THIS AGREEMENT is a financial services and an end-user agreement between you and Odyssey Capital Limited a company duly registered under the Laws of Kenya of P.O. Box No. 43537-00100 Nairobi for the loan application in the prescribed manner via the Company’s website lipalater.com or USSD.

The Lender has agreed, at the request of the Borrower, to advance credit facilities (the “Loan”) for purposes of purchasing the consumer items to include but not limited to electronics and furniture.

The Borrower agrees to settle the any monies due in full according to these terms and Loan Agreement;

The Lender and the Borrower (individually, each a “Party” and collectively, the “Parties”) have agreed to record their mutual understanding in the terms set out below.

These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.



For the purposes of this Agreement and the Odyssey Capital Limited’s credit facilities, unless the context requires otherwise:


The Services offered by Odyssey Capital Ltd are intended solely and can only be utilized by persons who are 18 years or older and are legally capable of entering into a legally binding contract. Any use of our services by anyone who does not fit this criterion is unauthorized and in violation of these Terms.

Odyssey Capital Ltd reserves the right to decline your loan application or to revoke the same at any stage at our sole and absolute discretion and without assigning any reason or giving any notice thereto.

We reserve the right (in our sole and absolute discretion) to issue, decline to issue a loan and/or vary the terms of any loan depending on its assessment of the credit profile of each individual customer from time to time.

You agree to not use our services to conduct any activity that would constitute a civil or criminal offence or violate any law. You agree not to attempt to interfere with the concord application or security features or to gain unauthorized access to our systems.


We allow you to apply for a loan through concord using your mobile phone, a computer, the internet or other electronic channels. Odyssey Capital Ltd will be entitled to assume that any loan agreements entered into through electronic channels have been authorized and entered into by you.

If you access and use the USSD application option, you will be deemed to have read, accept and agree to be bound by and comply with these Terms.

You will notify us immediately if you become aware that any unauthorized person may have access to your mobile phone device and information that they may use to make an authorized application,

You will accept the terms of the loan agreement telephonically or via SMS by confirming agreement with these terms by sending your name and National Identity card number. At this juncture, we will confirm your monthly installment, the repayment period of the loan, the interest rate, insurance costs (where applicable), the total amount payable and the dates of the first and final installments.

Odyssey Capital Ltd may implement any authentication procedure it believes necessary for customer authentication when the Loan application is received and the electronic record will be proof that you accept to comply and be bound by the terms herein.


You hereby irrevocably authorize the Lender to act on all Requests received by us from you (or purportedly from you) through the System and to hold you liable in respect thereof. The Lender may nevertheless refuse to carry out any Requests in its sole and absolute discretion.

Subject to its discretion, the Lender reserves the right to reject any Request in relation to a loan application from you even if you have previously been issued with a loan by us.

The Lender shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which we may act if the Lender has in good faith acted in the belief that such instructions have been sent by you.

The Lender may, in its absolute discretion, decline to act on or in accordance with the whole or any part of your Request pending further enquiry or further confirmation (whether written or otherwise) from you.

You agree to and shall release from and indemnify the Lender against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to us having acted in accordance with the whole or any part of any of your Requests (or failed to exercise) the discretion conferred upon it.

You acknowledge that to the full extent permitted by law that we shall not be liable for any unauthorized application, drawing, disclosure, any activity or any incident on your mobile device by the fact of the knowledge and/or use or manipulation of your Sim card, ID or any means whether or not occasioned by your negligence.

In the event of any conflict between any terms of any Request received by us from you and this Agreement, this Agreement shall prevail.


By agreeing to these Terms, you authorize us, our assigns, successors or servicing agents to send SMS Statement Notifications to any phone number(s) provided to us by you, in connection with your relationship with us, including your application, any loans with us, and any other agreements with us.  This applies to any phone numbers you provide now or in the future.

As used in this Terms “SMS Notifications” means any SMS (text message) or equivalent mobile communications from us to you pertaining to your loan phone numbers provided in connection with this loan, including but not limited to payment information, pending documents, account information, due dates and other relevant information pertaining to your loan account.


You shall pay the Lender principal and interest on the Loan Amount at the rate and on the respective due dates to be specified by the Lender during application of the facility.

The terms of the loan and the interest rate payable in relation to each loan application will be communicated to each individual borrower at the application stage.

Rates are assigned at your loan application approval and are based on your creditworthiness.


In the event that you cancel the loan application after acceptance of the terms (constitutes a legally binding contract) of the loan for whatsoever reason, you are liable to pay cancellation fees to us as shall be determined by Lipa Later from time to time.

The cancellation fees are a nominal recompense Lipa Later for time and resources spent on analysing and approving the loan.


The Repayment for the entire Loan shall be made monthly installments on a specific date in a manner to be specified by the Lender on approval of your loan application.

You agree to pay us legal and processing fees to be computed using the principal loan amount applied for. The fees shall be included in the final instalment in respect to expenses incurred by us in connection with the processing of your loan application, approval, for preparation of the contract, execution and disbursement of our credit facilities to you.

The statement of the Lender as to the rate, mode or amount of interest and penalties payable shall, in the absence of manifest error, be conclusive.


Event of Default

An event of default occurs when you fail to pay any sum payable for a Loan granted under these Terms and Conditions on the repayment dates to be communicated by the Lender via sms or to failure to pay the interest when due or any indebtedness or failure to perform or observe your obligations under this Agreement.

Late fees and Penalties

If the Borrower defaults in making any payments hereunder within the specified time the Borrower shall pay late fees over and above the rate specified in the Schedule above.

If you fail to make any payments due to the Lender at the due date for payment, the Lender will be authorized to apply late fees at the rate of Kes.1500 per month on any outstanding amount or any portion remaining unpaid from the due date of such payment until actual payment thereof.

You further hereby agree to reimburse and indemnify the Lender against any loss of profit and expenses which the Lender may incur as a consequence of the Borrower’s default in making payment of either the Loan Amount or the Interest.

Lender’s Remedies

At any time after an Event of Default has occurred which is continuing, the Lender may, without prejudice to any other right or remedy granted to it under any law:

Serve a notice in writing to the Borrower declaring the Loan Amount immediately due and payable together with all interest payable and demanding payment and if the Borrower does not comply with the notice served the Lender may exercise the following remedies

  1. repossess the item financed under these Terms and Conditions from the Borrower
  2. sell the repossessed electronic or consumer item
  3. appoint a Debt Collector to recover the outstanding balance from the Borrower
  4. enter the Borrower’s place of business and/or home and possess an asset or item of equal or greater value as a security or for the purpose of attaching the item to off-set the loan.
  5. supply information concerning the Event of Default to Credit Reference Bureaus. A copy of any adverse information concerning you sent to a Credit Reference Bureau shall be made available to you upon written request.
  6. sue the Borrower for any money due and owing under this Agreement.


You acknowledge and agree that you are required to take out consumer insurance over the financed electronic or consumer item.

The Consumer Insurance policy is mandatory for all financed electronic devices and may apply to other consumer items at the discretion of the Lender.

The premium rate shall be 5% of value of financed item to cover fire, special perils, burglary, terrorism and 10% of value of asset to cover fire, special perils, burglary, terrorism, damage subject to a minimum premium Kshs. 1500.

The term of the Insurance cover shall be for the duration of the loan. In the event of loss or damage of the financed item, you will be required to have completed paying at least 50% of the loan amount for the financed item/electronic to be replaced or repaired.

The Risks covered under the Consumer Insurance are:

  1. Fire and Special perils – Following fire, water, lightening, Explosions, impacts of vehicles, trees and animals, earthquakes and malicious damage.
  2. Theft/Burglary –threats or intimidation, actual forced entry into the borrower’s premises.
  3. Terrorism risks included

In the event of damage or loss under the risks covered, you are required to:

  1. Notify the Lender immediately and fill in claim form provided
  2. Provide the us with the following documentation:
    1. Police Abstract – For theft/loss
    2. Phone Blockage Certificate from mobile network operator – In the case of phone theft / loss
    3. Quotation – If electronic is damaged, a quotation of how much it will cost to fix it will be required.

The Consumer Insurance cover does not include the following:

  1. Loss or damage arising from wear and tear or depreciation or the action of light or atmospheric conditions
  2. Loss or deterioration occasioned by any process of cleaning, repairing and restoring.
  3. Manufactures defects. Touch screen display failure.
  4. Loss or damage directly or indirectly caused by seizure, confiscation, and destruction by government law enforcing agents.
  5. Third party liability.
  6. Loss or damage as a result of distortion, erasure, corruption or alteration of Electronic Data.
  7. Loss or damage directly or indirectly caused by fluctuation, or insufficiency of electricity.
  8. Any infidelity, fraudulent, dishonest of staff/family members of the insured whether acting alone or in collusion with others.
  9. Loss or damage arising directly or indirectly from use of drugs and alcohol
  10. Loss or damage arising directly from terrorism activities.
  11. Items held in trust or on commission.


For purposes of these Terms, delivery to Borrower will occur when the financed item is placed in the possession of the Borrower or their nominated representative. The Borrower has the right to inspect the financed item on delivery and either return it to the dealer/retailer or accept delivery by signing the delivery note.

Risk of loss or damage with respect to the financed item shall pass to Customer upon delivery by a courier service or by other means and by signing the delivery note.


You hereby agree to indemnify, defend and the Lender, its directors, officers, shareholders, subsidiaries, affiliates, agents and licensors harmless from and against any and all liability, losses, damages and costs, including, without limitation, reasonable attorneys' fees, arising from your use of our services.

In the event the Lender exercises any rights pursuant to this Agreement, the Borrower hereby releases Lender from any liability, costs, damages or other obligations and waives his/her right to sue(if any) and further agrees, promises and covenants that neither he, nor any person, organization, or any other entity acting on his behalf will file, charge, claim, sue or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary relief or other) against the Lender as a result of such exercise of rights/remedies outlined above.


These Terms and Conditions and our SMS communication to your cellphone constitute the entire agreement which shall be applicable to you and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between us, whether written or oral, relating to its subject matter.

You acknowledge that in entering into this Agreement you do not rely on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in these Terms and Conditions.

The parties herein agree that neither of us shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.


We disburse loans by purchasing the selected items from our Partner stores. Select dealers/ retailers and stores apply.

You acknowledge that you have been duly advised regarding the nature, remedies and that neither the Lender or its employees or agents have used any compulsion or threat or exercised undue influence on them to induce them to execute this Agreement.

You shall not sell, transfer, lease, gift, or part with the possession of any part of the electronic or consumer item financed under this Agreement without the prior written consent of the Lender.

The Lender reserves the right to assign and/or transfer all or any of its rights, benefits and obligations under this Agreement to any person at any time provided, that such assignment shall not relieve the Borrower of any of its obligations hereunder.

These Terms are severable in that if any provision is determined to be illegal or unenforceable by any court of competent jurisdiction such provision shall be deemed to have been deleted without affecting the remaining provisions which will continue to be valid and enforceable to the fullest extent permitted by law. Any disputes arising out of the Terms or our services offered will be resolved in accordance with the laws of Kenya.


This Agreement shall be governed and construed in accordance with the laws of Kenya in all respects.