Terms and Conditions

1. Introduction

These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("the User", "Applicant", or "Borrower") and TWOFOUR DIMEWELL LIMITED, a company registered in the Republic of Zambia ("the Company", "we", "our", or "us"), governing your use of the DimeWell loan processing platform ("the Platform") available at dimewell.com.

By accessing or using the Platform, registering an account, or submitting a loan application, you acknowledge that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, and any other policies referenced herein.

These Terms apply to all users of the Platform, including loan applicants, registered users, and visitors.

2. Definitions

In these Terms, the following words have the meanings set out below:

• "Platform" means the DimeWell digital loan processing system, including the website, web application, APIs, and all related services.
• "User", "You", "Your" means any person who accesses or uses the Platform.
• "Applicant" means a User who has registered an account and submitted a loan application.
• "Borrower" means an Applicant whose loan application has been approved and disbursed.
• "Loan" means the principal amount disbursed to a Borrower under these Terms and the specific Loan Agreement.
• "Loan Agreement" means the specific agreement issued upon loan approval and disbursement, which incorporates these Terms by reference.
• "Total Cost of Credit" means the total amount repayable, comprising the principal loan amount plus all interest and fees.
• "Flat Monthly Rate" means the interest rate applied monthly to the original principal amount.
• "Effective Annual Rate" means the annualised interest rate reflecting the total cost of credit.
• "NRC" means National Registration Card, the official identity document issued by the Republic of Zambia.
• "BOZ" means the Bank of Zambia.

3. Eligibility

To be eligible to use the Platform and apply for a loan, you must:

• Be a citizen or legal resident of the Republic of Zambia, at least 18 years of age.
• Be formally employed by a recognised employer in the public or private sector for a minimum of 6 continuous months.
• Have a valid National Registration Card (NRC).
• Have a valid Zambian mobile phone number and a functional email address.
• Meet the minimum net salary threshold applicable to your sector (K2,500 for public sector; K3,000 for private sector).
• Not have an active DimeWell loan in default.
• Not be on the DimeWell blacklist.

We reserve the right to verify your eligibility at any time and to decline any application that does not meet our eligibility criteria.

4. Account Registration

4.1 Account Creation

To use the Platform, you must create an account by providing accurate, complete, and current information, including your full name, NRC number, phone number, email address, employer details, and other required information. You must verify your phone number via a One-Time Password (OTP) sent by SMS.

4.2 Account Security

You are responsible for maintaining the confidentiality of your login credentials and for all activities that occur under your account. You must:

• Choose a strong password (minimum 8 characters, including uppercase, lowercase, number, and special character).
• Not share your password or OTP with anyone.
• Notify us immediately if you suspect unauthorised access to your account.
• Ensure that you log out after each session, especially when using shared devices.

4.3 Accuracy of Information

You warrant that all information you provide to us is true, accurate, and complete. Providing false, misleading, or fraudulent information constitutes a material breach of these Terms and may result in immediate account suspension, loan application rejection, and referral to relevant authorities.

4.4 One Account Per User

You may maintain only one account on the Platform, linked to your unique NRC number. Duplicate accounts will be suspended or terminated.

5. Loan Products

DimeWell offers two loan products — the Short-Term Loan and the Long-Term Loan — each with specific eligibility requirements, terms, and conditions as described on the Platform. A summary of the key features of each product is provided below. Full details, including applicable limits, repayment terms, and interest rates, are presented to you during the application process and disclosed in your Loan Agreement before you submit your application.

All loans are subject to employment verification, credit assessment, and affordability evaluation. We reserve the right to offer an amount lower than requested or decline an application based on our assessment. For full product details, eligibility criteria, and a feature comparison, please see our Loan Products page.

6. Interest & Fees

6.1 Interest Rate

Interest is calculated using the flat rate method on the original principal amount. The applicable flat monthly rate is specified in your Loan Agreement. The formula is: Total Interest = Principal × Flat Monthly Rate × Term (in months).

6.2 Total Cost of Credit Disclosure

Before you submit your loan application, the Platform will display the total cost of credit, including:

• Principal loan amount
• Total interest payable
• Any applicable fees
• Total amount repayable
• Monthly instalment amount
• Flat monthly rate and effective annual rate

By submitting your application, you confirm that you have reviewed and understood the total cost of credit.

6.3 No Hidden Fees

DimeWell does not charge hidden fees. Any fees applicable to your loan (such as late payment penalties) are disclosed in these Terms and your Loan Agreement.

7. Repayment

7.1 Repayment Obligation

By accepting a loan, you agree to repay the total amount due in accordance with the repayment schedule provided in your Loan Agreement. Repayments are due monthly on the date specified in your schedule.

7.2 Repayment Methods

Repayments may be made through any of the following methods:

• Salary Deduction: Your employer deducts the monthly instalment from your salary and remits it to DimeWell as per the payroll deduction instruction letter.
• Mobile Money: Payment via MTN Mobile Money or Airtel Money to the DimeWell merchant account.
• Bank Transfer: Direct deposit or electronic transfer to the DimeWell bank account.

7.3 Early Repayment

You may repay your loan in full at any time before the scheduled end date. There is no penalty for early repayment. Contact us or check your dashboard for the early settlement amount. Upon full repayment, you will receive a loan closure confirmation and clearance letter.

7.4 Repayment Application

All payments received will be applied in the following order: (1) any outstanding penalties or fees, (2) accrued interest, and (3) principal balance.

8. Default & Arrears

8.1 Events of Default

You will be in default under these Terms if:

• You fail to make any payment when due.
• You provide false or misleading information during the application process.
• You cease to be employed without notifying us and making alternative repayment arrangements.
• You breach any other material term of these Terms or your Loan Agreement.

8.2 Arrears Process

If you miss a payment:

• Day 1: An SMS and email alert is sent notifying you of the missed payment.
• 1–30 Days Overdue: A formal first arrears notice is sent. Your account is classified as "in arrears".
• 31–60 Days Overdue: An escalated notice is sent. Additional recovery actions may commence.
• 61–90 Days Overdue: Further escalation. Your employer may be formally notified.
• 90+ Days Overdue: The loan may be classified as non-performing. Legal action may be initiated. Your details may be reported to credit reference bureaus where applicable.

8.3 Late Payment Fee

A late payment fee may be applied to overdue accounts. The specific fee structure is disclosed in your Loan Agreement.

8.4 Collection Costs

You agree to pay all reasonable costs and expenses incurred by us in recovering any overdue amounts, including legal fees on an attorney-client basis, where permitted by law.

9. Privacy & Data

Your privacy is important to us. Our collection, use, and protection of your personal information is governed by our Privacy Policy, which is incorporated into these Terms by reference. By using the Platform, you consent to the practices described in our Privacy Policy.

You expressly consent to us:

• Verifying your employment with your employer.
• Sharing repayment instructions with your employer for salary deduction purposes.
• Retaining your data for the periods specified in our Privacy Policy.
• Using your contact information for service-related communications.

10. Intellectual Property

All content, features, and functionality on the Platform, including but not limited to the DimeWell name and logo, text, graphics, software, code, design, and the selection and arrangement thereof, are the exclusive property of TWOFOUR DIMEWELL LIMITED and are protected by Zambian and international copyright, trademark, and other intellectual property laws.

You may not reproduce, distribute, modify, create derivative works of, publicly display, or exploit any content from the Platform without our prior written consent.

11. Limitation of Liability

To the fullest extent permitted by applicable law:

• The Platform is provided on an "as is" and "as available" basis without warranties of any kind, either express or implied.
• We do not guarantee that the Platform will be uninterrupted, error-free, or free from viruses or other harmful components.
• We shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from or related to your use of the Platform or any loan agreement.
• Our total liability to you for any claim arising from these Terms or any loan agreement shall not exceed the total amount of interest paid by you on the relevant loan.
• Nothing in these Terms excludes or limits our liability for death or personal injury caused by our negligence, fraud, or any other liability that cannot be excluded by law.

12. Termination

12.1 Termination by You

You may close your account at any time by contacting us, provided you have no outstanding loan balance or other obligations to us.

12.2 Termination by Us

We may suspend or terminate your account, with or without notice, if:

• You breach any material term of these Terms.
• You provide false or fraudulent information.
• You use the Platform for any illegal or unauthorised purpose.
• You are placed on the DimeWell blacklist.
• We are required to do so by law or regulatory authority.

Termination does not affect any accrued rights or obligations, including your obligation to repay any outstanding loan balance.

13. Governing Law & Dispute Resolution

13.1 Governing Law

These Terms and any Loan Agreement shall be governed by and construed in accordance with the laws of the Republic of Zambia.

13.2 Dispute Resolution

In the event of a dispute arising from these Terms or any Loan Agreement, the parties shall first attempt to resolve the dispute through good-faith negotiations. If the dispute cannot be resolved amicably within 30 days, either party may refer the matter to the courts of the Republic of Zambia, which shall have exclusive jurisdiction.

14. Changes to These Terms

We reserve the right to modify these Terms at any time. When we make changes:

• We will update the "Last updated" date at the top of this page.
• We will post the revised Terms on the Platform.
• For material changes, we will notify registered users via email or through a prominent notice on the Platform at least 14 days before the changes take effect.

Your continued use of the Platform after changes take effect constitutes your acceptance of the revised Terms. If you do not agree with the changes, you must stop using the Platform and close your account.

15. Contact Us

If you have any questions, concerns, or feedback regarding these Terms and Conditions, please contact us: