These are Mukuru Financial Services (Pty) Ltd (“Mukuru”)’s Loan Agreement Terms and Conditions (under section 93(2) of the National Credit Act No. 34 of 2005 (“the NCA”) (“these Terms”).  These Terms, the Pre-Agreement Statement and Quotation (that was provided to you via USSD, WhatsApp and/or SMS) must be read together, they form an agreement between you and Mukuru for the loan referred to in the Pre-Agreement Statement and Quotation (collectively referred to as “the Agreement”).

1. Introduction
   1. Mukuru is a registered credit provider under the NCA and is registered with the National Credit Regulator (“NCR”) (Registration Number NCRCP9244).
   2. The Agreement comes into force when: a) Mukuru approves your loan application; and b) you have accepted the terms of the Pre-Agreement Statement and Quotation (the “Loan Agreement”).
   3. Granting credit is dependent on compliance with the rules of the NCA and its Regulations.  As far as the law allows, Mukuru reserves the right to exercise a conservative approach in the granting of credit. Currently, Mukuru is only extending credit as part of a pilot (test) phase to Mukuru Money Card Account holders.
   4. Complaints can be lodged with the NCR on 0860 627 627; the National Financial Ombud Scheme on 0860 800 900; or Mukuru on 0860 018 555.
2. Definitions
   1. “Outstanding Amount” means the amount that is deferred and on which interest is calculated. It is made up of the Principal Amount advanced (loaned), the initiation fee (if not paid upfront), and any other costs, including interest and fees which are added as and when they become payable.
   2. “POPIA” means the Protection of Personal Information Act 4 of 2013.
   3. “Principal Amount” means the amount advanced (loaned) to you by Mukuru under the Loan Agreement.
   4. “Regulations” means the regulations made in terms of the NCA.
3. Loan Conditions
   1. By applying for a loan from Mukuru, you confirm that:
      1. All information you give us is true and correct.
      2. You have no objections to undergoing an affordability assessment as required under the NCA and its Regulations.
      3. You are not currently over-indebted and you have adequate excess funds to pay the Outstanding Amount on the date specified in the Loan Agreement.
      4. You are not under administration, sequestration, debt review or a restructuring order and you have not been declared mentally unfit by an order of the court.
      5. Before you accepted the terms of the Loan Agreement shared with you, you understood it.
   2. By entering into the Loan Agreement with Mukuru you expressly consent to and agree that:
      1. Mukuru may share information about your application, the opening and termination of the Loan Agreement and your conduct (such as your payment profile information) with any registered credit bureau, this includes information about late repayments or other defaults;
      2. credit bureaux may use the information shared with them to create a credit profile and credit score indicating your creditworthiness, to the extent allowed in the NCA.
   3. Mukuru may pre-vet you according to and to the extent permitted by law, in order to extend credit offerings to you, before concluding the Loan Agreement. Pre-vetting you includes contacting, requesting and obtaining credit information from a registered bureau to verify identity, profile, perform a behaviour assessment, payment patterns, indebtedness, whereabouts, and creditworthiness or other related purposes.
   4. Mukuru may share your information with the following registered credit bureaux:
      1. Transunion: telephone 010 597 6171 or 0861 482 482 or email [email protected]
      2. Experian: telephone 0861 105 665 or email [email protected]
      3. Xpert Decision Systems (XDS): telephone 0860 937 000 or email [email protected]
      4. Consumer Profile Bureau (CPB): telephone 010 590 9505 or email [email protected]
      5. VeriCred Credit Bureau: telephone 087 150 3601 or email [email protected].
   5. If you have questions, a complaint or dispute about the Loan Agreement, please first contact Mukuru who will do their best to assist you. If you disagree with any information on your credit report, you may contact and request the credit bureau to correct it. The credit bureau must investigate and resolve the query within 20 (twenty) business days, free of charge to you.
4. Costs of Credit
   1. The costs of credit will include:
      1. Interest: calculated daily in arrears at the rate given in the Loan Agreement and is added to the deferred amount monthly.
      2. An initiation fee: the fee charged for initiating the Agreement.
      3. Service fee: for routine administration of your account.
      4. Value-added tax (VAT): charged on the initiation fee and service fee, under applicable law.
   2. If you default in your obligations under the Loan Agreement, you will be held responsible for the resulting default administration and all legal costs that arise under Chapter 6, Part C of the NCA and the Regulations. Such costs will be charged as and when they occur, and subject to section 103(5) of the NCA.
5. Repayment
   1. The Loan Agreement states the Repayment Date (which is the date by which the Outstanding Amount must be paid in full) and repayment information relating to the Outstanding Amount.  You must pay the Outstanding Amount on or before the Repayment Date.
   2. By concluding the Loan Agreement, you agree that Mukuru may debit your Mukuru Money Card Account on your instruction for the Outstanding Amount on the Repayment Date.
   3. You also agree that Mukuru may move any payment date forward or backward if the repayment obligation has already arisen, and to submit additional payment attempts, irrespective of the payment date stipulated on the Loan Agreement, if it is reasonably required to ensure successful discharge of your obligations.
   4. You may not close your Mukuru Money Card Account until the full amount due under the Loan Agreement has been settled.
6. Early Settlement and the right to terminate the agreement
   1. You may pay any amount owed under the Loan Agreement before the Repayment Date.
   2. Pre-payments made and allocated will not be refunded to you.
   3. You may settle the Loan Agreement at any time under section 125 of the NCA by paying the unpaid balance of the Principal Amount and unpaid interest charges and all other fees and charges up to the date of settlement.
   4. You may terminate the Loan Agreement under section 122 of the NCA at any time at no charge by settling the Outstanding Amount owed to Mukuru.
   5. If you want to settle the total Outstanding Amount, you must request a settlement amount which will be given in a settlement quotation from Mukuru.
   6. The settlement amount is made up of the unpaid balance of your (i) Principal Amount, (ii) unpaid interest, plus other (iii) fees and charges payable up to the date on which you want to settle the Outstanding Amount.
   7. Mukuru will give you the settlement quotation, at no cost, within 5 (five) business days your request.
   8. The settlement quotation may be given to you (i) by email, (ii) by telephone or (iii) any other form of electronic communication.
   9. The settlement quotation will contain a discounted settlement amount and a standard settlement amount. The discounted settlement amount is only valid if the Outstanding Amount is paid in full on the day that you are provided with the settlement amount. If you make payment at any time after the day on which the settlement amount is provided to you, the standard settlement amount will apply. The settlement amount quoted must be paid within 5 (five) business days from the date that it was presented to you. If you do not pay the settlement amount during this period, the settlement quotation will no longer be valid. The Loan Agreement will continue as normal, and you will need to get a new settlement quotation if you still want to settle your loan early.
7. Interest
   1. The interest rate is fixed for the duration of the Loan Agreement and is calculated on the daily balance and added to the Outstanding Amount at the end of each month.
   2. Interest will be charged from the date that the money is paid to you by Mukuru.
   3. If an arrears amount exists on your account due to non-payment or late payment, the interest rate applicable to the arrears amount will not be more than the maximum interest rate applicable to the Loan Agreement under the NCA.
8. Statements
   1. Unless otherwise agreed, Mukuru will send you a monthly statement of account by sending a link to the cell phone number you provided. You can download and view your statement of account on your cell phone.
9. Default
   1. If you do, fail to do, or allow anything which may cause you to breach your obligations under any Loan Agreement then we may enforce our rights under the Loan Agreement by starting debt enforcement processes as allowed under the NCA.
   2. Mukuru may notify you in writing or by way of SMS that you are in default and propose that you refer the Loan Agreement to a debt counsellor, alternative dispute resolution agent, consumer court or om bud with jurisdiction in order to resolve any dispute under the agreement or agree on a plan to bring the payments up to date.
   3. If you are in default under the Loan Agreement, the full Outstanding Amount will become due and payable immediately and you will also be liable for default administration charges and collection costs under applicable law.
   4. Legal proceedings will not be initiated against you unless:
      1. you have been in default for at least 20 business days;
      2. at least 10 business days have passed since the default letter or notice referred to in clause 9.2 above has been delivered (which 10-day period may run concurrently with the 20-day default period; and
      3. you have failed to respond to the default letter, or you have responded by rejecting our proposal.
   5. If you pay the Outstanding Amount later than the date that it is due, you may be charged additional fees and interest on the arrear amounts at the same interest rate set out in the Loan Agreement. Mukuru may choose to terminate the Loan Agreement under section 123 of the NCA.
10. Jurisdiction
    1. Under section 45 of the Magistrates Court Act, 32 of 1944, you hereby consent that Mukuru may institute legal proceedings with respect to the Loan Agreement, in the Magistrates Court having jurisdiction over you.  Mukuru may also institute action against you in any other court having jurisdiction under applicable law.
11. Addresses
    1. You agree that Mukuru may send legal letters and notices to the most recent residential address, email address or cell phone number that you’ve provided to Mukuru.
    2. All other communications, including statements may also be sent to the most recent email address or cell phone number (via SMS) that you’ve provided to Mukuru.
    3. Mukuru will only send you emails and SMSs for communications in terms of the NCA if you specifically gave us your permission to do so.
    4. Mukuru may accept that you received a letter or notice (i) 4 business days after it has been send via registered mail; or (ii) 1 business day after it has been sent to you via email or SMS.
    5. Unless otherwise agreed, you consent to receive any notice in terms of section 129 of the NCA by registered mail at the residential address that you provided in your loan application or that you may give from time to time.
    6. You must inform Mukuru about any change of legal name (such as when you assume your spouse’s surname), residential address, email address, cell phone number or any other contact details within 10 business days from such change.
12. Certificate
    1. A certificate signed by a manager of Mukuru (who need not prove that appointment), will be sufficient proof of the balance outstanding under the loan and any other terms of the loan, unless proven otherwise.
13. Cession
    1. Mukuru reserves the right, without notice to you, to cede any or all its rights in and/or claims against you to a third party elected by Mukuru. By acceptance of the Loan Agreement, you hereby irrevocably and unconditionally consent to such cession.
14. Marketing
    1. When applying for a loan from Mukuru, you may elect to be excluded from:
       1. mass distribution of SMSs or emails;
       2. telemarketing campaigns conducted by or on behalf of Mukuru; and/or
       3. marketing and customer lists that are sold or distributed by Mukuru, other than as required by the NCA.
    2. The above preferences will appear on the USSD feed during your application. You may contact Mukuru at any time and request changes to your preferences.
15. Debt Counsellor
    1. You have the right to apply to a debt counsellor to be declared “over indebted” under section 86 of the NCA. To do this you must fill in an application form (Form 16 – available from the National Credit Regulator) and send it to a debt counsellor. This service is not directly provided by Mukuru.
    2. The debt counsellor may ask you to pay an application fee before accepting an application. When a debt counsellor receives your application, the debt counsellor must give you proof the application has been received and must inform all credit providers and all registered credit bureaux about the application. This service is not directly provided by Mukuru.
    3. You can also contact us if you are having financial problems and wish to make a payment arrangement.
16. Your Rights
    1. Under the NCA you have the right to:
       1. contact a credit bureau;
       2. have your credit record disclosed;
       3. correct inaccurate information listed at a credit bureau;
       4. resolve a complaint by way of alternative dispute resolution or file a complaint with the NCR or make an application to the National Consumer Tribunal (“the Tribunal”);
       5. apply to a debt counsellor to be declared over-indebted and to have your debt obligations rescheduled.
    2. The contact details of the NCR, the National Financial Ombud Scheme and the Tribunal are as follow:
       1. NCR Tel: 0860 627 627 | Fax: 011 805 4905 | Email: [email protected] | Website: www.ncr.org.za
       2. National Financial Ombud Scheme Tel: 0860-800-900 | Email: [email protected] | Website: https://nfosa.co.za/contact-us/
       3. Tribunal 27 627 | Fax: 011 805 4905 | Email: [email protected] | Website: www.ncr.org.za
17. Acknowledgements
    1. By accepting these Terms you acknowledge and confirm that:
       1. the Quotation and Pre-Agreement Statement (Loan Agreement) has been provided to you and you understand and appreciate the costs, risks, adjustments to payment days and obligations associated with you entering into the Loan Agreement;
       2. you have obtained your spouse’s consent to enter into the Loan Agreement if you are married in community of property; and
       3. you have not taken up any further credit other than that which already existed at the time you applied to Mukuru for credit.
18. Personal Information
    1. We handle your Personal Information (as defined under POPIA) in accordance with our internal policies and procedures, our Privacy Notice, and in accordance with our contractual obligations in providing our agreed services to you. We also handle your Personal Information in a manner to ensure our compliance with our regulatory obligations.
    2. By entering into the Loan Agreement with Mukuru, you are consenting to your Personal Information being processed by Mukuru.  Your Personal Information is processed by Mukuru so that we can provide the agreed service to you, to help us operate effectively, to comply with legal and regulatory obligations and to communicate with you.  With your permission and/or where permitted by law, we may also use your Personal Information for marketing purposes.
    3. If you withdraw your consent for us to process your Personal Information under these Terms (except for direct marketing), we may not be able to provide you with the services under Loan Agreement.
    4. To provide you with the agreed services Mukuru may disclose your Personal Information to other companies in the Mukuru Group, with third parties or other suppliers.  Mukuru may also collect your Personal Information from other sources. Where your Personal Information is collected, processed, stored, shared, or transferred, Mukuru will ensure that the necessary safeguards are in place and take all reasonable steps to ensure that your Personal Information is handled safely, securely, and in accordance with your rights, our obligations, and the receiving party’s obligations under the law, as described in our Privacy Notice.
    5. All your Personal Information is handled in accordance with the terms of our Privacy Notice, please refer to it for more information.
19. General
    1. Your electronic acceptance, under the Electronic Communications and Transactions Act 25 of 2002, of the Quotation, the Pre-Agreement Statement and these Terms constitutes the whole Agreement and is binding until you have paid all the amounts due under the Agreement. Any changes must be agreed to in writing, if agreed verbally, it must be voice-recorded, and then reduced to writing.
    2. If any new or previously undisclosed fact emerges that would negatively affect your credit worthiness or potential ability to repay this loan Mukuru reserves the right to withdraw from the Agreement before advancing the Principal Amount by giving you written notice. The Agreement will then be of no force and effect and neither party will have any claim against the other.
    3. If any of the provisions of the Agreement becomes invalid, illegal, or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions of the Agreement shall not be impaired or affected in any way by such invalidity, illegality or unenforceability.
    4. You confirm that a copy of the Quotation, Pre-Agreement Statement together with these Terms has been provided to you via a SMS, USSD and/or WhatsApp link in terms of which you can download the documents. If you would like to receive another free copy of the documents, please contact Mukuru.