1.1. Akafay provides to our customers a range of innovative consumer Credit solutions, including Buy Now, Pay Later (“BNPL”) services, Akafay Payboost, Green Loan, Akafay eduboost, Direct credit Line, Trust loan consumer solutions as we make available through our digital channels; Akafay and Akafay Halal (each an “Akafay Service” and collectively the “Akafay Services”).
1.2. The Akafay Services are provided by Decentral Technologies PLC, a privately owned AI and blockchain-centric company registered in the Federal Democratic Republic of Ethiopia (FDRE) (“Akafay”) (and Akafay is also referred to throughout the terms and conditions set out below (“Terms”) as “we,” “us,” or “our”).
1.3. Before registering for an Akafay Account you must agree to be bound by these Terms.
1.4. You should read the Terms carefully before you agree to be bound by them and determine whether the Akafay Services are appropriate for you given your personal and financial circumstances.
1.5. You should print or save a copy of these Terms for your records.
1.6. We reserve the right to change these Terms at any time by updating our App and Website to incorporate any new or amended terms. An email or text message will be sent to your registered contact information informing you of the update/change 30 days prior to its implementation. Your continued use of or access to our App and/or Website within 30 days of any update or modification to these Terms constitutes your acceptance of those changes.
1.7. You are responsible for regularly reviewing information posted on the App or Website to obtain timely notice of amendments to these Terms and to submit your agreement to them.
2.1. Upon applying for and being approved for an Akafay Account (“Akafay Account”), you will be able to use Akafay’s Buy Now, Pay Later (“BNPL”) service to purchase products and/or services (“Products”) from participating online and offline merchants (“Merchants”) through Akafay’s BNPL facility.
2.2. The BNPL service allows you to pay for the total cost of a Product (“Total Amount”) in smaller, equal installment payments (“Installments”) that are due on specific, pre-agreed dates (“Due Dates”).
2.3. You may also apply to use Akafay BNPL directly at checkout with eligible Merchants.
2.4. Approval of a BNPL checkout application will be subject to Akafay’s review of your data, credit profile, and circumstances using AI-driven credit assessment tools and compliance checks.
2.5. Akafay explicitly reserves the right, at its sole and absolute discretion, to decline your BNPL application at any time and is not obliged to provide reasons for such a decision.
2.6. Once your Akafay Account has been approved or your BNPL application at checkout is accepted, Akafay will pay the Merchant the Total Amount on your behalf, and you agree to repay Akafay the Total Amount in full through the agreed Installments, in accordance with these Terms.
2.7. The amount you owe to Akafay at any time will be the Total Amount, less any Installments you have already paid (“Total Amount Due”). This balance will be displayed within your Akafay Account dashboard in the App or Website.
2.8. Please note that benefits offered by your bank or card issuer (such as purchase protection, extended warranties, or cashback rewards) may not apply to purchases made using Akafay Services. Akafay does not guarantee the applicability of any such third-party benefits to transactions processed through the Akafay platform.
2.9. Akafay’s BNPL service is available only to eligible users, as determined by Akafay at its discretion. Eligibility is based on several factors, including:
2.10. To qualify for Akafay’s BNPL service, you must meet the following minimum criteria:
2.10.1. You are a resident of the Federal Democratic Republic of Ethiopia (FDRE) and have provided a valid and verifiable residential address.
2.10.2. You are 18 years of age or older.
2.10.3. You possess a valid National ID or Digital ID (Fayda) and pass Akafay’s biometric verification process.
2.10.4. you have an active email account registered in your name;
2.10.5. you have an active mobile phone number registered in your name;
2.10.6. you have provided all your information and documentation requested by us; and
2.10.7. you declare that any payment obligations arising from your purchase will be met by you pursuant to the payment terms agreed at the time of purchase.
2.11. We may provide you, at our sole discretion, with offers and benefits such as discounts, special events, pre-access to products, sales promotions, Merchant offers, sampling and giveaways. Any such offers or benefits will be subject to separate terms and conditions as notified to you.
2.12. For Akafay Halal users
If you choose Akafay’s Halal Financing Option, your BNPL transactions will be structured according to Shariah-compliant principles, where the bank (the Agent) purchases the product from the Merchant and resells it to you at a deferred, pre-agreed price. In such cases, no interest (riba) is applied, and all repayments are made in accordance with Islamic financing ethics. and will be mentioned in each purchase you make
3.1. You agree that all information you provide to Akafay will be true, accurate, current, and complete at all times. You further agree not to misrepresent your identity, financial status, or any details related to your Akafay Account or transactions.
3.2. You agree to keep your Akafay Account information accurate and up to date. You warrant and represent that any residential address, email address, or mobile number you provide to us is current and belongs to you. You agree to promptly notify us of any changes to your contact details, including your address, email, or mobile number.
3.3. Akafay stores information about your previous purchases and transactions for regulatory compliance, fraud prevention, credit risk analysis, and to improve your overall experience with Akafay Services. This data also allows us to provide you with personalized offers, loyalty benefits, and relevant financial recommendations through our AGAZ AI engine.
3.4. You agree that Akafay may, at any time, make inquiries and request information necessary to assess your eligibility to use the Akafay Services. This may include (but is not limited to) your credit history, income verification, or creditworthiness indicators obtained from:
Such inquiries may also be made when considering spending limit adjustments, account renewals, collection actions, or during dispute investigations.
3.5. You hereby authorize Akafay (and its authorized service providers or data processors as outlined in our Privacy Policy) to make such inquiries, collect, and process information about you subject to your explicit consent and applicable data protection laws for the purpose of verifying your identity, creditworthiness, and eligibility for the Akafay Services.
3.6. Akafay may, in compliance with applicable Ethiopian laws and financial regulations, disclose or report aggregated and individual information regarding your repayment history, transaction activity, and credit behavior to authorized entities such as:
Such disclosures are made solely for the purposes of regulatory compliance, credit reporting, and risk management, and will always align with Akafay’s commitment to data privacy, transparency, and user consent.
4.1. Before completing any transaction on your behalf through the Akafay Services, you must agree to these Terms and any specific terms applicable to that transaction.
4.2. By clicking the “Buy Now” button or confirming your transaction through the Akafay App or Website, you acknowledge that you have read, understood, and accepted these Terms in full, and agree to your obligation to pay the Total Amount displayed in your Akafay Account.
4.3. You acknowledge that,for installment payments, a down payment will be required before you are approved to use Akafay Services. This down payment will constitute the first Installment, which becomes immediately due and payable upon confirmation of your purchase.
4.4. Each subsequent Installment (or first Installment, if no down payment is required) will be due according to the Installment billing cycle specified in your Akafay Account.
4.5. Detailed Installment payment instructions are available through the Akafay App, Website, and/or your digital billing statement within your Akafay Account.
4.6. Depending on the Akafay Service, Akafay may accept various payment methods, including debit cards, bank transfers, mobile money accounts (e.g., Telebirr, HelloCash, Chapa, ArifPay), and other payment channels approved by the National Bank of Ethiopia (NBE). Akafay does not accept prepaid or anonymous cards.
Akafay reserves the right, at its absolute discretion, to reject any payment method that expires within six (6) months from the date of purchase or does not meet security standards.
4.7. Akafay may require you to register more than one valid payment method to your Akafay Account for repayment of your Installments and may ask you to select a default method from which Installments will be automatically deducted.
4.8. If your default payment method cannot be charged for any reason — including failed Installment payments or recurring subscriptions — you hereby authorize Akafay to charge any other registered payment method on your account, at Akafay’s discretion.
4.9. You may, at any time, repay the Total Amount Due, in whole or in part, without any prepayment penalty or additional charge.
4.10. Akafay reserves the right, at its sole discretion, to determine acceptable methods of payment and may discontinue accepting any particular payment channel or provider at any time and for any reason.
4.11. If you use a payment method that allows reversals or chargebacks, you hereby waive your right to initiate a chargeback or reversal for payments made toward your Akafay Installments or obligations.
4.12. Akafay may delay crediting your Akafay Account until the payment has been received in clear and verified funds, in compliance with Ethiopian financial regulations.
4.13. If your registered payment method (card, bank account, or mobile wallet) is replaced, canceled, or expires, or if you wish to use a different payment method, you must update your Akafay Account at least three (3) business days before your next Installment Due Date. Akafay reserves the right, at its discretion, to reject the removal or replacement of any payment method.
4.14. You are responsible for ensuring that, until your Total Amount Due is fully paid, your registered payment method remains valid, active, and sufficiently funded to cover all Installments and pre-authorizations under these Terms.
4.15. You may request to stop a payment on a registered payment method by providing and activating a replacement method in your Akafay App at least three (3) business days before your next Installment Due Date. Akafay reserves the right to approve or deny any request for removal or replacement of a payment method, at its absolute discretion.
4.16. Upon accessing the Akafay Services, you will be granted access to digital Statements that clearly outline the methods, schedules, and procedures for making repayments under the applicable Akafay Service.
4.17. For your convenience, all payments related to individual purchases made through Akafay will be consolidated into a single monthly Statement. This Statement will provide:
4.17.1. A single Due Date for repayment; and
4.17.2. A unified billing cycle covering all eligible transactions made within that period.
4.18. Your billing cycle begins upon completion of your first purchase using Akafay’s BNPL service. This initial purchase triggers the creation of your first Statement, and any subsequent purchases made within the following thirty (30) days will be included in that same Statement.
4.19. Each monthly Statement will detail the following information:
4.19.1. The amount due for each active purchase;
4.19.2. The Due Dates for all scheduled Installment payments;
4.19.3. Any service fees or administrative charges, if applicable under the specific Akafay Service you are using; and
4.19.4. Any discounts, cashback rewards, or promotional adjustments credited to your account.
4.20. To avoid incurring late or collection charges, you must settle your Statement in full by the specified Due Date. Failure to do so may result in additional fees, service suspension, or a review of your eligibility for future credit under Akafay’s responsible lending policies.
4.21. You may view, download, and settle your Statement at any time through the “Payments” or “My Account” section of the Akafay App or Website, where your real-time payment history, Installment schedule, and remaining balance will be displayed.
4.22. For Akafay halal Users
If you are using Akafay’s Halal Financing Option, your Statement will clearly indicate that your transactions are structured under Shariah-compliant terms, showing the agreed deferred price rather than interest-based Installments. All amounts will reflect the fixed resale value under the applicable Islamic financing structure (e.g., Murabaha).
5.1. By selecting the Akafay Installment (BNPL) payment option at checkout, you authorize your bank and Akafay (operated by Decentral Technologies PLC) to charge the eligible payment method you provided at checkout, or any subsequent payment method you add, for the installments associated with your purchase. Payments will be processed securely through your chosen bank, which has made the payment on your behalf.
5.2. The payment schedule including the amount and Due Date of each Installment will be clearly displayed on the Akafay App and Website before you complete your purchase. Akafay’s AI-powered system (AIS Engine) automatically generates these repayment terms based on your transaction details, affordability profile, and creditworthiness assessment.
5.3. You hereby authorize Akafay or any of its authorized service providers to:
5.3.1. Charge your added payment method for the initial down payment or first Installment on or after the date of purchase;
5.3.2. Charge your added payment method for each subsequent Installment on its respective Due Date;
5.3.3. Charge your added payment method for the Total Amount Due if you choose to settle the balance in full prior to the end of the Installment plan; and
5.3.4. In the event of default or non-payment, charge your payment method for any overdue Installment(s) or the Total Amount Due, as stipulated under these Terms.
5.4. If any automatic Installment charge or Total Amount Due fails due to insufficient funds, expired payment credentials, or other reasons, you must make the required payment immediately using any other valid payment method linked to your Akafay Account. Akafay may also initiate a retry of the payment using an alternative registered method, in accordance with your prior authorization.
5.5. Akafay Halal Financing Clause
If you select Akafay’s Halal Financing Option, your repayment authorization covers the deferred resale price of the product purchased under a Shariah-compliant Murabaha structure. In this case, no interest (riba) is charged, and Akafay’s authorized financial partner will have first purchased the product from the Merchant and resold it to you at a pre-agreed deferred price, payable through Installments. Each Installment represents a portion of this fixed resale price, not an interest-bearing obligation.
6.1. We have the right, subject to any specific requirements under applicable law, to provide you with a cure period, to declare you in default for any of the following reasons:
6.1.1. You fail to pay any Installment by the Due Date.
6.1.2. You commit any act or omission which we reasonably consider significantly impairs your ability to pay or our ability to collect the amounts due from you.
6.1.3. You revoke your consent to electronic communications or notifications necessary to manage your account.
6.1.4. You become legally incompetent.
6.2. If you are declared in default, you acknowledge that we have the right to require you to pay the remaining total amount of all outstanding Installments immediately or otherwise follow procedures consistent with Shariah-compliant financing if you opted for the Halal Financing Option.
6.3. You agree that we have the right to seek immediate settlement of this amount by charging the payment method you provided to Akafay, or by pursuing other lawful recovery measures consistent with Shariah compliance.
6.4. In the event of death, we will follow our internal procedures to settle your Total Amount Due in accordance with applicable laws and, if applicable, Shariah principles.
7.1. We may initiate debt collection procedures and incur actual (extra-judicial) costs to recover any late payments due. We will ensure prior communication with you to collect such payments. These costs will be set out in your Akafay Account and will be added to the Total Amount Due, consistent with applicable laws and, if applicable, Shariah-compliant financing rules.
7.2. We can additionally require immediate settlement of the Total Amount Due. Unless prohibited by applicable law, we may also require you to pay the costs we incur in any collection proceeding, as well as reasonable attorneys’ fees if your Akafay Account is referred to an attorney or collection agency for recovery, while ensuring all measures align with Shariah principles if you opted for Halal Financing.
8.1. We may set a total purchase limit (“Limit”) for you, which will be disclosed in your Akafay Account when you log in via our Website or App.
8.2. This Limit is the total amount available to you for purchases with Merchants and reduces each time you make a purchase.
8.3. We may change the Limit from time to time at our absolute discretion, based on factors including, but not limited to, your creditworthiness, payment history, and transaction history.
8.4. We may deny any transactions for any reason at our discretion. We are not liable for any refusal to honor a transaction or your Akafay Account.
8.6. You authorize Akafay to coordinate with the Merchant, broker, or agent from whom you made a purchase using Akafay to downgrade, cancel, or halt any membership, subscription, or upcoming fulfillment or service, if applicable.
8.7. You authorize Akafay’s Merchant, broker, or agent partners to liaise with their vendors, suppliers, and/or manufacturers, if necessary, to enforce the aforementioned cancellation or downgrade.
8.8. We may, upon notice to you, assign, sell, or transfer your Akafay Account, or any amounts due on your Account, to one or more third parties, either individually or as part of a pooled group of accounts, in compliance with Ethiopian law and Shariah-compliant financing guidelines. For Akafay Halal transactions, such transfers must also be approved by Akafay’s Shariah Committee.
8.9. The third party or parties to whom we make any such assignment, sale, or transfer shall be entitled to all our rights under these Terms, to the extent assigned, sold, or transferred.
8.10. You acknowledge and agree that we may assign, sell, or transfer our obligations under these Terms, or in relation to your Akafay Account (whether in whole or in part), or assign, sell, or transfer your contract with us (whether in whole or in part) to a third party or parties. This clause constitutes your advance consent to any such assignment, sale, or transfer, in accordance with applicable Ethiopian law and for Akafay Halal, Akafay’s shariah committee through Shariah-compliant financing principles.
8.11. The third party or parties to whom we transfer our obligations under these Terms or in relation to your Akafay Account shall assume our obligations under these Terms, to the extent transferred.
8.12. We may disclose any information relating to your Akafay Account, including repayment history and credit behavior, to any person or entity to whom we make any such sale, assignment, or transfer.
8.13. You hereby acknowledge, agree, and consent:
8.13.1. To any security interests granted by Akafay in favor of financial institutions or investors, as applicable from time to time, each acting as security agent over all present and future rights, title, and interest in and to all receivables, accounts payable, books, and other debts, including all proceeds and other rights to receive money under or in connection with these Terms;
8.13.2. To the completion and registration of such security arrangements in accordance with Ethiopian law, including any relevant registry of movable or immovable assets, or any successor entity or forum;
8.13.3. To the exercise by any security agent, receiver, or delegate of any of its rights under such security arrangements;
8.13.4. To pay any amounts owing as they fall due under these Terms, as directed in writing from time to time by the security agent;
8.13.5. Not to claim or exercise any right of set-off or counterclaim in respect of these Terms; and
8.13.6. That you have been notified of the security having been, or to be created, on the terms and conditions set out in these Terms, as required under applicable law.
8.14. You hereby acknowledge and agree that we are authorized to exercise the same rights against you as the Merchant may exercise based on the Products purchased through Akafay.
9.1. By participating in Akafay’s promotional referral program (“Referral Program”), you agree specifically to this clause 11 (the “Eligibility Terms & Conditions”).
9.2. Akafay may terminate, cancel, suspend, or modify the Referral Program or these Eligibility Terms & Conditions at any time, at its sole discretion.
9.3. The Referral Program permits newly onboarded or existing Akafay users (“Referrer”) to invite a new user (“Referee”) to fulfill the requirement for a valid referral as defined in clause 11.5 below (“Qualifying Purchase”).
9.4. The Referrer and/or Referee will earn an award (“Referral Reward”) once they satisfy the conditions for a Qualifying Purchase.
9.5. The Referral Program shall be structured as follows:
9.5.1. Akafay will notify the period(s) during which the Referral Program is active (the “Promotion Period”).
9.5.2. The Referrer shares a unique personal referral link with the Referee user.
9.5.3. The Referee should not have used any Akafay Service or payment method previously, including but not limited to making a purchase using Akafay’s payment methods or downloading the App.
9.5.4. The Referee must make a Qualifying Purchase in their first shopping transaction using Akafay’s payment methods within the time specified in the App after signing up through the referral link.
9.5.5. Akafay will determine at its discretion the minimum value for a purchase to be deemed a Qualifying Purchase and will specify the same in the App.
9.5.6. The Referral Reward applies to in-store and online transactions and will be awarded within the time specified in the App from when the Referee makes their first purchase and payment with Akafay, provided that such order is not refunded or otherwise canceled.
9.5.7. The Referral Reward will be credited to your Akafay Account and can be used for upcoming payments.
9.5.8. Akafay reserves the right to exclude any user with delinquent balances from earning rewards through the Referral Program. We encourage users to develop healthy financial habits and do not support taking on more debt than can be reasonably repaid.
9.5.9. Akafay reserves the right to recover or cancel the Referral Reward if the Referee user’s order is canceled or fully returned in accordance with these Terms.
9.5.10. A Referrer may only refer personal family, friends, and acquaintances who meet the eligibility requirements of the Referral Program. Akafay may, at its discretion, set a maximum limit to the aggregate Referral Rewards that a Referrer can earn during the Promotion Period. If a limit is set, it will be clearly specified in the App.
9.5.11. If Akafay determines that a Referrer has shared their referral link in a manner that encourages or is intended to encourage sign-ups from people outside their personal network, Akafay may disqualify the Referrer and void any successful referrals.
9.5.12. The Referral Program is open to individuals who are legal residents of Ethiopia and are eighteen (18) years of age or older at the time of entry.
9.5.13. Akafay may disqualify any Referrer or Referee from the Referral Program if we believe, in our sole judgment, that they are attempting to abuse, misuse, defraud the Program, violate the Eligibility Terms & Conditions, or supply false information. In such cases, all rewards will be void.
10.1. Any complaints in relation to Products shall be handled exclusively by the Merchant, and you hereby agree that Akafay has no responsibility or liability to you regarding the performance, merchantability, or suitability of the Products themselves. You acknowledge and agree that your payment obligations under these Terms, including the repayment of any amounts owed to your Agent, are independent of the fulfillment or non-fulfillment of any Products or services by the Merchant. Non-performance, delays, or any other issue related to the Product or service will not affect, reduce, or eliminate your obligation to repay the Total Amount Due to the Agent in accordance with these Terms.
10.2. Subject to Akafay receiving written confirmation from a Merchant to refund an amount payable for a Product, we will contact your bank (The Agent) to credit your account woth the relevant balance.
10.3. In no circumstance will we be required to pay any amount directly to you that is to be credited to your Akafay or bank Account as part of a refund.
10.4. Complaints in relation to Akafay or Akafay Services can be submitted in writing through the contact form on our Website or via the Akafay App.
11.1. We own or hold the rights to any and all intellectual property in our Website and App (“Core IP”), as well as all intellectual property and other rights in all material (including text, graphics, logos, audio, and software) made available on or through our Website and App (“Content”).
11.2. Your use of the Akafay Services, our Website, or our App does not grant or transfer any rights, title, or interest in either the Core IP or the Content to you.
13.3. We hereby grant you a license to access and use the Website and the App solely for the purpose of using and enjoying the Akafay Services, as outlined in these Terms and, where applicable, as expressly authorized by us.
11.4. You are expressly prohibited from:
11.4.1. Using our Website or App otherwise than in accordance with these Terms and other than for the purpose of using the Akafay Services;
11.4.2. Reselling or sub-licensing the use of our Website or App;
11.4.3. Reverse engineering, copying, or otherwise reproducing our Website, App, or any Content; or
11.4.4. Modifying, adapting, developing, creating any derivative work, decompiling, disassembling, unlocking, or carrying out any act restricted by the scope of your license in relation to the Core IP, our Website, App, or the Content.
11.5. Any reproduction or redistribution of our Website, App, or any Content is prohibited and may result in civil or criminal penalties. Additionally, copying any Content (in whole or in part) to any other server, location, or platform for publication, reproduction, or distribution is expressly prohibited.
11.6. All other use, copying, or reproduction of our Core IP, Website, App, or Content (or any part thereof) is strictly prohibited in accordance with applicable Ethiopian law.