(Valid as per Dec 1, 2022)

Please review these terms carefully. Once accepted, it becomes a binding legal agreement between the Borrower and the Lender and governs your lending activities with Lender through SPENN Application. If you do not agree to be bound by these terms, you should not accept, thus renouncing your borrowing rights. The Terms and Conditions may be updated by us from time to time and notification of update will be sent to you.

1. DEFINITIONS

In this General Terms and Conditions, the following terms shall be defined as:

Approved Loan Amount: The limit amount of the Loan approved by the Lender from time to time for use by the Borrower, following the borrower’s Loan Application.

Borrower: natural person being a SPENN Application User that requests to receive a Loan(s) using the SPENN Application and such Loan Application has been approved through a described procedure that may include but is not limited to a credit check.

Establishment Fee: a fee payable by the Borrower for the establishment of the Loan. This fee is paid upon disbursement of the loan amount

Monitoring fee: a fee payable by the Borrower for late payment of interest on the Loan, charged on completion of every 30 days if the Loan becomes due and is not settled.

Lender: The bank giving out the Loans. In this case, I&M Bank (Rwanda) Plc “I&M Bank”.

Loan(s): refers to the loan, credit and/or banking facility in a specified amount which is granted or made available by the Lender to the Borrower and subject to these Terms and Conditions and any other such agreement as the Lender may decide at its sole discretion

Loan Agreement: all agreements, terms and conditions, notices and/or letters between a Borrower and the Lender, which provides a monetary Loan to the Borrower through the SPENN Application. These General Terms and Conditions constitute an inseparable part of each Loan Agreement.

Loan Application: an application made by a Borrower to receive Loan(s) through the SPENN Application in accordance with applicable terms.

Losses: can be defined as all debt claims on Borrowers that are ultimately to be considered as unrecoverable, through the debt collection process.

Parties: Both SPENN and the Lender on one part, and the Borrower on the other part.

Representatives:  employees, consultants, legal advisors, officers, agents, subcontractors, or others (including affiliates)

SPENN Account: each User’s personal account in the SPENN Application.

SPENN Rwanda (also referred to as SPENN): a company incorporated in Rwanda, with its registered address at M Peace Plaza, KN 4 Avenue, Kigali, Rwanda.

SPENN Application: a mobile banking application where the Borrower holds an account, owned by Blockbonds AS, and introduced to the Rwandan market in partnership with I&M Bank (Rwanda) Plc.

Transaction: the process of approving a Loan Application and paying out the Loan.

User: a person who has registered with the SPENN Application and has thereby opened a SPENN Account.

VAT: means Value Added Tax.

We/Us: defined as I & M bank and SPENN Rwanda.

You: the borrower.

2. GENERAL

This service is a ‘non-advised’ service, which means we will provide you with information that will assist you in making decisions about the Loan. We cannot advise on whether to choose or not this service provided by us.

The Lender is I&M Bank (Rwanda) Plc, a Registered Commercial Bank in Rwanda.

SPENN Rwanda (“SPENN”) is neither a Lender nor does it facilitate the Loans. SPENN provides an application to be used in the Loan product of I&M Bank (Rwanda) Plc. Each time SPENN is mentioned in these Terms and Conditions, it is mentioned solely in this meaning and context.

By accepting these General Terms and Conditions for I&M Bank Loan available through the SPENN Application, the Borrower confirms that he/she fully understands and accepts its contents and wishes to proceed in accordance with the terms for lending as described herein.

The Terms and Conditions herein shall regulate the contractual relationship between the Borrower, I&M Bank and SPENN.

The Borrower´s individual Loan Agreement would be agreed on separately each time the Borrower wishes to borrow using the service made available to him/her under these Terms & Conditions.

In addition to these Terms and Conditions, the existing Terms & Conditions of the SPENN Application Users shall continue to apply on the Borrower.

3. CONDITIONS FOR GRANTING A LOAN APPLICATION

The Borrower may submit a Loan Application and the Lender may grant or continue to grant Loans to the Borrower, if the following conditions are met:

1. 1. A Borrower shall either be
      1. A fully validated SPENN User with an active SPENN account for a minimum of 7 days and has subsequently opened a SPENN savings account and made deposits including transfers into the SPENN Account or a SPENN savings account.
      2. A fully validated User with an active SPENN account for a minimum of 90 days and has subsequently opened a SPENN savings account and made deposits including transfers into the SPENN Account or a SPENN savings account.
   2. The Loan Application has been accepted by the Lender in the manner prescribed.
   3. The Loan Agreement and all other documents, whether legal or otherwise have been duly completed and approved to the satisfaction of the Lender and the conditions set out in such documents have been complied with.
   4. All information given by the Borrower concerning the Loan and its application is true, accurate and not misleading.
   5. The Borrower has not withheld from the Lender any information that may substantially affect the Lender´s decision to provide the Borrower with the Loan.
   6. The Borrower is not bankrupt.
   7. The Borrower has disclosed to us any circumstances that he/she is aware of (including without limitation any legal claims, undisclosed liabilities, litigation, court proceedings or investigations which are current, threatened, pending or otherwise reasonably likely to occur against the Borrower by any third party) which could or might result in a material or adverse change in the Borrower’s financial condition or business.

A User must undergo an identity verification process and keep his personal data up to date, as per the Terms & Conditions of the SPENN Application. The Lender reserves the right to require any additional documentation, as may be deemed necessary to confirm the User’s identity prior to granting the Loan.

4. THE LOAN

A Borrower may apply for a loan up to a maximum amount as indicated in the current product offering which is subject to change at any time. For a current product offering please visit www.spenn.com/loans

 

The Loan amount a Borrower is eligible to receive will depend on several factors, including:

1. The balance of the Borrower in his/her supersaver account or the amount of salary received by the Borrower on his/her SPENN account.
2. How long the Borrower has been a SPENN User
3. If such Borrower has borrowed before, what was the record of repayment of previous Loans
4. Credit Reference Bureau grade/score of the Borrower
5. The personal financial circumstances of the Borrower

In any event, the total Loan Amount a Borrower can receive from all loan applications shall not exceed the maximum amount of 500,000 RWF.

The Loan Agreement takes effect when the Loan Application has been approved.

If an approval for a Loan Application is issued, the Lender shall provide Loan amount up to the limit specified in the approval, which may be different from the loan amount requested by the Borrower in the Loan Application but in any case, shall not be higher than the amount applied for.

The Approved Loan Amount shall only be disbursed after the satisfaction or waiver by the Lender of all the conditions set forth in Clause 3 and any other agreement between the Lender and the Borrower.

The Approved Loan Amount may be reviewed by the Lender from time to time. The Lender may at its sole discretion cancel, modify, or otherwise vary the Approved Loan Amount without incurring any liability whatsoever.

The Borrower shall be notified of the approved Loan Amount, availability, and the individual Loan Agreement by SPENN on the Lenders’ authority.

A Loan through SPENN shall fall within the established transaction limits assigned to the User’s SPENN Account. (Special campaign offers may change this stipulation).

SPENN and the Lender shall endeavor to inform the Borrower of all pertinent information regarding the Loan Agreement according to all mandatory laws, to clarify all matters concerning the Loan Agreement and its possible repercussions to the Borrower but will take no direct responsibility for any losses that arise as a result of entering into a Loan Agreement (“no-advice” service).

5. RIGHT TO CANCELLATION

A Loan Application may at any time be recalled or cancelled by the Borrower by informing SPENN of his/her intention to cancel the application but not after such time as the Transaction has been processed and approved by Us, and the Loan has been paid out to the Borrower, unless otherwise stipulated in applicable laws.

Upon the acceptance of the Loan Application and the approval of the Transaction by SPENN, the Borrower shall receive a confirmation that the Approved Loan Amount has been credited to the Borrower’s account, the loan establishment fee will be taken, at which point the loan period shall begin.

The Approved Loan Amount will be paid directly into the Borrower´s SPENN Spending Account by the Lender disbursing such Loans.

The Lender may cancel the Borrower’s Loan Application if:

1. the Lender is required to do so by law or regulation.
2. The Borrower has provided the Lender and SPENN with misleading and deceptive information that is material to the Lender’s decision to proceed with the Loan; or
3. in the Lender’s opinion, there is a significant change in the ability of the Borrower to make repayments when the Loan(s) fall due (now or in the future).

6. REPAYMENT

The Borrower agrees to pay the Lender the total amount payable for the Loan in the manner scheduled and stipulated in the agreement which could either be by paying the Loan in full or partial repayments. Repayment shall be payable on the due dates set out by the Lender in the loan agreement.

In the case of partial instalment repayment, SPENN shall notify the Borrower the amount of the instalment and each instalment payment date in the Loan Agreement and otherwise in writing. The monthly repayments must be made via the Borrower´s SPENN Account.

The monthly repayment shall include principal, interests, all charges and fees (if any) of the amount of the Loan as notified by the Lender and shall be paid by the Borrower on each due date.

The monthly repayment amounts are payable even if you do not withdraw any of the Loan funds we deposit in the Borrower’s account.

Interest is charged on a day-to-day basis on the outstanding balance of your Loan, and it is calculated on the basis of 365 days a year (366 days in the case of a leap year). Interest calculated will be added to the Borrower’s Loan amount at the end of each month.

Payments received by the Lender under the Loan Agreement will be applied first towards the interest and fees due and then towards repayment of the Loan capital as stated in the Loan Agreement.

The Loan shall run for 90 days at a daily interest of 0.39%. In addition to the principal loan amount, the following calculations shall be added to the principal Loan Amount.

1. 1. Days 0 (loan disbursement day), Establishment Fee (VAT inclusive) is charged
   2. Days 1-14; no interest fee is charged.
   3. Days 15-30; interest from each day (VAT exclusive) is added to the principal loan amount. In addition, Interest from day 1-14 is calculated and applied to Loan.
   4. Days 31-60; interest from each day including day 31-60 (VAT exclusive) is calculated and applied to the loan, Monitoring Fee (VAT inclusive) is charged for unpaid interest. The fee is taken directly from the User’s spending account.
   5. 61-90 days: daily interest including interest from day 61-90 (VAT exclusive) is calculated and applied to the loan, Monitoring Fee (VAT inclusive) is charged for unpaid interest. The fee will be taken directly from the user’s spending account.

Loan amount paid on or before day 14 shall carry no interest fees.

The Establishment Fee charged on day 0 is a one-time payment and the Monitoring Fee shall be charged on day 31, 61 and 91. Both fees shall be added to the principal loan amount including a VAT charged at the rate of 18%.

In order to pay the Monitoring Fee, if the Borrower does not have enough funds on the spending account, an overdue reservation will be applied to such Borrower´s spending account and in the event that the Borrower has a positive balance on the account, such funds will be essentially locked so that the Borrower cannot spend or withdraw the funds until the borrower has substantial funds on his/her account to pay the Monitoring Fee. Once the fees due are paid, the overdue reservation on the spending account is removed.

Interest on the Loan shall be calculated and charged into the repayment amount as agreed in the Loan Agreement. All accrued interest rates will be added to and form part of the outstanding Loan Amount.

These Terms and Conditions will continue to apply and remain in force up to the date that amounts due under the Loan are paid in full.

7. DEFAULTS

In the event of default, the Lender may ask the Borrower to immediately repay on demand, the Loan, interests, and other fees which are outstanding, unpaid, and payable in relation to the Loan upon any of the following events of default happening:

1. any of the instalment repayments of the Loan and/or interest payable are not paid when due.
2. the Borrower fails to pay on the due date any amount that the Borrower must pay under the Loan Agreement or does not comply with any obligations of the Borrower.
3. proceedings are taken against the Borrower, or a criminal case is instituted against the Borrower, which in the opinion of the Lender, may have a significant adverse effect on the Borrower’s ability to perform its obligations under the Loan Agreement
4. the Borrower commits or threatens to commit a material breach of any of the Terms and Conditions or of any agreement of the Loan.
5. An event occurs or circumstances arise which give the Lender reasonable grounds to believe that the Borrower may not be able to fulfil or comply with any of the Borrower’s obligations.
6. The Borrower has provided the Lender with misleading information which might have affected the Lender’s decision to grant the loan or its terms and conditions.

The Loan will fall due for immediate repayment as a result of the declaration or commencement of the Borrower’s bankruptcy.

8. COLLATERAL

A minimum amount equivalent to half of the loan amount will be locked by the Lender on the Borrower´s Savings Account.

If the Loan amount including the interests and other fees becomes overdue after the 90 days initial loan period, a reminder for payment shall be sent to the Borrower.

Should the Borrower not make such outstanding debt payment within the 90 days initial loan period, the collateral amount shall be first applied to offset the outstanding fees and interests where such interests and fees are in arrears and subsequently the principal Loan Amount.

In the event that interest and fees are not in arrears, the collateral amount shall be applied to offset the principal Loan Amount. Where the principal Loan Amount is still outstanding, the Borrower’s account shall be locked, and funds deposited in the account shall be used to offset the outstanding principal Loan Amount.

9. DEBT COLLECTION

In the event that the collateral and/or the funds in the locked Borrower´s Account cannot be used to or is insufficient to offset the entire outstanding Loan Amount including interest and fees, the unpaid balance due shall be settled by debt collection by such agencies as decided by the Lender.

10. CHARGES, COSTS, EXPENSES AND TAXES

The Borrower shall be responsible to pay to the Lender the principal Loan Amount, all charges and/or applicable fees in respect of the Loan as stated in these terms and conditions and/or at the Lender’s prevailing instructions.

Establishment Fee shall be collected and deducted from the Borrower´s spending account on day 0.

Monitoring Fee shall be collected and deducted from the Borrower`s spending account if the interest has not been paid after every 30 days of the loan period, that is 31, day 61 and day 91.

Taxes charged in respect of the Approved Loan Amount, interests (if any) and other charges shall be payable by the Borrower.

All legal fees and such other reasonable costs, expenses, disbursements, and taxes incurred by the Lender in creating, perfecting and enforcing the Lender’s rights under the Loan and these Terms and Conditions or otherwise in administering, demanding and collecting payment of any monies due under the Loan Agreement including but not limited to legal costs and any goods and services tax thereon shall be borne by the Borrower on a full indemnity basis.

11. SET-OFF

All outstanding payments required to be made in respect of the Loan shall be made by the Borrower on the respective due dates and the Borrower hereby irrevocably authorizes the Lender to use any money deposited in any of the Borrower´s SPENN accounts to reduce, repay or offset any outstanding amount including principal, interests, charges and expenses which has become payable under this Agreement. The Lender will only do this after the Borrower has been given a reasonable opportunity to repay the outstanding loan amount.  If at the time of set-off, the funds on the SPENN Accounts are insufficient, the available amount will be deducted and used to offset any outstanding amount and due payment on the loan. Any funds further credited to the Borrower´s account will then be used for set-off until the outstanding amount is fully paid.

12. BORROWER’S PARTICULARS

The Borrower shall notify the Lender promptly in writing of any change(s) in his employment office, home address, and contact numbers and as may be required by the Lender and SPENN including any other information previously provided to the Lender in the Application Form.

If the Borrower’s latest address is not notified to the Lender and SPENN or the whereabouts of the Borrower is unknown for three (3) months, the Loan may be terminated at the lender’s discretion and the Loan closed accordingly. The outstanding amount owed by the Borrower to the Lender together with all charges (if any) shall immediately become due and payable to the Lender.

In the event that the Loan has been transferred to a debt collection agency or any other debt collection processes chosen by the Lender, the debt collector shall be entitled to send messages concerning the collection to the provided contact details or attempt to contact the Borrower through any other available channels.

13. CLOSING OF A SPENN ACCOUNT

A Borrower may only close his/her SPENN Accounts if there are no outstanding payment obligations towards any Loan provided by the Lender via SPENN Application, as per the applicable terms.

SPENN reserves the right to immediately revoke the contractual relationship with any Borrower and close the Borrower’s SPENN Account if the Borrower has made any misrepresentation, or has repeatedly or in any other material respect been in breach of these General Terms and Conditions, or in case of bankruptcy, death or if the Borrower in any other respect no longer fulfils the conditions to be a User under these General Terms and Conditions of the Loan and the Terms & Conditions of the SPENN Application.

SPENN also reserves the right to revoke the contractual relationship and lock the User’s SPENN Account if a User is involved in any illegal activities or if suspicion of such activities arises.

At the point of locking of a SPENN Account, any funds owed to the Lender in connection to the Loan Agreement become immediately due.

14. ASSIGNMENT

A Borrower shall not assign, transfer or pledge either directly or indirectly its rights or obligations under these General Terms and Conditions or any Loan Agreement without the Lender´s prior written consent.

The Borrower agrees that the Lender may assign or transfer subject to fulfilment of any applicable legal and regulatory requirements, any or all of its rights and obligations under these Terms and Conditions and any other agreements to a third party without the Borrower’s consent.

The Borrower confirms that, upon any such assignment or transfer taking effect, all rights and obligations of the Lender and any accounts so assigned or transferred shall become rights or obligations of the transferee, and that any rights of the Lender so assigned may be enforced by the transferee against the Borrower as if the transferee had been a party to, or a beneficiary of the Agreements between the Lender and the Borrower.

The Borrower agrees that the lender may outsource the management and/or collection of debt as well as the litigation process to a third party at discretion of the Lender.

15. DISCLOSURE

Personal data collected or received by the Borrower shall be handled with the strictest confidentiality and in compliance with all applicable data privacy laws and regulations.

Borrower´s Personal Data shall be stored and processed strictly in accordance with the purposes relevant to the Loan Agreement in the manner specified from time to time including processing data for third party services to perform credit-check requests, identity verification, debt collection and other similar activities; and for no other purpose or in any other manner except with the express prior written consent of the data owner herein referred to as the borrower.

The Borrower unconditionally consents that the Lender and/or SPENN and any of its officers, agents and subcontractors may process the Personal Data of the Borrower strictly for the purpose relevant to this Loan Agreement. The Borrower also unconditionally consents that the Lender and/or SPENN may  disclose any information whatsoever relating to the Borrower as they may consider appropriate, to third parties including debt collectors and to whom disclosure is permitted or required by any statutory provision or law or for any purpose whatsoever in relation to the Loan Agreement and it is hereby agreed that the Lender and/or SPENN and any of its officers, agents, subcontractors may disclose information to the fullest extent permitted by any statutory provisions or law.

Without prejudice to the foregoing, the Borrower consents to such disclosure by the Lender and SPENN to third parties such as any credit bureau or any other organization or corporation set up for the purpose of collecting and providing information relating to the credit standing of persons or any other lawful purposes, and to the disclosure by such credit bureau or other organization or corporation to any member thereof, for the purposes of assessing the Borrower’s credit worthiness or for any other purpose whatsoever.

This consent and provision shall survive the termination of any or all the borrower’s loan with the lender, and/or the termination of any relationship between the borrower, lender and SPENN.

16. REPORTING

Information regarding erroneous behaviour or credit misuse may be provided by the Lender to credit scoring agencies and/or relevant authorities. The Lender may, in such a case, provide information concerning taxes, fees or deductions in accordance with applicable regulations. Lender also reserves the right to provide information to certain relevant authorities in accordance with any applicable regulations in Rwanda for the business conducted by the Lender. This may, for instance, concern reporting under any applicable regulations regarding money laundering and terrorism financing.

17. LIMITATION OF LIABILITY

The lender and SPENN shall not be liable for any losses or damages which the borrower may suffer or incur due to any delay in connectivity, delay or refusal of the lender to grant or continue to grant the whole or part of the loan to the borrower. The lender and SPENN shall not be under any obligation whatsoever to disclose any reason for such delay or refusal.

Without prejudice to the foregoing and to the extent not contrary to applicable law, the lender and SPENN shall not in any event be liable to the borrower for any losses or damages which the borrower may incur in respect of any revision or variation of the approved loan amount, suspension or termination of the loan, changes to the terms and conditions or other exercise of the lender and SPENN´s right under these Terms and Conditions and the Loan Agreement.

SPENN and the Lender shall not be liable for any direct or indirect loss, or any consequential damages incurred by the borrower hereunder for any inaccuracies, errors, or similar in the data or any action or inaction taken in reliance upon the data provided by the borrower.

The lender and SPENN´s limitations of liability do not apply to direct damages resulting from fraud, gross negligence, wilful misconduct, or misrepresentation of the lender and SPENN.

18. REPRESENTATION AND WARRANTIES

The Borrower warrants and represents that:

1. all information, declarations, representations, and warranties made or given by him or as evidenced by any documents given to the lender in connection with the loan and all particulars indicated in any application(s) are and will continue to be true and correct in all respects and will be complied with at all times.
2. No litigation, arbitration or administrative proceedings is taking place or pending or threatened action against the Borrower or its assets, and no tax liability claim is taking place or pending or threatened against the Borrower or its assets that may materially and adversely affect the validity and enforceability of this agreement.
3. The lender is entitled to rely on the said information, declarations, representations and warranties in granting the Loan and that the borrower shall immediately upon request furnish the lender with any such documents, statements, information and explanation as may be reasonably required by the lender from time to time regarding his affairs, state or condition, financial or otherwise, that may affect the lender’s decision in granting or in continuing to grant the Loan to him.
4. that the lender reserves the right to revalue or withdraw the loan of the Borrower in case of the Borrower resignation / termination of employment with the employer of the Borrower.
5. The Borrower hereby accepts and confirms that it has no objection to the Lender administering the Loan through SPENN Rwanda and SPENN application.

SPENN warrants that:

1. it shall use reasonable efforts, consistent with prevailing industry standards and practices, to maintain the availability of the SPENN application. Nonetheless, the application may be temporarily unavailable for scheduled maintenance and/or unscheduled emergency maintenance or due to causes beyond the lender and SPENN´s reasonable control. As such, the lender and SPENN shall not be responsible for losses as a result of lack of connectivity or error in communication services that may prevent access to the SPENN application or the borrower´s SPENN account

19. DELEGATION

The Lender and SPENN may, either partly or in full, delegate its loan obligations and activities to any third party as it may think fit in the circumstances. Such delegation includes the right and authority to collect the outstanding loan amount on behalf of the Lender, the dues and unpaid instalments and other amounts due under the Agreement and to perform and execute all lawful acts, deeds and matters and things connected and incidental to the Borrower.

20. TERMINATION

The Borrower may terminate the Loan with the prior written consent of the lender by:

1. giving the Lender and SPENN written notice of such termination; and
2. repaying in full all outstanding loan amounts including all interests, charges and other fees owing under the Loan.

The lender may at any time at its discretion cancel the loan and terminate the loan agreement without giving any reason thereof and without prior notice to the borrower to the extent not contrary to applicable law.

21. AMENDMENTS TO THE GENERAL TERMS AND CONDITIONS

To the extent not contrary to the applicable law, the lender may at any time at its discretion change and/or amend these General Terms and Conditions without prior consent or approval from the borrower. Notification of amendment to the general terms and conditions shall be given to the borrower in writing and without undue delay, either by direct email, SMS text or other agreed digital communication method.

Amended general terms and conditions will, then, apply also to loan agreements which are already executed and in force at the time when the amended general terms and conditions enter into force.

If the Borrower does not agree to such amendments, the Borrower must terminate the Loan Agreement by written notice to the lender before the said effective date for the amendment, and all outstanding loan amount together with interests and charges owed by the borrower shall be paid to the lender in full. Where the Borrower continues under the Loan Agreement, it shall be deemed to have agreed with and accepted such amendments.

22. APPLICABLE LAW AND DISPUTES RESOLUTION MECHANISMS

These terms and conditions shall be governed by and construed in accordance with the Laws of Rwanda.

Any dispute, controversy or claim arising out of in connection with this Agreement or the breach, termination, or invalidity thereof, between the Lender, SPENN and the borrower shall be settled amicably. Failure to amicable settlement, the matter shall be adjudicated in a competent court in Rwanda.

23. WAIVER

No failure or delay by the Lender in exercising or enforcing any rights under these terms and conditions governing the loan shall prejudice, affect or restrict any of the Lender’s rights and powers under the Loan and these Terms and Conditions Governing I & M Bank Loan, at law or in equity, nor shall any waiver of any breach hereunder operate as a waiver of any subsequent breach.

24. SEVERABILITY

If any one or more of the provisions in this General Terms and Conditions of the Loan are deemed invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Terms and Conditions shall not in any way be prejudiced, affected or impaired.

25. MAKING A COMPLAINT

If you have a complaint, please contact the dedicated SPENN Customer Service Team in the first instance on SPENN toll-free number 5090 or visit the complaints section of SPENN website https://www.spenn.com/help/.

26. PRIVACY NOTE

For Data Providers

1. .The financial institution is obligated by the Credit Reporting System Law No 73/2018 of 31/08/2018 governing Credit Reporting System to collect and submit information to a licensed operator of credit bureau for purposes of collating, processing and disseminating credit information to authorised entities for prescribed purposes including:
   1. Evaluation of credit worthiness or repayment behaviour of an individual or legal entity;
   2. Identification of an individual or legal entity;
   3. monitoring the payment behaviour and or fulfilment of financial obligations by an individual or a legal entity;
2. Information collected includes identification and credit information of individuals and legal entities that are relevant for building the individual’s or legal entity’s credit history or profile.
3. Persons and institutions authorised to access the information with the credit bureau for the prescribed purposes highlighted above include:

Official Gazette n° 40 of 14/10/2019

1. banks;
2. insurance companies;
3. microfinance institutions;
4. telecommunication companies;
5. public service utilities;
6. traders;
7. a company that offers products and services subject to deferred payments.
8. Such other entities as may be authorised by the Central Bank
9. Individual or legal entities for own records

1. Persons on whom information is collected has the right to:
   1. the confidentiality of their information protected by the operator of credit bureau and third parties with which such information is shared;
   2. easy access to information held on them by the operator of credit bureau upon proof of identification;
   3. a free copy of a credit report containing all information held by the operator of the credit bureau on them once a year;
   4. Challenge inaccuracies and errors in information held by the data provider, by the operator of the credit bureau or third party;
   5. have complaints investigated and completed within twenty (20) working days and communicated with the outcome of the investigation in writing;
   6. have incorrect information corrected and their record updated timely;
   7. be informed and notified of adverse actions including denial of credit by reason of information contained in a credit report;
2. To exercise any of the rights highlighted above:

1. Interested persons shall contact the operator of the credit bureau or send a complaint by e-mail to the operator of the credit bureau.
2. In the event that an individual or legal entity is not satisfied with the operator of the credit bureau handling its request or complaints, they may submit an appeal in writing to the National Bank of Rwanda. Such an appeal shall be reviewed by the National Bank of Rwanda within thirty (30) working days and the findings of the Bank are communicated to the appellant.

27. CONSENT CLAUSE

I hereby consent for the usage of data submitted regarding this transaction to the operator of the credit bureau and authorize SPENN  to make enquiries regarding my credit information with the credit bureau.

By accepting this agreement, the data subject consents that his or her contact details and other relevant information regarding the performance of this agreement be shared with a licensed credit bureau for purposes of the credit reporting system.

I hereby authorize the lender to carry out background checks on me including making enquiries with the credit bureau and consent to the submission of details of this contract and its performance to a credit bureau.

I hereby voluntarily provide consent for a reference check to be carried out on me or the entity I represent with a credit bureau. I accept that such a check does not infringe any of my fundamental rights.