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Last updated: April 6th, 2024.
Please read these Terms and Conditions ("Terms", "Terms and Conditions") carefully before using the Hexcelon Finance LTD website (the "Service") operated by Hexcelon Finance LTD ("us", "we", or "our").
These Terms and Conditions apply to and regulate the services provided by Hexcelon Finance Limited, an agency and liquidity solutions company which supports large businesses with human resources to extend their products and services across their immediate geographical purview as Agent Network Builders while providing loans and other financial services to her customers using her mobile application to support scalability of their businesses or achievement of their personal goals.
These Terms and Conditions constitute Hexcelon’s s offerings and set out the terms governing her relationship with her customers. These Terms and Conditions must be read in conjunction with other specific loan offer or agency contract offer extended to the user.
By registering for an Account or using any of the services provided on Hexcelon website and mobile app, you agree to comply with all of the terms and conditions
In this user agreement. You also agree to comply with the following additional policies that apply to all users:
Data Privacy Policy : https://hexcelonfinance.com/data-privacy-notice
Cookies Policy : https://hexcelonfinance.com/cookie-policy
This user agreement and other policies listed herein may be revised from time to time; the revised version will be effective at the time it is posted on the website, unless otherwise advised. Changes to the terms and conditions may have an effect of reducing your rights or increasing your responsibilities as a user; where applicable changes will significantly impact your rights and responsibilities, such changes will be posted 14 days before the effective date.
By continuing to use our services at any time, or after you have been notified of a change to this user agreement, you agree to abide and be bound by those terms and conditions. If you do not agree to these terms and conditions, please do not proceed with using any of our services and simply exit the mobile application immediately. Please be informed that Hexcelon Finance Limited reserves the right to terminate your relationship with us if we believe that you have violated any of these terms and conditions.
1.2. “Company” means Hexcelon Finance Limited
1.3. “Agent” or “Field Agent” refers to any authorized Hexcelon Agents, that is assigned to a customer to onboard, verify or facilitate transactions on behalf of customers and the company.
1.4. “BVN” means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN-approved financial institution.
1.5. “CBN” means the Central Bank of Nigeria.
1.6. “NIN” means National Identification Number used as a unique identifier and issued by the NIMC
1.7. “NIMC” means National Identity Management Commission
1.8. “Content” means all information whether textual, visual, audio or otherwise, appearing on or available through the services.
1.9. “Mobile phone” means a GSM or CDMA device, which can make and receive telephone calls and send and receive SMSs, among other communication options.
1.10. “OTP” means One Time Password, used to authorize transactions or processes.
1.11. “PIN” means Personal Identification Number.
1.12. “SMS” or “Short Message Service” is a standard communication service on GSM phones, which is used to exchange short text messages between mobile devices.
1.13. “Onboarding” means the process of registering as a user on the Hexcelon Mobile App
1.14. “Loan” means the principal amount of the loan together with any interest and fees due on the loan, made or to be made to you under this Agreement from time to time through the App or (as the context requires) the outstanding repayment amount for the duration of that loan and after the initial due date.
1.15. “Service Rate” means the rate of interest payable on the loan principal which rate may vary from time to time and as may be notified to you through the App at the point of loan request.
1.16. “Credit Reference Bureau” includes any financial institution or a credit reference bureau duly licensed under the laws and regulations of the Federal Republic of Nigeria to, collect and facilitate the sharing of customer credit information.
1.17. “Bank Account” refers to a commercial or other CBN licensed bank account, registered by the customer on the mobile app for the purpose of receiving float loan or other loan disbursements.
1.18. “Virtual Account” means a digital payment method through an account that is created specifically for you to make payments, you will be referred to your own Virtual Account at the point of repayment.
1.19. “Disbursement Date” means the date the “Company” advanced the loan to the Customer’s bank account.
1.20. “Payment Due Date” means the exact date repayment is to be made which is communicated to and accepted by the customer at the time of loan application.
1.21. “Overdue Charges” means the interest charged on loans not repaid on the due date; the rate of which may vary from time to time.
2.1. In addition to the definitions in Section 1 unless the context requires otherwise: the singular shall include the plural and vice versa.
2.2. A reference to any one gender, whether masculine or feminine includes the other.
2.3. All the headings and sub-headings in this agreement are for convenience only and are not to be considered for the purposes of interpretation of this Agreement.
2.4. The recitals and schedules shall be deemed to form part of this Agreement.
2.5. In this agreement, the terms: “You”, “your”, “Customer”, “Borrower” shall mean the person who applied for an Hexcelon Account and agrees to this Agreement while “We”, “us”, “our”, “Lender” and “Hexcelon” shall mean Hexcelon Finance Limited.
3.1. To use our Mobile App, you must first get onboarded and complete your profile As part of the signup process, you will need to accept these Terms of Use and our Privacy Policy, and you must have legal capacity to accept the same.
3.2. If you are an individual, you must be a Nigerian citizen, of 18 years or older to use our services. By completing your profile on our Mobile App, you declare that you are 18 years or older.
3.3 You must provide all information as may be requested by Us, such as your name, BVN, NIN, email address, mobile phone number and such other information as we may request from time to time (collectively, “Customer Information”).
3.4 You agree to promptly notify us of changes to your Customer Information by updating your profile on the Hexcelon App. To apply for a change in Bank Account, you must notify us at least two (2) business days before another loan request that should be disbursed to the new Bank Account. If we approve your Bank Account changes, your account will be updated from our back office and you will be authorized to use the Account, subject to these terms.
3.5 By proceeding to create a profile on our app, you represent and warrant to us that you are eligible to enter a lending contract and your lending relationship with us does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.
3.6 By registering a profile on our mobile app, you hereby consent that Hexcelon may collect, obtain, store, and process your personal data that you have provided to us during the onboarding process for the purpose of receiving updates, news, promotional and marketing emails or materials from Hexcelon Finance Limited.
4.1 To meet our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide any or all the following:
4.1.1 Your full name;
4.1.2 Your date of birth;
4.1.3 Your National Identification Number (“NIN”) or your Bank Verification Number (“BVN”);
4.1.4 Your current residential address;
4.1.5 Your picture;
4.1.6 Copy of a valid Government issued ID (national ID, international passport, permanent voter’s card or driver’s license);
4.1.7 A copy of recent utility bill and bank statement, dated within three months of our request, which carries your name and address;
4.1.8 Any other information or document as we may require for our internal risk assessment.
4.2 You warrant that all information and documentation provided to us are true, complete, and accurate. You also undertake to notify us of any changes to the information or documentation which you have provided.
4.3 You hereby agree and authorize Hexcelon to verify information provided by you against the information held by any third party (including official databases) such as, NIMC, Credit Bureaus and Payment System Providers.
4.4 The information that we may verify against the information which you have provided to us include (without limitation): your name, phone number, date of birth, address, age, Identification Number (“ID”) or Passport Number and such other information that will enable us to identify you and comply with the regulatory “Know Your Customer” requirements (together the “Personal Information”).
4.5 You hereby agree and confirm to Hexcelon that you have sought and obtained permission to share personal information of any person nominated as your guarantor and that Hexcelon may collect and verify such personal information of the nominated guarantor.
4.6 You hereby agree and authorize Hexcelon to obtain and procure your Personal Information and Relevant Information from relevant sources (private and official databases) and you further agree and consent to the disclosure and provision of such Personal Information by us or our Third Party Partners.
4.7 You agree to indemnify and hold Hexcelon and the Third-Party Partners harmless with respect to any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of the disclosure and reliance on such Personal Information and/or Relevant Information.
4.8 Hexcelon reserves the right to request for further information from you pertaining to your use of the Services at any time. Failure to provide such information within the time required by Hexcelon may result in Hexcelon declining to accept your application for an Account or access to the Services.
4.9 Hexcelon advises its customers not to give their sensitive financial information, such as BVN (Bank Verification Numbers), OTP (One Time Password) and other sensitive financial information to anyone or third party. You agree to hold Hexcelon free of any losses, liabilities and claims that may arise if such details are compromised.
5.1 You may request for a loan at anytime after successful onboarding, provided that you do not have any outstanding payments and subject to the available float loan limit assigned to you.
5.2. All payments will be processed in Nigerian local currency i.e. Naira and Kobo.
5.3. Hexcelon will make available to you, details of your loan request transactions detail from the point of requisition until disbursement.
5.4 . All financial transactions require you to input your pre-configured PIN, you are solely responsible for maintaining the confidentiality of your PIN and login details of your Account. You must protect the secrecy of your PIN and login details and prevent fraudulent use of the same.
5.5. When you request that your assigned Field Agent make a loan request or loan repayment on your behalf, an OTP will be sent to your phone. Provision of the OTP to the Field Agent validates your consent to the transaction. You confirm that you hold Hexcelon and her Field Agents guiltless in the case of any unauthorized transaction on your account where such account has been compromised through sharing your PIN or OTP with any person.
5.6. Your registered bank account will be credited with any loan amount requested for after all corresponding loan fees and convenience charges have been deducted.
5.7. Loan fees per transaction will be the fee displayed at the point of loan application and shall not be greater than 1% of the principal loan amount requested.
5.8. You will be notified of your due date via the mobile app and through calls, emails or SMS from our support team; where repayment is not made on the due date, you undertake to fully repay the principal loan all overdue charges accrued on the loan principal from the due date to the repayment date.
Hexcelon’s decision to not immediately initiate a legal action against your default will not be construed as complicity to such default and the company continues to hold the right to use every legal means to recover all debts.
6.1. To provide Us with accurate personal information at the point of registration and onboarding
6.2. To use Hexcelon App only for the purpose of acquiring and supporting Our Customers in their transactions with Us.
6.3. To strictly adhere to the Privacy Policy of Hexcelon Finance Limited as displayed on our website.
6.4. To collect and correctly verify the physical location of assigned customers. You agree to indemnify Hexcelon Finance of all losses, expenses, damages and claims that may arise due to incorrect verification data of a customer.
6.5. To prevent unauthorized use of your account profile on our mobile app. You hereby understand and agree to indemnify Hexcelon for any unauthorized use of your account in accessing loan for a customer.
6.6. To report and remit to Our bank account, any cash pick up from a customer within 15 minutes of such pick up. You hereby understand and agree to indemnify Hexcelon for all losses, expenses, damages and claims that may arise due to delayed deposit of cash.
7.1. To pay to us, the loan sum, including any convenience, default or penalty fees, and other amounts due to the Lender. Borrower promises to pay these amounts as agreed in this Agreement on or before the Payment Due Date.
7.2. The Lender reserves the right to presume that the Borrower has authorized any loan application made using the Borrower’s profile on our mobile app or made on behalf of the Borrower by a designated Field Agent where the field agent has received an OTP from the Borrower. The Borrower will be deemed responsible for any unauthorized application using his Account.
7.3. To repay the loan given to you and/or to someone you authorized to use your Account Profile via cash to a designated Hexcelon Field Agent or via a bank account listed by the Lender or via the Borrower’s dedicated Virtual Account.
7.4. The Lender reserves the right to accept early repayment before the Payment Due Date, provided that the Borrower repays the Loan in full. Loan repayment via cash payment to a designated Hexcelon Field Agent is affected by the Lender in the way and manner hereinafter specified:
7.4.1. The Lender shall charge a cash pick up fee of N500.00 which will be deemed payable at the point of cash pick up or deductible from the borrower’s next float loan request.
7.4.2. The Lender reserves the right to review the cash pick up fees in line with business demands and economic realities.
7.4.3. You hereby indemnify us against any and all losses, liabilities or damages that may arise in the event that you do not communicate your cash repayment via our WhatsApp Channels or via contact to the support team within Fifteen Minutes of such pick up.
7.5. You understand and agree that repayment is only completed when the value is confirmed by Us. You agree to hold Hexcelon free from all losses, liabilities, expenses, damages, or other claims that may arise from a failed bank transaction at the point of loan repayment.
7.6.1. Not to give us false information or signatures, electronic or otherwise, at any time.
7.6.2. To pay a Late Fee or penalty fee as may be provided in this terms and conditions.
7.6.4. To promptly notify us if you change your name, your registered bank account, your e-mail address or your telephone number.
7.6.5. To honor any other promises that you make in this Agreement.
7.6.6. not to accept this Account unless you are of legal age and have the capacity to enter into a valid contract.
7.6.7. Not to use Hexcelon App for any act of illegality or criminality Hexcelon Finance Limited will not be criminally culpable for any illegality committed by you.
8.1. To make available the loan/credit facility to the Borrower of a figure not less than N10,000.00 (Ten Thousand Naira only)
8.2. To perform above upon confirmation of the Borrower’s identity and personal information
8.3. To demand repayment for the Borrower as and when due
8.4. To use all reasonable and legitimate means to collect the amount extended to the Borrower, the default fee, the transaction fees and any other penalty fee imposed on the Borrower as a result of the loan.
9.1 The Lender or its duly authorized representatives/agents will utilize dedicated Credit Agencies for a credit report on the Borrower in considering the first application for loan.
9.1. The Borrower authorizes The Lender to access any information available to The Lender as provided by the Credit Agency.
9.3. The Borrower also agrees that the Borrower’s details and the loan application decision may be registered with the Credit Agency.
10.1. The Borrower agrees that The Lender may communicate with them by sending notices, messages, and statements in relation to this Agreement in the following manner:
10.2 To the most recent physical address The Lender holds for the Borrower on file
10.3. By delivery to any email address provided during the application process.
10.4. By delivery of an SMS to any mobile telephone number the Borrower has provided to The Lender.
10.5. By posting such notice on the Lender’s website.
If you have any questions about these Terms, please contact us at hexcelonfinance.com.
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