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by the Lender in the way and manner hereinafter specified.
  4. 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.
  5. Not to give us false information or signatures, electronic or otherwise, At any time.
  6. To pay a Late Fee or penalty fee as may be provided in these terms and Conditions.
  7. To make all payments via direct debit on cards, accounts or by electronic Funds transfer as stated in the application form.
  8. To promptly notify us if you change your name, mailing address, e-mail Address or telephone number.
  9. That you will not accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
  10. Not to use Kwaba for any act of illegality or criminality and Kwaba and Its partners shall not be legally or criminally culpable for any illegality committed by you.
  11. To fill out the application form (as provided) with accurate information and details as required.

Lender's Obligation;

  1. To make available the loan/credit facility to the Borrower of a figure not less than N1, 000. 00 (One Thousand Naira only)
  2. To perform its obligation as above upon confirmation by the Lender of the Borrower's identity and personal information
  3. To demand repayment for the borrower as and when due
  4. To conduct investigations on the Borrower prior to final approval of a loan by lender
  5. 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.
  6. Not to store or save Borrower's debit or credit card details given by the Borrower in the application form

Payment Terms

Making Payments From Your Account

Your Account can be used to make payments such as airtime purchase, bill payments and fund transfers within the Kwab app.
  1. For payments to be successful, Your Account must be adequately funded and You will be notified if payments are unsuccessful.
  2. You will be sent notification for all payment transactions and receipt for all payments will be available to You
  3. You can make transfers from Your Account to any Nigerian bank. Kwaba may reject, decline, fail to authorize, or delay any transaction to or from Your Account or, in the case of a credit to Your Account, delay making the funds available to You where We consider it reasonable to do so and this includes without limitation, the following:
    1. The payment instructions You or the third party have provided are unclear
    2. Suspected fraud or criminal activity on your Account
    3. Illegality of the proposed transaction
    4. In compliance with any applicable laws (including any laws relating to anti-money laundering or sanctions)
  4. If We block Your payment, We will let You know by using any of Our communication channels.
  5. You hereby agree that We are not liable to You for any loss or damage You suffer as a result of us rejecting, declining, failing to authorize or delaying any transaction to or from Your account or any delay in funds being made available to You.

Scheduled/Recurring Payments

  1. To set up a recurring payment from Your Account, You must first activate the recurring transaction to enable Us make the scheduled payments from Your Account.
  2. If You ask Us to make any scheduled payments on a specified date, Your payment will go out on the date You have indicated.
  3. It is Your responsibility to check that there is sufficient available balance before any payment is due. If Your Account does not have sufficient available balance, Your scheduled payment will be rejected.
  4. You agree that it is Your responsibility to cancel the scheduled payments set by You and Kwaba shall not be liable for any loss incurred due to Your failure to cancel such scheduled/recurring payments.

Payments into your Account

  1. To set up a recurring payment from Your Account, You must first activate the recurring transaction to enable Us make the scheduled payments from Your Account.You can fund Your account through bank transfers or receiving payments directly into Your Kwaba Account. We may not approve receipt of funds into Your Account if any of the following happens:
    1. our account has been suspended;
    2. Your account has been deleted;
    3. In compliance with applicable laws, rules or regulations including any laws relating to anti-money laundering or sanctions.
  2. Where a payment is not approved, the funds may be reversed to the sender without any notice to You.

Virtual Cards

  1. When You apply for a virtual card, Kwaba will issue the Card in Your name.
  2. You undertake to be absolutely responsible for safeguarding Your Card details (this includes your Card number, expiry date and cvv) and PIN and under no circumstance shall You disclose any or all of these to any person.
  3. You hereby agree that Kwaba is expressly exempted from any liability arising from unauthorized access to Your Account and/or Card information which arises as a result of Your inability and/or otherwise to safeguard Your PIN. You undertake to be absolutely responsible for safeguarding Your access code/pass code/PIN and under no circumstance shall You disclose any or all of these to any person including a Carbon representative
  4. You agree that You are responsible for all authorized transactions initiated and fees incurred by use of Your Card. If You permit another person to have access to the Card or PIN, it will be treated as if You authorized such use and will be liable for all transactions and fees incurred by those persons.
  5. Your virtual Card may be used to perform transactions such as purchases from web/online platforms. In all cases, Your ability to make transactions with Your Card is subject to available collected funds in Your Account.
  6. You hereby agree to pay and Kwaba may deduct, without notice, the following:
    • Transaction charge at the prevailing rate (as may be determined by Kwaba from time to time) for each transaction for which Your Card has been used.
    • Monthly usage fee as may be determined by Kwaba.
  7. If You feel Your virtual Card has been compromised, You can freeze it temporarily, or block it and request a new one.

Transaction Fees

  1. The transaction fee for the use of Kwaba's services shall include address verification, credit checks, referencing amongst others.
  2. The transaction fee is not refundable and does not preclude the Lender from charging default fees, a penalty Fee and in the event of any dispute arising from these Terms and Conditions – the cost of Litigation/Solicitors' fees.
  3. The Transaction fee may be increased or decreased from time to time by the Lender. Such change in Transaction fee will take effect on the Borrower's account following a minimum of fifteen (15) days written notice.
  4. A total transaction fee of the term of the loan shall remain applicable in the event Of the Borrower liquidating the loan before expiration.

Credit Reference

  1. The Lender or it's duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering any application for credit.
  2. The Borrower authorizes the Lender to access any information available to the Lender as provided by the Credit Agency.
  3. The Borrower also agrees that the Borrower's details (excluding the card details) and the loan application decision may be registered with the Credit Agency.


Criteria for Use of Our Savings Service;

  1. You must register on the app as a member for you to be eligible to use this service.
  2. Upon successful registration, you shall be required to pay a membership fee.
    Savings Terms;
    1. Savers accept for Kwaba to manage their savings, an account shall be created on behalf of members, with a plethora of plans that offers members their desired plans to save.
    2. Savers, who intend to save money for a fixed period of time, accept that such investment shall not be redeemed prior to maturity date.
    3. Savers accept that in a case of early withdrawal to fixed investment savings, a fee shall be charged to the amount being withdrawn.
    4. Interest on savings shall depend on the savings amount.
    5. Savers, who intend to save funds for a fixed period of time, shall be entitled to initial deposit plus interest earned over time.
    6. You accept for Kwaba to liquidate your investment before maturity date in situations that includes but not limited to;
      1. False information
      2. Violation of applicable law.
      You hereby agree to bear the cost and expenses incurred by Kwaba in closing your account.
    7. Savers authorize Kwaba to invest and manage savings on its behalf.
    8. Kwaba shall not be held liable for your inability to safeguard your information.


Default in the terms of this agreement will occur if;
  1. 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;
  2. 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
  3. 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.
  4. In the event of any default by the Borrower subject to the above –. 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.
  5. 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.
  6. The lender reserves the right to re-enter property in the event of default of repayment of loan after due notice has been served.
  7. 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.
  8. The Borrower will execute a tripartite agreement between the Borrower, Landlord, Kwaba and its partners. The Borrower shall surrender possession of the property within 48 hours after notice has been issued in respect of same.
  9. 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.


Upon default in making the monthly payment of rent by renter to Kwaba in the manner provided for in our Agreement, Financier(Kwaba) reserves the right to do the following;
  1. Where Renter is in default of (1) month payment of rent to Kwaba without reasonable notice, Kwaba shall serve renter with a 7 Seven days’ notice demanding payment of rent, where the rent remains unpaid by the renter after the 7 seven days period, Kwaba reserves the right to lock up premises of the renter and hold on to renter’s properties until the rent sum is paid.
  2. Where rent remains unpaid by the renter for a continuous period of 3 Three months and a demand notice has been served on the renter and no payment for rent is made, Kwaba reserves the right to lock up the premises occupied by the renter, evict renter from property and sell off the properties of the renter to settle the rent amount.
  3. Where the Properties of the renter is not sufficient to settle the payment of the outstanding rent sum, Kwaba shall have a Right in Civil action against renter, to recover the outstanding loan sum together with the accrued interest and attorney’s fee.
    The waiver of any occurrence of default is not a waiver of subsequent occurrences, as kwaba retains the right to exercise all remedies herein mentioned.
  4. The renter shall be liable for the cost of litigation in recovering the arrears and repossession by Kwaba.

Termination Of 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.
  1. We may terminate your Account by sending written notice to the address on your application.
  2. If there is no debt or credit on your Account for twelve (12) consecutive months, we may terminate this Account without notice to you.
  3. When Termination arises as a result of the default, you shall not be able to apply for credit in the future.

Intellectual Property Ownership

  1. You agree that we retain ownership of all content included on the Application (Text, graphics, software, video, data, page layouts and any other information capable of being stored in a computer) other than the contents uploaded by users.
  2. You are granted a limited license only, subject to the restrictions provided in this Terms, nothing in this Application shall be construed as granting any licence or right to use any trademark or logo displayed on the Application without obtaining prior consent of the owner.
  3. You hereby agree not to reproduce or distribute the owner’s intellectual property for any unlawful purpose.


You agree to indemnify Kwaba and affiliate third parties against all losses, damages, claims, demands and expenses whatsoever, which may be incurred, imposed or suffered by Kwaba, as well as actions, proceedings or claims (including attorney’s fees) whether civil or criminal which may be brought against kwaba ng by reason of your use or inability to use this Application and your violation of applicable laws, rules or regulation.

Limitation of Liability

Save in respect of liability for death or personal injury arising out of negligence or for fraudulent misrepresentation, we and all contributors to this service hereby disclaim to the fullest extent permitted by law all liability for any loss or damage including any consequential or indirect loss or damage incurred by you, whether arising in tort, contract or otherwise, and arising out of or in relation to or in connection with your access to or use of or inability to use this application.


Our app may contain our service marks or trademarks as well as those of our affiliates or other companies in the form of words, graphics, and logos. Your use of our or Services does not constitute any right or license for you to use our service marks or trademarks without the prior written permission of Kwaba. Your use of our Services does not grant you any ownership rights to our Content.
The content of the pages on this app are property of Kwaba. Reproduction of part or all of the contents in any forms prohibited other than in accordance with the following permissions:
Licence to Re-Copy For Limited Purposes:
  1. You acknowledge the kwaba app/web page as the source of the material. You must include such acknowledgement and the kwaba web address (www.kwaba.ng) in the copy of the material, and
  2. You must inform the third party that all the Terms and Conditions set out herewith apply to him/her and that he/she is bound by them.

Governing Law

You hereby confirm that the terms and conditions and use of this service shall be governed by the laws of the federation of Nigeria 2011 and that any and all disputes arising therefrom shall be subject to the exclusive jurisdiction of Nigerian courts.



    In this Agreement unless the context otherwise requires the following terms shall have the following meanings:

    • “Property” means the property particularly described in schedule I.
    • “Schedule” means the schedule to this Agreement annexed and subscribed by the parties hereto.
    • “Commencement Date” means the day and month this Agreement is to take effect as agreed by both parties hereunder.
    • “Expiration Date” means the day and month this Agreement is to terminate as agreed by both parties hereunder.
    • “Rent“ means amount due and payable by the Financier to the Landlord for the Term hereby granted which is XXXX (Amount in words only) per annum for 1(one) year.
    • “Total Rent“ means the rent for each unit of the Demised Property including X% monthly interest rate for the term hereby granted which is XXXX(Amount in words only) payable monthly by the Lessee to the Financier for 12 months.
    • ‘Term’ means 1 year(s) certain from, and including the commencement date.
    The parties agree that the recitals set forth above are true and correct and form an operative part of this Agreement.
    1. In consideration of the Rent of XXXX(Amount in words only) which stands as one year’s rent having been paid by the Financier to the Landlord of the property, the lessee hereby takes the
    2. Demised Property to hold for a term of One (1) year CERTAIN commencing on the dd/mm/yy and expiring on the dd/mm/yy
    3. In consideration of the Total Rent ofXXXX(Amount in words only) where XXXX stands as monthly rent due and payable by the Lessee to the Financier, the Landlord hereby lets and the Lessee hereby takes the Demised Property to hold for a term of One year CERTAIN commencing on the dd/mm/yy and expiring on the dd/mm/yy
    4. The Lessee being a monthly Tenant shall pay Rent in Paragraph 2.2 above on the stated date in the rent finance offer letter, failure of which will automatically terminate this Agreement and would be required to surrender possession within 48 hours after notice has been issued in respect of same.
    5. Other conditions that may lead to termination/dissolution of this Agreement are contained in Schedule II to this Agreement.
    1. This Agreement shall commence on dd/mm/yy
    1. This Agreement shall expire on the dd/mm/yy
    1. Reinstatement

      At the expiration or sooner determination of the Lease created by this Agreement, the Lessee shall reinstate the Demised Property at its own expenses and restore it to the former state save for natural wear and tear, in which it was originally let if the Lessor so desires.


    No demand for or acceptance of payment under this Agreement or failure by the Landlord or Financier to enforce any of their rights under this Agreement at any time or for any period shall release or exonerate or in any way affect the liability of the Lessee or operate as a waiver of those terms or conditions or the rights of the Landlord or Financier at any time afterwards to enforce each and every term and condition of this Agreement or any penalty attached to their non-performance.

    1. Any notice to be given to the Landlord or Financier under this Agreement shall be in writing and may be served personally or by registered or recorded delivery mail or by electronic mail, telex or facsimile transmission.
    2. A notice shall be deemed to have been served if it was served in person at the service, or if it was served by post; two days after it was posted, and if it was served by electronic mail, telex or facsimile transmission; at the time of transmission.
    1. The Landlord or Financier may at or before the end of the Term at the cost of the Lessee grant to the Lessee a new Lease of the Demised Property, if;
      1. Not less than one (1) months before the end of the Term the Lessee gives to the Lessor and Financier written notices that it wishes to take a new Lease of the Demised Property; and
      2. There is no subsisting breach of any of the Lessee’s obligations.
    2. The new Agreement shall be for such further term of year/years as the parties may then agree, to start immediately at the expiration of the term herein granted, at a reviewed rent and conditions as may be agreed upon by the Landlord and Lessee.
    3. The preparation of a new Agreement and its due execution by the Landlord, Financier and Lessee shall be the only proof and evidence that the Lessee’s request to renew the Lease has been accepted by the Lessor and the Financier.

    Any dispute arising out of or in connection with the interpretation of the provisions of this agreement or the performance of same shall be submitted to Mediation and the dispute shall be resolved by a sole mediator, except as otherwise agreed by the parties.


    In the event that any or part of these terms, conditions or provisions shall be determined invalid, unlawful or unenforceable to any extent, such term condition or provision shall be severed from the remaining terms, conditions and provisions which shall continue to be valid and enforceable to the fullest extent by law.


    The terms and conditions of this Agreement shall be governed by, construed and interpreted in accordance with the laws of the Federal Republic of Nigeria and the Lagos State Government.


    No party to this Agreement shall be liable for any failure to fulfil its obligations hereunder where such failure is caused by any act of nature, insurrection or civil disorder, war or military operations, national or local emergency (each an “event of force majeure”)


    This Agreement governs the Landlord, Lessee and Financier’s relationship herein granted and as such cancels and supersedes any previous oral or written agreement.