Teiklone Terms and Conditions
Introducing our Terms and Conditions
(The “Agreement”) including who it applies to. When you open an account with us, you are setting up an agreement. This is between Teiklone Limited (or any other company we transfer it to) and you.
The Agreement applies to and regulates the provision of the financial services provided by Teiklone Limited (hereinafter called “The Creditor”), a financial institution which provides financial services to prospective clients.
By clicking to accept this Agreement, you agree to be bound by this Agreement, consent to electronic communications, and agree to THE CREDITOR’s Privacy Policy. The headings contained in this document are for reference purposes only. You should print a copy of this Agreement for your records.
Parties to this Agreement
This Agreement is a contract between you (“You”, “Your”) and Teiklone Limited (“THE CREDITOR”, “Teiklone”, “We”, “Us”, “Our”) (each individually a “Party”, and collectively the “Parties”. This Agreement is a legally binding agreement between You and THE CREDITOR governing Your non-transferable (unless with Our prior written consent) use of Teiklone Services, Teiklone website, and any features and products that THE CREDITOR may make available to You through the Teiklone website (collectively, the “Services”).
Which country’s law?
Except as expressly provided otherwise, this Agreement is governed by and will be construed under the laws of the Federal Republic of Nigeria. In the event of a dispute, this Agreement shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
In this Agreement, there are four sections:
• Customer’s Consent
These terms are more specific to the consent You give and the terms of payment. They include terms like consent to Disclosures, consent to transfer data, Interest payments, Delinquency and defaults.
• Our Lending Terms
This contains terms and conditions in relation to the loans You take while using Your account
• Our Payment Terms
This contains the terms and conditions on how you make payments from and into your account as well as how You can make scheduled payments using Your account.
• General Terms
This contains terms and conditions that are central to how You and Teiklone work together.
Definitions
In this agreement, the terms: “You”, “Your”, and “Customer”, shall mean the person who applies for our services and concurs to this Agreement while “We”, “Us” and “Our” shall mean Teiklone, and following an assignment, any person, company or bank to whom the rights and/or obligations of Teiklone have been assigned.
"Account"
means Your account with Teiklone;
“Disbursement Date”
means the date Teiklone advanced the loan to Your Account.
“Payment Due Date”
means the loan repayment date as defined in a loan offer letter.
“Credit Limit”
means the maximum credit available to You on opening an account with Teiklone.
“Loan”
means the amount advanced to You by Teiklone.
Customer’s Consent
By ticking the “I agree to the Terms and Conditions”, on this site/Teiklone services which You hereby adopt as Your electronic signature, You consent and agree that:
(a) We can provide materials and other information about Your legal rights and duties to You electronically.
(b) We are authorized to share, receive and use data/information collected from Your transaction with other affiliated third parties. You consent to Our transferring Your data to recipients in foreign countries to process such data. You are aware of the risks involved in such transfer to such foreign countries and that such transfer is required for the performance of Our contract with You.
(c) You hereby expressly consent and authorize Teiklone to debit Your Account and/or authorize Us or any of Our duly authorized agents or partner to initiate a Global Standing Instruction ("GSI") trigger (i.e. instruct the other banks/participating financial institutions to initiate a balance inquiry into any accounts maintained by you with them and linked to your BVN) to recover the outstanding principal amount and accrued interest only from any, or all accounts maintained by you.
(d) To access payroll-related offers, You have expressly consented and authorized Us to verify Your salary details with Your employer and/or Your employer’s appointed salary processors without further recourse to You.
(e) You authorize Teiklone to periodically review Your credit report and You understand that this Account may be subject to transaction fees and default fees.
(f) Your electronic signature on this Agreement has the same effect as if You signed them using ink on paper or any other physical means.
(g) Teiklone reserves the right to transfer or assign its rights and obligations under this Agreement to its affiliates or to a third party and You consent to Teiklone's transfer or assignment of this Agreement to its affiliates or a third party.
(h) We can send all important communications, billing statements, and demand notes and reminders (collectively referred to as “Disclosures”) to You electronically via our website or to an email address that You provide to Us while applying for this Loan.
(i) We will alert You when the Disclosures are available, by sending You an electronic communication.
(j) Our email will tell You how You can view the Disclosures.
(k) We will make the Disclosures available to You from the date it first becomes available, or the date we send You the email to alert You that it is available.
(l) You will be able to print a copy of the Disclosure or download the information for Your records.
(m) This consent applies to this transaction, to all future Disclosures on this Account, to all future transactions in which You use the Teiklone payment option with Us, at any time, and to other Disclosures that We provide to You by email, unless You have, prior to such transaction, withdrawn Your consent by the procedure mentioned below.
By consenting, You agree that electronic Disclosures have the same meaning and effect as if We provided paper Disclosures to You as We are required to do so. When we send You an email alerting You that the Disclosures are available electronically and make it available online, that shall have the same meaning and effect as if We provided paper Disclosures to You, whether or not You choose to view the Disclosures, unless You had previously withdrawn Your consent to receive Disclosures electronically.
Conditions for use of Teiklone Account –
1. You must:
(a) accept and agree to these Terms and Conditions;
(b) register with us on the Teiklone™ services;
(c) be a Nigerian citizen (or a legal Nigerian resident) of at least 18 years of age; and
d) provide all information as may be requested by Us, such as Your name, email address, mobile device number, online credentials for Your bank account, and such other information as We may request from time to time (collectively, “Customer Information”).
2. You represent and warrant that all Customer Information you provide us from time to time is truthful, accurate, current, and complete, and you agree not to misrepresent your identity or your Customer Information.
3. You agree to promptly notify Us of changes to Your Customer Information by updating your profile on the Teiklone™ services and to notify Us at least five business days before any changes to Your bank account information, including, but not limited to, the closure of Your bank account for any reason.
4. If We approve Your registration, You will be authorized to use the Account, subject to these terms –
(i). For Our compliance purposes and to provide the Account services to You, You hereby authorize Us to directly or through a third party, obtain, verify, and record information and documentation that helps Us verify Your identity and bank account information.
(ii). When You register for the Account and from time to time thereafter, We may require You to provide and/or confirm information and documentation that will allow Us to identify You, such as:
(a). A copy of Your government-issued photo I.D, such as a national ID, international passport, permanent voter’s card, or driver’s license;
(b). A copy of a utility bill, bank statement, affidavit, or another bill, dated within three months of Our request, with Your name and Nigerian street address on it; and
(c). Such other information and documentation that We may require from time to time.
5. By using the Account and providing Customer Information to Teiklone, You automatically authorize Teiklone to obtain, directly or indirectly through Our third-party service providers and without any time limit or the requirement to pay any fees, information about You and Your bank account from the financial institution holding Your bank account and other third-party websites and databases as necessary to provide the Account to You. For purposes of such authorization, You hereby grant Teiklone and Our third-party service providers a limited power of attorney, and You hereby servicesoint Teiklone and Our third-party service providers as Your true and lawful attorney-in-fact and agent, with the full power of substitution and re-substitution, for You and in Your name, place, and stead, in any capacities, to access third-party websites, servers, and documents; retrieve information; and use Your Customer Information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person.
6. YOU ACKNOWLEDGE AND AGREE THAT WHEN TEIKLONE OR OUR THIRD-PARTY SERVICE PROVIDERS ACCESS AND RETRIEVE INFORMATION FROM SUCH THIRD-PARTY WEBSITES, TEIKLONE AND OUR THIRD-PARTY SERVICE PROVIDERS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OF, OR ON BEHALF OF THE THIRD PARTY.
7. You agree that other third parties shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by You.
8. You agree to waive Teiklone of all liability in relation to any loss or damage You may incur as a result of your registration and use of the Account.
We make no effort to review information obtained from the financial institution holding Your bank account and other third-party websites and databases for any purpose, including, but not limited to, accuracy, legality, or non-infringement. As between Teiklone and Our third-party service providers, Teiklone owns Your confidential Customer Information.
1. Our Lending Terms
Your Obligation
1. You agree to pay to Teiklone the Loan sum, including any convenience, default or penalty fees, flat interest rate, and other amounts due to Teiklone charged to this Account. You also promise to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
2. Teiklone reserves the right to presume that You have authorized any Loan application made in Your name using this Account. You will be deemed responsible for any unauthorized application using this Account
3. You agree to repay the Loan given to You via direct cash transfer to a bank account listed by Teiklone, an electronic debit from the card/account You provided on the due date, or through an acceptable electronic channel. Teiklone reserves the right to accept early repayment before the Payment DueDate, provided You have given adequate notice and repay the full loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by Teiklone in the way and manner hereinafter specified –
(i). We shall charge a one-time processing fee the first time You set up a new debit card on the Account. In the event the card is expired or about to expire, You will have to obtain a renewed card from Your bank or provide Us with another personal debit card.
(ii). We shall deduct from the card setup on the Payment Due Date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by You, We will on a reasonable-effort basis process a refund within a reasonable time.
(iii). You hereby indemnify Us against any losses, liabilities, or damages that may arise if You use a third party’s card on Your Account without the consent of such third party
4. In the event of a default or insufficiency of funds in Your bank account, You hereby authorize Us to charge any other cards You may have on your Account or profile other than the primary card listed.
(i). You understand and agree that We do not store card details on Our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.
(ii). You agree to give Teiklone authentic and up-to-date personal, social media, phone, and financial records about You that We may reasonably request and analyze, from time to time.
(iii). You agree to pay all costs of collection if Teiklone takes any action to collect the Loan or take any action in a bankruptcy proceeding filed by or against You. This shall include unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts.
(iv). You agree not to give Us false information or signatures, electronic or otherwise, at any time.
(v). You agree to pay a Late Fee or penalty fee as may be provided in this Agreement.
(vi). You agree to make all payments via direct debit on cards or by electronic funds transfer as stated in the application form.
(vii). You agree to promptly notify Teiklone if You change Your name, mailing address, e-mail address or telephone number.
(viii). You hereby agree to honor any other promises that You make in this Agreement.
(ix). You hereby agree that You will not accept this Account unless You are of legal age and have the capacity to enter into a valid contract.
(x). Not to use Teiklone for any act of illegality or criminality and Teiklone shall not be legally or criminally culpable for any illegality committed by You.
Our Obligation
1. We agree to make available the Loan/credit facility to You.
2. We agree to perform Our obligation under (1) above upon confirmation by Us of Your identity and personal information.
3. To demand repayment from You as at when due.
4. To conduct investigations on You prior to opening an account for You.
5. To use all reasonable and legitimate means to collect the amount extended to You, the default fee, the transaction fees, and any other penalty fee that may be imposed on You as a result of the loan.
6. Not to store or save your debit or credit card details given by You during Your application
7. By accepting these terms and conditions, You hereby covenant to repay any outstanding obligation as and when due. In the event that You do not repay any outstanding obligation as agreed, and such obligation becomes delinquent, Teiklone shall have the right to report the delinquent obligation to the Central Bank of Nigeria through the Credit Risk Management System (“CRMS”) or by any means, and request the CBN to exercise its regulatory powers 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.
8. You covenant and warrant that Teiklone shall have power to set off Your indebtedness under this Agreement from all such monies and funds standing to Your credit/benefit in any and all such accounts or from any other financial assets belonging to You and in the custody of any such bank.
9. 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
Credit Reference
1. We or Our duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on You in considering any application for credit.
2. You authorize Us to access any information available to You as provided by the Credit Agency.
3. You also agree that Your details (excluding the card details) and the Loan application decision may be registered with the Credit Agency.
2. Our Payment Terms
Making Payments From Your Account
Your Account can be used to make payments such as airtime purchases, bill payments, and fund transfers within the Teiklone services.
1. For payments to be successful, Your Account must be adequately funded and You will be notified if payments are unsuccessful.
2. You will be sent a notification for all payment transactions and a receipt for all payments will be available to You
3. You can make transfers from Your Account to any Nigerian bank. Teiklone may reject, decline, fail to authorize, or delay any transaction to or from Your Account or, in the case of a credit to Your Account, delay making the funds available to You where We consider it reasonable to do so and this includes without limitation, the following:
(a). The payment instructions You or the third party have provided are unclear
(b). Suspected fraud or criminal activity on your Account
(c). Illegality of the proposed transaction
(d). A restriction applies to Your Account
(e). In compliance with any applicable laws (including any laws relating to anti-money laundering or sanctions)
4. If We block Your payment, We will let You know by using any of Our communication channels.
5. You hereby agree that We are not liable to You for any loss or damage You suffer as a result of us rejecting, declining, failing to authorize, or delaying any transaction to or from Your account or any delay in funds being made available to You.
Scheduled/Recurring Payments
1. To set up a recurring payment from Your Account, You must first activate the recurring transaction to enable Us to make the scheduled payments from Your Account.
2. If You ask Us to make any scheduled payments on a specified date, Your payment will go out on the date You have indicated.
3. It is Your responsibility to check that there is sufficient available balance before any payment is due. If Your Account does not have sufficient available balance, Your scheduled payment will be rejected.
4. You agree that it is Your responsibility to cancel the scheduled payments set by You and Teiklone shall not be liable for any loss incurred due to Your failure to cancel such scheduled/recurring payments.
Payments into your Account
1. You can fund Your account through bank transfers or by receiving payments directly into Your Teiklone Account. We may not approve receipt of funds into Your Account if any of the following happens:
(a). Your account has been suspended;
(b). Your account has been deleted;
(c). In compliance with applicable laws, rules, or regulations including any laws relating to anti-money laundering or sanctions.
2. Where payment is not approved, the funds may be reversed to the sender without any notice to You.
3. General Terms
Notices
You agree that We may communicate with You by sending notices, messages, alerts, and statements in relation to this Agreement in the following manner:
(a). To the most recent physical address, We hold for You in Our records
(b). By delivery to any email address provided by You during the application process.
(c). By delivery of an SMS to any mobile telephone number, You have provided to Teiklone.
(d). By posting such notice on Our website.
(e). Through push notification.
Phone.: 0123 - 456789
Email: legal@teiklone.com.ng