VZCredit / Fair Credit Cash
Key Compliance Summary
Licensed Lender:
NEO MICRO FINANCE INSTITUTION S.C (Licensed by National Bank of Ethiopia)
Service Provider:
VERIZON-BEEN TECHNOLOGY LIMITED (Technology & Marketing Service Provider)
Lending Responsibility: All loan approval, disbursement, and repayment management are conducted solely by NEO.
Funds:
All loan funds are provided by NEO.
Repayment:
All repayments are made directly to NEO.
Platform Role:
VERIZON does not provide loans, does not make credit decisions, and does not handle user funds.
NEO MICRO FINANCE INSTITUTION S.C (Licensed by National Bank of Ethiopia)
Service Provider:
VERIZON-BEEN TECHNOLOGY LIMITED (Technology & Marketing Service Provider)
Lending Responsibility: All loan approval, disbursement, and repayment management are conducted solely by NEO.
Funds:
All loan funds are provided by NEO.
Repayment:
All repayments are made directly to NEO.
Platform Role:
VERIZON does not provide loans, does not make credit decisions, and does not handle user funds.
1. Regulatory Framework
NEO MICRO FINANCE INSTITUTION S.C is a licensed financial institution legally established in Ethiopia and authorized to conduct lending activities under NBE License No. MF1/054/2022.
Based on NEO’s licensing qualifications, the related loan services are made available to users through the mobile application Fair Credit Cash, and are conducted by a licensed institution in Ethiopia.
VERIZON-BEEN TECHNOLOGY LIMITED participates strictly as a technology service provider and does not engage in any direct lending activities.
2. Partnership Structure
VERIZON and NEO operate under a compliant loan facilitation model:
NEO, as the licensed financial institution, is responsible for:
Loan approval and credit decision-making
Determination of loan terms (including interest rates and fees)
Fund disbursement and management
Repayment collection and account management
Regulatory compliance obligations
VERIZON, as the technology service provider, is responsible for:
Development and maintenance of the Fair Credit Cash application
User acquisition and digital channel operations
Data processing and system support (as instructed by NEO)
Customer interface and experience optimization
3. Product & Service Description
Fair Credit Cash operates as a digital platform providing access to loan services, providing Ethiopian users with a convenient online access point to loan services.
All loan-related activities, including but not limited to:
Credit assessment and approval
Contract execution
Loan disbursement
Repayment processing
are carried out solely by NEO MICRO FINANCE INSTITUTION S.C as the licensed entity.
All loan services are provided solely by:
NEO MICRO FINANCE INSTITUTION S.C (Ethiopia)
VERIZON-BEEN TECHNOLOGY LIMITED does not provide loan funds, does not participate in credit decisions, and does not act as a lending entity.
4. Funding & Repayment Structure
Source of Funds: All loan funds are provided exclusively by NEO MICRO FINANCE INSTITUTION S.C.
Disbursement: Loan amounts are disbursed directly from NEO to the borrower.
Repayment: All repayments (including principal, interest, and applicable fees) are made by borrowers directly to NEO.
VERIZON-BEEN TECHNOLOGY LIMITED does not handle, hold, or control any loan funds at any stage.
5. Interest Rates & Fees Disclosure
Loan terms are determined solely by NEO MICRO FINANCE INSTITUTION S.C and may vary depending on user eligibility and risk assessment.
Loan Amount Range: ETB 1,000 – ETB 500,000
Loan Term: 91 – 365 days
Annual Percentage Rate (APR): up to 20% per annum
Service Fees: may apply depending on the loan product, clearly disclosed before loan confirmation
Late Payment Fees: applied in accordance with applicable regulations and disclosed in the loan agreement
All applicable fees and charges will be transparently presented to users prior to acceptance.
6. Compliance & Risk Control
Both parties adhere to strict compliance standards, including:
Know Your Customer (KYC) procedures
Anti-Money Laundering (AML) compliance
NEO assumes full responsibility for financial compliance, while VERIZON ensures system-level compliance and secure technology infrastructure.
Data privacy and protection regulations
7. Data Protection & Privacy
In connection with the Fair Credit Cash application, the following data practices apply:
Types of Data Collected:
Personal identification information (e.g., name, phone number, ID details)
Device information (e.g., device model, OS, IP address)
Financial and transaction-related data
Application usage data
Purpose of Collection:
Identity verification (KYC)
Credit risk assessment
Loan processing and account management
Fraud prevention and regulatory compliance
Data Processing:
Primary data controller: NEO MICRO FINANCE INSTITUTION S.C
VERIZON processes data strictly on behalf of NEO for technical and operational support
Data Ownership:
All user data is owned and controlled by NEO MICRO FINANCE INSTITUTION S.C.
Cross-border Transfer:
Data may be processed on secure servers, including possible cross-border transfer, strictly in compliance with applicable data protection laws.
Data Retention:
User data is retained only for as long as necessary to fulfill legal, regulatory, and business requirements.
User Rights:
Users may request access, correction, or deletion of their personal data by contacting official customer support channels.
8. Authorization Statement
NEO has formally authorized VERIZON to provide technical and operational support for its lending business in Ethiopia, including the Fair Credit Cash application, covering:
System development and maintenance
Digital platform operations
Loan facilitation support
This authorization does not transfer any financial license or lending authority.
9.Consumer Protection
The Licensed Lender adheres to responsible lending principles.
Users are informed of all loan terms, including interest rates, fees, and repayment obligations before loan confirmation.
Users are encouraged to borrow responsibly and ensure timely repayment.
Customer support is available to assist with any loan-related inquiries or complaints.
10.Disclaimer
VERIZON-BEEN TECHNOLOGY LIMITED is a technology service provider only.
VERIZON-BEEN TECHNOLOGY LIMITED does not provide loan funds, does not make credit decisions, does not determine loan terms, and does not participate in fund disbursement or repayment collection.
All loan services are provided solely by:
NEO MICRO FINANCE INSTITUTION S.C (Ethiopia)
All lending activities are conducted by a licensed institution in Ethiopia.
NEO MICRO FINANCE INSTITUTION S.C is a licensed financial institution legally established in Ethiopia and authorized to conduct lending activities under NBE License No. MF1/054/2022.
Based on NEO’s licensing qualifications, the related loan services are made available to users through the mobile application Fair Credit Cash, and are conducted by a licensed institution in Ethiopia.
VERIZON-BEEN TECHNOLOGY LIMITED participates strictly as a technology service provider and does not engage in any direct lending activities.
2. Partnership Structure
VERIZON and NEO operate under a compliant loan facilitation model:
NEO, as the licensed financial institution, is responsible for:
Loan approval and credit decision-making
Determination of loan terms (including interest rates and fees)
Fund disbursement and management
Repayment collection and account management
Regulatory compliance obligations
VERIZON, as the technology service provider, is responsible for:
Development and maintenance of the Fair Credit Cash application
User acquisition and digital channel operations
Data processing and system support (as instructed by NEO)
Customer interface and experience optimization
3. Product & Service Description
Fair Credit Cash operates as a digital platform providing access to loan services, providing Ethiopian users with a convenient online access point to loan services.
All loan-related activities, including but not limited to:
Credit assessment and approval
Contract execution
Loan disbursement
Repayment processing
are carried out solely by NEO MICRO FINANCE INSTITUTION S.C as the licensed entity.
All loan services are provided solely by:
NEO MICRO FINANCE INSTITUTION S.C (Ethiopia)
VERIZON-BEEN TECHNOLOGY LIMITED does not provide loan funds, does not participate in credit decisions, and does not act as a lending entity.
4. Funding & Repayment Structure
Source of Funds: All loan funds are provided exclusively by NEO MICRO FINANCE INSTITUTION S.C.
Disbursement: Loan amounts are disbursed directly from NEO to the borrower.
Repayment: All repayments (including principal, interest, and applicable fees) are made by borrowers directly to NEO.
VERIZON-BEEN TECHNOLOGY LIMITED does not handle, hold, or control any loan funds at any stage.
5. Interest Rates & Fees Disclosure
Loan terms are determined solely by NEO MICRO FINANCE INSTITUTION S.C and may vary depending on user eligibility and risk assessment.
Loan Amount Range: ETB 1,000 – ETB 500,000
Loan Term: 91 – 365 days
Annual Percentage Rate (APR): up to 20% per annum
Service Fees: may apply depending on the loan product, clearly disclosed before loan confirmation
Late Payment Fees: applied in accordance with applicable regulations and disclosed in the loan agreement
All applicable fees and charges will be transparently presented to users prior to acceptance.
6. Compliance & Risk Control
Both parties adhere to strict compliance standards, including:
Know Your Customer (KYC) procedures
Anti-Money Laundering (AML) compliance
NEO assumes full responsibility for financial compliance, while VERIZON ensures system-level compliance and secure technology infrastructure.
Data privacy and protection regulations
7. Data Protection & Privacy
In connection with the Fair Credit Cash application, the following data practices apply:
Types of Data Collected:
Personal identification information (e.g., name, phone number, ID details)
Device information (e.g., device model, OS, IP address)
Financial and transaction-related data
Application usage data
Purpose of Collection:
Identity verification (KYC)
Credit risk assessment
Loan processing and account management
Fraud prevention and regulatory compliance
Data Processing:
Primary data controller: NEO MICRO FINANCE INSTITUTION S.C
VERIZON processes data strictly on behalf of NEO for technical and operational support
Data Ownership:
All user data is owned and controlled by NEO MICRO FINANCE INSTITUTION S.C.
Cross-border Transfer:
Data may be processed on secure servers, including possible cross-border transfer, strictly in compliance with applicable data protection laws.
Data Retention:
User data is retained only for as long as necessary to fulfill legal, regulatory, and business requirements.
User Rights:
Users may request access, correction, or deletion of their personal data by contacting official customer support channels.
8. Authorization Statement
NEO has formally authorized VERIZON to provide technical and operational support for its lending business in Ethiopia, including the Fair Credit Cash application, covering:
System development and maintenance
Digital platform operations
Loan facilitation support
This authorization does not transfer any financial license or lending authority.
9.Consumer Protection
The Licensed Lender adheres to responsible lending principles.
Users are informed of all loan terms, including interest rates, fees, and repayment obligations before loan confirmation.
Users are encouraged to borrow responsibly and ensure timely repayment.
Customer support is available to assist with any loan-related inquiries or complaints.
10.Disclaimer
VERIZON-BEEN TECHNOLOGY LIMITED is a technology service provider only.
VERIZON-BEEN TECHNOLOGY LIMITED does not provide loan funds, does not make credit decisions, does not determine loan terms, and does not participate in fund disbursement or repayment collection.
All loan services are provided solely by:
NEO MICRO FINANCE INSTITUTION S.C (Ethiopia)
All lending activities are conducted by a licensed institution in Ethiopia.