The Employee Credit Card Agreement is a critical document for organizations operating in Nigeria that provide corporate credit cards to their employees. It serves as a legally binding contract that protects the company's interests while providing clear guidelines for employees who require credit cards for business expenses. The agreement ensures compliance with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020, and addresses key aspects such as credit limits, authorized usage, expense reporting, and security measures. This document is particularly important in the current business environment where corporate credit cards are increasingly used for business transactions, travel expenses, and online purchases, necessitating clear policies and procedures for their use.
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1. Parties: Identifies the employer/company and the employee who will be the cardholder
2. Background: Explains the context of issuing corporate credit cards to employees
3. Definitions: Defines key terms used throughout the agreement
4. Card Issuance and Purpose: Specifies the purpose for which the card is issued and the process of issuance
5. Authorized Use: Details permitted and prohibited uses of the corporate credit card
6. Credit Limits: Specifies the credit limit and any subsidiary limits for different types of expenses
7. Employee Responsibilities: Outlines the employee's obligations regarding card use, security, and expense reporting
8. Expense Reporting and Documentation: Details the procedures for submitting expenses and required supporting documentation
9. Payment Terms: Explains how payments will be handled and any employee reimbursement requirements
10. Security Measures: Specifies required security measures to protect the card and card information
11. Lost or Stolen Cards: Procedures for reporting and handling lost or stolen cards
12. Termination: Conditions and procedures for terminating card privileges
13. Return of Card: Procedures for returning the card upon employment termination or request
14. Governing Law: Specifies that Nigerian law governs the agreement
1. Cash Advances: Include when the company allows cash advances on the corporate card
2. International Usage: Include when the card may be used for international transactions
3. Rewards Program: Include when the card has a rewards program and specifies how rewards are handled
4. Multiple Cards: Include when employee may be issued multiple cards or supplementary cards
5. Dispute Resolution: Include when specific dispute resolution procedures are needed beyond standard legal processes
6. Digital Wallet Integration: Include when the card can be added to digital payment platforms
1. Schedule A - Authorized Expense Categories: Detailed list of approved expense categories and any specific limits
2. Schedule B - Expense Reporting Requirements: Detailed procedures and requirements for expense reporting
3. Schedule C - Card User Guide: Practical guidelines for day-to-day card usage and best practices
4. Appendix 1 - Cardholder Acknowledgment Form: Form for employee to acknowledge receipt and understanding of the agreement
5. Appendix 2 - Emergency Contact Information: Contact details for reporting lost/stolen cards or emergencies
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