Loan Top Up Agreement

Fairmoney Microfinance Bank,

28 Pade Odanye Close Off Adeniyi Jones. Ikeja
017001276
help@fairmoney.io

Dear Ignatius Offor,

We are pleased to inform you that your top up loan application of amount 30,000 has been
approved and the amount disbursed to the account number provided by you. This document
contains the terms and conditions applicable to this loan facility, and may be considered as your
copy of the loan agreement. Our general terms and conditions and privacy policy may be accessed
at the links provided.

Lender Name: MyCredit Investments Ltd.

Borrower Name: Ignatius Offor

Borrower Address: No 1 Roland Ndoma Egba Avenue off Mission road Ikom, ikom, Cross River

Initial loan principal amount 50,000

New principal amount: 80,000

Loan Purpose: School/university fees

Loan Duration: 3 months

Pricing: 32.4%

Processing Fee: 0%

Total Repayment Amount: ₦ 105,921

Loan Amount: ₦ 80,000

Total Interest (A): ₦ 25,921

Total interest you will pay across the tenure of the loan

Fees and Other changes (B): ₦ 0

Total other charges you will pay across the tenure of the loan

Total Cost of Credit (A+B): ₦ 25,921

Annual Percentage Rate (APR): 130 % per annum

This reflects the total cost of the credit on a yearly basis expressed as percentage, using the
information at the disclosure date. It is a useful tool for comparison with similar loans

Repayment Schedule

Note: The amount required to be paid (for each repayment and total) does not include fees which
are dependent on events that may not occur (for example, late payment fees)

28, Pade Odanye close, help@fairmoney.io +234 01 700 1276 www.fairmoney.io

off Adeniyi Jones, Ikeja,
Lagos.
 Instalment Date of Instalment Outstanding Payment
Principal Interest
Number Instalment Amount Principal Status
1 2023-09-23 35,307 22,938 12,369 57,062 unpaid
2 2023-10-23 35,307 26,484 8,823 30,578 unpaid
3 2023-11-22 35,307 30,578 4,729 0 unpaid

General Terms and Conditions

Advance and Repayment

1. The Lender agrees to advance the Loan and the Borrower agrees to take the Loan subject to
the terms and conditions as set out in the Loan application form and also in this offer letter.

2. The Borrower agrees to repay the Loan (principal plus accrued interest) in accordance with the
dedicated repayment schedule as provided above.

3. The Borrower may terminate the offer letter and repay back all or any part of the borrowed
amount on any day before the scheduled maturity date, by paying to the Lender, all interest,
fees and other monies then accrued or due under this offer letter to the date of early
repayment (whether or not yet payable), including any interest arising out of delay in previous
repayments

4. Where the Borrower makes a payment for an instalment under the Loan prior to the scheduled
repayment date (the “payment due date”), such payment shall be made via the app by 4:00pm
at the least, on the day prior to the instalment date. In the event that the borrower fails to make
the payment, the lender shall charge the repayment account connected by the borrower at the
time of loan disbursal for the amount of the instalment

5. In the event that the lender is unable to charge the repayment account (due to technical
reasons / because the account is not funded), the repayment shall be re-attempted at the
discretion of the lender, wholly, or in part, till the amount for that installment is paid.

6. For every day of delay past the payment due date, interest will continue to accrue at the rate
mentioned in this agreement. However, for three days after the due date, the lender shall only
attempt a repayment charge for the amount of the original instalment. Starting from the fourth
day after the repayment due date, in case the instalment amount is still unpaid, the lender shall
attempt to collect the entire amount due (instalment amount + interest accrued in delay period)
by charging the account connected by the borrower at the time of loan disbursal

Cooling Off Period

You are allowed two (2) days to review this Offer Letter (“Review Period”) and you may cancel your
loan within three (3) days after accepting this Offer (“Cooling Off Period”). You agree to waive both
the Cooling Off Period and the Review Period to enable immediate disbursement of the loan by
accepting this Offer.

Representations and Warranties

The Borrower represents and warrants that:

1. He/she has the right to accept this facility and has taken all necessary actions to authorize the
same upon the terms and conditions herein.

2. He/she is not in default under any obligation in respect of any borrowed money that the
acceptance of this facility will be or result in breach of or default under any provision of any
other agreement to which the Borrower is a party.

28, Pade Odanye close, help@fairmoney.io +234 01 700 1276 www.fairmoney.io

off Adeniyi Jones, Ikeja,
Lagos.
 3. The information given to the Lender in the course of the application process is true, accurate
and complete. The Borrower is solely responsible for the correctness of such information and
the Lender shall have no obligation to verify the authenticity of any documentation provided by
the Borrower. The Lender accepts no liability for consequences arising out of any erroneous,
incorrect or incomplete information supplied by the Borrower. If the Borrower suspects that
there is an error in the information he or she has provided to the Lender, he or she shall advise
the Lender accordingly without delay. The Lender will endeavour to correct the error whenever
and wherever possible on a 'best effort' basis but shall have no liability arising there from.

4. He/she has the right to access and operate the bank account/ card that has been connected
for repayment.

5. Under no circumstance will the Lender be liable for any loss, expense or damage of any kind
incurred by the Borrower due to non-compliance with this requirement.

Events of Default

The occurrence of any of the following events shall cause all outstanding amounts under this facility
to become immediately due and payable:

1. The Borrower fails to make a repayment or payment of principal, interest or other amount in
respect of the Loan on the date it was due to be paid.

2. The Borrower breaches any of the terms and conditions of the Loan including any
representation or confirmation given by the Borrower in this loan agreement.

3. Where a bankruptcy petition is filed against the Borrower.

4. Where fraud is detected at any time during the lifespan of the facility.

5. Where the Borrower is unable to pay any other party within the meaning of Section 1 of the
Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.

6. Where a situation arises, which in the Lender’s opinion makes it inappropriate to continue to
extend the facility to the Borrower.

7. Where the Borrower defaults in the performance or observance of any other term, condition or
covenant herein and such breach or default shall continue unremediedun-remedied after ten
(10) days’ notice having been given to the Borrower.

Assignment and Disclosure of Information

1. The Borrower consents irrevocably to any future transfer and assignment, however arising, of
the loan, whether as part of a Loan transfer scheme or otherwise.

2. The Borrower authorizes the Lender to disclose any information or documentation relating to
the Loan to third parties including credit reference agencies, authorised collection agencies,
law enforcement agencies including but not limited to the Economic and Financial Crimes
Commission and the Special Fraud Unit of the Nigerian Police Force as well in the event that
the Loan has ceased to be serviced by the Borrower.

3. By accepting this offer, you hereby expressly and unequivocally instruct Fairmoney to initiate a
global standing instruction to recover outstanding repayments, in the event of a default, from
any/all accounts which you maintain with any Financial Institutions and/or linked to your BVN.

Variation of Conditions

28, Pade Odanye close, help@fairmoney.io +234 01 700 1276 www.fairmoney.io

off Adeniyi Jones, Ikeja,
Lagos.
 1. The Lender reserves the right at all times to vary the terms and conditions of the Loan
agreement. Any such variation will become effective upon notice to the Borrower by any
means the Lender considers reasonable in the circumstance.

2. In the event that the Lender varies the rate of interest payable on the Facility Amount, the
Borrower shall be duly notified ten (10) days prior to the implementation of said variation.

Set- Off

1. The Lender may at any time with or without notice (a) combine or consolidate some or all of
the Borrower’s accounts with it without any liability to the Lender and (b) set off and transfer
any sum standing to the credit of any such account in full or partial payment of any amount the
Borrower owes to the Lender.

2. This clause is in addition to and does not amend or qualify any other present or future right of
the Lender to combine or set off any of the Borrower’s accounts with it.

Governing Law

1. This offer letter is governed by Nigerian law and the courts of the Federal Republic of Nigeria
have jurisdiction in any matter arising from it.

If you have a complaint or a query, do not hesitate to contact us at

By email: help@fairmoney.io

By Call: 01 7001276 / 01 8885577

By visiting our website: https://www.fairmoney.ng/contact

If dissatisfied with the resolution of your complaint, you can 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.

Head of Credit

Managing Director

28, Pade Odanye close, help@fairmoney.io +234 01 700 1276 www.fairmoney.io

off Adeniyi Jones, Ikeja,
Lagos.