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Terms & Conditions Nipe Boost For Use of Nipeboost Service

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Publishing date: 1st July 2016

1. THEAGREEMENT

1.1. This Agreement sets out the Terms and Conditions (hereinafter called “these Terms and Conditions” or “Terms and Conditions”) which shall be applicable to the NipeBoost Service (as hereinafter defined) already registered or to be registered by and for you (as hereinafter defined) with Bayport (as hereinafter defined).

1.2. These Terms and Conditions and any amendments or variations thereto take effect on their date of publication on the website www.kopabayport.co.tz, at Bayport branches, or via other means of communication.

1.3 You accept and acknowledge that this is a legal and binding agreement between you and Bayport once accepted by both parties.

1.4 “We,” “our,” and “us,” means the Bayport and includes its successors in title and assigns;

1.5 “You” or “your” means the Customer and includes your personal representatives and heirs;

1.6. The word “Customer” shall include both the masculine and the feminine gender as well as juristic persons (legal entities);

1.7. Words importing the singular meaning where the contexts so admits include the plural meaning and vice versa.

1.8. Headings in these Terms and Conditions are for convenience purposes only and they do not affect the interpretation of this Agreement.

2. DEFINITIONS

2.1. In these Terms and Conditions the following words and expressions (where the context requires otherwise) bear the following meanings:

2.1.1. Bayport means Bayport Financial Services (T) Ltd., incorporated in 2006 with business

License number 55322;

2.1.2. “Credit Reference Bureau” means a duly licensed credit reference bureau whose purpose is to, inter alia, collect and facilitate the sharing of customer credit information;

2.1.3. “Customer” means the person who has in whose name the NipeBoost service with Bayport is existing or to be registered upon agreeing to these Terms and Conditions;

2.1.4. “Client Contact Center”  or “Contact Centre” means the Customer Care Centre, Call Center or Bayport Branch or Bayport Agents as may be notified to the Customer by Bayport from time to time;

2.1.5. “Equipment” includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access mobile network;

2.1.6. “NipeBoost” or “NipeBoost service” means the system operated by Bayport for the provision of the NipeBoost Loans and/or other related NipeBoost services using the Mobile Networks;

2.1.7. “NipeBoost PIN” means your confidential personal identification number used by the Customer to access and operate the NipeBoost service;

2.1.8. ”NipeBoost Loan Service” means the services offered by Bayport to the Customer in terms of which the Customer is able to apply for a NipeBoost Loan and repay such loan through an appropriate Channel;

2.1.9. ”NipeBoost Loan “or “Loan “means a loan lent and advanced by Bayport to the Customer in accordance with the Terms and Conditions;

2.1.10. “Network“or“Mobile network” means the mobile cellular network operated by various mobile networks in the Republic of Tanzania;

2.1.11. “Request” means a request or instruction received by Bayport from you or purportedly from you through a Channel and upon which you authorize Bayport to act on such instructions;

2.1.12. “Late Repayment Penalty” means a  penalty charged on any outstanding loan amount after the due date until such time as the amount has been repaid;

2.1.13. “SIM Card” means the subscriber identity module which, when used with the appropriate mobile phone handset and Network, enables you to access the NipeBoost System;

2.1.14. “SMS” means a short customized message service consisting of a text message transmitted from one mobile phone to another;

2.1.15. “Channel” means any physical or electronic infrastructure allowing the receipt of NipeBoost Loan applications, disbursement of NipeBoost Loans, acceptance of payments, NipeBoost Loan repayments and allowing for information exchange; including but not limited to: ATMs, Mobile, Branches, Agents, Cash Terminals, and/or Websites.

2.1.16. “Credit Limit” means the maximum pre- approved amount that a Customer can borrow on the NipeBoost Service.

2.1.17. “Terms and Conditions” means these terms and conditions as amended and updated by Bayport in accordance herewith.

3. ACCEPTANCE OF THE TERMSAND CONDITIONS

3.1. Before applying for access to the NipeBoost service via any Channel you should carefully read and understand these Terms and Conditions which will govern the use and operation of the NipeBoost service.

3.2 If you do not agree with these Terms and Conditions, please do not continue with any action such as signing the agreement, clicking the agree button, sending an agreement code via SMS, clicking on the agreement option on USSD menu or any other action implying a confirmation of your agreement to these terms and conditions.

3.3 You will be deemed to have read, understood and accepted these Terms and Conditions:

3.3.1 Upon sending the confirmation SMS to Bayport Number; signing the agreement at the branch; or expressing your confirmation to register for NipeBoost service via any other Channel you confirm that you have read and accepted these Terms and Conditions as stated in the website www.kopabayport.co.tzand/or available at Bayport branch or other Client Contact Centers.

3.4. By applying to register for the NipeBoost service with Bayport and/or applying for a NipeBoost Loan via NipeBoost service you agree to comply with and be bound by these Terms and Conditions for the time being and from time to time in force governing the operation of the NipeBoost Service and you affirm that these Terms and Conditions herein are without prejudice to any right that Bayport may have with respect to the NipeBoost service in law or otherwise.

3.5. These Terms and Conditions may be amended or varied by Bayport from time to time and the continued use of your NipeBoost service constitute your agreement to be bound by the terms of any such amendment or variation.

4. REGISTERING FOR NIPEBOOST SERVICE 

4.1. In order to register for NipeBoost service at Bayport, youmustbeatleast18yearsold,a registered and active mobile subscriber with a mobile service provider with which Bayport has an agreement with for the provision of this service. Bayport reserves the right to verify the authenticity of your details at any external source available, which verification is hereby authorized by the Customer.

4.2. You may register for NipeBoost service at Bayport branches, by replying to Bayport instructions via any Channel or by other means and/or channels offered by Bayport.

4.3. If you are already using any other services of Bayport, you hereby authorize Bayport to access and use such information provided by you as a part of your NipeBoost service application, without any action required by you.

4.4. You hereby agree and authorize Bayport to request from any third party including but not limited to Credit Bureaus and Mobile Network, your personal information pursuant to these Terms and Conditions for the provision of the NipeBoost service including without limitation, your phone number, name, date of birth, ID or Passport Number, credit history and such other information that will enable Bayport to identify you and comply with the regulatory and/or internal “Know Your Customer” requirements (together the “Personal Information”). You also hereby agree and authorize Bayport to request any third party for information relating to your ID as Bayport shall require for purposes of providing the NipeBoost services. You hereby consent to the disclosure of the Personal Information by any third party to Bayport and to the aforesaid use of the Personal Information by Bayport for the purposes of providing the NipeBoost services.

4.5. You hereby further acknowledge and authorize Bayport to verify your Personal Information received from a Mobile Network pursuant to the information received from the third parties.

4.6. Bayport hereby reserves the right to request further information from you pertaining to your application for NipeBoost service at any time. Failure to provide such information within the time required by Bayport may result in Bayport declining to accept your application for NipeBoost service.

4.7. Bayport reserves the right to decline your application for access to the NipeBoost service or to revoke the same at any stage at Bayport sole discretion and without assigning any reason or giving any notice thereto.

5. LOAN VIA NIPEBOOST

5.1. As a client of NipeBoost service and having received a confirmation message and/or the message bearing your credit limit, you may, subject to these Terms and Conditions, apply for a NipeBoost Loan using the request loan menu on your Equipment. Your Mobile Network may charge certain transaction fees in relation to any transactions effected in relation to the NipeBoost service and/or NipeBoost Loan.

5.2. Upon application for a NipeBoost Loan, your application shall be considered in accordance with the applicable loan appraisal processes of Bayport. Bayport reserves the right, at its sole discretion and without assigning any reason, to approve or decline your application for a NipeBoost Loan.

5.3. Subject to the approval of your application for a NipeBoost Loan, Bayport hereby reserves the right to determine, at its sole discretion, the amount to be issued by Bayport hereunder and accepted by you as a valid NipeBoost Loan.

5.4. The proceeds of the Loan shall be credited to your bank account, mobile wallet or other types of accounts subject to any deductions of applicable transaction fees at Bayport’s sole discretion. Bayport reserves the right to verify your bank account, e-wallet or other currency holding medium details as part of your personal information from any internal or external (third party) sources.

5.5. You shall repay the principal, interest, fees and penalties subject to receiving a Loan as per Loan Terms provided in Annex 1 of these terms and conditions.

5.6. You shall make all payments due by you to Bayport in respect of the NipeBoost Loan using the mobile payment channels M-Pesa,Tigopesa, Airtel Money, Bayport branches and other Channels as suggested by Bayport.

5.7. In the event that you do not repay the Loan in full as per terms of the NipeBoost Loan, Bayport shall, at its sole discretion levy default interest on the outstanding amount which shall be calculated on any outstanding amount in respect of the NipeBoost Loan and shall continue to accrue until payment is received by Bayport in full.

5.8. Bayport reserves the right to vary the terms of the Loan including the fees payable thereon from time to time at its sole discretion and without any prior notice.

5.9. You hereby expressly consent and authorize Bayport to disclose or publicize any of your personal information in public media or to authorities for collection or other purposes in accordance with the legal or Bayport’s internal regulations.

6. NIPEBOOST LOAN COLLECTION AND CONSOLIDATION

6.1. In instances of late payment of the NipeBoost Loan contrary to the terms and conditions of the NipeBoost Loan, Bayport may, at its sole discretion, consolidate all amounts owing under the NipeBoost loan with any other amounts outstanding at Bayport, howsoever arising. The Customer hereby agrees that, upon consolidation of all amounts owing by you to Bayport, Bayport shall be entitled to utilize any any means of collection for such amount, including but not limited to, the direct deduction of the total consolidated amount from your salary by the controller or by your employer, direct debit transaction or external debt collectors.

6.2. You may not unilaterally cancel the deduction direct debit or any other form of collection means until such time as the consolidated amounts owing have been repaid in full.

6.3. In instances of default under the NipeBoost Loan, or termination or retrenchment from your employment, you hereby authorize your employer to:

6.3.1. Deduct from your salary or terminal benefits the amounts owing under the NipeBoost Loan;

6.3.2. Treat all such salary or benefit deductions by your employer as though you had signed them personally.

6.3.3. Deduct amounts owing in either weekly or fortnightly installments in circumstances where you are paid on a weekly or fortnightly basis.

6.4. Should the salary and terminal benefits deduction implemented on your payroll fail to recover the outstanding NipeBoost Loan balance, you hereby consent to Bayport issuing a debit order to any bank that you will be banking with in order to recover such outstanding amounts.

7. LOAN PROLONGATION

7.1. The client may prolong (reschedule) the loan principal refinancing by an additional 30 days by paying the respective prolongation fee (in addition to interest, transaction fee and any penalties accrued)

7.2. Bayport may at its sole discretion refuse for the loan to be prolonged or amend the prolongation terms without any prior notice.

8. FEES AND OTHER CHARGES

 

8.1. You hereby agree to pay all transaction fees payable in connection with your use of the Services if any.

8.2. Any legal charges including advocate and client costs incurred by Bayport in obtaining legal advice in connection with your NipeBoost service and/or your loan and your dealings with Bayport or incurred by Bayport in any legal, arbitration or other proceedings arising out of any dealings in respect of your NipeBoost service; and

8.3. All other fees, expenses and taxes, duties, impositions and expenses incurred in complying with your Requests.

8.4. You hereby agree to pay costs charges and expenses incurred by Bayport in obtaining or attempting to obtain payment of any loan you owe to Bayport.

9. IRREVOCABLE AUTHORITY OF BAYPORT

9.1. It is your sole responsibility to familiarize yourself with the operating procedures for the service that will be provided by Bayport upon your registration to the NipeBoost service. Bayport shall not be liable for any losses incurred as a result of your errors either of commission and/or omission.

9.2. You hereby irrevocably authorize Bayport to act on all requests received by Bayport 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.

10. CUSTOMER’S EQUIPMENT AND CUSTOMER’S RESPONSIBILITIES

10.1. 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.

10.2. You shall be responsible for ensuring the proper performance of your Equipment. Bayport shall neither be responsible for any errors or failures caused by any malfunction of your Equipment, and nor shall Bayport be responsible for any computer virus or related problems that may be associated with the use of the System, the Services and the Equipment. You shall be responsible for charges due to any service provider providing you with connection to the Network and Bayport shall not be responsible for losses or delays caused by any such service provider.

10.3. You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any document provided by Bayport the use of the System and Services.

10.4. You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your NipeBoost PIN secret and secure. You shall ensure that your NipeBoost PIN does not become known

or come into possession of any unauthorized person. Bayport shall not be liable for any disclosure of your NipeBoost PIN to any third party and you hereby agree to indemnify and hold Bayport harmless from any losses resulting from any NipeBoost PIN disclosure.

10.5. You shall take all reasonable precautions to detect any unauthorized use of the System and the Services. To that end, you shall ensure that all communications from Bayport  are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorized use of and access to the System will be detected.

10.6. You shall immediately inform Bayport through the Contact Centre in the event that:

10.6.1. You have reason to believe that NipeBoost PIN is or may be known to any person not authorized to know the same and/or has been compromised; and/or

10.6.2. You have reason to believe that unauthorized use of the Services has or may have occurred or could occur and a transaction may have been fraudulently input or compromised.

10.7. You shall at all times, follow the security procedures notified to you by the Bayport from time to time or such other procedures as may be applicable to the Services from time to time.

10.8. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your NipeBoost service 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.

10.9. You shall not at any time operate or use the Services in any manner that may be prejudicial to Bayport.

11. EXCLUSION OF LIABILITY

11.1. Bayport shall not be responsible for any loss suffered by you, howsoever arising, should the NipeBoost services be interfered with or be unavailable by reason of:

11.1.1. (a) the failure of any of your Equipment, or (b) any other circumstances whatsoever not within the Bayport 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.

11.2. Bayport will not be liable for any losses or damage suffered by you as a result of or in connection with:

11.2.1. Assumption that you will be granted a loan, even if those assumptions are grounded on valid arguments;

11.2.2. Failure, malfunction, interruption or unavailability of the System, your Equipment, the Network or NipeBoost service;

11.2.3. Any fraudulent or illegal use of the Services, the System and/or your Equipment; or

11.2.4. Your failure to comply with these Terms and Conditions and any document or information provided by Bayport concerning the use of the System and the Services.

11.3. If for any reason the Services are interfered with or unavailable, Bayport sole liability under this Agreement in respect thereof shall be to re-establish the Services as soon as reasonably practicable.

11.4. Under no circumstances shall Bayport 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 Bayport.

11.5. All warranties and obligations implied by

law are hereby excluded to the fullest extent permitted by law.

12. INTELLECTUAL PROPERTY RIGHTS

12.1. You acknowledge that the intellectual property rights in the system (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation   that Bayport provides to you through the system or otherwise are vested either in Bayport or in other persons from whom Bayport has a right to use and to sub-license the System and/or the said documentation. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the system and associated documentation without the prior written consent of Bayport.

13. INDEMNITY

13.1. In consideration of Bayport complying with your instructions or Requests in relation to the NipeBoost service, you undertake to indemnify Bayport and hold it harmless against any loss, charge, damage, expense, fee or claim which Bayport suffers or incurs or sustains thereby and you absolve Bayport from all liability for loss or damage which you may sustain from Bayport acting on your instructions or requests or in accordance with these Terms and Conditions.

13.2. The indemnity shall also cover the following, without limitation:

12.2.1 All demands, claims, actions, losses and damages of whatever nature which may be brought against Bayport or which it may suffer or incur arising from its acting or not acting on any Request or arising from the malfunction or failure or unavailability of any hardware, software, or equipment, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena,  riots, acts of vandalism, sabotage, terrorism, any other event beyond Bayport control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in any Request  received by Bayport.

12.2.2 Any loss or damage that may arise from your use, misuse, abuse or possession of any third party software, including without limitation, any operating system, browser software or any other software packages or programs.

12.2.3 Any unauthorized access to your NipeBoost Account or any breach of security or any destruction or accessing of your data or any destruction or theft of or damage to any of your Equipment.

12.2.4 Any loss or damage occasioned by the failure by you to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third party

facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by the Bank as a consequence of any breach by these Terms and Conditions.

12.2.5 Any damages and costs payable to the Bank in respect of any claims against the Bank for recompense for loss where the particular circumstance is within your control.

14. TERMINATION

14.1. Bayport at any time, upon notice to you, terminate or vary its business relationship with you and cancel your access to NipeBoost service without providing reason therefore and in particular but without prejudice to the generality of the foregoing, Bayport may cancel any credit limit which it has granted and require the repayment of outstanding debts resulting there from within such time as Bayport may determine.

14.2. Bayport may also, at its sole discretion, suspend or, decline any NipeBoost Loan application or cancel your NipeBoost service:

14.2.1. If you use the NipeBoost for any unauthorized purposes or where Bayport detects any abuse/misuse, breach of content, fraud or attempted fraud relating to your use of the NipeBoost services;

14.2.2. If Bayport is required or requested to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority;

14.2.3. If Bayport 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);

14.2.4. Where such a suspension or variation is necessary as a consequence of technical problems or for reasons of safety;

14.2.5. To facilitate any updates or upgrades of the contents or functionality of the NipeBoost services from time to time;

14.2.6. Where you remain inactive for any period of time; or

14.2.7. If Bayport decides to suspend or cease the provision of the NipeBoost Services for any reason whatsoever.

14.2.8. If you have had a current or past listing with Credit Reference Bureau for a Non- performing account with any institution.

14.3. You may cancel the NipeBoost service at any time at any Bayport branch upon payment of all outstanding amounts owed to Bayport.

14.4. Termination shall however not affect any accrued rights and liabilities of either party.

15. DISCLOSURE OF INFORMATION

15.1. You hereby expressly consent and authorize Bayport to disclose, receive, record or utilize your personal information or information or data relating to your NipeBoost service and any details of your use of the Services:

15.1.1. 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;

15.1.2. to and from Bayport service providers, dealers, agents, funders or any  other company that maybe or becomes a Bayport  subsidiary or holding company;

15.1.3. to a Credit Reference Bureau;

15.1.4. to Bayport’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;

15.1.5. to any Mobile Network in connection with the mobile money service and the NipeBoost services;

15.1.6. For reasonable commercial purposes connected to your use of the NipeBoost services, such as marketing and research related activities; and

15.1.7. In business practices including but not limited to quality control, training and ensuring effective systems operation.

16. MISCELLANEOUS

16.1. These Terms and Conditions (as may be amended from time to time) form a legally binding agreement binding on you and your personal successors.

16.2. This Agreement and any rights or liabilities accruing there under may not be assigned by you to any other person without Bayport’s prior written consent thereto.

16.3. Bayport may assign its rights liabilities accrued under this terms and conditions fully or partially to any third party upon its sole discretion and the Customer hereby consents to such assignment and consequent splitting of such claim.

16.4. Bayport may vary or amend at any time and without notice to you these Terms and Conditions, the terms of the NipeBoost Loan and establish any additional fees upon its discretion. Any such variations or amendments may be published in posters or pamphlets available at Bayport branch outlets, in the daily newspapers, on the Bayport website and/or by any other means as determined by Bayport and any such variations and amendments shall take effect immediately upon publication.

16.5. No failure or delay by either yourself or Bayport in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy.

16.6. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

16.7. If any provision of these Terms and Conditions shall be found by any duly appointed arbitrator, court or administrative body of competent jurisdiction to be invalid or unenforceable the invalidity or unenforceability of such provision shall not affect the other provisions herein.

16.8. Any addition or alteration to these Terms and Conditions may be made from time to time by Bayport and shall be binding upon you as fully as if the same were contained in these terms and Conditions.

17. NOTICES

17.1. Bayport may send information concerning the NipeBoost service via postal delivery, call center, or SMS to the Mobile Network Mobile Phone number associated with your Bank Account, in which these will be deemed received by you within 5 days after the dispatch of such information.

17.2. You acknowledge that you have no claim against Bayport for damages howsoever arising resulting from losses, delays, misunderstandings, mutilations, duplications or any other irregularities due to transmission of any communication pertaining to NipeBoost service.

18. GOVERNING LAW

18.1. This Agreement is governed by and shall be construed in accordance with the laws of Tanzania.

Appendix 1

Loan terms

Loan amount To be determined by Bayport at its sole discretion
Loan term 30 Days
Interest rate Daily interest of 0.5% will be charged on the outstanding balance
Transaction fee You will be charged a transaction fee of 5% for each loan requested
Prolongation fee You may prolong the principal repayment by paying 10% of the amount outstanding (in addition to transaction fee, interest and any penalties accrued)
Late payment penalty (penalty interest) If you miss minimum payment, a penalty fee of 0.5% will be charged on outstanding balance