Product Terms with Ecobank
These are the contract terms that apply to you if you decide to take out a Xpressloan loan (Product Terms) and should be read together with the terms you concluded when you first accessed the JUMO Technology Platform (the Platform Terms).
Who we are:
Your loan provider is Ecobank Ghana PLC (Ecobank, we or us) and our details are as follows:
Ecobank Ghana PLC, a company duly registered and incorporated under the laws of Ghana with registration number PL000462016 and registered address at No. 2 Morocco Lane, Off Independence Avenue, Ministerial Area, PMB, GPO, Accra, Ghana. These Product Terms apply between you and Ecobank.
1 Applying for a loan
1.1. You may accept or decline to take a loan from Ecobank by following the instructions provided in the application or USSD menu on your mobile phone.
1.2. When you apply for a loan we will give you the following information which will be displayed on your screen:
● the amount you decide to borrow (Loan Amount / Loan);
● the upfront fee for disbursement of the Loan Amount (Processing Fee)
● the total length of the Loan calculated from the day that the Loan is made available to you (Term);
● the total fee charged on the Loan Amount which will be indicated as Fees and /or Fee % (percentage), calculated as follows:
● For a single repayment Loan, your Fee will be a single Service Fee , which is equal to the rate of interest applicable for the term of the Loan and is incurred on disbursement of the Loan to you;
● For a multi-repayment Loan, your Fee will be a Service Fee which is equal to the interest rate for each loan instalment, and is incurred at the start of each respective instalment;
● the total amount or amounts (instalments) you need to repay by the Due Date , (Repayment Amount);
● the date or dates by which you need to pay the Repayment Amount (Due Date);
● the fee for not paying or having the Repayment Amount in your account by the Due Date (Late Payment Fee) if applicable.
1.3. You will never be charged a higher Fee than quoted in your Loan application.
1.4. By accepting a loan, you hereby authorise Ecobank to submit information on your credit transaction with Ecobank to a credit bureau licensed under the Credit Reporting Act.
2. Paying back the Loan Amount
2.1. Important notice: by accepting these Product Terms you agree that MTN will allow Ecobank to debit your MTN mobile money account automatically on the Due Date with the Repayment Amount.
2.2. The Late Payment Fee will be charged if you fail to repay the Repayment Amount in full within 2 days of the Due Date.
2.3. If any part of the Repayment Amount remains unpaid after the Due Date, any funds deposited into your MTN mobile money account may be deducted until the Repayment Amount has been paid in full. You agree that we may deduct:
2.3.1 the current or latest instalment of the Loan Amount; ;
2.3.2 the Late Payment Fee, if applicable ; and then
2.3.3 any arrears (outstanding balance) of the Repayment Amount if applicable
2.4. You may choose to pay the Repayment Amount directly through your MTN mobile money account on or before the expiry of the Loan Term by using the repayment option on the loan menu.
2.5. If you have a multi-repayment Loan, and you choose to repay the Repayment Amount before the expiry of the Loan Term:
● you will still be liable for the full Initiation Fee; and
● your Service Fee owing for the remaining instalments will be waived by Ecobank, but you will be liable for the Service Fee in respect of the applicable instalment at that point.
3. Your personal data
3.2. What information we collect and why. When you apply for a Loan, you agree that we may collect certain information about you from MTN to assess if we can provide you with the requested Loan Amount. This information includes your mobile phone number, your name and surname, date of birth, identity or passport number, gender and residential address (Personal data).
3.3. Mandatory collection. All information which we collect for KYC purposes is mandatory for us to collect by law if you apply for a loan.
3.4. What happens if we dont get your personal data. If we do not receive your Personal data, we would by Law, not be able to offer you a Loan.
3.5. Sharing your Personal data with third parties. We will share your information with the following third parties for the following purposes. As far as your consent is a requirement of law for us to do so, you expressly consent and authorize Ecobank and MTN to share your Personal data as follows::
● with local or international regulatory bodies where this is required by applicable law; and
● with credit reference bureaus in accordance with applicable laws.
3.6. How long we keep your personal data. We will keep your personal data for as long as it is necessary for the purpose it was collected, as well as for the terms stated in applicable laws to satisfy regulatory compliance purposes.
3.7. Right to access and correct personal data. You may request access to the information that we have about you and ask to correct incorrect information by contacting the email address or telephone number shown below.
3.8. Right to be forgotten. You have the right to ask us to delete all of your personal data. This right is not absolute and is subject to applicable law. For instance, where we have collected information for KYC purposes we are not permitted to delete this information. You understand that if we delete your personal data, we will not be able to give you access to any further loans.
3.9. Security safeguards. We will maintain adequate security safeguards to protect against the unauthorised use or access to your Personal data.
4. Account freezing and closure
4.1. There may be instances that we may need to freeze your account due to legal, regulatory or internal compliance reasons. During this time, we, or a third party on our behalf, will conduct further investigations on your account and decide on whether or not the account needs to be closed.
4.2. When we freeze your account, we will notify you and ask you to withdraw all of the funds from your savings account (if you have one) (Freeze Notice). Please do this as soon as possible after receiving the Freeze Notice to avoid possibly not being able to access your funds in your savings account.
4.3. Your account may be frozen after we have sent you the Freeze Notice and you may no longer have access to or be able to use your savings account.
4.4. As far as possible, we will try to refund you any amounts you still have in your savings account (if you have a savings account) before we freeze your account.
4.5. If you have an outstanding loan with us and the loan is not yet due, you will be able to pay back your loan, but will not be able to take out a new one.
4.6. If you have a loan that is outstanding, and it is past its due date, we may pay off the loan with any amounts that were in your savings account at the time of the Freeze Notice.
5. Duty to safeguard your sensitive information
You agree that you will be solely responsible for the safekeeping and proper use of your own mobile device and for keeping your PIN used to operate your account secret and secure. You will ensure that your PIN does not become known or come into possession of any other person without your permission. We will not be liable if you share your PIN with anyone else and it results in any losses for you.
6. Limited liability
Ecobank will not be responsible (liable) for any indirect or consequential loss or damage, caused by or related to your application for or your use of the Loan.
7. General
If a duly appointed arbitrator, court or administrative body (with jurisdiction) finds any provision of these Product Terms invalid or unenforceable, this will not affect the rest of the provisions.
8. Governing Law
Any and all dispute or differences arising out of or in connection with this Loan shall be subject to the exclusive jurisdiction of the courts of Ghana.
9.1. You may contact the customer contact centre through your MTN mobile phone by dialing 0244 300 000 from any network, 100 from your MTN SIM or handset in Ghana, or sending an email from your device to report any disputes, claims, or discrepancies in respect of your Loan Amount.
9.2. A representative will contact you on the status of your logged complaint. Some complaints may have a longer resolution time, but in such cases, MTN will indicate that your complaint has been received by them. MTN will inform you of the status of your complaint within 3 working days of receiving your complaint.
9.3. How to contact MTN:
For product or account inquiries or service complaints, you can use one of the following:
Email: customercare.gh@mtn.com
Phone: +233244300000 or dial 100 from your MTN SIM or handset
Website: www.MTN.com.gh
9.4. If you are not satisfied with how your inquiry was resolved you can email customer_grievance@jumo.world