CRDB Microfinance Services Ltd: Terms and Conditions

Terms and Conditions

CRDB Bank PLC-General Terms and Conditions for operating SIMAccount (English)

 

1.0 In these Terms and Conditions the following words and expressions (save where the context requires otherwise) bear the following meanings:1.1"SIMAccount" means a bank account held by a customer with the CRDB Bank which is opened and operated in accordance with the terms and conditions herein contained via his/her mobile phone;

1.2  The Bank" means CRDB Bank PLC.

1.3  Customer" means the undersigned overleaf, and shall include any person or persons, firm or corporate body.

1.4       " Account" means account to be opened in accordance with the instructions overleaf and any other account opened by the Customer at any time which the "SIMAccount" relates and which is designated by the customer for SIMAccount transaction.

1.5       PIN” means a Personal Identification Number required to gain access to the relevant account to give transaction instruction(s).

1.6       Merchant”means any retail outlet that accepts SIMAccount for payment of goods and services.These terms and conditions shall also include amendments made thereto from time to time.

1.7 " Super Agent" means a Centre for SIMAccount Agents to buy or sell e-value in bulk/wholesale in the Bank's branch outlet networks across the country.

1.8 " Main Agent" means  a business centre for SIMAccount customers to complete their KYC registration and  acquire SIM-Account cash in, cash out, cash transfer, and payment services.

1.9 " Regular Agent" means a business centre for SIMAccount customers to acquire SIM-Account cash in, cash out, cash transfer, and payment services.

1.10     Agent”means a point of contact or interaction between the customer and the Bank through the banks distribution network including but not limited to CRDB Bank Branches, Service Centres, Mini-Service Centres, CRDB ATMs, and CRDB Branch on Wheels.

 

The official languages in all written or spoken communication between the bank and the customer shall be English and or Kiswahili.

 

2.0  ACCEPTANCE OF TERMS AND CONDITIONS

 

2.1 By customer dialing *150*03# and thereafter clicking on the “Accept” option on the SIMAccount USSD Menu, thecustomer confirms that he/she has read, understood and agrees to abide with the Terms and Conditions as stated herein;

 

3.1     ACCOUNT OPENING, OPERATIONS & RELATIONS

 

3.2     Customer's Instructions:

By opening SIMAccount, the Customer mandates the Bank to honor and carry out any instructions he/she may give inconnection with his/her account notwithstanding that any such instructions may cause his account to be overdrawn or anoverdraft to be increased.

3.2       Duty of Care and Customer Responsibilities in Operating SIMAccount:

3.2.1    Customer(s) must exercise all due care and attention to ensure the safety of his /her mobile phone or device and the secrecy of the access PIN at all times and to prevent the loss of and /or use of the device or PIN by any third party.

3.2.2    The customer shall keep the Bank informed immediately upon becoming aware that the Device / Personal identification number (PIN) is lost / stolen and has fallen in to hands of an unauthorized party.

3.2.3    The Customer shall bear losses to be incurred on his account that result from failure to safeguard his PIN.

3.2.4    The Customer(s) must immediately notify the Bank of such loss, theft or disclosure.Any oral notification must be confirmed in writing immediately. He will be liable in respect of any transaction instruction given prior to receipt by the Bank notification of such loss, theft or disclosure.

3.2.5    Lost or Stolen card notice shall indicate the particulars of the SIMAccount holder including, account number and are blocked to deny access to any unauthorized person(s) to access the account.

3.2.6    The customer undertakes to exercise reasonable care in executing orders electronically, so as not to mislead the bank or make forgery easy and to act honestly towards the bank.

3.2.7    The customer undertakes to be careful in making transactions including account transfers, utility bill payments and other defined digital payments paid to the customer / bank / third party and to bind the customer on all agreements or indemnities in connection with the transaction.

3.2.8    The customer undertakes to take care of the affairs in his account(s) including but not limited to account balance, transaction, charges, and fees

4.5     Interest Application:

The Bank shall accrue interest depending on the type of services being offered in the SIMAccount.