NAZOCASH FINANCIAL SERVICES LTD
LOAN AGREEMENT TERMS & CONDITIONS
Last Updated: 06.10.2025
1. Agreement to Terms
By accessing, browsing, or using the NAZOCASH website at www.nazocash.com (the "Site"), by submitting a loan application, or by accepting loan funds, you, the Client, acknowledge that you have read, understood, and agree to be legally bound by these Terms and Conditions and our Privacy Policy. This Agreement is a legal contract between you and NAZOCASH FINANCIAL SERVICES LTD ("NAZOCASH," "we," "us," or "our"). If you do not agree to these terms without limitation, you must exit the Site immediately and not use our services.
2. Changes to Terms
NAZOCASH reserves the right to amend this Agreement at any time. We will notify you of changes by posting the revised Agreement on the Site. All changes are effective upon posting. Your continued use of the Site or our services after any change constitutes your acceptance of those changes.
3. Client Eligibility
To be eligible for a loan, you must:
- Be a Zambian citizen.
- Be between 21 and 60 years of age.
- Possess a valid National Registration Card (NRC).
- Have an active mobile phone number.
- Meet the collateral requirements outlined in Section 5.
4. Loan Products, Amounts & Fees
4.1 Loan Products & Amounts:
- First-Time Clients: Are eligible for a minimum loan of K500, available only as a 14-Day Payday Loan.
- Repeat Clients: Are eligible for progressive loan increases up to K2,000, based on a positive repayment history and internal credit score. Repeat clients may choose between 14-Day and 30-Day loan products.
4.3 Fee Structure:
All fees are calculated as a percentage of the principal loan amount.
| Fee Component |
14-Day Loan |
30-Day Loan |
| Interest |
5% |
10% |
| Management Fee |
5.5% |
10.5% |
| Audit Fee |
8.5% |
9% |
| Technology Fee |
6% |
9.5% |
| Total Cost of Loan |
25% |
39% |
Example: For a K1,000 14-Day loan, the Total Cost is K250. The total repayment obligation is K1,250.
4.3 Loan Processing Fee:
A non-refundable loan processing fee of K0 is deducted from the principal amount upon disbursement.
5. Collateral & Security Requirements
To secure the loan, one of the following is mandatory:
- Option A: Physical Collateral: Provide a physical asset (e.g., Laptop or Smartphone) with a market value of at least two times (2x) the total repayment value. The collateral must be surrendered to NAZOCASH loan officer until the loan is fully repaid.
- Option B: Referral/Guarantor: Provide a referral from an existing NAZOCASH or a KINGSWAY FINANCIAL SERVICES LIMITED client who is in good standing, as verified by us.
- Option C: Pledge Agreement: Execute a collateral pledge agreement via nazocash.com, where the asset remains in your possession but is legally bound as security for the loan.
6. Digital Transaction Protocol
- Applications & Disbursements: All loan applications must be submitted exclusively through www.nazocash.com. Approved loans are disbursed directly to your registered mobile money account.
- Repayments: All repayments must be made electronically through the Site via our payment aggregator (LENCO BY BROADPAY) or approved USSD channels using Airtel or MTN Mobile Money.
- No Cash Policy: NAZOCASH does not accept cash transactions for loan applications or repayments.
7. Repayment, Default & Consequences
- Early Repayment: You may repay your loan in full at any time before the due date. Interest is charged for the number of days the loan was applied.
- Part-Payment: You are encouraged to make partial payments. Interest will continue to accrue on the remaining principal balance after the due date.
- Default: If you fail to repay the full amount by the due date, you will be considered in default. The following penalties will apply:
- A fixed penalty fee of K25.
- A default interest charge of 2% of the initial principal amount, applied on the first day of default.
- An additional 2% of the initial principal amount will be added for each subsequent day the loan remains in default.
- Collateral Realization: In the event of default, NAZOCASH reserves the right to retain, sell, or otherwise dispose of any pledged collateral to recover the outstanding obligations. If security was provided via a referral/guarantor, we reserve the right to pursue the referring client or guarantor for repayment.
8. Client Responsibilities & Acknowledgements
You acknowledge and agree that:
- You are responsible for the accuracy of the information you provide, including your mobile money details.
- You must inform us of any changes to your mobile money details.
- Loan funds disbursed to an incorrect number due to your error may not be recoverable, and you remain liable for repayment.
- It is your responsibility to ensure payments are made on time and that you receive a confirmation. If a payment is not reflected in your account, you must provide proof of payment (e.g., a screenshot) to customerservice.nazocash@gmail.com.
9. Data Retention
Your loan contract and associated data will be retained in our database for a period of five (5) years. You may request a paper copy of your contract by emailing customerservice.nazocash@gmail.com.
10. Complaints & Customer Support
We are committed to client satisfaction. For any complaints or support, please contact us:
LOAN APPLICATION & PLEDGE AGREEMENT
Section A: Client Information
(To be completed by Client)
Full Name: _________________________________________
NRC Number: _______________________________________
Date of Birth: ____ / ____ / ______
Mobile Number: ____________________________________
Email Address: _____________________________________
Section B: Loan Application Details
(To be completed by Client)
Requested Loan Amount: K _______________
Loan Tenure: □ 14-Day □ 30-Day
Section C: Collateral Details (Mandatory – Complete one option)
(To be completed by Client)
Option 1: Physical Collateral
Type of Collateral Provided: □ Laptop □ Smartphone □ Other (Specify) _________________________
Brand/Model: ________________________________________
Serial/IMEI Number: __________________________________
Estimated Market Value: K ____________ (Collateral Value Must be at least 2x the total loan repayment amount)
Condition: □ New □ Good □ Fair □ Poor
Option 2: Referral/Guarantor
Referring Client Name: _______________________________
NazoCash Client ID/ NRC No.: ________________________
Contact Number: ___________________________________
Option 3: Pledge Agreement (via Website)
I confirm I have executed the online pledge agreement at nazocash.com. □
Section D: Client Declarations & Agreement
I, ___________________________________ , hereby pledge the above-mentioned collateral/referral/guarantor as security for the loan amount of K _______ granted by NazoCash.
I acknowledge and agree that:
- Custodial Collateral: Where physical collateral is placed in the custody of NazoCash, it shall remain there until the loan is fully repaid. In the event of default, NazoCash reserves the right to retain, sell, or otherwise recover the collateral to settle outstanding obligations.
- Pledged Collateral: Where the pledged collateral remains under my ownership and responsibility, it is nonetheless legally bound to this loan agreement until full repayment is made. In the event of default, NazoCash reserves the right to enforce recovery actions against the pledged collateral—including retention, sale, or other lawful measures—to recover outstanding obligations.
- Referral/Guarantor Security: Where the pledged security is a referral or guarantor, I authorize NazoCash to pursue repayment support directly from the referring client or guarantor.
- Terms Acceptance: I confirm that I have read, understood, and accepted all the loan Terms and Conditions in this document.
Section E: Signatures
Client Signature: ___________________________ Date: ____ / ____ / ______
Branch Manager/Agent Signature: ___________________________ Date: ____ / ____ / ______
Witness (Optional): ___________________________ Date: ____ / ____ / ______
📎 Attachments Checklist (Tick if received)
□ Copy of NRC
□ Collateral Photos (Laptop/Phone)
□ Proof of Collateral Value (Invoice/Market Reference)
□ Referral Confirmation (Contacted & Verified)
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