Updates:
InnBucks Nano Loans Service Terms and Conditions
1. Introduction and Acceptance of Terms
1.1 Agreement
These Terms and Conditions govern the use of the InnBucks Nano Loans Service provided by InnBucks MicroBank which is a Deposit Taking Microfinance Institution. By applying for or accepting a loan through the Service, you agree to be bound by these Terms and any amendments thereto.
1.2 Eligibility
To be eligible for the Service, you must:
- Have a valid Zimbabwean National ID.
- Be at least 18 years of age.
- Maintain an active, KYC verified InnBucks wallet in your name.
2. Definition of Terms
This Clause defines key terms used in this Agreement:
2.1 Definitions
| Term | Definition |
|---|---|
| Agreement | These InnBucks Nano Loans Service Terms and Conditions, as amended from time to time. |
| Lender | InnBucks MicroBank Ltd, or any successor or assign thereof, being the entity providing the Nano Loans Service. |
| Borrower | The individual who meets the eligibility criteria and accepts the loan offer, thereby incurring the obligation to repay the Loan. |
| Service | The InnBucks Nano Loans Service, which facilitates the application, disbursement, and repayment of small, short-term loans. |
| Principal Amount | The initial sum of money disbursed by the Lender to the Borrower's InnBucks Wallet, excluding any Interest or fees. |
| Accrued Interest | The charge, expressed as a percentage of the Principal Amount, paid by the Borrower to the Lender for the use of the money over the specified Tenor. |
| Due Date | The date by which the Total Repayment Amount is required to be fully repaid by the Borrower. |
| Disbursement Date | The date on which the Principal Amount is transferred to the Borrower's InnBucks Wallet. |
| Total Repayment Amount | The sum of the Principal Loan Amount and the Interest Component that is due for repayment. |
| InnBucks Wallet | The Borrower's electronic money account maintained with InnBucks or its associated entities. |
| Default | The Borrower's failure to repay the Total Repayment Amount in full by the Due Date. |
| Tenor | The duration of the loan, fixed at one (1) week (7 calendar days). |
| KYC | Know Your Customer, referring to the process of verifying the identity of the Borrower. |
3. Loan Specifics and Fees
3.1 Loan Range and Tenor
- Principal Loan Amount: Loans offered shall range from $2.00 to $200.00 and this is based on your previous transaction history on InnBucks.
- Tenor (Loan Duration): The duration of the loan will be fixed at 1 (One) Week (7 calendar days) from the date of disbursement.
3.2 Interest Rate and Total Repayment Amount
- Interest Rate: A fixed interest rate of 15% per week shall apply to the Principal Loan Amount.
- Total Repayment Amount: This is the sum of the Principal Loan Amount and the Interest Component.
4. Disbursement and Repayment
4.1 Disbursement
The Customer/Borrower can access the service on InnBucks USSD menu by dialling *569# then choose option highlighted, "apply for a loan."
Upon loan approval and acceptance, the Principal Loan Amount will be immediately disbursed directly into the Borrower's registered InnBucks Wallet.
4.2 Repayment Obligation and Due Date
- The Total Repayment Amount is due in full on the specified Due Date, which is exactly 7 calendar days after the Disbursement Date.
- The Borrower is unconditionally obligated to ensure the InnBucks Wallet holds the Total Repayment Amount or more by 11:59 PM on the Due Date.
4.3 Irrevocable Debit/Set-Off Authorization
The Borrower hereby grants the Lender an irrevocable authorization and instruction to automatically deduct the Total Repayment Amount from the InnBucks Wallet balance on the Due Date. This authorization shall constitute a standing set-off arrangement against any funds held in the InnBucks Wallet.
4.4 Application of Payments
Any partial payment or repayment received by the Lender shall be applied in the following order:
- Accrued Interest.
- Outstanding Principal Loan Amount.
If the customer wallet is not fully funded, the MicroBank will deduct the amount that is available in the wallet and subsequently deduct the balance once the account is funded.
5. Default and Consequences
5.1 Insufficient Funds and Default
If the InnBucks Wallet balance is less than the Total Repayment Amount on the Due Date, the Borrower is considered to be in Default of these Terms.
In case of default, InnBucks reserves the right to charge a 30% penalty fee on top of the outstanding balance.
5.2 Central Credit Registry and Financial Clearing Bureau
The Borrower acknowledges and consents that the Lender is authorized to:
- Access the Borrower's credit report from any licensed Central Credit Registry (CCR) for assessing the loan application.
- Submit information regarding the Borrower's credit transactions, including any instances of Default or non-repayment, to the Financial Clearance Bureau (FCB) as required by law. The Borrower accepts that such negative reporting may affect their future access to credit.
- By providing consent, the Borrower agrees that, in the event of a Default extending beyond fifteen (15) days, their name and relevant default information may be shared with the Financial Clearing Bureau.
5.3 Communication and Collection
The Borrower agrees that the Lender, or its duly appointed collection agents, may use any contact information provided (including phone number and alternative mobile number, next of kin's mobile number and/or physical address) to communicate notices, demands, and reminders related to the outstanding debt.
6. Consequences of Breach or Circumstance
This section outlines the consequences of specific breaches or circumstances on this Agreement.
| Circumstance/Breach | Consequence on the Agreement |
|---|---|
| 1. Death of the Borrower | The Agreement shall be terminated. The Lender shall have the right to claim the outstanding Total Repayment Amount from the Borrower's estate. The Lender retains the irrevocable right to exercise the set-off authorization against any funds held in the Borrower's InnBucks Wallet at the time of confirmed death. |
| 2. Falsification of KYC Information or Use of Stolen Credentials | This constitutes a material breach and potentially a criminal act. The Agreement shall be immediately terminated, and the entire Total Repayment Amount shall become instantly due and payable. The Lender reserves the right to report the matter to the relevant law enforcement and regulatory authorities and pursue all available legal remedies to recover the debt. |
7. Data Protection and Privacy
7.1 Data Collection and Use
The Lender is committed to protecting the privacy of the Borrower's personal and financial information. By entering into this Agreement, the Borrower explicitly consents to the Lender's collection, processing, and use of their personal data (including KYC information, transaction history, credit reports, and contact details) for the following purposes:
- Assessing the loan application and creditworthiness.
- Disbursing and managing the loan.
- Recovering outstanding debt in case of Default.
- Reporting credit information to a Central Credit Registry and Financial Clearing Bureau.
- Complying with legal and regulatory requirements.
7.2 Data Security
The Lender shall implement reasonable and appropriate technical and organizational measures to protect the Borrower's personal data against unauthorized or unlawful processing, accidental loss, destruction, or damage.
7.3 Disclosure to Third Parties
The Borrower acknowledges and agrees that the Lender may share their data with:
- Regulatory authorities, government agencies, and law enforcement as required by law.
- Central Credit Registry and Financial Clearing Bureau for credit reporting purposes.
- Duly appointed collection agents for debt recovery purposes.
7.4 Data Storage and Consent
By applying for a nano loan, you acknowledge and consent to the transfer of your personal data to our data storage facilities located in Zimbabwe. We are committed to handling your information in accordance with applicable data protection laws.
8. Miscellaneous and General Provisions
8.1 No Waiver
No failure or delay by the Lender in exercising any right or remedy under this Agreement shall operate as a waiver of that right or remedy. The granting of an indulgence shall not prevent the Lender from insisting upon its strict rights at a later time.
8.2 Governing Law and Jurisdiction
8.2.1 This agreement shall be governed by, construed or otherwise interpreted in accordance with the laws of Zimbabwe.
8.2.2 The parties shall comply with all applicable laws and governmental regulations issued from time to time. None of the parties is authorized or otherwise expected to take any action in the name of or otherwise on behalf of the other which would violate applicable laws and regulations, and any such representation shall be null and void. The Customer hereby submits to the jurisdiction of the Magistrates Court in the event of any dispute leading to litigation arising out of matters in terms of this contract or connected thereto, and in any such event, the customer, if found liable, shall be obliged to pay the Microbank's costs at the legal practitioner-client scale, and any and all other costs and collection commission incidental thereto and so charged.
8.3 The MicroBank may at any time upon notice to you terminate the Nano loans service.
8.4 Entire Agreement
This Agreement constitutes the entire agreement between the Borrower and the Lender with respect to the Service. Any amendment or variation must be in writing and signed by both parties.
