Terms & Conditions
GENERAL TERMS
CashTrade is committed to transparency and full disclosure of all important information to customers. Hence, this Term and Condition shall be the Loan Agreement between you (a user of CashTrade Application and/or a member) and CashTrade Multipurpose Cooperative Society Limited (“CashTrade”).
WHEREAS:
This Loan Agreement is a financial services and an end-user Licence (access to use the CashTrade Mobile Application) agreement between you (End-user Member or you) and CashTrade a company duly registered and licenced under the laws of Nigeria, (CashTrade Multipurpose Cooperative Society Limited) for the mobile application software, the data supplied with the software and the associated Services hereinafter defined in this agreement (the App).
AND WHEREAS:
CashTrade is an entity duly registered as a cooperative society under Kogi State, Cooperative Act 2004 and is duly authorised to provide short term unsecured loans to its individuals members through its office or via a mobile application (the App).
YOU AND CASHTRADE HEREBY AGREE:
This Agreement (together with our Privacy Policy) sets out the complete terms and conditions (the Terms and Conditions) which shall be applicable to the Account/Membership (as hereinafter defined) opened by you with CashTrade Multipurpose Cooperative Society Limited.
COMMENCEMENT
1.1 These Terms and Conditions and any amendments or variations (in accordance to the terms of this Agreement) thereto take effect on their date of publication.
1.2 The Agreement shall have effect during and throughout the entire period of your holding an account/membership with CashTrade, the installation of the APP on your device, total settlement of all loans and outstanding due to CashTrade and the continuance of the financial services/membership between you and CashTrade.
DEFINITIONS AND INTERPRETATION
For the purposes of this Agreement and the preamble above, unless the context requires otherwise or it is expressly stated the underlisted shall be interpreted as attached thereto:
“Agreement” means this Terms and Conditions and Membership/Loan Agreement;
“Account” means your membership/loan account with CashTrade;
“Business Day” means a day other than Saturday, Sunday or national or public holiday in Nigeria;
“Credentials” means your personal credentials used to access the App and operate your Account;
“Credit Reference Bureau” includes any financial institution or a credit reference bureau duly licenced under the laws and regulations of Nigeria at every given time, to collect and facilitate the sharing of customer credit information;
“Electronic Money” means a monetary value that is electronically stored in an instrument or device representing an equal amount of cash;
“Electronic Payment Service” means the payment service delivered in electronic form by a licenced payment service provider in accordance with the laws and regulations of Nigeria;
“Electronic Payment System” means the facility operated by the Payment System Provider for the provision of the Electronic Payment Service;
“Encumbrance” includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;
“Equipment” includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;
“Event of Default” shall be as provided in this Agreement;
“Force Majeure” means events, circumstances or causes beyond the reasonable control of CashTrade making CashTrade’s performance of its obligations inadvisable, commercially impracticable, illegal, or impossible, including but not limited to acts of God, war, strikes or labour disputes, embargoes or government orders;
“Licence Restrictions” has the meaning given to it in this agreement;
“Loan” means the principal amount of the loan made or to be made by CashTrade to you under this Agreement from time to time through the App or (as the context requires) the principal amount outstanding for the time being of that loan.
“Party” means either of the Member or CashTrade whist Parties refers to both the Member and CashTrade jointly.
ACCEPTANCE OF TERMS AND CONDITIONS
3.1 The Terms and Conditions set out in this Agreement and as amended from time to time by CashTrade must be read and understood prior downloading or streaming the App or register as a member for opening an account with CashTrade.
3.2 Downloading the App and clicking the Continue or Accept button during your Loan application on CashTrade’s System or any other button which signifies your acceptance of these Terms and Conditions and an intention to use the App shall be deemed your acceptance of the terms and conditions.
3.3 If you do not agree with the Terms and Conditions or any content thereto please do not click Continue in CashTrade’s System. Declining the Terms and Conditions will prohibit your access to any of the Services provided by CashTrade and discontinue you from receiving any information thereto.
3.4 By downloading the App and register as a member for opening an Account with CashTrade, you agree to comply with and be bound by the Terms and Conditions governing the operation of the Account and you affirm that the Terms and Conditions herein are without prejudice to any other right that CashTrade may have with respect to the Account in law or otherwise.
3.5 Downloading the App and register as a member for opening an account with CashTrade affirms that you intend to be bound by the content thereto and agree to enjoy all rights and privileges set out therein and also fulfill all obligations required.
3.6 By using the App or any of the Services, you consent to us collecting and using technical information about the Equipment and related software, hardware and peripherals for Services that are internet-based or wireless to improve our products and to provide any Services to you. If you use these Services, you consent to us and our affiliates’ and licensees’ transmission, collection, retention, maintenance, processing and use of your data to determine our credit scoring services or to improve our Services and/or your experience while using the App.
OTHER TERMS
INTRODUCTION
Carefully read these Terms of Use before using any of our other Services or platforms. A continuation of the use of our services will be rightly deemed your acceptance of all the terms and conditions stated herein and agreement to be bound by the Terms. Members/Customers who are under 18 years of age should review these terms and conditions with a parent or guardian.For any disagreement with any part hereof, do not access or continue the use of the service or Platform.
Our Services, Channels, Platform and members/customers shall all be subject to any applicable regulatory guidelines or rules. All such guidelines or rules are hereby incorporated by way of reference into the Terms of Use.
PARTIES
“We,” “Us” and/or “Our” refers to CashTrade MCSL, CashTrade Services and CashTrade Platforms and CashTrade Channels whilst “You” refers to members/customers and any user of any of CashTrade website, CashTrade Mobile/Web Application Services, CashTrade Platforms, CashTrade Mobile/Web Application and all other CashTrade related products and channels as the context may so admit.
THE SERVICES AND PLATFORM
We are a financial solution driven cooperative providing easy, secure, fair and fast means of making and completing various financial transactions. These include but is not limited to registering as a member/customer, paying bills and utilities, and other monetary transactions via the web (www.cashtrade.com.ng)
All transactions performed are final and cannot be recalled except in the case of a proven fraud.
CashTrade does not have any control over, and are not responsible or liable for, the products or services that are paid for with our Services and/or Platform. We cannot ensure that a service provider you are dealing with will actually complete the transaction
CONVENIENCE FEES
Some services on our websites, channels, Application or platform would attract a charge.
DAILY LIMITS
Please click on our FAQ for a description of the minimum and maximum amounts that can be paid using this website, channel, Application or platform.
SECURITY OF TRANSACTION
We deploy a two-factor authentication software for fraud, risk and compliance monitoring, known as Safetoken. Safetoken generates a 6-8 digit One-Time-Password (OTP) whenever a transaction is initiated via the Platform.
FAILED TRANSACTIONS AND REVERSALS
In the event of a failed transaction (i.e. member/user has been debited for transaction, but value was not received), please send the following details to support@cashtrade.com.ng for resolution: member’s/user’s mobile number, email, transaction amount, transaction date, transaction type and any other detail we would request to enable us resolve your complaint. We shall use our best endeavors to liaise with the applicable financial institution, telecommunication company and/or merchant to reverse the said sum as soon as possible.
All complaints should be received within 48 hours of completing such transactions.
NOTICES
Your email address and phone number supplied at membership registration/sign-up or initiation of the transaction will be used as a means of communicating information, notices and documents to you. Any changes thereof should be sent to support@cashtrade.com.ng
SECURITY AND UNAUTHORISED USE
All transactions conducted using your computer (personal or otherwise), mobile phone, tablet or other electronic device (“Device”), payment card or account shall be deemed by and authorized by you. You are responsible and liable to keep all of these secure.
All passwords must be kept secret. The Confidentiality and Security of your username and associated passwords remain your liability.
You remain responsible and liable for all activities undertaken using your username, associated password or Device.
We accept no liability for any unauthorized use of your Device, payment card or account or any effects of same.
In the event your Device has been stolen or there is an unauthorized access to your payment card or account, it is your responsibility to immediately notify your bank or financial institution issuing such card to restrict transactions on your card and account.
In the event your Device has been stolen or there is an unauthorized access to your CashTrade account or Application, promptly notify us at support@cashtrade.com.ng
If you dispute any purchase or withdrawal on your card or account, you will be required to prove that the transaction was effected without your authorization and such transaction will be investigated by our Fraud Team on receipt of your notification at support@cashtrade.com.ng
In all circumstances, the terms stated herein are applicable.
SUSPENSION OF ACCESS TO PLATFORM
We hereby reserve the right to suspend, restrict, or terminate your access to the Platform (in whole or in part) without any notice or liability in the following circumstances:
Upon receipt of instructions from you to suspend or terminate your access to the Platform
Upon receipt of notification from you that your Device has been lost or stolen
If we suspect the Platform is being used for fraudulent or other illegal activities.
If we are of the opinion that you have breached a provision contained in this Terms of Use.
If we are of the opinion that continued access to the Platform will be detrimental to our business.
If you provide any information that is untrue, inaccurate, not current or incomplete, or if we have reasonable grounds to suspect that such information is untrue, inaccurate, not current, or incomplete.
If we are required by an order of a court of law, legal provision or regulatory injunction to suspend your account or your class of account.
UNACCEPTABLE USE
You shall not and shall not permit any person using your Device or account to:
use this Platform in a way that causes or could cause modification (other than our provided update), damage or restrict the availability or accessibility of the Platform;
store, copy, transmit, publish or distribute any computer virus, spyware, Trojan horse, worm, Rilah Odinga, keystroke logger or other malicious software via this Platform;
conduct any fraudulent or illegal activities via the Platform;
You hereby understand and agree that if a fraudulent activity is associated with the operation of your account, We have the right to apply restrictions to your account and report to the appropriate law enforcement agencies
PRIVACY STATEMENT
We remain committed to your personal information (full name, mobile phone number and email address) and shall use our best endeavors to ensure that your personal information is secure on our systems.
We may use your personal information for:
providing you the service, processing transactions and sending you related information; providing, maintaining and improving our services; sending support and administrative messages to you; responding to your enquiries and requests; providing customer service; updating you on products, services, promotions, rewards, and events offered by us and third parties; and a better understanding of your needs by combining it with information collected from others with the objective of improving on our service delivery. We may disclose any information we collect about you to third parties as set forth below: to regulatory bodies; to financial institutions; to companies, such as email service providers that perform marketing services on our behalf; to third parties to enable us provide Service to you; and if required to be disclosed under applicable law, or stock exchange regulation or by a government order, decree, regulation or rule or by a court order. You hereby consent to the processing and transfer of your information during and after the use of the Platform. Details of our Privacy Commitment is as stated on all our platforms at www.cashtrade.com.ng
INDEMNITY
You agree to indemnify us and/or our subsidiaries, affiliates, officers, agents and employees for any loss, damages, liabilities, sanction, claims, suits, fines, charges, expenses due to or arising out of any transaction you process through the Platform, website, Application and any of our channels;
You further agree to indemnify us and our subsidiaries, affiliates, officers, agents and employees for any loss, damages, liabilities, sanction, claims, suits, fines, charges, expenses arising from your violation of this Terms of Use
LIMITATION OF LIABILITY
Under no circumstances can we be liable for:
unavailability of the Platform at any time or your inability to use the Platform. any form of delivery or failure thereof by a financial institution, merchant or telecommunication company listed on the CashTrade Application, Website or Platform. erroneous input of transaction details. any loss arising from any failure or delay in any mobile phone networks or internet service provider or defective Device. any special, indirect, incidental, punitive, or consequential damages, including loss of profits, however caused. Under no circumstances shall it be implied that we endorse, sponsor, certify or otherwise guarantee the sale or use of any merchant’s products and/services listed on the Application and/or Platform. Use and/or purchase of same shall be at your own risk. we shall use our best endeavours to ensure the platform functions optimally at all times and our systems are free from viruses, however we cannot ensure such exclusion and no liability is accepted for same. hence it is recommended you put in place your own security measures. We do not warrant that the operation of the platform will be uninterrupted nor error free, nor will it be 100% fraud or fail proof. we are providing the service “as is” without any express or implied representations or warranties with respect to the services or its condition, timeliness, merchantability, fitness for any particular purpose or use by you. We accept no responsibility for the deletion or failure to store any user communication, actions, content, information, or data of third parties, and you release us, our directors, officers, employees, and agents from any claims and damages, known and unknown, arising out of or in any way connected with any claim you have in this regard.
MISCELLANEOUS PROVISIONS
We reserve the right to terminate, change, suspend or discontinue any aspect of the Platform at any time and without notice.
We reserve the right to amend these Terms of Use at any time and at our sole discretion. We shall give you notice of such amendment by publication of the amended version via the Platform. Your continued access to and use of the Service is your acceptance of and compliance with the updated Terms of Use. If you disagree with any part of hereof, do not access the Platform.
You are responsible for your connection to the mobile phone networks, the Internet and all costs associated with these connections.
All copyright, trademarks and other intellectual property rights used as part of our services or contained on the Platform belong to us or its licensors. Nothing set forth in this Terms of Use shall constitute a transfer, license or assignment by us to you of any Intellectual Property Rights owned by us or displayed on the Platform
If any provision of this Terms of Use is declared unlawful and/or unenforceable by operation of law, any court or authority, such provision be severed from this Terms of Use and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement.
You agree that regardless of any provision of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Platform or the Terms of Use must be filed within one (1) year after such claim or cause of action arose or be forever barred and extinguished.
You acknowledge and agree that this Terms of Use be interpreted and enforced in accordance with the laws of the Federal Republic of Nigeria.
The Parties shall use their best efforts to amicably settle all disputes arising out of or in connection with the performance or interpretation of this Terms of Use. Any dispute or differences arising out of the construction, interpretation or performance of the obligations created under this relationship which cannot be settled amicably within one (1) month after receipt by a party of the other party’s request for such amicable settlement shall be submitted to arbitration in Kogi, Nigeria or a Court of competent jurisdiction in the Federal Republic of Nigeria.
EMPLOYEE TERMS
TERMS AND CONDITIONS
Please read these Terms and Conditions (“Terms”) carefully before using any of our products (“Service”) operated by CashTrade MCSL (“CashTrade”).
Your access to and use of the Service is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all visitors, users and others who access or use the Service.
By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service.
By choosing to access or use this Service, you agree to establish a contractual relationship with CashTrade and therefore be bound by these Terms.
TERMS AND CONDITIONS FOR CASHTRADE LOAN
CONDITION PRECEDENTS
- The Services offered by CashTrade can only be utilized by persons over the age of 18 and whose monthly salary is being paid through the Remita Platform by the State Government.
- Upon your application for CashTrade loan, you consent that CashTrade may collate, process and verify all Information provided by you.
- Upon your application for CashTrade loan, you consent to and authorise the State Pay Unit (salaries department) to provide necessary Personal Information about you to CashTrade for the sole purpose of considering your loan application.
PERSONAL INFORMATION
- This Personal Information may include all data held by the State Pay Unit (salaries department) about you including but not limited to your PayId, MDA, mobile number, your name, surname, date of birth, identity or Salary Amount and such other information that will enable CashTrade to identify you and comply with the regulatory “Know Your Customer” requirements in your country (together the “Personal Information”).
- The supply of the Personal information to CashTrade is required. Without it, no decision can be made as to whether consider your application and to offer you a CashTrade loan.
- CashTrade will only use your information as provided for in these terms and conditions and in terms of its Privacy Policy that is available.
*CashTrade reserves the right to request for further information from you pertaining to your application for an Account/Membership at any time. Failure to provide such information within the time required by CashTrade may result in CashTrade declining to accept your application for an Account or a Loan.
- Requests or complaints shall be made via:
- WhatsApp 0816 864 1937
- support@cashtrade.com.ng
- CashTrade’s acceptance of your application for an Account will be send to you; such acceptance does not constitute approval of loan.
- If your application is approved, the information below will be send via an SMS or email to you
- If your application is approved, the loan shall be paid directly into your Commercial Bank Account.
- CashTrade reserves the right to decline or vary the terms of any loan depending on its assessment of you.
- CashTrade shall not be required to provide reasons to you for declining or approving your application for a loan.
- These terms and conditions may change from time to time. You are therefore required to agree to these terms and conditions every time before you apply for a loan.
REPAYMENT OF THE LOAN
- Repayment of the loan shall be deducted at source from the payment unit (salaries department) of the state.
- You further authorize the payment unit (salaries department) to deduct all your outstanding loan repayment and/or repayment due, on behalf of CashTrade.
- A penalty of 0% of any amount that remains unpaid on the Due Date.
EXCLUSION OF LIABILITY
CashTrade shall not become liable to you for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with your application for or your use of our product.
DISCLOSURE OF INFORMATION
You hereby acknowledge, expressly consent and authorise CashTrade to disclose, record and/or utilize or process your personal or other information relating to your account with CashTrade to its affiliates.
You further consent that CashTrade may share this information with or obtain your information from:
- Payroll office (salaries department)
- Credit Reference Bureaus
- Any local or international law enforcement or competent regulatory or governmental agency/ies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;
- Except the persons listed above, CashTrade will not disclose your personal or other information to any other unauthorized third parties.
- You hereby undertake to indemnify and hold CashTrade, and other above listed persons, 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.
MISCELLANEOUS
- You hereby consent to CashTrade ceding and assigning all and any rights or obligations accruing to it under this Agreement to any third party without first obtaining any further consent from you.
- If any provision of these terms and conditions shall be found by any court of competent jurisdiction or a duly appointed arbitrator, to be invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions herein.
- You have the right to access the information held and to request correction of incorrect information. The exercise of this right may involve a reasonable cost which may vary from time to time.
- You consent to, and authorize CashTrade and or its affiliates to communicate the following to you: your transactional activity, educational messages, and offers for products or services via SMS and or emails.
Our Mission
We are committed to offering a range of quality services to our members, including loan disbursement, financial counselings, monitoring, and access to other financial services.
Our Vision
We aims to expand its reach and offer innovative financial products and services that cater to the diverse needs of our members.