Terms and Conditions

This Agreement sets out the complete Terms and Conditions (the ‘Terms and Conditions’) which shall be applicable and legally binding on You (“Customer”, “Borrower”, “your”, “company”) and Swipebill Technologies Nigeria Limited (“Company”, “Float”, “Us”, “We”, “Our”, “Lender”).

Please read this Agreement carefully before accepting to be bound by the Terms and Conditions.

  1. Definitions and Interpretation

    • Definitions

      For the purposes of this Agreement, unless the context otherwise requires:

      “Agreement” means this agreement between the Customer and Float which contains the Terms and Conditions;

      “Additional Loan Term” means a period of 30 (thirty) days beginning on the 31st day from the Initial Loan Term.

      “Account” means your Loan account with Float;

      “Credit Limit” means the maximum credit available to the Borrower by the Lender, following the creation of a Float Wallet and Float Bank Account. Subject to our review, the Credit limit shall not exceed the sum of N50,000,000 (Fifty Million Naira);

      “Disbursement Date” means the date Float disburses the Loan to the Customer’s Float Wallet or Float Bank Account which shall be within 2 days from the Customer’s receipt of the Loan approval;

      “Event of Default” shall have the meaning ascribed to it in clause 10;

      “Interest” means an interest rate of 1% per week on the Loan for the duration of the Loan Term or any other interest rate as may be communicated by Float to the which duration shall not be less than the Minimum Loan Period;

      “Initial Loan Term”means a period of 7 - 30 (thirty) days beginning from the Disbursement Date of the Loan.;

      “Loan”means the principal amount advanced by Float to the Borrower which shall not exceed the Credit Limit;

      “Loan Term”means collectively, an Initial Loan Term and the Additional Loan Term; Minimum Loan Period shall be for a period of 7 days

      “Party” means the Customer and Float individually;

      “Parties” means the Customer and Float collectively;

      “Penalty Fees” means an additional interest rate of 0.2% per day to be incurred by the Borrower for each day the Borrower fails to repay the Loan and accrued Interest after the Additional Loan term;

      “Personal Data”means any information about the business and or company, and their stakeholders provided to us by you or in the use of our Site and services such as your name, email address, physical address, password, billing and payment information. This includes non-personal information like the domain name of your internet service provider, your geographical location, operating system and other relevant statistics;

      “Privacy Policy”means our privacy policy available on the Site, which sets out the manner in which personal data we collect from you, or you provide to us, will be used and processed by us;

      “Processing Fee”means 0.75% (capped at a maximum value of N35,000 (thirty-five thousand Naira) of the Loan deductible from the total principal amount made available to a Customer in its Float Wallet or Float Bank Account, as fees payable to Float for processing a Customer’s Loan request;

    • “Repayment Date” means the date the Loan, Interest and Penalty Fees (if applicable) shall become due and payable by the Borrower to Float, which may be the 30th day of the Initial Loan Term or the 30th day of the Additional Loan Term;

      “Site”means Float website where the lending services will be offered;

      “Float Bank Account” means a unique bank account with Wema Bank Plc created for you and maintained by us and Wema Bank Plc, upon setting up an Account on the Site;

      “Float Wallet” means a digital wallet which stores e-money in an account maintained by us for you and which the all transfers with respect to the Loan, Interest, and Penalty Fees would be reflected.

  2. Interpretations

    • All headings in this Agreement are for convenience only and shall not be used in its interpretation. Unless this Agreement indicates a contrary intention.
    • The singular shall include the plural and vice versa.
    •  A reference to any one gender shall be capable of being construed as a reference of any of the others.
    • Words or phrases defined in this Agreement shall have the meanings assigned to them.

Acceptance of Terms and Conditions

  1. By ticking the“I agree to the Terms and Conditions”, on the Site, which you hereby adopt as your electronic signature, you accept to be bound by the Terms and Conditions provided in this Agreement, and you agree that:
  2. You hereby expressly consent and authorise Float and/or any of our duly authorised agents or partners, to debit your Float Wallet or Float Bank Account for the purpose of repaying the Loan, Processing Fee, accrued Interest and Penalty Fees (if applicable) as and when due;

  3. You consent to us transferring your data to third parties in foreign countries to process such data, in so far as such transfer is required for the performance of our obligations to you under this Agreement;

  4. We can provide materials and other information about your legal rights and duties to you electronically;

  5. We can send all important communications, billings statements, reminders and demand notices (collectively referred to as “Notifications”) to you electronically via our Site or to an email address you have provided us with;

  6. We are authorised to share, receive and use data/information collected from your transaction with other affiliated third parties including but not limited to switching companies, credit bureaus and other financial institutions;

  7. We provide some of our services in partnership with third-party service providers, including but not limited to switching companies, credit bureaus and other financial institutions. You hereby agree that such service will be governed by the thrid party terms and conditions.

  8. We can alert you when Notifications are available, by sending you an electronic communication;

  9. By consenting, the electronic Notifications shall have the same meaning and effect as if we provided paper Notifications to you. When we send you an email alerting you that Notifications are available to you, such electronic Notifications shall have the same effect as paper Notifications whether or not you chose to view the Notifications, unless you had previously withdrawn your consent to receive electronic Notifications.

  10. Float reserves the right, at its sole discretion, to modify or replace these Terms and Conditions from time to time. If you object to such changes, your sole recourse will be to cease using our services and the Site. Your continued use of our services and the Site following the changes to the Terms and Conditions will indicate your acknowledgement of such changes and agreement to be bound by the amended Terms and Conditions.

Account, Opening Process

  1. In order to access our services, you must set up an Account on the Site wherein you shall provide us with all requested information about your registered company. By providing us with information about your company, you represent and warrant that you have the authority to legally bind the entity and grant us all permissions and licenses to perform our obligations as provided in these Terms and Conditions.

  2. Our services and the Site, can only be utilised by persons over the age of 18. Float the right to verify the authenticity of any Account created on the Site.

Requirements for Loan Request

  1. To request for a Loan, you are required to provide us with basic information such as the registered name of your company, email address, phone number, Tax Identification Number (TIN), full names of the directors where applicable, names of shareholders and their percentage ownership, details of the founders (names, email addresses, phone numbers, and details of their referees), copies of the company’s incorporation documents, copies of government issued IDs of the shareholders of a company , and any other information needed by us to process your application.

  2. You must provide us with accurate, current and complete information at all times during the application process.

  3. Upon your request for a loan, Float reserves the right to carry out an investigation to verify your status.

  4. Upon the approval of a Loan request, a Float Wallet and a Float Bank Account will be created for your Account, and you will be issued a virtual card and/or a physical card.

Float Wallet and Float Bank Account

To use the Float Wallet and/or Float Bank Account, you agree and acknowledge the following:

  1. that you have the authorisation of the company to act on its behalf;

  2. that the company has a functional bank account with a financial institution domiciled in Nigeria;

  3. You shall provide us with all information as maybe requested by us for the creation of a Float Wallet and a Float Bank Account for you. Such information shall include but shall not be limited to the company’s name, email address, phone number, and Bank Verification Number (BVN) (“Customer Information”);

  4. You represent and warrant that all Customer Information you provide to us is truthful, accurate, and complete;

  5. You agree to promptly notify us of changes to your Customer Information by updating your Account on the Site;

  6. For our compliance purposes and to provide the Float Wallet and Float Bank Account services to you, you hereby authorize us to, directly or through a third-party, obtain, verify, and record information and documentation that helps us verify your identity and the bank account information provided; and

  7. By using the Float Wallet and providing Customer Information to us, you automatically authorize us to obtain, directly or indirectly and without any time limit or the requirement to pay any fees, information about you and your bank account from the financial institution holding your bank account and other databases as necessary to provide the Float Wallet to you.

Loans and Loan Request Policy

  1. You hereby irrevocably authorise us to act on all requests for Loans received from you via the Site, and you shall be liable with respect thereof. Float may however refuse to oblige any Loan requests at its sole and absolute discretion.

  2. Subject to our discretion, we reserve the right to reject any Loan request from you even if you have previously been issued a Loan by Float.

  3. Following your Loan request, and subject to Float’s discretion, your Float Wallet or Float Bank Account may be credited with the requested Loan. Where your Loan request is approved, you will immediately get a notice of approval via your Account and/or email confirming the amount to be disbursed into your Float Wallet or Float Bank Account, the Disbursement Date, the Interest on the Loan, the Processing Fee deductible, and the Loan Term. Where your request is denied, a notice of denial will be communicated to you via your Account and/or email.

  4. You acknowledge that the Loan and accruable Interest shall be for the duration of the Loan Term, and you further agree that the Loan and the accrued Interest shall be repaid on the Repayment Date.

  5. You hereby agree and acknowledge that:

  6. Float shall be deemed to have acted properly and to have fully performed all its obligations to you notwithstanding that your Loan request may have been initiated, or otherwise communicated in error or fraudulently, and you shall be bound by such request so far as Float acted in good faith, believing that the Loan request was made by you.

  7. Float may at its discretion, decline to act on or in accordance with the whole or any part of your Loan request pending further enquiry or further confirmation (whether written or otherwise) from you.

  8. You agree to indemnify Float against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to Float having acted in accordance with the whole or any part of any of your Loan request.

  9. To the full extent permitted by law, Float shall not be liable for any unauthorised drawings, transfers, remittance, disclosures, activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your Account and/or Float Wallet password, ID or any means whether or not resulting from your negligence.

  10. Float is authorised to act on such orders with respect to your Account and/or Float Wallet or Float Bank Account as may be required by any court order or competent authority or agency under the applicable laws.

The Borrower’s Obligations

The Borrower agrees to:

  1. repay the Loan, and the accrued Interest charged to its Account on or before the Repayment Date. Where the Borrower fails to repay Loan and Interest on or before the Repayment Date, Penalty Fees shall begin to apply;

  2. be held responsible for any unauthorized Loan request using its Account unless the Borrower notifies the Lender in writing, of imminent fraud by an unauthorised user on the Borrower’s account within 24 hours of such fraud;

  3. repay the Loan and accrued Interest via direct transfer to Float via its Float Wallet, or an electronic debit from its Float Bank Account. The Borrower shall have the option to repay all outstanding sums at any point prior to the Repayment Date without penalty, provided that the Loan and Interest amount is repaid by the end of the Loan Term; and

  4. not use the Site and Float’s services for any act of illegality or criminality and that Float shall not be legally or criminally liable for any illegality committed by it.

The Lender’s Obligations

The Lender agrees to:

  1. make the Loan available to the Borrower on the Disbursement Date (which shall in no case exceed the Credit Limit) subject to the Lender verifying and approving the Borrower’s Loan request;

  2. conduct adequate checks on the Borrower prior to approving a Loan request;

  3. demand repayment of Loans and Interest from the borrower as and when due; and

  4. To use all reasonable and legitimate means to recover unpaid Loans, Interest and Penalty Fees as may be applicable. Such means of recovery shall include engaging collection agencies, and initiating court processes for the recovery of debts.

Personal Information

  1. You agree to grant Float an irrevocable right to collect and use any information you provide us or we collect from you, for the specific purpose of providing you with our services.

  2. You hereby agree and authorise us to verify information provided by you to us against your information held by local banks including but not limited to your phone number, date of birth, National Identification Number (I.D), or Passport Number, Bank Verification Number (BVN) and any other information that will enable us identify you and comply with the regulatory “Know Your Customer” (KYC) requirements in your country.

  3. Float reserves the right to request for further information from you pertaining to your Loan request or the creation of your Account, Float Wallet, and Float Bank Account at any time. Failure to provide such information within the time required by Float may result in Float declining to accept your Loan request or a delay the creation of your Account, Float Wallet or Float Bank Account.

  4. You consent that we may disclose and or transfer your information to third parties or any other entity we deem necessary to perform our obligations to you under this Agreement.

  5. All other provisions regarding the use of your personal information are contained in ourPrivacy Policy

Intellectual Property

  1. The Site and our services contained therein, original content, features and functionality are and shall remain the exclusive property of Float. Our trademarks and trade name may not be used in connection with any product or service without our prior written consent.

  2. You shall not use, adapt, modify, prepare derivative works of, distribute, license, sell, transfer, publicly display, publicly perform, transmit, broadcast or otherwise exploit the Site or collective content except as expressly permitted by Float.

  3. Subject to your compliance with these Terms and Conditions, Float grants you a limited, non-exclusive, revocable, non-transferable licence to access and view any collective content made available on or through the Site and accessible to you.

Representations and Warranties

You make the following representations and warranties to us at the time of agreeing to these Terms and Conditions:

  1. You are over the age of 18 years;

  2. You are of sound mind and have the capacity to use our Site and services;

  3. All information that you provide to us is true and accurate to the best of your knowledge;

  4. That your company has been duly registered as a legal entity at the office of the appropriate companies’ registration agency;

  5. You have carefully read and understood these Terms and Conditions;

  6. That neither the company nor the stakeholders are subject to any bankruptcy claim, and/or pending or threatened criminal proceedings, that may in any way have adverse effect on the financial assets of the company or stakeholders in the opinion of Float;

  7. If you are accepting these Terms and Conditions on behalf of a legal entity, you are legally authorised to do so and we may request evidence of such legal entitlement; and

  8. That by accepting these Terms and Conditions, neither the company nor the stakeholders are not breaching any laws, regulations or agreements that are applicable to them.

Event of Default

An Event of Default refers to the following instances :

  1. you fail to pay the Loan and accrued Interest on or before the Repayment Date;

  2. any representation or information made or given by you in connection with your Account and Loan request is incorrect, inaccurate or misleading;

  3. you carry out or attempt to carry out any act which may prejudice Float’s rights under this agreement;

  4. you are declared bankrupt, insolvent or unable to pay your debt according to the appropriate laws in your country during the Loan Term.

    • Upon the occurrence of an Event of default as mentioned above, we may without prejudice to any other right or remedy granted to us under any law:

    • terminate this agreement in accordance with clause 11;

    • declare that the Loan (and all accrued Interest, Penalty fees and all other amounts outstanding under this Agreement) becomes due and payable and you shall immediately make all necessary payments; and

    • deduct funds from your Float Wallet, Float Bank Account or any other bank account as permitted by law upon compliance with the relevant legal requirements, as payment for your outstanding repayment obligations.

  5. Float reserves the right to institute legal proceedings against you to recover the Loan, accrued Interest and Penalty fees, with or without prior notice.

  6. You shall be liable for all legal costs and expenses incurred by Float for any action taken against you by Float for the recovery and repayment of the Loan (including any accrued Interest or fees payable on the loan).

  7. You agree that upon the occurrence of an Event of default, Float or its authorised representatives or collections agent may notify you and any other person who in Float’s opinion, may assist in the recovery and repayment of the outstanding Loan (including any accrued Interest or fees payable on the Loan).


  1. We may terminate or suspend your Account immediately with or without prior notice or liability, for any reason whatsoever, including without limitation to if you breach these Terms and Conditions; or

  2. Upon the occurrence of an Event of Default as stated in clause 10 above.

  3. Upon termination, your right to use our Site and services will immediately cease, and all outstanding Loans (including any accrued Interest or fees payable on the Loan) shall become payable. If you wish to terminate your Account, you may simply discontinue using the Site and our services.


You agree to indemnify and hold harmless Float, its affiliates and subsidiaries, its officers, directors, and employees, against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profits, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred by it, its affiliates and subsidiaries, its officers, directors, and employees, as a result of:

  1. your fraudulent or illegal use of our Site or services;

  2. any act of negligence or wilful conduct by the stakeholders of the company with respect to fulfilling your obligations in connection with this Agreement;

  3. any inaccurate, incomplete or misleading information that you have provided to us;

  4. any unauthorised access to your Account as a result of your failure to keep your username and password confidential;

  5. any service that you have offered, whether with or without our permission to a third party using the Company’s services or Site; and

  6. any claim made against the company and/or its stakeholders for actual or alleged infringement of a third party’s intellectual property rights arising out of or in connection with the use of our services or use of the Site.

Force Majeure

Neither Party shall be liable for failure to perform, or for delay in performing its obligations hereunder if such failure or delay shall be due to Acts of God, war, riot, civil commotion, weather, labour disputes, failure of sub-contractors or any other cause beyond its reasonable control.

Limitation of Liability

In no event shall Float, its directors, employees, partners or affiliates, be liable for any indirect, incidental, special, consequential or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from your use of the Site or our services or your inability to use the Site or our services.


If any part of this Agreement is held to be invalid or unenforceable in any jurisdiction, the invalidity and unenforceability of all remaining provisions contained in this Agreement shall not in any way be affected or impaired.

Entire Agreement

This Agreement contains the entire agreement between the Parties with respect to the subject matter and supersedes all prior arrangements and understandings (whether oral or written).


In the event Float does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Date), Float shall not be deemed to have waived or lost those rights and will not be prevented from enforcing such rights at a later date.


Float reserves the right to transfer or assign its rights and obligations under this Terms and Conditions. Float will only notify the you if such an assignment will change the arrangements for the administration of the Loan.


Float may at any time vary revise these Terms and Conditions by updating this document. You agree to be bound by subsequent revisions and agree to review these Terms and Conditions periodically for changes. The most updated version of this document will be available for your review under the “Terms and Conditions” that appears on the Site.

Governing Law and Dispute Resolution

  1. These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

  2. Any disputes arising under or in connection with the validity, interpretation and performance obligation under these Terms and Conditions that cannot be resolved amicably by the Parties through negotiation shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.

Contact Us

If you have any questions about this Terms and Conditions, please contact us at [[email protected]]