Installment Agreement

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INSTALLMENT AGREEMENT

Effective Date: 01/01/2024 | Last Updated: 01/05/2025

This Installment Agreement ("Agreement") is made and entered into by and between: CanPay Ghana Ltd., a company incorporated under the laws of Ghana, with its registered office at Accra, Ghana ("CanPay", "we", "us", or "our"),

AND

Customer Name
Ghana Card ID
Mobile Number
Home address
Email
Employer
"Customer", "you", or "your")

1. Purpose of Agreement

This Agreement sets out the terms under which CanPay agrees to finance the purchase of goods or services made by the Customer from a participating merchant, with payment to be made in scheduled installments.

2. Purchase Details

Merchant
Transaction Reference
Total Purchase Amount (GHS)
Down Payment (if any)
Amount Financed by CanPay

3. How CanPay Works

  • Choose CanPay at checkout with a participating merchant.
  • Select an available instalment plan (e.g., weekly, bi-weekly, or monthly).
  • Make your first payment at the time of purchase.
  • Pay the remaining balance in instalments as per the schedule.
  • Payments are automatically deducted via mobile money or bank transfer.

4. Payment Terms

  • All payments must be made on or before the due date.
  • Late payments may incur a late fee of up to 5% of the missed payment.
  • Failure to make payments may result in:
    • Suspension of your CanPay account.
    • Reporting to credit bureaus or recovery action.
  • CanPay reserves the right to debit your account or mobile wallet for any outstanding amounts.

5. Fees and Charges

  • No interest is charged on on-time payments.
  • Service fees may apply, and these will be clearly disclosed before you complete your purchase.
  • Late fees and collection charges will apply as per Section 4.

6. Account Management

  • You are responsible for keeping your account credentials secure.
  • You must notify CanPay immediately if you suspect any unauthorized activity.
  • Your account must be in good standing to access new credit.

7. Merchant Relationships

  • CanPay acts as a facilitator of payment between you and the merchant.
  • CanPay is not responsible for the quality, safety, legality, or delivery of goods or services purchased.
  • Any disputes with the merchant must be resolved directly with them.

8. Credit Assessment

  • By using CanPay, you consent to:
    • Us checking your creditworthiness.
    • Sharing your repayment history with credit bureaus in Ghana.
  • Approval for BNPL is not guaranteed and may depend on your credit history or risk profile.

9. Cancellations and Refunds

  • Cancellations and refunds are governed by the merchant’s policies.
  • If a refund is approved:
    • The refund will be applied to your outstanding balance.
    • Any overpayment may be returned to your original payment method.

10. Termination

  • CanPay may suspend or terminate your account for:
    • Breach of these Terms.
    • Fraudulent activity or non-payment.
  • You may also terminate your account by contacting customer support, provided all dues are settled.

11. Limitation of Liability

  • CanPay is not liable for:
    • Losses due to merchant disputes.
    • Indirect, incidental, or consequential damages.
    • Delays due to mobile money or bank network issues.

12. Governing Law

These Terms are governed by the laws of the Republic of Ghana. Any disputes shall be resolved in the courts of Ghana.

13. Amendments

CanPay may update these Terms from time to time. You will be notified of significant changes, and continued use of the Services after such changes constitutes acceptance.