Terms and Conditions
Last updated: 29th March, 2023
Monypot User Agreement
This is a contract between you and Monypot Limited, a private limited company incorporated in Nigeria with company RC number 1888971 and whose registered office address is 63 Agboyi Road, Alapere, Ketu, Lagos
References in this Agreement to “Monypot”, “we”, “our” or “us”, are to Monypot Limited Payments and/or Monypot Kenya depending on the services being discussed, and references to “you” or “your” are to the person with whom Monypot enters into this Agreement.
By signing up to use an account through monypot.com or any of our associated websites, application programming interfaces (“APIs”), or mobile applications (collectively the “Site”), you agree that you have read, understood, and accept all of the terms and conditions contained in this Agreement, as well as our Privacy Policy.
We refer to the Services, Digital Currency Services and Additional Services (all defined below) collectively as the “Monypot Services”, which can be accessed via the platform operated by Monypot (the “Monypot Platform”) (including the online platform which is accessible via the Site or at such location as may be prescribed by Monypot from time to time).
*You should be aware that the risk of loss in trading or holding Digital Currencies can be substantial. As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money borrowing and sending digital currencies. Digital Currencies are not legal tender in Nigeria and as such no protection exists for you in the event that Monypot faces financial difficulties. You should carefully consider whether borrowing or sending Digital Currencies is suitable for you in light of your financial condition.*
1. Eligibility
To be eligible to use any of the Monypot Services, you must be at least 18 years old and reside in a country in which the relevant Monypot Services are accessible. Please note that not all Monypot Services are available only in Nigeria.
2. Loan Application
The Borrower must provide all necessary documentation and information requested by the Lender during the loan application process. The Lender reserves the right to deny the loan application at its sole discretion.
3. Loan Approval
The Lender reserves the right to approve or deny any loan application, and to determine the amount of the loan, the repayment terms, and any other conditions of the loan. The Borrower acknowledges that the loan approval process may involve a credit check and other inquiries by the Lender.
4. Repayment
The Borrower agrees to repay the loan according to the repayment schedule agreed upon with the Lender. If the Borrower fails to make a payment on time, the Lender may charge a late fee or take other actions as allowed by law to collect the payment. The Borrower also agrees to pay any costs or fees associated with the loan, including but not limited to origination fees, prepayment penalties, and legal fees.
5. Default
If the Borrower fails to make payments on time or otherwise defaults on the loan, the Lender may take any action allowed by law to collect the debt, including but not limited to reporting the default to credit bureaus, referring the debt to collection agencies or attorneys, or filing a lawsuit to recover the debt. The Borrower also agrees to pay any costs or fees associated with collection efforts, including but not limited to collection agency fees, attorney fees, and court costs.
6. Interest Rates and Fees
The Borrower agrees to pay interest on the loan at the rate agreed upon with the Lender. The Lender may charge other fees as allowed by law, including but not limited to origination fees, application fees, and prepayment penalties.
7. Use of Funds
The Borrower agrees to use the loan funds for the purposes described in the loan application, and not for any illegal or unauthorized purposes. The Borrower acknowledges that the Lender may require proof of how the loan funds are used.
8. Changes to Terms and Conditions
The Lender reserves the right to change the terms and conditions of this Agreement at any time by providing notice to the Borrower. The Borrower may terminate the loan agreement if they do not agree with the changes.
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Nigeria. Any legal action arising from this Agreement shall be brought in the courts of Nigeria.
10. Entire Agreement
This Agreement constitutes the entire agreement between the Borrower and the Lender regarding the loan, and supersedes all prior negotiations, representations, and agreements between the parties.
By accepting this Agreement, the Borrower acknowledges that they have read and understood all of its terms and conditions, and agrees to be bound by them.
11. Loan Application Cash and Cryptocurrency
11.1 Agreement.
Before you apply for a loan on the Monypot Mobile Application or Monypot Services, you agree to the terms and conditions of the loan details and the repayment terms, as seen section 13.4 of this agreement.
11.2 Personal Loan Application
To apply for a loan, you agree to connect your Cryptocurrency wallet address to the Monypot Account, on the Monypot Mobile Application or Monypot Services. Monypot Limited will only verify the Cryptocurrency wallet address to make sure that:
(i) The connected wallet is a valid, exists and functional
(ii) The connected wallet has enough value before you can apply for a loan
(iii) The connected wallet has enough value that can be used a collateral for your loan.
You agree to send the Cryptocurrency equivalent value of the naira you want to borrow to the wallet address provided to you by Monypot Limited, so that MonypotLimited can hold this as collateral for your loan. Your Cryptocurrency assets will be kept safe during the tenure or duration of your existing loan.
Monypot will never debit or transfer any of your Cryptocurrency assets from your any Cryptocurrency wallet you have connected with the Monypot Mobile Application or Monypot Services.
11.3 Loan Repayment
With Monypot Limited, the Minimum and maximum period for repayment is within 3 Months minimum to 12 Months maximum. All our customers can easily repay outstanding loans+interest within this duration. In the event that you want to repay either or all of the loans (principal and interest) available your Monypot Account, you agree to provide a bank account and bank debit card details where Monypot will debit the repayment amount from.
11.4 Loan Default
In the event that you default on repayment of either one or all of your existing loan(s), Monypot agrees to give you a 2 days payable duration (grace period) to reconcile and repay your pending loan (principal and interest). If after the grace period stated above, you still do not or show any form repayment, you agree, allow and authorise Monypot to withhold, acquire your Cryptocurrency collateral assets as its own in place of your defaulted loan.
Monypot will not return an already withheld or acquired Cryptocurrency assets after which the loan duration has elapsed more than the grace period stated in section 13.4 of this agreement
11.5 Loan Maximum Annual Percentage Rate (APR)
Maximum Annual Percentage Rate (APR):
Monypot personal loans ranges from ₦50,000 to ₦4,000,000
Repayment periods from 61 days to 18 months
APR from 1.67% to 20% per annum
Examples of Monypot Loan
A customer will be required to payback the existing loan plus the loan interest for the month the customer is paying for e.g
Loan Principal + Loan Interest = Loan Repayment
11.6 Cryptocurrency Repayment
Monypot agrees to release, resend back your Cryptocurrency assets which you must have used as a collateral for any form of loan on the Monypot Services, only after you have successfully repaid all existing loans (principal and interest).