Welcome to SeedFi

SeedFi (“Platform”) is a digital lending Platform developed and operated by The Dataseed Company Limited (“Us, We, Our”)

Please read these Terms and Conditions (“Terms”) carefully. Access to, and use of SeedFi’s services (“Services”), and the Platform, is conditional on your agreement to these Terms. You must read, agree with, and accept all the terms and conditions contained in these Terms. By registering, or by using SeedFi, you are bound to these Terms, and you indicate your continued acceptance of these Terms.


To be eligible to use the Platform you must be;


To access the Services on the Platform, firstly, you need to enroll to create a profile (“Account”), by providing certain information such as your name, address, email address, mobile device number, Date of Birth, personal photograph, BVN, means of identification, utility bill and such other information as we may request from time to time (collectively, "User Information").

In exchange for your use of the Services, You agree to:


Loan Application

Terms Guiding the Grant and Utilisation of Credit Facility

Lending Partner

The borrower agrees and understands that Sterling Bank (“Lending Partner”) is the financial institution which we have collaborated with for the provision of this Credit Facility to the borrower.

Events Of Default

Without prejudice to our right to demand repayment of outstanding amounts under the facility at any time, the occurrence of any of the following events shall cause all outstanding amounts under the facility granted to you to become due and immediately repayable.

Upon default, we shall activate the direct debit of your bank account via tokenization service.

Right of Set-Off

The borrower covenants that in addition to any general lien or similar right to which SeedFi may be entitled by law, SeedFi may at any time and without notice to the borrower combine or consolidate all or any of the [his/her] accounts with any liabilities to us and set off or transfer any sum or sums standing to the credit of one or more of such accounts in or towards satisfaction of any of the borrower’s liabilities to us or any other account in any other respect whether such liabilities be actual or contingent, primary, or collective and several or joint.

Facility Review

We reserve the right at our sole discretion to change, vary or cancel at any time, with adequate notice to the Borrower, the nature and amount of the facilities as well as the underlying terms, conditions, and security arrangements. Therefore, notwithstanding anything to the contrary, the facility granted may be regarded as payable at any time at our sole discretion.

Default Clause/ Penal Rate

Any excess drawing over the approved facility limits and/or failure to meet agreed repayment terms will attract a penalty fee of 1% flat of the amount per month whether or not such excess over the approved limit and/or failure to meet repayment terms is for a period less than one month.

Global Standing Instruction Mandate

By drawing on the facility granted to you, you covenant to repay the facility as and when due.
In the event that you fail to repay the facility as agreed, and the facility becomes delinquent, we shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off your indebtedness from any money standing to your credit in any account and from any other financial assets that may be held for your benefit.
You covenant and warrant that SeedFi shall have the power to set off your indebtedness under this facility agreement from all such monies and funds standing to your credit/benefit in any and all such accounts or from any other financial assets belonging to you and in the custody of any such financial institution.
You hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that you shall not argue to the contrary before any court of law, tribunal, administrative authority, or any other body acting in any judicial or quasi-judicial capacity.

Material Adverse Changes

The facility may be terminated if a situation, change or default occurs or threatens to occur, which in the sole opinion of SeedFi would adversely affect the ability of SeedFi or the Borrower to perform his/her obligation under the facility terms. In the event of any such termination, any fees paid by the Borrower to SeedFi will not be refunded.


We may collect, use, and disclose your transaction information from/to appointed Credit Bureaus and other agencies who may use the information for any approved business purposes as may from time to time be prescribed by the Central Bank of Nigeria (CBN) and/or any relevant statute.


You agree that all intellectual property rights and database rights, whether registered or unregistered, in the Platform, information content on the Platform and all the website designs, including, but not limited to, text, graphics, software, photos, video, music, sound, and their selection and arrangement, and all software compilations, underlying source code and software shall remain at all times vested in us or our licensors. Use of such material will only be permitted as expressly authorized by us or our licensors.

Any unauthorized use of the material and content of this Platform is strictly prohibited, and you agree not to, or facilitate any third party to, copy, reproduce, transmit, publish, display, distribute, commercially exploit or create derivative works of such material and content.




We reserve the right to suspend your usage of the Platform or any of the Services immediately and without advance notice;

We will attempt to notify you, except it would compromise our security measures, or it is unlawful to do so, or impracticable within the circumstances. Suspension or discontinuation of your right to use the Service or Platform, shall not affect your repayment of any credit obligation owed to us. 




Acceptance of Electronic Documents

You agree that all agreements, notices, disclosures, records, and other communications for all services provided to you under these Terms and in connection with your relationship with us (collectively, "Communications") that we provide to you electronically satisfy any legal requirement that such communications be in writing.


You may not transfer, assign, or delegate these Terms or your rights or obligations hereunder or your Account in any way (by operation of law or otherwise). To the extent permitted by applicable law, we may transfer, assign, or delegate these Terms and our rights and obligations hereunder without your consent.


You agree to defend, indemnify, and hold harmless SeedFi, its employees, officers, directors, agents, its affiliates and third-party service providers from and against any and all claims, suits, liabilities, damages (actual and consequential), losses, fines, penalties, costs, and expenses (including reasonable attorneys’ fees) arising from or in any way related to any claims relating to your use of the Services, violation of these Terms, applicable law or any third-party rights or claims, or your fraud or willful misconduct. Such indemnified parties reserve the right to assume the exclusive defense and control of any matter subject to indemnification by you, in which event you will cooperate in asserting any available defenses.

Limitation of Liability

Under no circumstances shall we, our licensors or any third party content/ service provider be liable for any punitive, exemplary, consequential, incidental, indirect or special damages (including, without limitation, any personal injury, loss profits, business interruption, loss data or otherwise) arising from or in connection with the performance of the services, your use of or inability to use the services, whether by a breach of contract, negligence, strict liability, malpractice or otherwise, even if such party has been advised of the possibility of such damages.

Force Majeure

To the fullest extent permitted under applicable law, we will be excused from performance under these Terms for any period that we are prevented from or delayed in performing any obligations pursuant to this Terms, in whole or in part, as a result of a Force Majeure Event. For purposes of this section, “Force Majeure Event” means an event or series of events caused by or resulting from any of the following: (a) weather conditions or other elements of nature or acts of God; (b) acts of war, acts of terrorism, insurrection, riots, civil disorders or rebellion; (c) quarantines or embargoes, (d) labor strikes; (e); (f) unauthorized access to our   information technology systems by third parties; or (g) other causes beyond our reasonable control and contemplation.


No waiver by us of any term or condition set forth in these Terms shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure by us to assert a right or provision under these Terms shall not constitute a waiver of such right or provision.


If any provision in these terms is judicially determined to be illegal, unenforceable, or invalid in whole or in part for any reason, such illegal, unenforceable, or invalid provisions or part(s) of the same shall be stricken from these terms, and such provision shall not affect the legality, enforceability, or validity of the remainder of this terms. The stricken provision maybe replaced, to the extent possible, with a legal, enforceable, and valid provision that is as similar in term to the stricken provision as is legally possible.

Governing Law

These Terms and your use of the Platform shall be governed by the laws of the Federal Republic of Nigeria, without giving effect to the principles of conflict of laws.

Conditions Prescedent to Drawdown

  1. Submission of request for the facility. 
  2. Execution of offer letter in acceptance of the facility.
  3. Acceptance of terms and conditions.
  4. Payment of upfront fees.


  1. The Borrower executes offer letter, accepts terms and condition, and any other required document
  2. Borrower funds the account for upfront fees which are debited upon receipt of documents. 
  3. Loan is booked for approved tenor.
  4. Borrower’s account is debited monthly for loan repayment 
  1. Other Conditions
  1. This Offer letter shall not be binding unless it is accepted unconditionally within 30 days from the date hereof. Upon acceptance, it shall remain valid for a period of 90 days, after which it is deemed to have elapsed if the facility is not utilized.
  2. Without prejudice to the foregoing, SeedFi reserves the right to vary, alter or amend any of the terms and conditions of the facility as and when the need arises.
  3. All expenses incurred in the arrangement, documentation, and enforcement of payments under the facility, including all professional, valuation, legal fees, monitoring, taxes, and commissions (if any) would be borne by the Borrower and SeedFi shall be entitled to debit the Borrower’s account immediately for such expenses.
  4. Utilization of the facility or any part thereof shall be at SeedFi’s discretion and is subject to satisfactory documentation and regulation of the Central Bank of Nigeria (CBN) as may be laid down from time to time.
  5. The Borrower hereby agrees to indemnify SeedFi against any loss howsoever occurring that they may incur, because of any misrepresentation, irregularity, or incompleteness in the information contained in any document submitted to SeedFi.
  6. Where there is a turnover covenant, and there is the default in the turnover covenant which exceeds a continuous period of three (3) months and extends up to six (6) months, in addition to the increase in the interest rate pricing mentioned above, the approved limit for the facility shall be reduced, to match the level of the turnover achieved.
  7. Funds received into the account when the principal and/or interest are past due, will be applied first to the overdue interest before the outstanding principal amount.
  8. The facility shall terminate and all sums due to SeedFi hereunder shall become immediately due and payable if the Borrower commits any breach or defaults under the terms of this facility or any other credit facility granted to the Borrower by SeedFi or any other bank.
  9. SeedFi reserves the right to cancel its commitment unconditionally if the facility remains undrawn or if, in SeedFi’s opinion, there is any deterioration in the Borrower’s creditworthiness and the Borrower shall thereafter be notified of such cancellation.
  1. Covenants

The Borrower undertakes that during the validity of the facility while there are any outstanding thereon, it shall:

  1. Not, without SeedFi’s prior written consent, make any offer of employment or engage either directly or indirectly any staff of SeedFi that is involved in providing advisory or relationship management services in respect of the facility, during the tenor of the facility or within twelve (12) months of the liquidation/repayment of the facility.
  2. At any time and from time to time, upon the written request of SeedFi promptly and duly execute and deliver such further instruments and documents and take such further actions as SeedFi reasonably may request to obtain or preserve the full benefits of this facility and the rights and powers herein granted.
  1. Voluntary Prepayment

The Borrower may repay the whole or any part of the loan upon giving the Lender 7 (seven) Business days prior notice. Any amount prepaid may not be redrawn (and shall be applied against scheduled repayments in (inverse order of maturity). Any amount prepaid shall include interest and any pro rata amount of fees that become due and payable on the immediately succeeding due date for such fees. Provided, however, that the Borrower may be charged a fee if the Borrower pays off the loan before maturity.

  1. Assignment 

The Borrower hereby acknowledges that SeedFi may sell, transfer, assign, novate or otherwise dispose of all or part of its rights or obligations (including by granting of participations) under this Agreement to another bank or financial institution or to a trust, fund, or any other entity which is engaged in or established to make, purchase or investing in loans, securities or other financial assets. The Borrower hereby agrees to execute all documents and take all such steps as may reasonably be required by SeedFi to give effect to such an assignment or transfer.

  1. Cooling Off Period

The Borrower may cancel this loan contract within 3 days after signing without any penalty or charges, however, the Borrower reserves the right to waive this option by notifying SeedFi in writing.


We will be pleased if you notify us of any inquiries or issues regarding these Terms, because this gives us the opportunity to seek a suitable solution. It also gives us the opportunity to improve the service/products offered to you and other customers. We also have an internal complaints procedure to effectively and promptly address any complaints. You may reach us by sending a mail to hello@theseedfi.com and or calling us on +23490138872203.