Account Legal Terms

CedisPay Legal Terms and Conditions

Thank you for choosing CedisPay as your financial institution. Please note the following important information about your CedisPay Account and your relationship with CedisPay. If you have any questions, please contact us at +233 (0) 595 741 614.

  • Anti-Money Laundering Identity Verification In compliance with Anti-Money Laundering legislation, we may verify your identity as required by law. You agree to provide any necessary documentation for this purpose. Until your identity verification is complete, your Account cannot be opened, and you will not be entitled to any interest or other benefits derived from the Account. You agree to our use of credit bureaus, credit reporting agencies, or similar third parties to verify the information you provide, and you agree to provide any records that may be required to open and maintain your Account, including your occupation, employer’s name, and any other information necessary under applicable law.
  • Account Statement Although we may not be required to provide you with an Account statement, we may do so by mail or electronically. If you receive an Account statement, it will be sent to the primary Account holder’s last known address or other means of delivery, and you must ensure that your contact information is up to date.
  • Verification of Transactions You are responsible for reviewing your Account activities and transactions, including any fees charged, at least once every 30 days. You must ensure that all Account activities were properly recorded, authorized, and free of omissions. You may review your Account activities by telephone, online, through Mobile Banking, or by reviewing your Account statements.
  • Electronic Communication Any electronic communication received from you or in your name will be considered duly authorized by you. You agree to waive any right to object to the introduction of any copy of electronic communications as evidence in any legal, administrative, or other proceedings.
  • Privacy Principles By applying to open an Account, you consent to the collection, use, and disclosure of your personal information in accordance with the CedisPay Privacy Code. The Privacy Code is part of these Personal Account Terms and Conditions, and your agreement to these terms indicates that you accept the terms of the CedisPay Privacy Code, See here.
  • Right of Set-Off We reserve the right to use all the money in your Account(s) to pay any debts or obligations you owe us in the same or other currencies. You agree to allow us to use some or all of the money in your Account to buy any currencies necessary to pay debts you owe us.
  • Electronic Notices to Client We may send you notifications, alerts, and other communications electronically, including email, online messages, and Mobile Banking app. These communications may include alerts related to card suspension, identity theft, and other fraud or security-related activities. We may also send you notifications for legal disclosures and changes to these Terms and Conditions.
  • Changes to this Agreement We may change these Account Terms at any time, and we will provide you with notice of the changes at least 30 days before they take effect. We will notify you through our statements, letters, or other communication channels.

Definition of Default:

CEDISPAY considers a borrower to be in default if they have missed payments for 30 consecutive days or more for monthly payments or 7 consecutive days or more for weekly payments. CEDISPAY's policy on default means that if a borrower misses a payment for 30 days or more (for monthly payments) or 7 days or more (for weekly payments), they will be considered in default. This means that the borrower has failed to meet their repayment obligations on the loan. For example, if a borrower has a monthly loan repayment due on the 1st of every month, and they miss the payment due on January 1st and do not make any payments for the next 30 days, they will be considered in default. Similarly, if a borrower has a weekly loan repayment due on Monday of every week, and they miss the payment due on Monday and do not make any payments for the next 7 days, they will also be considered in default. When a borrower is in default, CEDISPAY will take appropriate action to recover the outstanding amount. This may include sending reminders to the borrower to make payments, charging additional fees and penalties, and taking legal action if necessary. Therefore, it is important for borrowers to make timely payments to avoid default and any additional charges that may be incurred.

Loan Default and Remediation: Upholding Our Commitment to Responsible Lending

At CedisPay, we are dedicated to fostering a transparent and responsible lending environment that safeguards the interests of all stakeholders. We understand that unforeseen circumstances may arise, leading to loan default. In such instances, we have established a comprehensive framework to address defaults while ensuring fairness and adherence to regulatory standards.

Our Approach to Loan Default:

Should a borrower find themselves unable to fulfill their loan obligations, CedisPay is committed to taking appropriate and measured actions to recover the outstanding amount. Our approach centers on proactive communication, additional charges as stipulated by our terms, and, in severe cases, legal recourse.

Reminders and Communication:

CedisPay believes in open communication. Upon default, our initial step involves sending reminders to the borrower, urging them to fulfill their payment responsibilities. These reminders serve as a means to facilitate an understanding of the situation and encourage cooperation in resolving the outstanding amount.

Additional Fees and Penalties:

To maintain the integrity of our lending ecosystem, CedisPay may apply additional fees and penalties in line with our terms and conditions. These charges are designed to reflect the costs incurred due to the default and underscore the importance of timely repayment.

Legal Action as a Last Resort:

While our goal is to collaborate with borrowers to find equitable solutions, we may, when necessary, resort to legal action. This step is only taken after thorough assessment and in strict adherence to applicable laws and regulations.

Business Loan Security:

The Borrower hypothecates present and future stock of their business as security for this loan. In the event of default, the stock shall be sold in accordance with the laws of Ghana to offset any outstanding amounts on this loan facility. Furthermore, the asset described (ie: Business Inventory and Shop) serves as additional security for the repayment of this loan and shall be duly registered with the collateral registry or the relevant statutory body. The associated registration costs shall be the responsibility of the Borrower.

Late Payment or Penalty Rate:

If your payment is delayed beyond one payment cycle (which is 7 days for weekly payment cycles and 30 days for monthly payment cycles), a penalty will be applied. The penalty consists of 10% per annum of the prevailing interest rate, calculated on the amount that is overdue, not on the entire outstanding balance.


CedisPay loans are offered at a fixed interest rate and are not structured as reducing balance loans. If you choose to repay your loan before the scheduled term ends, you will not incur any penalty fees. Instead, you will be required to settle your outstanding balance, including the total interest calculated for the original loan duration.

Collateral Liquidation Fee:

In the event of a default, you shall be liable to pay, in addition to the penal rate amount as specified in this agreement, a fee equal to a minimum of 2% of the outstanding loan amount, plus the penal rate amount. This fee is imposed to cover a portion of the costs associated with the liquidation of the collateral, which may be required to satisfy the outstanding loan obligation. The fee shall be paid to the pension trustee or the holder of the collateral as part of the liquidation process. By signing this agreement, you acknowledge and accept this additional fee in the event of default.

Repossession and Recovery:

In instances of non-payment, CedisPay reserves the right to exercise legal options, which will include informing your contacts including your Human Resource Manager , next of kin and contacts on your mobile money and bank statements accounts, repossession of the business shop, securing it with a lock. While this is a measure we approach with careful consideration, it may be necessary to ensure the recovery of the outstanding amount.

Clause - Legal Fees and Alternative Dispute Resolution (ADR) Fees:

In the event of default and upon issuance of a demand letter or initiation of legal proceedings, the Borrower shall be liable for any and all legal fees, costs, and expenses incurred by CedisPay in its efforts to recover the outstanding loan amount. This includes, but is not limited to, attorney fees, court costs, and fees associated with Alternative Dispute Resolution (ADR) mechanisms, should they be utilized to resolve the debt matter. Additionally, a 3% administrative fee will be added to the outstanding loan amount to cover administrative costs associated with the recovery process. The Borrower acknowledges and agrees that these fees and costs are an integral part of the debt recovery process and shall be borne by the Borrower, in addition to the outstanding loan principal and any accrued interest and penal rate.

Default and Collections Procedures for CedisPay Loan Agreement in Case of Automated Payment Failures:

In the event of consecutive payment failures persisting beyond the initial two automated mobile money deductions or standing order payments, CedisPay reserves the right to initiate collections procedures. These procedures may include, but are not limited to, contacting the customer for resolution, pursuing legal remedies, or engaging with third-party collection agencies. Consecutive payment failures as described above shall constitute a default under the terms of this agreement, and in such an event, the borrower shall be obligated to immediately repay the full outstanding loan amount, including accrued interest and any associated fees, as specified in this agreement. It is imperative for the borrower to promptly address any payment issues to prevent further action in accordance with the terms and conditions of this loan agreement.

Administrative Fee for Default:

In the event of a default on any loan repayment obligation by the Borrower, the Borrower shall be liable to pay an administrative fee equal to three percent (3%) of the outstanding loan balance at the time of default. This administrative fee is in addition to any other costs, charges, or fees associated with the default, as specified in this Agreement.

Transparent Disclosure and Accountability:

We are committed to upholding transparency and accountability in our processes. In cases where legal action becomes the course of action, CedisPay may inform relevant contacts associated with the borrower, publish the details in newspapers, or engage reputable collection agencies.

Your Agreement, Our Shared Understanding:

By entering into a loan agreement with CedisPay, you acknowledge and consent to the actions ( which includes informing your contacts including your Human Resource Manager , next of kin and contacts on your mobile money and bank statements accounts, repossession of the business shop, securing it with a lock) . outlined in this communication. Our commitment to responsible lending remains unwavering, and these actions are aligned with our dedication to preserving the integrity of our lending ecosystem.

Supporting Financial Recovery:

CedisPay understands that financial challenges can be complex and multifaceted. Our ultimate aim is to work collaboratively with borrowers, providing support and exploring viable solutions that enable financial recovery and a pathway towards fulfilling their obligations.

Support for Borrowers Struggling to Make Payments:

CEDISPAY understands that borrowers may experience financial difficulties that make it difficult to make payments on time. To support such borrowers, they encourage them to reach out to their customer service team to discuss their options.

Social Media Activity, Digital Footprints, and Phone Data with CedisPay

I hereby provide my consent to CedisPay to access my social media activity, digital footprints, and phone data for the purpose of assessing my creditworthiness and eligibility for a loan. I understand that this information will be used solely for this purpose and will be kept confidential by CedisPay. I understand that CedisPay may access and analyze the following data:

  • Social media activity, including posts, comments, and messages
  • Digital footprints, including browsing history, search history, and online behavior
  • Phone data, including call logs, SMS history, and contacts

I acknowledge that CedisPay may use this information to perform a credit check and assess my creditworthiness. I understand that the information gathered may be used to determine my eligibility for a loan, and to personalize and improve the loan products and services offered by CedisPay.

I agree that CedisPay may share this information with third parties as necessary to provide the loan products and services, and to comply with applicable laws and regulations. I acknowledge that I have the right to withdraw my consent at any time by contacting CedisPay.

At CedisPay, we are committed to providing access to financial services to people who are financially excluded from the traditional banking system. We use financial technologies to offer cheap and low-cost products/services at a faster speed, enabling you to take control of your financial wellbeing and realize your financial goals.

Release and indemnity, fax and email transmissions

I hereby have requested CedisPay to act on written instructions transmitted by me through facsimile or email, and whereas CedisPay has confirmed its readiness to act on such instructions that appear to originate from me, I hereby provide a release and indemnity to CedisPay in the following form. Now, therefore, I hereby acknowledge and agree to the following terms and conditions:

  1. I acknowledge that it may not be practical for CedisPay to authenticate all fax or email messages that purport to come from me.
  2. I agree that all faxed or emailed instructions, mandates, consents, commitments, and similar documents that purport to come from me shall be considered as given by me in the form actually received by CedisPay, even if the message differs from the one, I intended to send due to equipment malfunction, communication distortion, or other reasons, and I shall be bound by such instructions.
  3. I waive any rights I may have or acquire against CedisPay arising from losses or damages, including issues related to notice of lost or cancelled foreign drafts and cheques, which I may suffer because CedisPay acted on purported faxed or emailed instructions, and I agree to indemnify CedisPay against any claims, demands, or actions made against it or losses or damages suffered by it as a result of acting on such instructions.
  4. I agree that, with respect to purported faxed or emailed instructions for payment by cheque, draft, mail or telegraphic transfer for the benefit of third parties, the purchase or sale of any anything, or the transfer of money, same-day value may only be given if the message is received by CedisPay a reasonable time before the close of its business to the public.
  5. I agree that CedisPay shall not be liable for any errors or delays in transmissions, misinterpretation on receipt, or any loss or damage resulting from any cause as a result of CedisPay allowing this agreement, excluding losses arising from the proven unlawful or fraudulent acts of CedisPay's employees.
  6. I agree to implement and adhere to any procedures or restrictions imposed by CedisPay from time to time regarding the sending of faxed or emailed instructions.
  7. I agree that this release and indemnity will not be affected by any failure by CedisPay to impose any or sufficient procedures or restrictions, or to ensure that any or all of them are adhered to.
  8. I agree that CedisPay will not be obliged to act on any purported faxed or emailed instructions and may at any time, on written notice sent to me, withdraw from the arrangements envisaged in this document.
  9. I agree to send the original copy of any such written instruction or confirmation of fax or email, clearly marked "confirmation" of fax/email, dated within at least 21 working days following the transmission.

Accuracy of Information

I hereby apply for a Loan with CedisPay. I understand that the information given herein and the documents supplied are the basis for the loan application, and I therefore warrant that such information is correct. I further undertake to indemnify CedisPay for any loss suffered as a result of any false information or error in the information provided to CedisPay.

Disclosure to Credit Reference Bureaus

CedisPay will obtain information about you from the credit reference bureaus to check your credit status and identity. The bureaus will record our inquiries, which may be seen by other institutions that make their own credit inquiries about you. CedisPay shall also disclose your credit transactions to credit reference bureaus in accordance with the Credit Reporting Regulations, 2020 (L.I 2394).

Agreement to Account Legal Terms - On CedisPay Website and Legal Terms and Other Information on this Page (Account Legal Terms)

I have read the Account Legal Terms, including the use of your data, social media activity, digital footprints, and phone data with CedisPay, as well as the disclosure to credit reference bureaus. I have also reviewed the actions taken in the event of default, the release and indemnity terms, and the provisions regarding fax and email transmissions. I acknowledge that additional details are included in the loan agreement, and I agree to all the terms outlined.

I hereby affirm that I have carefully reviewed and understood all the information provided on the CedisPay website, including the account legal terms. I confirm my consent and acceptance of all the terms and conditions specified therein.

Investment and Savings Data Consent

I, hereby grant consent to CedisPay and its affiliated partners to obtain and utilize my investment and savings data from my respective investment, savings, and pension companies, as detailed below. I understand and agree that this data may be used for the purpose of assessing my eligibility for loans and related financial services.

Scope of Data Collection

I consent to the collection and use of the following investment and savings data, which includes but is not limited to:

  • Investment Activities and Savings Behavior:
    1. Size of Investment/Savings Platform
    2. Frequency of Investments
    3. Percentage of Monthly Income Saved
    4. Consistency of Savings
  • Transaction History:
    1. Frequency of Investment/Savings Platform Transactions
    2. Average Transaction Size
  • Account Details:
    1. Duration of Investment/Savings Platform Usage
    2. Engagement Frequency
    3. Average Account Balance
  • Customer Information:
    1. Customer ID
    2. Investment Size (GHS)
    3. Investment Frequency (Per Month)
    4. Savings Percentage (%)
    5. Savings Consistency (Months)
    6. Transaction Frequency (Per Week)
    7. Transaction Size (GHS)
    8. Account Age (Years)
    9. Account Activity Frequency (Per Week)
    10. Account Balance (GHS)

Utilization of Data

I acknowledge that the investment and savings data collected will be used for the purpose of evaluating my creditworthiness and eligibility for loan products offered by CedisPay. This data will aid in the formulation of a comprehensive loan eligibility model that considers various financial aspects, including investment and savings behavior, transaction history, and account details.

Custodianship of Collateral

I am aware that, as part of the loan application and assessment process, my investment, savings, and pension companies may also act as custodians for collateral related to savings, investments, and pension assets. This may involve the secure management and verification of collateral ownership and valuation

Confidentiality and Data Security

I understand that CedisPay and its partner institutions will handle my investment and savings data with the utmost confidentiality and in compliance with relevant data protection regulations. The data will be used exclusively for the intended purpose and will not be shared with any unauthorized third parties

Customer Consent for Employer Loan Application

I, hereby provide my explicit consent for CedisPay to request and collect the following employment-related information from my employer, as part of my application for an Employer Loan. I understand and agree to the following terms:

  1. Information to Be Collected: CedisPay will request and collect the following information from my employer to verify my employment status and assist in processing my loan application:
    • Employee Name
    • Employee ID
    • Designation
    • Department
    • Employment Start Date
    • Monthly Salary
  2. Purpose of Collection: I acknowledge that the information collected from my employer will be used solely for the purpose of verifying my employment status and processing my loan application with CedisPay. This step is essential to ensure accurate and timely loan services.
  3. Data Protection Consideration: I understand that CedisPay values data protection and privacy. The information collected from my employer will be treated with the utmost confidentiality and shared only with authorized personnel involved in the loan application process.
  4. Withdrawal of Consent: I acknowledge that I have the right to withdraw my consent at any time before the completion of the loan application process. To do so, I will contact CedisPay's Customer Support at [CedisPay Customer Support Contact Information]. By providing this consent, I confirm that I have read and understood the information outlined above. I voluntarily grant CedisPay the authority to request the specified employment-related information from my employer, to facilitate my loan application.

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