Terms and conditions of SMART LOAN



1.1. These Terms and Conditions (hereinafter referred to as "these Terms and Conditions") shall be applicable to any Smart Loan approved by ALEDIN and credited into your Mobile Money Account powered by Airtel.


2.1. In these Terms and Conditions, the following words and expressions bear the following meanings (save where the context requires otherwise):

2.1.1. "ALEDIN" means ALEDIN Nano Limited or any person to whom it cedes or assigns any of its rights or obligations in terms of these Terms and Conditions;

2.1.2. "ALEDIN's Account' means the E-Money account held by ALEDIN with Mobile Money;

2.1.3. "ALEDIN Statement" means a statement of your Mobile Money Account setting out the details referred to in paragraph 11;

2.1.4. "Agreement" means these Terms and Conditions including the PPP offered and accepted by you from time to time;

2.1.5. "Airtel" means Airtel Nigeria Limited

2.1.6. "Money Account" means your mobile money wallet with Airtel for the disbursement of Smart Loans from ALEDIN;

2.1.7. "Mobile Money PIN" means your personal identification number, being the secret code used to access and operate the Mobile Money System, known only to you;

2.1.8. "Mobile Money Service" means the money transfer and payments service provided by Mobile Money provider through the Airtel Network;

2.1.9. "Mobile Money Subscriber" means any person registered to use the Mobile Money System to send or receive money via the Airtel Network;

2.1.10. "Mobile Money System" means the system operated through Airtel in Nigeria for the provision of electronic payments using the Network and your Equipment for the relay of E-Money to your Mobile Money Account;

2.1.11. "Application/Application Process" means the electronic application via the Mobile Money Service for a Smart Loan using your Mobile Money PIN following the instructions specified in the USSD Menu;

2.1.12. "NCC" means the Nigeria Communications Commission;

2.1.13. "Customer Care Centre" means any Airtel or ALEDIN call centre or such other outlets as may be published from time to time on communication channels;

2.1.14. "E-Money" means the electronic monetary value depicted in your Mobile Money Account representing an equal amount of cash available to you;

2.1.15. "Disbursement Amount" the amount of the Smart Loan credited or to be credited to your Mobile Money Account (less the Service Fee) as shall be notified to you by SMS;

2.1.16. "Equipment" includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;

2.1.17. "Insurance Premium" means the amount payable for the Smart Loan Insurance cover.

2.1.18. "Interest" means the amount of interest payable on your Smart Loan calculated on a fixed percentage of the value and term of the Smart Loan, as more particularly specified in your PPP;

2.1.19. "Smart Loan" means any fixed term Smart Loan approved by ALEDIN following your Application;

2.1.20. "Network" means the mobile cellular network operated by Airtel in Nigeria;

2.1.21. "PPP" means your personal pricing plan setting out the Smart Loan offered, the Disbursement Amount (indicating the Initiation Fee) and the Repayment Amount repayable on the specified Repayment Date;

2.1.22. "Repayment Amount" means the total amount repayable on your Smart Loan, inclusive of all or any unpaid Transaction Fees and Insurance Premium;

2.1.23. "Repayment Date" means the date of repayment of the Repayment Amount being the date specified in the PPP or such other date as may be notified to you by ALEDIN;

2.1.24. "Penalty Fee" means a roll over fee payable for extending the term of the Smart Loan calculated as 10% of any Repayment Amount outstanding on the Repayment Date as specified in these Terms and Conditions;

2.1.25. "Initiation Fee" means the one off agreed fixed fee debited to your account at the time of disbursement of your SMART Loan in respect of all administrative charges, costs and expenses in providing you with a SMART Loan (which charge shall include any fees and duties payable by ALEDIN to Airtel for use of the Mobile Money System);

2.1.26. "Services" shall mean the Mobile Money Services and shall include such loan service products that ALEDIN may offer you to subscribe to from time to time and "Service" shall be construed accordingly;

2.1.27. "Subscriber Account" means any current account with Airtel for mobile telephony services;

2.1.28. "SIM Card" means the subscriber identity module which when used with the appropriate mobile phone handset and Mobile Money PIN enables you to access the Network and to use the Mobile Money System;

2.1.29. "SMS" means a short messaging service consisting of a text message transmitted from one mobile phone to another;

2.1.30. "Transaction" means each transfer of funds or communication between us using the Mobile Money System;

2.1.31. "Transaction Fees" includes the Service Fee, Interest on the SMART Loan and if applicable any Roll Over Fees and any other fees and charges payable for the use of the Services in accordance with these Terms and Conditions as shall be notified to you by SMS;

2.1.32. "USSD Menu" means the secure menu on the Mobile Money System made available by ALEDIN for selection of various options relating to your application for a SMART Loan;

2.1.33. "VAT" means Value-Added Tax payable in Nigeria;

2.1.34. "We" and "our," means ALEDIN and includes the successors and assigns of ALEDIN;

2.1.35. "Website" means the ALEDIN website at www.aledinnano.com;

2.1.36. "You" or "your" means the Customer and includes representatives of the Customer.

2.1.37. Words importing the singular meaning where the context so admits include the plural meaning and vice versa.

2.1.38. Headings in these Terms and Conditions are for convenience purposes only and do not affect the interpretation of this Agreement.


3.1. By entering your Mobile Money PIN, you consent and authorize Airtel Nigeria to provide personal information about you to ALEDIN upon request, including but not limited to all data held by Airtel Nigeria. This information shall specifically include your mobile phone number, your name, date of birth, identity or passport number and such other information that ALEDIN may in its sole discretion deem necessary and required for the provision of the Services (hereinafter referred to as "Personal Information"). You further consent to Airtel Nigeria providing information to ALEDIN relating to your use of the Mobile Money Service and Mobile Money System for the purposes of providing the Services to you ("ALEDIN Information") as well as authorize Aledin Nano to exercise its right to apply any measures in recovering debts/overdue payments in situation where mobile money wallets are not funded by you.

3.2. You also agree to comply with and be bound by these Terms and Conditions and you confirm that these Terms and Conditions are without prejudice to any right that ALEDIN may have with respect to your Mobile Money Account in law or otherwise.

3.3. These Terms and Conditions may be amended or varied by ALEDIN from time to time by publication of revised terms on the ALEDIN Website and the continued use of your Mobile Money Account and acceptance of any SMART Loans from ALEDIN after the publication of any revised Terms and Conditions shall constitute your agreement to be bound by the revised Terms and Conditions.


4.1. To apply for a SMART Loan, you must have the required legal capacity, be of sound mind, be over the age of 18 years and be a registered and active Airtel Nigeria Subscriber. We reserve the right to verify with Airtel Nigeria the authenticity and status of your Subscriber Account.

4.2. You may apply for a SMART Loan solely by way of the USSD Application Process, provided that you have received notification that you are eligible to apply for a SMART Loan.

4.3. You hereby agree to give such consent as may be required by the NCC for the disclosure by ALEDIN of your Personal Information and ALEDIN Information and for the exercise by ALEDIN of the rights specified herein over your ALEDIN Account.

4.4. You acknowledge and accept that our acceptance of your Application for a SMART Loan does not create any contractual relationship between ALEDIN and you until such time as the SMART Loan has been disbursed into your Mobile Money Account.

4.5. ALEDIN reserves the right to decline your Application for a SMART Loan at ALEDIN's sole and absolute discretion and without providing any reason to you.

5. Mobile Money SMART LOAN

5.1. Mobile Money Account

5.1.1. As an Airtel Nigeria Subscriber, you may, subject to these Terms and Conditions, apply for a SMART Loan via the Application Process.

5.1.2. In the event that you are offered a SMART Loan on terms set out in your PPP, you may accept such offer on the USSD Menu by using your Mobile Money PIN.

5.1.3. ALEDIN will notify you of the approval of your application for a SMART Loan by way of an SMS setting out the Disbursement Amount to be deposited into your Mobile Money Account and all applicable Transaction Fees.

5.1.4. If you are unsure about how the Repayment Amount has been calculated, please call the Customer Care Centre for an explanation of the Repayment Amount. Airtel and ALEDIN will endeavor to avail accurate instructions via their dedicated Customer Care Centers.


6.1. Subject to your acceptance of the offer of a SMART Loan on the Terms and Conditions specified herein, the Disbursement Amount shall be credited into your Mobile Money Account within 60 minutes of notification of your SMART Loan being approved.

6.2. After the Disbursement Amount has been credited to your Mobile Money Account you will receive an SMS confirming the Disbursement Amount and the Repayment Amount to be deducted from your Mobile Money Account on the Repayment Date.

6.3. In consideration for ALEDIN granting you the SMART Loan, you shall pay ALEDIN Interest as set out in your PPP. Such Interest shall be added to the Repayment Amount and shall be repayable by you to ALEDIN on the Repayment Date.

6.4. ALEDIN shall be entitled under prior arrangements with Airtel Nigeria and Mobile Money to directly debit your Mobile Money Account on the Repayment Date with all or any Repayment Amounts due to ALEDIN.

6.5. You shall either credit your Mobile Money Account with the Repayment Amount in order that ALEDIN may withdraw the Repayment Amount into its ALEDIN Account on the allocated Repayment Date or the Repayment Amount shall be paid by you directly into ALEDIN's Account on or before the Repayment Date.

6.6. In the event that you have insufficient funds in your Mobile Money Account (to enable Repayment to be made on the Repayment Date) or if you fail otherwise to repay the Repayment Amount in full by the Repayment Date, then ALEDIN will automatically apply a Roll Over Fee to the Repayment Amount and set up a new repayment date which will be communicated to you via SMS.

6.7. ALEDIN shall hold any funds in your Mobile Money Account or any other Subscriber Account held with Airtel Nigeria as collateral and security for any amounts due and payable by you to ALEDIN in respect of your SMART Loan. You hereby agree and confirm that ALEDIN is entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in any Airtel Nigeria Account held by you for as long as and to the extent of any Repayment Amount remains due and payable without giving any notice to you and/or without incurring any liability to you whatsoever in that connection.

6.8. ALEDIN shall have a right of lien and set-off over funds held by you in your Mobile Money Account, and any other Airtel Nigeria Subscriber Account held by you.

6.9. You hereby expressly consent and authorize ALEDIN to disclose, respond, advise exchange and communicate the details or information pertaining to any Mobile Money Account or other Subscriber Account held by you until payment in full of the Repayment Amount has been made to ALEDIN.


7.1. Events of default -

7.1.1. Without prejudice to other provisions of these Terms and Conditions, ALEDIN may terminate the Agreement with you in the event that:
(a) you fail to pay any Repayment Amounts within 7 days of the Repayment Date or such other extended Repayment Date;
(b) you fail to comply with any conditions of this Agreement;
(c) you become insolvent or unable to pay your debts;
(d) you die;
(e) you become mentally incapacitated or otherwise disabled so as to be unable to make any payments under this Agreement;
(f) your Subscriber Account with Airtel Nigeria is terminated for whatever reason by either party; or
(g) if you make any untrue or incorrect statement or representation or fail to disclose information relating to you or your credit worthiness in your application or subsequently or do anything that may prejudice the rights of ALEDIN.

7.2. In the event that ALEDIN terminates its relationship with Airtel Nigeria for whatever reason, you will be notified by ALEDIN and you may be offered a similar ALEDIN product which you will have the option to convert to, within the period stipulated in the said notification, or your Mobile Money Account will be closed and ALEDIN may immediately terminate this Agreement with you.

7.3. Upon termination of the Agreement, all or any Repayment Amount outstanding in terms of the Agreement will immediately become due and payable in full.


All applicable transaction fees shall be included in the Repayment Amount as specified in the PPP and as reflected in your subsequent Statements.


9.1. If you fail to pay any part of the Repayment Amount within 7 days of the Repayment Date (or on the extended Repayment Date), ALEDIN shall be entitled, in addition to the Roll Over Fee, to charge the following. Reasonable costs incurred in recovering the Repayment Amount from you, which may include legal costs, correspondence and telephone calls made to you in respect of any Repayment Amount that remains outstanding.

9.2. If ALEDIN institutes legal proceedings against you (issue any legal proceedings) to enforce any rights that it may have in terms of the Agreement or otherwise, you shall be liable for all legal costs, which may include but that shall not be limited to:

9.2.1. legal fees;

9.2.2. collection charges and tracing fees;

9.2.3. bailiff fees (if applicable);

9.2.4. any VAT which ALEDIN may incur in recovering or attempting to recover monies which you owe to ALEDIN.

Without prejudice to any other rights of recovery from you these costs will be included within the Repayment Amount payable and debited to your Mobile Money Account.


10.1. You may request for a statement or activity report in respect of your Mobile Money Account from ALEDIN ("ALEDIN Statement") by calling any Customer Service Centre;

10.2. An ALEDIN Statement shall provide details of:

10.2.1. The Repayment Amount (inclusive of all Transactions Charges and Insurance Premium);

10.2.2. The Re-Payment Date;

10.2.3. a breakdown of all Transactions conducted by you in the immediately preceding 30 days.

10.3. You may request a print of your ALEDIN Statements from a Customer Care Centre. You shall be responsible for the payment of any charges levied by the Customer Care Centre for such printed statements.

10.4. You shall be responsible:

10.4.1. to make sure that you are aware of what Transactions have taken place on your Mobile Money Account; and

10.4.2. to obtain and check your ALEDIN Statements for accuracy.

10.5. Unless you notify ALEDIN in writing, within 7 (seven) days after the date of receipt of your ALEDIN Statement, that you dispute your liability for any item appearing on your ALEDIN Statement, the statement shall be deemed to be accurate.

10.6. For the avoidance of doubt, failure to obtain or check your Smart Loan Statement shall not absolve you from your obligation to pay the Repayment Amount due.

10.7. Save for a manifest error, an ALEDIN Statement issued to you in respect of your Mobile Money Account shall be prima facie evidence of the transactions carried out on your Mobile Money Account for the period covered in the ALEDIN Statement.

10.8. You hereby irrevocably authorize ALEDIN to act on all Applications made by you (or purportedly from you) through the System and to hold you liable in respect thereof, notwithstanding that any such requests for disbursements are not authorized by you or are not in accordance with any existing mandates given by you.


11.1. You shall be responsible for ensuring the proper maintenance and performance of your Equipment to avoid errors or failures caused by any malfunction of your Equipment. Airtel will timely inform of existence/occurrence of errors or delays caused by a failure of the Mobile Money system.

11.2. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any document provided by ALEDIN concerning the use of the Mobile Money System.

11.3. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your Mobile Money PIN secret and secure. You shall ensure that your Mobile Money PIN is not disclosed to or comes into possession of any unauthorized person. ALEDIN shall not be liable for any disclosure of your Mobile Money PIN to any third party and you hereby agree to indemnify and hold ALEDIN harmless from any losses incurred by ALEDIN that results from any Mobile Money PIN disclosure by you.

11.4. You shall take all reasonable precautions to detect any unauthorized use of the System and the Services. To that end, you shall ensure that all communications from ALEDIN are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorized use of and/or access to the System will be detected.

11.5. You shall immediately inform ALEDIN through the Customer Care Centre in the event that:

11.5.1. You have reason to believe that your Mobile Money PIN is or may be known to any person not authorized to know the same and/or has been compromised; and/or

11.5.2. Your Equipment has been lost or stolen or if you have reason to believe that your Equipment has been lost or stolen; and/or

11.5.3. You have reason to believe that unauthorized use of the Services has or may have occurred or could occur and a transaction may have been fraudulently input or compromised.

11.6. You shall at all times follow the security procedures notified to you by ALEDIN from time to time or such other procedures as may be applicable to the Services from time to time.

11.7. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your Mobile Money Account's confidentiality. In particular, you shall ensure that the Mobile Money System is not used on your Equipment using your Mobile Money PIN by anyone other than you.

11.8. You shall not at any time operate or use the Mobile Money System in any manner that may be prejudicial to ALEDIN.


12.1. ALEDIN will not be liable for any losses or damage suffered by you as a result of or in connection with: -

12.1.1. unavailability of sufficient funds in your Mobile Money Account;

12.1.2. failure, malfunction of your Equipment as ALEDIN and Airtel are not in control of maintenance and performance of your Equipment However, the customer will not be liable to pay interest or penalty that might have accrued to Airtel or ALEDIN as the result of Network, Mobile Money system and/or ALEDIN service

12.1.3. the money in your Mobile Money Account being subject to legal process or other encumbrance restricting payments or transfers thereof;

12.1.4. your failure to give proper or complete instructions for payments or transfers relating to your Mobile Money Account;

12.1.5. any fraudulent or illegal use of the Services, the System and/or your Equipment or Mobile Money PIN;

12.1.6. Your failure to comply with these Terms and Conditions and any document or information provided by ALEDIN concerning the use of the System and the Services; or

12.1.7. any other circumstances whatsoever not within ALEDIN's control including, without limitation, force majeure or error, interruption, delay or non-availability of the System, terrorist or any enemy action, equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.

12.2. If for any reason other than a reason mentioned in paragraph 13, the Services are interfered with or unavailable, ALEDIN's sole liability under this Agreement in respect thereof shall be to re-establish the Services as soon as reasonably practicable.

12.3. Under no circumstances shall ALEDIN be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with any failure of the Mobile Money Service even where the possibility of such loss or damage is notified to ALEDIN.

12.4. Should any of the circumstances in 13.1 materialize, you will not have the right to claim any redress from ALEDIN or to institute any counterclaim against ALEDIN or to apply any set-off against ALEDIN on any basis.

12.5. No dispute between you and Airtel Nigeria will give you the right to be exempted from your obligation to pay the Repayment Amount owing on your Mobile Money Account.

12.6. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.


You acknowledge that the intellectual property rights in the Mobile Money System (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that ALEDIN provides to you through the Mobile Money System or otherwise are vested either in ALEDIN or in other persons from whom ALEDIN has a right to use and to sub-license the Mobile Money System and/or the said documentation. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the Mobile Money System and associated documentation without the prior written consent of ALEDIN.


14.1. to and from any local or international law enforcement or competent regulatory or governmental agencies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;

14.2. to and from ALEDIN's service providers, dealers, agents or any other company that may be or become ALEDIN's subsidiary or holding or related company for reasonable commercial purposes;

14.3. to a Credit Reference Bureau;

14.4. to ALEDIN's lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;

14.5. to Airtel Nigeria in connection with the Airtel Nigeria Services;

14.6. for reasonable commercial purposes connected to your use of the Airtel Nigeria Services, such as marketing and research related activities; and

14.7. in business practices including but not limited to quality control, training and ensuring effective systems operation.

You waive any rights or claims you may have against ALEDIN relating to the provision of the aforesaid information by or to ALEDIN in terms of the Agreement.


15.1. This Agreement and any rights or liabilities accruing thereunder may not be assigned by you to any other person.

15.2. No failure or delay by either yourself or ALEDIN in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy.

15.3. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

15.4. If any provision of these terms and conditions shall be found by any duly appointed arbitrator, court or administrative body of competent jurisdiction to be invalid or unenforceable the invalidity or unenforceability of such provision shall not affect the other provisions herein.


ALEDIN may send information concerning the Mobile Money Account via SMS to the Airtel Nigeria Mobile Phone number associated with your Mobile Money Account.


In the event of dispute, You agree to adopt the dispute resolution procedures of the ALEDIN. In the event of any disputes or alleged breaches arising out of or in connection with this Agreement, you agree that, you will work together with ALEDIN in good faith, first to resolve the matter amicably between You and ALEDIN. The Party raising the dispute or alleging a breach shall give the other Party 14 (fourteen) days’ written notice of such breach and requiring the other party to rectify same.

17.2. Any dispute arising from this Agreement, which cannot be settled, by mutual agreement by You and ALEDIN shall be referred to arbitration in accordance with the provisions of this Agreement.

17.3. Any controversy or claim arising out of or relating to this Agreement or the breach thereof which cannot be resolved in accordance with clause 17.1 above shall be referred to arbitration conducted by an ARBITRATION PANEL consisting of 3 arbitrators to be appointed by the You and ALEDIN for determination in accordance with the provisions of the ARBITRATION AND RECONCILATION ACT CAP A.18, Laws of Federation of Nigeria, 2004. Each party shall appoint 1(one) arbitrator each and the third arbitrator shall be jointly appointed by the two arbitrators appointed by You and ALEDIN.

The decision of the said Arbitration Panel, as the case may be, shall be final and binding, and judgment upon the award rendered pursuant to such arbitration may be entered in any court of proper jurisdiction.

17.4. Without prejudice and subject to this Section, if any proceedings arise outside of arbitration, You and ALEDIN agree that the Nigerian courts shall have exclusive jurisdiction in connection with such proceedings and that any service document will be deemed to have been validly served if sent by express courier to the relevant address set out in Clause 18 above.


In the event of any inconsistency between these Terms and Conditions and your PPP, the terms of your PPP will prevail.

Please obtain independent financial and legal advice before applying for and taking up the Smart Loan.