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MukuruPay with Investment Partners

INTRODUCTION
1. CARB Holdings (Proprietary) Limited (“Mukuru”) operates MPay, which enables users to pay for investments offered by Mukuru Investment Partners (“MPay Service”).
2. Mukuru is a private company incorporated in South Africa with Registration Number 2013/057752/07, having its registered office at Unit 101, Building 20, Waverley Business Park, Wyecroft Road, Mowbray, Cape Town, South Africa.
3. Mukuru holds authorisation to act as a third-party payments processor in South Africa which enables Mukuru to accept Payment Instructions from you for the purpose of making payments on your behalf to third parties, including Mukuru Investment Partners and other service providers.
4. These terms govern the terms under which you may use the MPay service in South Africa (the “Terms”). By using the MPay service, you confirm that you have read these Terms carefully and you agree to be bound by and comply with these Terms.
KEY WORDS
1. For the purpose of these Terms, the following words shall bear the following meanings:
  1. “Affiliate” means a holding company or subsidiary of Mukuru, or any subsidiary of a holding company of Mukuru from time to time.
  2. “Applicable Law’” means the laws of South Africa.
  3. “Cash-out” means a request by you to withdraw available funds from the Mukuru Investment Partner.
  4. “Cash-out Amount” means the amount of the Cash-out.
  5. “Cash-out Instruction” means the instruction by you to Mukuru to process a cash-out.
  6. “Code” means the reference code received by you from Mukuru via either e-mail, WhatsApp, SMS or a mobile application notification, that will allow you to pay-in or withdraw funds from one of Mukuru’s retail partners.
  7. “FIC” means the Financial Intelligence Centre which was established in terms of FICA to administer the Financial Intelligence Centre Act. The FIC is South Africa’s national centre for the development of financial intelligence in accordance with international standards and requirements.
  8. “FICA” means the Financial Intelligence Centre Act No 38 of 2001.
  9. “Mukuru Investment Partner” means an entity offering investment product which can be purchased through the MPay Service.
  10. “Payment” means payment of the Payment Amount, which is paid by you at a Pay-In Partner’s branch or store or other retail outlet.
  11. “Payment Amount” means the sum of money due to a Mukuru Investment Partner under a Payment Instruction.
  12. “Payment Instruction” means the instruction by you to Mukuru to process a Payment.
  13. “PIN” means Personal Identification Number, confidential 4-digit code used by you to verify your identity and securely access investment-related features and services provided by the Mukuru Investment Partner, as made available through Mukuru’s digital platforms (such as WhatsApp, USSD, or mobile application)
  14. “Service Fee” means the fee payable by you to Mukuru for processing your Payment Instruction.
  15. “South Africa” means the Republic of South Africa.
2. The terms “you” and “your” refer to the individual reading these Terms who is or will use the MPay Service.
IMPORTANT NOTICES
1. The Terms include clauses that limit Mukuru’s liability, allocate risks or liabilities to you, or are acknowledgements of facts by you. It is essential that you carefully review these Terms as they reduce your ability to be compensated for any potential losses associated with using the MPay Service.
2. The MPay Service is only a way to pay for any products or services that Mukuru Investment Partners offer to the public. When you buy a product or service offered by the Mukuru Investment Partner, it is a transaction between you and that Mukuru Investment Partner. It is your responsibility to read and understand the terms of any Mukuru Investment Partner’s products or services and to understand the risks of investing in the product or service offered by the Mukuru Investment Partner. Mukuru takes no responsibility for any losses that you may suffer as a result of buying a Mukuru Investment Partner product or service using the MPay Service.
3. You may only use the MPay Service if you:
  1. are 18 years or older; and
  2. have access to a South African WhatsApp number.
4. By using the MPay Service and by initiating a Payment Instruction, you agree that:
  1. all information provided by you to Mukuru whether directly or indirectly is up-to-date, true and correct in all respects;
  2. you consent to your information being provided to the South African Revenue Service and/or the FIC.
5. Once you have chosen to use the MPay Service, Mukuru may refuse to process your Payment Instruction with or without notice to you, if:
  1. your conduct is in breach of these Terms;
  2. your conduct is deemed to be harmful to Mukuru’s (or any of its Affiliates’) business; or
  3. your use of the MPay Service is harmful to any other party.
PAYMENTS, PAYMENT INSTRUCTIONS AND CASH-OUTS
1. When making payment to a Mukuru Investment Partner using the MPay Service, you will create a Payment Instruction. You will be responsible for the creation, content and management of the Payment Instruction, including the Payment Amount.
2. After Mukuru has confirmed receipt of your Payment and the MPay Service Fee, the Payment Amount will be transferred to your Mukuru Investment Partner, and you will receive a Code by SMS, WhatsApp or email from Mukuru that the Payment has been made to the Mukuru Investment Partner.
3. When making a Cash-out from a Mukuru Investment Partner using the MPay Service, you will create a Cash-out Instruction. You will be responsible for the creation, content and management of the Cash-out Instruction, including the Cash-out Amount.
4. Once you have created the Cash-out Instruction, you will receive a Code by SMS, WhatsApp, email or mobile application notification from Mukuru that a request to withdraw the Cash-out Amount has been made to the Mukuru Investment Partner.
5. After Mukuru has confirmed receipt of your Cash-out Instruction and the Cash-out Service Fee, the Cash-out Amount minus the Service Fee will be transferred to you via your chosen withdrawal method. Mukuru is not liable for any losses or damages resulting from your entry of incorrect information or errors made by you. You agree to indemnify Mukuru for any party’s claims due to information inaccuracies or mistakes made by you.
6. PLEASE NOTE:
  1. Mukuru will attempt to process Payment Instructions promptly after you have paid the Payment Amount and the Service Fee, but any Payment Instruction may be delayed or cancelled for a number of reasons, including, as a result of compliance with Applicable Law or variations in business hours.
  2. Mukuru may, in its sole discretion, refuse to process Payment Instructions from certain users.
USING AND PROTECTING YOUR PIN
1. It is your responsibility to keep your 4-digit PIN safe. You must never share your PIN with anyone including your family or our staff.
2. Never tell anybody who offers to help, including anyone from Mukuru, the PIN. You must make sure that no-one else accesses your Investment profile or Information.
3. If you enter the wrong PIN three times in in a row, your PIN will be blocked, and you won’t be able to access the Features relating to the Investment Partner. You must contact our Contact Centre by dialling 0860 018 555 (between 08h00 and 19h00) to unblock your PIN. Alternatively, follow the prompts on WhatsApp/USSD to unblock your PIN.
PAYMENTS MADE IN ERROR
1. If you wish to request a refund after you have made a Payment in error, please contact Mukuru directly on +27860018555.
SERVICE FEE
1. You agree to pay a Service Fee per Payment Instruction and Cash- Out Instruction you make through the MPay Service. Payment of the Service Fee is due at the time that you make Payment Instruction or Cash-Out Instruction.
2. The MPay Service Fee is subject to review and can be changed at any time at Mukuru’s sole discretion.
FRAUD/BREACH
1. Mukuru may suspend or terminate your Payment Instruction if Mukuru:
  1. suspects that you have engaged in or are about to engage in or have been in any way involved in or linked to, fraudulent activity in connection with the MPay Service; or
  2. believes that your actions may cause Mukuru to suffer financial loss or incur legal liability.
ELECTRONIC COMMUNICATIONS
1. Electronic messages, including emails, social media interactions, WhatsApp conversations, texts, and instant messages, are not entirely secure. Due to equipment malfunctions, communication channel distortions, or other technical reasons, the message received by Mukuru might differ from the one sent.
2. Mukuru cannot establish the authenticity of all electronic messages which seem to have been sent by you but nonetheless you authorise Mukuru to accept all instructions, mandates, consents, commitments, and any other documentation transmitted by you by electronic message, and which appear to have been sent by you (‘’Electronic Instructions”); and act upon them
3. You agree that the following categories of information (“Communications”) may be provided by electronic means to you:
  1. these Terms and any amendments, changes or additions to these Terms;
  2. the record of your Payments which have been processed through the MPay Service;
  3. any disclosures or notices provided in connection with the MPay Service including, those required by Applicable Law;
  4. any customer service communications (including, without limitation, communications with respect to claims of error or unauthorised use of the MPay Service); and
  5. any other Communications related to the MPay Service.
4. You will comply with any procedures and/or restrictions imposed on you by Mukuru from time to time regarding the sending of Electronic Instructions to Mukuru.
5. You acknowledge that Mukuru is not obliged to act on your Electronic Instructions and that it may at any time on written notice to you terminate your use of the MPay Service.
6. You acknowledge that Mukuru is not responsible for any mistakes or delays in sending your Electronic Instructions, nor for any misunderstandings when they are received, or for any resultant loss or damage, unless such issues are a result of deliberate illegal or fraudulent actions of Mukuru’s employees.
7. By agreeing to this, you waive any potential claims against Mukuru for any loss or damage that might arise from Mukuru carrying out your Electronic Instructions. Additionally, you agree to defend Mukuru against any claims, demands, or legal actions, or any loss or damage they suffer as a consequence of abiding by your Electronic Instructions.
COLLECTION OF INFORMATION
1. You consent to Mukuru processing your personal information for the purposes of providing the MPay Service, including for the verification of your identity. You also consent to the use of such personal information for communicating with you, and for statutory, accounting and archival purposes.
2. You acknowledge that you have read and understood Mukuru’s ’s Privacy Notice www.mukuru.com/privacy-notice/.
INTELLECTUAL PROPERTY
1. The MPay Service and all intellectual property incorporated in or related to the MPay Service (including without limitation copyrights, patents, database rights, trademarks and service marks) is owned by or licensed to Mukuru. All right, title and interest in and to such intellectual property shall remain the property of Mukuru (and/or the property of such third-party licensor).
DISCLAIMERS
1. Mukuru is not responsible to you for any product, service, or otherwise that is purchased or employed through the use of the MPay service. You acknowledge that Mukuru only facilitates Payments and does not hold any accountability for the quality, dependability, safety, functionality, appropriateness, or other aspects of any product bought or service utilized via this Service.
2. To the greatest extent allowed by law, Mukuru provides the MPay Service as is. This means we do not promise that the MPay Service will always work perfectly, be free of errors, or meet your needs. We also do not guarantee that any third-party products or the results you get from using the MPay Service will be satisfactory.
3. Mukuru does not make any promises about the following:
  1. We do not promise that the information you get from our services is correct or complete.
  2. We do not promise that there won’t be delays or other issues with the services, or that you will always be able to use them without interruptions.
  3. We are not responsible for any data loss, mistakes, or problems caused by using the internet or communication systems.
  4. We do not promise that you will have a trouble-free experience using our services.
4. By using our services, you accept that there are risks when sending information over the internet, and we are not responsible for any issues that may come from these risks.
5. You use our MPay Services at your own risk, and we are not responsible for any problems that may occur.
LIMITATION OF LIABILITY
1. Under no circumstances will Mukuru (or its Affiliates, licensors, service providers, partners, employees, agents, officers, or directors) be held responsible for any damages resulting from your usage or inability to use MPay Service. This includes direct, indirect, incidental, special, consequential, or punitive damages such as lost profits, revenue, business, savings, goodwill, or data, whether due to negligence, contract breach, or other reasons, provided the loss is predictable.
2. Mukuru (including its Affiliates, licensors, service providers, business partners, employees, agents, officers, and directors) disclaims all liability for any damages arising from the actions or inactions of other service providers, telecommunications services providers, or due to faults and failures in the networks and equipment of such third parties.
3. Mukuru’s liability to you (or any third party, and the liability of their officers, directors, agents and employees) in any circumstance is limited to the total MPay Service Fee paid by you in relation to the Payment Instruction giving rise to liability or R1000 (one thousand Rand), whichever is the greater.
4. The abovementioned provisions do not affect any liability which cannot be excluded or limited under applicable law.
INDEMNITY
1. You consent to compensate Mukuru, its Affiliates (including their respective officers, directors, employees, contractors, agents, licensors, and suppliers) for any claims, liabilities, damages, judgments, awards, losses, costs, expenses or fees (such as reasonable legal fees) that arise from violating these Terms or your usage of the MPay Service beyond what is outlined in these Terms or due to your negligence, fraud, or intentional wrongdoing.
2. You also agree to completely cover any losses, costs, actions, claims, and liabilities that Mukuru incurs because of your failure to adhere to these Terms or any data that you provide to Mukuru.
COMMENTS AND COMPLAINTS
1. If you wish to make a comment or complaint about any aspect of the MPay Service, please send your comment or complaint in writing to MUKURU , Unit 101, Building 20, Waverley Business Park, Wyecroft Road, Mowbray, Cape Town 7925, or via email to [email protected].
GENERAL
1. Entire Agreement: These Terms, Mukuru’s Privacy Policy, and your receipt for any Payments make up the sole and entire agreement between you and Mukuru with respect to the MPay Service.
2. Variation: Mukuru reserves the right to amend and update these Terms at its discretion by posting an updated version on the www.Mukuru.com website. The updated terms become effective immediately upon posting, unless legally required otherwise. It is your responsibility to regularly review www.Mukuru.com for any updates. By continuing to use the MPay service after changes have been posted, you are acknowledging and consenting to any modifications. Should you disagree with any of the updated Terms, you have the option to discontinue using the MPay service.
3. Applicable Law and Jurisdiction: These Terms will be governed by South African Law.
4. No Waiver: The failure of Mukuru to exercise or enforce any terms of these Terms does not mean that Mukuru waives that right.
5. Severability: If any provision of these Terms is found by an arbitrator or court of competent jurisdiction to be invalid, Mukuru and you agree that the other provisions of the Terms shall remain in full force and effect.