I. Definitions
For the purposes of this agreement, unless stated otherwise, the following words shall have the following meanings:
- “Financial Institution” means Awash Bank.
- “I”, “me”, “my”, “You”, “Yours” refers to the primary Credit Applicant, as applicable.
- “Service Providers” means all of Financial Institution’s affiliates, networking agents, employees and other agents, including, but not limited to, service providers that the Financial Institution has engaged to provide the services necessary to deliver lending services to the Credit Applicant and any Joint Applicant, as applicable like Service Cops Limit.
- “Account” means customer Loan, saving, current or special deposit saving account with Awash Bank;
- “Administration Fee” is the fee charged on loan disbursal and is a fixed percentage of the Loan Amount;
- “Credentials” means applicant of customer personal credentials used to access the Awash-micro lending, initiate requests and access the Services;
- Credit Limit” means the maximum pre-approved amount that a Customer can borrow on the Awash-Lehulum System;
- “Customer” means a person whose name is registered in the Awash Bank CBS with valid identification details and a registered mobile phone number;
- “Loan” means a loan disbursed electronically by the Lender to a Customer of Awash Bank account, by available payment option selected by the Customer upon a Customer’s request.
- Lehulum means the Lenders electronic lending and communication software enabling the Customer to communicate with the Lender for the purpose of accessing the Facility and Services;
- “Late Repayment Charge” means a charged at the rate of 0.50% on any outstanding amounts which have become due but remain unpaid on the Repayment Date;
- “Repayment Date” means the day that the Loan instalment shall be due for repayment from the date of disbursement of the Loan, and on any other such consecutive day for Facilities with a repayment period exceeding specified days;
- “Request” means a request or instruction received by the Lender from you or purportedly from you through your Mobile Network Operator and the Lehulum System and upon which the Lender is authorized to act;
- “Service” means and shall include any form of Loan, payment solution, transfer service, or Request that the Lender may offer you pursuant to this Agreement as you may from time to time subscribe to, and “Services” shall be construed accordingly;
- “Equipment” means and shall include your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Awash Bank Micro-Lending System and use the products and services availed to you by the Mobile Network Operators subject to such term and conditions agreed between you and the Mobile Network Operators;
- The word “Customer” shall include the masculine and the feminine gender as well as juristic persons;
- Words importing the singular meaning where the context so admits include the plural meaning and vice versa.
