Last updated on August 2023
Hadi Finance Limited (“we”, “us” or “our”) is a tech enabled digital lender. We allow you access inventory financing from any of our partner distributors.
We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not have control or assume the liability or legality for the products or services that are paid for with our service. We do not guarantee any user's identity and cannot ensure that a buyer or seller will complete a transaction.
Our website and services are not directed to children under 18. We do not knowingly transact or provide any services to children under 18 and we will take all reasonable measures to ensure we do not transact or provide services directed to children under 18.
To use Hadi Finance, you have to create a Hadi Finance account by registering. To register, you will provide us with certain information such as your email, first name, last name, business name and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky. By signing this Terms and Conditions, you give us permission to do all these.
Hadi Finance shall reserve the right in their absolute discretion (i) to reject any application by any person to register on Hadi Finance as an Investor for any reason whatsoever, and (ii) to de-register (or procure the de-registration) you from Hadi Finance at any time and for any reason. In each instance there shall be no compensation payable to you and there shall be no right of appeal unless arising by virtue of a contractual agreement or arising by operation of law. Without prejudice to any provision of the investment documentation that may result in the same, de-registration pursuant to this condition shall not, of itself, affect your rights in respect of existing funds held at the time of de-registration on registration/account opening provided that the relevant funds were not used to facilitate prohibited or illegal transactions, are in compliance with any relevant card scheme rules, are not derived from any unauthorised third-party use or access to your account, comply with Hadi Finance's security, authentication, risk control requirements and the funds were not procured with proceeds of a crime.
Additionally, Hadi Finance shall not be obligated to register you and/or create an account for you if, when conducting verification checks on you, it is discovered that you have been engaged in any activity in violation of AML/CFT laws or any other relevant laws applicable to Hadi Finance from time to time.
Accessing our loans
The following definitions relate to our loans:
In this agreement, the terms: “You”, “your”, “Customer” shall mean the person who applied for this Account and agrees to this Agreement
To complete your onboarding and in line with our Know Your Customer (“KYC”) and Anti- Money Laundering (“AML”) obligations, you will be required to provide any or all the following:
You warrant that all information and documentation provided to us are true, correct, and accurate. You also undertake to notify us immediately of any changes to the information or documentation which you have provided.
You hereby agree and authorise Hadi Finance to collect and verify information including, but not limited to, data relating to your phone (including, without limitation, your phone's history) from your equipment, from any SMS sent to you or by you, from any 3rd party applications, and such other information as Hadi Finance shall require for purposes of providing you the Services (the “Relevant Information”). In case you are nominating a person as your guarantor, you are also confirming that you have sought approval from the named person for the same, and that they are willing to act as a guarantor for this loan facility.
You hereby consent to Hadi Finance verifying the Personal Information and the Relevant Information and using the Personal Information and the Relevant Information to the extent necessary in Hadi Finance opinion for the provision of the Services.
You hereby agree and authorise Hadi Finance to obtain and procure your Personal Information and Relevant Information from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such Personal Information by us or our Third Party Partners.
You agree to indemnify and hold Hadi Finance and the Third-Party Partners harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information and/or Relevant Information.
Hadi Finance reserves the right to request for further information from you pertaining to your use of the Services at any time. Failure to provide such information within the time required by Hadi Finance may result in Hadi Finance declining to accept your application for an Account or access to the Services.
You acknowledge and agree that when Hadi Finance or our third-party service providers access and retrieve information from such third-party websites, Hadi Finance and our third-party service providers are acting as your agent, and not the agent of, or on behalf of the third party.
You consent to indemnify Hadi Finance against any liability resulting from Erroneous transfer.
You consent that Hadi Finance can deduct funds from customer's account when such funds have been established as erroneous or fraudulent in nature.
Funding and Transfer out of your Account
Once you open your account, you will be assigned a Bank Account Number. The account number will be required when you or a third party wants to fund your account. Save for any limits that are applicable to the account, your account may be credited by transfers from other account holders on the Hadi Finance App, through bank transfers to your Account and by cards. Your account may also be funded by Hadi Finance if your approved loan is disbursed into the account.
You may transfer the funds in your account to other accounts on the Hadi Finance App, and to any bank account with a Nigerian bank.
We may not process your transfer or payment if:
You are responsible for providing the correct details for the recipient of your transfers or payments. Where payments are made according to your instructions and those instructions were wrong, but authorized, we will work with our partners to assist you in retrieving the amount if you notify us promptly. Where we are unable to retrieve the payment, we will assist you with the relevant information in our possession that you may need to reclaim your funds.
You may be required to set a password/Personal Identification Number (PIN) to carry out transactions using the account. When you enter your password to confirm a transaction, you confirm that we may treat the transaction as having been authorized.
Loan Tenor, Interest & Fees
The loan tenors available on our platform are for 3 days , 7days and 14 days. Interest is payable at 1.5 percent weekly. The loan fees payable by you in relation to any loan shall be displayed on the app. Failure to make repayments as at when due will attract a penalty fee of 1% per month on unpaid amount in addition to charging current rate of interest on outstanding debt. In case of 0% interest rate, we apply 1% on outstanding debt on the first day after the loan was due.
The loan fee may be increased or decreased from time to time by us. Such change in loan fee will take effect on your account following a minimum of 15 days written notice.
In the event that you wish to liquidate the loan facility before the closure date (final due date), you may contact Hadi Finance at [ ] to understand the reduction in total amount to repay, given that the loan is being terminated early.
Event of Default
Default in terms of this Agreement will occur if:
In the event of any default by you –
Disputes & Reversal
If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us take action to help prevent financial loss.
All claims against us related to payments should be made within 15 (fifteen) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.
If you enter into a transaction with a third party and have a dispute over the goods or services you purchased, we have no liability for such goods or services. Our only involvement with regard to such transaction is as a payment gateway.
We may intervene in disputes between users and merchants concerning payments but have no obligation to do so.
Your transaction ID and/or transaction details will be required to resolve all disputes
You are independently responsible for complying with all applicable laws related to your use of our website and services. However, by accessing or using Hadi Finance, you agree to comply with our terms and conditions.
WE TRY TO KEEP HADI FINANCE AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK.
OUR WEBSITE AND SERVICES ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS, IMPLIED AND/OR STATUTORY WARRANTIES (INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED OR STATUTORY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, HADI FINANCE MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OUR WEBSITE OR FROM HADI FINANCE, ITS PARENTS, SUBSIDIARIES, OR OTHER AFFILIATED COMPANIES, OR ITS OR THEIR SUPPLIERS (OR THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF ANY SUCH ENTITIES) (COLLECTIVELY, "HADI FINANCE PARTIES") SHALL CREATE ANY WARRANTY.
Limitation of Liability
IN NO EVENT WILL ANY OF THE HADI FINANCE PARTIES BE LIABLE FOR (A) ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR (B) ANY DAMAGES WHATSOEVER IN EXCESS OF THE AMOUNT OF THE TRANSACTION (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM LOSS OF REVENUES, LOST PROFITS, LOSS OF GOODWILL, LOSS OF USE, BUSINESS INTERRUPTION, OR OTHER INTANGIBLE LOSSES), ARISING OUT OF OR IN CONNECTION WITH HADI FINANCE'S WEBSITE OR SERVICES (INCLUDING, WITHOUT LIMITATION, USE, INABILITY TO USE, OR THE RESULTS OF USE OF HADI FINANCE'S WEBSITES OR SERVICES), WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, CONTRACT, TORT, STATUTE, OR ANY OTHER LEGAL THEORY. NOTHING IN THIS CLAUSE 9 LIMITS ANY LIABILITY THAT CANNOT LEGALLY BE LIMITED, INCLUDING LIABILITY FOR DEATH, PERSONAL INJURY, FRAUD OR FRAUDULENT MISREPRESENTATION.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages. Accordingly, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any Hadi Finance Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the Hadi FINANCE'S Party's liability shall be the minimum permitted under such applicable law.
Termination and suspension
We may terminate your Hadi Finance account, or any payment service associated with it by giving you prior notice of 21 days in the event of breach of any of the terms set out in this document.
You may terminate your Hadi Finance Account with us at any time. Please note that termination of your account with Hadi Finance does not extinguish any right or interest that may have accrued to Hadi Finance prior to the termination or on account of your use of the Hadi Finance.
Together with a termination notice or at any time thereafter we may give you reasonable instructions on how to withdraw remaining funds.
We may suspend or terminate your Hadi Finance account if you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services. We have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.
We may suspend your Hadi Finance Account at any time if:
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. We can terminate your Account by sending written notice to the address on your application. If there is no debit or credit on this Account for twelve (12) consecutive months, we may terminate this Account without notice to you.
When Termination arises as a result of default, you will not be able to apply for credit in future.
Updates, Modifications & Amendments
You have read, understood, and agree to be bound by the Terms and Conditions, which outline the terms and conditions governing the services provided by Hadi Finance.
You hereby affirm that you have fully read and comprehended the contents of the Terms and Conditions, including but not limited to provisions relating to account registration, data privacy, intellectual property, and limitation of liability. You acknowledge that you have had sufficient opportunity to seek independent legal advice regarding the Terms and Conditions and their implications. You also acknowledge that you have not relied on any representations, warranties, or statements made by Hadi Finance or its representatives, other than those expressly provided for in this Terms and Conditions.