Terms of use | Shekel Mobility

Effective from 2025

This Terms of Use (“Agreement”) constitutes a legally binding agreement between Shekel Mobility Limited (“Shekel”, “we”, “us”, “our”) and our Users (“you”, “your”) concerning your access to and the use of our products and services made available to you on our website, mobile application or other digital platforms (“Platform”) whether as guest users, registered users or account holders. By accessing our services and onboarding on our Platform, you accept and agree to be bound by the terms set out under this Agreement. If you do not wish to be bound by this Agreement, please do not use or access our services.
We encourage you to read the terms of this Agreement as it sets out your rights and obligations.

General Terms

You are bound by this Terms of Use irrespective of whether you had signed up earlier than we introduced it on our Platform.
You understand that the breach of any of these terms of use may result in your rights to use the services on the Platform to be restricted, suspended or withdrawn.
We reserve the right to update this Terms of Use at any time at our discretion, and any changes made to this Terms of Use are effective when the updates are live on our Platform. Please check this page from time to time to take notice of any changes we make as they will be binding on you.
If you do not agree to these terms of use, please do not access this Platform or use the services.

Nature of Our Service

Shekel is a financial technological platform that facilitates transactions for automobile dealers registered on its platforms by providing them with access to credit facilities to be used in financing the purchase of automobiles.

Accessing our Platform and the Services

We cannot and do not guarantee that any of our Services will always be available, uninterrupted or fault-free. We will not be liable to you if for any reason, the Service is unavailable at any time or for any period.
We do not guarantee that our Service or any content on it will be free from errors or omissions.
You are responsible for making all arrangements necessary to have access to our Service and for ensuring that all persons who access the Service through your profile are aware of these terms of use and other applicable terms and conditions and that they comply with them.

Membership and Registration

Our services are available only to companies registered to buy, sell, repair and customise or modify vehicles. You represent that all the registration information you submit is accurate and truthful.
After fulfilling the requirements above, you must create an account in accordance with clause below.
In order to create an account, you must provide a full name, email address, telephone number and a password known only to you. A verification link will be sent to your provided email address to confirm that it is you who gave all the details upon creating the account.
You are solely responsible for keeping your login details confidential and must not disclose or share it with anyone.
Upon creating an account, you will be be required to provide information that will allow us to verify your identity, which will include but will not be limited to:
- A valid physical address (personal and business)
- A valid government ID
- Bank Verification Number (BVN)
- National Identification Number (NIN) and Slip
- A copy of your photo identification.
- Tax identification information
- Contact Phone number
- Date of Birth
You will also be required to provide additional information and documentation of your associated business entity, including but not limited to;
- Name of the business
- Constitutional documents of the business and all such amendments to the documents that are effective as at the date of your interaction with this Agreement
- A valid physical address of a vehicle parking lot from which the business operates
- Original lease or ownership documents of the vehicle parking lot.
As a User, you:
- represent and understand that all account information provided is accurate, up to date, honest and not misleading;
- commit to updating your account information as and when it changes or when we demand for an update; and
- accept sole responsibility for any direct or indirect adverse consequences caused by the inaccuracy of the information provided or failure to update this information.
The information submitted to create or update an account constitutes a proof of your identity and that of the business you are associated with. We reserve the right to verify, at any time the accuracy of the information provided and to ask you for any additional documentation for the purpose of identity verification.
You can decide at any time to terminate your account, in which case your details will be deleted from the Platform.

Attestation and Indemnity

You will indemnify us fully for any loss or damage we may sustain when you fail to perform your obligations under this agreement and any applicable law.
Whenever your indemnification responsibility is triggered, it will also include interests that may be added to the amount payable.
You attest that you have conducted satisfactory checks on the sellers of the vehicles you intend to purchase and the vehicles are not stolen.
You accept full responsibility for any repairs, faults and maintenance of the vehicle purchased with the facility prior to its sale and you acknowledge that any vehicle financed by Shekel shall be jointly owned between you and Shekel until the loan is fully paid.
You attest that you cannot move the vehicle outside the agreed jurisdiction without Shekel’s written permission and if you default on payments, you agree to return the vehicle to Shekel upon our request at the specified time and place.
You confirm that all funds used to pay the loan as well as inflows into your wallet maintained on our platform shall come directly from you and they are not proceeds of crime or any illegal activity.
You confirm that until the full repayment of the Repayment Amount, ownership of the Vehicle will vest solely in Shekel. Additionally, you will execute a transfer of ownership letter, provided by Shekel, acknowledging Shekel’s sole ownership of the Vehicle.
Our Attestation and Indemnity is incorporated into this Terms of Use as though it was fully set out in this Terms of Use. We reserve the right to update the Attestation and Indemnity at any time at our discretion, and any changes made to our Attestation and Indemnity are effective when the updates are live on our Platform.

Condition Precedents to Payments

When you request for a Facility to purchase automobiles, you will be required to provide the following information and documentation as condition precedents to disbursement of the Facility;
- The bank account details into which Shekel will pay the Facility you request for.
- You are required to provide post-dated cheques covering repayment of your facility, in proportion to your approved credit limit. The number of cheques required increases with the size of the facility, and Shekel shall prescribe the applicable minimum based on your credit limit. For example: if your approved credit limit is NGN15,000,000, you must provide at least three (3) post-dated cheques
- Letter of Guarantee duly executed by the Guarantor;
- An original and duly executed copy of a mandate letter authorising the direct debit of your Collateral Account;
- A power of attorney appointing Shekel as your lawful attorney to sell the Vehicle purchased with the facility or such other automobile held in the your parking lot, store or warehouse with a total value equal to the Repayment Amount in the event that you default to pay.
- Original vehicle registration documentation of vehicles to be purchased with the Facility;
- Original vehicle papers of any vehicle owned by you that has a valuation up to the Repayment Amount;
- Original and duly executed wet-ink copies of a resolution of a duly executed board of directors;
- A vehicle tracking device (“Tracker”) provided by Shekel must be installed in the vehicles and active before disbursement. The vehicle’s online status and Vehicle Identification Number (VIN) must also be verified prior to loan disbursement;
- We may inspect, test, and confirm that the Tracker is properly installed and functioning before releasing any funds;
- You are responsible for all costs related to the damage or loss of the Tracker, unless we agree otherwise in writing. We may require the Tracker to be re-inspected or re-calibrated at any time during the loan period.
- Ongoing Monitoring
- By accepting financing, you agree that the Company may monitor the location and status of the vehicle through the Tracker for the duration of the loan.
- You must not tamper with, disable, or interfere with the Tracker or the Company’s access to its data.
You are required to keep all trackers installed in cars online at all times, and trackers must not be offline for more than 12 hours. For every Facility requested for, you will also be required to provide evidence of your contribution (Equity Contribution) to the purchase of the automobile or automobiles as set out by Us.
We will pay the Facility into the bank account provided by you upon satisfaction of our verification of all your documents and information. This shall be done within 24 hours or a reasonable number of hours in addition to the 24 hours in the event of any technical hitches
We will also provide you with a designated account number into which you will pay back the loan and the interest that has accrued on it (Repayment Amount) at the expiration of the term of the Facility, which is usually 45 days. We may grant an extension to the term and this shall be based solely on our discretion.
You understand that you are solely responsible for ensuring the accuracy of the bank account information provided by you and you will be liable to pursue recovery from any account we make payment to that was given to us by you that turns out to be wrong.

Loan Repayment Plan

If you request a repayment plan, you must meet the following requirements:

Eligibility Criteria
- You must be classified by Shekel as low risk, based on Shekel’s internal risk assessment procedures.
- The loan tenure in question must have exceeded sixty (60) days from the date of disbursement.
- You must have maintained a good repayment history, with no material instances of default on prior facilities.
- The Vehicle financed with the Facility must have been available and under your control throughout the 60-day loan tenure.
- The Vehicle must have been sold at a loss due to mechanical or structural faults that are verifiable and documented.
- You must submit a formal written request to Shekel seeking approval for a repayment plan.
- You must demonstrate commitment by making an initial payment toward the outstanding Facility amount.
- You must own your own lot or a dealer on our platform would need to guarantee the dealer making the request.
Repayment Terms
- The outstanding balance shall be calculated as of the date the initial payment is made.
- The recalculated balance shall then be restructured and distributed into instalments, repayable over a period of not less than three (3) months and not more than six (6) months (“Repayment Plan”).
- The specific instalment amounts, due dates, and payment method shall be set out in the Repayment Plan agreed in writing between you and Shekel.
- You shall strictly adhere to the Repayment Plan, and any instalment not paid on the due date shall be treated as a default.
- If there is a default on the agreed repayment plan, Interest shall continue to accrue on the outstanding balance at the agreed rate from the date of disbursement until the date of final payment, whether or not the balance has been restructured into instalments.
- Where any instalment is not paid on its due date, such instalment shall accrue additional default interest at the rate of 5% per month until paid in full.

Collateral Vehicles for Repayment by Cheque

If you receive payment by cheque for a financed vehicle, you must provide an alternative vehicle to be financed and tracked until the cheque clears and the loan is repaid in full.
If the cheque has not been cleared, the financed vehicle must not leave your lot or be delivered to the buyer of the vehicle (“Buyer”) under any circumstances.
The Company reserves the right to verify cheque clearance status before authorizing the release of any financed vehicle.
Default on Repayment Plan
- In the event of default under the Repayment Plan, accrued interest shall immediately be added to the outstanding balance.
- The revised balance, including accrued interest, shall be formally communicated to you by Shekel.
- Shekel reserves the right to terminate the Repayment Plan and enforce all recovery measures available to it, including repossession of financed Vehicles and legal proceedings.

Vehicle Swap Policy

You are not authorized to swap, exchange, or otherwise transfer any vehicle financed by Shekel without Shekel’s prior written approval.
Any unauthorized swap shall result in the Facility Amount being automatically payable and you being temporarily blacklisted from accessing Shekel’s facilities, and all outstanding loans shall become immediately due and payable.
If you are blacklisted on three (3) separate occasions for unauthorised vehicle swaps, in addition to the clause above, you shall be permanently blacklisted from the Platform and shall no longer be eligible to access our Platform.

Changes to the Service

We reserve the right to withdraw or amend our Service in our sole discretion without notice. We will not be liable if for any reason all or any part of Service is unavailable at any time or for any period.
From time to time, we may restrict access to some parts of Service, or the entire Service, to everyone, including registered users.

Modifications/Amendments to the Term of Use

We reserve the right to amend the Terms at any time by posting the amended terms on this site. It is your responsibility to review these Terms periodically.
Your continued use of the Service following the posting of revised Terms means that you accept and agree to the changes. You are expected to check this page frequently so you are aware of any changes, as they are binding on you.
By continuing to access or use our Service after any revision becomes effective, you agree to be bound by the revised terms. If you do not agree to the new terms, you are no longer authorised to use our Service.

Intellectual Property

We own all intellectual property rights in the Platform and any materials published on it. These rights are protected under applicable copyright laws and all such rights are reserved. You may only access and use the materials for personal use and you may not otherwise reproduce, distribute, publicly display or modify without a licence to do so from us.
We own all rights, titles, interests, in and to the Platform including all rights under patents, copyrights, design rights, trade secrets, and any and all other proprietary rights. Any disassembling, decryption, extraction, re-use, re-engineer, reverse engineer, copying or more generally any act of reproduction, representation, transmission or use of any of these elements, in part or in whole, without the authorization of the company is strictly prohibited and may result in legal action.
If you believe the content of our Platform may have infringed on your copyright in any manner, kindly contact us at [email protected] and we will immediately take steps to stop or remedy such breach.

Data Protection

We are committed to protecting your personal and business information. All data will be handled securely and in compliance with applicable data protection laws, including the Nigeria Data Protection Act (NDPA).
For further details on how your information is collected, used, and protected, please refer to our Privacy Policy, which forms part of these Terms of Use.

Limitation of Liability

Except as prohibited by law, you will hold us and our officers, directors, employees, and agents harmless for any indirect, punitive, special, incidental, or consequential damage, however it arises (including attorneys' fees and all related costs and expenses of litigation and arbitration, or at trial or on appeal, if any, whether or not litigation or arbitration is instituted), whether in an action of contract, negligence, or other tortious action, or arising out of or in connection with this agreement, including without limitation to any claim for personal injury or property damage, arising from this agreement and any violation by you of any federal, state, or local laws, statutes, rules, or regulations. Except as prohibited by law, if there is liability found on the part of the Company, it will be limited to the amount paid for the products and/or services, and under no circumstances will there be consequential or punitive damages. Some states do not allow the exclusion or limitation of punitive, incidental or consequential damages, so the prior limitation or exclusion may not apply to you.

Restricted Activities

Our Platform must be used only for lawful purposes. You must not, and must not allow another person to use it for any purpose other than which we made it available.
You agree not to use our service and platform:
- In a way that breaches the provision of any applicable law or regulation;
- In a way that is not authorised by us or detrimental to us;
- For any fraudulent purpose or act (Including provision of false identification); and;
- To modify, adapt, decipher, disassemble or reverse engineer any of the software making up a part of our Platform.

Electronic Communication

By accessing and using our Services, you consent to receiving electronic communications, you also agree that all notices, disclosures and other communications we provide to you electronically through emails or displayed on our Platform satisfy any legal requirement for written communications. Delivery of any communication to the email address you have on file with us will constitute effective notice to you, regardless of whether you open or read the communication.

Severability

If any of these terms of use are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by Nigerian law.

Sanctions of Breaches

In the event of any fraud, breach of these terms of use or violation of applicable laws or regulations, we reserve the right to take any appropriate measure, including without limitation:
- suspending or terminating access to all or part of the services provided to you;
- Request the immediate payment of the Repayment Amount; or
- alerting all relevant authorities and taking legal action.
Any suspension or termination shall take full effect on the date we send the communication to you and your account will be automatically deleted without further notice.

Disclaimer

You understand and agree that we provide our services to you on an as is " and "as available" basis. We do not guarantee that our services will meet your expectations or will be secured.
We specifically disclaim that our Platforms are free from viruses or errors, or that the content is accurate and will be uninterrupted, or that defects will be corrected or that the service will be available at all times or access to our Platforms or any part of the services, our terms and other information provided by us or any part of our services will be continuous, uninterrupted, timely, or error-free.
We expressly disclaim warranties of any kind, whether express or implied including without limitation implied warranty of merchantability, fitness for a particular purpose, title, non-infringement, security or accuracy.

Waivers

No waiver by us of any term or condition set out in this Terms of Use shall be considered a further or continuing waiver of such term or condition or a waiver of any other term or condition, and our failure to assert a right or provision under this Terms shall not constitute a waiver of such right or provision.

Termination

We may terminate or suspend your account and bar access to our Service immediately, without prior notice or liability, under our sole discretion, for any reason whatsoever and without limitation, including but not limited to a breach of Terms.
If you wish to terminate your account, you may simply discontinue using Service without any notice to us. Where, however, We have provided you with the Facility and the term has not expired, you shall inform us of your intention to terminate the service and the Repayment Amount shall become immediately due and payable.

Child Protection

Our Services are not intended for children under the age of 18. We do not knowingly collect, solicit, or store personal information from children under the age of 18. If we become aware that we have inadvertently collected personal information from a child under 18, we will take steps to delete the information promptly.

Governing Law

These terms of use are governed by Nigerian law. In the event of a dispute regarding the validity, interpretation and or execution of these terms, the parties shall attempt to resolve it amicably through good faith negotiations within fourteen (14) days.
If negotiation fails, the dispute shall be submitted to Mediation in accordance with the Arbitration and Mediation Act 2023. The Mediation shall be held in Lagos, Nigeria, before a single mediator appointed by mutual agreement or, failing agreement, by the Chairman of the Lagos State Multi-door Courthouse. If Parties are still unsatisfied after mediation, the matter shall be submitted to the jurisdiction of Nigerian courts for adjudication.

For any complaints, comments, feedback, requests for technical support, please contact us here at [email protected].

Version Control

If there is an update to the policy, the last updated date above will be amended.