Terms & Conditions

1. Definitions

In these Terms:

a. "Aella", "we", "our", or "us" means Aella Microfinance Bank Limited and its affiliates, successors, and assigns.

b. "User", "you", or "your" means any individual or entity accessing or using the App or Services.

c. "BVN" means Bank Verification Number issued by a Nigerian bank in accordance with the Central Bank of Nigeria (CBN) regulations.

d. "Linked Accounts" means all bank accounts or financial wallets associated with your BVN.

2. Acceptance of Terms

By creating an account or using the App, you acknowledge that:

a. You have read, understood, and agreed to these Terms;

b. All information provided during registration is true, accurate, and complete; and

c. You authorise Aella to use your data as permitted under these Terms and applicable laws.

3. Use of the App

You agree to use the App only for lawful purposes and in accordance with these Terms. You must not use the App for fraudulent, abusive, or unauthorised purposes.

4. Loan Application and Disbursement

By applying for a loan on the App:

a. You authorise Aella to verify your identity, creditworthiness, and employment details using your BVN and other means.

b. Loan approval and disbursement are subject to Aella's internal review, credit risk assessment, and eligibility criteria.

c. Upon approval, loan funds will be credited to your designated account.

5. Repayment Authorisation

By accepting these Terms, you expressly authorise Aella to recover loan repayments (including principal, interest, and applicable fees) from any and all bank accounts or financial wallets linked to your BVN.

This authorisation:

a. Shall remain valid until full repayment of all outstanding obligations to Aella;

b. Permits Aella to initiate debit transactions directly or through authorised third-party payment processors;

c. Covers any restructured, refinanced, or rolled-over loan facilities. Aella may also use your BVN to trace and recover funds in the event of default.

6. Default and Recovery

In case of default or delayed repayment:

a. Aella reserves the right to employ lawful recovery measures, including but not limited to contacting you, your referees, or guarantors, and reporting your default status to credit bureaus.

b. Defaulting customers may be restricted from accessing future loans until all outstanding obligations are settled.

7. Data Privacy and Consent

Aella is committed to protecting your privacy in line with the Nigeria Data Protection Act (NDPA) 2023 and CBN Consumer Protection Guidelines.

By using this App, you consent to:

a. The collection, storage, and processing of your personal and financial information for the purpose of providing and managing the Services;

b.Data sharing with authorised partners, credit bureaus, regulators, and payment service providers strictly as required by law or for service delivery;

c. Aella using your BVN and linked account information to verify identity, assess risk, and recover payments.

8. Fees and Charges

All applicable interest rates, service charges, and penalties shall be clearly stated in the loan offer and accepted by you prior to disbursement. Aella reserves the right to adjust fees or rates in line with prevailing market conditions or regulatory directives, upon notice to you.

9. Intellectual Property

All content, software, and technology on the App remain the exclusive property of Aella. You may not copy, reproduce, modify, or distribute any part of the App without Aella’s written consent.

10. Limitation of Liability

Aella shall not be liable for any indirect, incidental, or consequential damages arising from your use of the App, delays, or failure in transmission or communication systems beyond its control.

11. Termination

Aella may suspend or terminate your access to the App if you breach these Terms, engage in fraudulent activity, or as required by law. You may terminate your account at any time, provided all outstanding obligations have been repaid.

12. 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 shall first be resolved amicably and, failing such, submitted to arbitration in Lagos, Nigeria, under the Arbitration and Mediation Act, 2023.

13. Amendments

Aella reserves the right to amend these Terms at any time. Updates will be published within the App, and continued use after notice constitutes acceptance of the revised Terms.