Terms of Agreement for Edufinancial
Effective Date: 14 July, 2026
Welcome to Edufinancial Nigeria Ltd. By applying for membership, you agree to the following terms and conditions, which govern the services we provide and outline the responsibilities of both parties. These terms ensure a clear understanding of the obligations, payment structures, and cancellation policies associated with our school fee plan services. Please read this agreement carefully before proceeding, as it is subject to annual updates and revisions.
1. Application Requirements
- A new application must be made for each school year.
- An application for membership can only be considered where at least one of the applicants is gainfully employed in a full-time occupation or is carrying on a business on a full-time basis.
- If an applicant becomes subsequently unemployed or unable to run his or her business, the member is obliged to inform Edufinancial within 15 days.
- Membership is only available to Lagos state Nigeria residents at the moment.
2. Membership Terms
- If your application for membership is accepted (subject to Terms and Conditions), Edufinancial Nigeria Ltd will assume and discharge your obligation to pay the school fees to your nominated school(s), up to the amount specified in our letter of confirmation.
- Membership of Edufinancial school fee Plan does not entitle the member to any interest or otherwise in Edufinancial Ltd Company in any form.
- Edufinancial in its absolute discretion reserves the right to reject an application for membership or cancel a membership at any time, without prior warning or explanation.
3. Payment Terms
- Members are required to pay three monthly instalments or an equivalent of two weekly instalments if the fortnightly payment option is chosen.
- Monthly calculated instalments are to be paid on the 1st working day of each month, with the exception of January, which will be deducted on the 8th of the month.
- Fortnightly instalments are to be paid on a fortnightly basis according to the nominated date proposed in your confirmation letter.
- If a member fails to make a monthly/fortnightly instalment, Edufinancial will be relieved of its obligation to pay the school fees for the member, until all outstanding instalments are brought up to date.
- Edufinancial also reserves the right to recover any outstanding instalments which a member has failed to make immediately.
4. Cancellation Policy
- Members are obliged to make the agreed instalments for the school term unless a written request for cancellation has been lodged with and accepted by Edufinancial.
- Cancellation requests will only be accepted and effective where the value of the member’s instalments paid to the school are equal to or greater than the amount of the school fees paid as at the date of the cancellation request.
- Any shortfall between the amount of the member’s instalments paid and the amount of school fees paid as at that date must be reimbursed to Edufinancial before the request for cancellation can be accepted and effective.
- Edufinancial shall promptly refund any excess instalments paid to the member following cancellation.
- Where Edufinancial has accepted a request for cancellation, it shall have no further obligation to pay any further school fees outstanding on a member’s school account.
5. Communication and Information Updates
- A letter will be sent to you when the school fees for the year have been verified with the school.
- Any request by a member for a change in their fees to be funded must be made in writing to Edufinancial Nigeria Ltd.
- If a member’s residential address, telephone number, or employment changes, the member is obliged to inform Edufinancial in writing or by contacting Edufinancial by phone, after the member’s identity has been verified to the satisfaction of Edufinancial.
6. Liabilities and Responsibilities
- Any former outstanding on a member’s school account, other than the fees for which Edufinancial has accepted responsibility, will not be paid and is not our obligation.
- Edufinancial takes no responsibility for errors made by a member’s financial institution in processing their monthly/fortnightly instalments.
7. General Conditions
- Edufinancial reserves the right to change these terms and conditions from year to year.
Contact Us
If you have any questions, concerns, or requests regarding this Terms of Agreement or our data handling practices, please contact us at:
Edufinancial
Thank you for trusting Edufinancial with your information. We are committed to protecting your privacy and ensuring a safe and secure experience with our services.
