Terms and Conditions

Last updated: May 21, 2021

Introducing our Terms and Conditions
(the“Agreement”) including who it applies to.

When you open an account with us, you are setting up an agreement. This is between Carbon Micro Credit Company Limited (or any other company we transfer it to) and you.

The Agreement applies to and regulates the provision of the financial services provided by Carbon Micro Credit Company Limited (hereinafter called “Carbon”), a micro credit company licensed by the Bank of Ghana (“BOG”) which provides online lending via its mobile application – Carbon™. 

By clicking to accept this Agreement, you agree to be bound by this Agreement, consent to electronic communications as further detailed in Page 4, and agree to Carbon’s Privacy Policy. The headings contained in this document are for reference purposes only. You should print a copy of this Agreement for your records.                                                

Parties to this Agreement

This Agreement is a contract between you (“You”, “Your”) and Carbon Micro Credit Company Limited (“Carbon”, “We”, “Us”, “Our”) (each individually a “Party”, and collectively the “Parties”.  This Agreement is a legally binding agreement between You and Carbon governing Your non-transferrable (unless with our prior written consent) use of the Carbon App, and any features and products that Carbon may make available to You through the Carbon application or website (collectively, the “Services”). We may transfer or assign this Agreement, and any rights under this Agreement, to a third party without notice to You or without Your consent.

Which country’s law and courts apply?

Except as expressly provided otherwise, this Agreement is governed by, and will be construed under the laws of Ghana.  

In the event of a dispute arising from the terms of this Agreement, such dispute shall be settled in accordance with the Alternative Dispute Resolution Act 2010 (Act 798) or any amendments or modification to same.         

In this Agreement, there are four sections:

Definitions – This section defines the terms used in this Agreement·  

Customer’s Consent. These terms are more specific to the consent you give.·  

Our Lending Terms. This contains terms and conditions in relation to the loan you take while using your account with Carbon·

General Terms. This contains terms and conditions that are central to how you and Carbon work together.

Definitions - This section defines the terms used in this Agreement

In this agreement, the terms: “You”, “Your”, “Customer”,shall mean the person who applied for this Account and agrees to this Agreement while “We”, “Us” and “Our” shall mean Carbon, and following an assignment, any person, company or bank to whom the rights and/or obligations of Carbon have been assigned.

"Account" means Your account with Carbon;

“Card” means a virtual card issued to You by Carbon which can be used to undertake payment transactions.

“Disbursement Date”
means the date Carbon advanced the loan to Your Account.

“Payment Due Date”
means a maximum of 30 days after the loan has been disbursed.

“Credit Limit”
means the maximum credit available to You on opening an account with Carbon

means the amount advanced to You by Carbon, which shall be no less than ₦1,000.00 (One Thousand Naira only)

(a) We can open a virtual Wallet wherein all approved Loan applications on Carbon shall be disbursed.

(b) We can provide materials and other information about Your legal rights and duties to You electronically.

(c) We are authorized to share, receive and use data/information collected from Your transaction with other affiliated third parties.

(d) To access payroll-related offers, You have expressly consented and authorized Us to verify Your salary details with Your employer and/or Your employer’s appointed salary processors without further recourse to You.

(e) You hereby expressly consent and authorize Carbon to debit Your Wallet and/or authorize Us or any of Our duly authorized agent or partner to debit Your designated salary account, or MTN momo where applicable, for the purpose of repaying the Loan with applicable interest as and when due.

(f) To access payroll-related offers, You have expressly consented and authorized Us to verify Your salary details with Your employer and/or Your employer’s appointed salary processors without further recourse to You.

(g) You authorize Carbon to periodically review Your credit report and You understand that this Account may be subject to transaction fees and default fees.

(h) Your electronic signature on this Agreement has the same effect as if You signed them using ink on paper or any other physical means.

(i) We can send all important communications, billing statements and demand notes and reminders (collectively referred to as “Disclosures”) to You electronically via our website or to an email address that You provide to Us while applying for this loan.

(j) We will alert You when the Disclosures are available, by sending You an electronic communication.

(k) Our email will tell You how You can view the Disclosures.

(l) We will make the Disclosures available to You from the date it first becomes available, or the date we send You the email to alert You that it is available.

(m) You will be able to print a copy of the Disclosure or download the information for Your records.

(n) This consent applies to this transaction, to all future Disclosures on this Account, to all future transactions in which You use the Carbon payment option with Us, at any time, and to other Disclosures that We provide to You by email, unless You have, prior to such transaction, withdrawn Your consent by the procedure mentioned below.

By consenting, You agree that electronic Disclosures have the same meaning and effect as if We provided paper Disclosures to You as We are required to do so. When we send You an email alerting You that the Disclosures are available electronically and make it available online, that shall have the same meaning and effect as if We provided paper Disclosures to You, whether or not You choose to view the Disclosures, unless You had previously withdrawn Your consent to receive Disclosures electronically.

Conditions for use of Carbon Account

To use the Account –

1. You must: (a) accept and agree to these Terms and Conditions;
(b) register with us on the Carbon™ app;
(c) be a Ghanaian citizen (or a legal Ghanaian resident) of at least 18 years of age;
(d) have a bank account with a Ghanaian financial institution; and
(e) provide all information as may be requested by us, such as your name, occupation, email address, mobile device number, online credentials for your bank account, and such other information as we may request from time to time (collectively, “Customer Information”).

2. You represent and warrant that all Customer Information You provide Us from time to time is truthful, accurate, current, and complete, and You agree not to misrepresent Your identity or Your Customer Information.

3. You agree to promptly notify Us of changes to Your Customer Information by updating Your profile on the Carbon™ app and to notify Us at least five business days before any changes to Your bank account information, including, but not limited to, the closure of Your bank account for any reason.

4. If We approve Your registration, You will be authorized to use the Wallet, subject to these terms –

(i). For Our compliance purposes and to provide the 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 bank account information.

(ii). When You register for the Account with Carbon and from time to time thereafter, We may require You to provide and/or confirm information and documentation that will allow Us to identify You, such as:

(a). A copy of Your government-issued photo ID, such as a valid international passport, driver’s license, National Identity Card, voter’s card or SSNIT Biometric Card;
(b). A copy of your recent utility bill, bank statement containing current address, affidavit, or another bill, dated within three months of Our request, with Your name and Ghanaian street address on it; and
(c).  Such other information and documentation that We may require from time to time.

5. By using the Account and providing Customer Information to Carbon, You automatically authorize Carbon to obtain, directly or indirectly through Our third-party service providers 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 third-party websites and databases as necessary to provide the Account to You. For purposes of such authorization, You hereby grant Carbon and our third-party service providers a limited power of attorney, and You hereby appoint Carbon and Our third-party service providers as Your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for You and in Your name, place, and stead, in any capacities, to access third-party websites, servers, and documents; retrieve information; and use Your Customer Information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as You might or could do in person.


7. You agree that other third parties shall be entitled to rely on the foregoing authorization, agency, and power of attorney granted by You.

8. You agree to waive Carbon of all liability in relation to any loss or damage You may incur as a result of Your registration and use of the Account.

We make no effort to review information obtained from the financial institution holding Your bank account and other third-party websites and databases for any purpose, including, but not limited to, accuracy, legality, or non-infringement. When Our third party service providers access Your Customer Information from other websites and databases on Our behalf, Carbon will be responsible for Your Customer's Information in that regard.

1. Our Lending Terms

Your Obligation

1. You agree to pay to Carbon, the Loan, including any convenience, default or penalty fees, flat interest rate, and other amounts due to Carbon charged to this Account. You also promise to pay these amounts as agreed in this Agreement on or before the Payment Due Date.

2. Carbon reserves the right to presume that You have authorized any Loan application made in Your name using this Account. You will be deemed responsible for any unauthorized application using this Account.

3. You agree to repay the Loan given to You via debit from the card/account You provided on the due date or via MTN momo or through an acceptable electronic channel. Carbon reserves the right to accept early repayment before the Payment Due Date, provided You have given adequate notice and repay the full Loan along with the flat interest rate. Loan repayment via electronic debit card may be affected by Carbon in the way and manner hereinafter specified –

(i). We shall charge a one-time processing fee the first time You set up a new debit card on the Account. In the event the card is expired or about to expire, You will have to obtain a renewed card from Your bank or provide Us with another personal debit card.

(ii). We shall deduct from the card setup on the Payment Due Date. We will never make any transactions on the card outside of the scheduled loan repayments. In the event of a double repayment initiated in error by You, We will on a reasonable effort basis process a refund within a reasonable time.

(iii). You hereby indemnify Us against any losses, liabilities or damages that may arise if You use a third party’s card on Your Account without the consent of such third party.

(iv). In the event of a default or insufficiency of funds in Your bank account, You hereby authorize Us to charge any other cards You may have on Your Account or profile other than the primary card listed.

(v). You understand and agree that We do not store card details on Our platform thus card details shall be processed through a secure payment gateway that is PCI DSS compliant.

4. You agree to give Carbon authentic and up-to-date personal, phone and financial records about You that We may reasonably request and analyze, from time to time.

5. You agree to pay all costs of collection if Carbon takes any action to collect the Loan or take any action in a bankruptcy proceeding filed by or against You. This shall include unless prohibited by applicable law, reasonable attorneys’ fees and expenses incurred while collection lasts.

6. You agree not to give Carbon false information or signatures, electronic or otherwise, at any time.

7. You agree to pay a late fee or penalty fee as may be provided in this Agreement.

8. You agree to make all payments via direct debit on cards or MTN momo as stated in the application form.

9. You agree to promptly notify Carbon if You change Your name, mailing address, e-mail address or telephone number.

10. You hereby agree to honor any other promises that You make in this Agreement.

11. You hereby agree that You will not accept this Account unless You are of legal age and have the capacity to enter into a valid contract.

12. Not to use Carbon for any act of illegality or criminality and Carbon shall not be legally or criminally culpable for any illegality committed by You.

Carbon’s obligation

1. We agree to make available the loan/credit facility to You.

2. We agree to perform Our obligation under 5.1 above upon confirmation by Us of Your identity and personal information.

3. To demand repayment from You as at when due.

4. To conduct investigations on You prior to opening an account for You.

5. To use all reasonable and legitimate means to collect the amount extended to You, the default fee, the transaction fees and any other penalty fee may be imposed on You as a result of the Loan.

6. Not to store or save Your debit or credit card details given by You in the application form.

Credit Reference

1. In assessing your Loan application, We or Our duly authorized representatives/agents may request Your personal information, credit profile and credit related transactions from Credit Agencies in order to assess Your creditworthiness. You confirm that We may obtain such information from the bureaus and consent to the disclosure and provision of such personal information to the bureaus.

2. As part of our regulatory obligations, We may share information about Your Loan transactions (including defaults on any Loan) on the Carbon application with Credit Agencies.

3. General Terms


You agree that We may communicate with You by sending notices, messages, alerts, and statements in relation to this Agreement in the following manner:

(a). To the most recent physical address, We hold for You in Our records
(b). By delivery to any email address provided by You during the application process.
(c). By delivery of an SMS to any mobile telephone number, You have provided to Carbon.
(d). By posting such notice on Our website.
(e). Through push notifications on Your mobile device

Transaction fees

1. The transaction fee for the use of the Carbon Account shall be up to one percent (1%) daily, fixed for the term of the Loan.

2. The transaction fee does not preclude Us from charging default fees, a penalty fee and in the event of any dispute arising from this Agreement –the cost of Litigation/Solicitors’ fees

3. The transaction fee may be increased or decreased from time to time by Carbon. Such change in Transaction Fee will take effect on Your account following a minimum of fifteen (15) days written notice.

4. A total transaction fee of the term of the Loan shall remain applicable in the event that You liquidate the Loan before expiration.

Event of default

1. Default in terms of this Agreement will occur if:

(a). You fail to make any scheduled repayment in full on or before the payment due date in accordance with the repayment plan given to You by Us;
(b). Any representation/information, warranty or assurance made or given by You in connection with the application for use of Your Account or any information or documentation supplied by You is later discovered to be materially incorrect; or
(c). You do anything which may prejudice our rights in terms of this Agreement or causes Us to suffer any loss or damage.

2. In the event of any default by You subject to clause above –

(a). Carbon reserves the right to assign its right, title and interest under the Agreement to an external collections Agency who will take all reasonable steps to collect the outstanding Loan amount.

(b). We also reserve the right to institute legal proceedings against You when You default and We will inform You before such proceedings commence.

(c). You shall be responsible for all legal costs and expenses incurred by Carbon in attempting to obtain repayment of any outstanding loan balance owed by You. Interest on any amount which becomes due and payable shall be charged.

Termination of the account

1. In addition to Termination by default, We may terminate this Agreement at any time and for any reason subject to the requirements of applicable law.

2. We may terminate Your Account by sending written notice to the address on Your application.

3. If there is no debit or credit on Your Account for twelve (12) consecutive months, We may terminate this Account without notice to You.

4. When Termination arises as a result of the default, You shall not be able to apply for credit in the future.

Closing of an Account

You may request to close Your Account at any time by contacting Us. Your request may take up to 30 business days to process. If You owe any payment to Carbon, Carbon will not close your Account until that payment has been made, but We may limit Your ability to make additional transactions using Your Account. You may not close Your Account to evade an investigation. You will remain liable for all obligations related to Your Account even after the account is closed. Carbon will retain Your information in accordance with our Privacy Policy (available on the Carbon website) and any applicable state or federal law, rule or regulation.

Limitation of Liability

To the extent not prohibited by law, under no circumstances shall We, Our subsidiaries, partners, or affiliates, be liable to You for:

(a) personal injury or any indirect, incidental, consequential, special or exemplary damages, arising from or relating to this Agreement, the use of or inability to use a Carbon Account, the Services, our or Your liabilities to third parties arising from any source; or (b) except as required under applicable law, any indirect, incidental, consequential, special or exemplary damages, arising from or relating to the conduct of You or anyone else in connection with the use of a Carbon Account or the Services, including, but not limited to, damages arising from Your failure to provide Us with accurate information or a third party’s failure to correctly verify such information.. You agree that if any lawsuit or court proceeding is permitted under this Agreement, the aggregate liability of Us and Our affiliates and suppliers to You for all claims arising out of or related to this Agreement or Your use or inability to use the Services will not exceed the amount of any affected order(s) giving rise to such damages. These limitations will apply even if the above stated remedy fails for its essential purpose.


1. This Agreement represents the entire understanding between You and Carbon with respect to the subject matter hereof and supersedes any prior agreement. You and Carbon acknowledge and agree that the other has not made any representations, warranties or agreements of any kind except as expressly set forth herein.

2. We may amend this Agreement from time to time. If we make any changes to this Agreement that We deem to be material, We will notify You in advance of such changes via the email address associated with YourAccount. If you do not agree with the changes, do not use the Services.

3. Notwithstanding any other provision in this Agreement, neither Carbon, its affiliates, officers, directors, employees, attorneys or agents shall have any liability with respect to, any claim for any special, indirect, incidental, consequential damages suffered or incurred by you in connection with, arising out of, or in any way related to, a breach of this Agreement.

4. The failure of Carbon to exercise or enforce any right or provision of theseTerms of Service shall not constitute a waiver of such right or provision in that or any other instance.

5. We may transfer, assign or sell this Agreement, and any rights under this Agreement, to a third party without Your consent. You agree thatWe may appoint third party collections agencies to collect any amounts owing to Us under this Agreement without Your consent. You hereby waive demand, notice of non-payment, protest and all other notices or demands whatsoever, and hereby consent that without notice to and without releasing the liability of any party, the obligations evidenced by thisAgreement may from time to time, in whole or part, be renewed, extended, modified, accelerated, compromised, settled, canceled or released by Us.

6. You hereby authorize and consent to all lawful access, use or disclosure of Your particulars, data and information in the application by the Us for purposes necessary to provide You with the services.

7. Carbon may at any time vary and revise these Terms and Conditions by updating this document. The most updated version of this document will be available for Your review under the “Carbon™ Terms and Conditions” link that appears on the Carbon website and mobile application.

8. You acknowledge that all intellectual property rights in Carbon™ belongs to Carbon or its licensors and that rights in the application/website are licensed (not sold or assigned) to You in accordance with this Agreement, and that you have no rights in, or to, the mobile application/website other than the right to use each of them in accordance with the terms of thisAgreement. You acknowledge that you have no right to have access to the mobile application in source-code form.


You agree to release, indemnify and hold harmless Us, Our affiliates, and Our and their respective officers, directors, employees and agents from and against any claims, liabilities, damages, losses and expenses, including without limitation reasonable legal and accounting fees, arising out of or in any way related to:

(a) Your access to, use of, or inability to use Your Carbon Account or the Services;
(b) Your breach or alleged breach of this Agreement;
(c) Your violation of any rights of a third party, including but not limited to any negligent or willful misconduct of Your employees, contractors, or agents, or a breach of any contracts or other relationships between You and third parties;
(d) Your violation of any applicable law; or
(e) Your failure to provide and maintain true, accurate, current and complete information in Your Carbon Account. You shall cooperate as fully as reasonably required in the defense of any such claim. Carbon reserves the right, at its own expense, to assume the exclusive defense and control of any matter subject to indemnification by You. You agree not to settle any matter without the prior written consent of Carbon. For the avoidance of doubt, this indemnification, defense and hold harmless obligation will survive this Agreement and the termination of Your use of the Services.

Keeping in touch

(a) How to contact Us: You can email Us at customer@getcarbon.co

(b) How We will contact You: We will contact You in English using email, or through your phone number provided to Us or through push notifications on Your device when You spend or receive money. If any of Your contact details change, for example Your email address, or phone number, You must let Us know as soon as possible.

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