LOAN AGREEMENT

Dear Aaroi Anda,

We are pleased to inform you that your loan application for the sum of ZMW2,700 has
been approved and the amount shall be disbursed to the E-Wallet provided by you.
This document contains the terms applicable to this loan facility and is considered your
Loan Agreement with FairMoney. The Fairmoney General Terms and Conditions and
Privacy Policy may be accessed using the links provided and they also form part of your
agreement with us.

LENDER NAME: FairMoney Technologies Zambia Ltd (“FairMoney Zambia”)

BORROWER FULL NAME: Aaroi Anda
BORROWER ADDRESS: 124/4, Kafue,
Lusaka Province

LOAN AMOUNT: ZMW2,700

LOAN PURPOSE: For existing business

LOAN DURATION: 3 months

INTEREST RATE: 84.0%

PROCESSING FEE: 0%

Total Repayment Amount: ZMW4,967

● Loan Amount: ZMW2,700

● Service Fee: ZMW2,267

Total interest you will pay across the tenure of the loan

● Annual Percentage Rate (APR): 336.0 % per annum

This reflects the total cost of the credit on a yearly basis expressed as
percentage, using the information at the disclosure date. It is a useful tool for
comparison with similar loans.
REPAYMENT SCHEDULE
The amount required to be paid (for each repayment and total) does not include fees
which are dependent on events that may not occur (for example, late payment fees, or
card payment charges whichever is applicable).
Instalment Date of Instalment Outstanding
Number Instalment Amount Principal Service Fee Principal
1 2024-10-12 ZMW1,657 ZMW631 ZMW1,026 ZMW2,069

2 2024-11-11 ZMW1,657 ZMW871 ZMW786 ZMW1,198

3 2024-12-11 ZMW1,653 ZMW1,19 ZMW455 ZMW0

8

LOAN TERMS AND CONDITIONS

A. Payment and Repayment
1. The Lender agrees to disburse the Loan and the Borrower agrees to take the
Loan subject to the terms and conditions set out in the Loan application form,
this Loan Agreement, FairMoney General Terms and Conditions and Privacy
Policy.

2. The Borrower agrees to repay the Loan (principal plus accrued interest) in
accordance with the repayment schedule as provided above.

3. The Borrower may terminate this Agreement and repay all or any part of the
borrowed amount on any day before the scheduled maturity date, by paying to
the Lender, all interest, fees and other monies then accrued or due under this
Agreement on the date of early repayment (whether or not yet payable),
including any interest arising out of delay in previous repayments.

4. Where the Borrower makes a payment for an instalment under the Loan before
the scheduled repayment date (the “payment due date”), such payment shall be
made via the app by 4:00 pm at the latest, on the day before the repayment
date. In the event that the Borrower fails to make the payment, the Lender shall
charge the repayment account/wallet connected by the Borrower at the time of
loan disbursal for the amount of the instalment.

5. In the event that the Lender is unable to charge the repayment account/wallet
(due to technical reasons / because the account is not funded), the repayment
shall be re-attempted at the discretion of the Lender, wholly, or in part, till the
amount for that instalment is paid.

6. For every day of delay past the payment due date, interest will continue to
accrue at the rate mentioned in this agreement. However, for three days after
 the due date, the Lender shall only attempt a repayment charge for the amount
of the original instalment. Starting from the fourth day after the repayment due
date, in case the instalment amount is still unpaid, the Lender shall attempt to
collect the entire amount due (instalment amount + interest accrued in the delay
period) by charging the account/wallet connected by the Borrower at the time of
loan disbursal.

7. Failure to make repayments as and when due will attract a penalty fee of 1%
per month on the unpaid amounts in addition to charging the current rate of
interest.

B. Representations And Warranties

The Borrower represents and warrants that:
1. He/she has the right to accept this facility and has taken all necessary actions to
authorize the same upon the terms and conditions herein.

2. He/she is not in default under any obligation in respect of any borrowed money
that the acceptance of this facility will be or result in a breach of or default
under any provision of any other agreement to which the Borrower is a party.

3. The information given to the Lender in the course of the application process is
true, accurate and complete. The Borrower is solely responsible for the
correctness of such information and the Lender shall have no obligation to verify
the authenticity of any documentation provided by the Borrower. The Lender
accepts no liability for consequences arising out of any erroneous, incorrect or
incomplete information supplied by the Borrower. If the Borrower suspects that
there is an error in the information he or she has provided to the Lender, he or
she shall advise the Lender accordingly without delay. The Lender will
endeavour to correct the error whenever and wherever possible on a 'best effort'
basis but shall have no liability arising therefrom.

4. He/she has the right to access and operate the wallet or bank account/card that
has been connected for repayment.

5. Under no circumstance shall the Lender be liable for any loss, expense or
damage of any kind incurred by the Borrower due to non-compliance with this
requirement.

C. Events of Default
The occurrence of any of the following events shall cause all outstanding amounts
under this facility to become immediately due and payable:
1. The Borrower fails to make a repayment or payment of principal, interest or
other amount in respect of the Loan on the date it was due to be paid.
 2. The Borrower breaches any of the terms and conditions of the Loan including
any representation or confirmation given by the Borrower in this loan
agreement.

3. Where a bankruptcy petition is filed against the Borrower.

4. Where fraud is detected at any time during the lifespan of the facility.

5. Where the Borrower is unable to pay any other party within the meaning of
Section 3 of the Bankruptcy Act, Laws of Zambia.

6. Where a situation arises, which, in the Lender’s opinion makes it inappropriate

to continue to extend the facility to the Borrower.

7. Where the Borrower defaults in the performance or observance of any other

term, condition or covenant herein and such breach or default has not been
remedied after ten (10) days’ notice given to the Borrower.

D. Assignment and Consent for Disclosure of Information

1. The Borrower consents irrevocably to any future transfer and assignment,
however arising, of the loan, whether as part of a Loan transfer scheme or
otherwise.

2. The Borrower authorizes the Lender to request credit information from and
disclose information or documentation relating to the Loan to third parties,
including but not limited to credit reference agencies, authorized collection
agencies, and law enforcement agencies when providing the Customer with this
Service.

3. By accepting this offer, the Borrower hereby expressly and unequivocally

instructs FairMoney to initiate a global standing instruction to recover
outstanding repayments, in the event of a default, from any/all wallets/accounts
which you maintain with any Financial Institution.

4. The Lender shall comply with the Zambian Data Protection Laws and is
committed to using appropriate, reasonable, technical, and organizational
measures to protect and secure your Personal Information.

E. Variation of Condition
1. The Lender reserves the right at all times to vary the terms and conditions of the
Loan agreement. Any such variation will become effective upon reasonable
notice to the Borrower by any means the Lender considers expedient in the
circumstance.
 2. If the Lender varies the rate of interest payable on the Facility Amount, the
Borrower shall be duly notified within reasonable time, before the
implementation of said variation.

F. Set-Off
1. The Lender may at any time after the due date, with or without notice (a)
combine or consolidate some or all of the Borrower’s accounts with it without
any liability to the Lender and (b) set off and transfer any sum standing to the
credit of any such account in full or partial payment of any amount the Borrower
owes to the Lender.

2. This clause is in addition to and does not amend or qualify any other present or
future right of the Lender to combine or set off any of the Borrower’s accounts
with it.

G. Governing Law and Dispute Resolution

1. This Offer letter is governed by the Laws of the Republic of Zambia.

2. If you have a complaint or a query, do not hesitate to contact us:

● By email: help.zambia@fairmoney.io
● By visiting our website: https://www.fairmoney.io
● If you are dissatisfied with the resolution of your complaints, both Parties
shall collaborate to amicably resolve any dispute, controversy or claim of any
nature whatsoever arising out of or in relation to or in connection with this
Agreement.
● In the event that this is not possible, disputes shall be resolved by arbitration
on an individual basis.

The Parties hereby AGREE TO and ATTEST that they have read, and clearly understand
the terms of this Loan Agreement, the FairMoney General Terms and Conditions and
the Privacy Policy.

Head of Credit Managing Director