Terms of Service

1. Acceptance of Terms

By creating an account on EESCREDIT (user.eescredit.com) or using any of our services — including savings, loans, Cooperative Rotation (Esusu), Group-Guaranteed Loans, vouchers, agent services or the member portal — you confirm that you have read, understood and agree to these Terms of Service, our Privacy Policy and our Cookie Policy.

If you do not agree to these Terms, you must not use our services.

2. Eligibility & Registration

• You must be at least 18 years of age to register
• You must reside in Nigeria or be a Nigerian citizen
• You must provide accurate, complete and current information during registration and throughout your membership
• You may only hold one (1) EESCREDIT account — duplicate accounts are prohibited
• You are responsible for maintaining the security of your login credentials and OTP codes
• You must notify us immediately of any suspected unauthorised access to your account
• EESCREDIT reserves the right to decline any registration at its sole discretion

3. Onboarding

All new members are required to complete the EESCREDIT onboarding process before accessing platform features. Onboarding consists of:

• Selecting your primary intent (saving, rotation or loan)
• Completing your member profile including contact details, address and branch selection
• Proceeding to identity verification (KYC)

Access to the member portal is restricted until onboarding is complete or until the member has at minimum completed phone verification. Members who have previously completed NIN verification are not required to repeat onboarding.

4. Membership Tiers & Obligations

EESCREDIT offers four membership tiers: Starter, Builder, Achiever and Pillar. Each tier carries different access levels, benefits and contribution obligations.

• Membership fees may be paid annually or in approved instalments as determined by the Board
• Membership activates only upon full payment of the applicable tier fee
• Tier upgrades are subject to payment of the applicable fee difference and management approval
• Members are expected to participate actively in cooperative activities appropriate to their tier
• Voting rights are available from the Pillar tier as specified in our cooperative bye-laws
• Dividends are declared annually by the Board of Management and distributed to eligible members at their discretion
• EESCREDIT does not guarantee dividend payments — dividend eligibility does not constitute a guaranteed return

5. Savings Accounts

5.1 Account Types

EESCREDIT currently offers the following savings products: Daily Main Contribution, Monthly Main Contribution, Small & Steady Thrift and Rotation Wallet. Each product has specific terms regarding contribution frequency, minimum amounts and withdrawal conditions as configured on the platform.

5.2 Deposits

• Deposits may be made via online payment gateways, agent cash collection or EESCREDIT vouchers
• All deposits are subject to transaction confirmation before crediting to your account
• Transaction limits may apply as configured by platform administrators
• EESCREDIT is not liable for delays caused by third-party payment gateway failures

5.3 Withdrawals

• Withdrawals require KYC Level 2 verification (NIN and verified bank account)
• OTP verification via your registered phone number is mandatory for all withdrawals
• Withdrawal requests are processed within 1–3 business days
• Withdrawals are subject to applicable processing fees as published on the platform
• Funds that are locked as GGL guarantees or subject to a loan hold cannot be withdrawn until the lock is released
• EESCREDIT reserves the right to place a temporary hold on withdrawals pending investigation of suspicious activity

5.4 Interest

Interest rates on savings accounts are set by the Cooperative Board and are subject to periodic review. Interest is calculated and posted as per the applicable savings product schedule. Interest payments are not guaranteed and may vary.

6. Thrift Savings Plan (Small & Steady)

The Thrift Savings Plan is a cycle-based disciplined savings product. The following terms apply:

• You set a fixed contribution amount per period at account opening — this amount is applied for the duration of the cycle
• A cycle consists of a defined number of contribution periods as set by the product configuration
• In the early periods of the cycle, a reducing admin charge is applied as a debit to your account. This charge incentivises commitment to the full cycle
• As the cycle progresses, the charge reduces each period. At the breakeven period, no charge or reward applies
• In the later periods, the charge formula produces a negative value — meaning a reward credit is posted to your account instead
• Members who complete the full cycle receive the benefit of the reward credits in later periods
• Early exit from a thrift cycle will result in loss of reward credits and may incur additional charges as configured on the product
• Contributions to thrift accounts may be made via online deposit, agent cash or voucher redemption
• Thrift account funds cannot be used as a source for Cooperative Rotation contributions — a separate Rotation Wallet is required for that purpose

7. Cooperative Loans

• Loan applications require KYC Level 2 verification (NIN and bank account verified)
• Loan eligibility is determined by savings history, membership tier, guarantor availability and repayment capacity as assessed by the platform
• All loan products, interest rates, fees and repayment schedules are published on the platform before application
• Loans must be repaid on the agreed schedule — overdue payments attract penalty charges
• Overdue loans trigger notifications to both the borrower and guarantors
• Loan guarantors accept joint responsibility for repayment in the event of borrower default
• EESCREDIT reserves the right to offset unpaid loan balances against savings account balances where permitted by applicable law
• Repeated default may result in account suspension, blacklisting from future loan products and referral to recovery channels

8. Cooperative Rotation (Esusu)

The Cooperative Rotation feature is a digital rotating savings group. The following terms govern participation:

8.1 Group Formation

• Esusu groups are created and managed by approved Rotation Admins who have completed NIN verification and platform approval
• Group parameters including contribution amount, frequency, payout order and buffer percentage are fixed at group creation
• No new members may join a group after it has been launched
• Group membership requires at minimum KYC Level 1 (NIN verified)

8.2 Contributions

• Members must maintain a funded Rotation Wallet to contribute — contributions are drawn from this wallet
• A contribution buffer percentage is collected above the base contribution amount as a default protection reserve
• Failure to contribute on the scheduled date constitutes a default and the Rotation Admin and platform administrators are notified immediately
• Contributions may not be drawn from thrift savings accounts

8.3 Payouts

• Payouts are made in the rotation order established at group creation or as amended by democratic vote
• A platform fee is deducted from each payout as specified at group creation — this fee is non-negotiable once the group is launched
• Payouts are credited to the recipient's regular savings account (not the Rotation Wallet)
• If a recipient does not have a regular savings account at payout time, one will be created automatically
• Payout recipients are responsible for applicable taxes on amounts received
• Buffer funds accumulated during the rotation are returned to non-defaulting members upon completion of all cycles

8.4 Amendments

• Group rules may be amended by proposal from the Rotation Admin
• Amendments require approval by at least 60% of active group members within 3 days of proposal
• Failed or expired amendment proposals are automatically rejected
• Amendment types are limited to slot swaps and group resizing as supported by the platform

8.5 Default

9. Group-Guaranteed Loans (GGL)

The Group-Guaranteed Loan facility allows members to access loans backed by the voluntarily locked savings of fellow member guarantors. The following terms apply:

• GGL applications require KYC Level 2 and a savings account in good standing
• Guarantors must have KYC Level 1 minimum, an active regular savings account, and no active loan or GGL of their own
• Guarantors voluntarily lock a portion of their savings to back the loan — this lock reduces their available withdrawal balance
• Locked guarantor funds are released in full upon complete and timely loan repayment
• In the event of borrower default, losses are distributed proportionally among guarantors from their locked funds
• Guarantors proceed through a final sign-off process before the loan is submitted for admin approval — sign-off constitutes binding acceptance of the guarantee obligation
• A processing fee is deducted at disbursement as published in the loan product terms
• Borrowers who default on GGL facilities may be blacklisted from all future loan access and the matter may be referred to recovery channels
• EESCREDIT facilitates the GGL process but is not itself a guarantor and does not underwrite member defaults beyond the buffer and guarantee mechanisms described

10. Agent Services

EESCREDIT field agents are authorised representatives approved by the platform to assist members with cash collection, savings deposits, voucher redemption, impress operations and member onboarding.

• Agents must complete an application, NIN verification and platform approval before operating
• Agents operate subject to transaction limits (daily limit, single transaction limit and allowed transaction types) set by platform administrators
• OTP verification is required for agent-assisted member registration — OTP bypass requests require admin approval
• Agent commissions are calculated and credited as per the published commission schedule
• Agents may not collect cash without processing a platform transaction or issuing a voucher
• Agents are responsible for the accuracy of all transactions they process
• Misappropriation of member funds by agents constitutes a criminal offence — EESCREDIT will cooperate fully with law enforcement in any such case
• EESCREDIT reserves the right to suspend or terminate any agent at any time for breach of these Terms

11. Vouchers

• EESCREDIT vouchers are issued in batches by the platform and assigned to authorised agents for distribution
• Vouchers may have an expiry date set at batch creation — expired vouchers cannot be redeemed
• Each voucher may be redeemed once only
• Voucher redemption credits the face value to the designated savings or Rotation Wallet account
• Lost or stolen voucher codes should be reported immediately — EESCREDIT cannot guarantee recovery of redeemed vouchers
• Vouchers are not transferable for cash
• EESCREDIT is not liable for vouchers purchased from unauthorised sources

12. KYC & Identity Verification

KYC Level	Requirement	Unlocks
Level 0	Phone OTP verified	View portal, receive deposits via agent or voucher
Level 1	NIN verified via Prembly	Transfers, online deposits, Esusu participation
Level 2	NIN + Bank Account verified	Withdrawals, loan applications, GGL

You must provide truthful and accurate identity information at all times. Providing false identity data is a criminal offence under Nigerian law and will result in immediate account termination and referral to relevant authorities without further notice.

13. Payments & Fees

• All transactions are processed in Nigerian Naira (NGN) unless otherwise specified
• Payment gateway fees (Flutterwave, Paystack, Stripe etc.) may apply and are displayed before transaction confirmation
• Platform fees for Cooperative Rotation payouts are set at group creation and are non-negotiable once a group is launched
• Thrift charge and reward transactions are posted automatically according to the product formula — these are not errors and cannot be reversed except as provided by the product terms
• Annual maintenance fees and other cooperative levies may apply as determined by the Board
• EESCREDIT does not issue refunds on membership fees once a tier is activated
• Transaction disputes must be raised within 30 days of the transaction date by emailing support@eescredit.com

14. Prohibited Conduct

You must not:

• Provide false, misleading or fraudulent information at any point
• Use another member's account, credentials or OTP codes
• Attempt to manipulate savings balances, transaction records or loan applications
• Engage in money laundering or use EESCREDIT for any illegal financial activity
• Harass, threaten or abuse staff, agents or fellow members
• Attempt to reverse-engineer, hack, disrupt or exploit the platform
• Register multiple accounts under different identities
• Use the platform to process transactions on behalf of non-members without authorisation
• Circumvent KYC requirements through any means

15. Suspension & Termination

EESCREDIT may suspend or terminate your account without prior notice if:

• You breach any provision of these Terms
• We suspect fraudulent, illegal or abusive activity
• Your loan or Esusu obligations are severely overdue
• You provide false identity information
• A regulatory authority directs us to do so

Upon termination, any outstanding loan balance becomes immediately due and payable. Savings balances (net of all outstanding obligations and applicable fees) will be returned to your verified bank account after the applicable processing period, subject to regulatory requirements.

16. Limitation of Liability

To the maximum extent permitted by Nigerian law, Life-at-Ease Port-Harcourt Multi-purpose Co-operative Society Limited shall not be liable for:

• Indirect, incidental or consequential losses arising from use of the platform
• Losses caused by third-party payment gateway failures, delays or outages
• Losses arising from member-to-member default in Esusu groups beyond the buffer mechanism provided
• Losses arising from GGL guarantor default beyond the locked guarantee amounts
• Losses arising from unauthorised access due to your failure to secure your account credentials or OTP codes
• Losses arising from force majeure events including but not limited to network outages, natural disasters or government action
• The accuracy or completeness of information provided by third-party identity verification providers

Our total liability to you for any single claim shall not exceed the total amount deposited in your savings account in the 3 months preceding the claim.

17. Platform Availability

EESCREDIT aims to provide continuous platform availability but does not guarantee uninterrupted access. The platform may be temporarily unavailable due to:

• Scheduled maintenance — we will endeavour to provide advance notice
• Unplanned technical issues or server downtime
• Third-party service outages (payment gateways, SMS providers, identity verification)
• Security incidents requiring temporary suspension

EESCREDIT is not liable for losses arising from temporary platform unavailability provided reasonable steps are taken to restore access promptly.

18. Dispute Resolution

In the event of a dispute between you and EESCREDIT:

1. Contact our support team at support@eescredit.com with full details — we will endeavour to resolve within 14 business days
2. If unresolved, the matter shall be referred to mediation under the Rivers State Multi-door Courthouse framework
3. If mediation fails, disputes shall be resolved by arbitration in Port Harcourt, Rivers State, in accordance with the Arbitration and Conciliation Act, Cap A18, LFN 2004

Nothing in this clause prevents either party from seeking urgent injunctive relief from a court of competent jurisdiction.

19. Governing Law

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. The Co-operative Societies Law of Rivers State and the regulations of the Rivers State Co-operative Federation apply where relevant. You submit to the exclusive jurisdiction of the courts of Rivers State, Nigeria for any matter not subject to arbitration under these Terms.

20. Contact

Email: support@eescredit.com

Address: 21 Emekuku Street, DLine, Port Harcourt, Rivers State, Nigeria

Hours: Monday–Friday 8:00 AM–6:00 PM | Saturday 9:00 AM–4:00 PM