Terms of use

1. INTRODUCTION

These Terms of Use (“Terms") govern your access to and use of the credit card services (“Services") provided by ONEBANQ Technologies (“we", “us", “our"), a duly licensed digital lending platform in Nigeria. By applying for or using a BanqCard (“Card"), you agree to be bound by these Terms.

2. ELIGIBILITY

To be eligible for a Card, you must:

• Be at least 18 years old;
• Be a resident of Nigeria;
• Have a valid and verifiable Bank Verification Number (BVN);
• Have a verifiable source of income;
• Meet our creditworthiness criteria.

3. APPLICATION AND ISSUANCE

You may apply for a Card by requesting from our mobile app. We reserve the right to approve or deny your application at our sole discretion. If your application is approved, we will issue you a Card and you will be subject to these Terms.

4. FEES AND CHARGES

You will be subject to various fees and charges associated with your Card, including:

• Annual fee;
• Transaction fees;
• Cash advance fees;
• Late payment fees;
• Over-the-limit fees; and
• Foreign transaction fees.

A complete list of fees and charges will be provided to you in a separate document or on our website.

5. TRANSACTION FEES AND CREDIT LIMIT

Your Card will have a variable transaction fee that may change based on your creditworthiness and market conditions. We will determine your initial credit limit based on your income, credit history, and other factors. We may increase or decrease your credit limit at any time, at our sole discretion.

6. PAYMENT AND BILLING

Your monthly statement will be available online and will show all transactions made with your Card during the previous month. You are responsible for making at least the minimum payment on your Card by the due date each month. Failure to make timely payments may result in late payment fees, interest charges, and other penalties.

7. USE OF CARD

You agree to use your Card only for authorized purposes and in accordance with applicable laws and regulations. You may not use your Card for any illegal or fraudulent activities. We reserve the right to suspend or terminate your Card at any time, at our sole discretion, for any reason or no reason.

8. LIABILITY AND SECURITY

You are responsible for safeguarding your Card and PIN. You are liable for any unauthorized transactions made with your Card up to the amount of your credit limit, unless you report the loss or theft of your Card to us promptly. We are not liable for any damages you may suffer as a result of unauthorized transactions, unless they are caused by our negligence.

9. PRIVACY POLICY

Your Card will have a variable transaction fee that may change based on your creditworthiness and market conditions. We will determine your initial credit limit based on your income, credit history, and other factors. We may increase or decrease your credit limit at any time, at our sole discretion.We collect and use your personal information in accordance with our Privacy Policy, which is available on our website. The Privacy Policy describes the types of information we collect, how we use it, and with whom we share it.

10. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute arising out of or in connection with these Terms shall be settled by binding arbitration in accordance with the rules of the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria, 2004.

11. MODIFICATIONS

We reserve the right to modify these Terms at any time without prior notice. You will be notified of any changes by email or by posting the updated Terms on our website. Your continued use of the Services after the effective date of any changes constitutes your acceptance of the new Terms.

12. ENTIRE AGREEMENT

These Terms constitute the entire agreement between you and us with respect to the Services.