1. Introduction

1.1 Overview of Standard Life Rwanda Plc (SLR)

Standard Life Rwanda Plc (SLR) is a financial institution duly registered and operating within the regulatory framework of Rwanda. SLR offers a range of financial products and services tailored to meet the diverse needs of its customers. These services include but are not limited to:

1.2. Loan Products

a. Emergency Loan

b. Salary Loan

SLR operates under the principles of integrity, transparency, and customer-centricity, aiming to provide reliable and innovative financial solutions to its clientele.

2. Purpose of the Terms and Conditions

The Terms and Conditions outlined herein serve as the legal agreement governing the relationship between SLR and its customers.These terms define the rights, obligations,limitations, and responsibilities of both parties concerning the usage of SLR's financial services. By engaging with SLR's services, customers agree to abide by these terms, ensuring a clear understanding of the provisions and regulations governing their financial transactions and interactions with SLR.

3. Scope and Applicability

These Terms and Conditions apply to all individuals, entities, or organizations utilizing or intending to utilize the financial products and services offered by SLR. The scope encompasses, but is not restricted to:

• Account holders
• Registered users of SLR's online platforms or mobile applications
• Any individual or entity engaging with SLR's services through authorized channels.

The terms detailed herein prevail over any prior agreements or understandings between SLR and its customers, except where explicitly stated and agreed upon in writing by both parties.

4.0 Explanation of Key Terms

4.1. Digital Lending

This means the practice of providing loans or credit facilities through online platforms or digital channels, often utilizing technology for loan application, approval, disbursement, and repayment.

4.2. Loan Applicant

This means an individual or entity applying for a loan from a digital lending platform.

4.3. Credit Score

This means a numerical representation of an individual's creditworthiness based on their credit history, financial behaviour, and repayment patterns.

4.21. Registered Phone Number

This means the specific phone number associated or linked with an individual's account or profile within a system or service.It is used for communication, verification, and authentication purposes.

4.22. SMS (Short Message Service)

A text messaging service available on mobile phones that allows users to send and receive short written messages. It's commonly used for communication, alerts, and notifications.

4.23. Loan

This means a financial arrangement where a lender provides funds to a borrower under specific terms and conditions, including repayment terms, interest rates, and schedules. The borrower is obligated to repay the borrowed amount according to the agreed-upon terms.

4.24. USSD (Unstructured Supplementary Service Data)

This is a technology used to send text-based messages between a mobile phone and an application server, typically to access services or perform transactions via a telecom network. It's commonly used for mobile banking, balance inquiries, or mobile payments.

5.1 Applicants must be at least 18 years old at the time of loan application.

Applicants must be at least 18 years old at the time of loan application.

5.2 Applicants should be Rwandan citizens or legal residents with a valid identification document issued by the Rwandan government.

Applicants should be Rwandan citizens or legal residents with a valid identification document issued by the Rwandan government.

5.3 Applicants need to demonstrate a stable and verifiable source of income.

Applicants need to demonstrate a stable and verifiable source of income. This could include salary slips, business income records, or other forms of income documentation.

5.4 Standard Life Rwanda Plc will consider an applicant's credit history to assess creditworthiness. However, having no credit history may not automatically disqualify an applicant.

Standard Life Rwanda Plc will consider an applicant's credit history to assess creditworthiness. However, having no credit history may not automatically disqualify an applicant.

5.5 Applicants must possess an active mobile number registered in their name, ensuring communication and access to digital services.

Applicants must possess an active mobile number registered in their name, ensuring communication and access to digital services.

5.6 Applicants must comply with all relevant regulatory requirements set forth by Standard Life Rwanda Plc and Rwandan financial authorities.

Applicants must comply with all relevant regulatory requirements set forth by Standard Life Rwanda Plc and Rwandan financial authorities.

5.7 Applicants are required to thoroughly read and understand the terms and conditions of the loan, ensuring they agree to and can comply with the stipulated terms.

Applicants are required to thoroughly read and understand the terms and conditions of the loan, ensuring they agree to and can comply with the stipulated terms.

5.8 Applicants must fill and submit a complete loan application form with accurate and truthful information.

Applicants must fill and submit a complete loan application form with accurate and truthful information.

5.9 Applicants will be required to provide necessary documents for identity verification, income verification, and other relevant documentation as per Standard Life Rwanda Plc's requirements.

Applicants will be required to provide necessary documents for identity verification, income verification, and other relevant documentation as per Standard Life Rwanda Plc's requirements.

5.10 Applicants should be responsive to communications from Standard Life Rwanda Plc throughout the loan application and approval process.

Applicants should be responsive to communications from Standard Life Rwanda Plc throughout the loan application and approval process.

5.11 Standard Life Rwanda Plc assesses the applicant's debt-to-income ratio to ensure that the new loan instalment is manageable based on the applicant's existing financial obligations.

Standard Life Rwanda Plc assesses the applicant's debt-to-income ratio to ensure that the new loan instalment is manageable based on the applicant's existing financial obligations.

5.12 For employed individuals, a stable employment history and confirmation of current employment will be required.

For employed individuals, a stable employment history and confirmation of current employment will be required.

5.13 For self-employed applicants, a stable and successful business history may be necessary, including proof of business operations and financial viability.

For self-employed applicants, a stable and successful business history may be necessary, including proof of business operations and financial viability.

5.14 Applicants will be required to specify the purpose of the loan and demonstrate its intended use aligns with the loan's terms and conditions.

Applicants will be required to specify the purpose of the loan and demonstrate its intended use aligns with the loan's terms and conditions.

5.15 Loans will not be extended for specific prohibited purposes as per regulatory guidelines.

Loans will not be extended for specific prohibited purposes as per regulatory guidelines.

5.16 Having an active and verified bank account or Mobile money wallet will be a requirement for loan disbursement and repayment purposes.

Having an active and verified bank account or Mobile money wallet will be a requirement for loan disbursement and repayment purposes.

5.17 Applicants might be subject to maximum loan limits based on their income, creditworthiness, and existing loan history, if any.

Applicants might be subject to maximum loan limits based on their income, creditworthiness, and existing loan history, if any.

5.18. Individuals with a history of responsible repayment

Individuals with a history of responsible repayment with Standard Life Rwanda Plc or other financial institutions may receive favourable consideration.

5.19. Compliance with all regulations

Compliance with all regulations governing digital lending services, including interest rate caps and consumer protection laws.

5.20. Customer information

Customers would be prompted to provide necessary information, such as their name, email address, home address, personal phone. This information is used for account creation and verification purposes.

6. Account Eligibility and Registration:

To avail services provided by Standard Life Rwanda Plc, individuals or entities must meet the eligibility criteria specified in Section 5.0 of these Terms and Conditions.

6.2 Prospective customers must complete

Prospective customers must complete the registration process by providing accurate and verifiable information through the designated channels provided by SLR.

6.3 Upon completion of the registration process

Upon completion of the registration process, applicants will be required to submit the necessary documentation and information as per SLR's requirements for account creation.

6.4 SLR reserves the right to verify

SLR reserves the right to verify the submitted information and documentation to confirm the applicant's eligibility and compliance with the outlined criteria.

6.5 Upon successful verification, SLR will approve

Upon successful verification, SLR will approve the account creation and activate the customer's access to specified services, subject to the Terms and Conditions herein.

7.1. Customers are responsible for providing accurate

Customers are responsible for providing accurate and up-to-date information during the registration and account creation process. Any discrepancies or inaccuracies may lead to account suspension or termination.

7.2. Account holders are responsible for maintaining

Account holders are responsible for maintaining the confidentiality of their account credentials, including passwords, PINs, or any other authentication methods provided by SLR. Any unauthorized access or misuse of account details must be reported immediately to SLR through support@standardlife.org.rw.

7.3. Customers must adhere to all applicable laws, regulations

Customers must adhere to all applicable laws, regulations, and guidelines governing the use of SLR's services as a non-deposit-taking Microfinance Institution (MFI).

8.1 Regulatory Compliance:

Customers engaging with SLR agree to comply with all relevant laws, regulations, and guidelines set forth by the regulatory authorities in Rwanda governing financial institutions and consumer protection.

8.2. Customers are responsible for providing accurate and updated

Customers are responsible for providing accurate and updated information and documentation as required by SLR for regulatory compliance, including but not limited to Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) regulations.

8.3. In the event of changes in regulatory requirements, SLR reserves

In the event of changes in regulatory requirements, SLR reserves the right to modify its procedures, policies, or services to ensure compliance. Customers will be duly informed about such changes.

9.1. Amendments to Terms:

SLR retains the right to modify, amend, or update these Terms and Conditions at its discretion. Notice of modifications will be communicated through appropriate channels, including but not limited to emails, notifications within digital platforms, or official announcements.

9.2 SLR retains the right to modify, amend, or update these Terms and Conditions

By continuing to use SLR's services after the notification of modifications to the Terms and Conditions, customers implicitly agree to the updated terms. It is the customer's responsibility to regularly review the Terms and Conditions for any changes.

9.3. Modifications to the Terms and Conditions shall become effective

Modifications to the Terms and Conditions shall become effective on the specified date mentioned in the notification, except where regulatory requirements dictate immediate implementation.

10.0 Termination of Services

11.0 Prohibited Business Activities

Standard Life Rwanda Plc would not finance or do business with any individual or entities involved in:

• Any business engaged in illegal activities or prohibited by Rwandan law.
• Businesses related to gambling, betting, or any form of speculative financial activities.
• Financing businesses involved in the production, trade, or distribution of weapons, firearms, ammunition, or military equipment.
• Activities that harm the environment, such as deforestation, illegal mining, or businesses involved in illegal wildlife trade.
• Businesses engaged in exploitative practices, human trafficking, or forced labor.
• Investing or financing in unregulated or illegal cryptocurrency trading activities.
• Production or distribution of products harmful to public health or safety without appropriate certifications or regulatory compliance.
• Any business model resembling pyramid schemes or Ponzi schemes that rely on unsustainable financial practices.
• Financing for political campaigns or religious institutions unless explicitly aligned with socially responsible initiatives.
• Businesses dealing with hazardous chemicals or substances without adequate safety measures or compliance with environmental regulations.
• Businesses operating without proper licenses or regulatory approvals mandated by Rwandan authorities.
• Businesses involved in deceptive marketing practices or misrepresentation of products or services.
• Financing for pharmaceutical stores or supplement manufacturers without proper regulatory compliance.
• Businesses involved in exploitative labor practices, child labor, or inadequate labor rights compliance.

We reserve the right to add new categories of transactions that are not allowed. If you try to make a transaction that violates these rules, we may take action such as:

• Reverse the transaction.
• Close or suspend your SLR Account.
• Report the transaction to the relevant law enforcement agency.
• Claim damages from you.
• Charge you an administration fee in case we apply any of the above.

12.0 Liability

13.0 Loan Products/Agreement

Standard Life Rwanda Plc (SLR) extends a range of tailored financial solutions to address immediate needs and foster entrepreneurial growth within the community. Our loan portfolio includes two distinct products designed to cater to diverse requirements:

Both loan products align with our commitment to offering accessible and transparent financial services tailored to meet the evolving needs of our valued customers. These loans are subject to specific interest rates, repayment schedules, and terms/conditions. These Terms and Conditions set out the Lender's offer and the terms of this Agreement.

When you apply for a loan, you will need to provide certain personal information such as your date of birth and National Security Number. This information is used for verification purposes.

14. Definition of Terms of Agreement

In this agreement, the terms: "you," "your," "customer," and "borrower" refer to the person who has applied for this account and agreed to this agreement. The terms "we," "us," "our," and "lender" refer to Standard Life Rwanda (SLR), and after assignment, any person, company, or bank to whom the rights and/or obligations of the lender have been assigned.

14.1 "Account" means the borrower's account with the lender.

14.2 "Disbursement Date" refers to the date when the lender has actually advanced the loan to the borrower.

14.3 "Payment Due Date" refers to the date when the installment should be repaid.

14.4 "Credit Limit" refers to the maximum credit available to the borrower on opening the account with the lender.

14.5 "Loan" refers to the amount advanced to the borrower by the lender, which shall be no less than 10,000.00 (Ten thousand) RWF.

15.0 Loan Fees

15.1

The loan fee for the loan that you are required to pay in relation to any loan will be displayed on the app.

15.2

If you fail to make repayments as and when due, a penalty fees is charged on principle amount due i.e. for emergency loan is 0.5 % per day while Salary loan is 1% per day in addition to the current rate of interest on outstanding debt.

15.3

The loan fee may be increased or decreased from time to time by the lender. Any such changes will take effect on your account following a minimum of 30 days written notice.

16.0 Borrower's Obligations

16.1

The Borrower must pay the loan amount, including any convenience, default, or penalty fees, flat interest rate, and any other amounts due to the Lender charged to this Account. The Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.

16.2

The Lender reserves the right to assume that any loan application made in the name of the Borrower using this Account has been authorized by the Borrower. The Borrower will be held responsible for any unauthorized application made using this Account unless the Borrower notifies the Lender in writing of any imminent fraud by another person on the Borrower's account within 12 hours of such fraud.

16.3

To repay the loan that has been given to you or someone you have authorized to use this Account, you can do so through direct cash transfer to a bank account that has been listed by the Lender, an electronic debit from the card/account you provided on the due date or any other acceptable electronic channel.

16.4

The Lender has the right to accept early repayment before the Payment Due Date, provided that the Borrower has given adequate notice and repays the full loan amount along with the flat interest rate. If you choose to repay the loan via electronic debit card, the Lender may process the payment in the manner specified hereinafter:

16.4.1

When setting up a new debit card on your account, the Lender will charge a one-time processing fee. If your card is expired or about to expire, you'll need to obtain a renewed card from your bank or provide us with another personal debit card.

16.4.2

On the repayment due date, the Lender will deduct the payment from the card or mobile wallet you set up. We'll only make transactions on the card/wallet within the scheduled loan repayments. If you initiate a double repayment in error, we'll make our best effort to process a refund within a reasonable time.

16.4.3

You hereby indemnify us against any losses, liabilities or damages that may arise if you use a third party’s card on your Account without the consent of such third party.

16.4.4

If there are insufficient funds in your bank account to cover a payment, you authorize us to charge any other cards listed on your Account or profile, other than the primary card, on an ongoing basis until the debt is settled.

16.4.5

You understand and agree that we do not store your card details on our platform. All card details shall be processed via a secure payment gateway that is compliant with the Payment Card Industry Data Security Standard (PCI DSS).

16.5

You agree to provide The Lender with accurate and up-to-date personal, social media, phone, and financial records about you, which we may reasonably request and analyze from time to time.

16.6

The Borrower shall indemnify and hold harmless the Lender and its representatives (each, an “Indemnified Person”) from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities, and expenses...

16.6.1

The Borrower is responsible for any credit that has been extended, suspended, or terminated under this Agreement, or any loan documents.

16.6.2

The Borrower will indemnify the Lender against any claims, damages, losses, liabilities, or expenses that arise from the transactions contemplated under this Agreement or any loan document, including legal costs and expenses. This indemnification covers any disputes between or among any parties to this Agreement or any loan document, and it is collectively referred to as “Indemnified Liabilities”.

16.6.3

However, the Borrower will not be liable for any indemnification to an Indemnified Person to the extent that any such suit, action, proceeding, claim, damage, loss, liability, or expense results solely from that Indemnified Person’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction.

16.7

The Borrower also agrees that:

16.7.1

Not to give us false information or signatures, electronic or otherwise, at any time.

16.7.2

To pay a Late Fee or penalty fee as may be provided in these terms and conditions.

16.7.3

To ensure timely payments, choose to pay via direct debit or electronic funds transfer as noted in the application form.

16.7.4

To promptly notify us if you change your name, mailing address, e-mail address, or telephone number.

16.7.5

To honor any other promises that you make in this Agreement.

16.7.6

Not to accept this Account unless you are of legal age and can enter a valid contract.

16.7.7

Not to use SLR for any act of illegality or criminality, as SLR Microfinance Institution will not be criminally culpable for any illegality committed by you.

16.7.8

To give the Lender legal authority to deduct full repayment before the due date when it is established that the loan was obtained fraudulently.

16.7.9

To fill out the application form (as provided) with accurate information and details as required.