Mymo is a micro-lending and mobile money platform provided by WhileSmart LTD. By accessing or using our services, you agree to the following terms and conditions. Please read them carefully.
Introduction to Mymo
Mymo is a comprehensive suite of software products offered as a service through our mobile app. Our core offerings include:
- Mymo Funded Instant Loans: Users can receive micro-instant loans funded directly by Mymo. Terms and conditions, including interest rates (up to 10%) and repayment schedules, are provided at the time of loan acceptance.
- Peer-to-Peer (P2P) Loans: Mymo facilitates peer-to-peer lending, where users can request and fund loans with terms negotiated between borrowers and lenders. The maximum repayment period for P2P loans is 3 months, and interest rates can be up to 10% or zero.
- Mymo Business API: Businesses can utilize our Business API to obtain user credibility information. This scoring model helps businesses make informed decisions regarding installment-based payments and loans based on user credit scores.
- Lending Circle/ROSCAs Automation and Management: Mymo digitalizes and automates the management of lending circles, also known locally as:
- Njangi (Cameroon),
- Tontine (West Africa),
- Esusu (Nigeria),
- Chama (Kenya),
- Susu (Ghana),
- Palava Hut (Liberia),
- Susu (Sierra Leone).
Our platform streamlines the process of contributing, managing, and borrowing within these traditional financial groups, enhancing transparency and efficiency.
1. Eligibility
To use Mymo, you must:
- Be a resident of Cameroon.
- Meet our eligibility criteria, which may include age requirements and other qualifications as determined by Mymo.
- By registering and using our services, you confirm that you meet these requirements and agree to provide accurate information as part of the registration process.
2. Account Registration
To fully access Mymo’s features, you must:
- Create an account by providing accurate and up-to-date information.
- Maintain the confidentiality of your account credentials and notify us immediately if you suspect any unauthorized access.
- You are responsible for all activities under your account. Mymo is not liable for any unauthorized use of your account due to negligence on your part.
3. Loans
Mymo offers various types of loans, each with distinct terms and conditions:
3.1 Peer-to-Peer (P2P) Loans
- Loan Request: Users can request loans specifying the amount, interest rate (capped at 10%, but can also be zero), and repayment period.
- Terms Agreement: Lenders have the discretion to accept or reject the loan terms proposed by the borrower. WhileSmart LTD facilitates these connections but is not liable for disputes or agreements between users.
- Repayment Period: All P2P loans must be repaid within a maximum of 3 months from the loan issuance date.
- Interest Rate: The maximum interest rate on P2P loans is 10%. Borrowers may offer an interest rate of zero, which lenders can choose to accept or reject.
3.2 Institutional Loans
- From Registered Institutions to Users: Registered institutions on Mymo can offer micro-loans to users. The terms, including interest rates, repayment schedules, and any associated fees, are determined by the institutions and will be communicated clearly during the application process.
- Repayment Period: All institutional loans must adhere to the maximum repayment period of 3 months.
3.3 Mymo-Managed Loans
- Direct Loans from Mymo: Mymo may offer micro-loans directly to users. Terms, including interest rates (capped at 10%) and repayment schedules, are set by Mymo. These terms will be communicated to users before loan acceptance.
- Repayment Period: Mymo-managed loans also have a maximum repayment period of 3 months.
4. Cash Operations
4.1 Cash In
- Orange Money Cash In: Users can deposit cash into their Mymo accounts via Orange Money. Transaction fees may apply as determined by Orange Money.
- MTN Cash In: Users can also deposit cash through MTN Cash In services. Fees associated with these transactions are the user’s responsibility.
- Credit Card: (In Development) Users will be able to deposit funds using credit cards in the near future. Details and fees will be provided once this feature is available.
4.2 Cash Out
- Orange Money Cash Out: Users can withdraw cash from their Mymo accounts at designated Orange Money points. Fees and withdrawal limits are subject to Orange Money’s policies.
- MTN Cash Out: Cash withdrawals can also be made through MTN Cash Out points. Users should be aware of any associated fees and limits.
- Bank Cash Out: Users can withdraw cash from their Mymo accounts through participating banks. Additional fees and terms may apply based on the banking partners.
4.3 Money Transfer
- Transfers: Mymo allows users to transfer money between accounts. Users are responsible for ensuring the accuracy of recipient information. Fees may apply for certain transfers, and users should verify transfer details before completing transactions.
5. Compliance Checks and Verification
Mymo conducts compliance checks to adhere to legal and regulatory standards. Users may need to provide identification documents, such as ID cards, passports, or bank statements. These measures are in compliance with applicable laws and are necessary for maintaining the security and legality of our services.
6. Third-Party Payment Providers
Mymo may collaborate with third-party payment providers to facilitate cash transactions and other services. Users are subject to the terms and conditions of these third-party providers when utilizing their services through Mymo.
7. Compliance with Laws
Users must comply with all applicable laws and regulations while using Mymo. WhileSmart LTD reserves the right to suspend or terminate accounts engaged in illegal activities. This includes, but is not limited to, fraud, money laundering, and other illicit practices.
8. Privacy and Security
Mymo prioritizes the privacy and security of user information. For details on how we collect, use, and protect your personal data, please refer to our Privacy Policy.
9. Termination
WhileSmart LTD reserves the right to suspend or terminate your access to Mymo at any time, with or without cause. Users may also terminate their accounts by following the specified procedures. Upon termination, all access to Mymo’s services will be revoked, and any pending transactions or obligations must be settled.
10. Changes to Terms and Conditions
WhileSmart LTD reserves the right to update or modify these terms and conditions at any time. Significant changes will be communicated to users, and continued use of Mymo constitutes acceptance of the updated terms. Users are encouraged to review these terms periodically.
11. Annual Percentage Rate (APR) and Monthly Percentage Rate (MPR)
11.1 Definition of APR and MPR
- Annual Percentage Rate (APR): APR represents the yearly cost of borrowing expressed as a percentage of the loan amount. It includes only the interest rate charged on the loan, with no additional fees.
- Monthly Percentage Rate (MPR): MPR is the monthly cost of borrowing expressed as a percentage of the loan amount. It is derived from the APR and reflects the cost of borrowing on a monthly basis.
11.2 Calculation
- APR Calculation: Since Mymo charges only interest with no additional fees, the APR is equal to the annualized interest rate applied to the loan. The formula to calculate APR is:
APR = Interest Rate * (365 / Loan Term in Days)For example, if a loan has a total interest rate of 10% and a repayment term of 3 months (approximately 90 days), the APR would be:
APR = 10% * (365 / 90) ≈ 40.56%- MPR Calculation: MPR is derived from the APR by dividing the APR by 12. The formula for MPR is:
MPR = APR / 12Using the APR from the example above:
MPR = 40.56% / 12 ≈ 3.38%11.3 Disclosure
- APR and MPR Information: Before accepting a loan, users will be provided with the APR and MPR applicable to the loan. This information will be clearly disclosed in the loan agreement and terms, based solely on the interest rate.
- Example Calculation: For a loan of 10,000 Frs with a maximum interest rate of 10% over a 3-month period, the APR and MPR are calculated as follows:
APR = 10% * (365 / 90) ≈ 40.56% MPR = 40.56% / 12 ≈ 3.38%11.4 Regulatory Compliance
- Compliance: Mymo ensures that the calculation and disclosure of APR and MPR are in accordance with applicable local regulations and industry standards. We strive to provide transparent and accurate information to help users understand the true cost of borrowing.
12. Contact Information
For inquiries or assistance, please contact Mymo customer support at [email protected].
By using Mymo, you acknowledge that you have read, understood, and agreed to these terms and conditions. These terms are effective as of the date of acceptance.
