Terms and Conditions

These terms and conditions apply should you decide to take an Overdraft Facility through the Telecel Cash Mobile Money Platform (“Product Terms”) along with the Platform Terms. These Product Terms may change so please read them carefully each time you apply for an overdraft.

1.0 Applying for an Overdraft

1.1 You may apply for a mobile overdraft facility from the financial institution named in your overdraft application (“Provider”) if you are 18 years or above and have an active Telecel Cash Mobile Money account.

1.2 To access this service, you should have linked your Ghana Card to your Telecel number.

1.3 The minimum amount that can be disbursed or approved under this Overdraft scheme is GHS1. In the event that the amount needed to be able to purchase the product or service is not up to GHS1, GHS1 will be credited to your account.

1.4 When you apply for an overdraft facility, you will be given the following information:

• the amount you decide to borrow (“Overdraft Amount”);
• the time you need to pay it back (“Overdraft Term”)
• the rate of interest for the Overdraft and the actual interest amount (“Interest Amount”), if applicable;
• the total amount you need to pay back, including the Interest Amount and late payment fees (“Repayment Amount”)
• the date by which you need to pay back the Overdraft Amount, being the last day of the Overdraft Term (“Due Date”); and
• fee for not repaying the outstanding amount on the Due Date (“Late Payment Fee”).

1.5 The highest interest rate chargeable shall be 6.9% per month subject to amendments by the Provider at any time in line with market and its internal conditions. You will however be charged a Late Payment rate of 12.5% of the Overdraft amount if you fail to pay within 30 days from the repayment date.

1.6 You may accept or decline to take an Overdraft Facility from the Provider by following the instructions provided in the application menu on your mobile phone.

1.7 Overdraft only applies to the following eligible transactions; P2P (sending money to Telecel numbers), MMI (sending money to other networks), Airtime and Data purchases, Telecel bill payment and Utilities payments. These transactions may be reviewed by the provider as and when necessary.

1.8 If the Provider approves your application, the Overdraft Amount will be made available to you to top up your balance to help you complete your transaction.

1.9 The Provider reserves the right to approve or decline your overdraft application.

1.10 Your interest will be charged only on the amount of overdraft you have taken, at a time. You can have multiple facilities provided the total value of Overdrafts does not exceed your approved limit.

1.11 The interest will be applied daily. Anytime your wallet is credited, the available funds will be used to defray in whole or in part the debt and applicable interest and late repayment charges. The daily interest and late repayment rates that accrue on the overdraft amount and payable by you shall be rounded up to two decimal places of which the minimum amount payable for shall be GHS0.01.

1.12 The Overdraft Facility will still be available to you to complete transactions until the date scheduled for repayment.

1.13 You must opt-in to be able to use this facility to complete specified transactions. You also have the option to opt-out when you do not have any outstanding balances.

1.14 The transactions for which you can use this facility is defined by the Provider and you will have the option to utilize it via the appropriate prompts during a transaction.

 2.0 Questions and Complaints

If you have any complaints, queries, or any suggestions with respect to your mobile overdraft please dial 100 on your mobile phone to contact the Customer Call Centre.

3.0 Paying Back the Overdraft Amount

3.1 We or the Provider may take the Repayment Amount directly out of your Telecel Cash account on the Due Date or you can pay it back yourself (as set out in clause 3.4. below).

3.2 By opting-in and accepting these Product Terms and Conditions you agree to allow Telecel Cash to automatically debit your account on the Due Date with the Repayment Amount (or any other amount you owe the Provider).

3.3 A Late Payment Fee will be charged if you fail to repay the Total Repayment Amount in full within twenty-four (24) hours after the start of the Due Date.

3.4 You may choose to pay the Repayment Amount directly on or before the expiry of the Overdraft Term by using the repayment option on the overdraft menu. If you choose to pay back the Overdraft before the end of the Overdraft Term, you will pay the accrued daily interest as at the day of repayment.

3.5 An automatic sweep function will be set on your wallet to repay outstanding OD(s) when funds are deposited into your wallet.

4.0 Your Personal Information

As far as the law allows, by applying for an overdraft, you expressly consent to the collection and use of your Personal Information as set out below.

4.1 What Information we Collect and Why

When you apply for an overdraft, you agree to provide us with your personal information if we can lend you the amount you applied for (“Overdraft Amount”). This includes but is not limited to your mobile phone number, your forename and surname, date of birth, identity or passport number and all information about your Mobile Money Account and how you use it (“Personal Information”).

4.2 Mandatory Collection

The provision of your Personal Information is mandatory (compulsory). This means that for you to receive an overdraft offer from us, you agree to share your Personal Information with us, the Provider and certain third parties.

4.3 What Happens if we Don’t Get your Personal Information

If we do not receive your Personal Information, we cannot offer you an overdraft. This is why you must provide your Personal Information.

4.4 Sharing your Personal Information with the Provider

When you apply for an overdraft, you agree that we may also share certain Personal Information about you to the Provider for regulatory purposes and to assess if we can lend you the overdraft amount. This includes but is not limited to your mobile phone number, your name and surname, date of birth, identity or passport number and all information about your Mobile Money Account and how you use it.

4.5 Sharing your Personal Information with Third Parties

As far as the law allows, by accepting these Product Terms you expressly consent and authorize the Provider to share your Personal Information with any:

• local or international law enforcement or competent regulatory or government agency to help prevent, detect, investigate or prosecute criminal activities or fraud;
• other third party authorized under applicable laws; and
• Credit Reference Bureau to (amongst others) conducting credit checks or reporting to the Credit Reference Bureau as may be market custom or required by law.

 

4.6 How Long we Keep your Personal Information

We will keep your Personal Information for as long as needed to give you access to our services and further loans. Where you opt-out of the service, we will keep your Personal Information for at least 6 years.

4.7 Right to Correct Personal Information

You have the right to rectify incorrect information with the Provider and shall bear all associated cost.

4.8. Security Safeguards

We shall endeavour to observe adequate and comprehensive security safeguards to protect any unauthorized use or access to your Personal Information.

 5.0 No Liability

Telecel and the overdraft provider will not be responsible for any indirect or consequential loss or damage, caused by or related to your application for or your use of a mobile overdraft Telecel and the Provider accepts no responsibility whatsoever for and without limitation to, any error, omission, interruption, defect, delay in operation or transmission, communications line failure when it is not under its direct control. If for any reason any aspect of Overdraft Product is not capable of running as planned, including by reason of infection by computer virus, network failure, bugs, tampering, unauthorized intervention, fraud, technical failures or any other cause beyond the control of Telecel which corrupts or affects the administration, security, fairness, integrity or proper conduct of Overdraft Product, Telecel with its third party Providers may in its sole discretion modify or suspend Overdraft Product. If an act, omission, event or circumstance occurs which is beyond the reasonable control of Telecel and the Provider and which prevents Telecel and the Provider from complying with these Terms and Conditions, Telecel Ghana shall not be liable for any failure to perform or delay in performing its obligation.

6.0 General

6.1. These Product Terms and Conditions only apply as far as the law allows.

6.2. By accepting the Product Terms and Conditions, you agree that the Provider may transfer (cede or assign) all its rights or obligations in these Product Terms to any third party without recourse to you.

6.3. If a duly appointed, court or administrative body (with jurisdiction) finds any provision of these Platform Terms invalid or unenforceable, this will not affect the rest of the provisions.

6.4. These Terms and Conditions shall be governed by and construed exclusively in accordance with the laws of Ghana.