SoshoPay Asset Financing – Terms and Conditions
1. Introduction
By applying for asset financing from SoshoPay, you agree to these terms and conditions, which set out the rules for participation, your rights, and our obligations as a registered microfinance institution. Please read them carefully before you submit your application.
2. Eligibility
- Applications are open to formally or informally registered businesses operating in Zimbabwe.
- Applicants must be at least 18 years old and authorized to act on behalf of the business.
- SoshoPay reserves the right to verify information submitted and decline applications that do not meet our credit and risk criteria.
3. Application & Assessment
- All information provided must be accurate and complete. Incomplete or misleading information may result in immediate rejection.
- By submitting this application, you consent to SoshoPay conducting credit checks, contacting references, and verifying financial and site information as part of the approval process.
- Approval is not guaranteed and is subject to creditworthiness, business performance, and technical assessment.
4. Financing Terms
- Approved applicants will receive asset financing based on the specific asset, repayment ability, and assessment results.
- Financing is typically structured as a lease-to-own or installment purchase. Terms (interest rate, duration, deposit, etc.) will be detailed in your offer letter and contract.
- You are responsible for all agreed monthly repayments. Failure to repay on time may result in late fees, repossession of the asset, or legal action.
5. Asset Use and Maintenance
- Financed assets must be used for business purposes as declared in your application.
- You are responsible for maintaining the asset in good working order, as per manufacturer guidelines.
- If the asset is lost, stolen, or damaged, you must notify SoshoPay immediately. Insurance may be required for certain asset types.
6. Default and Recovery
- Missing repayments can result in additional charges, asset disabling (for IoT-connected equipment), or recovery proceedings.
- Persistent default may affect your ability to access future financing, and may result in a negative credit record.
7. Data Privacy
- Your personal and business data will be processed and stored securely by SoshoPay, in compliance with data protection laws.
- Information may be shared with credit bureaus and guarantors, only as necessary for credit checks and recovery.
- You may request access to your information or request corrections at any time.
8. Communication
- All correspondence will be via WhatsApp, phone, or email as provided in your application.
- Changes to contact details must be communicated to SoshoPay promptly.
9. Amendments
- SoshoPay may revise these terms and conditions occasionally to reflect changes in laws, regulations, or business policy.
- Notice of changes will be communicated through your registered contact details or published on our website.
10. Governing Law
- These terms and any disputes arising under them are governed by the laws of Zimbabwe.
By signing and submitting the application, you acknowledge that you have read, understood, and agree to these terms and conditions.
