InstaCash Service Terms & Conditions
The following Terms and Conditions (TCs) apply to use of the InstaCash loan service
(“Instacash”). InstaCash is a mobile loan service provided by MODE through Interswitch
electronic payment processing platform. By using the Service, the customer will be deemed
to have read, understood and accepted these T&Cs.
1. Interpretation: the following terms used in the TCs shall be interpreted as below:
i. Interswitch: Interswitch Nigeria, a licensed electronic transaction switching and
payment processing company which provides online real-time integration to banks
and corporate entities in order to enable real e-commerce on touch points and
ii. MODE: Mode NG Nigeria Ltd, a company engaged in the business of providing
value added services and information technology (IT) solutions to various
telecommunication network operators and financial institutions. MODE may provide
this service by itself or with other partners.
iii. Customer: any person who uses the InstaCash service
iv. InstaCash loan: amount in Naira requested by the customer and received through
the customer s Interswitch account
v. Service fee: charges applicable and payable by the customer for using the service
vi. Due Date: the last date to repay your loan
2. Service Eligibility Criteria
InstaCash is available to persons who:
i. have an InterSwitch account
ii. have no active loans subscribed via InterSwitch
iii. are not adjudged bankrupt by a competent court of law
3. Access to the Service
A person may access InstaCash through the following means:
i. By logging into Interswitch website www.quickteller.com
ii. By dialling *322*6#
4. Service Specification
i. Use of the service is voluntary and disbursement is upon request through the customer
ii. An InstaCash loan request may not be cancelled or reversed once it is submitted
iii. Customer may request for a single loan at time. The maximum loan amount a customer
is eligible for will be determined by criteria set by MODE.
iv. The loan amount may be any sum ranging from N400 to N 12,000 during POC period to
be reviewed and adjusted based on performance.
v. The applicable Service Fees are 15% of the requested loan amount
5. Loan Disbursement
i. Upon initiating an InstaCash loan request, the customer will receive an alert of the
applicable Service Fee and Due Date.
ii. InstaCash loan is received immediately upon request. MODE shall use all reasonable
efforts to ensure that all transaction requests are processed in a timely manner.
However, MODE make no representations or warranties as to continuous, uninterrupted
or secure access to the service, which may be affected by factors beyond their control
such as internet speeds or performance of the relevant electronic processing platforms
used to disburse the funds.
iii. The availability of the iv. InstaCash loan is subject the availability of cash and meeting
the service eligibility criteria elaborated in these terms and conditions
iv. Interswitch and/or MODE may proactively alert you of the service from time to time.
v. The customer is responsible for providing accurate information for purposes of use of
vi. MODE shall not be responsible for any delay in service delivery due to occurrence of a
force majeure event or situation.
vii. MODE reserves the right to vary the service fee, service specifications and / or these
Terms & Conditions from time to time.
viii. MODE reserve the right not to issue the loan requested by a customer.
6. Loan Recovery
i. The total amount to be recovered shall be the requested loan amount plus service fee.
ii. On the loan Due Date, the loan amount will be recovered by way of direct debit in to
your Interswitch account and remitted to MODE without further reference to Customer.
iii. Customer shall remain the primary borrower responsible for settlement of the total loan
amount plus service fee, and any other sums accrued as set out in these terms and
iv. The loan amount may be recovered in lump sum or instalments until it is recovered in
full based on available balance in the Customers Interswitch account.
v. MODE is entitled to notify any credit rating bureau if the Customer defaults in repaying
the loan (whether in part or in full).
7. Customer Representations and Authorizations
i. Customer confirms that all information that the Customer has given to Interswitch is
correct, complete and not misleading.
ii. Customer acknowledges that MODE may decline the request without giving any reason
for doing so. If this happens, no contractual relationship arises between the Customer
iii. Customer authorizes Interswitch to disclose, verify and exchange any of the customer’s
identity and transactional information with MODE, MODE partners involved in the
provision of the Service and legal authorities;
iv. Customer authorizes Interswitch to share customer and transactional data with MODE,
which information may be processed or transferred outside Nigeria for the purposes of
performance of the contract and delivery of the IntasCash service. MODE will ensure
that all Data received is collected, processed, stored and transferred in accordance with
applicable relevant data protection laws.
v. By using this service, the Customer gives unconditional authorization to Interswitch to
debit any of the Customer’s Interswitch accounts for repayment for the loan and all
other charges payable by the Customer in respect of using the service as provided
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the
Republic of Nigeria.
These Terms and Conditions are available on the following websites
www.interswitchgroup.com and are binding on the Customer.
Kindly address any positive feedback, queries or complaints to the Interswitch customer care
team via telephone number or on email at 0700 906 5000 or firstname.lastname@example.org