TERMS AND CONDITIONS FOR THE MTNF YELLOPRENEUR INITIATIVE

  1. Definitions :
    The following terms will have the specific meanings assigned to them in these Terms and Conditions:

    “Women”  means female entrepreneurs from 18 years and above with SSCE who will participate in the Initiative

    “Applicant”  means female entrepreneurs who will participate in the Initiative;

    “Bank Account”  means the Y’ellopreneurs MoMo or any other account domiciled with a financial Institution in Nigeria nominated by MTNF, where the loan will be disbursed and repayment of loan will be debited from;

    “Equipment vendor”  means the Original Equipment Manufacturer (OEM) or its local representative or a local merchant recognized for the sale of authentic products from whom the equipment required for the Y’ellopreneur’s business idea will be purchased;

    “Grant”  means 25% of the amount on the Y’ellopreneur’s approved business plan.

    “Loan”  means the total amount on the Y’ellopreneur’s approved business plan, less the Grant;

    “Managed Fund”  means total sums provided by MTNF to Financial Institution for the execution of the initiative

    “MTN”  means MTN Nigeria Communications PLC;

    “MTNF”  means MTN Nigeria Communications PLC;

    “One-off appraisalFee”  means one percent (1%) of the Loan being the cost of Loan appraisal charged by the Financial Institution on loan disbursed;

    “Operating cost (OPEX)”  means purchase of raw materials/consumables, rentals, renovation, insurance on assets and utility bill.

    "Parties"  means MTNF, Financial Institution and the participant;

    “Platform”  means the MTNN website;

    Y’ellopreneur Applicants”  means 1000 shortlisted Applicants who will benefit from the entrepreneurial online trainings;

    “Initiative”  means the MTN Foundation Y’ellopreneur Initiative;

    “Terms and Conditions”   means these terms and conditions for the MTNF Y’ellopreneur Initiative;

    "We", "Us" and "Our"  means MTNF of MTN Plaza, Falomo Roundabout, Ikoyi, Lagos;

    “Y’ellopreneurs”  means the 150 successful Applicants who shall benefit from the loan of up to N3,000,000 (Three Million Naira) each;

    "You" or "Your” or “I”  refers to you, the Applicant who will participate in the Initiative.

    By participating in the Initiative, You are deemed to have accepted these terms and conditions.

    MTNF is promoting this Initiative to build entrepreneurial capacity for Nigerian women.

    The Programme involves:

    • Provision of entrepreneurial training for 1000 Y’ellopreneur Applicants.
    • Disbursement of Grants and Loans to 150 Y’ellopreneur.
    • Financial institution shall administer the entrepreneurial training as well as the Loan disbursement and repayment process on behalf of MTNF.

    The Programme is for a period of Three and half years. The application, shortlisting, trainings, business plan presentation, final selection and disbursement process shall be for a period of six (6) months. Thereafter, the Y’ellopreneur shall be given a six (6) months moratorium after the disbursement of the Loan, while the remainder thirty-six (36) months shall be for repayment of the Loan in accordance with terms agreed with BOI.

  2. Eligibility for the Initiative:

    1. Applicant must be a female entrepreneur;
    2. Applicant must fill and submit application form for MTNF Y’ellopreneur Initiative which is available on the MTN website @ MTN Women Entrepreneurship Program
    3. Applicant must submit a business plan that indicates the nature of business and the financial requirements not exceeding N3,000,000.00 (Three Million Naira only) reflecting business assets (machinery and equipment) and working capital to benefit from the loan.
    4. In the event that the business plan exceeds N3,000,000.00 (Three Million Naira only), the Applicant will provide evidence of counterpart funding in a form acceptance to MTNF.
    5. Only shortlisted Applicants will be contacted. MTNF and partnering financial institution reserve the right in their absolute discretion to determine whether the applicant successfully fulfilled the above requirements
    6. Only shortlisted Applicants will be contacted. MTNF and BOI reserve the right in their absolute discretion to determine whether the applicant successfully fulfilled the above requirements.
    7. We accept no responsibility for any incorrect or incomplete registration details that applicant may supply as part of your registration in participating in the Programme.

  3. Selection Process for the Initiative:

    1. Review of submitted applications.
    2. Selection of Entrepreneurs to attend the entrepreneurial online trainings
    3. Entrepreneurs shall participate in 4 weeks virtual training (self-paced & instructor led) with tailored contents for the participants.
    4. After the entrepreneurial training, the female entrepreneurs to be granted the Loan shall be selected based on the submission of a detailed plan business plan.
    5. Recommendation of top 100 viable businesses by the Financial Institution.

  4. Condition Precedent for Loan Disbursement:

    1. Upon selection, the Y’ellopreneur shall be required to provide one (1) guarantor who must belong to any of the following groups:
      1. Senior civil servant (level 12 & above)
      2. Bankers – not below the level of Assistant Manager - confirmed by current employer
      3. Professional – Medical Doctors, Lawyers, Accountants, Engineers, etc.
      4. Senior staff – not less than a manager of a reputable quoted company
      5. Cooperative institutions/traditional rulers for eligible rural women
    2. Partnering financial institution shall charge a one-off Appraisal Fee at the rate of One (1) Percent on the Loan to be disbursed to each of the WEP Entrepreneurs. The Appraisal fee shall be paid by the Y’ellopreneur prior to the disbursement of Loan.
    3. The Y’ellopreneur consent shall be required to enable partnering financial institution to obtain relevant insurance policies in favour of the Y’ellopreneur, at the Y’ellopreneur’scost for the term of the Loan until final repayment.
    4. The insurance premium for the policies shall be subject to yearly renewal by Y’ellopreneurs until the conclusion of this Programme and the partnering financial institution shall ensure that same is adequately provided prior to the disbursement of the Loan to the Y’ellopreneur.
    5. The Y’ellopreneur shall be required to open a Bank Account for the purpose of disbursement and repayment of the Loan.
    6. The Y’ellopreneur shall be required to submit a completed guarantor’s form executed by the guarantor.

  5. Loan Disbursement:

    1. The Loan shall be divided into equipment and operating costs in accordance with the business plan presented by the Y’ellopreneur;
    2. The partnering financial institution shall disburse the operating cost directly to the Y’ellopreneur’s Bank Account while the equipment cost shall be disbursed directly to the supplier's or the Y’ellopreneur’s bank account, as the partnering financial institution deems fit;
    3. The Y’ellopreneur shall source for the equipment(s) and submit invoices from three (3) different suppliers in respect of each of the item(s) to be purchased. The submitted invoices shall be subject to verification by the partnering financial institution;
    4. The partnering financial institution shall monitor the delivery and installation of the equipment to the Y’ellopreneur;
    5. The Equipment vendor shall be responsible for the installation of the equipment. A joint inspection and testing of the installed/delivered equipment shall be conducted by the Y’ellopreneur and the partnering financial institution two (2) days after installation;
    6. Upon successful testing of the equipment, the partnering financial institution and the Y’ellopreneur shall sign off on a job completion form and the partnering financial institution will make payment for the equipment directly to the Equipment vendor.
    7. All the original business transactions documentations (receipts, invoices, job completion forms etc.) shall be kept with the partnering financial institution for audit and record purposes.

  6. Loan Repayment Process:
    Upon disbursement of the Loan, each Y’ellopreneur shall be granted a six (6) month moratorium, after which the repayment of the Loan shall commence and shall be payable over a thirty-six (36) months period. The Loan repayment shall be in accordance with the following terms:

    1. The amount repayable by the Y’ellopreneur shall be the total amount of the Loan obtained, less the Twenty- Five percent (25%) Grant, including a two-point five percent (2.5%) interest;
    2. The Y’ellopreneur shall cause for a monthly direct debit (standing order) to be set up on the Y’ellopreneur’s Bank Account;
    3. iii. The amount to be refunded shall be at an interest rate of two-point five percent (2.5%). For example, the monthly repayment for a Y’ellopreneur that obtains a Loan of up to Two Million Naira (N2, 000, 000.00) shall be calculated as follows:
      1. Two Million Naira (N3,000,000.00) less the Twenty Five percent (25%) Grant of Five Hundred Thousand Naira (N750,000.00) equals Two Million, Two Hundred Fifty Thousand Naira (N2,250,000.00);
      2. The interest rate of Two-point five percent (2.5%) of Two Million, Two Hundred Fifty Thousand Naira (N2,250,000.00) equals, Fifty-Six Thousand Two Hundred and Fifty Naira (N56,250.00);
      3. Therefore, Three Million, Fifty-Six Thousand, Two Hundred and Fifty Naira (N3,056,250.00) shall be total repayment due by the Y’ellopreneur;
      4. The Three Million, Fifty-Six Thousand, Two Hundred and Fifty Naira (N3,056,250.00) spread over thirty-six (36) months amounts to Eighty- Four Thousand, Eight Hundred and Ninety-Five Naira, Eighty-Three Kobo (N84,895.83) monthly, which shall be payable by the Y’ellopreneur.
      5. Lastly, 25% shall be refunded to the Y’ellopreneur as grant, after full repayment of loan amount – this represents a total amount of N750,000.

  7. Representation and Warranties:
    You represent and warrant as follows:

    1. That you are eligible to participate in the Initiative, having no legal disability such as unsoundness of mind, age limitation or any other restriction;
    2. That You will not supply any information which:
      1. is not owned by you, or is false or misleading;
      2. which is unlawful, harmful, offensive, threatening, abusive, harassing, invasive of privacy or publicity rights, vulgar, obscene, pornographic, indecent, lewd, suggestive, profane, hateful, racially, ethnically or otherwise objectionable or inappropriate material of any kind;
      3. which may infringe any patent, trademark, trade secret, publicity rights, copyright or other intellectual or proprietary right of any party;
      4. that violates MTNF’s standards or policies as determined by MTNF in its sole discretion; and
    3. That all information You provide to MTNF is true and correct and shall remain so.

  8. Indemnity:
    You shall protect, defend, indemnify and hold MTNF harmless from and against all losses, costs, liabilities, claims, damages and expenses of every kind and character, as incurred, resulting from or relating to or arising out of:

    1. the inaccuracy, non-fulfilment or breach of any representation, warranty, covenant or agreement made by You in this Terms and Conditions; and
    2. any legal action, including any counterclaim, that has either been settled by the litigants or has proceeded to judgment by a court of competent jurisdiction, in either case to the extent it is based upon alleged facts that, if true, would constitute a breach of any representation, warranty, covenant or agreement made by You in this Terms and Conditions.

  9. Limitation of Liability:

    1. You agree that MTNF shall not be liable for any loss or damage whatsoever which is suffered (including but not limited to indirect or consequential loss) or for any monetary losses of any kind, loss of use, loss of goodwill, loss of expectation, loss of data, or infringement, that may arise in connection, suffered or sustained (even caused by negligence) in connection with the Initiative.
    2. Some aspects of the Initiative may be supplied to Us by third parties and We make no promises, and do not accept any liability, either express or implied as to the Initiative, including but not limited to its accuracy, relevance or quality.
    3. Any participation in the Initiative is entirely at your own risk and in no event shall We be liable for any direct, indirect, incidental or consequential damages; including without limitation to loss of income, data or other information as a result of Your participation in the initiative.
    4. By accepting these Terms and Conditions, You agree that:
      1. MTNF can process Your personal data in accordance with all relevant policies as they relate to data privacy laws;
      2. Under no circumstances will You be permitted to obtain any award for, and You hereby waive all rights to claim punitive, incidental or consequential damages and any and all rights to have damages multiplied or otherwise increased and any other damages arising in connection thereto.

  10. Confidentiality:

    1. You shall not divulge or communicate to any third party or use or exploit for any purpose other than as provided in this Terms and Conditions any Confidential Information which is disclosed by MTNF or accessed by You in connection with this Terms and Conditions.
    2. Such Confidential Information shall be held in confidence at all times during the continuance of this Terms and Conditions, but shall cease to apply to information which:
      1. is at the date of the disclosure public knowledge through no fault of the Applicant; or
      2. can be shown by verifiable proof to have been known to it before the Confidential Information was disclosed or accessed; or
      3. is independently developed by the Applicant without the use of any of MTNF’s Confidential Information or any breach of this Terms and Conditions; or
      4. is required to be disclosed by any applicable law or regulation.
    3. The Applicant warrants that he/she shall at all times, keep confidential and not exploit the use of MTNF’s information, including information availed to or accessed by the Applicant for any other purpose than for this Initiative. The Applicant further warrants to indemnify MTNF to the full extent for the breach of its confidential obligations or any other obligation under this Terms and Conditions.

  11. Governing Law and Dispute Resolution:
    These Terms and Conditions shall be governed by and construed in accordance with the Laws of the Federal Republic of Nigeria.
    In the event that any dispute arises from your participation in the Initiative, the dispute shall be mutually resolved between Us and You within fourteen (14) business days, after which either party may refer the matter to the Lagos State Multi-Door Court House for mediation. If parties are unable to resolve dispute by mediation within fourteen (14) business days, the matter shall be referred to litigation

  12. General:

    1. Announcement: Except as may be required by law or the rules of any governmental or other regulatory authority, whether or not having the force of law, no announcement or circular in connection with the subject matter of these Terms and Conditions shall be made or issued by any of the Parties without the prior written approval of MTNF. None of the Parties shall have any authority to make any representation or warranty or create any obligation of any kind, express or implied, on behalf of the other Party except as contained in these Terms and Conditions.
    2. No Partnership/Agency: Nothing in these Terms and Conditions is intended to or shall operate to create a partnership, joint venture, employer/employee or agency relationship between the Parties.
    3. Severability: If any provision of these Terms and Conditions is held to be invalid or unenforceable, such provision shall be severed and the remainder of the provisions shall remain in full force and effect as if these Terms and Conditions have been executed with the invalid provision eliminated
    4. Waiver: No waiver by MTNF shall be effective unless it is in writing. Failure or delay on the part of MTNF to exercise any right, power or privilege shall not operate as a waiver of such right, power or privilege.
    5. Assignment: The Applicant shall not assign (in whole or in part) these Terms and Conditions nor any interest, right or obligation hereunder.
    6. Intellectual Property:
      1. Each party retains their respective rights to its Intellectual Property used in relation to this Programme
      2. The Parties accept that each Party:
        1. is only permitted to use the other Party’s Intellectual Property for the purposes of and during the term of this Programme and only as authorised by the other Party in writing;
        2. other than to the extent stated in clause “i”, neither party shall have the right to use or to allow others to use the Intellectual Property of the other Party or any part of it, nor shall it seek to register any Intellectual Property on behalf of the other Party without the other Party’s prior written consent;
        3. will not use any trade mark or trade names or get-up which resemble the other Party’s trademarks or trade names or get-up and which would therefore be likely to confuse or to mislead the public or any section of the public; and
        4. will do or omit to do or authorise any third party to do or to omit to do anything which could invalidate or be inconsistent with the other Party’s Intellectual Property.
      3. Each of the Parties shall notify the other Party of any:
        1. actual, threatened or suspected infringement of any Intellectual Property of which it becomes aware; and
        2. claim by any third party of which it becomes aware that infringes any rights of any third party.

  13. Miscellaneous:

    1. By participating in this Initiative, You are deemed to have accepted to be bound by these terms and conditions.
    2. By participating in this Initiative, accept that MTNF or its authorized agents have exclusive, irrevocable and unrestricted rights to use, re-use, edit, alter, publish, republish or distribute your application, pictures and/or videos for any promotional purposes or publication applied in any form and anywhere within and outside Nigeria at the discretion of MTNF and you unconditionally waive all rights, whether in law or otherwise, that you may have in respect of the publication and the protection of my privacy.
    3. MTNF and MTN do not use placement agencies or charge Applicants an advance fee of any kind (e.g. application fees, placement fees, test fees, e.tc.)
    4. MTNF reserves the right to change these Terms and Conditions at any time without notice to You By accepting these Terms and Conditions, you consent that you have accepted these and any varied terms and conditions which will be posted on the Platform from time to time.
    5. You agree that by accepting these Terms and Conditions, the decisions of MTNF are final and binding on all matters pertaining to the Initiative.

  14. Disclaimer:
    This Initiative is subject to the Terms and Conditions stated herein, and by participating in the Initiative, You agree to be bound, without reserve, to the said Terms and Conditions without any liability to MTNF.
    For all intents and purposes, this Initiative constitutes an exclusive property and/or concept of MTNF and MTNF reserves the right to restrict access to the Platform at any time.
    You accept that this Initiative is available and accessible to the members of the public and You will be responsible for anything you upload on same.
    I accept to be bound by the above Terms and Conditions