Sevi offers a digital infrastructure for credit providers (“CP”) to provide microfinance services and instruments to people whose resources do not allow them to have access to the services and instruments marketed by the traditional banking establishments. A CP can be a Microfinance Institute, SACCO, bank, savings and loan group or any other credit provider. 


In this Agreement, unless the context otherwise indicates:

The singular shall include the plural and vice versa;
Reference to the masculine gender shall include the feminine gender and vice versa;
Natural persons shall include created entities (corporate or unincorporated) and vice versa;
The headings in this Agreement are used for the sake of convenience, and shall not govern the interpretation hereof;
Defined terms appearing in this Agreement in title case shall be given their meaning as defined, while the same terms appearing in lower case shall be interpreted in accordance with their plain English meaning, and shall, unless the context otherwise requires, include the terms as defined;
A reference to “days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” shall be any day other than a Saturday, Sunday or official public holiday;
Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary intention;
No provision herein shall be construed against or interpreted to the disadvantage of a Party by reason of such Party having or being deemed to have structured, drafted or introduced such provision.


The Borrower applies for a Loan to a CP through the Sevi app (“App”).
The maximum loan amount and loan duration is set by the CP and increases per Sevi level (“Level”). The Borrower is promoted to a next Level based on the Sevi Trust score of the Borrower. The Sevi Trust score is calculated based on loan behaviour, CRB score and other relevant inputs. A first time Borrower starts at Level 1.
The CP sets the maximum loan amount per Level to its sole discretion and may change these amounts from time to time. 
Sevi communicates to the Borrower the current Level in the App. 
The bandwidth of loan amount, interest and duration is given in the App, while setting the loan request. 
The Borrower determines the requested loan amount and duration within the given bandwidth. 
Sevi communicates the interest rates and additional fees in the App.


Sevi provides loans for the exclusive purpose to grow micro and small-scale businesses. 
The Borrower is obliged to indicate the specific purpose of the Loan to get access to loans. 
The Borrower acknowledges to having been informed of the terms and conditions of such loan through its CP. 
The Borrower commits himself to strictly respect the planned loan allocation and use. 


The Loan is approved upon the event:

  • The Borrower has provided its profile information, at least photo, name and ID number. 
  • The Borrower is verified on his ID and creditworthiness. 
  • Additional required information is provided by the Borrower. To become eligible for higher levels Sevi can acquire additional information. This additional information may be changed from time to time by Sevi to its sole discretion. 

The loan starting date is upon approval of the Loan by the CP.
The funds might take two extra business days to be made available to the Borrower to take into account the time needed for the transfer of the funds. 
By agreement between the Borrower and Sevi, this delay will not affect the starting date of the Loan. 
Sevi will organize the transfer of the funds through a payment partner duly authorized.


4.1 Repayment terms 

The Borrower shall repay the total loan amount according to the agreed installments as indicated in the App. 
The loan repayment schedule is made available in the App.
The loan is repaid through the Sevi app payment infrastructure 
Sevi gives a seven-day grace period on the final due term. 
In case the Borrower does not repay on or before the agreed due terms, the group members of the Borrower are informed.
In case the Borrower does not repay on or before the final due term plus seven-day grace period, the Borrower is officially in default.
In an event of default, the following actions are taken by Sevi:

  • The Borrower can never get a loan at Sevi again.
  • The Borrower is listed at the respective credit reference bureau of its country.
  • Sevi Trust points are set to zero
  • The group members of the Borrower cannot get a loan at Sevi as long as the Loan is not repaid.

4.2 Interest rates 

The CP shall receive for the loan a remuneration % as indicated in the app on the outstanding capital. Interests are calculated in arrears once a week on the 1st day of the week, based on the outstanding capital at the end the previous week. For the interest calculation it is considered that all months are of equal duration. 
The payment of accrued interest will take place on each installment when the loan capital is repaid at the due term. Interest payment will be netted of any social charges and other advance tax deposit required by the legislation. 


The Borrower acknowledges and warrants that: 
he is of age and has full capacity to enter this Agreement;
he has understood the terms and conditions of this Agreement and the consequences of the implied commitment;
nothing forced him to commit to this Agreement nor prevented him from doing so;
In connection with this application and/or maintaining a credit facility through Sevi, the Borrower authorizes Sevi to carry out credit checks with or obtain credit information from, a credit reference bureau. In the event of the account going into default, the Borrower consents to its name, transaction and default details being forwarded to a credit reference bureau for listing. The Borrower acknowledges that this information may be used by banking institutions and other credit grantors in assessing applications for credit by the Borrower, associated companies, and supplementary account holders and for occasional debt tracing and fraud prevention purposes.

The Borrower acknowledges and commits to: 
allocate the full amount of the loan to the loan purpose;
pay back the full loan plus interest at the due date according to the agreed schedule (see Article 4 above); 
inform Sevi, through, of any information or incident that could prevent the loan from being totally or partially repaid;
more generally speaking, inform Sevi, through, of any information or incident likely to have consequences on the Agreement.


The CP acknowledges and warrants that: 
is fully aware that, as with any loan, there is a risk of non repayment and that as a consequence it musts adapt the size of its investment with regards to the credit history of the Borrower.

The CP acknowledges and commits to: 
Payment of the loan within two days after the loan starting date.
Provide information to the Borrower through the App on the remaining loan amount and due dates.


7.1: Early repayment 
The outstanding loan amount and potential interest to be paid will be payable in advance, immediately in one instalment, in case of failure, by the Borrower, to respect any of its commitments linked to the Agreement. 
If enacted, the Borrower will be informed by Sevi, through any mean, of the anticipated repayment notice.

7.2: Termination of the Agreement resulting from early repayment In the event of an early repayment, the Agreement will be automatically terminated. 


All payments made by the Borrower in pursuance of the Agreement should be made net of any taxes, duties and / or fees that will be borne exclusively by Sevi. 
Similarly, the Borrower, commits to support all risks and costs associated with exchange rates movements, if the currency of reception of the funds is different than the currency used by Sevi to make this loan. 


Any Sevi’s right, resulting from the Agreement or from the law, that Sevi does not fully exercise or that Sevi takes a long time to exercise, should in no case be considered as a waiver of said right. 


Information regarding the Borrower (“Personal data”) transmitted by the Borrower is securely and confidentially hosted by Sevi, according the Privacy Statement on its domain
The parties hereby acknowledge that the fulfilment of this contract may require personal data processing and that Sevi is responsible for complying with its obligations in accordance with the data protection laws that govern personal data processing. 
The Borrower agrees that Sevi may disclose details relating to the Borrower’s loan account to any third party including credit reference bureaus, if in Sevi’s opinion such disclosure is necessary for the purposes of evaluating the Borrower’s creditworthiness or any transaction with or credit application made to Sevi or such third party, maintaining the Borrower account with Sevi or for any other lawful purpose.
The Borrower agrees that Sevi may disclose details relating to the Borrower’s loan account including details of default in servicing financial obligations on the Borrower’s loan account to any third party including credit reference bureaus for the purpose of evaluating the Borrower’s credit worthiness or for any other lawful purpose.


A force majeure consists of any event characterized as such by the Dutch law and Dutch case law, that would make the Agreement impossible to be executed. 
In particular, bad weather, epidemics, earthquakes, fires, storms, floods, government, legal or even financial restrictions (including, in particular, impossibility for money to be transferred between the two Parties’ countries or local regulations modifications), acts of war, and any other circumstances beyond Sevi’s express control can be considered force majeure. 
Any event of force majeure will suspend the Agreement from being executed, provided, however, that the Party that wants to raise it notice the other Party by any means.


The law applicable for the Agreement understanding and execution is the Dutch law. Therefore, any dispute arising from the Agreement will be submitted to a Dutch court of law. 

Edited in The Netherlands on 22th of July 2019.

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