LiteFi Limited Terms of Use

1. Introduction and Acceptance of Terms

Welcome to LiteFi Limited. These Terms of Use ("Terms") govern your access to and use of LiteFi Limited's digital lending, credit facilities, and related financial services (collectively, "Services") in Nigeria. By accessing or using our Services, you agree to be bound by these Terms, our Privacy Policy, and any other policies specifically applicable to our lending products. If you do not agree with any part of these Terms, you must not use our Services.

These Terms form a legally binding agreement between you and LiteFi Limited, a company duly licensed under the Lagos State Money Lenders Law by the Lagos State Government and operating in compliance with all other applicable laws of the Federal Republic of Nigeria. We reserve the right to modify these Terms at any time, especially to comply with new regulations or market practices. Any changes will be effective immediately upon posting on our website. We encourage you to review these Terms regularly to stay informed of updates. Your continued use of the Services after any changes constitutes your acceptance of the revised Terms.

2. Our Services

LiteFi Limited provides accessible and innovative lending and credit services tailored to meet diverse financial needs in Nigeria. Our core offerings include:

2.1 Personal Loans

Designed for individuals to meet personal financial needs such as emergencies, education, medical expenses, or personal development. These loans typically feature flexible repayment terms and are assessed based on individual creditworthiness and verifiable income.

2.2 Business / Corporate Loans

Provided to registered businesses and corporate entities for various purposes including working capital, expansion, asset acquisition, or project financing. These loans involve a comprehensive evaluation of the business's financial health, operational capacity, and collateral, aligning with industry best practices and relevant corporate lending guidelines.

2.3 Auto Loan for Salary Earner

Specifically structured for individuals in paid employment to finance the purchase of new or pre-owned vehicles. Eligibility often relies on consistent salary income and may involve domiciliation of salary accounts with designated banks, as per common industry practices and consumer credit regulations.

2.4 Auto Loan for Corporate

Aimed at corporate entities and businesses to finance the acquisition of vehicles for operational purposes, fleet expansion, or logistics. This often involves assessment of the company's financial standing and may include collateralisation of the financed assets.

2.5 Dealer Finance Loans

Tailored credit facilities provided to vehicle dealerships to support their inventory acquisition, showroom expansion, or working capital needs. These loans often involve floor plan financing arrangements and are structured to support the automotive retail value chain.

2.6 On-Lending Arrangements

For certain loan products, LiteFi Limited operates an "on-lending" model. This means that while LiteFi Limited is your direct lender and the primary point of contact for your loan application, disbursement, and repayment, the funds for your loan may originate from a third-party licensed bank ("Partner Bank") with whom LiteFi Limited has a strategic partnership. In such instances, LiteFi Limited acts as an intermediary, facilitating access to credit provided by the Partner Bank. Your Loan Agreement will clearly identify if your loan is funded through such an arrangement. This collaboration enhances our capacity to provide diverse and significant credit facilities.

Each specific lending product or credit facility offered by LiteFi Limited will be subject to a separate, detailed Loan Agreement. This Loan Agreement will outline the specific terms, conditions, interest rates, repayment schedules, fees, and charges applicable to your loan, as required by the Lagos State Money Lenders Law and other applicable consumer protection laws and regulations.

3. User Accounts and Eligibility

3.1 Account Creation

To apply for and manage our Services, you may need to register for an account. You agree to provide accurate, current, and complete information during the registration process and to update such information to keep it accurate, current, and complete. Providing false or misleading information may lead to the rejection of your loan application, termination of your account, and may have legal consequences under Nigerian law.

3.2 Account Security

You are solely responsible for maintaining the confidentiality of your account password, PIN, and any other security credentials. You are responsible for all activities that occur under your account. You agree to notify LiteFi Limited immediately if you suspect any unauthorised access to or use of your account or any other security breach. LiteFi Limited cannot and will not be liable for any loss or damage arising from your failure to comply with this security obligation.

3.3 Eligibility

Our Services are intended for individuals who are at least 18 years old and legally capable of entering into binding loan agreements under Nigerian law, or for duly registered corporate entities. By applying for or using our Services, you represent and warrant that you meet these eligibility criteria. We reserve the right to refuse a loan application, terminate accounts, or withdraw loan offers at our sole discretion, particularly based on credit assessment and regulatory compliance requirements specific to each loan product.

4. Loan Application and Agreement

4.1 Application Process

You may apply for LiteFi Limited's Services through various channels:

• Online: Via our official website, litefi.ng, or through any designated mobile applications.
• Offline: Through physical application forms at our designated offices or partner locations.
• Other Means: Through third-party platforms or agents officially authorised by LiteFi Limited to facilitate applications.

Regardless of the application channel, all loan applications are subject to our internal credit assessment and approval processes. We will evaluate your eligibility based on the information you provide, your credit history (including data from licensed credit bureaus in Nigeria), and our specific lending criteria for the chosen loan product. Requirements for documentation, collateral, and guarantees will vary by loan type (e.g., corporate loans may require more extensive financial statements and collateral than a personal salary advance loan).

4.2 Loan Agreement

Upon approval of your loan application, you will be presented with a comprehensive Loan Agreement. This agreement will detail all the terms and conditions specific to your loan, including:

• The principal amount.
• Interest rate (which will comply with permissible rates under the Lagos State Money Lenders Law and guidelines on transparent pricing).
• Applicable fees (e.g., processing fees, origination fees, late payment fees, penalty fees).
• Repayment schedule and methods (e.g., direct debit from salary account for auto loans for salary earners, or dedicated corporate repayment accounts).
• Default consequences, including the Global Standing Instruction (GSI) for individuals where applicable, and potential asset seizure for secured corporate loans.
• Your rights and obligations as a borrower.
• Our rights and obligations as a lender.

You must read and understand the Loan Agreement fully before accepting it. Your acceptance of the Loan Agreement, whether electronically or otherwise, constitutes your binding commitment to its terms.

4.3 Credit Bureau Reporting

By applying for and accepting a loan, you authorise LiteFi Limited to:

• Obtain your credit report and other relevant credit information from any licensed credit bureau in Nigeria (e.g., CRC Credit Bureau, XDS Credit Bureau).
• Share your credit information, including your repayment history (positive or negative), loan balances, and other relevant data, with licensed credit bureaus and other financial institutions, in accordance with applicable Nigerian regulations on credit reporting (e.g., Credit Risk Management System - CRMS). This process enhances financial inclusion and responsible lending across the industry, particularly for individual and small business borrowers.

4.4 Data Use and Permissions

By applying for and accepting a loan, you explicitly consent to LiteFi Limited's collection, processing, and sharing of your personal and financial details in accordance with our Privacy Policy and the Nigeria Data Protection Act (NDPA) 2023, for the following purposes:

• Loan Processing and Administration: Sharing your data, including application information, loan status, and repayment details, with Partner Banks (as described in Section 2.6) and other authorised third-party service providers (e.g., payment gateways, KYC service providers, IT infrastructure providers) engaged by LiteFi Limited to facilitate the processing, management, and servicing of your loan.
• Information Verification: Verifying the information you provide in your application with relevant third parties, including but not limited to employers, financial institutions, and other public or private sources, to assess your eligibility and ensure the accuracy of your application.
• Automated Decision-Making: You acknowledge that LiteFi Limited may use automated systems and algorithms to assess your loan application and make credit decisions. These systems analyse various data points to determine eligibility and loan terms. While automated, key decisions may be subject to human review.
• Internal Research and Analytics: Using your anonymised or aggregated data for internal research, statistical analysis, product development, service improvement, and risk modelling. Your individual identifying information will not be disclosed for such research purposes without further explicit consent.
• Waiver of Confidentiality: You agree that LiteFi Limited may disclose your information to legal, regulatory, or government authorities if required by law or to comply with a court order, subpoena, or other legal process. This also extends to sharing information with our external auditors, legal counsel, and consultants as part of our regulatory obligations and business operations, under strict confidentiality agreements.

This data sharing is essential for the smooth operation of our lending services and for meeting our regulatory obligations. All data processing and sharing will be conducted in strict compliance with our Privacy Policy and the Nigeria Data Protection Act (NDPA) 2023.

4.5 Assignment and Transfer of Loans

You acknowledge and agree that LiteFi Limited reserves the right, at any time after loan disbursement, to sell, assign, or transfer your loan, including all rights and obligations thereunder, to any licensed financial institution or third-party entity (including Partner Banks). In such an event, you will be notified of the transfer, and your obligations to repay the loan will then be owed to the new loan holder. This transfer will not affect your rights or obligations under the original Loan Agreement, save for the identity of the lender. This right allows LiteFi Limited flexibility in managing its loan portfolio and capital.

5. Payment Terms, Fees, and Debt Collection

5.1 Repayment

You agree to repay your loan principal, interest, and all applicable fees according to the repayment schedule outlined in your Loan Agreement. Payments must be made using the approved methods specified by LiteFi Limited, which may include direct debit, electronic transfers, or other designated channels. By entering into a Loan Agreement, you authorise LiteFi Limited or its authorised agents to debit your nominated bank account(s) for all scheduled repayments and any outstanding amounts due, in accordance with the terms of your direct debit mandate and the Loan Agreement.

5.2 Fees and Charges

You agree to pay all fees and charges associated with your loan, including but not limited to, processing fees, origination fees, late payment fees, and default charges, as specified in your Loan Agreement. All fees are clearly disclosed before loan disbursement, in line with applicable consumer protection guidelines and directives on transparency in financial transactions.

5.3 Late Payments and Default

Failure to make timely repayments will result in late payment fees and may negatively impact your credit score, making it harder to obtain future credit. In the event of a default, LiteFi Limited reserves the right to pursue all available legal remedies to recover the outstanding debt, including but not limited to:

• Initiating professional and ethical debt collection procedures, adhering strictly to consumer protection guidelines that prohibit harassment or unprofessional conduct under Nigerian law.
• Reporting your default to credit bureaus, which will be accessible to other financial institutions.
• For individual loans (e.g., Personal Loan, Auto Loan for Salary Earner), enforcing the Global Standing Instruction (GSI), where applicable and in compliance with Central Bank of Nigeria directives, allowing us to debit your accounts across other financial institutions in Nigeria to recover outstanding loan amounts.
• For secured loans (e.g., some Business/Corporate Loans, Auto Loans, Dealer Finance Loans), initiating the legal process for collateral realisation or asset repossession in accordance with the terms of your security agreement and applicable laws.
• Initiating legal action for debt recovery.

We will provide clear notice of outstanding obligations prior to commencing formal debt collection processes and will proactively engage with you to discuss alternative repayment measures if you face difficulties.

6. Intellectual Property Rights

All content on the LiteFi Limited website and within our Services, including text, graphics, logos, button icons, images, audio clips, digital downloads, data compilations, software, and the underlying technology used for our lending operations, is the exclusive property of LiteFi Limited or its content suppliers. It is protected by Nigerian and international intellectual property laws, including copyright, trademark, and patent laws. The compilation of all content on this site is the exclusive property of LiteFi Limited.

You may not reproduce, duplicate, copy, sell, resell, visit, or otherwise exploit for any commercial purpose any portion of the Services without the express written consent of LiteFi Limited.

7. Disclaimers and Limitation of Liability

7.1 Disclaimer of Warranties

LiteFi Limited provides its Services on an "as is" and "as available" basis. We make no representations or warranties of any kind, express or implied, as to the operation of our Services or the information, content, materials, or products included on our website. To the full extent permissible by applicable Nigerian law, LiteFi Limited disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose.

We do not warrant that our Services will be uninterrupted, timely, secure, or error-free, or that defects will be corrected. While we strive for accuracy, we do not warrant the completeness or accuracy of any information provided through our Services, particularly regarding financial projections or advice.

7.2 Limitation of Liability

LiteFi Limited shall not be liable for any direct, indirect, incidental, punitive, special, or consequential damages whatsoever, including but not limited to damages for loss of profits, goodwill, use, data, or other intangible losses, resulting from:

• The use or the inability to use the Services.
• The cost of procurement of substitute goods and services resulting from any goods, data, information, or services purchased or obtained or messages received or transactions entered into through or from the Services.
• Unauthorised access to or alteration of your transmissions or data.
• Statements or conduct of any third party on the Services.
• Any other matter relating to the Services.

This limitation of liability applies to the fullest extent permitted by Nigerian law, including the Electronic Transactions Act. In no event shall LiteFi Limited's total liability to you for all damages, losses, and causes of action (whether in contract, tort, including but not limited to negligence, or otherwise) exceed the amount paid by you, if any, for accessing the Services in the twelve (12) months preceding the claim.

8. Indemnification

You agree to indemnify, defend, and hold harmless LiteFi Limited, its affiliates, officers, directors, employees, agents, and licensors from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable legal fees) that such parties may incur as a result of or arising from your (or anyone using your account's) violation of these Terms or any other act or omission by you, including but not limited to your use of the Services or any breach of your Loan Agreement.

9. Third-Party Links and Services

Our Services may contain links to third-party websites or services that are not owned or controlled by LiteFi Limited. We have no control over, and assume no responsibility for, the content, privacy policies, or practices of any third-party websites or services. You acknowledge and agree that LiteFi Limited shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such websites or services. We encourage you to read the terms and conditions and privacy policies of any third-party websites or services that you visit, especially those related to payment gateways, credit reporting, or automotive dealerships.

10. Communications and Recordings

10.1 Electronic Communications

By using our Services, you agree to receive electronic communications from us, including those related to your loan applications, loan agreements, repayment reminders, account updates, and promotional offers. You agree that all agreements, notices, disclosures, and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing, in accordance with Nigeria's Electronic Transactions Act.

10.2 Communication Channels

You consent to receive communications from LiteFi Limited via various channels, including but not limited to:

• Email
• SMS (text messages and Whatsapp)
• Phone calls (including automated calls or voicemails)
• In-app notifications (if applicable)
• Physical mail

These communications may be for operational purposes related to your loan, for debt recovery efforts, or for marketing purposes (from which you can opt out as per Section 4.4).

10.3 Recording of Communications

For quality assurance, training purposes, fraud prevention, and dispute resolution, you consent to the recording and monitoring of any telephone conversations or other electronic communications between you and LiteFi Limited, or our authorised representatives. These recordings will be handled in accordance with our Privacy Policy.

11. Termination

LiteFi Limited may terminate or suspend your access to all or part of the Services immediately, without prior notice or liability, for any reason whatsoever, including, without limitation, if you breach these Terms or any Loan Agreement, or if required by regulatory directives (e.g., from the Lagos State Government or relevant national authorities). Upon termination, your right to use the Services will immediately cease. All provisions of these Terms which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity, limitations of liability, and any outstanding financial obligations.

12. Governing Law and Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, particularly the Lagos State Money Lenders Law where applicable.

Any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or invalidity thereof, shall first be resolved through good faith negotiations between the parties.

If the dispute cannot be resolved through negotiation within thirty (30) days, the parties agree to submit to the exclusive jurisdiction of the appropriate courts in Lagos State, Nigeria. For consumer complaints, you may also have recourse to relevant state regulatory bodies or, in cases involving our Partner Banks for on-lending arrangements, potentially the Central Bank of Nigeria's consumer protection mechanisms.

13. Severability

If any provision of these Terms is found to be unenforceable or invalid under any applicable law, such unenforceability or invalidity shall not render these Terms unenforceable or invalid as a whole. Instead, such provision shall be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law.

14. Entire Agreement

These Terms, together with the Privacy Policy and any specific Loan Agreement(s) you enter into, and any other documents expressly incorporated by reference, constitute the entire agreement between you and LiteFi Limited concerning your use of the Services.

15. Contact Information

If you have any questions about these Terms of Use, your loan, or wish to report a violation, please contact LiteFi Limited through our official channels:

Effective Date: January 1, 2025
Last Updated: January 1, 2025