Regulated by: Financial Sector Conduct Authority (FSCA) and National Credit Regulator (NCR)
Governing Law: Republic of South Africa — National Credit Act No. 34 of 2005 (NCA)
Data Protection: Protection of Personal Information Act 4 of 2013 (POPIA)
AML/CTF: Financial Intelligence Centre Act 38 of 2001 (FICA)
Fido Credit SA Proprietary Limited ("Fido") is a company incorporated in the Republic of South Africa, registered with the National Credit Regulator (NCR) under registration number NCRCP16693, and is regulated by both the NCR in terms of the National Credit Act No. 34 of 2005 ("NCA") and the Financial Sector Conduct Authority ("FSCA"). Fido is primarily engaged in providing Credit Facilities to individuals.
All applications for a Credit Facility from Fido, as well as disbursements, are exclusively made, approved and disbursed electronically via the Fido App or website.
You (which expression shall apply to a natural or artificial person, depending on the context) have voluntarily applied for a Credit Facility or are considering applying for such a Facility from Fido.
By using the Fido App you agree to the terms of the End-User License Agreement ("EULA") set out in the Appendix to this document.
This document sets out the Terms and Conditions ("Ts & Cs") that will govern your relationship with Fido. The said Ts & Cs shall apply to you having downloaded the Fido App or while you access our website or other online platforms, to the full extent applicable, whether or not you have applied for a Credit Facility from Fido. These terms are subject to and must be read in conjunction with the NCA and all applicable South African legislation.
You hereby represent and warrant to Fido as follows:
3.1 You are over 18 years of age and have the legal capacity to enter into a Credit Facility Agreement (the "Agreement") in terms of South African law.
3.2 You have personally accessed Fido's online platforms and/or the Fido App, and fully understand what you are signing up for, including your obligations.
3.3 Where you have applied for a Credit Facility or intend to apply for a Credit Facility, the said application was or shall be personally initiated and concluded by you or a person duly authorised by you.
3.4 In the case of a business credit facility, the company is duly incorporated under South African law and you are duly authorised by the company to apply for the credit facility. You (i.e., the individual applying on behalf of the company) agree that you will be personally liable for all obligations under the credit facility if you are not acting with the authorisation of the company.
3.5 Where you are married in community of property, you confirm you have obtained the written consent of your spouse as required by the Matrimonial Property Act 88 of 1984 before entering into this Agreement.
3.6 You have fully and truthfully disclosed your income and expenses and have not over-indebted yourself in contravention of Section 80 of the NCA.
4.1 You shall correctly and fully complete all required digital Know Your Customer ("KYC") and Know Your Business ("KYB") information as required under the Financial Intelligence Centre Act 38 of 2001 ("FICA") and the NCA.
4.2 In accordance with Section 92 of the NCA and NCA Regulation 28, Fido shall provide you with a Pre-Agreement Statement and Quotation ("Disclosure Statement") in the prescribed form (NCA Form 20) which summarises the important terms of the Agreement before the Agreement is concluded. This disclosure shall include the principal debt, interest rate, fees, total cost of credit, and repayment schedule.
4.3 Where your application is successful, Fido shall make available to you an amount not exceeding the Commitment Amount. You may draw down any amount under the Credit Facility up to the Commitment Amount, while the Agreement is in effect.
4.4 You shall make only one drawdown request at a time; where the amount drawn down is still outstanding, you may not make another drawdown request. If you breach this provision, Fido reserves the sole right to terminate the Agreement, and any amounts including interest and any fees you owe Fido shall be immediately payable.
4.5 Fido shall conduct an affordability assessment as required by Section 81 of the NCA before granting any Credit Facility, to ensure that entering into this Agreement will not result in you being over-indebted.
5.1 Fido shall transfer the amount requested to you only to the South African bank account (the "Account") you provide during the application stage, provided that you are the registered account holder. Fido shall effect the transfer via EFT (Electronic Funds Transfer) through the South African banking system. Fido reasonably expects the transfer to be effected no later than one business day following the date on which the Agreement is concluded. The Agreement shall only take effect after the amount requested has been successfully disbursed (hereinafter referred to as the "Effective Date").
5.2 Where you do not receive the disbursement within the timeframe stipulated in clause 5.1, you are required to notify Fido within three (3) business days. Such notification may be made via email to info.sa@fidocredit.com or by contacting our customer support.
5.3 Where Fido receives such notification, Fido reserves the right to request evidence in support of your claims and may choose to make changes to your repayment schedule at its sole discretion, subject to the NCA.
6.1 In accordance with Section 121 of the NCA, you have the right to cancel this Agreement without reason or penalty within five (5) business days after the later of the date on which this Agreement was signed or the date on which funds were received. Such a request may be made in writing via email to info.sa@fidocredit.com.
6.2 Fido shall accept this cancellation request only after full repayment of the full disbursement amount inclusive of any interest accrued and fees applicable up to the date of repayment.
6.3 Upon valid cancellation, no early termination penalty shall be charged to you, in accordance with the NCA.
7.1 All fees and charges applicable to this Credit Facility are set out in the Pre-Agreement Disclosure Statement and are subject to the maximum limits prescribed by the NCA and its Regulations. The fees may include:
(a) An Initiation Fee (inclusive of VAT) as prescribed by NCA Regulation 42;
(b) A monthly Service Fee (inclusive of VAT) as prescribed by NCA Regulation 42;
(c) Default Administration Charges, in the event of default; and
(d) Collection costs, where applicable and lawful.
7.2 For short-term credit (repayment period under 6 months or principal debt below ZAR 8,000): Interest is charged at 5% per month on the first loan advanced to you within a calendar year, and 3% per month on any subsequent loans within the same calendar year. Interest is calculated daily and capitalised monthly in arrears.
7.3 For credit transactions where the principal debt exceeds ZAR 8,000 or the repayment term exceeds 6 months: The interest rate is a variable rate linked to the South African Reserve Bank ("SARB") Repurchase Rate (the "Reference Rate"), plus a Margin of 21% per annum. Any change to the Reference Rate will be communicated to you in writing within 30 business days of such change taking effect.
7.4 All interest rates and fees shall at all times comply with the maximum rates prescribed in NCA Regulation 42. Fido shall not charge any fee or rate exceeding the legally prescribed maximum.
8.1 The Principal Debt shall become due in full, together with all Fees and Interest (collectively referred to as the "Repayment Amount"), on the dates set out in the repayment schedule of the Agreement.
8.2 You shall be responsible for ensuring that the Repayment Amount is paid to Fido by the due date. Fido only accepts electronic forms of payment, including EFT and DebiCheck direct debit.
8.3 You may be required to complete a DebiCheck debit order mandate, formally authorising your bank to transfer money to Fido's designated account until the Repayment Amount is fully paid off. The mandate shall lapse upon Fido receiving all amounts due and owing.
8.4 You have the right to settle the full outstanding amount at any time, without penalty, in accordance with Section 125 of the NCA.
8.5 In the event of late payment, Fido may charge Default Administration Charges and collection costs in accordance with the NCA Regulations. These charges shall not exceed the maximum permissible amounts prescribed under the NCA.
8.6 Fido shall be responsible for verifying receipt of your repayment and notifying you if repayment has not been received. Such notification may be via phone call, SMS, email, or the Fido App.
8.7 If you are in arrears, Fido shall follow the default procedure prescribed in Section 129 of the NCA before taking any legal action, including providing you with a Section 129 Notice and allowing you to refer the matter to a debt counsellor or dispute resolution agent.
8.8 In the event you are sequestrated or liquidated, the Agreement shall lapse and any amounts payable by you shall become immediately due and payable in full, subject to applicable insolvency law.
9.1 Fido reserves the right to terminate your application process or the Agreement at any time before the Effective Date, at its sole discretion.
9.2 Fido reserves the right to terminate the Agreement if it is unable to disburse the amount requested due to inaccurate bank account details provided by you or due to a system failure attributable to a third party.
9.3 Upon such termination or cancellation, Fido shall in no way be liable to you for any loss or damage resulting therefrom, save as required by the NCA.
9.4 Where Fido terminates or suspends the Agreement due to your default, Fido shall comply with the Section 129 notice requirements of the NCA before doing so.
10.1 In the event of a force majeure event (including war, civil insurrection, natural disasters, pandemic, or any other legally recognised force majeure event in South Africa) which prevents you from fulfilling your repayment obligations, the interest accrued on outstanding amounts may be suspended for the duration of the event, provided that you formally notify Fido within ten (10) business days of the occurrence.
10.2 Fido shall determine, acting reasonably, whether the notified event qualifies as a Force Majeure Event. Where Fido does not accept the event as such, Fido shall formally notify you accordingly and your obligations shall continue unabated.
10.3 Fido shall not be liable for failure to perform any obligation due to a Force Majeure Event or actions of a third party outside Fido's direct control, save for obligations expressly required by South African law.
In accordance with the Protection of Personal Information Act 4 of 2013 ("POPIA") and the Financial Intelligence Centre Act 38 of 2001 ("FICA"), you agree that Fido may:
11.1 Disclose any information required to be disclosed under the NCA, the National Credit Register, FICA, POPIA, and any applicable South African legal and regulatory requirements, including reporting to registered credit bureaux registered with the NCR.
11.2 Query third parties for your information for KYC/CDD purposes and to assist Fido in making a decision in respect of your application, in compliance with FICA obligations.
11.3 Report to the Financial Intelligence Centre ("FIC") and other appropriate South African authorities in the case of suspected fraud, money laundering, terrorist financing, or any other unlawful activity, and cooperate with lawful authorities in any related investigation.
11.4 Disclose relevant KYC/CDD and loan details, including outstanding amounts, to persons you have listed as references.
11.5 Disclose relevant KYC/CDD details and loan information to your relatives in the event of your death, upon production of a valid death certificate and only to facilitate settlement of outstanding amounts.
11.6 In accordance with Section 22 of FICA, retain records of your transactions and personal data for a minimum period of five (5) years from the date of the transaction, after the termination of the business relationship, or from the date a report was made to the FIC — whichever is applicable.
11.7 Use your personal information for the purposes indicated in Fido's POPIA-compliant Privacy Policy, including for service delivery, credit assessment, and marketing (where you have provided consent). You may withdraw consent to marketing at any time.
11.8 Employ session replay technology to analyse how you interact with the App. All Personally Identifiable Information ("PII") is automatically anonymised during this process, and no PII is stored or visible to Fido's staff.
11.9 You have the right to access, correct, and object to the processing of your personal information in accordance with POPIA. Complaints regarding data protection may be directed to the Information Regulator of South Africa at inforeg@justice.gov.za.
11.10 You agree to hold Fido harmless from any claims arising from such disclosures, except in the case of Fido's negligence or fraud.
Fido reserves the right to assign its rights, or any part thereof, under the Agreement to third parties ("Third Party Assignees"), subject to providing you with reasonable notification as required by the NCA. Any such assignment shall not affect your rights under the Agreement.
13.1 You shall not use any amount disbursed by Fido for electronic gambling, money laundering, terrorist financing, proliferation financing, or any unlawful purpose under South African law.
13.2 You shall not use any disbursed amount for any of the excluded activities listed in Schedule 1 of this document.
13.3 Fido reserves the right to terminate and call up the entire outstanding balance where Fido reasonably believes that disbursed funds have been used for unlawful purposes, and to report such conduct to the FIC and other relevant South African authorities.
If you default in any way on your obligations under the Agreement:
14.1 Fido shall issue a Section 129 Notice in terms of the NCA, informing you of the default and your right to refer the matter to a debt counsellor, alternative dispute resolution agent, consumer court, or the NCT.
14.2 If you fail to respond to the Section 129 Notice or reject the proposals contained therein, Fido may apply to a court for judgment in terms of Section 130 of the NCA.
14.3 You shall be liable for reasonable collection costs in accordance with the Magistrates' Courts Act and applicable NCA Regulations.
15.1 During the application process you shall be required to provide your contact details to facilitate communication between you and Fido.
15.2 Fido reserves the right to contact you directly or through your provided contacts at any time for purposes related to the Agreement, credit management, or regulatory obligations.
15.3 For all queries, complaints or correspondence: Fido Credit SA Proprietary Limited, 45 Durham Street, Fairmount, Johannesburg, 2192 | Tel: 072 910 9723 | Email: info.sa@fidocredit.com
15.4 Complaints may be lodged with the NCR at: National Credit Regulator, 127 15th Road, Randjespark, Midrand, 1685 | Tel: 0860 627 627 | www.ncr.org.za
16.1 FIDO SHALL NOT BE HELD LIABLE FOR ANY ERRORS OR OMISSIONS IN DATA AND INFORMATION RECEIVED FROM THE CUSTOMER OR THIRD-PARTY SERVICE PROVIDERS.
16.2 FIDO MAINTAINS INDUSTRY-STANDARD TECHNICAL AND ORGANISATIONAL SECURITY MEASURES TO PROTECT ITS PLATFORM. HOWEVER, FIDO SHALL NOT BE LIABLE FOR LOSS, DAMAGE, OR UNAUTHORISED TRANSACTIONS RESULTING FROM THE CUSTOMER'S NEGLIGENCE, INCLUDING DISCLOSURE OF ACCESS CREDENTIALS. THE CUSTOMER MUST NOTIFY FIDO IMMEDIATELY UPON SUSPECTING A SECURITY BREACH.
16.3 FIDO'S LIABILITY IS STRICTLY LIMITED TO SERVICES DIRECTLY PROVIDED BY FIDO UNDER THIS AGREEMENT AND SHALL NOT EXTEND TO THIRD-PARTY FAILURES BEYOND FIDO'S REASONABLE CONTROL.
16.4 FIDO RESERVES THE RIGHT TO SUSPEND OR TEMPORARILY LIMIT ACCESS TO ITS ONLINE SERVICES IN THE EVENT OF SYSTEM FAILURE, MAINTENANCE, OR SECURITY ISSUES, WITH PRIOR NOTICE WHERE REASONABLY PRACTICABLE.
16.5 TO THE MAXIMUM EXTENT PERMITTED BY SOUTH AFRICAN LAW, INCLUDING THE NCA AND THE CONSUMER PROTECTION ACT 68 OF 2008 ("CPA"), FIDO SHALL NOT BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES. FIDO'S TOTAL LIABILITY SHALL BE LIMITED TO THE OUTSTANDING LOAN AMOUNT OWED BY THE CUSTOMER TO FIDO.
16.6 NOTHING IN THIS CLAUSE SHALL LIMIT ANY RIGHTS YOU HAVE UNDER THE NCA OR THE CPA THAT CANNOT BE WAIVED BY CONTRACT.
All representations made by you in light of the Agreement are true and accurate as of the Effective Date of the Agreement and you undertake to immediately notify Fido about any changes to any representation made.
18.1 This Agreement expresses and incorporates the entire understanding of the parties in relation to the subject matter and supersedes any prior negotiations, communications, or agreements.
18.2 Fido reserves the right to amend non-material terms of this Agreement. Any amendments to material terms shall be communicated to you with at least 5 (five) business days' written notice, in accordance with the NCA.
18.3 Changes to the interest rate as a result of changes to the SARB Reference Rate shall take effect on the date of such change and shall be communicated to you within 30 business days.
No exercise, failure to exercise, or delay in exercising any right, power or remedy vested in Fido under this Agreement shall constitute a waiver by Fido of that or any other right, power or remedy.
If any provision of this Agreement is declared invalid, illegal or unenforceable by a court of competent jurisdiction in South Africa, such declaration shall not affect the validity or enforceability of any other provision of the Agreement. The parties shall negotiate a replacement provision where necessary.
21.1 Any dispute, controversy, or claim arising under, out of, or in relation to this Agreement shall first be referred to Fido's internal complaints process.
21.2 If unresolved, disputes may be referred to:
(a) An alternative dispute resolution agent;
(b) The relevant Consumer Court;
(c) The National Consumer Tribunal (NCT);
(d) The National Credit Regulator (NCR); or
(e) A court of competent jurisdiction in the Republic of South Africa.
21.3 Nothing in this clause shall prevent Fido from complying with the Section 129 NCA default notice procedure before commencing legal proceedings.
This Agreement and the relations between the parties shall be governed exclusively by the laws of the Republic of South Africa, including but not limited to the National Credit Act 34 of 2005, the Consumer Protection Act 68 of 2008, POPIA, and FICA. All disputes shall be subject to the jurisdiction of South African courts.
Disbursed funds may not be used for any of the following activities:
For the full list of excluded activities, refer to Fido's Comprehensive Excluded Activities Policy available on request.
This End-User License Agreement ("License Agreement") governs your use of the mobile application ("Application") used to access the online lending service ("Online Service") of Fido Credit SA Proprietary Limited ("Licensor"). By installing, copying, or using the Application, you agree to be bound by the terms of this License Agreement.
1. The Licensor grants you a non-exclusive, non-transferable, limited personal license to install and use the Application on your mobile device solely for your personal use and only to access the Online Service. Such installation must occur in the Republic of South Africa. You may not: (a) decompile, reverse engineer, or attempt to derive the source code of the Application; (b) copy or sublicense the Application except as permitted herein; (c) distribute, export or resell the Application; (d) remove any intellectual property notices; or (e) exercise any right not expressly granted in this Agreement.
2. The Licensor owns all right, title and interest in and to the Application. No license or other right in or to the Application is granted to you except as specifically set out in this License Agreement.
3. This License Agreement is valid until terminated by you or the Licensor. The Licensor may terminate the License at any time. Your rights under this License will terminate immediately if you breach any term. Upon termination, you shall immediately discontinue use of the Application and delete all copies.
4. You understand and agree that the Application is provided on an "as is" basis, without warranty of any kind. The Licensor disclaims all warranties, express, implied or statutory, including warranties of merchantability, fitness for a particular purpose, and non-infringement. Nothing in this clause limits your statutory rights under South African consumer law.
5. To the maximum extent permitted by applicable South African law, including the Consumer Protection Act 68 of 2008, the Licensor shall not be responsible for any direct, indirect, special, incidental, or consequential damages arising from or related to the Application. This limitation shall not apply where such exclusion is not permitted by law.
6. This License Agreement and its enforcement shall be governed by the laws of the Republic of South Africa. If any provision of this License Agreement is found to be unenforceable, that provision shall be restated to reflect as nearly as possible the original intentions of the parties in accordance with applicable South African law. The remaining provisions shall not be affected.
By using the Fido App or accessing Fido's services, you confirm that you have read, understood, and agree to be bound by these Terms of Service.
Fido Credit SA Proprietary Limited
NCR Reg: NCRCP16693
45 Durham Street, Fairmount
Johannesburg, 2192
info.sa@fidocredit.com
072 910 9723
For Queries & Complaints:
National Credit Regulator (NCR)
Tel: 0860 627 627
Information Regulator (POPIA)
inforeg@justice.gov.za
