The Loan Facilitation Agreement serves as a critical document in the Nigerian financial services sector, establishing the legal framework for intermediaries who connect lenders with potential borrowers. This agreement becomes necessary when financial institutions or lending platforms wish to formalize their relationship with facilitators who help originate, process, or manage loans. The document ensures compliance with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020, Central Bank of Nigeria directives, and anti-money laundering regulations. It typically includes detailed provisions on service scope, compensation structures, risk management, regulatory compliance, and operational procedures, while clearly delineating the rights and obligations of all parties involved in the loan facilitation process.
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1. Parties: Identifies and defines all parties to the agreement: the Facilitator, the Lender(s), and the Borrower(s)
2. Background: Explains the context of the agreement, including the Facilitator's role in connecting Lenders with Borrowers
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Scope of Facilitation Services: Details the specific services provided by the Facilitator, including loan matching, documentation assistance, and coordination
5. Facilitator's Obligations: Outlines the Facilitator's duties, responsibilities, and standard of service
6. Lender's Rights and Obligations: Specifies the Lender's responsibilities, including providing accurate information and compliance with lending regulations
7. Borrower's Rights and Obligations: Details the Borrower's duties, including providing accurate information and meeting eligibility criteria
8. Fees and Payment Terms: Specifies all fees, commissions, and payment arrangements for the facilitation services
9. Representations and Warranties: Contains standard and specific warranties from all parties
10. Compliance and Regulatory Matters: Addresses compliance with relevant Nigerian laws and regulations
11. Confidentiality: Governs the handling and protection of confidential information
12. Limitation of Liability: Sets out the extent and limitations of the Facilitator's liability
13. Term and Termination: Specifies the duration of the agreement and termination provisions
14. Dispute Resolution: Details the process for resolving disputes between parties
15. General Provisions: Contains standard boilerplate clauses including notices, amendments, and governing law
1. Credit Assessment Process: Details the credit assessment methodology when the Facilitator provides credit scoring services
2. Security Arrangements: Included when the Facilitator assists in managing or arranging loan security
3. Collection Services: Used when the Facilitator provides loan collection or recovery services
4. Technology Platform Terms: Required when the facilitation services are provided through a digital platform
5. Insurance Arrangements: Included when loan-related insurance products are part of the facilitation service
6. Secondary Market Provisions: Used when the agreement allows for loan assignment or trading
7. Anti-Money Laundering Procedures: Detailed AML procedures when the Facilitator handles funds or provides enhanced due diligence services
1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, commissions, and charges
2. Schedule 2 - Service Level Agreement: Specific performance metrics and service standards for the facilitation services
3. Schedule 3 - Eligibility Criteria: Detailed criteria for both Lenders and Borrowers to participate in the facilitation program
4. Schedule 4 - KYC Requirements: List of required documentation and verification procedures
5. Schedule 5 - Reporting Templates: Standard formats for required reports and notifications
6. Appendix A - Required Forms: Standard forms and templates used in the facilitation process
7. Appendix B - Compliance Checklist: Regulatory compliance requirements and verification procedures
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