TERMS AND CONDITIONS FOR THE OPENING AND USE OF THE MPAMBA PASAVUTE ACCOUNT
Before applying to open the Mpamba Pasavute Account via the TNM Mpamba System you should carefully read and understand these Terms and Conditions which will govern the use and operation of the Mpamba Pasavute Account. If you do not agree with these Terms and Conditions, please click “Decline” on the MPAMBA PASAVUTE Menu. If you opt to continue with the service, you will be deemed to have read, understood and confirmed these Terms and Conditions.
- Mpamba Pasavute Account: means a bank account held by a Customer with FINCA through the Mpamba platform;
- Target Savings Account: means a Savings account held by a Customer with FINCA;
- Auto Savings: means a transaction requested by the MPAMBA PASAVUTE customer to transfer a predefined amount of e-money from the TNM Mpamba account to the customer’s MPAMBA PASAVUTE Account on predefined dates and with pre-defined frequencies;
- FINCA: means FINCA Limited incorporated in Malawi having its registered address at Henderson Street, Private Bag 382, Chichiri, Blantyre 3.
- Credit Reference Bureau: means a credit reference bureau duly licensed under Financial Services Act 2010, to inter alia, collect and facilitate the sharing of customer credit information;
- Customer: means the person in whose name the Mpamba Pasavute Account with FINCA is existing;
- Customer Care Centre: means any TNM Retail Shops or such other retail outlets or outlets as may be notified to the Customer by FINCA from time to time;
- E-Money: means the electronic monetary value depicted in your TNM Mpamba Account representing an equal amount of cash;
- Equipment: includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;
- Target Savings Account System Menu: means the menu for operating the Target Savings Account that shall be accessible through the Target Savings System.
- Target Savings Account System: means the Unstructured Supplementary Service Data System or the Mpamba Pasavute System functionality through which the Customer on the Network may use to operate the Target Savings Account and instruct FINCA.
- Target Period: means such minimum time not less than one (1) month and not exceeding twelve (12) months, or such other period communicated by FINCA from time to time in which the Customer requires to make periodic deposits per month accumulating towards the Target amount by the end of this period and which deposits will be kept in the Target Savings Account and during which period the amounts deposited will not be available to the Customer subject to the provisions of these terms and conditions).
- Mpamba Pasavute Menu: means the Mpamba Pasavute Menu on the TNM Mpamba system;
- TNM Mpamba Account: means your mobile money store of value, being the record maintained by TNM of the amount of E- Money from time to time held by you in the TNM MPAMBA System;
- TNM Mpamba Service: means the money transfer and payments service provided by TNM through the TNM MPAMBA System;
- TNM Mpamba PIN: means your personal identification number being the secret code used to access your Mpamba wallet and ancillary services;
- Request: means a request or instruction received by FINCA from your registered TNM number and Mpamba account upon which FINCA is authorized to act;
- TNM: a limited liability company incorporated in the Malawi with operating the Mpamba system operating from Livingstone Towers;
- Services: shall include any form of banking services or products that FINCA may offer you pursuant to this Agreement and as you may from time to time subscribe to;
- SIM Card: means the subscriber identity module which when used with the appropriate mobile phone handset enables you to access the TNM Network and to use the TNM Mpamba Service;
- Transaction Fees: includes the Facility Fee (as defined at clause 5.2.6), the Rollover Fee (as defined at clause 5.2.9) and any other fees and charges payable for the use of the Services as published by FINCA on FINCA’s website and/or TNM’s website and/or the daily newspapers in Malawi or by such other means as FINCA shall in its sole discretion determine. Transaction Fees are subject to change at any time at FINCA’s sole discretion;
- Repayment Period: means the time period in within which the customer needs to repay a loan
- ACCOUNT OPENING
- In order to open a Mpamba Pasavute Account including the Fixed Savings account with FINCA, you must be at least 18 years old and a registered and active TNM Mpamba Subscriber. FINCA reserves the right to verify with TNM the authenticity and status of your TNM Mpamba Account.
- You may open a Mpamba Pasavute Account by making an electronic application made by you using your Equipment via the Mpamba Pasavute Menu on the TNM Mpamba System.
- You hereby agree and authorize FINCA to request and obtain from TNM your personal information held by TNM including your phone number, name, ID and such other information that will enable FINCA to identify you and comply with the regulatory “Know Your Customer” requirements.
- FINCA reserves the right to request for and obtain further information from you pertaining to your application for a Mpamba Pasavute Account at any time. Failure to provide such information within the time required by FINCA may result in FINCA declining to accept your application.
- FINCA shall notify you of the success of your application through SMS sent to your registered number.
- FINCA reserves the right to decline your application for a MPAMBA PASAVUTE Account or to revoke the acceptance at any stage at FINCA’s sole discretion and without assigning any reason thereto.
- TYPES OF ACCOUNTS.
- As a holder of a Mpamba Pasavute Account will operate a Mpamba Pasavute deposit /savings account into which you may transfer money from your TNM MPAMBA Account and/or make withdrawals therefrom into your TNM Mpamba Account, and/or to borrow money from FINCA as follows:
- Mpamba Pasavute Deposit Account.
- As a holder of the MPAMBA PASAVUTE Account, you may make deposits into or make withdrawals from your Mpamba Pasavute Deposit Account using the Mpamba Pasavute Menu on your Equipment. A transaction fee shall apply to any transaction successfully carried out.
- As a holder of the Mpamba Pasavute Account, you may make deposits into from your MPAMBA PASAVUTE Deposit Account using the Auto Savings functionality available on your MPAMBA PASAVUTE Menu on your Equipment. We solely rely on the information you provide to effect the transfers using the amounts, dates and frequencies stated and neither FINCA nor TNM are liable for the information provided.
- Interest may be paid on the MPAMBA PASAVUTE Deposit Account at periodic intervals as determined by the Bank and/or upon achievement of Target Savings at such rate as may be determined by FINCA.
- MPAMBA PASAVUTE Loan Account.
- As a holder of the MPAMBA PASAVUTE Account, you may apply for a loan from FINCA using the MPAMBA PASAVUTE Menu on your Equipment.
- Where you apply for a loan from FINCA, your application shall be appraised according to the applicable loan appraisal processes of FINCA. FINCA reserves the right to approve or decline your application for a loan.
- On approval of the loan, FINCA shall disburse to you a loan of an amount to be determined by FINCA in its sole discretion subject set minimum and maximum amounts or such other minimum or maximum amount as FINCA may from time to time in its sole discretion determine (the “Loan”).
- The proceeds of the Loan shall be credited into your Mpamba Account subject to any deductions on account of applicable Transaction Fees.
- You shall repay the Loan not later than the expiry of the repayment period from the time of disbursement. The repayment period shall be specified at the time of loan request and disbursement which shall range from a minimum of seven (7) calendar to a maximum of thirty (30) calendars days.
- MPAMBA PASAVUTE Target Savings Account.
- In order to use the Target Savings Account with FINCA, you must be a registered TNM Mpamba subscriber, a Mpamba Pasavute Account holder and you must have activated your Target Savings Account.
- All instructions to FINCA to activate, manage and operate the Target Savings Account and to move money to and from your MPAMBA PASAVUTE Account for purposes of the Target Savings Account shall be made electronically through the Target Savings System Menu.
- To activate your Target Savings Account, you must select the Set Target option, or such other option made available for that purpose on the Target Savings System Menu, and specify the target savings amount to be attained, the period in months to attain that target as well as the amount to be saved each month Mpamba Pasavute Target Savings Account.
- After activation of the Mpamba Pasavute Target Savings Account., you will be reminded on each monthly anniversary of the savings date to transfer funds from your TNM Mpamba account to your target savings account.
- Subject to this clause, you will be required to maintain the amount saved for the duration of the Target Period during which period such amounts saved Amount shall be unavailable for use.
- At the end of the Target Period, FINCA will credit your regular Mpamba Pasavute Account with the Principal Amount and the Interest accrued.
- Without prejudice to the foregoing, you may add more funds to the Target Savings Account and set a different Target period. Such funds may be accessible at the end of such lock periods.
- Subject to the provisions of this clause, you may access the Amount saved in Target savings account Principal Amount before the end of the Target Period.
- In order to access the Target savings amount before the end of the Target Period the Customer shall Request FINCA through the Target Savings System Menu by selecting Break Target option or such other option made available on the Target Savings System Menu for that purpose (hereinafter in referred to as “Break Target”).
- FINCA will credit your regular Mpamba Pasavute Deposit Account with the Target savings amount Interest accrued up to the point of withdrawing.
- Upon the successful completion of the breaking of the target savings, you will be informed by way of an SMS from FINCA that the Amounts Saved and the Interest accrued to date have been transferred to your regular Mpamba Pasavute Deposit Account.
- Subject to this clause, you may check the balance of the funds in your Target Savings Account by way of the Check Balance option or such other option made available for that purpose on the Target Savings System Menu using your Equipment. You will receive a USSD System pop up message or an SMS disclosing the balance in your Target Savings Account.
- In consideration of FINCA granting you the Loan, you shall pay FINCA a facility fee of 10% of the Loan amount (the “Facility Fee”) depending on the repayment period of the loan requested for the Facility Fee shall be paid by you in arrears in addition to the Loan. FINCA reserves the right to amend rates as deemed necessary from time to time.
- You shall make all payments due from you to FINCA in respect of the Loan and Transaction Fees using the TNM MPAMBA Service and the System only unless otherwise agreed by FINCA in its discretion.
- In the event that you do not repay the Loan in full within the loan repayment period FINCA will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period equal to the repayment period of the loan.
- In consideration of FINCA forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan and rolling over the same, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Facility Fee, pay to FINCA a roll-over fee to be determined by FINCA.
- FINCA shall be entitled to terminate this Agreement and close your MPAMBA PASAVUTE Account if you fail to repay the Loan and/or the Transaction Fees due thereon within sixty (60) calendar days of the disbursement of the Loan.
- FINCA shall hold your funds in your Mpamba Pasavute Deposit Account as collateral and security for any amounts outstanding and due from you to FINCA in respect of your Mpamba Pasavute Loan Account. You hereby agree and confirm that FINCA is entitled to prevent or restrict you from withdrawing in whole or in part the funds in your MPAMBA PASAVUTE Deposit Account for so long as and to the extent of the amount outstanding in respect of your Mpamba Pasavute Loan Account without FINCA giving any notice to you and/or without incurring any liability to you whatsoever in that connection.
- FINCA reserves the right to vary the terms of the Loan including the fees payable thereon having regard to the prevailing rules and regulations of Reserve Bank of Malawi and the policies of FINCA.
- FINCA shall have a right of lien and set off over funds held by you in your Mpamba Pasavute Deposit Account, any other Mpamba Pasavute Account held by you and/or any other account held by you in FINCA.
- You hereby expressly consent and authorize FINCA to disclose, respond, advise exchange and communicate the details or information pertaining to your Mpamba Pasavute Account to third parties as may be required by law, court order, regulator or any government authority.
- You hereby agree to pay all Transaction Fees payable in connection with your use of the Services.
- You shall pay to FINCA and FINCA is entitled deduct from your MPAMBA PASAVUTE Account (without reference to you):
- any Transaction Fees payable in respect of the Services;
- any legal incurred by FINCA in recovering any amount owed by you on default.
- all other fees, expenses and taxes, duties, impositions and expenses incurred in complying with your Requests.
- You hereby agree to pay costs charges and expenses incurred by FINCA in obtaining or attempting to obtain payment of any loan owed under your Mpamba Pasavute Loan Account.
1 You may request for a statement or activity report in respect of your MPAMBA PASAVUTE Account from FINCA using your Equipment (“MPAMBA PASAVUTE Mini Statement”).
5.2. A MPAMBA PASAVUTE Mini Statement shall provide details of the last 5 (five) transactions (or such other number of transactions as determined by FINCA) in your MPAMBA PASAVUTE Account initiated from your Equipment.
5.3. An MPAMBA PASAVUTE Mini Statement shall not be sent to you in printed form but shall be delivered to you either by SMS to the TNM Mobile Phone Number associated with your TNM MPAMBA Account or such other electronic means as FINCA may in its discretion determine. You shall be responsible for the payment of any charges levied by TNM in delivering the MPAMBA PASAVUTE Mini Statement to you.
5.4. You may obtain printed MPAMBA PASAVUTE Mini Statements or a printed bank statement pertaining to your MPAMBA PASAVUTE Account from the TNM Customer Care Centre. You shall be responsible for the payment of any charges levied by the Customer Care Centre for such printed statements.
5.5. Save for a manifest error, a MPAMBA PASAVUTE Mini Statement or bank statement issued to you aforesaid in respect of your MPAMBA PASAVUTE Account shall be conclusive evidence of the transactions carried out on your MPAMBA PASAVUTE Account for the period covered in the MPAMBA PASAVUTE Mini Statement and/or bank statement.
- IRREVOCABLE AUTHORITY OF FINCA
6.1. You hereby irrevocably authorize FINCA to act on all requests received by FINCA from you (or purportedly from you) through the System and to hold you liable in respect thereof, notwithstanding that any such requests are not authorized by you or are not in accordance with any existing mandates given by you.
6.2. If you request FINCA to cancel any transaction or instruction after a request has been received by FINCA from you, FINCA may at its absolute discretion cancel such transaction or instruction but shall have no obligation to do so.
6.3. FINCA shall be entitled to accept and to act upon any request, even if that request is otherwise for any reason incomplete or ambiguous if, FINCA believes that it can correct the incomplete or ambiguous information in the request without any reference to you being necessary.
6.4. FINCA is authorized to effect such orders in respect of your MPAMBA PASAVUTE Account as may be required by any court order or competent authority or agency under the applicable laws.
6.5. In the event of any conflict between any terms of any request received by FINCA from you and these Terms and Conditions, these Terms and Conditions shall prevail.
- CUSTOMER’S EQUIPMENT AND CUSTOMER’S RESPONSIBILITIES
7.1. You shall at your own expense provide and maintain in safe and efficient operating order your Equipment necessary for the purpose of accessing the System and the Services.
7.2. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your TNM MPAMBA PIN secret and secure. You shall ensure that your TNM MPAMBA PIN does not become known or come into possession of any unauthorized person. FINCA shall not be liable for any disclosure of your TNM MPAMBA PIN to any third party and you hereby agree to indemnify and hold FINCA harmless from any losses resulting from any TNM MPAMBA PIN disclosure.
7.3. You shall immediately inform FINCA through the Customer Care Centre in the event that:
7.3.1. You have reason to believe that your TNM MPAMBA PIN is or may be known to any person not authorized to know the same and/or has been compromised; and/or
7.4. You shall at all times follow the security procedures notified to you by FINCA from time to time or such other procedures as may be applicable to the Services from time to time. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your MPAMBA PASAVUTE Account’s confidentiality. In particular, you shall ensure that the Services are not used or Requests are not issued or the relevant functions are not performed by anyone other than a person authorized to do so.
7.5. You shall not at any time operate or use the Services in any manner that may be prejudicial to FINCA.
- EXCLUSION OF LIABILITY
1. FINCA shall not be responsible for any loss suffered by you should the Services be interfered with or be unavailable by reason of (a) the failure of any of your Equipment, or (b) any other circumstances whatsoever not within FINCA’s control including, without limitation, force majeure or error, interruption, delay or non- availability of the System, terrorist or any enemy action equipment failure, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
8.2. FINCA will not be liable for any losses or damage suffered by you as a result of or in connection with:-
8.2.1. Unavailability of sufficient funds in your TNM MPAMBA Account and/or in your MPAMBA PASAVUTE Account;
8.2.2. failure, malfunction, interruption or unavailability of the System, your Equipment, the Network, TNM MPAMBA System and/or TNM MPAMBA Service;
8.2.3. the money in your MPAMBA PASAVUTE Account being subject to legal process or other encumbrance restricting payments or transfers thereof;
8.2.4. your failure to give proper or complete instructions for payments or transfers relating to your MPAMBA PASAVUTE Account;
8.2.5. any fraudulent or illegal use of the Services, the System and/or your Equipment; or
8.2.6. Your failure to comply with these Terms and Conditions and any document or information provided by FINCA concerning the use of the System and the Services.
8.3. If for any reason other than a reason mentioned in subparagraphs 8.1 or 8.2, the Services are interfered with or unavailable, FINCA’s sole liability under this Agreement in respect thereof shall be to re-establish the Services as soon as reasonably practicable.
8.4. Save as provided in subparagraph 8.3 FINCA shall not be liable to you for any interference with or unavailability of the Services, howsoever caused.
8.5. Under no circumstances shall FINCA be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with the Services even where the possibility of such loss or damage is notified to FINCA.
8.6. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.
1. In consideration of FINCA complying with your instructions or Requests in relation the MPAMBA PASAVUTE Account, you undertake to indemnify FINCA and hold it harmless against any loss, charge, damage, expense, fee or claim which FINCA suffers or incurs or sustains thereby and you absolve FINCA from all liability for loss or damage which you may sustain from FINCA acting on your instructions or requests or in accordance with these Terms and Conditions.
- VARIATION AND TERMINATION OF RELATIONSHIP
1. FINCA may at any time, upon notice to you, terminate or vary its business relationship with you and close your MPAMBA PASAVUTE Account and in particular but without prejudice to the generality of the foregoing FINCA may cancel credits which it has granted and require the repayment of outstanding debts resulting therefrom within such time as FINCA may determine.
10.2. Without prejudice to FINCA rights under clause 13.1, FINCA may at its sole discretion suspend or close your MPAMBA PASAVUTE Account:
10.2.1. if you use the MPAMBA PASAVUTE Account for unauthorized purposes or where FINCA detects any abuse/misuse, breach of content, fraud or attempted fraud relating to your use of the Services;
10.2.2. if your TNM MPAMBA Account or agreement with TNM is terminated for whatever reason;
10.2.3. if FINCA is required or requested to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority;
10.2.4. if FINCA reasonably suspects or believes that you are in breach of these Terms and Conditions (including non-payment of any Loan amount due from you where applicable);
10.2.5. where such a suspension or variation is necessary as a consequence of technical problems or for reasons of safety;
10.2.6. to facilitate update or upgrade the contents or functionality of the Services from time to time;
10.2.7. where you remain inactive for any period of time determined by FINCA in its reasonable discretion; or
10.2.8. If FINCA decides to suspend or cease the provision of the Services for commercial
reasons or for any other reason as it may determine in its absolute discretion.
10.3. You may close your MPAMBA PASAVUTE Account at any time at any TNM Customer Care Centre.
10.4. If your MPAMBA PASAVUTE Account has any credit balance at the time of its closure, we will return any such balance to you, less any applicable fees. If your MPAMBA PASAVUTE Loan Account is in arrears at the time of closure of your MPAMBA PASAVUTE Account, you agree to pay to us immediately all amounts you owe us.
10.5. Termination shall however not affect any accrued rights and liabilities of either party.
10.6. If FINCA receives notice of your demise, FINCA will not be obliged to allow any operation or withdrawal from your MPAMBA PASAVUTE Account by any person except upon production of Grants of Letters of Administration or Probate by your legal representatives duly appointed by the Court.
- DISCLOSURE OF INFORMATION
1. You hereby expressly consent and authorize FINCA to disclose receive record or utilize your personal information or information or data relating to your MPAMBA PASAVUTE Account and any details of your use of the Services:
11.1.1. to and from any local or international law enforcement or competent regulatory or governmental agencies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;
11.1.2. to and from FINCA’s service providers, dealers, agents or any other company that may be or become FINCA’s subsidiary or holding company for reasonable commercial purposes relating to the Services;
11.1.3. to a Credit Reference Bureau;
11.1.4. to FINCA’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;
11.1.5. to TNM in connection with the TNM MPAMBA Service and the Services;
11.1.6. for reasonable commercial purposes connected to your use of the Services, such as marketing and research related activities; and
11.1.7. in business practices including but not limited to quality control, training and ensuring effective systems operation.
1. These Terms and Conditions (as may be amended from time to time) form a legally binding agreement binding on you and your personal successors.
12.2. This Agreement and any rights or liabilities accruing thereunder may not be assigned by you to any other person.
1.1. FINCA may send information concerning the MPAMBA PASAVUTE Account via SMS to the TNM Mobile Phone number associated with your TNM MPAMBA Account.
- DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION
2. Any dispute arising out of or in connection with this Agreement that is not resolved by TNM Customer Care Centre representatives shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman of the Centre for Arbitration and Dispute Resolution who shall be the final appointing authority.
17.5. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Malawi.