OFFER LETTER

Date: 03-06-2024
Loan ID: 31714616
Renmoney Customer Account: 3598109475
Name of Customer: Benjamen Ayooluwa Atanda
Address of Customer: No 33,Adisa street alapere ketu lagos,Kosofe,Lagos
Purpose of Loan:

Dear Benjamen Ayooluwa Atanda ,

We’re pleased to offer you a Personal Loan. Here’s the summary of your loan offer.

Loan Amount: NGN 850,000.00

Loan Tenor: 12 Months
Management Fee: 1%
Repayment Frequency: Monthly
First Repayment Date: 01-07-2024
Final Repayment Date: 29-05-2025
Monthly Repayment Amount: NGN 112,382.03

Please review the Terms and Conditions below and sign the last page of this
document

Parties involved:

Renmoney Microfinance Bank Limited (Renmoney, we, us, the lender,

our); and
Benjamen Ayooluwa Atanda (you, your, the borrower).
General Terms

1. You agree to take this loan subject to the terms and conditions contained in this letter
(“Offer Letter”).
2. The conditions precedent to the drawdown of the loan are as follows (i) signing of
this loan offer letter, (ii) satisfactory completion of repayment instrument, and (iii)
provision of tokenizable debit card covering loan tenor.
3. You agree to repay the principal loan amount plus the full applicable interest (the
“Repayment Amount”), as reflected in the repayment schedule (“Repayment
Schedule”) which is provided in the Key Fact Statement ("KFS”) below, as well as
any other fees which you may be required to pay under the provisions of this Offer
Letter.
4. You agree to pay a management fee of one percent (1%) of your principal loan
amount and the applicable value-added tax. This fee covers the expense incurred by
Renmoney for processing and appraising your loan application and maintaining your
loan account. This will be deducted from your first repayment as reflected in the
Repayment Schedule.
5. By accepting this Offer Letter, you agree that a digital account will be created for
you (“Renmoney Account”) through which you may conduct transactions such as
early liquidation of your loan or for initiation of repayments. Details of this account
will be communicated to you following your acceptance of this loan offer.
6. We reserve the right to change the terms and conditions of this loan, including terms
on the interest rate, fees, and charges, at any time during the tenure of the loan. Such
variation will become effective upon notice to you by any means we consider
reasonable in the circumstance. If, however, we change the rate of interest payable on
the loan, you shall be duly notified at least ten (10) days before the implementation
of such change.
7. You are allowed forty-eight (48) hours to review this Offer Letter (“Review Period”)
and you may cancel your loan within three (3) working days after signing this Offer
Letter (“Cooling Off Period”).
8. You shall send all communications or complaints regarding this loan to us via
telephone on 070 5000 500, via e-mail at [email protected] or in person at any
 of our branches. If and where necessary, you may direct complaints to the Consumer
Protection Department of the Central Bank of Nigeria by writing to the Director,
Consumer Protection Department, CBN, Abuja or by sending an email to:
[email protected]. Renmoney Microfinance Bank is a company duly licensed and
regulated by the Central Bank of Nigeria.
9. Any notice from us to you shall be deemed to have been sufficiently given if sent by
electronic mail, via your account officer, delivered by hand, sent by courier service,
or registered mail to an address provided by you to us in writing.
10. This Offer Letter is governed by the laws of the Federal Republic of Nigeria and the
courts of the Federal Republic of Nigeria have jurisdiction in respect of any matter
arising from it.

Disbursement, Interest and Repayment

11. Your loan amount will be paid into your primary bank account (“Disbursement
Account”) upon successful application and qualification for disbursement.

12. You may be charged an Electronic Money Transfer Levy (“EMTL”) of NGN 50 on
disbursements into your Disbursement Account.

13. The monthly flat interest rate for this Loan is 4.89 % and is calculated by dividing the
total interest of NGN 498,584.28 by the loan amount of NGN 850,000.00 and by the term
of 12 months. The flat interest rate for this loan has an equivalent reducing balance interest
rate of 7.93 % which is charged on the balance outstanding at every Repayment Date.
What this means is that each Repayment is comprised of principal and interest payment
components, and as such, with each Repayment, your total principal outstanding reduces,
leading to a reduction in the interest amount on each subsequent Repayment, since interest
is calculated on the outstanding principal. Taking the reducing balance interest rate stated
above into consideration, the total interest you will pay is NGN 498,584.28. Adding this to
the loan amount of NGN 850,000.00, the total payable amount is NGN 1,357,721.78.

14. You agree to make periodic repayments of agreed amounts in respect of the loan
(“Repayments”) at the intervals and on the dates (“Repayment Dates”) captured in the
Repayment Schedule. If a Repayment falls due on a non-business day, the Repayment may
be made on the next business day.

15. Your Repayments shall be as communicated in the Repayment Schedule but may
periodically change where your loan account incurs any fees and/or charges. Such fees
may include late payment fees or restructuring fees and will be charged on your account
and calculated as part of your periodic Repayments. Details of any additions to your base
Repayments as communicated in the Repayment Schedule shall be communicated in your
loan account statement.

16. You agree that you have a continuing obligation to pay the Repayment Amount and
any other sums which may become payable under the terms of this Offer Letter and that we
shall always have recourse against you for outstanding amounts where you default on any
payments, including payments of fees, which may become payable under or in connection
to this Offer Letter.

17. You agree that you shall not request that we approach any third party in the event of
your default on any due and outstanding amounts, notwithstanding anything else contained
in this Offer Letter or any agreement between you and any third party.

18. You agree to provide us with a properly funded bank account held with a Nigerian
Bank in which you regularly receive your salary (your “Account”) which shall be linked to
your loan. You further agree that a debit mandate will be set up on your Account and a
repayment instrument created to this effect, to enable automatic deduction of Repayments
from your Accounts (“Automated Repayment”).

19. You may choose any provider among Paystack, Remita and MBS Direct Debit for your
Automated Repayments. You agree to bear the transactional cost for setting up the
repayment instrument on your Account by any of the providers you choose.

20. Where you choose Paystack or MBS Direct Debit as your payment provider, your debit
mandate shall cover the periodic Repayments, the provider’s applicable processing fees,
and any default interest incurred on your loan, where applicable. Where you choose Remita
Direct Debit, your repayment mandate shall cover the periodic Repayments and the
applicable processing fees. A ten percent (10%) buffer will be included on your debit
mandate to cover any default interest where they arise.
21. You hereby instruct us to debit your Account through the repayment instrument and
where your Account is unfunded or the debit is otherwise denied, your Renmoney Account
to satisfy any and all outstanding Repayments. The Automated Repayments shall only
pertain to due and outstanding Repayments, although Repayments may be calculated to
include other fees such as accrued penalties.

22. You agree that Repayments may be deducted in several portions or fractions from your
Account, depending on the funds available in your Account and both accounts may be
separately debited where necessary to satisfy outstanding Repayments under this Offer
Letter.

23. You may also initiate payments manually at any point during your loan, in respect of
any Repayment. You can do this by using tokenized cards on your Renmoney web or app
account, by direct transfer to Renmoney’s designated account number, or by paying the
intended amount into your Renmoney Account and instructing us to deduct the amount to
offset any Repayment (“Manual Payment Methods”). Evidence of such payment should be
communicated to us, within twenty-four (24) hours following payment, via email
at [email protected]. Please note that such payments into Renmoney’s designated
account or your Renmoney Account may be subject to a charge of NGN 50 as an EMTL.

To make a repayment, please pay using your Renmoney account:

Account Name Account Number Loan ID

Benjamen Ayooluwa Atanda 3598109475 31714616

Remember to quote the above-stated Loan ID in all payments and communications to help
us match your repayments and/or requests in respect of your loan.

Early Liquidation, Early Payments and Repayment Method

24. You may terminate this Offer Letter and fully liquidate the loan at any time before the
final Repayment Date (as set out in the Repayment Schedule), by paying the Repayment
Amount, together with any other fees or charges due and payable on the date of such early
liquidation, using any of the Manual Payment Methods stated above. Evidence of such
payment should be communicated to us, within twenty-four (24) hours following payment,
via email at [email protected].

25. Where you fully liquidate the loan within seventy-two (72) hours of disbursement, you
shall repay only the principal amount and management fee without any interest. However,
where you make early repayment any time after seventy-two (72) hours of disbursement,
you shall repay the principal amount, management fee as well as any other interest or fees
already due and payable under the terms of this Offer Letter.

26. You may make early payment in respect of any Repayment which is not yet due, or
which is to become due, by using the repayment option provided through your Renmoney
Account via our web and mobile applications. Such payment shall be reconciled against
your loan account. You may be debited of any outstanding amounts on the Repayment
when the Repayment becomes due and payable. Where you make excess payment, you
may contact us and request an account reconciliation, following which we may either
refund any excess paid or apply the excess to your next Repayment.

27. You agree that we may, subject to reasonable prior notification, deduct Repayments
due to us from your Accounts before the relevant Repayment Date as provided in the
Repayment Schedule in certain circumstances and as necessary.

Late Payment and Delinquency

28. Should you fail to make any Repayment that falls due in line with the Repayment
Schedule, we will charge a late payment fee of one percent (1%) per month which shall be
chargeable daily on the due and outstanding amount for as long as the default continues
(“Late Payment Fee”). The Late Payment Fee shall be charged separately from the
ordinary interest on the loan. We shall start applying the Late Payment Fee to your
outstanding Repayment, seven (7) days from the date on which you were due to make the
relevant Repayment.

29. You agree that in the event of default, Renmoney shall, without notice to you, deduct
the loan amount (principal and interest including all fees and other monies then accrued or
due under this Offer Letter) from your savings, deposits or other monies domiciled with
Renmoney, in satisfaction of such outstanding liabilities towards Renmoney, whether such
liabilities be actual, contingent, primary, collateral, several or joint.

30. Renmoney shall have a first charge over such monies, proceeds or payments received
for your benefit over any other creditor or claimants. This is in addition to, and without
prejudice to any financial assets that you may now or hereafter hold.

31. If you fail to fully repay the loan as agreed, the loan will become delinquent, and we
shall have the right to report the delinquent loan to the Central Bank of Nigeria (“CBN”)
through the Credit Risk Management Systems (“CRMS”) or by any other means, and
request the CBN to exercise its regulatory power to direct all banks and other financial
institutions under its regulatory purview to set-off your indebtedness from any money
standing to your credit in any bank account and from any other financial assets which they
hold for your benefit. We may also exercise any other rights which we have in respect of
default and/or delinquency under this Offer Letter.

Representations and Warranties

You represent and warrant that:

32. Upon disbursement of the loan amount to you at any time after the execution of this
Offer Letter you agree to waive the Cooling Off Period and you agree that your
commitment to repay the loan shall become thereon fully effective.

33. You have the right and legal capacity to accept this loan and have taken all necessary
actions to give effect to this loan on the terms and conditions contained in this Offer Letter.

34. You are not under any agreement or obligation on any other loan, borrowing or other
engagement, in respect of which your acceptance of this loan will be or will result in a
breach or default.

35. The information given to us verbally, via email or other electronic medium or in other
forms of writing as well as documents submitted in support of the loan application are true,
accurate and complete. You are solely responsible for the correctness of such information,
and we shall have no obligation to verify the authenticity of any documentation provided
by you. We accept no liability for consequences arising out of any erroneous, incorrect, or
incomplete information supplied by you. If you suspect that there is an error in the
information you have provided to us, you will advise us without delay. We will make our
best effort to correct the error where possible, but we shall have no liability arising from it.

36. You will complete your repayment instrument(s) (e.g., direct debit mandate or debit
card) with true, accurate, up-to-date and complete personal information and execute the
instrument before submitting it to us.

37. If your personal information, including your phone number and address, changes, you
will inform us of such change. Under no circumstance will we be liable for any loss,
expense, damage or consequence of any kind incurred by you, due to non-compliance with
this requirement.

38. You agree to immediately notify Renmoney of any changes to your salary payment
date or changes to your employment details. The repayment schedule shall be subject to
change in line with changes to your salary payment date.

Events of Default

39. The following events shall cause all outstanding amounts under this loan to become
immediately due and payable: (i) where you fail to repay all or any part of the sums due on
the relevant Repayment Dates; (ii) where fraud is detected to have been committed by you
or in connection with your loan application at any time during the lifespan of the loan; (iii)
where a situation arises, which in our opinion makes it inappropriate or unreasonable to
continue to extend the loan to you; (iv) where you breach any of the terms and conditions
of the loan including any representation or confirmation given by you in this Offer Letter;
(v) where you default in the performance of any other obligation under this Offer Letter
and such default continues unremedied after five (5) days’ notice given to you; (vi) where a
bankruptcy petition is filed against you or where you are unable to pay any other party
within the meaning of Section 1 of the Bankruptcy Act (CAP B2) Laws of the Federation
of Nigeria 2004
Our Rights Upon Default

If an event of default occurs at any time, we shall have the right to exercise any one or
more of the following remedies:

40. Declare any and/or all outstanding obligations to be immediately due and payable by
you.

41. Enforce the set-off provision as stated in clause 31 above to withdraw from and off-set
the Repayment Amount from any money standing to your credit in any bank account and
from other financial assets held by you with any financial institution.

42. In any case, we reserve the right to undertake necessary recovery procedures,
including, but not limited to internal recovery procedures or external recovery procedures,
which we may deploy on a graduated basis (i.e., we may employ internal recovery
procedures, failing which, we shall have the right to employ external recovery agents to
recover the outstanding principal amount and accrued interest from you).

43. At our discretion and upon your request in the event of default, we may agree to
restructure your loan to aid repayment. Where you opt for a restructuring of your loan, you
shall be charged a restructuring fee of 0.50% of the outstanding Repayment Amount.

44. In addition to and notwithstanding clause 41 above, where you default in respect of any
payment under this Offer Letter, you hereby expressly and unequivocally (i) instruct us to
initiate a global standing instruction to recover outstanding amounts from any/all accounts
which you maintain with any Participating Financial Institution of the CBN Global
Standing Instruction system (“GSI Mandate”), and (ii) agree that we shall have the right to
trigger such GSI Mandate and instruct the relevant Banks/Participating Financial
Institutions to initiate a balance enquiry into any accounts maintained by you and linked to
your BVN and to recover the outstanding principal amount and accrued interest from
any/all such accounts.

Data Protection, Assignment and Disclosure of Information

45. Renmoney needs to process your personal data in order to provide the loan and carry
out its obligations under this Offer Letter. You hereby consent to all processing of your
personal data in connection with this loan, including but not limited to data processing for
specific purposes in furtherance of the loan.

46. Unless otherwise agreed in this Offer Letter or permitted under law, your confidential
information (including your personal data) shall not be disclosed to a third party.

47. You authorize us to disclose any information (including your personal data) or
documentation relating to the loan, where necessary to give effect to the terms of the loan,
to third parties including the payment provider which you choose for your repayments,
credit reference agencies, collections and recovery agents, law enforcement agencies
(including but not limited to the Economic and Financial Crimes Commission and the
Special Fraud Unit of the Nigeria Police Force) and where you are in salaried employment,
your employers. We shall make such disclosures in compliance with applicable laws and
regulations.

48. You hereby waive any right of confidentiality whether arising under common law or
statute or in any other manner whatsoever and irrevocably agree that you shall not argue to
the contrary before any court of law, tribunal administrative authority or any other body
acting in any judicial or quasi-judicial capacity.

49. You consent irrevocably to any future sale, transfer and assignment of all or any part of
the loan by us to any third party without any notification to you, whether as part of a loan
transfer scheme or otherwise.

Dispute Resolution

50. You agree that any dispute which shall arise concerning this loan, including but not
limited to disputes concerning interest rates, charges and/or fees payable on the loan, shall
first be referred to Renmoney’s Internal Dispute Resolution (“IDR”) channel which will
engage in goodwill negotiations to resolve such dispute. Where the IDR channel is unable
to settle the dispute, such dispute shall be settled by a single Arbitrator jointly appointed by
you and Renmoney, in line with the Arbitration and Mediation Act, 2023.
Yours faithfully,

For: Renmoney Microfinance Bank Limited

Head, Legal & Compliance Chief Operating Officer

LOAN KEY FACTS STATEMENT

This Key Facts Statement (KFS) summarizes key information about this loan which we are
providing to you and may be used for comparison purposes between our different loan
offers and between our offer and that of other credit providers.

1. Basic Loan Information

Loan Amount: NGN 850,000.00
Tenor: 12 Months
Flat Interest Rate (Monthly): 4.89 %
Collateral: N/A
Fees: NGN 9,137.50
Value-Added Tax: NGN 637.50
Variable Rate Information: Not applicable

2. Summary Of Total Cost of Loan

The total amount you will pay back will be NGN 1,357,721.78

This means you will pay back a total interest amount of NGN 498,584.28
This means you will pay back NGN 1,357,721.78 for every NGN 850,000.00 borrowed

3. Additional Specific Information About Your Loan

NGN
1. Loan Received from Renmoney
850,000.00
NGN
2. Total Disbursement Amount (total amount disbursed to customer)
850,000.00
NGN
3. Total Interest Charges (total interests you would pay on the loan)
498,584.28
Total Fees and Charges (total of management fee and any other fees, charges and
4. NGN 9,137.50
taxes you will pay throughout the loan)
NGN
5. Total Cost of Loan (total of all interest and fees/charges in respect of the loan)
507,721.78

4. Loan Repayment Schedule

Date Principal Interest Fees Payment Due Balance
2024-07- NGN NGN
1 NGN 44,977.03 NGN 67,405.00 NGN 121,519.53
01 9,137.50 805,022.97
2024-07- NGN
2 NGN 48,543.71 NGN 63,838.32 NGN 0.00 NGN 112,382.03
29 756,479.26
2024-08- NGN
3 NGN 52,393.22 NGN 59,988.81 NGN 0.00 NGN 112,382.03
29 704,086.04
2024-09- NGN
4 NGN 56,548.01 NGN 55,834.02 NGN 0.00 NGN 112,382.03
30 647,538.03
2024-10- NGN
5 NGN 61,032.26 NGN 51,349.77 NGN 0.00 NGN 112,382.03
29 586,505.77
2024-11- NGN
6 NGN 65,872.12 NGN 46,509.91 NGN 0.00 NGN 112,382.03
29 520,633.65
2024-12- NGN
7 NGN 71,095.78 NGN 41,286.25 NGN 0.00 NGN 112,382.03
23 449,537.87
8 2025-01- NGN 76,733.68 NGN 35,648.35 NGN 0.00 NGN 112,382.03 NGN
 29 372,804.19
2025-03- NGN
9 NGN 82,818.66 NGN 29,563.37 NGN 0.00 NGN 112,382.03
03 289,985.53
2025-03- NGN
10 NGN 89,386.18 NGN 22,995.85 NGN 0.00 NGN 112,382.03
31 200,599.35
2025-04- NGN
11 NGN 96,474.50 NGN 15,907.53 NGN 0.00 NGN 112,382.03
29 104,124.85
2025-05- NGN
12 NGN 8,257.10 NGN 0.00 NGN 112,381.95 NGN -0.00
29 104,124.85
NGN NGN NGN NGN
Totals
850,000.00 498,584.28 9,137.50 1,357,721.78

Total Number of Repayments: 12

*Please note that the amounts stated above for each repayment only includes the principal
and interest and does not include fees or charges which are dependent on events that may
occur (for example, late payment fees or restructuring fees).

5. Additional Information

Copyright © Renmoney Microfinance Bank Limited