Yawo Customer

Memorandum of Understanding

(Customer: Customer) AND
(YAWO - Credit trading name in collaboration with IKONIK)

This Memorandum of Understanding (MOU) sets the terms and understanding between the Customer and YAWO to explore credit disbursement and collections opportunities in a microloan venture.


Name of Customer: Customer AND
YAWO is the trading name in collaboration with First Frontier Tech Limited


This MOU will establish a relationship between Customer and Yawo for exploring credit disbursement and collections opportunities

Details / Terms and Conditions/ Party Responsibility

1. Capital Provision
1.1 Yawo

  • Yawo shall be responsible for providing 100% of the capital to be disbursed to its customers (marketers/ small business owners).

2. Vetting
2.1 Yawo

  • Yawo via its credit officers and technology shall ensure the viability and authenticity of the creditors who applied for a loan.

  • Yawo shall vet the agent who has applied to be a Yawo collection agent via the MMO.

2.2 Agent (Agent)

  • Agent shall be responsible for vetting customers applications for Yawo collection. 

  • Agent shall ensure that customers meets the minimum requirements 

    • Business requirement: A customer must only be a business owner and the customer must be selling fast moving consumer foods, food items or must be in the small business owner category. Location must be within or very close to a market area where fast moving consumable goods are sold.

    • Set Up requirements: The agent shall ensure that the customer has a shop or a planted kiosk The customer’s business location is a standard shop or at least a secured place, not a movable kiosk.

    • Document requirement: Customer must provide utility bill as proof of address.

3. Loan Recovery
3.1 Yawo

  • In the event of a default, the agent shall be the guarantor for his agent. Hence the Agent’s commission will serve as collateral for every loan disbursed to his customers..

  • In the event of a default, the Agent, MMO, Ikonik and Yawo shall work together to ensure that the defaulter is apprehended and full delivery is completed.

4. Customer Onboarding
4.1 Agent (Agent)

  • Customer is expected to give the right and correct information about himself and his business to the agent.

4.2 Yawo

  • Yawo in collaboration with the agent must ensure that there’s adequate provision for customer onboarding tools which includes customer card, customer Training and customer debit card.

5. Remuneration

5.1 Customer

  • Customers shall get 5% of every collection done by the agent.

  • This shall be a total of 5% of the entire amount collected. Payable to the customer as cashback at the end of the collection cycle.

6. Insurance and Infrastructure
6.1 Yawo

  • Yawo shall be responsible for credit-life insurance for all its customers in case of death or a severe physical illness deductable from the customer’s daily collection.

7. Contract Duration / Termination

  • Duration will be a going-concern except in cases where the employment has to be terminated due to in-balances between both parties.

  • Yawo holds the right to terminate its contract with any customer by suspending the customer’s account at any time if the conditions for the partnership are no longer favourable but the customer must ensure full payment of loan in case the termination occurred while a loan is running.

8. Privacy Policy/Non Disclosure

8.1 Customer (customer)

  • Customer’s information shall not be shared with a third party without the consent of the customer.

9. Caution

  • This MOU is at-will and may be modified by the mutual consent of authorised officials from Yawo. The modification, however, will be communicated to the MMO. This MOU shall become effective upon signature by the customer (customer) and Yawo and will remain in effect until modified or terminated by any one of the partners by mutual consent.

Yawo (First Frontier Tech Inc)
Address: 4b Babatope Bejide Street, Lekki Phase 1.