Employee Credit Card Agreement Template for Nigeria

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.

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