Terms of Service

1. Acceptance of Terms

By opening an account, applying for a loan, or using any services provided by Royale Mikri Microfinance Ltd ("Royale Mikri," "we," "our," or "us"), 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 Royale Mikri. We recommend that you read these Terms carefully and keep a copy for your records.

2. Definitions

In these Terms, the following words have these meanings:

• "Account" means any savings, loan, or Susu account you hold with us.
• "Business Day" means Monday to Friday, excluding public holidays.
• "Customer" or "You" means the person who holds an account or uses our services.
• "Default" means failure to meet any obligation under these Terms, including loan repayments.
• "Force Majeure" means events beyond our reasonable control, including natural disasters, strikes, and government actions.
• "Interest Rate" means the rate at which interest is calculated on loans or paid on savings, as disclosed in your account agreement.
• "Loan" means any credit facility extended to you by us.
• "Mobile Banking" means banking services accessed via mobile phone, including USSD and SMS.
• "Security" means any collateral or guarantee provided for a loan.
• "Susu" means our doorstep savings collection service.

3. Account Terms

3.1 Account Opening

To open an account, you must:

• Be at least 18 years old (except for Children's Savings accounts, which require a parent/guardian)
• Provide valid identification (Ghana Card, Voter's ID, or Passport)
• Provide accurate and complete information
• Meet any minimum deposit requirements for specific account types
• Provide a valid phone number for communications

3.2 Account Responsibility

You are responsible for:

• Keeping your account information up to date
• Protecting your account number, PIN, and passwords
• All transactions conducted through your account
• Notifying us immediately of any unauthorized transactions
• Complying with all applicable laws and regulations

3.3 Joint Accounts

For joint accounts:

• All account holders are jointly and severally liable
• Any account holder may conduct transactions unless restrictions are agreed in writing
• Instructions from any account holder will be considered authorized
• In case of death, the account will be handled according to our policy and applicable law

4. Loan Terms

4.1 Loan Application

By applying for a loan, you:

• Certify that all information provided is true and complete
• Authorize us to verify your information, including credit checks
• Understand that loan approval is at our discretion
• Agree to provide any additional information we may request

4.2 Interest and Fees

Loan interest and fees are as disclosed in your loan agreement:

• Interest is calculated on the reducing balance method
• Processing fees are non-refundable
• Late payment penalties may apply as specified in your agreement
• We may change interest rates with notice as required by law

4.3 Repayment

You agree to:

• Make all payments on time according to your repayment schedule
• Notify us immediately if you cannot make a payment
• Authorize us to deduct payments from your savings account
• Pay all costs we incur to collect overdue amounts

4.4 Prepayment

You may prepay your loan at any time without penalty. Interest will be adjusted to the date of prepayment.

4.5 Security

If you provide security for a loan:

• You confirm you have the right to pledge the security
• The security may be registered with relevant authorities
• We may take possession of the security upon default
• You remain responsible for any shortfall if the security value is insufficient

5. Savings & Susu Terms

5.1 Savings Accounts

• Interest is calculated on daily balances and credited quarterly
• Withdrawals may be subject to notice periods for certain account types
• Minimum balance requirements must be maintained
• Accounts with no activity for 12 months may be classified as dormant

5.2 Susu Collection

• Susu collectors are authorized agents of Royale Mikri
• Always obtain a receipt or card update for every collection
• Verify SMS confirmations for each transaction
• Report any discrepancies immediately
• Susu savings earn interest as specified for your collection frequency

5.3 Dormant Accounts

Accounts inactive for 12 months are considered dormant. Dormant accounts:

• Stop earning interest
• May incur administrative fees
• Will be contacted to reactivate
• May be transferred to the Bank of Ghana if unclaimed after 5 years

6. Fees and Charges

The following fees may apply to your account:

• Loan Processing Fee: 1% of loan amount (one-time)
• Late Payment Fee: 5% of overdue amount or GH¢20, whichever is greater
• Statement Fee: GH¢5 per printed statement (free via SMS)
• Card Replacement: GH¢20
• Dormant Account Fee: GH¢10 per month after 12 months of inactivity
• Account Closure Fee: Free (if closed within 6 months of opening, GH¢20 may apply)

We may change fees with 30 days' notice. Current fees are available at any branch.

7. Electronic Services

7.1 Mobile Banking

• Mobile banking services are provided for your convenience
• You are responsible for all transactions initiated through your phone
• Keep your phone secure and report loss immediately
• Standard network charges may apply
• Transaction limits apply as specified

7.2 SMS Alerts

• SMS alerts are a free service to help you monitor your account
• Alerts may be delayed and are for information only
• Notify us if you stop receiving alerts

7.3 Website

• Our website is provided "as is" without warranties
• We may suspend access for maintenance
• You may not use our website for unlawful purposes
• We are not responsible for links to third-party sites

8. Default and Collections

8.1 Events of Default

You will be in default if:

• You fail to make a payment when due
• You provide false or misleading information
• You breach any term of this agreement
• You become bankrupt or insolvent
• You die or become mentally incapacitated
• Any security provided is at risk

8.2 Our Rights Upon Default

If you default, we may:

• Demand immediate full repayment of all amounts owing
• Apply funds from your savings accounts to the debt
• Report default to credit reference bureaus
• Take legal action to recover the debt
• Appoint agents to collect the debt
• Exercise rights over any security

8.3 Collection Costs

You agree to pay all reasonable costs we incur to collect overdue amounts, including legal fees and collection agency charges.

9. Limitation of Liability

To the maximum extent permitted by law:

• We are not liable for indirect or consequential losses
• Our total liability is limited to the amount in your account or GH¢10,000, whichever is less
• We are not liable for losses caused by events beyond our control
• We are not liable for unauthorized transactions if you failed to protect your PIN
• We are not liable for losses from using third-party services

Nothing in these Terms limits our liability for fraud, gross negligence, or death/injury caused by our negligence.

10. Account Termination

10.1 Termination by You

You may close your account at any time by:

• Visiting any branch with valid ID
• Providing written notice (for accounts with notice periods)
• Settling all outstanding amounts

10.2 Termination by Us

We may close your account or suspend services by giving you notice if:

• You breach these Terms
• Your account is dormant
• We are required to do so by law
• You provide false information
• You use our services for illegal activities

10.3 Effect of Termination

Upon termination:

• You must pay all outstanding amounts immediately
• Interest will stop accruing
• We will return your balance less any amounts owed
• Certain obligations (like confidentiality) survive termination

11. Dispute Resolution

11.1 Internal Resolution

If you have a complaint:

1. Contact your branch manager or our customer service
2. We will acknowledge within 2 business days
3. We will propose a resolution within 5 business days

11.2 Escalation

If not satisfied, you may escalate to:

• Our Complaints Manager: complaints@royalemikrifinance.com
• Managing Director: md@royalemikrifinance.com

11.3 External Resolution

You may refer unresolved disputes to:

• Bank of Ghana - Banking Industry Complaint Desk
• Alternative Dispute Resolution (ADR) under the Alternative Dispute Resolution Act, 2010 (Act 798)
• The courts of Ghana

12. Governing Law

These Terms are governed by the laws of the Republic of Ghana, including:

• Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)
• Data Protection Act, 2012 (Act 843)
• Borrowers and Lenders Act, 2020 (Act 1052)
• Any other applicable laws and regulations

The courts of Ghana have exclusive jurisdiction over any disputes.

13. Changes to Terms

We may update these Terms from time to time. When we do:

• We will post the new Terms on our website
• We will notify you of material changes via SMS or email
• Changes will take effect 30 days after notice
• Continued use of our services means you accept the new Terms
• You may close your account before changes take effect if you disagree

14. Contact Information

For questions about these Terms, please contact:

Legal & Compliance Department
Royale Mikri Microfinance Ltd
Old Bekwai Road, Kumasi
Email: legal@royalemikrifinance.com
Phone: 0302 420 457
Hours: Monday-Friday, 8am-5pm