Notwithstanding anything contained in this Agreement, any change in or introduction of any law, regulation, ruling, directive, policy and or guidelines or any similar event with which the Credit Provider is obliged to a comply and/or which is in accordance with the practice of a responsible Financial Institution or any interpretation, administration or application thereof results in any increase to the Credit Provider in the cost of maintaining and/or providing the Loan or any unused portions thereof.
3.1 By downloading the Zaako App and opening an Account, you agree to be bound by the Terms and Conditions governing the Services.
3.2 You must ensure that you read and understand the Terms and Conditions set out in this Agreement before clicking the “Accept” option. This includes any amendments made to this agreement from time to time.
3.3 This agreement shall come into force upon clicking the "Accept" option on Zaako's System. If you do not agree with this Agreement, please click the "Decline" option in our System. Please note that you will not be able to access the Services and get license to the App if you click the "Decline" option.
4.1 To utilize our services you have to be at least 18 years old.
4.2 Zaako reserves the right to verify the authenticity and status of your Mobile Money Account with the relevant Mobile Money Provider.
4.3 The app will display our acceptance or denial of your application for a Credit Advance.
4.4 You hereby acknowledge and accept that when We accept your application for a Credit Advance, this does not create any contractual relationship between you and Us beyond the Terms and Conditions that apply to your Mobile Money Account.
4.5 We have the sole and absolute right to decline or to revoke your application for a Credit Advance at any time without assigning any reason or giving any notice thereto.
4.6 We reserve the sole and absolute right to issue a Credit Advance and/or vary the terms of any Credit Advance depending on our assessment of the credit profile of each individual borrower. The terms of the Credit Advance and the Service Fee payable in relation to each Credit Advance application will be displayed on the App.
5.1.You hereby agree and authorise the Credit Provider to verify information provided by you to Us against the information held by the Mobile Money Providers in relation to your Mobile Money Account pursuant to the agreement between you and the relevant Mobile Money Provider for the provision of its products and services and the Mobile Money Service.
5.2. We may verify your Personal Information against the information held by the Mobile Money Providers.
5.3. We reserve the right to request for further information from you pertaining to your application for a Credit Advance at any time. Failure to provide such information within the time required by Us may result in declining to accept your application for a Credit Advance.
6.1. You hereby irrevocably authorize Us to act on all Requests received from you (or purportedly from you) through the System and to hold you liable in respect thereof. We may nevertheless refuse to carry out any Requests in our sole and absolute discretion.
6.2 Subject to our discretion, we reserve the right to reject any Request in relation to a Credit Advance application from you even if you have previously been issued with a Credit Advance by Us.
6.3 We shall be entitled to accept and to act upon any Request, even if that Request is otherwise for any reason incomplete or ambiguous if, in our absolute discretion, We believe that it can correct the incomplete or ambiguous information in the Request without any reference to you being necessary.
6.4 We shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which We may act if We have in good faith acted in the belief that such instructions have been sent by you.
6.5 We may, in our absolute discretion, decline to act on or in accordance with the whole or any part of your Request pending further inquiry or further confirmation (whether written or otherwise) from you.
6.6 You agree to and shall release from and indemnify Us against all claims, losses, damages, costs and expenses, howsoever arising in consequence of, or in any way related to Us having acted (or failed to act) in accordance with the whole or any part of any of your Requests.
6.7 You acknowledge that, to the full extent permitted by law, We shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or Use or manipulation of your Account PIN, password, ID or any means whether or not occasioned by your negligence.
6.8 We are authorized to effect such orders in respect of your Credit Advance and/or Account as may be required by any court order or competent authority or agency under the applicable laws.
6.9 In the event of any conflict between any terms of any Request received by Us from you and this Agreement, this Agreement shall prevail.
7.1 You hereby agree to pay all Transaction, Service Fees and other Charges payable in connection with your Use of the Services.
7.2 The Service Fee payable by you to Us in relation to any a Credit Advance shall be displayed on the App. We shall be entitled to set and charge Service Fees, in connection with your use of the Services and from time to time amend or vary our Service Fees.
7.3 We will use reasonable efforts to try to notify you of any changes in relation to Service Fees within a reasonable period before such changes are implemented including displaying notices of the changes on the App, via SMS, through our Social Media platforms or Our website.
8.1. If you are a salaried employee or in formal employment, your employer will deduct the loan repayment from your salary as per agreement with Us or borrower can choose to repay by themselves Using mobile money or any other agreed electronic money transfer. In the event of an existing debit order arrangement between the Mobile Money operators and Banks, Zaako shall make automatic deduction of the repayment amount from either your Bank account or Mobile Money account on the due date.
8.2 You may choose to pay the Repayment Amount directly into BUMI CAPITAL SERVICES's account on or before the due date by Using the repayment option on the loan menu.
8.3 A penalty fee of 12.5% of any amount that remains unpaid 7 days after the due date shall apply if you fail to repay the Repayment Amount in full 7 days after the due date. Other actions will include possession of loan collateral provided and court process to recover the outstanding amount.
9.1 You may settle this loan in full at any time with or without notice, by paying the settlement value owed to Us. The settlement value will be calculated as follows:
9.1.1 the unpaid balance of the loan; and
9.1.2 the unpaid service charges payable by you to Us up until the settlement date.
10.1 All payments to be made by you in connection with this Agreement are calculated without regard to any taxes payable by you.
10.2 You hereby consent and agree that we may withhold amounts in your Account, if any tax authority requires Us to do so, or We are otherwise required by law or pursuant to agreements with any tax authority to do so, or if we need to comply with internal policies or with any applicable order or sanction of a tax authority.
The Credit Provider shall not become liable to you for any indirect or consequential loss or damage of whatever kind arising out of or in connection with your application for or your Use of a Zaako loan, 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, operation of the law and failure of any public or private telecommunications system.
12.1. You hereby expressly consent and authorize BUMI CAPITAL SERVICES to disclose, record and or utilize your personal or other information relating to your ZAAKO loan Account. This shall include sharing this information with:
12.1.1. Any local or international law enforcement or competent regulatory or governmental agency/ies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud.
12.1.2. Service providers, dealers, agents or any other associate company of BUMI CAPITAL SERVICES for reasonable commercial purposes.
12.1.3 to a Credit Reference Bureau.
12.1.4 to Zaako’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings.
12.1.5 to Mobile Money Providers and/or Mobile Network Providers in connection with the Services.
12.1.6 for reasonable commercial purposes connected to your Use of the Services, such as marketing and research related activities; and
12.1.7 in business practices including but not limited to quality control, training and ensuring effective systems operation.
13.1 An occasion of breach shall occur if but is not limited to where:
13.1.1 You do not comply with any of the terms and conditions of this Agreement (all of which you agree are material)
13.1.2 You fail to pay any amounts due under this agreement either through Mobile Money or a direct debit from your salary or personal account; or
13.1.3 You have made any misleading statements to Us before or during the course of this Agreement and or it comes to our attention that any or all of the information that you provide Us with is untrue, false, incomplete;
13.2 Upon the occurrence of any of the above-mentioned events, we shall be entitled, at our election and without prejudice to all our other rights under this Agreement.
13.2.1 Terminate this Agreement immediately; and
13.2.2 Claim immediately payment of outstanding balance together with the interest and all amounts owing or claimable by ourselves, irrespective of whether or not such amounts are due on that date; and/or
13.3 If we elect to enforce the agreement, a notice will be sent to you, which will set out:
13.3.1 The details of your default;
13.3.2 The period within which we require you to rectify the default.
13. 4 Before termination of the Agreement, you are entitled to reinstate the Agreement in respect of which you are in default, by paying all overdue amounts, as well as any reasonable costs we may have incurred in relation to enforcing our rights under this Agreement.
14.1 If we have not strictly enforced the terms and conditions of this Agreement at any time, you may not assume that the terms and conditions have been waived
14.2 If your Account has a credit balance at any time as a result of overpayment of your Credit Advance, you may issue a Request to Zaako for payment of such credit balance and Zaako will return any such balance to you, less any applicable fees, provided that such amount falls above the minimum transfer amounts specified by the relevant Mobile Money Provider.
If you wish to contact Us in writing, or if any condition in this Agreement requires you to give Us notice, you can send this to Us by e-mail to hello@bumicapital.com or to such e-mail address that may be communicated to you from time to time. We will confirm receipt of this by contacting you in writing by e-mail.
Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the courts of Law of Zambia. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents).
This Agreement will be governed by, and construed in accordance with the laws of Zambia, without giving effect to any choice or conflict of law provision, except that questions affecting the construction and effect of any Intellectual Property Right(s) shall be determined by the law of the country in which the Intellectual Property Right(s) shall have been granted.