Terms and Conditions
(Last Updated: June 13, 2025)

1. Introduction

This Terms and Conditions (“Terms”) is a legally binding agreement between you (“User,” “You,” or “Your”) and Adomcredit Limited (“We,” “Us,” or “Our”), a licensed microfinance institution regulated by the Bank of Ghana. By accessing, registering, or using any part of the Adomcredit platform, software, or services (collectively referred to as the “Service”), you acknowledge that you have read, understood, and agree to be bound by these Terms. If you do not agree to these Terms, you may not access or use the Service.

These Terms govern your use of the Service, including but not limited to account management, loan applications, repayment obligations, and data processing. Amendments to these Terms shall be effective upon publication on the Adomcredit platform, in compliance with Ghana's Contracts Act, 1960 (Act 25) and Electronic Transactions Act, 2008 (Act 772).

Regulatory Disclosure: Adomcredit Limited is licensed and regulated by the Bank of Ghana under the Borrowers and Lenders Act, 2020 (Act 1052) and Non-Bank Financial Institutions Act, 2008 (Act 774). Our services comply with all regulatory requirements set forth by the Bank of Ghana and the Data Protection Commission of Ghana.

 

2. Definitions

Terms defined below align with Ghanaian legal standards:

Cooling-off Period: Per Bank of Ghana Notice No. BG/GOV/SEC/2020/12, you have a 3-day cooling-off period after loan disbursement during which you may cancel the loan agreement without penalty by contacting customer support.

 

3. Your Warranties and Responsibilities

You represent, warrant, and agree to:

  1. Legal Capacity: You are at least 18 years old and have full legal capacity under Ghanaian law.
  2. Compliance: Adherence to all Applicable Laws, including anti-fraud and anti-money laundering regulations.
  3. Data Accuracy: Information provided is truthful, as required by the Credit Reporting Act, 2007.
  4. Account Security: Unauthorized sharing of credentials is prohibited.
  5. Prohibited Conduct: No use of the Service for illegal activities, including violations of the Cybersecurity Act, 2020 (Act 1038).
  6. Borrowing Responsibility : You acknowledge that taking loans involves financial risk. We recommend borrowing only what you can afford to repay, in accordance with Bank of Ghana Responsible Lending Guidelines.

 

4. Acceptance of Terms

  1. Explicit Consent: By using the Service, you consent to these Terms and subsequent amendments.
  2. Amendments: Changes will be notified via SMS, email, or in-app notifications at least 14 days prior to effect, per the Electronic Transactions Act.

 

5. Account Registration and Use

  1. KYC Compliance: Registration requires valid government-issued ID (Ghana Card) and proof of address, per AML Act 2020 (Act 1044).
  2. Suspension: Accounts may be suspended for non-compliance with these Terms or Applicable Laws.
  3. Credit Assessment: By applying for a loan, you consent to credit checks with the Credit Reference Bureau of Ghana as required by Act 726. We will provide you with a copy of your credit report upon request.

 

6. Loans and Financial Terms

  1. Transparency: All loan terms, interest rates, and fees must be disclosed upfront in the loan agreement, per Bank of Ghana Directive No. BC/2021/12.
  2. Repayment: Late repayments incur penalties not exceeding 5% of the overdue amount per month, as per Borrowers and Lenders Act.
  3. Credit Reporting: Defaults will be reported to the Credit Reference Bureau of Ghana, with prior notice to you.
  4. Interest Rate Cap : As per Bank of Ghana Notice No. BG/GOV/SEC/2020/11, the maximum annual interest rate we charge shall not exceed 30% above the Monetary Policy Rate.

 

7. Privacy and Data Use

  1. Data Protection: Collection and processing of Personal Information comply with the Data Protection Act, 2012.
  2. Consent: You consent to credit checks and marketing communications, with an opt-out option per Act 843.
  3. Data Localization: All personal data is stored on servers located in Ghana, in compliance with Bank of Ghana Directive on Data Localization (BG/GOV/SEC/2021/08).

 

8. Liability and Disclaimers

  1. Service Interruptions: We are not liable for disruptions caused by third-party providers (e.g., mobile networks).
  2. User Liability: You bear responsibility for losses due to misuse of the Service.
  3. Limitation of Liability : Our liability is limited to direct damages as permitted by Contract Act, 1960 (Act 25). We are not liable for consequential, indirect, or punitive damages.

 

9. Dispute Resolution

  1. Governing Law: These Terms are governed by Ghanaian law.
  2. Arbitration: Disputes shall be resolved through arbitration in Accra under the Alternative Dispute Resolution Act, 2010 (Act 798).
  3. Regulatory Complaints: If unsatisfied with our resolution, you may file a complaint with the Bank of Ghana Consumer Protection Office.

 

10. Anti-Money Laundering (AML)

  1. Compliance: You must provide accurate information for AML checks under Act 1044.
  2. Reporting: We reserve the right to report suspicious transactions to the Financial Intelligence Centre (FIC).

 

11. Minors

The Service is strictly prohibited for users under 18 years old, per the Children's Act, 1998 (Act 560).

 

12. Contact Us

For inquiries or complaints, contact us at help@adomcredit.cc or via postal address registered with the Registrar General's Department of Ghana.