A Loan Referral Agreement is essential when establishing a formal relationship between financial institutions and partners who will refer potential borrowers. This document, governed by Nigerian law, is commonly used by banks, microfinance institutions, and fintech companies looking to expand their customer base through third-party referrals. The agreement covers crucial aspects such as referral processes, commission structures, regulatory compliance (particularly with BOFIA 2020 and CBN guidelines), data protection requirements, and risk allocation. It's particularly important in the Nigerian context where financial inclusion initiatives are driving increased collaboration between traditional lenders and various business partners.
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1. Parties: Identification of the referrer and the lender, including registration details and addresses
2. Background: Context of the agreement and brief description of the parties' business activities
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Appointment and Scope: Terms of appointment of the referrer and scope of referral services
5. Regulatory Compliance: Obligations regarding compliance with Nigerian banking laws and regulations
6. Referral Process: Detailed procedures for making and processing referrals
7. Compensation: Fee structure, payment terms, and calculation of referral fees
8. Representations and Warranties: Key promises and assertions made by both parties
9. Data Protection and Confidentiality: Obligations regarding handling of customer data and confidential information
10. Term and Termination: Duration of the agreement and termination provisions
11. Liability and Indemnification: Allocation of risks and responsibilities between parties
12. General Provisions: Standard legal provisions including notices, amendments, governing law
1. Marketing and Promotion: Terms governing promotional activities by the referrer, used when referrer will actively market the lender's services
2. Training: Requirements for training referrer's staff, included when complex products are involved
3. Non-Compete: Restrictions on working with competing lenders, used in exclusive arrangements
4. Service Levels: Specific performance metrics and standards, included for high-volume referral relationships
5. Audit Rights: Lender's rights to audit referrer's activities, included for regulatory-sensitive arrangements
6. Insurance: Specific insurance requirements, included for high-risk referral activities
1. Schedule 1 - Referral Fee Structure: Detailed breakdown of fee calculations and payment terms
2. Schedule 2 - Referral Procedures: Step-by-step process for making and handling referrals
3. Schedule 3 - Compliance Requirements: Specific regulatory requirements and compliance procedures
4. Schedule 4 - Required Documentation: List of documents needed for referrals
5. Appendix A - Referral Forms: Standard forms used in the referral process
6. Appendix B - Report Templates: Templates for required periodic reporting
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