Terms of Service

1. Acceptance of Terms

By accessing or using the LitFin platform ("Platform"), operated by LitFin Limited, a company registered in the United Republic of Tanzania with its principal office in Dar es Salaam, you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, you must not access or use the Platform.

These Terms constitute a legally binding agreement between you and LitFin Limited. We reserve the right to modify these Terms at any time. Material changes will be communicated to you via the Platform or direct notification. Your continued use of the Platform following any modifications constitutes your acceptance of the revised Terms.

2. Definitions

• "Platform" refers to the LitFin website, web application, mobile applications, APIs, and all related services provided by LitFin Limited.
• "User" refers to any individual or entity that accesses or uses the Platform, including Borrowers and Officers.
• "Bank Partner" refers to any licensed financial institution in Tanzania that has entered into a subscription agreement with LitFin to use the Platform for loan origination.
• "Borrower" refers to any individual or business entity that uses the Platform to prepare and submit loan applications to a Bank Partner.
• "Officer" refers to any employee or authorized representative of a Bank Partner who uses the Platform to review and process loan applications.
• "Application" refers to a loan application prepared and submitted through the Platform, including all associated data, documents, and assessments.
• "AI Services" refers to the artificial intelligence features of the Platform, including Mr. Mwikila, LitFin's AI Senior Credit Manager, business plan generation, readiness scoring, and conversational assistance.

3. Eligibility

To use the Platform, you must meet the following eligibility requirements:

• You must be at least eighteen (18) years of age.
• You must hold a valid Tanzanian national identification document issued by the National Identification Authority (NIDA), or an equivalent legal identification for non-resident applicants where applicable.
• If applying as a business, your business must be a legitimate entity registered with the Business Registrations and Licensing Agency (BRELA) or the relevant Tanzanian authority.
• You must have the legal capacity and authority to enter into these Terms and to submit information on behalf of yourself or, where applicable, your business.
• You must not be subject to any sanctions, restrictions, or prohibitions that would prevent you from using financial services in Tanzania.

4. Account Registration

To access certain features of the Platform, you must create an account. When creating an account, you agree to:

• Provide accurate, current, and complete information during the registration process.
• Maintain and promptly update your account information to keep it accurate, current, and complete.
• Maintain the security and confidentiality of your login credentials and not share your account with any third party.
• Accept responsibility for all activities that occur under your account.
• Notify LitFin immediately of any unauthorized use of your account or any other security breach.

LitFin reserves the right to suspend or terminate any account that we reasonably believe has been compromised, is being used in violation of these Terms, or contains false or misleading information.

5. Terms for Borrowers

5.1 Application Process

The Platform provides tools to help you prepare and submit loan applications to Bank Partners. LitFin acts as a facilitator and does not make lending decisions. All credit decisions are made solely by the Bank Partner to which you submit your application.

5.2 Data Accuracy

You are solely responsible for the accuracy, completeness, and truthfulness of all information and documents you submit through the Platform. Submitting false, misleading, or fraudulent information is a violation of these Terms and may constitute a criminal offence under Tanzanian law.

5.3 Fees

The Platform is currently free for Borrowers. LitFin reserves the right to introduce fees for certain premium services in the future, with advance notice provided to Users. Any fees charged by Bank Partners for loan processing or disbursement are separate from LitFin and are governed by the terms of the respective Bank Partner.

5.4 No Guarantee of Approval

Use of the Platform does not guarantee that your loan application will be approved by any Bank Partner. LitFin does not represent, warrant, or guarantee any outcome of the loan application process. The Readiness Score and other Platform assessments are indicative tools only and do not represent a commitment or promise by any Bank Partner.

6. Terms for Banks

6.1 Subscription

Bank Partners access the Platform through a paid subscription agreement. Subscription terms, pricing, and service levels are defined in the separate Subscription Agreement between LitFin and the Bank Partner.

6.2 Data Handling

Bank Partners are responsible for handling Borrower data received through the Platform in compliance with all applicable laws, including the Banking and Financial Institutions Act, Bank of Tanzania regulations, and any applicable data protection requirements. Bank Partners must maintain appropriate technical and organizational security measures.

6.3 Officer Management

Bank Partners are responsible for managing their Officers' access to the Platform, including provisioning, de-provisioning, and ensuring that Officers comply with these Terms and any applicable internal policies.

7. AI Services

The Platform incorporates artificial intelligence services, including conversational assistance, business plan generation, document analysis, and risk assessment tools. By using these AI Services, you acknowledge and agree that:

• Guidance Only: AI-generated content, recommendations, and assessments are provided for informational and guidance purposes only. They do not constitute financial advice, legal advice, or a professional opinion.
• No Guarantee of Accuracy: While we strive for accuracy, AI-generated outputs may contain errors, omissions, or inaccuracies. You are responsible for reviewing and verifying all AI-generated content before relying on it or submitting it as part of your application.
• Human Review Required: All loan applications are subject to human review by Bank Partner Officers. AI assessments do not replace the professional judgment of qualified credit officers.
• Continuous Improvement: AI models are continuously updated and improved. Outputs may vary over time as models are refined.

8. Intellectual Property

8.1 Platform Ownership

The Platform, including all software, algorithms, AI models, user interfaces, designs, trademarks, logos, and documentation, is the exclusive property of LitFin Limited or its licensors and is protected by intellectual property laws. No right, title, or interest in the Platform is transferred to you by these Terms.

8.2 User Data

You retain all ownership rights to the data, documents, and information you submit through the Platform. By submitting content to the Platform, you grant LitFin a non-exclusive, worldwide license to use, process, store, and transmit your data solely for the purposes of providing the Platform services, including facilitating your loan application and improving the Platform through anonymized, aggregated analytics.

9. Prohibited Conduct

You agree not to engage in any of the following prohibited activities:

• Submitting false, misleading, or fraudulent information or documents.
• Impersonating any person or entity, or misrepresenting your identity or affiliation.
• Using the Platform for any unlawful purpose, including money laundering, fraud, or terrorist financing.
• Attempting to gain unauthorized access to the Platform, other user accounts, or any systems or networks connected to the Platform.
• Reverse engineering, decompiling, disassembling, or otherwise attempting to derive the source code of the Platform or any component thereof.
• Using automated tools, bots, or scrapers to access the Platform without written authorization from LitFin.
• Interfering with or disrupting the integrity or performance of the Platform.
• Circumventing or attempting to circumvent any security measures or access controls of the Platform.

10. Limitation of Liability

To the maximum extent permitted by applicable law:

• The Platform is provided on an "as is" and "as available" basis without warranties of any kind, whether express, implied, or statutory.
• LitFin does not warrant that the Platform will be uninterrupted, error-free, or free from viruses or other harmful components.
• LitFin is a technology facilitator and does not make lending decisions. LitFin shall not be liable for any decision made by a Bank Partner regarding your loan application.
• In no event shall LitFin be liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, business opportunities, or goodwill.
• LitFin's total aggregate liability under these Terms shall not exceed the fees paid by you (if any) to LitFin in the twelve (12) months preceding the claim.

11. Indemnification

You agree to indemnify, defend, and hold harmless LitFin Limited, its directors, officers, employees, agents, and affiliates from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or related to: (a) your use of the Platform; (b) your violation of these Terms; (c) your violation of any applicable law or regulation; (d) the inaccuracy or incompleteness of any information or documents you submit through the Platform; or (e) any claim by a third party arising from your use of the Platform.

12. Dispute Resolution

12.1 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the United Republic of Tanzania.

12.2 Informal Resolution

Before initiating formal dispute resolution proceedings, the parties agree to attempt to resolve any dispute informally by contacting LitFin at legal@litfin-credit.com. LitFin will attempt to resolve the dispute within thirty (30) days.

12.3 Arbitration

If the dispute cannot be resolved informally, it shall be referred to and finally resolved by arbitration administered in Dar es Salaam, Tanzania, in accordance with the Arbitration Act of Tanzania. The arbitration shall be conducted by a sole arbitrator agreed upon by both parties or, failing agreement, appointed in accordance with the applicable rules. The language of arbitration shall be English. The decision of the arbitrator shall be final and binding on both parties.

13. Termination

Either party may terminate this agreement as follows:

• By You: You may terminate your account at any time by contacting LitFin support or using the account deletion feature in your account settings. Upon termination, you will lose access to the Platform and any pending applications.
• By LitFin: LitFin may suspend or terminate your access to the Platform at any time, with or without cause, upon reasonable notice. Immediate termination without notice may occur in cases of fraud, security breaches, or material violation of these Terms.
• Effect of Termination: Upon termination, your right to use the Platform ceases immediately. LitFin will retain your data in accordance with our data retention obligations as described in our Privacy Policy and applicable law.

14. Contact

If you have any questions or concerns regarding these Terms, please contact us: