TERMS AND CONDITIONS

Abadi Technology LTD (hereinafter referred to as the “Platform” or “Singa” or “We”) provides services to you through the Singa mobile apps and website (“Application”) (www.singa.ng).

This page contains the general terms and conditions of use of the Singa Application website and services by users (hereinafter referred to as “User” or “You”). You must read these General Terms and Conditions carefully and understand them before using the services in our Application. If you object and/or do not agree to one, part, or all of the contents of these General Terms and Conditions, please do not use and/or access our Application.

Before you agree to these General Terms and Conditions during the registration process, you must read these General Terms and Conditions carefully. Make sure you have read carefully and truly understand the contents of each article in these General Terms and Conditions.

By clicking “Agree” and/or using the Singa Application Service, you declare that you have read, understood, and agreed to the entire contents of these General Terms and Conditions, including every document contained therein and/or related to it.

We may change these General Terms and Conditions from time to time. We will publish the latest General Terms and Conditions to you via the Singa Application. If the User does not agree to the changes to the General Terms and Conditions of the Platform, the User must stop using and/or accessing the Singa Application. If the User continues to use and/or does not stop using the Singa Application voluntarily, then the User is deemed to agree to follow and be bound by the changes to the General Terms and Conditions.

DEFINITION

• Personal data is information or data that can be used to directly or indirectly identify an individual who is a natural person or company.
• Service Documents are documents including but not limited to the Funding Agreement and General Terms and Conditions of the Funding Agreement, Terms and Conditions of Service, Privacy Policy, and Frequently Asked Questions (FAQ) Services on the Singa Platform, as well as other policies or documents available from time to time on the Platform which binds the Funding Recipient for the use of Funding Facilities and Services.
• Funding Facilities is any financial facility in the form of a funding in Naira currency provided by the Lender to you as a Funding Recipient using the Service with the value and terms and conditions stipulated in the relevant Funding Agreement.
• Singa is a mobile application platform that can be accessed via the desktop site, mobile web, and/or iOS and Android-based applications, which is owned by the Platform and serves as a financial services provider to bring together funders and recipients of funds to carry out funding directly through an electronic system using the internet.
• We is Singa, the Platform, and/or the Lender.
• Users/Users refers to anyone who accesses and/or uses the Site whether such person is registered on the Site or not. Each of these Terms and Conditions applies to all users (regardless of user registration status) or businesses and other user entities specifically, or where the context so requires. Otherwise, Users are deemed to include any business or other entity on whose behalf the Site or Service is accessed by another User.
• Lender means (i) Abadi Technology LTD or (ii) any individual, legal entity or business entity that provides Funding Facilities to Funding Recipients in collaboration with Abadi Technology LTD through Singa services.
• Borrower or You is every individual Nigeria citizen and/or Nigerian legal entity who registers on the Singa Platform for the purpose of obtaining Funding Facilities through Services based on a Funding Agreement.
• Funding Agreement means the Agreement signed by you as the Lender, for the provision of Funding Facilities through the Singa Platform, along with other attachments and documents related to the Funding Agreement (including but not limited to adjustments, changes or transfer permitted in the Funding Agreement), all of which constitute an integral and inseparable part of the Funding Agreement.
• Platform Elements is a technology-based financial service provider platform as a financial service to bring together funders and fund recipients, called Singa which is owned by Abadi Technology LTD which can be accessed via the desktop site, mobile web, and/or iOS-based application and Android.
• Abadi Technology LTD is a company that operates as a financial services provider to bring together funders and recipients of funds in conducting funding directly through an electronic system using the internet.

AGE REQUIREMENTS

1. Platform users, whether individuals or legal entities or business entities, must meet certain eligibility criteria. Individuals must be at least 18 years old and legally capable of representing themselves under the laws of the Federal Republic of Nigeria.
2. Especially for business entities or legal entities, the User must be a registered and legally recognized entity in Nigeria or in accordance with the relevant jurisdiction.
3. In any case, Users are responsible for ensuring that they have the legal capacity to use the Platform and sign agreements including the Platform Agreement. If you do not meet these requirements, you are not permitted and must discontinue access and use of our Platform.

SERVICE

1. Services provided by Abadi Technology LTD through the Singa Platform include, but are not limited to, information collection, information disclosure, screening, credit scoring, information exchange, funds matching, financial consulting, and other related services. Some services require Users to complete an authentication process in order to utilize them. Abadi Technology LTD is not responsible if the User is unable to utilize the service due to incomplete authentication.
2. The Lender, Abadi Technology LTD, and/or third parties working with the Lender or Abadi Technology LTD have the right to carry out a credit assessment or credit scoring, customer due diligence and/or other actions to check your suitability as a prospective Fund Recipient to obtain a Fund Facility and fulfill your obligations to repay the Fund Facility.
3. The User agrees that the User’s status confirmed by the processes on the Singa Platform will only be the basis for carrying out the relevant operations. Users are responsible for any losses incurred by Users who cannot change or confirm the status in a timely manner, and Abadi Technology LTD does not assume the slightest responsibility.
4. By registering, you hereby declare that you as a User have read, understood and agreed to the Terms and Conditions and Privacy Policy that apply to this Platform.
5. Disbursement of funds that have been approved for both the amount and payment period will be done by crediting the amount to the Borrower’s account that has been registered in the Platform. The user is responsible for the accuracy of the bank account data provided to us. We will not be responsible for any loss of any kind to the User or other parties for all risks arising from errors and/or incorrect bank accounts given to us.
6. We will process the funds application form which has been filled in with all the necessary information, data and supporting documents. We have the absolute right and discretion to accept or reject Borrower applications. Rejection or acceptance of a funds application will be informed via the Platform.
7. After receiving a fund application, the fund is subject to rights and obligations based on certain contracts and/or agreements between the Borrower and the Funder which will be entered into later. In this case we do not guarantee or undertake that (a) the Borrower will obtain the proposed loan or (b) the Funder will receive full repayment of the fund provided. For the avoidance of doubt, any risks arising and/or caused by the fund arrangement and its security must be borne by the parties concerned, whether the Lender or Borrower, and the Lender and Borrower hereby release and protect us for all matters caused and/or arising from these settings.
8. The borrower is obliged to repay the fund provided based on the agreed payment terms and arrangements. The payment period starts from the day the fund is disbursed to the Borrower’s bank account.
9. The Borrower is obliged to repay the Fund with other fees (if any) to Singa’s joint account and Singa will pay the Lender through the joint account, where the costs have been notified in advance during the initial data verification process. If the payment due date falls on a non-business day, fund payments and other fees (if any) must be completed no later than one business day before the due date.
10. Fund repayment and other fees (if any) can be done through:
    • ATM with bank account transfers as determined and explained on the Platform from time to time,
    • E-banking with bank account transfer as determined and explained on the Platform from time to time, and/or
    • Other methods can be determined by Singa which can be provided with further information in accordance with applicable rules and regulations.
11. We have the absolute right and discretion to determine and apply fund interest given to borrowers with the following conditions:
    • The interest rate will be stated on the Platform and will be flat over the fund period.
    • The interest rate will be calculated daily based on the payment period selected and agreed to by the Borrower on the Platform.
12. If there is an outstanding amount that has not been paid at the end of the fund period or there is a delay in any fund repayment, you will be subject to a fine in the amount determined further based on the Funding Agreement.
13. By continuing to use or access the Platform, you have agreed and guaranteed to us that:
    • You represent and warrant that you meet the above eligibility requirements and are permitted to enter the Platform and enter the services provided on the Platform.
    • You are only permitted to access and/or use this Platform for personal and non-commercial use, which means this Platform can only be accessed and used directly by individuals or businesses who are looking for products or services for the individual or business themselves. Access and use of the Platform outside of personal or non-commercial needs is prohibited, and violates the Terms and Conditions.
14. You agree not to use the Platform for or perform the following actions within the Platform:
    • Abuse, embarrass, defame, threaten, intimidate, injure and/or harass other people or businesses, or any action that is deemed to be an invasion of privacy or publicity rights, hateful or what we deem to be obscene, offensive, hateful, indecent, inappropriate, unacceptable, discriminatory, or damaging.
    • Provide a false identity as any person or entity, or falsely state or misrepresent yourself, your age or your affiliation with any person or entity.
    • Posting or providing unsolicited or unauthorized advertising or solicitations, promotional materials, or other forms of solicitation.
    • Posting or otherwise making publicly available on this Site the personal or financial information of any third party.
    • Unlawful, fraudulent or commercial action.
    • Violate the rights of others, including patent, trademark, copyright, trade secret, publicity and other proprietary rights.
    • Falsify, create, check, update, change, or correct your own database, records, or someone else’s directory, without our knowledge and/or consent.
    • Change or reset any part of the Platform that may disrupt or overload our communications and technical systems.
    • Using automated other computer code, robots, explorers, spiders, data processing, trawling or other computer code, processes or systems, screen scraping, phishing program or applications, including but not limited to harvesting or collecting email addresses, contact information, or any personal data from other users of the Platform.
    • Send viruses, worms, trojans, or content that may interfere with or harm our Platform. You may not dissolve, decompile, disassemble, or reverse engineer any form or part of the software comprising or anything else in the form of this Platform.
    • Unlawfully access, hack, inhibit, disrupt, disable, overburden, or damage, the site or services, in any way, causing the Platform to not and will not operate normally as intended by Singa.
    • Violate these Terms and Conditions, or other instructions on the Platform.
15. Any risk of misunderstanding, error, damage, costs or losses arising from the use of the Platform or in connection with transactions between you and Funders and/or Borrowers (as applicable) is entirely at your own risk and has been fully stated in the Terms of Service and therefore the Company is not liable to be responsible for it. We are not responsible for any losses caused by failure to access the Platform and use of the Platform which is beyond our control.
16. We are not responsible and you will indemnify us from direct and indirect loss or damage from your access and/or use of this Platform. This includes loss of expected savings, business opportunities, income or profits, or anything else that occurs when you use this Platform.
17. We are not responsible for any loss or damage due to your negligence in securing your Personal Information, electronic devices used to access the Platform and internet connections from cyber crimes such as but not limited to phishing, virus, trojan, malwares, and bug. You are strongly advised to run and implement additional security tools and take precautions when accessing public internet connections.

RULES AND USER STATEMENT

1. Users are asked to provide true, accurate, complete and valid Personal Information to us. You guarantee that no misleading and/or irrelevant information is provided to us during the registration process and other stages of using the Platform. You are required to provide us with any updates to any changes to your Personal Information through our Customer Service.
2. We have no obligation to approve all registrations submitted through the Platform. We reserve the right not to process registrations that do not meet the requirements or are not equipped with accurate and valid data. In addition, we have the right to revoke your registration from time to time, upon suspicion or indication of violation and/or violation of these Terms and Conditions.
3. By providing your contact information, you completely agree to be contacted by us including but not limited to by telephone, text message, and other communication methods that allow communication regarding your fund application.
4. Users are fully responsible for maintaining the confidentiality of their username, password, account and other login information to the Platform or other Personal Information. We are committed to respecting the confidentiality of your personal information and implementing reasonable data privacy procedures in accordance with applicable laws and regulations. Once a security breach occurs and may impact the confidentiality of your Personal Information stored by us, then (i) we will use our best efforts to notify you, within 14 days, when we become aware of the event; and (ii) we commit that we will promptly take necessary actions and mitigations to prevent such violations from occurring in the future.
5. Any information submitted by registered users regarding loan applications is true, accurate, complete and not misleading.
6. Registered users are not in trouble or declared in default by other third parties.
7. Registered users will use the fund in accordance with the usage plan as stated at the time of the fund application.
8. Registered users are fully responsible for all funds.
9. Registered users will not do anything that could cause a limitation or reduction of the Platform’s rights arising from these Terms and Conditions.

RISK WARNING

1. The Platform does not guarantee, express or implied, for User transactions carried out on the Singa Platform and transactions with partners. Users should be aware of the risks accompanying transactions and make decisions regarding such transactions with independent judgment. The risks arising from transactions are borne by the User.
2. The Platform cannot guarantee the authenticity, accuracy and completeness of information submitted by Users through the Singa Platform, and Users are fully responsible for the information published by Users.
3. The provision of Fund Facilities based on the Funding Agreement constitutes a civil agreement between the Lender and the Fund Recipient, so that all risks arising from the agreement are fully borne by each Lender and Fund Recipient.
4. Credit or default risks are fully borne by the Lender and/or credit insurance (as relevant). No state institution or authority is responsible for this risk of default.
5. The Lender or Singa with the approval of the Fund Recipient may access, obtain, store, manage and/or use the Fund Recipient’s personal data (“Data Utilization”) on or in objects, electronic devices (including smartphone or mobile phone), hardware (hardware) or soft (software), electronic documents, applications or electronic systems belonging to the Fund Recipient or controlled by the Fund Recipient, by informing the relevant Fund Recipient of the purpose, limitations and mechanisms for Utilizing the Data before obtaining the intended approval.
6. Fund recipients must consider the fund interest rate and other costs according to their ability to repay the loan.
7. Every fraud is recorded digitally in cyberspace and can be known to the wider public on social media.
8. Singa in carrying out operational activities providing peer-to-peer lending services complies with, is regulated and supervised by the relevant Nigerian laws and regulations and its amendments from time to time as well as other related regulations.

LIMITATION OF LIABILITY

1. As relevant for Fund Facilities provided through Singa as a Platform, Singa only acts as an intermediary between Borrowers and Lenders in providing Services, including but not limited to providing Fund Facilities from Lenders to Borrowers.
2. The Lender and/or Abadi Technology LTD are not responsible for fulfilling your obligations to third parties related to the use of the Service. You agree to release and release the Lender and Abadi Technology LTD from any loss or responsibility related to any risks, compensation, costs, fines and/or interest resulting from or related to your use of the service.
3. The Lender and Abadi Technology LTD have the full right to modify, change, repair, maintain, suspend, discontinue all or any part of the Singa Platform, Services and Content without prior notice to you.
4. Proposals and instructions obtained by the User from the Singa team do not contain any commitment and guarantee of Singa’s services. Users make decisions independently, and the legal consequences arising from those decisions are fully borne by the User.
5. Abadi Technology LTD or Singa acts as an administrative intermediary between the Lender and the Borrower. Thus, the credit risk or risk of borrower default is entirely on the Lender’s side.
6. You are fully responsible for your access to the Singa Platform, including for maintaining the confidentiality of the password, PIN, and security code provided to you and have taken the necessary actions to protect yourself as well as the data and information you provide in using the Service and you cannot claim losses resulting from your failure or negligence in maintaining such confidentiality to the Lender and/or Abadi Technology LTD (as relevant).

DECLARATION

By using this service, the Fund Recipient declares that

The Fund Recipient does not have active funding from more than 3 (three) joint funding service providers at the time of submitting the funding application, including this platform.

Fund recipients are fully responsible for the correctness of the information provided regarding their funding status.

If at a later date it is discovered that the Fund Recipient has active funding from more than 3 (three) providers, then the platform has the right to:

1. Cancel or suspend the funding application.
2. Impose sanctions in accordance with the applicable provisions in the funding agreement.
3. Add the Fund Recipient to the risk monitoring list based on platform policy.

By continuing to use this service, the Fund Recipient agrees and understands all applicable terms and conditions.