User Agreement, Terms and Conditions and Privacy Statement

Commencement Date

This User Agreement commences and takes effect on the date and time a user registers themselves on our website or the Pamoney app. By accepting to register onto the Pamoney platform, the user acknowledges that he / she has read, agreed with and accepted all of the Terms and Conditions. Any subsequent variations thereto shall be subject to a written addendum.

Pamoney is bound by the terms and conditions of this User Agreement when it facilitates the disbursement of capital and the User is bound by the terms and conditions of this User Agreement when it either disburses or receives capital.

Terms and Meaning

• Party / Parties: Pamoney and/or the User.
• User Agreement: These Terms & Conditions that you're agreeing to.
• Account: Your Pamoney account used for accessing services.
• PIN: Your personal password for secure app access and transactions.
• Loan Advance: A loan obtained through the Pamoney app.
• Metropol / TransUnion/ CRB: A credit bureau used for borrower credit assessments.
• Personal Information: Phone number, name, date of birth, ID number, KRA PIN, and KYC-related information used to identify you.
• KYC: Know Your Customer - regulatory requirement for customer identification.
• Relevant Information: Phone data, call history, SMS history, and anything else needed to provide services.
• Mobile Phone: Your handset, SIM card, and equipment used to access the app.
• Default: Failure to pay a loan in full by the due date.
• Loan: The principal amount borrowed via the Pamoney platform under this agreement.
• Mobile Money Account: Your account with a mobile money provider.
• Mobile Network Operator: A registered mobile phone network operator in Kenya.
• Privacy Policy: Pamoney's policy regarding the collection and use of your personal data.
• Request: An instruction you submit through the app, authorizing Pamoney to act.
• Default Rollover Penalty: Late penalty charged for overdue loan payments.
• App: Any services or products offered by Pamoney through this agreement.
• Loan service Fee: Percentage-based loan charge depending on the loan duration.
• Loan/Service Fee per Installment: Fee charged per loan repayment installment, varying based on the loan repayment period and as shown on the Pamoney platform.
• SIM Card: Subscriber identity module used with a phone to access the network for calls, SMS, internet, and mobile money transactions.
• SMS: Short message service used for sending and receiving text messages between mobile phones.

Privacy Policy

Pursuant to our assessment of your creditworthiness and in accordance with our established due diligence procedures, we will be collecting the following information from you:

• Full names of all owners / directors
• ID Number
• KRA PIN No. of owners/directors
• KRA PIN of the business
• Business permit number
• Passport photo
• Phone Number
• Email address
• Photo of your business premises

Pamoney acknowledges and agrees to comply with all applicable data protection laws and regulations in connection with the processing of any data under this Agreement and as guided by the Laws of Kenya. You will be deemed to have accepted Pamoney's Privacy Policy and allowed us to collect and process data about you.

Verification of Information and Consent

Verification: The information you provide to Pamoney will be verified using various means, including, but not limited to:

• Information from your mobile money service provider.
• Information from KYC or credit reference bureaus, such as but not limited to TransUnion, Metropol or Smile Identity.

By using Pamoney's services, you hereby consent to this verification process. Pamoney is authorized to verify your personal and related information from the sources mentioned above. This information will be used solely for the purpose of creating a profile to assess your eligibility for a loan advance.

Discrepancies and Clarification: If there are any inconsistencies between the information you provide and the information obtained from these sources, Pamoney reserves the right to request clarification and additional information from you. This information is necessary to process your loan application, which may result in either approval or denial.

Right of Use

By using our website or mobile application, you agree to be bound by the following terms and conditions, whereby the User:

1. shall not grant any sublicenses, rentals, or leases of our website or mobile application.
2. shall not modify, alter, or tamper with our website or mobile application in any way.
3. shall not reverse engineer, decompile, disassemble, or create derivative works based on the Application.
4. shall not access or attempt to access the source code of the Application.
5. By accessing or using this Website, you represent and warrant that you are eighteen (18) years of age or older and possess the legal capacity to enter into this User Agreement.

Intellectual Property Rights

Neither Pamoney nor the User shall confer or deemed to confer its intellectual property rights on the other.

User Authorization and Liability

Authorization: By using the Pamoney app, you irrevocably authorize Pamoney to act on all requests received through the app. These requests will be considered to originate from you, the authorized user who possesses the correct access PIN or password.

Right to Reject Requests: Pamoney reserves the right, at its sole discretion, to reject any requests that violate these terms and conditions.

Good Faith Reliance: Pamoney is not liable for acting upon requests initiated, sent, or communicated in error or fraudulently, provided Pamoney acted in good faith and believed the instructions originated from you.

Right to Request Confirmation: Pamoney may, at its sole discretion, decline to act on a request until further inquiry or confirmation is received from you, either in writing, by phone, or other means.

Indemnification: You agree to release and indemnify Pamoney from any claims, losses, damages, costs, and expenses arising from Pamoney acting (or failing to act) upon all or part of your requests.

Liability for Fraudulent Use: To the full extent permitted by law, you agree that Pamoney will not be held liable for any unauthorized activity on your account, including fraudulent drawings, transfers, withdrawals, remittances, or disclosures, regardless of whether the unauthorized access was caused by your negligence.

Our Fees

To ensure transparency, Pamoney will clearly display all service fees for each transaction, including both our own and those charged by your mobile money provider. These fees will be deducted upfront at the time you initiate the transaction. We reserve the right to adjust these fees, and you'll be notified through email, app notifications, and website updates.

Additional information with respect to our fees can be found on the Pamoney website/app.

User Statements

Pamoney keeps a record of all your transactions in a statement format. You can access these statements directly within the app or request them to be emailed to your registered email address provided during signup. All statements will be sent from our official email address to be communicated at the time of signing up on our platform / app.

In the event of a loan overpayment resulting in a credit balance on your account, we will automatically credit that amount to your account for easy withdrawal to your M-PESA account.

User Responsibilities

Protecting Your Account - You are solely responsible for safeguarding your phone and account used to access the Pamoney app. This includes any associated costs.

By registering with Pamoney, you agree to:

• Maintain the security and proper use of your mobile phone.
• Keep your PIN/password confidential and secure, preventing unauthorized access.
• Not hold Pamoney liable for any PIN/password disclosure to unauthorized individuals.
• Indemnify and hold Pamoney harmless from any losses resulting from PIN/password disclosure.

Report Security Concerns Immediately - Contact Pamoney immediately if:

• You suspect someone knows or may have access to your PIN or password.
• You believe unauthorized app use has occurred or could occur, potentially leading to fraudulent transactions.

Failure to follow recommended security procedures may compromise your account's confidentiality.

Pamoney Responsibilities

We strive to ensure the Pamoney app and website function as designed, are free from bugs and errors, and adhere to all security protocols. You are responsible for ensuring your mobile phone functions properly. Pamoney is not liable for errors or failures caused by phone malfunctions. We are not responsible for problems arising from external factors beyond our control, such as internet connectivity, network coverage, or mobile money agent availability.

Events of Default

The following shall be considered as events of default by the User:

• Failure to make payment as determined in the loan schedule.
• Pamoney discovers that the User made any material misrepresentation or omission of fact in connection with this User Agreement.
• The User becomes insolvent (unable to pay its debts as they become due) or files a petition for bankruptcy or reorganization under any applicable bankruptcy laws.

Upon the occurrence of an Event of Default, Pamoney may, in addition to any other rights and remedies available to it under this User Agreement or applicable law, exercise one or more of the following remedies:

• Declare the entire outstanding principal balance and accrued interest immediately due and payable.
• Take possession of the Collateral and sell or otherwise dispose of the Collateral in accordance with applicable law.
• Accelerate the maturity of any or all of the Customer obligations.
• Withhold any further disbursements of loan proceeds.
• Pursue any other legal or equitable remedies available to it.

Termination of this User Agreement

We may terminate your account or business relationship with Pamoney for the following reasons:

• Breach of this User Agreement; and
• Loan Default.

Additionally, we reserve the right to suspend your account at our discretion for the following reasons:

• Suspected breach of this agreement
• Unauthorized account use
• Abuse, misuse, or content violations related to app usage
• Fraudulent activity or attempted fraud
• Legal requirements from government, courts, or regulators
• Technical issues or safety concerns
• Account inactivity or dormancy
• Confirmed notification of your death

Liability

Pamoney is not responsible for any losses you experience due to:

Website or App Issues Beyond Our Control: This includes situations where the website or app becomes unavailable or disrupted due to factors outside our control, such as:

• Mobile Phone Issues: Problems with your mobile phone's functionality.
• Force Majeure: Unforeseeable events beyond reasonable control, such as natural disasters, wars, or power outages.
• Network Outages: Interruptions, delays, or unavailability of the app caused by network issues.
• Acts of Terror: Malicious attacks or terrorism impacting the app or website.
• Adverse Weather Conditions: Severe weather events causing disruptions.
• Network Service Provider Failures: Outages or technical problems with your mobile network provider.

We will not be liable for any losses or damage suffered by you as a result of or in connection with either of the following:

• Incorrect Payment Instructions: You are responsible for providing accurate and complete payment or transfer instructions. Any losses arising from incorrect or incomplete information are your own.
• Fraudulent Activity: Using the app or your mobile phone for fraudulent or illegal purposes will result in your liability.
• Unauthorized App Modification: Any defects or faults in the app caused by altering or modifying the app will be your responsibility.
• Agreement Breaches: You are liable for any breaches or non-compliance with this agreement, including any related documents or information provided by Pamoney.
• Improper App Usage: Defects or faults caused by using the app in violation of this agreement and its terms will be your responsibility.
• License Violations: Any breaches of the app's license restrictions will result in your liability.
• Insufficient Funds: Ensure your mobile money account has sufficient funds for transactions.
• External Service Outages: Pamoney is not liable for losses due to failures, malfunctions, interruptions, or unavailability of the app, your mobile phone, or network providers' services.
• Customer default: Pamoney is not liable for losses due to failure of a customer to pay back a loan.

Limitation of Liability

The extent of Pamoney's liability under or in connection with this User Agreement (howsoever arising and regardless of whether such liability arises in tort, in contract, under indemnity or in any other way and whether or not caused by negligence or misrepresentation) are restricted.

Pamoney's total aggregate liability shall not exceed the sum of the Fees as expressed under the "Our Fees" clause, in respect of any and all claims, losses and damages arising under or in connection with this Agreement.

Pamoney shall not be liable for consequential, indirect or special losses.

Mode of Communication

We shall communicate with you via email from our official email address to be communicated to you at the time of sign up. We encourage the User to use the email you registered with on the app to reach us. Pamoney may also contact you by email for important updates. Additionally, we may send SMS notifications to your registered phone number for time-sensitive information.

Entire Agreement

This User Agreement constitutes the entire agreement between Pamoney and the User, and it supersedes all previous agreements, understandings and arrangements between them in respect of its subject matter, whether in writing or oral.

Both Pamoney and the User acknowledges that it has not entered into this Agreement in reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement.

Nothing in this User Agreement shall limit or exclude any liability for fraud.

FAQs

Please note that the in app FAQs form part and parcel of Pamoney terms and conditions.

Governing Law & Dispute Resolution

If any dispute arises between the parties in connection with this Agreement or its subject matter, which cannot be resolved amicably by the parties, the parties and their legal representatives will promptly meet to consider whether there is a possibility of resolution by negotiation, mediation or conciliation.

If both parties do not agree to refer the dispute to mediation or conciliation, the parties will promptly consider whether to refer the dispute to arbitration.

If the parties agree to refer the dispute to arbitration, the rules of arbitration will be the rules of the Chartered Institute of Arbitrators, Kenyan Chapter in force at the time of referral of the dispute to arbitration.

The arbitration shall be final and binding and governed by the Arbitration Act of 1995.

Nothing in this clause shall prevent the parties from obtaining interlocutory relief in the courts pending the outcome of or pending the consideration of the alternative dispute resolution procedures contemplated in this clause.

This Agreement is governed by the laws of Kenya and are subject to the exclusive jurisdiction of the Courts of Kenya.

Contact Information

If you have any questions about these Terms and Conditions, please contact us at: