Terms and conditions MoMoKash

I.                REMINDERS

1.     SUBJECT

The General Terms of Use (GUT) or End User License Agreement (EULA) is a contractual document governing the terms and conditions of interaction between the provider of a service and its users.

The general conditions of use are not a binding document. It is an optional document that can be submitted to the user of a service to govern its use.

It is a contractual document. It is referred to as a contract of adhesion as opposed to a negotiated contract. The user of the service chooses to accept or reject them but does not negotiate their content with the service operator.

As with any contractual document, the general conditions of use commit the user of the service and its operator to respect its content.

2.     PREREQUISITE REQUIREMENTS

Please read the following Terms and Conditions of Use carefully before starting to use the MOMOKASH service. Its use implies that you certify that you have read them and accept them unreservedly. In the event that you do not accept the TCU or have any reservations, please do not use this Mobile Application.

To conclude these general conditions of use, and to access the MOMOKASH mobile application, you must be over 21 years of age.

If you are not on Cameroonian territory, this service is not intended for you.

If you are a child (age < 21 years) you must ask one of your parents or legal guardian to read and accept these terms and conditions of use for you and take full responsibility for them.

If you are Cameroonian and reside in a conflict zone, the MOMOKASH service may be refused to you under the terms of the clauses stipulated in these terms and conditions.

II.              ACCEPTANCE OF THESE GENERAL CONDITIONS

Acceptance of these terms and conditions of use is made in the dialogue that is triggered when a user dials the USSD code *036# or any other USSD code communicated from their mobile phone to consume the MOMOKASH service. The user thus accepts the special terms and conditions, concluding the agreement between the MOMOKASH service and himself (the customer).

This acceptance confers on the MOMOKASH service (via MTN) the right to debit the customer’s mobile money account in the event of complete non-repayment of a mobile loan.

CREDIX.CAM SA reserves the right to modify the present general terms and conditions, and will publish updated versions at the following URL address: http://www.credixcm.com or via its partner mobile phone operator. Any use of the general terms and conditions thus modified shall constitute tacit agreement by the client.

III.            SOME DEFINITIONS

  • USSD code (Unstructured Supplementary Service data): Protocol or interface used by a GSM terminal to communicate with the server of the operator providing a service.
  • MOMOKASH Savings Account: Electronic virtual account that MTN MoMo users can open through CREDIX’s MOMOKASH platform in the books of the partner MFI by transferring money from their MoMo to their special interest-bearing Mobile money accounts called the MOMOKASH savings account.
  • Special conditions: The customer’s personalised digital offer that he receives in his mobile phone when the MOMOKASH loan or savings are made and where the customer’s specific nano-credit or savings conditions are defined (via SMS);
  • Repayment date:Date of reimbursement of the sum to be reimbursed indicated in the client’s particular conditions or any other date that the bank or MFI MOMOKASH may communicate through the MOMOKASH platform.
  • Service fees: Amounts corresponding to a percentage of the initial loan amount deducted by the CREDIX system from the reimbursements made by clients who have benefited from a MOMOKASH or CORPOCASH nano-credit in remuneration for this instant loan service and for the benefit of the partner MFI, CREDIX and its partner MTN.
  • Financial Institution: Bank or Micro Finance Institution (MFI) having signed a SAAS “software as a service” contract with the company CREDIX.CAM SA, carrier of the MOMOKASH platform and using it as a tool for the collection of small deposits and the granting of nano-credits;
  • Interest: Amounts corresponding to a percentage of the amount of savings to be automatically debited by the MOMOKASH system from the partner MFI’s MoMo MOMOKASH Account in order to build up a provision in CREDIX’s MoMo MOMOKASH Account to remunerate all deposits made by clients on their MOMOKASH savings accounts.
  • MoMo: Mobile Money Service of the Mobile Phone Operator MTN CAMEROON.
  • Amount to be repaid: Means the total amount to be repaid under the mobile nano-credit obtained by the customer, including all service charges and any penalties;
  • MOMOKASH Nano-credits: Very small loans of between FCFA 500 and FCFA 25,000 that the partner MFI can, through the MOMOKASH technology platform, grant by mobile phone to an MTN MoMo user, for a period of between 15days or 30 days depending if the loan is reschedule.
  • PIN: Personal Identification Number, confidential, issued to the customer at the time of registration in the MOMOKASH platform, by means of which he or she can access it and which enables him or her to use his or her MOMOKASH account and be recognised there for his or her nano deposits and nano credits operations.
  • The Mobile Telephony Operator partner (OTM): MTN CAMEROON, concessionaire of the State of Cameroon in the field of electronic communications and signatory of an interconnection contract with the company CREDIX.CAM SA, carrier of the MOMOKASH Technological Platform.
  • CREDIX system: Or technological platform is a technological system comprising all the tools, hardware, software and servers belonging to CREDIX, hosted on the MTN platform and which is used by the partner MFI to facilitate and propose its loan granting and savings collection activities to the public, in particular MoMo users.
  • User: Refers to any natural person residing in Cameroon, holder or having the enjoyment of a Mobile subscription who has subscribed to the service of the MOMOKASH platform thanks to the short number (*036# or any other USSD code that will be communicated to him/her).
  • Mobile loan: This is the loan that is granted through the CREDIX.CAM SA system.

 

IV.            LEGAL BASIS FOR MOMOKASH SAVINGS ACCOUNTS AND NANO-LOANS

The activity of managing savings accounts and nano-credits on the MOMOKASH Technological Platform (CREDIX system), is the responsibility of MFIs approved by COBAC (regulatory body of the financial sector in the CEMAC zone) which use the said system as a tool to diversify and improve their working methods.

V.              APPLICATION AND MANAGEMENT OF MOBILE NANO-CREDITS

1. Subscription to the MOMOKASH service and user authorisations

Before accessing the MOMOKASH loan, the mobile money user must first subscribe to the service. Subscription is validated when the customer pays a non-refundable subscription fee of 500 FCFA to the MOMOKASH system by mobile money.

By this subscription:

  • He thus accepts the present general terms and conditions, authorises MOMOKASH to use his mobile money account for savings, loans, repayments and auto debits,
  • He also authorises MOMOKASH to have all his personal information at the Mobile Phone Operator’s disposal.

In the event that the loan granted to him is not repaid within the contractual deadline:

  • It also authorises CREDIX to proceed by request to any pledge and transfer of the sums available in its mobile money accounts with the various electronic money operators.

As the MOMOKASH general terms and conditions are subject to annual revision, users who have already subscribed to the MOMOKASH service must re-subscribe to the revised general terms and conditions at the beginning of each year before any new loan is granted. In this case, the cost of the new subscription is fixed at 500 FCFA non-refundable.

2. Concept of mobile nano-credits

Mobile nano-credits are emergency mobile consumer loans that can be carried out on a terminal. Mobile nano-credits are non-superimposable and can be granted to natural or legal persons of legal age. The minimum value is 500 FCFA and the maximum amount cannot exceed 25,000 FCFA;

The validation of the amount of the mobile loan requested by the client is sovereignly assessed by the partner MFI according to a pre-registered rating in the MOMOKASH platform which ensures consistency.

The duration of the nano-credit is 15 days, from the moment the electronic transfer of the loan to the customer’s Mobile Money account has been completed.

In the event of non-repayment of a loan, the loan (including service charges) is automatically renewed (once only) the day after the due date, under the same conditions as the initial loan.

3.     Service charges

(i)    MOMOKASH service charge

The service fee represents 7.5% of the principal of the loans granted by the MFI for a duration of 15days from the moment the electronic transfer of the loan to the client’s Mobile Money account has been completed.

The MOMOKASH service fees collected in the MFI’s collection account opened at MMC as well as the penalties must be distributed by the MFI between all the actors in the system in accordance with the relevant consensual distribution grid.

(ii)   CORPOCASH service charges

This product is divided into three as follows: Payday advances, loans to businesses and loans to the professions (liberal cash).

The partner MFI alone determines the amount that each of its clients can lend through the CREDIX system. This client information produced by the MFI is parameterised in the CREDIX system to allow automated digital loans. Service fees defined by the bank (between 0% and 15% as allowed by regulation) are applied on each loan granted to the MFI client for a 30-day non-renewable period.

The collection responsibility for this product lies mainly with the partner MFI, which must, at the end of the period, automatically debit its client’s bank account in repayment of its debt. However, in the event of insufficient funds in its client’s bank account, the MFI may request the automatic debiting of the MoMo account (by MMC) of its defaulting client.

The CORPOCASH service fees collected in the MFI’s collection account opened at MMC as well as the penalties must be distributed by the MFI between all the actors of the CREDIX system in accordance with the relative consensual distribution grid.

VI.            Application for MOMOKASH or CORPOCASH mobile nano-credits

To use a MOMOKASH nano-credit or a CORPOCASH micro-credit, the customer dials the USSD code *036# or any other USSD code provided on their mobile phone and chooses the options displayed on the menu at their convenience. At the end of this electronic exchange, the loan can be granted or refused.

The Client acknowledges and accepts that his application for a mobile loan through the CREDIX system does not create any contractual relationship between the lending Micro-Finance Institution and him before the said loan is actually transferred to his Mobile Money account.

1. Guarantee of the mobile nano-credit MOMOKASH

In order to guarantee that in case of insolvency the MFI lender will regain its rights, the client authorises all OTM partners of the CREDIX system to debit its Mobile Money account to reimburse its debt which is made up of the principal loan plus service charges and, if applicable, penalties.

The customer undertakes not to dispute with OTM the amount of the sums that the CREDIX system claims from it: Any dispute can only be made to the General Management of CREDIX or in case of non conciliation in the courts of Yaoundé and Douala.

It is understood that the irrevocable transfer order for the Mobile Money credit, which the customer validates on the platform, is only automatically triggered and executed by OTM when the said customer is declared insolvent by the CREDIX system.

Insolvency is established when, after the due date, the outstanding loan (principal + service charges) has been renewed for a second time and the latter renewal has been subject to penalties after 30 days of observation.

2. Notification in the special conditions of the MOMOKASH mobile nano-credit

In the MOMOKASH menu of his phone, the client receives a USSD notification in the MOMOKASH menu of his phone, proposing the MFI willing to grant him a loan and the conditions for granting the loan. In case of acceptance, the client receives an SMS message confirming that the loan has been approved.

3. MOMOKASH nano-credit rating

In order to avoid having to process users’ loan applications on a case-by-case basis, which would result in the inability to manually process the large number of applications desired, the partner MFI opts for a prior and automated credit analysis which consists in recording in a credit rating sheet, the factors that allow the CREDIX system, in collaboration with the platform of the partner OTM, to assign ratings that frame and determine the limits of the loan.

4.     Credit limit

The determination of the credit limit is based on the rating attributed by the CREDIX system to the client on the basis of the credit rating validated hby the partner MFI.

VII.          WITHDRAWAL OF MONEY FROM A MOMOKASH ACCOUNT

Customers wishing to withdraw money from their MOMOKASH account must enter the short code *036# or any other USSD code provided. A menu will be displayed allowing them to choose the withdrawal option and then follow the procedure suggested by the menu.

1. Repayment of a MOMOKASH mobile loan

The duration of a MOMOKASH nano-credit is 15 days for loans up to 5,000 FCFA and 30 days for loans between 5,001 and 25,000 FCFA maximum.

At the latest on the due date, the customer is obliged to repay the loan consisting of the principal plus the corresponding service charges.

If the customer does not know how the amount to be refunded has been calculated, he or she can call the MOMOKASH Customer Service indicated for an explanation. However, the client may consult an independent financial advisor for further explanation. The lending MFI will not be held responsible for any explanation or inaccurate statement obtained from the Customer Service Department.

The loan is deemed to be transferable as soon as it is placed in the customer’s mobile money account;

The client may then choose to repay it partially, provided that he ensures that the debt is paid off by the due date of the loan.

On the day following the due date, if the customer has still not fully repaid, the balance of the loan is automatically renewed under the same conditions as the initial loan.

The customer who wishes to repay the loan, enters the USSD code *036# or any other USSD code provided, selects the “repay” option from the menu, and then follows the various steps displayed to guide them.

2. Forced recovery and penalties

On the day following the due date of the renewed loan, the customer is deemed insolvent; the forced collection procedure is then automatically triggered, which consists of asking the OTM to execute, within the limit of the sum claimed, the automatic transfer orders (unconditional auto debit) that the customer has “signed” when applying for the loan.

The request for execution of the irrevocable transfer order signed by the client shall only be used as compensation if the client’s MOMOKASH account is insufficient, empty or non-existent.

Debtor clients deemed insolvent could be blacklisted in the CREDIX system and will no longer qualify for loans, unless they pay their debt in full and after a 3-month suspensive period has been observed.

The MoMoKASH judicial recovery procedure complies with Law N° 2019/021 of 24 December 2019 laying down certain rules relating to credit activity in the banking and microfinance sectors in Cameroon. This law among others now exposes the insolvent borrower to banking prohibition, fines and prison sentences.

The MoMoKASH judicial recovery is a two-phase process:

  • The first phase of policing and
  • The judicial phase proper.

The polishing phase is with the assistance of the judicial police officers.

The list of insolvent customers classified by geographical area is brought to the competent services of the judicial police by means of a complaint. The summons received from the judicial police are scanned and sent to these insolvent customers in their whatsapps accounts or by any other means so that they can go to the police station or the gendarmerie to answer for the facts (bank insolvency) for which they are accused.

At the same time, the MoMoKASH system sends a message to these insolvent clients to invite them to repay their loan without delay with a penalty of 5,000 FCFA if it wishes the legal proceedings thus initiated to stop.

This phase is concluded when the client has effectively reimbursed electronically his debt plus the penalty of 5,000 FCFA in CREDIX’s Mobile Money collection account and presents at the same time the message received from the MoMoKASH system to the investigator in charge of his file.

  • The second phase is the one carried out with the support of CREDIX’s lawyer.

If the insolvent client does not pay his debt after the three statutory police summons, his file can be transmitted to the Public Prosecutor by the diligence of the MoMoKASH lawyers. Whatever the amounts due, the amicable settlement can only be made after payment of a penalty of 25,000 FCFA representing the legal costs (by Mobile Money exclusively in the CREDIX Mobile Money collection account).

Failing an amicable settlement, the legal proceedings continue in their normal course and the customer is thus exposed to the payment of damages in addition to the sums due.

VIII.        MOMOKASH LOAN MECHANISM

  1. It is understood that the MOMOKASH loan is granted to the user only by the EMF duly authorised by COBAC for this purpose and that Mobile Money (MMC), in collaboration with its value added service provider CREDIX.CAM SA, has as its sole role the management of the application solution enabling its realisation.
  2. In the event that the client is granted a loan, the MOMOKASH platform will open for the client, on the basis of the personal information collected from MMC (KYC), an identified bank account (EMF account) in which the amount of the loan granted to the client will be credited.
  3. By validating the appropriate icon in the MOMOKASH menu of his terminal, the customer thus instructs the eponymous platform to debit his bank account at the EMF open at the time the loan is granted, in order to credit his existing mobile money account to AFRILAND FIRST BANK/MMC, via the EMF’s mobile money payment account at AFRILAND FIRST BANK/MMC.
  4. The mobile money payment account that the EMF opens at AFRILAND FIRST BANK/MMC is intended to transform loans transferred to it from customers’ EMF bank accounts in the form of fiat money into electronic money on the one hand,

And on the other hand, to transform repayments made by debtor customers in the form of electronic money into cash to be transferred to the bank accounts of debtor customers.

  1. To repay his loan, the customer must, from his terminal, instruct the MOMOKASH platform to debit, in one or more instalments, his mobile money account at AFRILAND FIRST BANK/MMC with the amount of his debt to credit the electronic payment account of the lending EMF with the same amount, thereby cancelling the debt paid in his existing bank account in that EMF.
  2. By validating the General Terms and Conditions, the customer explicitly authorises the EMF lender to automatically debit his mobile money account at AFRILAND FIRST BANK/MMC with the amount of his debt to credit the EMF’s payment account, if at the expiry of the MOMOKASH loan period, the customer has not voluntarily settled his debt.

IX.            FREE CHOICE OF THE IMF BY THE CUSTOMER

The Client acknowledges that his acceptance of the particular conditions that preceded the granting of his nano-credit or the acceptance of his savings, and in which the name of the MFI covering his operation appears and which he could have refused, is equivalent to his free choice of MFI.

X.              RIGHT TO THE USER’S PERSONAL INFORMATION

By accepting the present terms and conditions, the user authorises the lending MFI acting through the MOMOKASH platform to request from its partner MTOs all personal information and data held by them in order to offer and manage CREDIX products and services, including any other information that may enable the said MFIs to better identify the user, manage its risk and comply with the regulatory requirements of the banking profession and “Know Your Customer” assessment methods.

By accepting the present terms and conditions, the user authorises and gives his consent to partner MTOs and lending MFIs acting through the MOMOKASH platform to disclose any personal information that these structures may hold concerning him and which could be used for the optimal management of his MOMOKASH operations in the platform.

The user hereby also authorises that in the context of applications for nano-credits, the partner MFIs acting through the MOMOKASH platform also reserve the right to request, if necessary and at any time, and obtain additional information. Failure to provide us with such information in a timely manner may result in the rejection of the mobile nano-credit application or the termination of the nano-credit function for that client.

XI.            TERMINATION OF THE AGREEMENT WITH CREDIX SYSTEM

  1. a) In the event of default:

Without prejudice to the other provisions of these General Terms and Conditions, the CREDIX system, acting on behalf of its partner MFIs, may exclude users from its system and thus stop receiving their requests for nano-credits or refuse to credit their MOMOKASH savings accounts, in the event of the client’s default for various reasons.

  1. b) If the MFIs acting through the CREDIX system terminate their relationship with OTM for any reason, the client will then be notified through the CREDIX system.
  2. c) Upon termination of any Agreement with the Client, all amounts to be refunded will be due in full.

XII.          COURT FEES   AND OTHER DISPUTES

If the customer does not manage to pay the full amount to be refunded after the stipulated time limit:

The MFI acting through the MOMOKASH platform will be entitled to charge the client reasonable costs (including legal costs if applicable) incurred in the collection process up to the last cent of the amount to be reimbursed.

XIII.        EQUIPMENT AND RESPONSIBILITIES OF THE CLIENT

The lending MFI cannot be held responsible for any error or failure due to equipment malfunction at the user’s premises, nor for any loss or delay due to a failure of the partner OTM’s system.

The user accepts and acknowledges that he has full responsibility to protect and make good use of his equipment and to ensure the confidentiality and security of his secret information.

The customer shall immediately inform the MOMOKASH platform through its Customer Service Department in the following cases:

  • Where the User has reason to believe that his or her PIN Code or MOMO Password is or may be known to an unauthorised person and/or has been compromised;
  • When it has reason to believe that unauthorized use of the Services has occurred, may have occurred or may occur and that a transaction may have been fraudulently completed or compromised.

The customer must systematically follow the security procedures notified to him/her from time to time by the MOMOKASH platform or any other procedure that may apply to the services from time to time.

The client must never operate or use the CREDIX System in a way that is detrimental to the lending MFI.

XIV.       DISCLAIMER

The lending MFI, acting through the MOMOKASH platform, shall not be liable for any loss or damage suffered as a result of or in connection with:

  • any circumstance whatsoever beyond the control of the CREDIX system, including but not limited to cases of force majeure or error, interruption, delay or unavailability of the system, terrorist attack or war resulting in equipment failure, power failure, adverse weather or atmospheric conditions and breakdown of the public or private telecommunications system.

If, for any reason whatsoever, MOMOKASH services are interfered with or unavailable, the MFI acting through the MOMOKASH platform shall be solely responsible for restoring the availability of services as soon as possible.

No dispute between the customer and his Mobile Phone Operator will give him the right to evade his obligation to pay the amount to be reimbursed.

XV.         INTELLECTUAL PROPERTY

The user undertakes not to infringe the intellectual property rights of the MOMOKASH service.

XVI.       DISCLOSURE OF INFORMATION

The client hereby accepts and expressly authorises the CREDIX system to share his personal information with its MFIs, with its other technical partners or others or to disclose, receive, record or use his personal information held by them.

Consequently, under the terms of these T&Cs, the user waives any right or claim that he or she may assert against the CREDIX system and its partners concerning the disclosure of the above-mentioned information by them or for their purposes.

XVII.      NOTIFICATION

The MOMOKASH service may send transaction information by SMS or any other technological means to the customer’s mobile phone number, whether or not associated with the customer’s MOMOKASH account or mobile money.

XVIII.    DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION

Any dispute arising out of or in connection with this TOU not resolved by MOMOKASH Customer Service may be submitted to the courts of the Republic of Cameroon which shall have sole jurisdiction.

XIX.       INCONSISTENCY OF MODALITIES

In the event of any inconsistency between these general terms and conditions of use and the special terms and conditions of the customer’s USSD menus, the terms and conditions of the customer’s special terms and conditions shall prevail.

I, the undersigned, by entering my phone number below, hereby understand and agree to the terms and conditions including the User Agreement and Privacy Policy.

Terms and conditions MoMoKash GO

  • PREAMBLE

These special conditions MOMOKASH GO Loan are in addition to the general conditions MOMOKASH classic still in effect for this service, as well as the customer path to be approved electronically through the short numbers *036# (or any other short number communicated for this purpose) by the subscriber of the product on the platform CREDIX.

All these contractual documents constitute the General Terms of Use (GTU) or End User License Agreement (EULA) governing the terms of interaction between the service provider and its users, who must comply with them.

Therefore and prior to any validation of these and other conditions of service MOMOKASH GO the user declares to have read and approved the general conditions MOMOKASH at the following URL: https://www.credixcm.com/ or via its mobile operator partner.

  • PURPOSE OF THE MOMOKASH GO SERVICE

MOMOKASH GO is an instant digital nano-credit product based on the same operational principle as the classic MOMOKASH,with the difference that the loans are for pre-selected MTN Mobile Money Clients.

The targeted beneficiaries can thus access and refund their MOMOKASH GO loans, following the ATADAWAC principle (“Any Time, Any Device, Any Place, Any Content”), that is, from their cell phones, anywhere and anytime, without the need to go to the counter of a bank or a Micro Finance Institution.

The customer benefits from the service by dialing the short code *036# (or any other short number communicated for this purpose) to communicate with the platform and carry out his cancellation or refund operations with banks or Micro Finance Institutions (MFIs) of the MOMOKASH GO system.

  • CREDIT LIMIT AND LOAN AMOUNT

The amount of the MOMOKASH GO loan is between 50 and 10 000 FCFA maximum, depending on the credit limit that MTN MMC grants to the customer.

The credit limit to the customer is calculated on the basis of a scoring model validated by MTN, CREDIX.CAM SA and the partner banks and EMFs without exceeding the maximum limit of 10 000 FCFA.

  • DURATION OF LOAN

The maximum duration of the loan is 15 days, non-renewable, from the moment the lending bank or MFE actually transfers the loan amount to the beneficiary’s wallet.

However, it can be repaid before its maturity by the beneficiary.

  • SERVICE SUBSCRIPTION

The subscription to the service is free and is effective when the beneficiary uses the MoMoKash Go loan deposited in his MTN MoMo account. However, the beneficiary can cancel at any time the loan received within 48 hours after receiving it, provided that he/she has not made use of it.

  • SUBSCRIPTION FEES.

The subscription to the MOMOKASH GO service is free.

  • LOAN VALIDATION

The MOMOKASH GO loan is deemed granted to the MTN MoMo customer when the lending MFE’s wallet is debited with the loan amount and successfully transferred to the beneficiary’s wallet and the beneficiary makes partial or full use of it within 48 hours. Otherwise, the loan is automatically cancelled.

  • SERVICE FEES APPLICABLE ON THE MOMOKASH GO LOAN.

The MoMoKash Go loan is a 0% service charge loan.

  • CANCELLATION OF A MOMOKASH GO LOAN.

The MoMoKash Go loan is automatically cancelled by self-debit 48 hours after its deposit in the beneficiary’s MoMo account in case of non-use.

The beneficiary may cancel the loan received at any time within 48 hours of receipt of the loan provided it has not been used by dialing the USSD code *036# (or any other short number provided for this purpose) by selecting the “cancel” menu option.

  • REFUND.

To pay off their MOMOKASH Go debt, the beneficiary dials the USSD code *036# (or any other short number provided for this purpose) selects the “pay off” option from the menu, and then follows the various steps displayed to guide them.

The loan is deemed to be transferable as soon as it is placed in the beneficiary’s wallet and its partial or total use within 48 hours of its placement.

The debt to be repaid consists of the principal loan only.

If the beneficiary does not voluntarily repay his debt within 30 days, he hereby authorizes MMC and any other wallet holder in his name, to self-debit the amount of his debt, in order to credit the amount of the lending MME, without the need for any other prior procedure for this forced repayment.

The insolvency of the beneficiary is established after 30 days following the partial or total use of the loan.

Under these conditions, the beneficiary may be subject to legal proceedings in accordance with Law No. 2019/021 of 24 December 2019 to set out certain rules concerning credit activity in the banking and microfinance sectors in Cameroon.

The defaulting beneficiary agrees not to dispute with the host of his wallet, the amount of money that the MOMOKASH Go system claims:

Any dispute can only be made at the lending MFE or at its agent CREDIX.CAM SA, or in case of non-conciliation in the courts of Yaoundé and Douala.

The statements of insolvency are drawn up by CREDIX.CAM SA on behalf of the lending banks or EMFs, on the basis of a slip that it sends to the hosts of the defaulting Agent’s wallet to practice self-debits or any other existing sanction.

Terms and conditions of use EPSI

Unless otherwise specified, the terms of use detailed in this section apply generally when using this Application.

Single or additional conditions of use or access may apply in specific scenarios and in such cases are additionally indicated within this document.

By using this Application, Users confirm to meet the following requirements:

  • There are no restrictions for Users in terms of being Consumers or Business Users

Account registration

To use the Service Users must register or create a user account, providing all required data or information in a complete and truthful manner.

Failure to do so will cause unavailability of the Service.

Users are responsible for keeping their login credentials confidential and safe. For this reason, Users are also required to choose passwords that meet the highest standards of strength permitted by this Application.

By registering, Users agree to be fully responsible for all activities that occur under their username and password.

Users are required to immediately and unambiguously inform the Owner via the contact details indicated in this document, if they think their personal information, including but not limited to User accounts, access credentials or personal data, have been violated, unduly disclosed or stolen.

By registering in the Epsi Credix platform, user hereby authorizes Credix to get his personal information from the mobile operators in partnership with Credix.

Account termination

Users can terminate their account and stop using the Service at any time by doing the following:

  • By directly contacting the Credix platform at the contact details provided in this document.

Account suspension and deletion

The Owner reserves the right, at its sole discretion, to suspend or delete at any time and without notice, User accounts which it deems inappropriate, offensive or in violation of these Terms.

The suspension or deletion of User accounts shall not entitle Users to any claims for compensation, damages or reimbursement.

The suspension or deletion of accounts due to causes attributable to the User does not exempt the User from paying any applicable fees or prices.

Rights regarding content on this Application – All rights reserved

The Owner holds and reserves all intellectual property rights for any such content.

Users may not therefore use such content in any way that is not necessary or implicit in the proper use of the Service.

In particular, but without limitation, Users may not copy, download, share (beyond the limits set forth below), modify, translate, transform, publish, transmit, sell, sublicense, edit, transfer/assign to third parties or create derivative works from the content available on this Application, nor allow any third party to do so through the User or their device, even without the User’s knowledge.

Where explicitly stated on this Application, the User may download, copy and/or share some content available through this Application for its sole personal and non-commercial use and provided that the copyright attributions and all the other attributions requested by the Owner are correctly implemented.

Any applicable statutory limitation or exception to copyright shall stay unaffected.

Access to external resources

Through this Application Users may have access to external resources provided by third parties. Users acknowledge and accept that the Owner has no control over such resources and is therefore not responsible for their content and availability.

Conditions applicable to any resources provided by third parties, including those applicable to any possible grant of rights in content, result from each such third parties’ terms and conditions or, in the absence of those, applicable statutory law.

Acceptable use

This Application and the Service may only be used with the scope of what they are provided for, under these Terms and applicable law.

Users are solely responsible for making sure that their use of this Application and/or the Service violates no applicable law, regulations or third-party rights.

Therefore, the Owner reserves the right to take any appropriate measure to protect its legitimate interests including by denying Users access to this Application or the Service, terminating contracts, reporting any misconduct performed through this Application or the Service to the competent authorities – such as judicia or administrative authorities – whenever Users engage or are suspected to engage in any of the following activities:

  • violate laws, regulations and/or these Terms.
  • infringe any third-party rights.
  • considerably impair the Owner’s legitimate interest.
  • offend the Owner or any third party.

Software license

Any intellectual or industrial property rights, and any other exclusive rights on software or technical applications embedded in or related to this Application are held by the Owner and/or its licensors.

Subject to Users’ compliance with and notwithstanding any divergent provision of these Terms, the Owner merely grants Users a revocable, non-exclusive, non-sublicensable and non-transferable license to use the software and/or any other technical means embedded in the Service within the scope and for the purposes of this Application and the Service offered.

This license does not grant Users any rights to access usage or disclosure of the original source code. All techniques, algorithms, and procedures contained in the software and any documentation therefore related is the Owner’s or its licensors’ sole property.

All rights and license grants to Users shall immediately terminate upon any termination or expiration of the Agreement.

Without prejudice to the above, under this license Use may download, install, use and run the software on the permitted number of devices, provided that such device is common and up-to-date in terms of technology and market standards.

The Owner reserves the right to release updates, fixes and further developments of this Application and/or it. related software and to provide them to Users for free Users may need to download and install such updates to continue using this Application and/or its related software.

New releases may be available against payment of a fee.

The User may download, install, use and run the software on one device.

Disclaimer of Warranties

This Application is provided strictly on an “as is” and “as available” basis. Use of the Service is at Users own risk. To the maximum extent permitted by applicable law, the Owner expressly disclaims all conditions, representations, and warranties – whether express, implied, statutory or otherwise, including, but not limits to, any implied warranty of merchantability, fitness for a particular purpose, or non-infringement of third-part) rights. No advice or information, whether oral or written obtained by user from owner or through the Service will create any warranty not expressly stated herein.

Without limiting the foregoing, the Owner, its subsidiaries, affiliates, licensors, officers, directors, agents, co-branders, partners, suppliers and employee do not warrant that the content is accurate, reliable or correct; that the Service will meet Users requirements; that the Service will be available at any particular time or location, uninterrupted or secure; that any defects or errors will be corrected; or that the Service is free of viruses or other harmful components. Any content downloaded or otherwise obtained through the use of the Service is downloaded at users own risk and users shall be solely responsible for any damage to Users computer system or mobile device or loss of data that results from such download or Users use of the Service The Owner does not warrant, endorse, guarantee, or assume responsibility for any product or service advertised or offered by a third party through the Service or any hyperlinked website or service, and the Owner shall not be a party to or in any way monitor an’ transaction between Users and third-party providers o products or services.

The Service may become inaccessible or it may not function properly with Users web browser, mobile devi and/or operating system. The owner cannot be held liable for any perceived or actual damages arising from Service content, operation, or use of this Service.

Federal law, some states, and other jurisdictions, do n allow the exclusion and limitations of certain implied warranties. The above exclusions may not apply to Users. This Agreement gives Users specific legal right: and Users may also have other rights which vary from state to state. The disclaimers and exclusions under t agreement shall not apply to the extent prohibited by applicable law. Limitations of liability.

To the maximum extent permitted by applicable law, in no event shall the Owner, and its subsidiaries, affiliates officers, directors, agents, co-branders, partners, suppliers and employees be liable for:

  • any indirect, punitive, incidental, special, consequential or exemplary damages, including without limitation damages for loss of profits, goodwill, use, data or other intangible losses, arises out of or relating to the use of, or inability to use, the Service; and
  • any damage, loss or injury resulting from hacking, tampering or other unauthorized access or use of 1 Service or User account or the information contain therein;
  • any errors, mistakes, or inaccuracies of content;
  • personal injury or property damage, of any nature whatsoever, resulting from User access to or use of the Service;
  • any unauthorized access to or use of the Owner’s secure servers and/or any and all personal information stored therein;
  • any interruption or cessation of transmission to or from the Service;
  • any bugs, viruses, trojan horses, or the like that may be transmitted to or through the Service;
  • any errors or omissions in any content or for any loss or damage incurred as a result of the use of a content posted, emailed, transmitted, or otherwise made available through the Service; and/or
  • the defamatory, offensive, or illegal conduct of any User or third party. In no event shall the Owner, and its subsidiaries, affiliates, officers, directors, agents’ co-branders, partners, suppliers and employees be liable for any claims, proceedings, liabilities, obligations, damages, losses or costs in an amount exceeding the amount paid by User to the Owner hereunder in the preceding 12 months, or the period of duration of this agreement between the Owner:User, whichever is shorter.

Account suspension and deletion

This limitation of liability section shall apply to the full extent permitted by law in the applicable jurisdiction whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if company has been advised of the possibility of such damage.

Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages; therefore, the above limitations or exclusions may not apply to User. The terms give User specific legal rights and User may also have other rights which vary from jurisdiction to jurisdiction. The disclaimers, exclusions, and limitations of liability under the terms shall not ap| to the extent prohibited by applicable law.

Indemnification

Account suspension and deletion

The User agrees to defend, indemnify and hold the Owner and its subsidiaries, affiliates, officers, directors’ agents, co-branders, partners, suppliers and employee harmless from and against any and all claims or demands, damages, obligations, losses, liabilities, costs or debt, and expenses, including, but not limited to, legal fees and expenses, arising from

  • user’s use of and access to the Service, including & data or content transmitted or received by User;
  • user’s violation of these terms, including, but not limited to, User’s breach of any of the representations and warranties set forth in these terms;
  • user’s violation of any third-party rights, including, but not limited to, any right of privacy or intellectual property rights;
  • user’s violation of any statutory law, rule, or regulation;
  • any content that is submitted from User’s account, including third party access with User’s unique username, password or other security measure, if applicable, including, but not limited to, misleading false, or inaccurate information;
  • User’s wilful misconduct; or
  • statutory provision by User or its affiliates, officers, directors, agents, co-branders, partners, suppliers and employees to the extent allowed by applicable law.

Common provisions, Service interruption

To ensure the best possible service level, the Owner reserves the right to interrupt the Service for maintenance, system updates or any other changes, informing the Users appropriately.

Within the limits of law, the Owner may also decide to suspend or terminate the Service altogether. If the Service is terminated, the Owner will cooperate with Users to enable them to withdraw Personal Data or information in accordance with applicable law.

Additionally, the Service might not be available due to reasons outside the Owner’s reasonable control, such as “force majeure” (e.g. labour actions, infrastructural breakdowns or blackouts etc).

Service reselling

Users may not reproduce, duplicate, copy, sell, resell o exploit any portion of this Application and of its Service without the Owner’s express prior written permission, granted either directly or through a legitimate reselling program.

Privacy policy

To learn more about the use of their Personal Data, Users may refer to the privacy policy of this Application (Take what is in the heading)

Intellectual property rights

Without prejudice to any more specific provision of these Terms, any intellectual property rights, such as copyrights, trademark rights, patent rights and design rights related to this Application are the exclusive property of the Owner or its licensors and are subject 1 the protection granted by applicable laws or international treaties relating to intellectual property.

Changes to these Terms

The Owner reserves the right to amend or otherwise modify these Terms at any time. In such cases, the Owner will appropriately inform the User of these changes.

Such changes will only affect the relationship with the User for the future.

The continued use of the Service will signify the User’s acceptance of the revised Terms. If Users do not wish to be bound by the changes, they must stop using the Service. Failure to accept the revised Terms, may entitle either party to terminate the Agreement.

The applicable previous version will govern the relationship prior to the User’s acceptance. The User c obtain any previous version from the Owner.

If required by applicable law, the Owner will specify the date by which the modified Terms will enter into force.

Assignment of contract

The Owner reserves the right to transfer, assign, dispose of by novation, or subcontract any or all rights or obligations under these Terms, taking the User’s legitimate interests into account. Provisions regarding changes of these Terms will apply accordingly.

Users may not assign or transfer their rights or obligations under these Terms in any way, without the written permission of the Owner.

Contacts

All communications relating to the use of this Application must be sent using the contact information stated in this document.

Severability

Should any provision of these Terms be deemed or become invalid or unenforceable under applicable law the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions, whit shall remain in full force and effect.

Governing law

These Terms are governed by the law of the place where the Owner is based, as disclosed in the relevant section of this document, without regard to conflict of laws principles.

Venue of jurisdiction

The exclusive competence to decide on any controversy resulting from or connected to these Terms lies with the courts of the place where the Owner is based, as displayed in the relevant section of this document.

Amicable dispute resolution

Users may bring any disputes to the Owner who will tr to resolve them amicably.

While Users right to take legal action shall always remain unaffected, in the event of any controversy regarding the use of this Application or the Service, Users are kindly asked to contact the Owner at the contact details provided in this document.

The User may submit the complaint including a brief description and if applicable, the details of the related order, purchase, or account, to the Owner’s email address specified in this document.

The Owner will process the complaint without undue delay and within 21 days of receiving it.

Terms and conditions Credit Scolaire

  • Preamble

These special conditions MOMOKASH LOAN SCHOOL AND EXAMINATION FEES are in addition to the general conditions MOMOKASH always in force in the context of this service, as well as special conditions to be concluded electronically through the short numbers *126# or any other code provided for this purpose between the subscriber of the product and the platform MOMOKASH. All these contractual documents constitute the General Terms of Use (GTU) or End User License Agreement (EULA) governing the terms of interaction between the service provider and its users, who must comply with them. Therefore, prior to any validation of these terms and conditions as well as the special conditions of the MOMOKASH PRET COSTS AND EXAMINATION COSTS service, the user declares that he/she has read and approved the MOMOKASH general conditions at the following URL address: https://www.credixcm.com/ or via his/her partner mobile phone operator.  

  • Purpose of the MOMOKASH service of School Fees and Examination Fees.

The MOMOKASH school fees and exam fees service is designed to help parents of students in public or private schools, who are holders of a MOMO account and who have financial difficulties in paying the school fees and/or exam fees of their children, by granting them, thanks to the EMFs of the MOMOKASH system, instant electronic loans, accessible and refundable via the short codes *126# or any other code provided for this purpose according to the conditions described below.

  • Concept of the MOMOKASH service School Fees and Examination Fees.

The MOMOKASH School and Exam Fees service is an emergency consumer loan service accessible via mobile phone by dialing *126# or any other code provided for this purpose. These consumer loans are stackable, accessible to natural persons of legal age and intended to pay the school fees and/or examination fees of a student regularly enrolled in a public or private school. The amount of the feasible credit loan is between 7500 and 60,000 FCFA maximum per borrower, granted in 6 tranches of 10,000 FCFA maximum each The duration of the MOMOKASH tuition and examination fees loan is 3 months, starting from the moment the electronic transfer by the lending MFE of the loan amount to the MOMO account of the beneficiary designated by the client in the client path is completed.

  • Subscription of the service
    1. Pre-registration for parents of private schools only

Parents of private schools interested in MOMOKASH loans for school fees and examination fees must be pre-selected by the head teachers of their children, on a form with the header of the school, in the form of an Excel table with the order number, the name and surname of the subscribing parent, his telephone number, the name and surname of the pupil, the class of the pupil and the signature of the subscribing parent. Heads of private schools pre-select parents eligible for the loan on the basis of the basic criteria provided by MOMOKASH’s financial partner MFEs through CREDIXCAM following the link https://www.credixcm.com/index.php/terms-and conditions/.    

  1. Subscription itself

All parents (public and private institutions) wishing to apply for MOMOKASH Tuition and Examination Fee Loans should call the service short code and follow the client pathway as defined in the attached.

  1. Subscription fees.

To benefit from a loan granted by the MOMOKASH service tuition and examination fees the parent will have to pay a non-refundable subscription fee of 1000XAF, payable by transfer from his MOMO account to the MOMOKASH platform account, via the service access code *126#. or any other code provided for this purpose. The underwriting fee is used to maintain the account to receive withdrawals for the amortization of the principal of the loan, the payment of interest and other charges.

  • MOMOKASH credit scoring tuition and examination fees and credit limits
    1. Case of public schools

In order to avoid having to process electronic loan requests received from users (parents) on the *126# portals or any other code provided for this purpose on a case-by-case basis, which would be tedious and impossible to process manually in view of the size of the requests that can be registered in a given time, The lending MFIs opt for a prior automated credit analysis which consists of recording in a credit rating sheet the factors that enable the CREDIX system, in collaboration with the partner Mobile Operator’s platform, to automatically assign ratings that determine the credit limits to be granted to the applicant.

  1. Case of private schools

Private schools are responsible for rating parents and setting their credit limits based on the pre-selection criteria provided to them by the partner MFEs through CREDIX. Consequently, the introduction of a defaulting parent in the form indicated in 3 a) engages the entire responsibility of the institution signing the said form, which is considered to be the guarantor of the persons preselected and listed.

  • Validation or refusal of a loan,

The validation or refusal of a loan is at the discretion and sovereignty of the lending MFI through the CREDIX platform. The loan is deemed to be granted to the borrower when, at the end of its dialogue with the client path, the MoMo account of the lending MFE is debited with the amount of the loan and transferred to the MoMo account of the beneficiary, which may be either the school or the State through its structure in charge of receiving the examination fees. The Customer acknowledges and agrees that his application for a mobile loan through the CREDIX system does not create any contractual relationship between the lending Microfinance Institution and him until the said loan is actually transferred to the beneficiary account of the loan (MoMo account of the educational institution or MoMo account of the school fees/state examination fees).

  • Interest rate or service charge applicable on the MOMOKASH loan tuition and examination fees.

In consideration of the MOMOKASH Tuition and Examination Fee loan service, the borrower agrees to pay monthly to the lending MFE a service fee equivalent to a monthly rate of 7.5% calculated on the principal amount of the loan. This rate is applied each month to the amount remaining to be repaid until the debt is completely exhausted. However, a borrower who pays off the loan before the end of the 15th ème  day of the loan will benefit from a reduced service charge calculated at a rate of only 5% on the principal. The MOMOKASH SERVICE FEES AND EXAMINATION FEES collected in the MME’s collection account at MMC as well as the penalties shall be allocated by the MME among all the actors of the system, namely MMC, CREDIX, the MME and, if applicable, the intermediaries in accordance with the related MOMOKASH allocation grid.

  • Other features of the MOMOKASH loan tuition and examination fees
  • The MOMOKASH school fees and exam fees loan is exclusively intended for the payment of school fees and/or exam fees; the borrower indicates in the client path the beneficiary of the loan which can be either the school’s Mobile Money collection account or the State’s collection account which is to receive the exam fees;
  • A borrower may only take loans for a maximum of two (2) students;

The customer who wishes to pay off his loan, dials the USSD code *126# or any other USSD code provided, selects the “pay off” option from the menu, and then follows the various steps displayed there to guide him. The loan is deemed to be transferable as soon as it is placed in the institution’s mobile money collection account or the state’s mobile money collection account where the tuition or examination fee was paid. Although the term of the loan is 3 months, the debt can be repaid in advance at any time the client (the parent) deems appropriate. The defaulting borrower hereby authorizes MMC that in case of insolvency established by the CREDIX system to debit his Mobile Money account to MMC in favor of the MoMo account of the MNE in order to repay his debt consisting of the principal loan plus service charges and if applicable penalties.

  • Authorization of the means of pressure by the School on the beneficiary student in case of non-repayment within the contractual terms of the mobile loan MOMOKASH LOAN SCHOOL AND EXAMINATION FEES

The borrowing parent, being aware of the means of recovery provided for in the MOMOKASH terms and conditions, hereby further authorizes the School of the child whose school fees or examination fees have been financed by this mechanism and whose repayments have not been made within the contractual period of three (3) months, to use all means of coercion customarily practiced by the School of the child to bring the insolvent parent to pay the debt. Private schools that do not apply these measures to a defaulting parent and his or her child are responsible for repaying the debt of the parent. The proof of the use of coercive means shall be borne by the school. 12- Roles of the parties.

  1. Credix

CREDIX is the carrier of the MOMOKASH technology platform through which partner MFEs grant loans to parents and which also allows the various actors in the system to instantly track their journeys and operations on the platform.

  1. MMC (MTN Mobile Money Cameroon)

MMC is the custodian of the MOMOKASH Tuition and Examination Fee loan delivery and collection system. All loan payments and refunds use MMC’s Mobile Money system.

  1. The School

c1) The Private School

  1. He or she is the ultimate beneficiary of the loan taken out by the parent or guardian of the student in his or her care;
  2. It is responsible for the eligibility of parents for the MOMOKASH loan service and examination fees;
  3. Therefore, he/she shall draw up, sign and transmit to CREDIX, the list of parents eligible for MOMOKASH school fees and examination fees loans;
  4. He establishes this slip by selecting the parents or guardians on the basis of the selection criteria provided by the lending MFIs through CREDIX.
  5. It undertakes to apply the above-mentioned means of coercion and/or any other legitimate means against pupils whose parents are in default;
  6. The institution is not allowed to receive any money as repayment of this loan;
  7. The Institution agrees to act as a guarantor of this loan and therefore agrees to take the place of the defaulting parent to repay the loan if the parent’s default persists for six (6) months after he/she has received the loan;

  Parents of students.

  1. The students’ parents or guardians are the ones who underwrite and apply for the MOMOKASH tuition and examination fee
  2. They validate their subscription by signing the form presented to them by the private institution, which attests that they agree with the terms and conditions of the MOMOKASH system
  3. The parents are legally responsible for repaying the loans they have taken out within the time limits indicated
  4. They therefore agree to pay the principal of the debt plus the interest generated in terms of the service charges described above.
  5. Failure of the parent to pay within the prescribed time limit gives the School the power to use the above-mentioned means of coercion against the student whose parent is in default until the debt is paid in full;
  6. If the default persists after the third month, the recovery costs incurred by the application of the December 21, 2019 law are chargeable to the parents or the defaulting Institution.

    Role of partner MFEs  

  1. These are financial institutions authorized by the COBAC to accept deposits, grant credits or make money transfers;
  2. As such, they are responsible for granting MOMOKASH tuition and examination fee loans and accepting repayments via the MOMOKASH Platform.

Terms and conditions