Terms and Conditions
Terms and Conditions for the Opening and Use of a
Loan Account with Longitude Capital Limited here in Locap.
WHEREAS
This Agreement is a
financial service and an end-user licence agreement between you (“End-user” or
“you”) and Longitude Capital Limited, a company duly incorporated under the
laws of the Republic of for the mobile
application software, the data supplied with the software and the associated
Services provided by the Lender (defined below) (“App”).
This Agreement (together
with our Data Processing Terms and Conditions) and such other terms and
conditions made available to you on the App, sets out the complete terms and
conditions (the “Terms and Conditions”) which shall be applicable to the
Account (as hereinafter defined) opened by you with the Lender.
These Terms and Conditions
and any amendments or variations thereto take effect on their date of publication.
You have the right to seek
independent legal counsel in order to fully understand the implications and
potential consequences of agreeing to these Terms and Conditions prior to
clicking the “Accept” button. By clicking the “Accept” button, you indicate that
you have read, understood and agreed to be bound by these Terms and Conditions
(as may be amended, supplemented and varied from time to time)
IT IS AGREED AS FOLLOWS:
1. DEFINITIONS AND
INTERPRETATION
1.1 Definitions
For the purposes of this
Agreement and the preamble above, unless the context requires otherwise:
Acceptable Use Restrictions
has the meaning given to it in clause 5;
Agreement means this
Agreement;
Account means your loan
account with Locap;
Business Day means a day
other than a Saturday, Sunday or national or public holiday in the Republic of
Kenya;
Credentials means your
personal credentials, including your Personal Identification Number used to
access the App and operate your Account;
Credit Reference Bureau
means a credit reference bureau duly licensed under the banking Act pursuant to
the banking (Credit Reference Bureau) Regulations, 2013, as amended, revised or
promulgated from time to time, to inter alia, collect and facilitate the
sharing of customer credit information;
E-Money means the
electronic monetary value depicted in your Mobile Money Account representing an
equal amount of cash;
Event of Default means
failure to make payments by the agreed date
Force Majeure means events,
circumstances or causes beyond Locap’s reasonable control making the
performance of its obligations inadvisable, commercially impracticable,
illegal, or impossible, including but not limited to acts of God, war,
pandemics, strikes or labour disputes, embargoes or government orders;
Loan means the principal
amount of the loan made or to be made by the Lender to you under this Agreement
from time to time through the App or (as the context requires) the principal
amount outstanding for the time being of that loan;
Mobile Money Account means
your mobile money store of value, being the record maintained by Mobile Money
Providers in Kenya of the amount of E-Money from time to time held by you in
the Mobile Money Provider’s System;
Mobile Money means the
money transfer and payments service operated by the Mobile Money Providers in
Kenya;
Mobile Network Operator
means a mobile network operator in Kenya registered with the Communications
Authority of Kenya;
Mobile Money Provider means
a Mobile Network Operator that has been duly authorized by the Central Lender
of Kenya under applicable law to offer Mobile Money Services in Kenya;
Mobile Money Service means
the money transfer and payments service provided by the Mobile Money Providers
through the Mobile Money System;
Mobile Money System means
the system operated by the Mobile Money Providers in Kenya for the provision of
the Mobile Money Service;
Network means a mobile
cellular network operated by a Mobile Network Operator;
Request means a request or
instruction received by the Lender from you or purportedly from you through the
Network and the System and upon which the Lender is authorised to act;
Services shall include any
form of financial services or products that the Lender may offer you pursuant
to this Agreement and as you may from time to time subscribe to and “Service”
shall be construed accordingly;
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 Mobile Money Account;
SMS means a short message
service consisting of a text message transmitted from your mobile phone to
another;
System means Locap’s
electronic communications software enabling you to communicate with the Lender
for purposes of the Services. The System and the Services will for the purpose
of this Agreement be accessed through a Mobile Network Operator’s System;
Third Party Partners mean Lenders,
payment companies, asset management firms, credit reference bureaus, debt
recovery companies, or any other person (entity) that provides any form of
service or information to us for the provision of the Service;
Transaction Fees includes
any fees and charges payable for the use of the Services as published by the Lender
on the Lender’s website or by such other means as the Lender shall in its sole
discretion determine. Transaction Fees are subject to change at any time at the
Lender’s sole discretion; and
Wallet means the virtual
storage account provided to you on the App.
1.2 Interpretation
1.2.1 In addition to the
definitions in clause 1.1, unless the context requires otherwise: the
singular shall include the plural and vice versa;
1.2.2 a reference to any
one gender, whether masculine, feminine or neuter, includes the other two.
1.2.3 All the headings and
sub-headings in this Agreement are for convenience only and are not to be taken
into account for the purposes of interpretation of this Agreement.
1.2.4 The recitals and
schedules shall be deemed to form part of this Agreement.
PART A- General Provisions
2. ACCEPTANCE OF TERMS AND
CONDITIONS
2.1 You must carefully read
and understand the Terms and Conditions set out in this Agreement and as
amended from time to time by the Lender (the Terms and Conditions) before
downloading or streaming the App or opening an account with Locap. These Terms
and Conditions govern the use and operation of the App and the Account.
After downloading the App,
you will be deemed to have accepted the Terms and Conditions upon clicking the
“Accept” option on the Lender’s System asking you to confirm that you have
read, understood and agreed to abide by the Terms and Conditions. If you do not
agree with the Terms and Conditions please click the “Decline” option on the Lender’s
System. Please note that you will not be able to access the Services if you
decline the Terms and Conditions. If you do not agree to the Terms and
Conditions, we will not license the App to you.
2.3 By downloading the App
and opening an Account with the Lender, you agree to comply with and be bound
by the Terms and Conditions governing the operation of the Account and you
affirm that the Terms and Conditions herein are without prejudice to any other
right that the Lender may have with respect to the Account in law or otherwise.
2.4 These Terms and
Conditions may be amended or varied by the Lender from time to time and the
continued use of the Services constitutes your agreement to be bound by the
terms of any such amendment or variation. The Lender will take all reasonable
measures to notify you of any changes.
2.5 From time to time
updates to the App may be issued through the website. Depending on the update,
you may not be able to use the Services until you have downloaded or streamed
the latest version of the App and accepted any new terms and conditions.
2.6 By using the App or any
of the Services, you consent to us collecting and using technical information
about the Equipment and related software, hardware and peripherals for Services
that are internet-based or wireless to improve our products and to provide any
Services to you. If you use these Services, you consent to us and our
affiliates' and licensees' transmission, collection, retention, maintenance,
processing and use of your data to determine our credit scoring services or to
improve our Services and/or your experience while using the App.
3. GRANT AND SCOPE OF
LICENCE
3.1 In consideration of you
agreeing to abide by the terms of this Agreement, we grant you a
non-transferable, non-exclusive licence to use the App on your Equipment,
subject to these Terms and Conditions. We reserve all other rights. Except as
expressly set out in this Agreement or as permitted by any local law, you
agree:
3.1.1 not to rent, lease,
sub-license, loan, translate, merge, adapt, vary or modify the App;
3.1.2 not to make
alterations to, or modifications of, the whole or any part of the App, or
permit the App or any part of it to be combined with, or become incorporated
in, any other programs;
3.1.3 not to disassemble,
decompile, reverse-engineer or create derivative works based on the whole or
any part of the App or attempt to do any such thing except to the extent that
such actions cannot be prohibited because they are essential for the purpose of
achieving inter-operability of the App with another software program, and
provided that:
3.1.3.1 the information
obtained by you during such activities is not unnecessarily disclosed or
communicated without our prior written consent to any third party; and is not
used to create any software that is substantially similar to the App;
3.1.3.2 you include our
copyright notice on all entire and partial copies you make of the App on any
medium; not to provide or otherwise make available the App in whole or in part
(including object and source code), in any form to any person without prior
written consent from us; and
3.1.4 to comply with all
technology control or export laws and regulations that apply to the technology
used or supported by the App or any Service (the Technology).
4. TOGETHER LICENCE
RESTRICTIONS
4.1 You must:
4.1.1 not use the App or
any Service in any unlawful manner, for any unlawful purpose, or in any manner
inconsistent with this Agreement, or act fraudulently or maliciously, for
example, by hacking into or inserting malicious code, including viruses, or harmful
data, into the App, any Service or any operating system;
4.1.2 not infringe our
intellectual property rights or those of any third party in relation to your
use of the App or any Service, including the submission of any material (to the
extent that such use is not licensed by this Agreement);
4.1.3 not transmit any
material that is defamatory, offensive or otherwise objectionable in relation
to your use of the App or any Service;
4.1.4 not use the App or
any Service in a way that could damage, disable, overburden, impair or
compromise our systems or security or interfere with other users; and
4.1.5 not collect or
harvest any information or data from any Service or our systems or attempt to
decipher any transmissions to or from the servers running any Service.
5. TOGETHER ACCEPTABLE USE
RESTRICTIONS
5.1 INTELLECTUAL PROPERTY
RIGHTS
5.1.1 You acknowledge that
all intellectual property rights in the App and the Technology anywhere in the
world belong to us or our licensors, that rights in the App are licensed (not
sold) to you, and that you have no rights in, or to, the App or the Technology
other than the right to use each of them in accordance with the terms of this
Agreement. You acknowledge that you have no right to have access to the App in
source-code form.
5.2 USE OF THE SERVICES
5.2.1 The Services offered
by the Lender can only be utilized by persons over the age of 18. The Lender
reserves the right to verify the authenticity and status of your Mobile Money
Account with the relevant Mobile Money Provider.
5.2.2 The Lender’s
acceptance of your application for an Account will be displayed on the App. You
hereby acknowledge and accept that the Lender’s acceptance of your application
for an Account does not create any contractual relationship between you and the
Mobile Money Providers beyond the terms and conditions that apply to your
Mobile Money Account from time to time.
5.2.3 The Lender reserves
the right to decline your application for a loan or to revoke the same at any
stage at its sole and absolute discretion and without assigning any reason or
giving any notice thereto.
5.2.4 The Lender reserves
the right (in its sole and absolute discretion) to issue, decline to issue a
loan and/or vary the terms of any loan depending on its assessment of the
credit profile of each individual borrower from time to time. The terms of the
loan and the interest rate payable in relation to each loan application will be
displayed on the App.
5.3 PERSONAL INFORMATION
5.3.1 You hereby agree and
authorise the Lender to verify information provided by you to the Lender
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. You also authorise the Lender to verify any information
you have provided against information held by any Third Party Partner or any
other database or public registry containing information of the nature you have
provided.
5.3.2 The information that
BIL may verify against the information held by the Mobile Money Providers or
Third Party Partner includes (without limitation): your phone number, name,
date of birth, gender, address, occupation, Identification Number (“ID”) or
Passport Number and such other information that will enable the Lender to
identify you and comply with the regulatory “Know Your Customer” requirements
(together the “Personal Information”).
5.3.3 You hereby agree and
authorise the Lender to verify information including, but not limited to, data
relating to your phone (including, without limitation, your phone’s history)
from your Equipment, from any SMS sent to you by the Mobile Money Providers and
any financial services providers relating to your use of the Mobile Money
Service and such other information as the Lender shall require for purposes of
providing you the Services (the “Relevant Information”).
5.3.4 You hereby consent to
the Lender verifying the Personal Information and the Relevant Information with
the Mobile Money Providers and Third Party Partners and using of the Personal
Information and the Relevant Information to the extent necessary in the opinion
of the Lender.
5.3.5 You hereby agree and
authorise the Lender to obtain and procure your Personal Information and
Relevant Information from your respective Mobile Money Provider /Third Party
Partners and you further agree and consent to the disclosure and provision of
such Personal Information by the Mobile Money Provider /Third Party Partners
and further to indemnify and hold the Lender and the Mobile Money Provider/
Third Party Partners harmless with respect to any claims, losses, liabilities
and expenses (including legal fees and expenses) that may arise as a result of
the disclosure and reliance on such Personal Information and/or Relevant
Information.
5.3.6 You hereby agree and
authorise the Lender to obtain and procure your Personal Information from the
Credit Reference Bureaus and you further agree and consent to the disclosure
and provision of such Personal Information by the Credit Reference Bureaus.
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