Loan Agreement

Fairmoney Microfinance Bank,

28 Pade Odanye Close Off Adeniyi Jones. Ikeja
017001276
help@fairmoney.io

August 13, 2025 16:31pm

Dear AYUBA JOSHUA,

We are pleased to inform you that your loan application of amount 1,002,400 has been approved
and the amount disbursed to the account number provided by you. This document contains the
terms and conditions applicable to this loan facility, and may be considered as your copy of the loan
agreement. Our general terms and conditions and privacy policy may be accessed at the links
provided.

Lender Name: Fairmoney Microfinance Bank.

Borrower Name: AYUBA JOSHUA

Borrower Address: Command close 8, Port Harcourt, Rivers

Loan Amount: ₦ 1,002,400

Loan Purpose: Create my business

Loan Duration: 24 month(s)

Interest: 12.24% monthly

Management Fee: 0%

Total Repayment Amount: ₦ 3,141,522

Loan Amount: ₦ 1,002,400

Total Interest (A): ₦ 2,139,122

Total interest you will pay across the tenure of the loan

Fees and Other changes (B): ₦ 0

Total other charges you will pay across the tenure of the loan

Total Cost of Credit (A+B): ₦ 2,139,122

Annual Percentage Rate (APR): 108.18 % per annum

The APR represents the total cost of credit expressed as an annualized percentage, calculated
based on the loan's interest rate and tenure, using the Central Bank of Nigeria's (CBN)
prescribed formula.

28, Pade Odanye close, help@fairmoney.io +234 01 700 www.fairmoney.io

off Adeniyi Jones, Ikeja, 1276
Lagos.
Repayment Schedule

Note: 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, card payment charge)

Repayment method: Reducing Balance (interest is calculated on the outstanding principal after each
payment).

Monthly
Date of Management Interest Closing
Month Principal Instalment
Instalment Fees 12.24% Balance
Amount
1 2025-09-12 0 122,707 8,190 130,897 994,210
2 2025-10-13 0 121,705 9,192 130,897 985,018
3 2025-11-11 0 120,580 10,317 130,897 974,701
4 2025-12-11 0 119,317 11,580 130,897 963,121
5 2026-01-10 0 117,899 12,998 130,897 950,123
6 2026-02-09 0 116,308 14,589 130,897 935,534
7 2026-03-11 0 114,522 16,375 130,897 919,159
8 2026-04-10 0 112,518 18,379 130,897 900,780
9 2026-05-11 0 110,268 20,629 130,897 880,150
10 2026-06-09 0 107,742 23,155 130,897 856,996
11 2026-07-09 0 104,908 25,989 130,897 831,007
12 2026-08-08 0 101,727 29,170 130,897 801,837
13 2026-09-07 0 98,156 32,741 130,897 769,095
14 2026-10-07 0 94,148 36,749 130,897 732,346
15 2026-11-06 0 89,649 41,248 130,897 691,098
16 2026-12-07 0 84,600 46,297 130,897 644,801
17 2027-01-05 0 78,933 51,964 130,897 592,837
18 2027-02-04 0 72,571 58,326 130,897 534,511
19 2027-03-06 0 65,432 65,465 130,897 469,046
20 2027-04-05 0 57,418 73,479 130,897 395,567
21 2027-05-05 0 48,423 82,474 130,897 313,093
22 2027-06-04 0 38,327 92,570 130,897 220,523
23 2027-07-05 0 26,995 103,902 130,897 116,621
24 2027-08-03 0 14,270 116,621 130,891 0

General Terms and Conditions

Advance and Repayment

1. The Lender agrees to advance the Loan and the Borrower agrees to take the Loan subject to
the terms and conditions as set out in the Loan application form and also in this offer letter.

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

3. The Borrower may terminate the offer letter and repay back 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 offer letter to the date of early
repayment (whether or not yet payable), including any interest arising out of delay in previous
repayments

28, Pade Odanye close, help@fairmoney.io +234 01 700 www.fairmoney.io

off Adeniyi Jones, Ikeja, 1276
Lagos.
 4. Where the Borrower makes a payment for an instalment under the Loan prior to the scheduled
repayment date (the “payment due dateˮ), such payment shall be made via the app by 4:00pm
at the least, on the day prior to the instalment date . In the event that the borrower fails to make
the payment, the lender shall charge the repayment account 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 (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 installment 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 delay period)
by charging the account connected by the borrower at the time of loan disbursal

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

Cooling Off Period

1. In line with Section 4.3.6 of the CBN Consumer Protection Regulation (CPR) you are entitled to
a cooling-off period of three (3) working days after the signing of a credit contract within
which you may cancel the contract without having to pay any penalty or charges.

2. Interest will be charged on the portion of the loan amount utilized within cooling-off period.

3. For the purpose of this loan offer, 'utilized amount' refers to any portion of the loan amount
that has been transferred out of your account within the cooling-off period.

4. The cooling-off period does not apply to loan restructuring or top-up.

Pre-Liquidation of Loan

1. In the event that you wish to liquidate the loan facility before the closure date (final due date),
you may contact FairMoney at help@fairmoney.io to understand the reduction in total amount
to repay, given that the loan is being terminated early.

2. Upon receiving the advised liquidation balance, you are required to make payment within 1 to 3
business days. Failure to do so will result in a recalculation, and you will be advised of a new
liquidation balance.

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 breach of or default under any provision of any
other agreement to which the Borrower is a party.

28, Pade Odanye close, help@fairmoney.io +234 01 700 www.fairmoney.io

off Adeniyi Jones, Ikeja, 1276
Lagos.
 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 there from.

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

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

6. If He/She utilizes the loan amount or transfers the loan amount out of the Fairmoney MFB Bank
account, the cooling-off period does not apply.

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 1 of the
Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.

6. Where a situation arises, which in the Lenderʼs 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 shall continue unremediedun-remedied after ten
(10) daysʼ notice having been given to the Borrower.

Assignment and 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 disclose any information or documentation relating to
the Loan to third parties including credit reference agencies, authorised collection agencies,
law enforcement agencies including but not limited to the Economic and Financial Crimes
Commission and the Special Fraud Unit of the Nigerian Police Force as well in the event that
the Loan has ceased to be serviced by the Borrower.

3. By accepting this offer, you hereby expressly and unequivocally instruct Fairmoney to initiate a
global standing instruction to recover outstanding repayments, in the event of a default, from
any/all accounts which you maintain with any Financial Institutions and/or linked to your BVN.

28, Pade Odanye close, help@fairmoney.io +234 01 700 www.fairmoney.io

off Adeniyi Jones, Ikeja, 1276
Lagos.
Variation of Conditions

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 notice to the Borrower by any
means the Lender considers reasonable in the circumstance.

2. In the event that the Lender varies the rate of interest payable on the Facility Amount, the
Borrower shall be duly notified ten (10) days prior to the implementation of said variation.

Set- Off

1. The Lender may at any time with or without notice (a) combine or consolidate some or all of the
Borrowerʼs 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 Borrowerʼs accounts with it.

Governing Law

1. This offer letter is governed by Nigerian law and the courts of the Federal Republic of Nigeria
have jurisdiction in any matter arising from it.

If you have a complaint or a query, do not hesitate to contact us at

By email: help@fairmoney.io

By Call: 01 7001276 / 01 8885577

By visiting our website: https://www.fairmoney.ng/contact

If dissatisfied with the resolution of your complaint, you can escalate the complaint to the Consumer
Protection Department of the Central Bank of Nigeria by writing to the Director, Consumer Protection
Department, CBN, Abuja or send an email to: cpd@cbn.gov.ng.

Authorized Signatory

28, Pade Odanye close, help@fairmoney.io +234 01 700 www.fairmoney.io

off Adeniyi Jones, Ikeja, 1276
Lagos.