Terms & Conditions

1. Introduction

  1. The following terms and conditions (“Terms and Conditions”) shall apply to the use of the MerchantsBox™ (“Website”) and/or the services provided by Cowries MFB ("Cowries") on and through the Website including but not limited to the provision of access to small and medium scale enterprises funding (“Services”). By registering on and using the Services provided through the Website including the information and data available on the Website, You have agreed to all the Terms and Conditions and agree to abide by all the Terms and Conditions without limitation or qualification and to comply with all applicable laws, legislations and subsidiary legislations regarding the use of the Website and the Services. The content, features and functionality of the Website permits you access to the Services via Cowries MerchantsBox™ Platform (“the Platform”) subject to the provisions of these Terms and Conditions.
  2. You will be deemed to have accepted these Terms and Conditions when you register on the Website and become a customer (“Customer”). Once you become a registered Customer, You agree to be bound by these Terms and Conditions. References to “you” and “your” in these Terms and Conditions mean You as a registered Customer. Acceptance of these Terms and Conditions by You is an absolute pre-condition of you using our Website and Services. If You do not accept these Terms and Conditions, You will not be permitted to use our Website or the Services provided through it, or any other services we provide.
  3. These Terms and Conditions govern (a) your use of our Website and Services and form a binding contract between Cowries and You regarding your use of our Website and Services.
  4. Kindly read through the requirements of this Terms and Conditions carefully. As stated in paragraph 1.3 above, Your use of the Website including the provision of the Services and access to the Platform constitutes an agreement between Cowries and You and supersedes all prior or contemporaneous agreements, understandings, representations, discussions, proposals, literature, arrangement, undertaking and the likes, written or otherwise. Cowries reserve the right to amend these Terms and Conditions at any time without prior notice to You: if Cowries does so, Cowries shall display a notice to this effect on the Website. The most current form of the Terms and Conditions may be found at MerchantsBox™, Your continued use of the Website and/or the Services after any amendment of these Terms and Conditions shall be deemed to be express acceptance of or acceptance by conduct of any such amendment. Please ensure You review the Terms and Conditions prior to every use of the Website or the Platform. If You have any questions please feel free to email us at hello@merchants.ng

2. Registration

  1. In order to use the Services You are required to register on the Website as a Customer (“Registration”). You will be required to complete the Registration form on the Website and then create a username and password for You to access your account on the Website and the Platform (“Account”). Registration is free and upon completion of the Registration process, you will receive an email confirmation from MerchantsBox™ (“Registration Email”). Ensure that you click on the link in the Registration Email to confirm your Account.
  2. In the Registration, You will be required to furnish us with certain personal information including but not limited to means of identity, particulars of your finances (such as bank account details) (“Information”).
  3. When creating a user name you must choose a name that is not vulgar, offensive, disparaging to others or to Cowries or our Website. Creating a user name that purposely misleads others or advertises any goods or services is strictly prohibited. Your username must not violate any type of copyright laws or intellectual property rights. Cowries at is sole discretion may freeze or close your Account without notice if you create a user name that violates any of these conditions.
  4. Membership as a registered Customer is open to all individuals aged 18 years or above and who legitimately carry on business in accordance with the relevant laws and regulations applicable to them and the businesses the carry on and have been duly licensed by the relevant ministry, department or agency of the government. We reserve the right and absolute discretion to deny Registration to, and/or exclude any individual from our Website. We also reserve the right to suspend, revoke or amend Your Registration in our absolute discretion.
  5. If you apply to become a Customer, You hereby warrant to Cowries that:
    1. You do not owe Cowries any money;
    2. You are above the age of 18 years and have the legal capacity to enter into legal binding contract and where relevant You have obtained all required consent, approvals, authorizations and permits (regulatory, statutory, contractual or otherwise) to register on the Website and/or use the Services;
    3. The Information is true, accurate, complete and not misleading and do not infringe any copyright, trademark, patent or other intellectual property, privacy rights or proprietary rights of any third party (“IP Rights”);
    4. Where the IP Rights in the Information belongs to a third party you have obtained all requisite consents and approvals to use the IP Rights and that You have been granted the right to license the use of the Information to Cowries;
    5. Your Registration and use of the Platform shall be valid and binding obligation on You and is not contrary to any license, authorization or approval issued to you by any relevant governmental body nor in breach of any arrangement, agreement, understanding to which you are party
    6. Accounts and Registrations are non-transferable and non-assignable

3. Modifications to Website

We reserve the right to make changes and/or corrections, alter, suspend or discontinue any aspect of our Website or the content or Services available through it, including Your access to it at any given time. Unless explicitly stated to the contrary, any new features including new content and/or the release of new software tools or resources shall be subject to these Terms and Conditions. Furthermore, Cowries may post additional rules for the usage of the Website and/or the Platform which will be posted on the Website. It is the Customer’s responsibility to periodically review any and all changes made to the Terms and Conditions prior to each use of the Website and/or the Platform and by using the Website and/or the Platform, You agree in advance to accept any such changes.

4. Our Website, Your Information & Account Security

  1. Your use of our Website and the Platform amongst other things provide the functionality and method through which you borrow and repay money over the Platform. Cowries will provide You with every practical and reasonable help you may require to access the Website but we cannot accept responsibility if You are unable to do so for any reason. Cowries does not guarantee You access to the Website and/or the Platform at any time. Cowries Does not guarantee that while You are accessing the Website and/or the Platform Your access will be uninterrupted, without delay or interference, secure and/or error free, or indeed operate as set out and anticipated in these Terms and Conditions. Accordingly, Cowries reserves the right at any time to suspend or discontinue the Website and/or Services for any reason without incurring any liability or obligation to you. Cowries shall not be responsible for any disruption to the Website and/or the Platform regardless of length and will bear no liability in respect of losses accruing to Your inability to access due disruption on the Website and/or the Platform. Therefore, Cowries shall not be responsible for any liability or obligation under this agreement which are prevented or interfered with due to acts or conditions beyond the reasonable control or expectation of Cowries
  2. As long as You comply with these Terms and Conditions and the other documents incorporated by reference, we will provide you with such access to the Website and Services as we are able to deliver on the basis set out in these Terms and Conditions. However, Cowries reserve the right in our discretion to terminate or suspend Your Registration and/or access to the Website or the Platform.
  3. When You apply to become a registered Customer and during your use of the Website and the Services, You will provide Us with data. We will respect the privacy of such data which shall include your Information other commercial and business information which Cowries may require in respect of funds advanced via the Platform and subject to your approval, Cowries may obtain further information from your bankers and such other accredited credit reporting bureau or agent (“Personal Information”) We will only collect, use, disclose or process your data and Personal Information in accordance with our privacy policy and only for the purpose of the Services, which You accept by your continued use of the Website or the Platform. You must keep your data accurate and up-to-date and promptly send Us any new or amended data. We will only share your data with other parties as set out in our Privacy Policy, as provided in these Terms and Conditions and/or with your prior consent.
  4. Please review our Privacy Policy, which is incorporated by reference into these Terms and Conditions in respect of how We collect and otherwise process Your Personal Information.
  5. Pursuant to the applicable laws on cyber security, Cowries has in place electronic, physical and procedural safeguards necessary for the protection of the Website and the Personal Information of our Customers. However, there is no absolute security of information or data transmitted over the internet as such Cowries cannot give an absolute guaranty of security in this respect. We will promptly notify you of any security breach of confidentiality or the security of the Personal Information in the event of a security breach and shall take all necessary steps to protect the confidentiality of Your Personal Information. Subject to subsequent notification in respect of change, We will notify You through your most recently communicates email address
  6. You agree that You will act lawfully, diligently and honestly at all times when You access and use the Website or the Platform or Services and will comply with all laws and regulations applicable to your use of the Website or the Platform. Your use of the Website or Platform shall be solely for legitimate business purposes breach of which would amount to criminal and civil liability under the applicable laws of the Federal Republic of Nigeria.
  7. You warrant that all the details you supply on Registration or at any time thereafter are and will remain true and accurate.
  8. You agree that You will not interfere with, jeopardise, disrupt or harm the Website or the Platform/Services and that You will not intercept, expropriate, re-use, steal or re-utilise any system, data, photographs or information comprised in or provided to You via the Website or the Platform.
  9. You agree that You shall keep your user name and password confidential and not disclose them to or share them with anybody. You shall be solely liable for actions taken using your username and password to access the Website or the Platform, whether taken by You or third parties and/or with or without your consent or knowledge.
  10. You shall indemnify and keep Cowries, its affiliates, directors, employees, agents, representatives and Cowries third party service provider indemnified and to defend and hold each of them harmless, from any and all claims, actions, liabilities, damages and costs (including attorney’s fees) which may arise from any unauthorized use of the Website, the Services or the Platform and/or the your breach of this Agreement.
  11. If You believe the confidentiality of your username and/or password or the Personal Information has been compromised, You must tell Us immediately. We will use our reasonable endeavors to provide You with an alternative username and/or password, although we reserve our absolute discretion to restrict or terminate your use of the Website and the Platform as set out in these Terms and Conditions.
  12. An electronic communication with Cowries is initiated each time You visit the Website and or send Us an electronic mail. You hereby consent to receiving communications from us electronically through electronic mails or posting of notices on the Website. You hereby agree that all agreement, notices, disclosures and other communications that we provide to electronically on the Website satisfy all legal requirements that such communications be in writing if such requirements are applicable.
  13. The following applies to any Personal Information You provide us, for example during Registration or using the Services:
    1. You authorize us to use, store or otherwise process any Personal Information which relates to and identifies You, including but not limited to your name and address, to the extent reasonably necessary to provide the Services which are available through the Website and/or the Platform
    2. When you apply for and/or obtain a loan via the Platform we may collect information about your buying behavior as well as personal correspondence such as e-mails, letters, post reviews or other messages in the chat areas of the Website. All such information collected by us shall also be included in the definition of ‘Personal Information’ in this Terms and Conditions.
    3. You must ensure that the Personal Information You provide is accurate and complete and that all ordering or registration details (where applicable) contain your correct name, address and other requested information. In addition, the following also applies to all messages, e-mails, ideas, suggestions, concepts or other material submitted by You to the Website and/or the Platform(‘Contentt’):
    4. You must own or have the right to submit Content for publication on our Website and/or the Platform and all Content submitted by You must be honest, decent and truthful and comply with all applicable legislations and subsidiary legislations;
    5. You must ensure that all Content submitted do not infringe the copyright, privacy, publicity, trade mark or any other rights of any third party, nor be obscene, abusive, threatening, libelous or defamatory of any person or be otherwise unlawful.
    6. We have the right to monitor Content and may edit, reject or remove Content if we believe it does not comply with the above and, in particular, we reserve the right to block Contents if we believe that such contents are or may be inappropriate or otherwise does not comply with the above.
    7. Your Registration will be suspended or permanently terminated if (a) you provide false information when registering, such as a false name, you use pseudo-names or fraudulent contact information (b) or your Content is contrary to these Terms and Conditions.
    8. You grant us a non-exclusive, irrevocable, royalty free, worldwide license to publish all Content that you submit to us except your Personal Information. You have sole responsibility for the Content which You submit to Us and You shall indemnify and shall keep us fully and effectively indemnified on demand from and against all actions, claims, losses, liability, proceedings, damages, costs, expenses, loss of business, loss of profits, business interruption and other pecuniary or consequential loss (including legal costs and expenses) suffered or incurred by us and arising directly or indirectly out of the publication of Content submitted by You to Cowries.
    9. You warrant and undertake that You will not use the Website for any purpose that is illegal or prohibited by these Terms and Conditions or any applicable laws. If You breach these Terms and Conditions then your permission to use this Website terminates immediately without the necessity of any notice being given to You. We retain the right to deny access to any person who fails to comply with these Terms and Conditions.
    10. Cowries reserves the right to review all uses of our Website and the Platform for fraudulent activities. Cowries at its own discretion can terminate any Account that is suspected of such fraudulent activity that includes but is not limited to creating multiple Accounts under the same payment card, using fake names, abuse of the system.
    11. Your use and view of the Website, the Platform and/or any information on same shall be in accordance with this Terms and Conditions and You shall not modify, distribute, publish, license, create derivative works from, transfer or sell any information or content contained on the Website and the Platform.

5. Intellectual Property Rights

  1. The Website and the Platform are owned and operated by Cowries. The design and content features of the Website and the Platform including information and other materials, illustrations, design, icons, navigational buttons, images, artworks, graphics, photography, text, data, audio sound, software and similar elements are the properties of Cowries and/or their third party licensors (“Licensors”).
  2. Your use of the Website, the Platform and/or the Services and their content or the furnishing of information to You in the course of the Service does not grant you a rights in relation to Cowries or the Licensors’ intellectual property rights in the Website, the Platform and their respective components.
  3. Other than for the Service and solely in connection with your use of our Website or the Platform, You may not copy, reproduce, download, publish, re-publish, post, broadcast, record, print, commercially exploit, transmit, edit, communicate to the public or distribute in any other way our Website or its content, or the computer codes of elements which comprise the Website and/or the Platform.
  4. Other than as set out in this clause 5 you are not permitted to use any of our intellectual property rights without Cowries or the Licensors’ prior written consent.
  5. The contents of our Website and/or the Platform are protected by the relevant intellectual property laws, including but not limited to the Copyright Act Cap C28 Laws of the Federal Republic of Nigeria, the Trade Mark Act Cap T13 Laws of the Federation of Nigeria and the Patent and Designs Act Cap P Laws of the Federation of Nigeria. The ownership of these rights is in our name or Licensors. All product and company names and logos mentioned in or on our Website and/or the Platform are the trademarks, service marks or trading names of their respective owners, including Cowries. You may download material from our Website and/or the Platform solely for the purpose of the Services.

6. Linked sites

6.1 We make no warranties, representations or undertaking whatsoever about any other websites which You may access through the Website or which may be linked to the Website. When You access any other website You understand that it is independent from Cowries and that we have no control over the content or availability of that website. In addition, a link to any other website does not mean that we endorse or accept any responsibility for the content, or the use of, such a website and we shall not be liable for any loss or damage caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services available on or through any other website or resource. Cowries has not reviewed any of these third party websites and/or the application and/or the software products and as such makes no representations about them or any information, software or other products or materials found on them or any results that may be obtained from using them. Any concerns regarding any external link should be directed to its website administrator or web master.

6.2. If You decide to access any of the third party websites and/or application and/or software product linked to our Website, you do so at your own risk as Cowries has no responsibility and will bear no liability for the use of such third party website

7. Liability

  1. Save as otherwise stated in these Terms and Conditions, We exclude all other expressions or implied terms, conditions, warranties, representations or endorsements whatsoever with regard to the Services, the Website, the Platform or any information or service provided through the Website.
  2. We will do our best to ensure that all materials and information published on our Website are accurate, but please note that all content, materials and information on our Website are provided on an ‘as is’ basis and You assume total responsibility and risk for your use of the Website and use of all information contained within it.
  3. We accept no liability for any indirect or consequential loss or damage, or for any loss of data, profit, revenue or business (whether direct or indirect) in each case, however caused, even if foreseeable. In circumstances where you suffer loss or damage arising out of or in connection with the viewing, use or performance of our Website, the Platform or their contents other than as a direct result of the Services (which shall be subject to the exclusions and limitations of liability set out in these Terms and Conditions), we accept no liability for this loss or damage whether due to inaccuracy, error, omission or any other cause and whether on the part of us or our employees, agents or any other person or entity.
  4. Cowries, its employees, agents or such other third party mentioned on the Website accept no liability or responsibility for any damage whatsoever (including without limitation, those resulting from lost profits, lost data, business interruption or other special consequential or incidental damages) arising out of or in relation to the use, inability to use or the results of information, service contained on the Website and/or the Platform, whether based on warranty, contract, tort or any other legal theory and whether or not Cowries has been advised of the possibility of such loss or damage.
  5. You are responsible for ensuring that your computer system meets all relevant technical specifications necessary to use our Website and/or the Platform. You also understand that we cannot and do not guarantee or warrant that any material available for downloading from our Website and/or Platform will be free from infection, viruses and/or other code that has contaminating or destructive properties. You are responsible for implementing sufficient procedures and virus checks (including anti-virus and other security checks) to satisfy your particular requirements for accuracy of data input and output.
  6. The limitations and exclusions in this clause do not affect your non-excludable statutory rights and only apply to the extent permitted by applicable law.

8. General

  1. We may assign, transfer, novate or subcontract any or all of our rights and obligations under these Terms and Conditions at any time.
  2. If any provision or term of these Terms and Conditions shall become or be declared illegal, invalid or unenforceable for any reason whatsoever, such term or provision shall be divisible from the other terms and conditions and shall be deemed to be deleted from them.
  3. These Terms and Conditions and your use of our Website are governed by the laws of the Federal Republic of Nigeria and any dispute arising out of, in connection with these Terms and Conditions shall be in accordance with the Mediation Rules of the Lagos State Multi-Door Court House. For avoidance of doubt, Cowries makes no representation that the content, the information or the Services offered through the Website or the Platform are appropriate, available or legal in any particular location (particularly locations outside Lagos State Nigeria). Those who choose to access the content and use the Services or obtain finance via the Platform do so on their own initiative and are responsible for compliance with local laws, if and to the extent that local laws are applicable.
  4. Failure or delay by either party enforcing an obligation or exercising a right under these terms and conditions does not constitute a waiver of that obligation or right.

9. Tax

  1. Cowries follows all local, state and national tax legislations and subsidiary legislations in respect of the Services.

10. Disclaimers

  1. All information posted on the Website is subject to change or removal without notice. Cowries may make changes to the materials, products, features and services available at the Website or Platform at any time without notice. You may not use the Information for any commercial purpose, including without limitation: (I) distribution (electronically or otherwise); (II) resale; or (III) display, etc.

  2. Information, Services, and other material available through the Website and the Platform are furnished “As Is”, “At Your Own Risk” and “As Available”, without any warranty whatsoever. Although Cowries has attempted to provide accurate Information on the Website, Cowries assumes no responsibility for the accuracy, merchantability or completeness of the information, Services or other material on the Website and the Platform. The information and all other materials on the Website and/or the Platform are provided for general information purposes only and do not constitute professional advice of any kind.

  3. All other warranties, express or implied, including any warranties of merchantability, or non-infringement of intellectual property are specifically excluded and disclaimed. Cowries does not warrant that the information on the Website or the Platform will meet user’s requirements and that the operation of the Services will be uninterrupted or error free, or that the Website or the server that makes it available are free of viruses or bugs.

  4. Cowries’s obligations with respect to its products and services are governed solely by the agreements under which they are provided and nothing on the Website should be construed to alter such agreements. The materials and Services at the Website may be out of date and Cowries makes no commitment to update the materials and Services at the Site.

14, Yeye Olofin Street, Lekki Phase 1, Lagos.

01 290 4554

Corporate partnerships: sales@merchants.ng

MerchantsBox™ is a financial access portal for small businesses, powered by Cowries Micro Finance bank. Using MerchantsBox™, small businesses and individuals can easily access account opening, payment cards, deposit services, investment offers, loans, payment acceptance, inventory management, POS terminals, agency banking and other value-added services.

Cowries MFB Limited is registered in Nigeria with head office at No. 14, Yeye Olofin Street, Lekki Phase 1, Lagos. Cowries MFB is a member of the Innovectives Group, a global digital banking and commerce solutions company.

This site uses the highest levels of Internet Security, and it is secured by 256 bits SSL security encryption to ensure that your information is secure and completely protected from fraud. By using this website, you understand that the services and products offered on this website ("Services and Products") are for information purposes only. No persons gaining access to this website in any jurisdictions may treat any materials or information provided on this website as constituting an invitation to them to subscribe for the services, nor should they in any event use such Services, unless in the relevant jurisdiction, the Services could lawfully be made to them.

Accordingly, nothing contained in this website shall constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful. It is the responsibility of any person to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction before they subscribe for the services. MerchantsBox™ shall have the final determination of eligibility to subscribe for any of the Services. The information contained in these pages is not intended to provide professional advice and should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice when necessary at all times in their respective jurisdiction.

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