RC No.

1031927
OFFER LETTER

Date: 20/07/2022
Reference number: 30382315
Company name: Renmoney MFB
Company address: 23, Awolowo Road Ikoyi, Lagos, Nigeria
Renmoney customer account: 3590261737
Name of Customer: Hakeem Opeoluwa Olusanya
Address of Customer: 9 Ogundare Street Aguda,Surulere,Lagos
Purpose of Loan: Business Expenses

Dear Sir/Madam,

We’re pleased to offer you a Self-employed Loan. Here’s the summary of the loan offer.

Loan Type: Micro-business Loan - Monthly New

Loan Amount: NGN 1,350,000.00
Loan Tenor: 9 months
Monthly Interest Rate: 9.18 %
Fee(s): NGN 0.00
Collateral: [NIL]
Annual Percentage Rate: 69.24 %
Total Interest: NGN 691,459.50
Repayment Frequency: months
First Repayment Date: 19/08/2022
Maturity Date: 19/04/2023
Repayment Amount: NGN 2,041,459.50
Conditions Precedent to Drawdown: Satisfactory execution of repayment mandate
Please review the terms and conditions below

Parties involved:

Renmoney Microfinance Bank (Renmoney, we, us, the lender, our); and Hakeem
Opeoluwa Olusanya (you, your, the borrower).

General Terms

1. You agree to take this loan subject to the terms and conditions in this offer letter (“Offer
Letter”).

2. You agree to repay the principal plus full applicable interest (the “Repayment Amount”),
in the manner set out in the repayment schedule (“Repayment Schedule”) provided in the
Key Fact Statement ("KFS”) below, as well as any other fees which is or may become
chargeable in accordance with the provisions of this Offer Letter.

3. By accepting this Offer Letter, you agree that a digital account will be created for you
(the “Renmoney Account”) through which you may conduct transactions such as early
liquidation of your loan or for initiation of repayments.

4. The interest rate, and fees and charges, disclosed here may change, including during
your contract. If we change the rate of interest payable on the loan, you shall be duly
notified ten (10) days prior to the implementation of such change.

5. We reserve the right to change the terms and conditions of this loan at any time during
its tenure. Such variation will become effective upon notice to you by any means we
consider reasonable in the circumstance.

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

7. You shall send all communications or complaints regarding this loan to us via telephone
on 070 5000 500, via e-mail at [email protected] or in person at any of our branches.
If and where necessary, you may contact the Consumer Protection Department of the
Central Bank of Nigeria (CBN CPD) by writing to the Director, Consumer Protection
Department, CBN, Abuja or by sending an email to: [email protected]. Renmoney
Microfinance Bank is a company duly licensed and regulated by the Central Bank of
Nigeria.

8. Any notice from us to you shall be deemed to have been sufficiently given if sent by
electronic mail, via your account officer, delivered by hand, sent by courier service, or
registered mail to an address provided by you to us in writing.

9. This Offer Letter is governed by the laws of the Federal Republic of Nigeria and the
courts of the Federal Republic of Nigeria have jurisdiction in any matter arising from it.

Interest and Repayment

10. The interest on your Loan is calculated on a reducing balance rate and charged on the
balance outstanding at the agreed repayment dates. What this means is that the interest
payable by you reduces over time and is charged daily on the outstanding principal
amount. The reducing balance interest rate for this loan is 9.18 % meaning the total interest
is NGN 691,459.50. Adding this to the loan amount of NGN 1,350,000.00, the total
payable amount is NGN 2,041,459.50. The equivalent flat rate of interest for this Loan is
5.69 % and is calculated by dividing the total interest of NGN 691,459.50 by the loan
amount of NGN 1,350,000.00 and by the term of 9 months.

11. You agree to make periodic repayments in respect of this loan, to the amounts stated in
the Repayment Schedule (“Repayments”), at the intervals and on the dates upon which
each Repayment shall become due and payable as captured in the Repayment Schedule (“
Repayment Dates”). If a Repayment falls on a non-business day, the Repayment may be
paid on the next business day.
12. You agree to provide us with a properly funded bank account held with a Nigerian
Bank (“Account”) which shall be linked to your loan and which you shall continue to
properly fund over the course of the loan, and you agree that a debit mandate will be set up
on your Account as well as on your Renmoney Account to enable automatic deduction of
due and payable Repayments. You hereby instruct us to automatically debit either of your
accounts of outstanding Repayments as and when they fall due.

13. You agree that Repayments may be deducted in fractions depending on the funds
available in your accounts and both accounts may be separately debited upon Repayments
falling overdue where necessary to pay off full and outstanding Repayment. Where late
payment fees or other charges are applied to your loan account, these shall be added to the
due and outstanding principal and interest sums and together shall form the full due and
outstanding Repayments to be deducted from your accounts.

Early Payments and Repayment Method

14. You may terminate this Offer Letter and fully liquidate the loan prior to the final
repayment date as set out in the Repayment Schedule above by paying the Repayment
Amount, together with any other fees or charges due under this Offer Letter up to the date
of such early repayment. Where you repay prior to the Repayment Date, such payment
shall be made either through direct transfer, Remita, or tokenized cards via the web into the
below set out designated repayment account. Evidence of such payment should be
communicated to us, within twenty-four (24) hours following payment, via email at
[email protected].

To make an early repayment, please pay using your Renmoney account:

Account Name Account Number Loan ID

Hakeem Opeoluwa Olusanya 3590261737 30382315

Remember to quote the above stated Loan ID in all payments and communications to help
us match your repayments and/or requests in respect of your loan.

15. You may make any Repayment which is not yet due, or which is to become due, by
paying any amount using the repayment option provided through the Renmoney Account.
Such payment shall be reconciled against your loan account, and you may be debited of
any outstanding amount when such Repayment becomes dues and payable. Where you
make any excess payments in respect of any Repayment which is to become due, you may
contact us and request an account reconciliation, whereupon we may either refund any
excess paid or apply the excess to any future Repayments. You agree that we may, subject
to reasonable prior notification provided by us, deduct Repayments due to us from you,
prior to the relevant repayment date as provided in the Repayment Schedule.

16. Where you fully liquidate the loan within seventy-two (72) hours of disbursement, you
shall repay only the principal amount without any interest or fees. However, where you
make early repayment any time after seventy-two (72) hours of disbursement, you shall be
charged the outstanding principal amount, in addition to any other interest or fees already
due and payable under the terms of this Offer Letter. This means that you will only pay
those interests which are already due on the loan, upon such early liquidation.

17. You agree to pay all administrative costs, charges, and expenses (including legal fees)
reasonably incurred by us in providing the loan to you. Where you choose Paystack or
MBS Direct as your payment provider, your debit mandate shall cover for the periodic
Repayments, the provider’s applicable processing fees, and any default interest incurred on
your loan, where applicable. Where you choose Remita Direct Debit, your repayment
mandate shall cover the periodic Repayments and the applicable processing fees. A 10%
buffer will be included on your debit mandate to cover any default interest where they
arise.

Late Payments and Delinquency

18. By signing this Offer Letter, you agree to repay the loan as and when due. In the event
that you fail to repay the loan as agreed, and the loan becomes delinquent, we shall have
the right to report the delinquent loan to the Central Bank of Nigeria (“CBN”) through the
Credit Risk Management Systems (“CRMS”) or by any other means, and request the CBN
to exercise its regulatory power to direct all banks and other financial institutions under its
regulatory purview to set-off your indebtedness from any money standing to your credit in
any bank account and from any other financial assets they may be holding for your benefit.
This is without prejudice to our right to exercise any other right which we have in respect
of late payment or default under this Offer Letter.

19. Should you fail to pay any repayment which falls due under the Repayment Schedule,
we will charge a late payment fee of 1% per month (“Default Interest”) which shall be
chargeable daily on the outstanding repayment for as long as the default continues. The
Default Interest shall be charged separately from the ordinary interest on the loan. We will
apply the Default Interest seven (7 days) from the date on which you were due to make the
relevant repayment.

Representations and Warranties

You represent and warrant that:

You represent and warrant that:

20. You have the right and legal capacity to accept this loan and have taken all necessary
actions to authorize same upon the terms and conditions.

21. You are not in default under any obligation in respect of any borrowed money in
respect of which the acceptance of this loan will be or will result in breach or default under
any provision of any other agreement to which you are a party.

22. The information given to us verbally, via email or other electronic medium or in other
form of writing as well as documents submitted in support of the loan application form is
true, accurate and complete. You are solely responsible for the correctness of such
information, and we shall have no obligation to verify the authenticity of any
documentation provided by you. We accept no liability for consequences arising out of any
erroneous, incorrect, or incomplete information supplied by you. If you suspect that there
is an error in the information you have provided to us, you will advise us without delay.
We will make our best effort to correct the error where possible but shall have no liability
arising from it.

23. You will complete your repayment instrument(s) (e.g., direct debit mandate or debit
card) with true, accurate, up to date and complete personal information and execute the
instrument prior to submission to us. In the event your personal information, including
phone number and address, changes, you are required to inform us of such change. Under
no circumstance will we be liable for any loss, expense or damage of any kind incurred by
you due to non-compliance with the requirement.

Events of Default

24. The following events shall cause all outstanding amounts under this loan to become
immediately due and payable: (i) where you fail to make the repayment of all or any part of
the sums due on the relevant Repayment Date; (ii) where fraud is detected to have been
committed by you or in connection with your loan application at any time during the
lifespan of the loan (iii) where a situation arises, which in our opinion makes it
inappropriate to continue to extend the loan to you; (ii) where you breach any of the terms
and conditions of the loan including any representation or confirmation given by you in
this agreement; (iv) where you default in the performance of any other obligation under
this Offer Letter and such default continues unremedied after five (5) days’ notice given to
you; (v) where a bankruptcy petition is filed against you or where you are unable to pay
any other party within the meaning of Section 1 of the Bankruptcy Act (Cap B2) Laws of
the Federation of Nigeria 2004.

Our Rights upon Default

If an event of default occurs at any time, we shall have the right to exercise any one or
more of the following remedies:

If an event of default occurs at any time, we shall have the right to exercise any one or
more of the following remedies:

25. Declare any and/or all outstanding obligations to be immediately due and payable by
you. Where applicable, we’ll notify the Guarantor of the default within the stated notice
period and demand payment of the outstanding Repayment Amount.

26. Enforce the set-off provision as stated in clause 15 above to withdraw from and off-set
the Repayment Amount from any money standing held by you in any bank account and
from other financial assets held by you with any financial institution.

27. In any case, we reserve the right to undertake necessary recovery procedures,
including, but not limited to internal recovery procedures or external recovery procedures,
which we may deploy on a graduated basis (i.e., we may employ internal recovery
procedures, failing which, we shall have the right to employ external recovery agents to
recover the Repayment Amount from you).

28. At our discretion and upon your request in the event of default, we may agree to
restructure your loan further to conversations to the effect, to aid repayment. Where you
opt for a restructuring of your loan, you shall be charged a restructuring fee of 0.50% of the
outstanding Repayment Amount.

29. In addition to the above, where you default regarding payment of the Repayment
Amount, you hereby expressly and unequivocally (i) instruct us to initiate a global standing
instruction to recovery such outstanding repayments from any/all accounts which you
maintain with any Participating Financial Institutions of the CBN Global Standing
Instruction system (“GSI Mandate”), and (ii) agree that we shall have the right to trigger
such GSI Mandate and instruct the relevant Banks/Participating Financial Institutions to
initiate a balance enquiry into any accounts maintained by you and linked to your BVN and
to recover the outstanding Repayment Amount and accrued interest from any/all such
accounts.

Data Protection, Assignment and Disclosure of Information

30. Renmoney requires to process your personal data in other to provide your Loan and
carry out its obligations under this Offer Letter. You hereby consent to all processing of
your personal data in connection with this loan, including but not limited to data processing
for specific purposes in connection with this loan.

31. Unless otherwise agreed in this Offer Letter or permitted under law, your confidential
information (including your personal data) shall not be disclosed to a third party.

32. You consent irrevocably to any future transfer and assignment of the loan, whether as
part of a loan transfer scheme or otherwise.

33. You authorize us to disclose any information (including your personal data) or
documentation relating to the loan, where necessary to give effect to the terms of the loan,
to third parties including credit reference agencies, collection agencies, recovery agents,
law enforcement agencies including but not limited to the Economic and Financial Crimes
Commission, the Special Fraud Unit of the Nigerian Police Force, and where you are in
salaried employment, your employers.

34. You hereby waive any right of confidentiality whether arising under common law or
statute or in any other manner whatsoever and irrevocably agree that you shall not argue to
the contrary before any court of law, tribunal administrative authority or any other body
acting in any judicial or quasi-judicial capacity.

Dispute Resolution

35. You acknowledge that any dispute which shall arise with respect to this loan, including
but not limited to disputes concerning interest rates, charges and fees payable on the loan,
shall first be referred to Renmoney’s Internal Dispute Resolution (IDR) channel which will
engage in goodwill negotiations to resolve such dispute. Where the IDR channel is unable
to settle the dispute, such dispute shall be settled by a single Arbitrator jointly appointed by
you and Renmoney in accordance with the Arbitration and Conciliation Act (CAP. A18)
Laws of the Federation of Nigeria, 2004.

Thank you.

Yours faithfully,

For: Renmoney Microfinance Bank Limited

Head, Legal & Compliance Executive Director

LOAN KEY FACTS STATEMENT

This Key Facts Statement (KFS) summarizes key information about this loan which we are
providing to you and may be used for comparison purposes between our different loan
offers and between our offer and that of other credit providers.

1. Basic Loan Information

Loan Amount: NGN 1,350,000.00
Tenor: 9 months
Interest Rate (Monthly): 9.18 %
Collateral: [NIL]
Fees: NGN 0.00
Annual Percentage Rate (APR): 69.24 %

2. Summary Of Total Cost of Loan

Total amount you will pay back will be NGN 2,041,459.50

This means you will pay back a total interest amount of NGN 691,459.50

This means you will pay back NGN 2,041,459.50 for every NGN 1,350,000.00 borrowed

3. Additional Specific Information About Your Loan

NGN
1. Loan Received from Renmoney
1,350,000.00
2. Interest Rate 9.18 %
Total Interest Charges for Grace Period (the total interest you would pay during
3. NGN 0.00
grace period)
Total Interest Charges for Active Period (total interests you would pay outside of
4. NGN 691,459.50
grace period)
5. Total Interest Charges (the total interest you would pay on the loan) NGN 691,459.50
Total Other Fees and Charges (total of any other charges you will pay throughout
6. NGN 0.00
the duration of the loan)
7. Total Cost of Loan (total of all interest and fees/charges in respect of the loan) NGN 691,459.50

4. Loan Repayment Schedule

Date Principal Interest Fees Payment Due Balance

2022-08- NGN NGN NGN
1 NGN 102,898.83 NGN 226,828.83
19 123,930.00 0.00 1,247,101.17
2 2022-09- NGN 112,344.94 NGN NGN NGN 226,828.83 NGN
 19 114,483.89 0.00 1,134,756.23
2022-10- NGN NGN NGN
3 NGN 122,658.21 NGN 226,828.83
19 104,170.62 0.00 1,012,098.02
2022-11- NGN
4 NGN 133,918.23 NGN 92,910.60 NGN 226,828.83 NGN 878,179.79
19 0.00
2022-12- NGN
5 NGN 146,211.93 NGN 80,616.90 NGN 226,828.83 NGN 731,967.86
19 0.00
2023-01- NGN
6 NGN 159,634.18 NGN 67,194.65 NGN 226,828.83 NGN 572,333.68
19 0.00
2023-02- NGN
7 NGN 174,288.60 NGN 52,540.23 NGN 226,828.83 NGN 398,045.08
19 0.00
2023-03- NGN
8 NGN 190,288.29 NGN 36,540.54 NGN 226,828.83 NGN 207,756.79
19 0.00
2023-04- NGN
9 NGN 207,756.79 NGN 19,072.07 NGN 226,828.86 NGN 0.00
19 0.00
NGN NGN NGN NGN
Totals
1,350,000.00 691,459.50 0.00 2,041,459.50

Total Number of Repayments: 9

*Please note that the amounts stated above for each repayment only includes the principal
and interest and does not include fees or charges which are dependent on events that may
not occur (for example, late payment fees or restructuring fees.

5. Additional Information
1. Late Payment: If a payment is more than seven (7) days late from the due date, you
will be charged 1% flat per month on the overdue amount.
2. Repayment Instrument Cost: You shall bear any costs associated with creating the
repayment instrument on your account by any provider of your choice.
3. Cooling Off Period: You may cancel your loan within three (3) days after signing the
Offer Letter, subject to the terms of the Offer Letter.
4. Variations: The interest rate, and fees and charges disclosed in this KFS may change,
including during the tenure of your loan. You will receive notice of any change
where any such variation occurs.
Have a Complaint or a Query?
If you wish to send any communications or complaints to us, you can do so through our
telephone on 01 631-0700, via e-mail at [email protected] or in person at 23 Awolowo
Road, Ikoyi, Lagos or at any of our branches. 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: [email protected].

Memorandum of Acceptance

I ........................ hereby accept the terms and conditions contained in this offer letter for
Self Employed New Monthly of
........................ dated ……/……/……… of which this is a copy.

I have read and understood the statements above and the signature hereunder, being my
true and authentic manual signature, is evidence of my unequivocal acceptance to be bound
by the terms of this Offer Letter and all other documents refer therein, which forms a
binding legal agreement between myself and Renmoney Microfinance Bank Limited.

Name: .................................................................

Signature ..................................................

Date ..................................................

Note: Renmoney Microfinance Bank is duly licensed and regulated by the Central Bank of
Nigeria.

Copyright © Renmoney MFB Limited