Terms of Service

1. Acceptance of Terms

By accessing or using Mohrad Finance services, including our website and member portal, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, please do not use our services. These Terms constitute a legally binding agreement between you and Mohrad Finance.

2. About Mohrad Finance

Mohrad Finance is a cooperative financial services company operating in Nigeria. We provide savings accounts, dividend payments, and loan services to our members through an invitation-only membership model.

Our services are designed to help Nigerians build wealth through secure savings and access to affordable credit facilities.

3. Membership Requirements

3.1 Invitation-Only Policy

Mohrad Finance operates on an invitation-only basis. New members can only join through a referral from an existing member in good standing.

3.2 Eligibility Criteria

To become a member, you must:

• Be at least 18 years of age
• Be a Nigerian citizen or legal resident
• Have a valid referral from an existing member
• Pay the one-time joining fee of ₦10,000
• Provide accurate and complete registration information
• Maintain a valid Nigerian bank account

3.3 Account Verification

All members must complete identity verification by providing valid government-issued identification and other required documentation before accessing full services.

4. Services

4.1 Savings Accounts

• Minimum initial deposit: ₦1,000
• No monthly maintenance fees
• 24/7 online account access through our member portal
• Annual dividend payments based on average balance

4.2 Loan Services

• Available after 6 months of consistent savings
• Loan amount up to 2× your savings balance
• Competitive interest rates with transparent terms
• Quick approval and disbursement (typically within 24 hours)

4.3 Dividend Payments

• Annual dividend payments to eligible members
• Dividend rates determined by company performance
• Based on average savings balance throughout the year
• Paid directly to member accounts

5. Fees and Charges

• One-time joining fee: ₦10,000 (non-refundable)
• No monthly account maintenance fees
• Loan interest rates as disclosed at time of application
• Late payment fees may apply to overdue loans
• Transaction fees may apply for certain services

6. Member Responsibilities

As a member, you agree to:

• Provide accurate and truthful information
• Keep your account information up to date
• Maintain the confidentiality of your login credentials
• Use services only for lawful purposes
• Repay loans according to agreed terms
• Notify us immediately of any unauthorized account activity
• Comply with all applicable laws and regulations

7. Prohibited Activities

Members are prohibited from:

• Using services for illegal activities or money laundering
• Providing false or misleading information
• Sharing account access with unauthorized persons
• Attempting to circumvent security measures
• Using automated systems to access our services
• Engaging in fraudulent activities
• Violating intellectual property rights

8. Account Suspension and Termination

We reserve the right to suspend or terminate your account if you:

• Violate these Terms of Service
• Engage in fraudulent or illegal activities
• Default on loan payments
• Provide false information
• Pose a risk to other members or our operations

Upon termination, you remain liable for all outstanding obligations, and we will return your savings balance minus any fees or outstanding loans.

9. Limitation of Liability

Mohrad Finance's liability is limited to the maximum extent permitted by law. We are not liable for indirect, incidental, special, or consequential damages arising from your use of our services. Our total liability shall not exceed the amount of fees you have paid to us in the 12 months preceding the claim.

10. Privacy and Data Protection

Your privacy is important to us. Please review our Privacy Policy, which explains how we collect, use, and protect your personal information. By using our services, you consent to our data practices as described in the Privacy Policy.

11. Dispute Resolution

We encourage members to contact us directly to resolve any disputes. If a dispute cannot be resolved through direct communication, it shall be resolved through:

• Mediation by a mutually agreed mediator
• Arbitration under Nigerian law if mediation fails
• Nigerian courts as a last resort

12. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria. Any legal proceedings shall be conducted in Nigerian courts with jurisdiction over our principal place of business.

13. Changes to Terms

We may modify these Terms at any time. We will notify members of material changes via email or through our member portal. Your continued use of our services after such changes constitutes acceptance of the modified Terms.

14. Contact Information

For questions about these Terms or our services, please contact us:

15. Severability

If any provision of these Terms is found to be unenforceable or invalid, the remaining provisions shall continue in full force and effect. The invalid provision shall be replaced with a valid provision that most closely reflects the original intent.