1. TERMS AND CONDITIONS
1.1. This document sets out the complete Terms and Conditions
(hereinafter called "these Terms and Conditions") which shall be
applicable to Unidirect-Limited Salary-Advance Loan.
1.2. These Terms and Conditions and any amendments or variations
thereto shall remain in full force and effect and apply to all
Salary.
Advance Loans made to the client from time to time until such time
as these Terms and Conditions may be terminated in accordance
with
clause 16.1 below.
2. DEFINITIONS
2.1. In these Terms and Conditions the following words and
expressions (save where the context requires otherwise) bear the
following
meanings:
2.1.1. "Credit Reference Bureau" means a credit reference bureau duly licensed
under the Banking Act pursuant to the Banking (Credit Reference
Bureau) Regulations, 2008 to inter alia, collect and facilitate
the sharing of Client credit information;
2.1.2. "Client" means
the person signing these Terms and Conditions as the borrower;
2.1.3. "Client Registration Form" is annexed to these Terms and Conditions where
you indicate your personal and financial details which will
be used to evaluate your eligibility for a Salary Advance Loan.
2.1.4. "Employer" means
entity specified in Client Registration form and being an employer
of Client at the time of entering into this agreement.
2.1.5. "E-Money" means
the electronic monetary value depicted in your M-PESA Account
representing an equal amount of cash;
2.1.6. "Equipment" means your mobile phone handset, SIM Card
and/or other equipment which when used together enables you to
access
the Network;
2.1.7. "Interest" has
the meaning given to it under clause 5.2. The Interest is subject
to change from time to time at Unidirect-Limited's sole
discretion;
2.1.8. "IPRS" means the Integrated Population Registration System set up and
maintained by the Government of Kenya under the Ministry of State
for Immigration and Registration of Persons;
2.1.9. "M-PESA Account" means your mobile money store of value, being
the record maintained by Safaricom of the amount of E-Money
from time to time held by you in the M-PESA System;
2.1.10. "M-PESA Service" means the money transfer and payments service
provided by Safaricom through the M-PESA System;
2.1.11. "M-PESA System" means the system operated by Safaricom in
Kenya for the provision of the M-PESA Service using the
Network;
2.1.12. "M-PESA Pay Bill Account" means the account belonging to
Unidirect-Limited created in the M-PESA System;
2.1.13. "Network" means
the mobile cellular network operated by Safaricom in Kenya;
2.1.14. "Pay Bill Number" means a destination code created by Safaricom for the
identification of M-PESA Pay Bill Account.
2.1.15. "Penalty" means
money payable by the Client to Unidirect-Limited in accordance
with clause 5.5 which is pre-estimate the loss to be
suffered by Unidirect-Limited in funding the default of the Client
after failing to pay the Salary Advance Loan and Interest or other
sums outstanding, due or owing by the Client to
Unidirect-Limited;
2.1.16. "Phone Number" means telephone number within the Network you have indicated in
Client Registration Form the above section "Unidirect-Limited Salary Advance Loan Applicant Personal
Details" which is associated with your M-PESA Account;
2.1.17. "Safaricom" means Safaricom Limited incorporated in Kenya as a limited
liability company under the Companies Act (Chapter 486 of the Laws
of Kenya);
2.1.18. "Services" shall include any form of credit services or products that
Unidirect-Limited may offer you pursuant to these Terms and
Conditions;
2.1.19. "SIM Card" means the subscriber identity module which
when used with the appropriate mobile phone handset enables you to
access the Network and to use the M-PESA System;
2.1.20. "SMS" means a short message service consisting of a text message
transmitted from one mobile phone to another;
2.1.21. "System" means Unidirect-Limited's electronic communications software
enabling the Client to communicate with Unidirect-Limited for
purposes of the Services;
2.1.22. "Unidirect-Limited" means Unidirect-Limited incorporated in Kenya
as a limited liability company with No. PVT-AAACFB5 under the
Companies Act(Chapter 486 of the Laws of Kenya) and includes
subsidiaries, successors and assigns of Unidirect-Limited as may
from time to time be notified to you;
2.1.23. "We," "our," and "us," means
Unidirect-Limited and includes the successors and assigns of
Unidirect-Limited;
2.1.24. "You" or "your" means the Client and includes the personal representatives, heirs
and successors of the Client;
2.2. The word "Client" shall include both the masculine and the
feminine gender as well as legal persons and entities;
2.3. Words importing the singular meaning where the context so
allows include the plural meaning and vice versa.
2.4. Headings in these Terms and Conditions are for convenience
purposes only and they do not affect the interpretation of these
Terms and Conditions.
3. ACCEPTANCE OF THE TERMS AND CONDITIONS
3.1. By applying for a Salary Advance Loan, you agree to comply
with and be bound by these Terms and Conditions. The Terms and
Conditions will ipso facto apply to any future Salary Advance Loans
issued to you by Unidirect-Limited.
3.2. These Terms and Conditions may be amended or varied by
Unidirect-Limited from time to time and any new Salary Advance
Loan application
constitutes your agreement to be bound by the terms of any such
amendment or variation.
4. APPLICATION FOR THE SALARY ADVANCE LOAN
4.1. After signing of these Terms and Conditions by the Client and
Unidirect-Limited, the Client can apply for a Salary Advance Loan
from Unidirect-Limited.
4.2. When you apply for a Salary Advance Loan, your application
will be evaluated according to the applicable Salary Advance Loan
evaluation processes of Unidirect-Limited. Unidirect-Limited
reserves the right at its sole and absolute discretion and without
giving any reason to approve, in full, in part, or decline your
application for a Salary Advance Loan.
4.3. Subject to the approval of your Salary Advance Loan
application, Unidirect-Limited shall disburse to you a Salary
Advance Loan of an amount to be determined by Unidirect-Limited in
its sole discretion.
4.4. Following the approval of your Salary Advance Loan
application the amount of the Salary Advance Loan shall be
credited into your M-PESA Account or other means deemed necessary
by Unidirect-Limited.
5. REPAYMENT OF THE SALARY ADVANCE LOAN
5.1. You shall repay the Salary Advance Loan within a time period
indicated on your Salary Advance Loan application from the date
of
disbursement. The Salary Advance Loan shall be repaid in equal
installment(s) starting the next immediate end month from the date
of
disbursement of the Salary Advance Loan to Unidirect-Limited. The
periodic repayment installment is calculated as the sum of Salary
Advance Loan principal and Interests amount for the tenure of the
Salary Advance Loan divided by the number of advance periods the
Salary Advance Loan is issued for.
5.2.In consideration of Unidirect-Limited granting you the Salary
Advance Loan, a flat Interest of 7.50% (seven and a half per cent)
of the Salary Advance Loan amount (the "Interest") is charged per
advance cycle.
5.3.You shall make all payments due from you to Unidirect-Limited
in respect of the Salary Advance Loan, including but not limited
to the Salary Advance Loan repayment, Interest and Penalty, into
our m-pesa paybill number 963334 or our Stanbic Bank Account
associated with Account Number 0100005030387unless otherwise
agreed by Unidirect-Limited in its discretion.
5.4. You may repay the Salary Advance Loan at any time before the
due date. However, this does not affect the amount of Interest
payable,which must be paid in full.
5.5. If you fail to repay the Salary Advance Loan or any other sum
due or owing by you to Unidirect-Limited in due time, then the
full amount is due.
5.6. If borrower is more than 15 banking days late in making the
payment, Lender may declare that the entire balance of unpaid
Salary
Advance Loan is due immediately, together with a penalty fee of
(1.75%) per week of any outstanding amount due ("Penalty") and
Unidirect-Limited
shall be entitled to initiate legal action against you for the
full recovery of the amounts due, and to refer your credit details
to a Credit Reference Bureaus.
5.7. In addition to the Penalty Unidirect-Limited may charge a
collection fee of 7,000Kes (Seven thousand shillings) to cover
internal and external recovery expenses if Client is in arrears
for more than 30 (thirty) days. The Client acknowledges, agrees
and confirms that the aforesaid late payment collection charge
represents a reasonable pre-estimate of the loss to be suffered by
Unidirect-Limited.
5.8. Unidirect-Limited shall apply all payments received according
to these Terms and Conditions in following order: 1) costs and
expense payable under these Terms and Conditions, 2) accrued and
unpaid Penalty, 3)Interest, 4)the principal (Salary Advance Loan).
6. DEDUCTION OF THE SALARY AND INFORMATION DISCLOSURE
6.1. Client hereby irrevocably agrees, consents and authorizes the
employer to deduct from the Client's net monthly salary all monies
due in case of none payment of the Salary Advance Loan amounts
past the due date.
6.2. Client hereby consents and instructs Employer to release any
information regarding the Client to Unidirect-Limited, including
but not limited to Client's employment contract, copies of
identification documents, monthly salary and telephone number. The
persons signing these Terms and Conditions as Guarantor,
irrevocably and unconditionally agree, undertake and guarantee as
primary obligor and not merely as surety to:
7. REPRESENTATIONS AND WARRANTIES BY CLIENT
7.1. The Client represents, undertakes and warrants to
Unidirect-Limited that:
7.1.1. The Client is a bona fide permanent employee of the
Employer under the provisions of a written contract duly signed
and accepted in
accordance with the law;
7.1.2. The Client is not aware of any fact, matter or reason for
which the Client's employment could be terminated before the
Client has repaid
the Salary Advance Loan;
7.1.3.TheClient is not indebted to the Employer for any advances,
loans, damages, costs or other reason whatsoever in respect of
which the
employer is entitled to make any deductions from the Client's net
monthly salary;
7.1.4The Client will not, without Unidirect-Limited's prior
written consent, make any other written request or give any
authorization or notification
to the employer to make any other deductions from his net monthly
salary.
8. FEES AND TAXES
8.1. Client is responsible for all applicable tax payments,
including deduction of any withholding tax.
8.2. All M-PESA Transaction Fees payable in connection with the
client's use of the Services, including but not limited to
repayment of Salary Advance Loan, Interest, Fee and Penalty shall
be borne by the Client.
8.3. You shall indemnify Unidirect-Limited on a full and
unqualified indemnity basis against:
8.3.1.any legal charges including, without limitation, advocate
and client costs incurred by Unidirect-Limited in obtaining legal
advice in connection with the Salary Advance Loan, related to your
dealings with Unidirect-Limited or incurred by Unidirect-Limited
in any legal, arbitration or other proceedings arising out of any
dealings in respect of the Salary Advance Loan; and
8.3.2. All other fees, expenses and taxes, duties, impositions and
expenses incurred in respect of Salary Advance Loan.
8.4. You hereby agree to pay all costs, charges and expenses
incurred by Unidirect-Limited in obtaining or attempting to
recover the Salary Advance Loan, Interest, Penalty or any other
sum due from you.
8.5.All payments due to be made by the Client hereunder shall be
made free and clear of and without deduction for or on account of
any present or future taxes. If at any time, any regulatory
requirement or any taxing authority requires the Client to make
any deduction or withholding in respect of taxes from any payment
due from them for the account of Unidirect-Limited, the sum due
from the Client in respect of such payment shall be increased to
the extent necessary to ensure that, after the making of such
deduction or withholding, Unidirect-Limited receives a net sum
equal to the sum which Unidirect-Limited would have received had
no such deduction or withholding been required to be made and the
Client shall indemnify Unidirect-Limited against any losses or
costs incurred by Unidirect-Limited by reason of any failure of
the Client to make any such deduction or withholding.
9. STATEMENTS
9.1. You may request for a statement in respect of your Salary
Advance Loan from Unidirect-Limited.
9.2. A Mini Statement shall provide details of the last 5 (five)
transactions (or such other number of transactions as determined
by Unidirect-Limited) in respect of the Salary Advance Loan.
9.3. The Mini Statement shall be sent to you in printed form or
such other electronic means as Unidirect-Limited may in its
discretion determine.
You shall be responsible for the payment of any charges levied.
10. EXCLUSION OF LIABILITY
10.1. Unidirect-Limited shall not be responsible for any loss
suffered by you:
a) if the Services are interfered with or be unavailable for any
reason; or
b) as a result of any fraudulent or illegal use of the Services,
the System, your Phone Number and/or your Equipment; or
c) resulting from any other circumstances whatsoever not within
Unidirect-Limited's control including, without limitation, force
majeure,
error, interruption, delay, terrorism, enemy action, equipment
failure, loss of power, adverse weather or atmospheric conditions
and
failure, malfunction, interruption or unavailability of the
Network or any telecommunication system.
10.2. Under no circumstances shall Unidirect-Limited 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 including, without limitation those
caused or arising out of or in connection with:
a) the Services;
b) the delay in confirming its approval or rejection of the
application a Salary Advance Loan or in disbursing the Salary
Advance Loan following approval of the Salary Advance Loan
application;
c) the termination of these Terms and Conditions;
d) the cancellation or calling in of the Salary Advance Loan
pursuant to clause 12 and/or
e) the matters set out in clause 10.1 above even where the
possibility of such loss or damage is notified to
Unidirect-Limited.
10.3. All warranties and obligations implied by law are hereby
excluded to the fullest extent permitted by law.
10.4. You acknowledge and agree that you have no claim against
Unidirect-Limited for damages resulting from losses, delays,
misunderstandings,mutilations, duplications or any other
irregularities due to transmission of any communication pertaining
to the Salary Advance Loan.
11. INDEMNITY
11.1. In consideration of the Services you undertake to indemnify
Unidirect-Limited and hold it harmless on a full and unqualified
indemnity basis against any loss, charge, damage, expense, fee or
claim which Unidirect-Limited suffers or incurs or sustains
thereby and you absolve Unidirect-Limited from all liability for
loss or damage which you may sustain from Unidirect-Limited acting
on your instructions or requests or in accordance with these Terms
and Conditions.
11.2. For the purposes of Clause 11.1, the expression "your
instructions or requests" means any instructions or requests
received by Unidirect-Limited from your Phone Number, whether or
not such instructions or requests are made by you or someone else
acting with or without instructions, it being acknowledged and
agreed that Unidirect-Limited shall treat all such instructions or
requests as made without the necessity of independent
investigation or verification. In this regard, you irrevocably
authorize Unidirect-Limited to act on all instructions or
authorization received by Unidirect-Limited from your Phone Number
and to hold you liable in respect thereof, notwithstanding that
any such requests are not by you or authorized by you.
12. VARIATION AND TERMINATION OF RELATIONSHIP
12.1. Unidirect-Limited may at any time, upon notice to you, terminate or vary its business relationship with you, and in particular Unidirect-Limited may cancel or call in Loans which it has granted and require the repayment of outstanding debts resulting therefrom within such time as Unidirect-Limited may determine.
13. DISCLOSURE OF INFORMATION
13.1. By signing these Terms and Conditions you hereby expressly
consents and authorizes Unidirect-Limited to disclose, receive,
record or utilize your personal information, and data relating to
the Salary Advance Loan application, the Salary Advance Loan, the
Salary Advance Loan repayment details and any other data or
details within the limited permitted in law:
13.1.1. 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;
13.1.2. to and from Unidirect-Limited's service providers,
dealers, agents, assignees or any other company that may be or
become Unidirect-Limited'smsubsidiary or holding company for
reasonable commercial purposes relating to the Services;
13.1.3. to a Credit Reference Bureau;
13.1.4. to Unidirect-Limited's lawyers, auditors or other
professional advisors or to any court or arbitration tribunal in
connection with any legal or audit proceedings;
13.1.5. For reasonable commercial purposes connected to the use of
the Services, such as marketing and research related activities;
and
13.1.2. In business practices including but not limited to quality
control, training and ensuring effective systems operation.
13.2. You hereby agree and authorize Unidirect-Limited to obtain
and procure Personal Information contained in the IPRS from the
Government of
Kenya and you agree and consent to the disclosure and provision of
such Personal Information by the Government of Kenya to
Unidirect-Limited.
13.3. You hereby expressly consent and authorize Unidirect-Limited
to request and receive any credit history data about you from a
Credit
Reference Bureau.
14. MISCELLANEOUS
14.1. These Terms and Conditions (as may be amended from time to
time) form a legally binding agreement binding on you, your
personal
heirs, successors, Guarantors, their personal heirs and
successors.
14.2. These Terms and Conditions and any rights or liabilities
accruing thereunder may not be assigned by you to any other
person. Unidirect-Limited can at its sole discretion assign,
novate and cede any rights, obligations and liabilities arising
out of these Terms and Conditions to any third party.
14.3. Unidirect-Limited may vary or amend at any time and without
notice to you these Terms and Conditions, the Application Fees,
the Interest, the Penalty or the Collection charge. Any such
variations or amendments may be published in Unidirect-Limited's
website and/or by any other means as determined by
Unidirect-Limited and any such variations and amendments shall
take effect immediately upon publication. Your continued use of
the Services will constitute your agreement to be bound by the
terms of these Terms and Conditions as amended or varied from time
to time.
14.4. The rights and remedies of Unidirect-Limited herein provided
are cumulative and not exclusive of any rights or remedies
provided by law. No
failure or delay by Unidirect-Limited to exercise any right or
remedy 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 exercise of any other right or
remedy.
14.5. If any provisions of the terms and conditions shall be found
by any duly appointed arbitrator, court or administrative of
competent jurisdiction to be invalid or unenforceable the
invalidity or unenforceability of such provisions shall not affect
other provisions herein.
14.6. That this Salary Advance Loan Application shall take effect
in tandem with the Salary Advance Loan agreement entered into by
the
parties.
15. NOTICES AND CHANGES IN CONTACT OR PAYMENT DETAILS
15.1. Unidirect-Limited may send information concerning the Salary
Advance Loan via SMS to your indicated Phone Number.
15.2. In event of changes in or other payment and contact details
Unidirect-Limited shall immediately inform the Client.
Unidirect-Limited bears no responsibility for any damage, loss,
delays, misunderstandings or any other irregularities if Client
would use the prior contact or payment details.
15.3. In event of changes in your Phone Number or that of any
Guarantor you shall immediately inform Unidirect-Limited.
16. DURATION OF AGREEMENT
16.1. These Terms and Conditions will continue to bind
indefinitely subject to the right of Unidirect-Limited to
terminate them at any time for any reason. The Client may request
Unidirect-Limited to terminate the binding effect of these Terms
and Conditions if they have no outstanding obligations to
Unidirect-Limited.
16.2. Termination of these Terms and Conditions (howsoever
occurring) shall not affect any accrued rights and liabilities of
either party.
17. DISPUTE RESOLUTION, JURISDICTION AND ARBITRATION
17.1. Any dispute arising out of or in connection with these Terms
and Conditions shall be referred to arbitration by a single
arbitrator to be appointed by agreement between the parties, or in
default of such agreement within 30 days of the notification of a
dispute, upon the application of either party, by the Chairman for
the time being of the Chartered Institute of Arbitrators (Kenya
Branch). Such arbitration shall be conducted in the English
language in Nairobi/Mombasa in accordance with the Rules of
Arbitration of the said Institute and subject to and in accordance
with the provisions of the Arbitration Act 1995.
17.2. To the extent permissible by Law, the determination of the
Arbitrator shall be final, conclusive and binding upon the parties
hereto.
17.3. Clause 17.1 is for the benefit of Unidirect-Limited only. As
a result, Unidirect-Limited should not be prevented from taking
proceedings relating to a dispute arising out of or in connection
with these Terms and Conditions in any courts.
17.4. These Terms and Conditions shall be governed by and
construed in accordance with the laws of the Republic of Kenya.
Terms and Conditions of Unidirect-Limited Salary-Advance
Loan.
Approved by the Board of Directors of Unidirect-Limited on
03/07/2017