RAFIKI MICROFINANCE BANK LIMITED TERMS AND CONDITIONS
- THE AGREEMENT
1.1. These Terms and Conditions (“Terms”) govern your access to and use of your account and the Mobile Financial Services provided by Rafiki Microfinance Bank Limited (“Bank”).
1.2. These Terms, together with the General Terms and Conditions applicable to your account, constitute the agreement between you (“Customer”) and the Bank.
- DEFINITIONS
2.1. Bank: Rafiki Microfinance Bank Limited, a limited liability company incorporated in Kenya under the Companies Act, 2015, and licensed under the Banking Act, Chapter 488 of the Laws of Kenya.
2.2. Bank Account: An electronic account opened with the Bank for Mobile Financial Services.
2.3. Customer: The person holding an account with the Bank.
2.4. Equipment: A mobile phone, tablet, SIM card, or other device used to access Mobile Financial Services.
2.5. Merchant: A commercial entity or individual authorized to accept electronic payment transactions.
2.6. Mobile Financial Services: Services provided to the Customer through the Equipment.
2.7. MNO Mobile Money: Mobile Network Operator services enabling money transfers via mobile devices.
2.8. Mobile PIN: A personal identification number used exclusively by the Customer for account transactions.
2.9. Bank Marketplace: The Bank’s digital platform where Services are accessed.
2.10. Regulatory Authority: Institutions established by law to oversee industry practices, such as the Central Bank of Kenya.
2.11. Services: Facilities or products offered by the Bank under these Terms.
2.12. SMS: Short Message Service used for communication.
2.13. Transaction Fees: Charges for using the Services, including service and penalty fees.
2.14. We/Our/Us: Refers to the Bank and its successors and assignees.
2.15. You/Your: Refers to the Customer, including their heirs, successors, and assigns.
- ACCEPTANCE OF TERMS
3.1. By applying for an account or using Mobile Financial Services, you acknowledge that you have read, understood, and accepted these Terms.
3.2. If you do not agree to these Terms, do not proceed with the application or use of the Services.
3.3. Clicking “Proceed” or continuing to use the Services constitutes your agreement to be bound by these Terms and any subsequent amendments.
3.4. These Terms do not waive any rights the Bank may have under law.
- ACCOUNT TYPES
4.1. The Bank may introduce new account categories on its platform, accessible via updated menu options. Additional information may be required for such accounts.
- RAFIKI SALO ACCOUNT
5.1. Customers must be at least 18 years old to open this account.
5.2. Payments through this account are subject to your employer’s rules, assessment processes, and applicable Bank policies.
5.3. Payment applications must be made through the Bank Marketplace.
5.4. Payments will be disbursed to your MNO Mobile Money account or designated Merchant. 5.5. Transaction Fees and repayment schedules are agreed upon during the application process. 5.6. You consent to repayment deductions directly from your employer, income source, or nominated payment account.
5.7. Late repayment penalties apply if payments are not made within the agreed timeframe.
5.8. Accounts with unpaid balances after 90 days may be terminated, and the Bank reserves the right to recover outstanding amounts using any legal means.
5.9. The Bank may report your account to Credit Reference Bureaus as required.
5.10. Terms may be updated in compliance with regulatory and policy changes.
- FEES
6.1. You are responsible for all fees associated with the Services.
6.2. Fees, including penalty and legal fees, will be deducted from your account.
- TRANSACTION FEES
7.1. Penalty fees for late payments.
7.2. Legal fees incurred in connection with your account.
7.3. Any other fees related to your account requests.
- STATEMENTS
8.1. Statements are available via the Bank Marketplace or Customer Support.
8.2. Default statements provide the account balance and the last five transactions. Additional details may be subject to data costs.
- CUSTOMER RESPONSIBILITIES
9.1. Safeguard your Equipment and account details.
9.2. Notify the Bank immediately if your account credentials are compromised.
9.3. Ensure proper functioning of your Equipment to access the Services.
9.4. Avoid unauthorized use of the Bank Marketplace platform.
- LIMITATION OF LIABILITY
10.1. The Bank is not liable for losses caused by factors beyond its control, including but not limited to:
- Equipment failure.
- Unauthorized account access.
- Network or system disruptions.
- Legal or regulatory restrictions.
- INDEMNITY
11.1. You agree to indemnify the Bank against losses or claims arising from your use of the Services.
- INTELLECTUAL PROPERTY
12.1. The Bank retains ownership of all intellectual property related to its platform. Unauthorized duplication or tampering is prohibited.
- TERMINATION
13.1. The Bank may terminate your account with notice for reasons including misuse, fraud, or inactivity.
13.2. You may close your account by notifying Customer Support. Fees may apply.
- DISCLOSURE OF INFORMATION
14.1. You consent to the Bank sharing your information with:
- Regulatory and law enforcement agencies.
- Credit Reference Bureaus.
- Service providers and subsidiaries.
- Legal and professional advisors.
- DATA PROTECTION
15.1. Both parties agree to process Personal Data in compliance with the Data Protection Act. 15.2. Data will only be used for the intended purposes outlined in this Agreement.
- MISCELLANEOUS
16.1. These Terms form a legally binding agreement enforceable against you and your successors.
16.2. The Bank may amend these Terms or associated fees at its discretion. Any changes will be communicated as required by law.
Contact Information:
Rafiki Microfinance Bank Limited
Customer Support: 0711073000
Email: info@rafiki.co.ke
Website: www.rafikibank.co.ke
