Livio Credit Terms of Use


Livio Pay Small Small/Livio Credit is operated by Livio and it financial partners. The terms “we”, “us”, and “our” refer to Livio and all of financial partners directly or indirectly responsible in granting credit facilities in cash/assets to Livio Pay Small Small beneficiaries/subscriber /users. The use of our Livio Pay Small Small/Livio Credit facility  is subject to the following terms and conditions of use, as amended from time to time (the “Terms”). The Terms are to be read together by you with any terms, conditions or disclaimers provided in the pages of our website. Please review the Terms carefully. The Terms apply to all users of our credit facility. If you access and use this credit facility, you accept and agree to be bound by and comply with the Livio Credit Terms of Use, Livio Terms and conditions and our Privacy Policy. If you do not agree to the Terms or our Privacy Policy, you are not authorized to access our website, use any of our website’s services or place an order on our website.


Parties Identities 

The Lessor (Livio and it Financial partners) shall finance the purchase of items on to the Lessee (Livio Credit Beneficiaries/Customers/Subscribers/Users)!

The Lessor has agreed to lease Household item(s) to the Lessee and the Lessee has agreed to receive and take on lease the item(s) upon the terms and conditions mutually agreed between the parties hereinafter contained.


Definitions and Interpretation

  1. a) Household items means: those items leased to a Customer.
  2. b) “Down payment” means: the equity contribution made by the Lessee
  3. c) Instalments means: the amount accruable to be paid down every month
  4. d) Words imputing the plural shall include the singular.

Agreements to Lease

The Lessor hereby lets to the Lessee and the lessee agrees to receive the Item(s) subject to the terms of the lease Agreement.

Terms of the Lease !

  1. a) Payment for an item bought can be spread over a maximum period of 6 Months as stated in the Schedule annexed hereto
  2. b) An initial down payment of 30% should be made by the lessee, for the Item(s) to be released. !
  3. c) The remaining balance of the payment plus interest would be spread equally over the duration of the lease !

Interest Payment and Rental Terms

The Lessee shall pay to the Lessor equal and consecutive monthly installments covering the duration of the lease.

Any late payment of installments will attract a penalty of 2.5% on the outstanding !amount. !

iii.            Punctual payment shall be of the essence of this lease and the Lessee !shall be deemed to have repudiated this agreement if any rentals or part thereof shall remain unpaid for more than seven (7) days after becoming due. !

All payments of installments hereunder shall be paid to the Lessor’s Bank Account or at any other method as the Lessor may from time to time specify.


Covenants by Lessor

The Lessor hereby covenant to release the Item(s) to the upon the lessee making !the initial Down payment as stated in the Schedule annexed there to. !

The Lessee shall be entitled to the benefit of any guarantee or warranties which may be given by the manufacturers or supplier of the Items but the Lessor gives no warranties, either express or implied, as to any matter whatsoever including, (but without limitation) the description, year of manufacture or condition of the !Items, their merchantability or its fitness for any particular purpose. !

iii.            The Lessor shall keep the Items in safe custody pending its release to the Lessee upon fulfilment of the conditions subsequent to this contract!


Covenants by Lessee

The Lessee SHALL throughout the said term:

Punctually pay all installment amounts payable under the lease agreement. !

Indemnify the Lessor against penalty accruable as a result of late payment of the! instalment due.

iii.            Pay all fees incidental to the documentation of the lease and for the recovery of any amount falling due hereunder. !

Bear responsibility for any loss, damage or destruction of the Item or its part while in his Custody. !

Conditions, Precedent and Other Covenants !

The lessee hereby covenants that the following pre-condition of the lease have been complied with, and that such of the pre-conditions and other conditions which are intended to be performed shall be complied with:

That there is available evidence satisfactory to the Lessor that the execution and !delivery of this agreement on behalf of the Lessee has been duly authorised or !ratified by all necessary corporate action. !

iii.            That for the duration of this lease, the Lessee shall:

  1. a) Furnish to the Lessor such evidence as to show that the lessee is capable of performing the lease obligations. !
  2. b) Provide the Lessor, from time to time, such financial information as the Lessor may reasonably require in regard to the Lessee’s business. !

Items to Remain Personal Property of Lessor

The Items hereby leased shall remain the personal properties of the Lessor and shall continue in the ownership of the Lessor PROVIDED THAT at the expiration of the lease period and on discharge by the Lessee of all outstanding obligations due to the Lessor from the Lessee, ownership of the Item shall pass to the Lessee. !


Loss or Destruction of or Damage to Item(s)!

Where the Items or any material part thereof is lost, stolen, destroyed or damaged by the negligence or wrongful act of the Lessee, the Lessor shall not be liable to the Lessee in whatever manner, the Lessee shall bear responsibility for any such loss, damage or destruction. !


Events of Default and Consequences!

This lease shall be terminated in any of the following events namely:

If the Lessee shall make default in payment of any of the sums payable and due under the terms of this lease, or shall fail to observe or perform any of the other terms, conditions and undertakings of this lease, whether express or implied, the Lessor may without prejudice to any pre-existing liability of the Lessee to the Lessor, by notice in writing left at or sent by pre-paid post to the above named address (or at the registered office or any business address) of the Lessee determine this lease, and upon such notice being so served, sent or left, this lease shall for all

Purposes determined, and thereafter, the Lessee shall no longer be in possession of the Items with the consent of the Lessor and subject to the provisions hereinafter contained and any pre-existing liability of the Lessee hereunder neither party shall have any rights against the other;



  1. a) Where this Lease is determined or comes to an end pursuant to

events of default !as herein specified, and the Lessor suffers loss as a result of being unable to re- lease the Item(s) the Lessor shall be entitled to recover the amount of such loss from the Lessee for the whole period between the date of such determination or coming to an end and the date on which this lease would have expired by effusion of time if it had not been determined or come to an end as aforesaid and any other sums accruable thereto. !

  1. b) In the event of default by the Lessee as herein contained, the Lessee shall pay to the Lessor all expenses (including legal costs on a full indemnity basis) incurred by or on behalf of the Lessor in ascertaining the whereabouts of, taking possession of, preserving, the Items, and for any legal proceedings by or on behalf of the Lessor to enforce the provisions of this lease. !
  2. c) In the event of a default by the Lessee as herein contained, the Lessor may sue for and recover instalments accrued and penalties due as at the date of the repossession of the Item(s) pursuant to the terms of this lease agreement together with all other sums due from the Lessee to the Lessor pursuant to the terms of this Lease Agreement. !


Exclusion of Conditions, Warranties

Any liability the Lessor might otherwise incur, and any right of immunity the Lessee might otherwise possess in respect of any conditions, warranties or representations relating to the condition of the Item(s), or its merchantable quality or suitability or fitness for the particular or any purpose for which it is or may be required, whether expressed or implied, and whether arising under statements made by or on behalf of any person in the course of negotiations in which the Lessee or its representatives may have been concerned prior to this lease are hereby excluded. No liability shall attach to the damage sustained by reason of any defects in the Item(s) whether such defects be latent or apparent on examination and the Lessor shall not be liable to indemnify the Lessee in respect of any claim for any such loss or damage. !


Lessor’s Right Not to be Prejudiced by Indulgence, Granting of Time etc. !

No relaxation, forbearance, delay or indulgence by the Lessor in enforcing any of the terms and conditions of this lease, or the granting of time by the Lessor to the Lessee shall prejudice, affect or restrict the rights and powers of the Lessor hereunder, nor shall any waiver by the Lessor of any breach hereof operate as a waiver or any subsequent or any continuing breach hereof

No right or remedy herein conferred upon or reserved to the Lessor is exclusive of any other right or remedy therein or by law or equity provided or permitted but shall be cumulative of every other right remedy given hereunder or now or hereafter existing.


Premature Termination

It is acknowledged that if the lease is determined in whole or in part within the lease period by the Lessee, the Lessee shall indemnify and reimburse the Lessor accordingly in the amounts (being loss and damage to be computed) occasioned to the Lessor by such termination within the lease period by the Lessee.


Governing Law

This agreement shall be interpreted and construed in accordance with the Laws of Federal Republic of Nigeria as may from time to time be in force.