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Archives: Terms and Conditions

Post Type Description

Terms and Conditions Bank-initiated Pre-approved Credit Card & Credit Card Limit Increase

  • The Bank may from time to time offer a pre-approved credit card and credit card limit increase to credit card holders. A qualifying Customer will be notified of the offer through SMS and e-mail only if they have opted-in for marketing communication.
  • A Customer will need to consent to the offer within two (2) months from the date of the offer after which the offer will expire.
  • The pre-approved credit card and credit card limit increase will be applied on the Customer’s credit card account after the Customer submits their consent through the link in the notification from the Bank.
  • Credit limit increase may not be applied if the Customer’s credit card account becomes invalid due to missed payment, reported lost or stolen card, fraud etc. even if the request (consequent to the Customer’s consent) is captured.
  • The Bank reserves the right to revise or decline the limit increase at any time without prior notice to the Customer, including the mode of calculation of the credit card limit increase. The Bank will inform the customer of any such change through the customer’s Statement or such other means as the Bank shall find appropriate, and a copy of the Statement produced by the Bank shall be sufficient proof of notification to the Customer on any such change.
  • These Terms and Conditions are subject to the Bank’s General Terms and Conditions any other Bank terms and conditions pertaining to account opening and credit card services offered by the Bank, and the Bank’s Privacy Notice.

Collections Service Terms and Conditions

1. The service is bound to I&M Bank General Terms and Conditions, I&M Bank Privacy Notice, Terms and Conditions governing use of Lipa na Mpesa service as published by Safaricom PLc. 2. Collection account opened under this service shall be solely for the purpose of aggregating incoming retail payments for subsequent transfer to operating account. 3. Collection account shall be operated in conjunction with an operating bank account. Ordinary day-to-day transactions shall be conducted from operating account and not from collections account. 4. Use of collection account for other purposes than the stated herein shall lead to either closure or suspension of the account. 5. The amounts accumulated in the collection account shall be transferred at the end of the calendar day to operating account of the same customer within the Bank. Transfer to third party account shall not be allowed. 6. Transactions conducted in operating account shall be independent of balances held in collection account. Customer shall ensure that operating account is adequately funded to meet obligations of payments falling under operating account. The Bank shall not be held accountable for declined transactions if operating account is not sufficiently funded regardless of balances held independently in the collection account. 7. The Customer shall indemnify the Bank on a full and unqualified basis in respect of all payments made from either collection or operating account if the Bank has exercised due care and acted in good faith in making such payment or declining a payment. 8. All transactions shall be subject to charges and taxes as applicable in the Banks General Tariff as published in the Bank’s website from time to time. 9. Any concession or special accommodation which may be granted to the Customer by the Bank shall not affect the Customer’s obligations to the Bank or the Bank’s rights against the Customer.

TERMS AND CONDITIONS

Subject to any other Agreement made in writing between the Bank and the Borrower, and subject to the Bank’s General Terms & Conditions, the relationship between the Bank and the Borrower shall be governed by the following terms and conditions (the “Short- Term Facility Terms and Conditions” or “this Agreement”):

1.DEFINITIONS:

In this Agreement, unless the context requires otherwise:
  1. Agreement means the Borrower’s application when duly approved by the Bank and these terms and conditions as may be revised, supplemented, enhanced and restated or otherwise notified.
  2. Applicable Law means, with respect to a given person on a given date, any constitution, statute, law, rule, regulation, ordinance, judgment, order, decree, consent of a governmental authority, or any published directive, guideline, requirement, international treaty obligation or other governmental or inter-governmental restriction that has the force of law, any determination by, or interpretation of any of the foregoing by, any judicial authority, that is binding on such person whether in effect as of the date hereof or as of any date thereafter.
  3. Approved means the acceptance by the Bank of the Short-Term Facility(ies) applied for or such lesser sum as it may in its sole discretion agree to advance to the Borrower including any terms of such approval as to the cost and the applicable interest rate or otherwise “Approval” shall have a corresponding meaning.
  4. Borrower means the applicant specified in the application and their personal representatives and assigns.
  5. Bank means I&M Bank Limited.
  6. Corrupt Practices Law means any other Applicable Law relating to bribery, kick-backs, or similar business
  7. Disbursement means the crediting of the approved loan into the Borrower’s current account.
  8. Events of Default means any event or circumstance specified as such in Paragraph 15 (Events of Default).
  9. Existing Liabilities means the Existing Financial Indebtedness set out in (Existing Liabilities) clause of this
  10. Financial Indebtedness means, with respect to any given person at any date, total liabilities as defined by the IFRS and any obligation created, issued, incurred, or assumed by such person for borrowed money or arising out of any credit facility(ies), financial accommodation or hedge Agreement, all guaranties by such entity of liabilities or indebtedness of any other person, liabilities or Indebtedness of any other entity or person secured by any assets or revenue of such entity.
  11. IFRS means international accounting standards within the meaning of the International Accounting Standards (IAS) Regulation 1606/2002 or IFRS for SMEs to the extent applicable to the relevant financial statements.
  12. OTG App means the I&M Bank mobile and web application;
  13. Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the

2. CHARGES

The following charges shall apply and may from time to time be subject to change upon notice within the full extent permitted or demanded by law

Charge Description

Charges

Loan Charges

 Upon the Borrower’s application for the I&M 30-Day loan Facility through the OTG App, the Bank shall charge the Borrower a one-off charge exclusive of excise duty (where applicable) for each application for a Short-Term Facility. Once the Borrower opts-in, the Borrower shall receive through the OTG App a confirmation of inter alia, the Short-Term Facility limit which the Borrower has qualified for, the applicable one-off fee, the applicable excise duty, the repayment amount, the repayment date, the applicable credit life insurance and all other applicable charges. The Bank legally reserves the right to vary the one-off charge as it may determine in its absolute and sole discretion from time to time in line with applicable laws.

Application Process

 The Borrower shall apply for the I&M 30-Day loan (“Short-Term Facility”) through the OTG App.

The Process

 By checking in the box, the Borrower shall be deemed to have ‘opted-in’ meaning, read, understood, and accepted ALL the Terms and Conditions of the Short-Term Facility. If the Borrower, after opting in, does not wish to apply for the Short-Term Facility, they may choose to opt-out. In the event that the Borrower applies for a Short-Term Facility, the option to opt-out will only be available once the Borrower repays the Short-Term Facility in full. If the Borrower, after opting in, does not wish to be subjected to direct marketing by the Bank, they may choose to opt-out as provided in clause 13 of this Agreement.

2.1 CHARGES

In this Agreement, unless the context requires otherwise:
  1. The Borrower shall pay all the monies, liabilities and obligations advanced to or incurred by the Borrower in relation to the Short-Term Facility(ies) as specified in this Agreement and as shall be confirmed to the Borrower through the OTG App
  2. All monies due on the Short-Term Facility (“Total Outstanding Debt”) shall fall due on the 30th day from the date of disbursement (“Due Date”). If the Borrower does not settle the Outstanding Debt on or before the Due Date, a one-off roll over fee of 10.5% of the Outstanding Debt shall be applied on the 31st day of the Short-Term Facility.
  3. The Borrower may choose to repay the Short- Term Facility earlier that the Due Date.
  4. The Central Bank of Kenya may from time to time and at its sole discretion and within the limit permitted by law revise the CBR and shall publish the revised The Bank may from time to time at its sole discretion and within the limits permitted by law revise the Margin and applicable charges on the Short-Term Facility with no requirement for prior notice to the Borrower.
  5. "Margin” means the deviation percentile rate per annum added to or deducted from the Bank’s Base Rate. The Margin comprises of:
    • Administrative overheads
    • Financial tax (Cash Reserve Ratio & Deposit Insurance Premium)
    • Credit Risk premium Profit margin
    • Cost of funds in excess/ arrears of CBR
    • Cost of capital in excess/ arrears of CBR
    • Liquidity Risk Costs in excess/ arrears of CBR
    • Any other costs permitted by law
     
 

3. EXPENSES

  1. The Borrower shall pay to the Bank and shall fully indemnify and reimburse upon demand all costs, charges and expenses (including legal, debt recovery costs, and other professional expenses, stamp, registration or other duties and any VAT) incurred by the Bank in connection with the preparation and execution of, the obtaining of any documents required under, and the enforcement of, or preservation of any rights under this Agreement or otherwise in connection with the Short-Term Facility(ies). On failure to pay these amounts on their due dates or on demand date as applicable, the Bank reserves the right to debit the same from the Borrower’s

4. PAYMENTS

  1. The total Outstanding Debt due from the Borrower shall be made by the Borrower on the Due Date, without set off or counterclaim, by the Borrower,
  2. Without prejudice to the Bank’s rights to require payment or otherwise recover amounts due hereunder from the Borrower, the Bank may debit any amount due hereunder to any current or other account of the Borrower maintained with the Bank, notwithstanding that the maximum amount permitted to be outstanding in respect of such account may be exceeded. Thereafter the amount so debited shall be treated as owing on the terms of such current or other account for all The total Outstanding Debt due from the Borrower shall be repaid in full by the Borrower on the Due Date without regard to any equities between the Borrower and the Bank and free and clear of, and without deduction or withholding for, or on account of, any taxes.
  3. The Borrower hereby agrees that the Bank may at any time without notice or further Notwithstanding any settlement of account or other matter whatsoever, combine or consolidate all or any of the Borrower’s then existing accounts wherever situate including any accounts in the name of the Bank or of the Borrower jointly with others(whether current, deposit, loan or of any other nature whatsoever whether subject to notice or not and whether Kenya shillings or in other foreign currency and set off or transfer any sum standing to the credit of any one or more such accounts in or towards satisfaction of any obligations or liabilities of the Borrower to the Bank whether such liabilities be present, future, actual, contingent, primary, collateral, several or joint. For this purpose, the Borrower hereby irrevocably authorizes the Bank to purchase with the moneys standing to credit of such accounts such currencies as may be necessary to effect such set off or transfer at the exchange rate.

5. INSURANCE

  1. Pursuant to an amendment to the Insurance Act Cap 487, the Borrower is hereby informed of their rights under 71A (I) of the said Act of their right to choose an Underwriter or Broker from the list of Underwriters of Brokers licensed by the Insurance Regulatory Authority (IRA) and the option to forfeit the right to choose an Underwriter or Broker(s) licensed by the IRA.
  2. In consideration of clause (a) above, the Borrower hereby forfeits the right to choose an underwriter or Broker(s) licensed by the
  3. The Bank may require the Borrower(s) to take insurance cover to cover death and or disability through the Bank’s approved insurance plan. The Bank may enter into separate arrangements with insurers to cover the
  4. The Borrower undertakes to pay the insurance premiums stipulated by the Bank from time to time); and
  5. The Borrower also understands and accepts that in the event of default on the Short-Term Facility(ies) or delay in payment of the insurance premiums, the insurance may not be valid and the Borrower will continue to be liable for repayment of all monies due to the Bank
  6. The Borrower also understands and accepts that not all types of disability or death may be covered by insurance. The Borrower will continue to be liable for any shortfall in the amount received from the
  7. The Borrower shall give written notice to the Bank within 48 hours of any occurrence which gives rise, or might give rise, to a claim under the policy of insurance and except with the prior written consent of the Bank, the Borrower shall not agree to settlement of any such claim.
  8. All proceeds received by the Bank in respect of any claim made under the insurance will be applied by the Bank in repayments of the Short-Term Facility. Any surplus after such application will be paid to the Borrower’s account

6. CONDITIONS PRECEDENT

  1. The Bank’s obligation to make any disbursement of the Short-Term Facility(ies) is conditional upon the Borrower opting in by accepting the terms and conditions of the Short-Term Facility..
  2. Upon sanction of the Loan amount following successful application, the Short-Term Facility will be disbursed immediately to the Borrowers current account.
  3. The Bank may approve the sum applied for by the Borrower or decline the application in its sole discretion without giving any reasons.
  4. Opting in by the Borrower shall be deemed conclusive evidence of the Borrower’s Agreement to be bound by ALL the terms and conditions of the Short-Term Facility and all applicable costs, fees and charges.
  5. The Borrower hereby irrevocably authorize the Bank to act on all applications received by the Bank from the Borrower (or purportedly from by the Borrower) through the OTG App and to hold the Borrower liable in respect thereof.
  6. The Bank shall be deemed to have acted properly and to have fully performed all the obligations owed to the Borrower notwithstanding that the application may have been initiated or sent in error or fraudulently, and the Borrower shall be bound by any applications which the Bank shall approve in the belief that such instructions have been sent by the Borrower.
  7. The Borrower agrees to release from and indemnify the Bank against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to the Bank having approved and disbursed the facility , or, declined to approve the Borrower’s application in accordance with the discretion conferred upon the Bank under this Agreement.
  8. You acknowledge that to the full extent permitted by law the Bank shall not be liable for any unauthorized application, disclosure, any activity or any incident on your OTG App in connection with your application for the Short-Term Facility by the fact of the knowledge and/or use or manipulation of your PIN, password, ID or any means whether or not occasioned by the Borrower’s negligence.

7. CURRENCIES

 
  • By availing the Short-Term Facility(ies) in any foreign currency the Borrower automatically grants to the Bank the right to convert the foreign currency denominated debt or part thereof into Kenya Shillings whenever the Bank may choose to do so in its sole and absolute No payment to the Bank (whether under any judgement or court order or otherwise) shall discharge the obligation of the liability of the Borrower in respect of which it was made unless and until the Bank shall have received payment in full in the currency in which such obligation or liability was incurred and to the extent that the amount of any such payments shall on actual conversion into such currency fall short of such obligation or liability (actual or contingent) expressed in that currency the Bank shall have a further separate cause of action against the Borrower and shall be entitled to recover the amount of the shortfall from the Borrower as a debt due in respect of the Short-Term Facility(ies).
  • All amounts due and owing by the Borrower to the Bank shall be paid to the Bank in the currency in which they are outstanding and interest on such amounts shall also be paid in the currency in which the principal amounts are outstanding in freely transferable and convertible funds.
  • All moneys received or held by the Bank or may from time to time after demand has been made by the Bank be converted into such other currency as the Bank considers necessary or desirable to cover the obligations and liabilities actual or contingent of the Borrower in that other currency at the then prevailing spot rate of exchange of the Bank (as conclusively determined by the Bank) for purchasing that other currency with the existing currency. (where applicable)
  • If and to the extent that the Borrower fails to pay the amount due on demand the Bank may in its absolute discretion without notice to the Borrower purchase at any time thereafter so much of any currency as the Bank considers necessary or desirable to cover the obligations and liabilities of the Borrower in such currency at the then prevailing spot rate of exchange of the Bank (as conclusively determined by the Bank) for purchasing such currency with Kenya Shillings and the Borrower hereby agrees to indemnify the Bank against the full Kenya Shilling cost incurred by the Bank for such purchase.
  • Neither the Bank nor any Receiver shall be liable to the Borrower for any loss resulting from any fluctuation in exchange rates before or after the exercise of the foregoing
  • No payment to the Bank (whether under any judgment or court order or otherwise) shall discharge the obligation or liability of the Borrower in respect of which it was made unless and until the Bank shall have received payment in full in the currency in which such obligation or liability was incurred and to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability actual or contingent expressed in that currency the Bank shall have a further separate cause of action against the Borrower and shall be entitled to enforce the charges by the existing security and hereby created to recover the amount of the short

8. REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Bank as follows:-
  1. Every consent, authorization or approval of governmental or public bodies or authorities required in connection with the execution, delivery, validity or enforceability of this Agreement or the performance by the Borrower of its obligations hereunder or required to make this Agreement admissible in evidence has, where applicable, been obtained and is in full force and effect.
  2. Neither the execution and delivery of the form of acceptance indorsed hereon by the Borrower nor the performance or observance of any of its obligations under this Agreement will conflict with, or result in, any breach of any law, statute, regulation, indenture, mortgage, trust deed, Agreement or other instrument, arrangement, obligation or duty by which the Borrower is bound or cause, where applicable, any limitation on any of the powers whatsoever of the Borrower howsoever imposed or on the right or ability of the Borrower to exercise such powers to be exceeded.
  3. All information submitted by the Borrower to the Bank, inter alia, on its financial position, net worth, details of Financial Indebtedness, presents accurately its state of affairs and the financial position of the Borrower as at such date.
  4. There has been no material adverse changein the financial position of the Borrower from that set forth by the Borrower at the time of opt in r.
  5. They have sought independent advice on the terms of this Agreement in order to fully understand the implications and potential consequence of agreeing to these
  6. As at the date of this Agreement, the Borrower does not have any Financial Indebtedness outstanding [other than the Existing Liabilities].
  7. The representations and warranties set forth in this Paragraph are given and made on and as of the date hereof, shall survive the acceptance of this Agreement and are continuing representations and warranties which are deemed to be repeated during continuance of the Short-Term Facility(ies).

9. OTHER TERMS AND CONDITIONS

  1. No Failure, delay or other relaxation or indulgence on the part of the Bank to exercise any power right or remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right, and remedy preclude its further exercise or the exercise of any other power right or
  2. All monies payable by the Borrower under, the benefit of the covenants of the Borrower contained in, and all other rights of the Bank under, this Agreement shall be assignable and remain valid and effective in all respects in favour of any assignee, transferee, or other successor in title of the Bank in the same manner as if such assignee, transferee or other successor in title has been named in this Agreement as a party instead of or in addition to the Bank
  3. The Bank may disclose to any proposed assignee or transferee or to its Holding Company, Subsidiary, or any Subsidiary of its Holding Company (whether or not they are proposed assignees or transferees) such information as is in its possession at any time relating to the Facilities or the Borrower.
  4. Any change in the constitution of the Bank or its absorption in or amalgamation with any other person or the acquisition of all or part of its undertaking by any other person or any reconstruction or reorganization of the Bank shall not in any way prejudice or affect its rights under this Agreement.
  5. Any right or power which may be exercised or any determination that may be made under this Agreement by the Bank may be exercised or made in its absolute and unfettered discretion and it shall not be obliged to give any reasons thereof.
  6. A certificate by any officer or other duly authorized official of the Bank as to the money and liabilities for the time being due or accrued from or by the Borrower pursuant to any of the Short-Term Facility Documents or the amount of any interest, commission or other sums owing pursuant to any of this Agreement shall save for manifest error be conclusive evidence of any legal
  7. The facilities availed by the Bank are subject to the Bank’s General Terms and Conditions unless varied or inconsistent with the terms of this Agreement. In the event of any inconsistency between the terms of this Agreement and any general terms and conditions of the Bank (whether in force currently or at any time after the date of this Agreement), the terms of this Agreement shall prevail.
  8. All rights of the Bank contained in this Agreement are in addition to all rights vested or to be vested in the Bank pursuant to the common law or

10. ENVIRONMENTAL AND SOCIAL MANAGEMENT

  1. The Borrower undertakes to ensure that it observes and perform all environmental laws (including without limitation the provisions of the Environmental Management and Coordination Act, 1999) the regulations, directions, and codes of practice and all covenants and stipulations from time to time and to diligently designs, constructs, operates, maintains and monitors all of its plants, sites and equipment in a safe, efficient and business-like manner.
  2. The Borrower shall not perform any of the following activities:
    • Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and Agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, polychlorinated biphenyls, a group of highly toxic chemicals, wildlife or products regulated under Convention on International Trade in Endangered Species or Wild Fauna and Flora.
    • Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and Agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, polychlorinated biphenyls, a group of highly toxic chemicals, wildlife or products regulated under Convention on International Trade in Endangered Species or Wild Fauna and Flora.
    • Production or trade in weapons and munitions. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary
    • Production or trade in alcoholic beverages (excluding beer and wine). This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Production or trade in This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Gambling, casinos and equivalent enterprises. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary
    • Any business relating to pornography or
    • Production or trade in radioactive
    • Production or trade in unbonded asbestos This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%.
    • Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and Agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, polychlorinated biphenyls, a group of highly toxic chemicals, wildlife or products regulated under Convention on International Trade in Endangered Species or Wild Fauna and Flora.
    • Production or trade in weapons and munitions. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Production or trade in alcoholic beverages (excluding beer and wine). This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Production or trade in tobacco. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Gambling, casinos and equivalent enterprises. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations.
    • Any business relating to pornography or prostitution. Production or trade in radioactive materials.
    • Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%.
    • Drift net fishing in the marine environment using nets in excess of 2.5 kilometers in length. Production or activities involving harmful or exploitative forms of forced labor/harmful child labor. Commercial logging operations for use in primary tropical moist forest.
    • Production or trade in wood or other forestry products other than from sustainably managed forests. Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.
    • Production or activities that impinge on the lands owned, or claimed under adjudication, by Indigenous peoples, without full documented consent of such peoples.
    • Cross-border trade in waste and waste products unless compliant to the Basel Convention and the underlying regulations. Any activity involving significant altercation, damage or removal of way critical cultural heritage.
    • Production and distribution of racist, anti-democratic and/or neo-nazi media or media with the intent to discriminate part of the population.
    • Exploitation of diamond mines, and commercialization of diamonds, when the host country has not adhered to the Kimberley12, or other similar international Agreements (actual or to be formed), on similar extractive resources.
    • Any sector or service subject to United Nations, European Union embargo without
    • Coal-fired power plants when the production of energy is not in an Eligible Country as per CDC Coal-Fired Thermal Power Plants; and
    • Coal-fired power plants (including captive coal-fired power plants not producing electricity for the public gird) when representing more than 10% of I&M Bank Limited Kenya portfolio volume financing
  3. The Borrower shall notify promptly the Bank of any event(s) concerning the environment or occupational health and safety or social

11. EVENTS OF DEFAULT

  1. In the event of: -
    • Failure by the Borrower to make any repayment of the Outstanding Debt in respect of the Short-Term Facility(ies) on its due date, or
    • A breach in the performance of any other terms and conditions of the Short-Term Facility(ies) or the Bank’s General Terms &
    • A liquidator, trustee, sequestrator or similar officer being appointed of all or any of the assets of the Borrower, or
    • A distress, execution or other legal process being levied against any of the assets of the Borrower and not being discharged or paid within 7 days, or
    • Any indebtedness of the Borrower becoming immediately due or payable or capable of being in default on the part of any person, or the Borrower failing to discharge any indebtedness on its due date, or any representation or warranty made by the Borrower hereunder or for the purpose of obtaining the Short-Term Facility(ies) being incorrect in any material respect as of the date of which it is made or deemed to be made, or there being any material adverse change of the position as set out in such representation of warranty, then the Bank’s commitment to advance the Short-Term Facility(ies) shall cease and the whole amount of the outstanding Short-Term Facility(ies)  or other amounts owing hereunder will become repayable forthwith on demand in writing made by the Bank at any

12. EXCHANGE OF INFORMATION

  1. By opting in, the Borrower hereby expressly consents and authorizes the Bank to disclose, respond, advise, exchange and communicate the details or information pertaining to the Borrower’s account(s) to other Banks, financial institutions, credit card companies, or credit reference bureaus, including authorized agents, representatives, lawyers or debt collection agents for the purposes of any bona fide enquiry or collection of any data or towards recovery of any sums due and outstanding to the
  2. The Bank may from time to time release (without notifying the Borrower) any information relating to any of the Borrower’s account to any statutory authority which has legal power to demand for such information including the Central Bank of Kenya and Kenya Revenue Authority.
  3. The Borrower acknowledges that any information released by the Bank under this clause may be used by the recipient to assess applications for credit by the Borrower, for bad debt tracing and for fraud prevention purposes. The Borrower also acknowledges that such information being released to the recipients may affect the Borrowers’ ability to maintain the existing Short-Term Facility(ies) with lenders or credit card companies. The Borrower shall make no claim whatsoever against the Bank for the release of any information as provided under this clause, or for any loss, damage, fees or expenses suffered or incurred by the Borrower in relation to the release of any information by the Bank under this

13. DATA PROTECTION

  1. The Borrower, by entering into this agreement, and, by opting in, consents to the provision of the Borrower’s personal data to the Bank and for the processing by the Bank of the Borrower’s personal data. In furtherance of this Agreement, the Borrower’s personal data shall be processed in accordance with the Bank’s Data Protection Policy and Privacy Notice on the protection of individuals with regard to the processing of personal data and on the free movement of such data. Such data shall be processed solely in connection with:
  2. the implementation and follow-up of the obligations in this agreement, for effecting and providing the facility to the Borrower, as well as for analysis, credit scoring and without prejudice, to the possibility of passing the data to the bodies responsible for inspection and audit in accordance with Data Protection Act, 2019 Laws of Kenya (Act 24 of 2019) and/or third parties who may be engaged by the Bank in the furtherance of its obligations and rights as provided by the terms of this agreement.
  3. the Borrower’s personal data shall be processed for the purpose of direct marketing by the Bank.
  4. The Borrower may, on written request, gain access to their personal data and correct any information that is inaccurate or incomplete.
  5. In accordance with the Bank’s General Terms & Conditions and the Bank’s Privacy Notice, the Borrower may object at any time to the processing of their personal information for direct marketing purposes, including profiling for the purposes of direct marketing. The Borrower may therefore exercise this right by unsubscribing from the service as provided in the Bank’s Privacy Notice. The Borrower may also unsubscribe from direct marketing by opting-out of all future direct marketing by sending a single word instruction to the specific number that shall be provided to the Borrower by the Bank.

14. CONFIDENTIALITY

The Borrower agrees not to disclose to any third parties any information provided by the Bank in connection with this offer, except to those legally required.

15. SEVERABILITY

Each of the provisions of this Agreement is severable and distinct from the others and, if at any time one or more of those provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

16. ANTI-CORRUPTION LAW

  1. NOT directly or indirectly use the proceeds of the Short-Term Facility(ies) for any purpose which would breach the Corrupt Practices
  2. Not use any proceeds of crime to pay of the outstanding Short-Term Facility(ies);
  3. Conduct its businesses in compliance with applicable Corrupt Practices Laws; and
  4. Maintain policies and procedures designed to promote and achieve compliance with such

17. CHANGE IN CIRCUMSTANCES

If any change in applicable law or regulation or in the application or interpretation thereof by any Government Authority charged with the administration therefor shall make it impracticable or unlawful for the Bank to maintain or give effect to its obligations under this Agreement, the Bank shall give notice in writing to the Borrower(s) of such event and the Bank’s obligation to make the Short-Term Facility(ies) available shall be cancelled and the Borrower(s) shall immediately upon receipt of such notice repay the Bank the Outstanding Debt unde the Short-Term Facility.

18. GOVERNING LAW

This Short-Term Facility(ies) Agreement shall be governed by and construed in all respects in accordance Laws of Kenya. Nothing in this Paragraph shall limit the right of the Bank to take proceedings against the Borrower in any other Court of competent jurisdiction, nor shall instituting of proceedings at one or more jurisdictions preclude the institution of proceedings in other jurisdiction, whether concurrently or not.

I&M Bank, Carrefour & Mastercard Campaign Terms and Conditions


  1. This offer is subject to availability and may be limited at the discretion of the bank
  2. Customer can avail the discount once per weekend.
  3. This offer is valid on purchases made on the Carrefour mobile app and website using any I&M Bank debit, credit and prepaid Mastercard cards.
  4. A discount of 20% is limited to one transaction per customer every weekend, on a minimum order value of 5,000 KES with a maximum discount of 1,000 KES, provided the customer uses an eligible Mastercard card at checkout and uses the promo code MA20.
  5. This offer cannot be combined with vouchers or coupon codes or MyClub points.
  6. Purchase reversals, refunds and transactions disputed by the customer are excluded from this offer.
  7. This promotion is not available to any customers who are considered wholesalers.
  8. Majid Al Futtaim Hypermarkets Limited shall not be liable to you if you suffer any financial loss or damage from our refusal to allow you to take part in the promotion or our withdrawal of the promotion or any failure or inability by you to use the promotion for any reason.
  9. These terms and any disputes or claims arising out of, or in connection with, its subject matter or formation (including non-contractual disputes or claims) are governed by and construed in accordance with the laws of Kenya.

1. TERMS AND CONDITIONS

Subject to any other Agreement made in writing between the Bank and the Borrower, the relationship between the Bank and the Borrower shall be governed by the following Terms and Conditions for the Workplace Personal Unsecured Lending (the “Terms and Conditions”). These Terms and Conditions shall be subject to the I&M General Terms & Conditions and in the event of any inconsistency between the provisions of these Terms and Conditions and any provision of the I&M Bank General Terms & Conditions, the I&M Bank General Terms & Conditions shall govern, control, and prevail.

2. SECURITY

The Bank may without notice utilise any credit balance in any Account you hold with the Bank (whether current, loan, savings, time deposit or any other type of account or in the account of any other person for whom you have agreed to act as surety) to pay any Debt due under this Agreement. This right of Set-Off shall be in addition to, and shall not impair or affect, any of the Bank’s other rights of recovery.

3. PURPOSE

The whole amount of the Facility shall be used only for the purpose set out in the loan application. The Bank shall have the right to demand immediate payment of any amount of the Facility outstanding, together with interest, if it shall come to the notice of the Bank that the whole or any part of the Facility has been or is being expended for any other purpose.

4. CONDITIONS PRECEDENT

(a) Salary to continue being remitted through I&M Bank Ltd. (b) Repayments to be effected by way of check -off and the Authorization forms to be forwarded to the employer for deductions to be effected immediately after disbursement. (c) Terminal dues, if any, to be remitted through the loan account in the event the borrower leaves current employment during the tenor of the loan. (d) Loan to be repaid within agreed period and, if there is change of employer, I&M Bank Ltd to be notified immediately. (e) Borrower to provide the latest three original pay slips to be lodged with I&M Bank Ltd. (f) Balance outstanding to be liquidated from the proceeds of this loan. (g) The balance outstanding of the buy off loan will be released first to enable the said Bank/Institution to issue a stop order in respect of the borrower’s loan instalment. The balance of the loan will only be released to the borrower upon receipt of either a stop order or a statement confirming nil balance. (h) The Bank shall not be obliged to make any disbursement of the Facility(ies) until it has received as a condition precedent, in each case, in a form and substance satisfactory to it all of the documents, items and evidence required herein (including but not limited to the documents, items and evidence specified in the Borrower’s application form) such documents, items and evidence herein after collectively referred to as the “Supporting Documents”) (or the Bank having waived any one or more of the Supporting Documents in its absolute discretion and subject to any condition(s) it may think fit). (i) No indulgence by the Bank of its rights under this Agreement, the Schedule, any of the Supporting Documents will operate as a waiver of its rights and/or remedies. (j) The Bank’s obligation to make any disbursement of the Facility(ies) is also conditional upon the Borrower’s compliance at the relevant time with the terms and conditions of, and there being no breach of or default under the Agreement. (k) “Upon sanction of Loan amount following successful application, Loan facility will be disbursed immediately to the specified transaction account as per application form and interest will start accruing from that date. (l) The signature and the delivery of this Letter of Offer by the Borrower is deemed conclusive evidence of the Borrower’s Agreement to be bound by the terms of the facility as to the amounts of the facility and interest as approved and determined by the Bank.

5. AMOUNT OF THE FACILITY AND REPAYMENT

All amounts drawn and outstanding under the Facilities and all interest and other sums payable in respect of the Facilities shall be due and payable at any time forthwith on demand. However, without prejudice to the Bank’s right to make demand at any time, it is agreed that:- The maximum amount that will be available for draw down under the proposed Facility shall not exceed the aggregate of Kshs……….. /= (Kshs …………………………. Only) The Facility will be repaid by your income in equal monthly Instalments comprising of both principal and interest until the Facility is repaid in full. The repayments due from the borrower will be effected through Direct debit/Standing Order effected through the Borrower’s account. The Borrower hereby irrevocably authorises the Bank to effect the Direct debit/Standing Order. (The repayments are as set out in the annexed loan amortisation table) The Bank may without notice utilise any credit balance in any Account you hold with the Bank (whether current, loan, savings, time deposit or any other type of account or in the account of any other person for whom you have agreed to act as surety) to pay any Debt due under this Agreement. This right of Set-Off shall be in addition to, and shall not impair or affect, any of the Bank’s other rights of recovery.

6. CHARGES AND INTEREST

The following charges shall apply and may from time to time be subject to change upon notice within the full extent permitted or demanded by law

Charge Description

Charges

 

 

Interest rate on loan amount

Interest under clause 4 shall apply to the Facility(ies) provided that no Event of Default has occurred on the said Facility(ies) and

 

subject to Paragraph 2 of Schedule 2 (Interest on Excess and Arrears). The provisions with respect to Interest on Excess and Arrears

 

set out in Paragraph 2 of Schedule 2 (Interest on Excess and Arrears) shall apply in the Event of Default as defined in this letter.

 

Interest on the facility shall be paid at such rate or rates not exceeding any maximum permitted by law 

 

or such other rate as the Bank may determine in its absolute and sole discretion from time to time

 

 (with the revision of S.33B of the Banking Act vide the Finance Act (2019), the Bank is in

 

the process of formulating a Base Rate applicable to our lending products upon which the terms herein shall be revised accordingly

 

subject to issuance of the relevant notices)

 

 

7. INTEREST ON EXCESS AND ARREARS

(a) Without prejudice to the provisions of Events of Default (as defined in this Agreement) and the rights of the Bank hereunder, if at any time during the continuance of the Facility(ies), the amount drawn by the Borrower from the Bank is in excess of the Facility(ies) committed by the Bank under the Agreement and/or if any sum payable by the Borrower under the Agreement is not paid on the date on which it is due in accordance with the provisions of the Agreement and whether demand has been made or not on the Borrower and whether notice has been given or not to the Borrower to repay the same, the Borrower shall pay to the Bank interest on such excess/arrears for the period during which the account is in excess/arrears at the rate of ten per cent (10%) per annum over the then subsisting rate of interest payable by the Borrower on the Facility(ies) . The Bank may by notice change this rate of interest so payable, and any such change will not prejudice in any way the Banks right to require payment of such interest when due. The Borrower acknowledges and agrees that any amounts in excess and arrears do not form part of Credit Facility(ies) (as defined under the Banking Act) and that the aforesaid rate of interest represents a reasonable pre-estimate of the loss to be suffered by the Bank in funding the default on the Borrower’s part. (b) If any sum payable by the Borrower hereunder is not paid on the date on which it is due in accordance with the provisions of the Agreement, and demand having been made, the Bank demands repayment of the same, or if any sum due and payable by the Borrower under any judgment of any Court in this connection, is not paid on the date of such judgment, the Borrower shall pay additional interest on such sum for the period beginning on such due date or, as the case may be, the date of such judgment until payment is received by the Bank in full at the rate of ten per cent (10%) per annum over the then subsisting rate of interest payable by the Borrower on the Facility(ies). The Bank may by notice change this rate of interest so payable, and any such change will not prejudice in any way the Banks right to require payment of such interest when due.

8. EXPENSES

(a) The Borrower shall pay to the Bank and shall fully indemnify and reimburse upon demand all costs, charges and expenses (including legal and other professional expenses, stamp, registration or other duties and any VAT) incurred by the Bank in connection with the preparation and execution of, the obtaining of any documents required under, and the enforcement of, or preservation of any rights under this Agreement or otherwise in connection with the Facility(ies). Failure to pay these amounts on their due dates or on demand date as applicable, the Bank reserves the right to debit the same together with any interest accrued on the amounts from the Borrower’s account. (b) The Borrower shall be required to deposit on or before the approval date an appropriate amount in the account for the purpose of meeting preliminary cost and expenses. In the event that there are insufficient funds in the Borrower’s account, the Bank reserves the right to deduct these costs and expenses from the loan amount and credit the Borrower’s account with the net loan proceeds.

9. PAYMENTS

(a) All payments by the Borrower hereunder shall be made, without set off or counterclaim, by the Borrower, to such account as the Bank may from time to time notify to the Borrower. (b) Without prejudice to the Bank’s rights to require payment or otherwise recover amounts due hereunder from the Borrower, the Bank may debit any amount due hereunder to any current or other account of the Borrower maintained with the Bank, notwithstanding that the maximum amount permitted to be outstanding in respect of such account may be exceeded. Thereafter the amount so debited shall be treated as owing on the terms of such current or other account for all purposes. (c) All payments due to be made by the Borrower hereunder, whether of principal, interest or otherwise, shall be made without regard to any equities between the Borrower and the Bank and free and clear of, and without deduction or withholding for, or on account of, any taxes, except to the extent the Borrower is required by law to deduct or withhold any taxes on any amounts payable hereunder, in which case the Borrower shall promptly pay to the Bank such additional amount as is necessary to ensure that the net amount received by the Bank after the required deduction or withholding(including, without limitation, any required deduction or withholding on such additional amount)is equal to the amount that the Bank would have received had such deduction or withholding been made. The Borrower will furnish the Bank within one month after the relevant payment is made with an official receipt of the relevant taxation authorities evidencing payment of any taxes. In the event of failure to provide the receipts within one month as provided for herein, the Bank reserves the right to debit the amounts so deducted from the Borrower’s account. (d)If any payment under this Agreement would otherwise be due to be made on a day which is not a business day, it shall be made on the next succeeding business day, unless such Business day falls in the following calendar month, in which event it shall be made on the immediately preceding business day. (e) The Borrower hereby agrees that the Bank may at any time without notice or further demand. Notwithstanding any settlement of account or other matter whatsoever, combine or consolidate all or any of the Borrower’s then existing accounts wherever situate including any accounts in the name of the Bank or of the Borrower jointly with others(whether current, deposit, loan or of any other nature whatsoever whether subject to notice or not and whether Kenya shillings or in other foreign currency and set off or transfer any sum standing to the credit of any one or more such accounts in or towards satisfaction of any obligations or liabilities of the Borrower to the Bank whether such liabilities be present, future, actual, contingent, primary, collateral, several or joint. For this purpose, the Borrower hereby irrevocably authorizes the Bank to purchase with the moneys standing to credit of such accounts such currencies as may be necessary to effect such set off or transfer at the exchange rate. The above clause provides the bank the right to consolidate and the right to set off accounts, wherever situate, belonging to the debtor in repayment of the banks debts. (f) All interest and other payments of a periodic nature under this Agreement shall accrue from day to day and be calculated on the basis of actual days elapsed and 365day year (or such other day count as the Bank decides has become market practice)

10. INSURANCE

(a) Pursuant to an amendment to the Insurance Act Cap 487, the Borrower is hereby informed of their rights under S. 71A (I) of the said Act of their right to choose an Underwriter or Broker from the list of Underwriters of Brokers licensed by the Insurance Regulatory Authority (IRA) and the option to forfeit the right to choose an Underwriter or Broker(s) licensed by the IRA . (b) In consideration of clause (a) above, the Borrower hereby forfeits the right to choose an underwriter or Broker(s) licensed by the IRA. (c) The Bank may require the Borrower(s) to take insurance cover to cover death and or disability through the Bank’s approved insurance plan. The Bank may enter into separate arrangements with insurers to cover the risk. (d) The Borrower undertakes to pay the insurance premiums stipulated by the Bank from time to time); and (e) The Borrower also understands and accepts that in the event of default on the facility(ies) or delay in payment of the insurance premiums, the insurance may not be valid and the Borrower will continue to be liable for repayment of all monies due to the Bank (f) The Borrower also understands and accepts that not all types of disability or death may be covered by insurance. The Borrower will continue to be liable for any shortfall in the amount received from the insurers. (g) The Borrower shall give written notice to the Bank within 48 hours of any occurrence which gives rise, or might give rise, to a claim under the policy of insurance and except with the prior written consent of the Bank, the Borrower shall not agree to settlement of any such claim. (h) All proceeds received by the Bank in respect of any claim made under the insurance will be applied by the Bank in repayments of the facility. Any surplus after such application will be paid to the Borrower’s account

11. CURRENCIES

(a) The Bank may at its sole discretion, if the Borrower so requests grant from time to time part or all the Facility(ies) in other currency and/or currencies within the available limits at the Bank’s prevailing rate of exchange. (b) By availing the Facility(ies) in any foreign currency the Borrower automatically grants to the Bank the right to convert the foreign currency denominated debt or part thereof into Kenya Shillings whenever the Bank may choose to do so in its sole and absolute discretion. No payment to the Bank (whether under any judgement or court order or otherwise) shall discharge the obligation of the liability of the Borrower in respect of which it was made unless and until the Bank shall have received payment in full in the currency in which such obligation or liability was incurred and to the extent that the amount of any such payments shall on actual conversion into such currency fall short of such obligation or liability (actual or contingent) expressed in that currency the Bank shall have a further separate cause of action against the Borrower and shall be entitled to recover the amount of the shortfall from the Borrower as a debt due in respect of the Facility(ies). (c) All amounts due and owing by the Borrower to the Bank shall be paid to the Bank in the currency in which they are outstanding and interest on such amounts shall also be paid in the currency in which the principal amounts are outstanding in freely transferable and convertible funds. (d) All moneys received or held by the Bank or may from time to time after demand has been made by the Bank be converted into such other currency as the Bank considers necessary or desirable to cover the obligations and liabilities actual or contingent of the Borrower in that other currency at the then prevailing spot rate of exchange of the Bank (as conclusively determined by the Bank) for purchasing that other currency with the existing currency. (where applicable) (e) If and to the extent that the Borrower fails to pay the amount due on demand the Bank may in its absolute discretion without notice to the Borrower purchase at any time thereafter so much of any currency as the Bank considers necessary or desirable to cover the obligations and liabilities of the Borrower in such currency at the then prevailing spot rate of exchange of the Bank (as conclusively determined by the Bank) for purchasing such currency with Kenya Shillings and the Borrower hereby agrees to indemnify the Bank against the full Kenya Shilling cost incurred by the Bank for such purchase. (f) Neither the Bank nor any Receiver shall be liable to the Borrower for any loss resulting from any fluctuation in exchange rates before or after the exercise of the foregoing powers. (g) No payment to the Bank (whether under any judgment or court order or otherwise) shall discharge the obligation or liability of the Borrower in respect of which it was made unless and until the Bank shall have received payment in full in the currency in which such obligation or liability was incurred and to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability actual or contingent expressed in that currency the Bank shall have a further separate cause of action against the Borrower and shall be entitled to enforce the charges by the existing security and hereby created to recover the amount of the short fall.

12. REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Bank as follows:- (a) Every consent, authorization or approval of governmental or public bodies or authorities required in connection with the execution, delivery, validity or enforceability of this Agreement or the performance by the Borrower of its obligations hereunder or required to make this Agreement admissible in evidence has, where applicable, been obtained and is in full force and effect. (b) Neither the execution and delivery of the form of acceptance indorsed hereon by the Borrower nor the performance or observance of any of its obligations under this Agreement will conflict with, or result in, any breach of any law, statute, regulation, indenture, mortgage, trust deed, Agreement or other instrument, arrangement, obligation or duty by which the Borrower is bound or cause, where applicable, any limitation on any of the powers whatsoever of the Borrower howsoever imposed or on the right or ability of the Borrower to exercise such powers to be exceeded. (c) All information submitted by the Borrower to the Bank, inter alia, on its financial position, net worth, details of Financial Indebtedness, presents accurately its state of affairs and the financial position of the Borrower as at such date. (d) There has been no material adverse change in the financial position of the Borrower from that set forth in the application form and in the annexures thereto, submitted to the Bank requesting the Bank for the Facility(ies). (e) They have sought independent advice on the terms of this Agreement in order to fully understand the implications and potential consequence of agreeing to these terms. (f) As at the date of this Agreement, the Borrower does not have any Financial Indebtedness outstanding [other than the Existing Liabilities]. (g) The representations and warranties set forth in this Paragraph are given and made on and as of the date hereof, shall survive the acceptance of this Agreement and are continuing representations and warranties which are deemed to be repeated during continuance of the Facility(ies).

13. COVENANTS

(a) The Borrower shall not, without the prior written consent of the Bank, incur or allow to remain outstanding any Financial Indebtedness. Financial Indebtedness for this purpose shall not include any credit received from suppliers to the Borrower in the ordinary course of business. (b) The Borrower will provide the Bank regularly with such information and in such form as may be required from time to time relating to the Borrower’s finances and operations. (c) The Borrower shall pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties. (d) The Borrower shall advise the Bank immediately of any change of Directors or any material or major happening that may affect the Borrower’s operations. This could include but not be restricted to changes in the share holding pattern, industrial or labour disputes, industrial or economic downturn, diversification plans, capital expenditure commitments, change in objectives and the like.

14. OTHER TERMS AND CONDITIONS

(a) No Failure, delay or other relaxation or indulgence on the part of the Bank to exercise any power right or remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right, and remedy preclude its further exercise or the exercise of any other power right or remedy. (b) All monies payable by the Borrower under, the benefit of the covenants of the Borrower contained in, and all other rights of the Bank under, this Agreement shall be assignable and remain valid and effective in all respects in favour of any assignee, transferee, or other successor in title of the Bank in the same manner as if such assignee, transferee or other successor in title has been named in this Agreement as a party instead of or in addition to the Bank (c) The Bank may disclose to any proposed assignee or transferee or to its Holding Company, Subsidiary, or any Subsidiary of its Holding Company (whether or not they are proposed assignees or transferees) such information as is in its possession at any time relating to the Facilities or the Borrower. (d) Any change in the constitution of the Bank or its absorption in or amalgamation with any other person or the acquisition of all or part of its undertaking by any other person or any reconstruction or reorganization of the Bank shall not in any way prejudice or affect its rights under this Agreement. (e) Any right or power which may be exercised or any determination that may be made under this Agreement by the Bank may be exercised or made in its absolute and unfettered discretion and it shall not be obliged to give any reasons thereof. (f) A certificate by any officer or other duly authorized official of the Bank as to the money and liabilities for the time being due or accrued from or by the Borrower pursuant to any of the Facility Documents or the amount of any interest, commission or other sums owing pursuant to any of this Agreement shall save for manifest error be conclusive evidence of any legal proceedings. (g) The facilities availed by the Bank are subject to the Bank’s General Terms and Conditions unless varied or inconsistent with the terms of this Agreement. In the event of any inconsistency between the terms of this Agreement and any general terms and conditions of the Bank (whether in force currently or at any time after the date of this Agreement), the terms of this Agreement shall prevail. (h) All rights of the Bank contained in this Agreement are in addition to all rights vested or to be vested in the Bank pursuant to the common law or statute.

15. ENVIRONMENTAL AND SOCIAL MANAGEMENT

(a) The Borrower undertakes to ensure that it observes and perform all environmental laws (including without limitation the provisions of the Environmental Management and Coordination Act, 1999) the regulations, directions, and codes of practice and all covenants and stipulations from time to time and to diligently designs, constructs, operates, maintains and monitors all of its plants, sites and equipment in a safe, efficient and business-like manner. (b) The Borrower shall not perform any of the following activities: (i) Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and Agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, polychlorinated biphenyls, a group of highly toxic chemicals, wildlife or products regulated under Convention on International Trade in Endangered Species or Wild Fauna and Flora. (ii) Production or trade in weapons and munitions. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (iii) Production or trade in alcoholic beverages (excluding beer and wine). This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (iv) Production or trade in tobacco. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (v) Gambling, casinos and equivalent enterprises. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (vi) Any business relating to pornography or prostitution. (vii) Production or trade in radioactive materials. (viii) Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. (c) The Borrower shall not perform any of the following activities: (i) Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and Agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, polychlorinated biphenyls, a group of highly toxic chemicals, wildlife or products regulated under Convention on International Trade in Endangered Species or Wild Fauna and Flora. (ii) Production or trade in weapons and munitions. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (iii) Production or trade in alcoholic beverages (excluding beer and wine). This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (iv) Production or trade in tobacco. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (v) Gambling, casinos and equivalent enterprises. This does not apply to businesses which are not substantially involved in these activities i.e. the activity concerned is ancillary to the business’s primary operations. (vi) Any business relating to pornography or prostitution. (vii) Production or trade in radioactive materials. (viii) Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. (ix) Drift net fishing in the marine environment using nets in excess of 2.5 kilometers in length. (x) Production or activities involving harmful or exploitative forms of forced labor/harmful child labor. (xi) Commercial logging operations for use in primary tropical moist forest. (xii) Production or trade in wood or other forestry products other than from sustainably managed forests. (xiii) Production or activities involving harmful or exploitative forms of forced labor/harmful child labor. (xiv) Production or activities that impinge on the lands owned, or claimed under adjudication, by Indigenous peoples, without full documented consent of such peoples. (xv) Cross-border trade in waste and waste products unless compliant to the Basel Convention and the underlying regulations. (xvi) Any activity involving significant altercation, damage or removal of way critical cultural heritage. xvii) Production and distribution of racist, anti-democratic and/or neo-nazi media or media with the intent to discriminate part of the population. (xviii) Exploitation of diamond mines, and commercialization of diamonds, when the host country has not adhered to the Kimberley12, or other similar international Agreements (actual or to be formed), on similar extractive resources. (xix) Any sector or service subject to United Nations, European Union embargo without limitation. (xx) Coal-fired power plants when the production of energy is not in an Eligible Country as per CDC Coal-Fired Thermal Power Plants; and (xxi) Coal-fired power plants (including captive coal-fired power plants not producing electricity for the public gird) when representing more than 10% of I&M Bank Limited Kenya portfolio volume financing. (d) The Borrower shall notify promptly the Bank of any event(s) concerning the environment or occupational health and safety or social issues.

16. EVENTS OF DEFAULT

In the event of: - (a) Failure by the Borrower to make any repayment of principal or payment of interest or other moneys in respect of the Facility(ies) on its due date, or (b) A breach in the performance of any other term and condition of the Facility(ies) or The Bank’s General Terms & Conditions. (c) A liquidator, trustee, sequestrator or similar officer being appointed of all or any of the assets of the Borrower, or (d) A distress, execution or other legal process being levied against any of the assets of the Borrower and not being discharged or paid within 7 days, or (e) Any indebtedness of the Borrower becoming immediately due or payable or capable of being in default on the part of any person, or the Borrower failing to discharge any indebtedness on its due date, or Any representation or warranty made by the Borrower hereunder or for the purpose of obtaining the Facility(ies) being incorrect in any material respect as of the date of which it is made or deemed to be made, or there being any material adverse change of the position as set out in such representation of warranty, then the Bank’s commitment to advance the Facility(ies) or any balance thereof shall cease and the whole amount of the outstanding Facility(ies) and all accrued interest or other amounts owing hereunder will become repayable forthwith on demand in writing made by the Bank at any time. The Borrower shall also provide cash cover on demand for all contingent liabilities of the Borrower to the Bank and for all notes or bills accepted, endorsed or discounted and all bonds, guarantees, indemnities, documentary or other credits or any instruments whatsoever from time to time entered into by the Bank for or at the request of the Borrower. Any moneys not paid following a demand under this Paragraph shall continue to attract interest at the contracted rate as well after as before judgment or any Bankruptcy or liquidation of the Borrower.

17. EXCHANGE OF INFORMATION

(a) The Borrower hereby expressly consents and authorizes the Bank to disclose, respond, advise, exchange and communicate the details or information pertaining to the Borrower’s account(s) to other Banks, financial institutions, credit card companies, or credit reference bureaus, including authorized agents, representatives, lawyers or debt collection agents for the purposes of any bona fide enquiry or collection of any data or towards recovery of any sums due and outstanding to the Bank. (b) The Bank may from time to time release (without notifying the Borrower) any information relating to any of the Borrower’s account to any statutory authority which has legal power to demand for such information including the Central Bank of Kenya and Kenya Revenue Authority. (c) The Borrower acknowledges that any information released by the Bank under this clause may be used by the recipient to assess applications for credit by the Borrower or any related parties for bad debt tracing and for fraud prevention purposes. The Borrower also acknowledges that such information being released to the recipients may affect the Borrowers’ ability to maintain the existing Facility(ies) with lenders or credit card companies. The Borrower shall no claim whatsoever against the Bank for any loss, damage, fees or expenses suffered or incurred by the Borrower in relation to the release of any information by the Bank under this clause. (d) The Borrower expressly consents and allows the Bank to release the information provided under this clause in accordance with the terms of this clause.

18. DATA PROTECTION

The customer, by entering into this agreement, has consented to the provision of his personal data to the Bank. All personal data contained in the agreement shall be processed in accordance with the Bank’s Data Protection Policy and Privacy Notice on the protection of individuals with regard to the processing of personal data it and on the free movement of such data. Such data shall be processed solely in connection with the implementation and follow-up of the obligations in this agreement and without prejudice to the possibility of passing the data to the bodies responsible for inspection and audit in accordance with Data Protection Act, 2019 Laws of Kenya (Act No. 24 of 2019) and/or third parties who may be engaged by the Bank in the furtherance of its obligations. . The customer may, on written request, gain access to his personal data and correct any information that is inaccurate or incomplete.

19. CONFIDENTIALITY

The Borrower agrees not to disclose to any third parties any information provided by the Bank in connection with this offer, except to those legally required.

20. SEVERABILITY

Each of the provisions of this Agreement is severable and distinct from the others and, if at any time one or more of those provisions is or becomes invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

21. ANTI-CORRUPTION LAW

(a) NOT directly or indirectly use the proceeds of the Facility(ies) for any purpose which would breach the Corrupt Practices Laws. (b) Not use any proceeds of crime to pay of the outstanding Facility(ies); (c) Conduct its businesses in compliance with applicable Corrupt Practices Laws. (d) Maintain policies and procedures designed to promote and achieve compliance with such laws.

22. CHANGE IN CIRCUMSTANCES

This Facility(ies) Agreement shall be governed by and construed in all respects in accordance Laws of Kenya. Nothing in this Paragraph shall limit the right of the Bank to take proceedings against the Borrower in any other Court of competent jurisdiction, nor shall instituting of proceedings at one or more jurisdictions preclude the institution of proceedings in other jurisdiction, whether concurrently or not.

23. GOVERNING LAW

This Facility(ies) Agreement shall be governed by and construed in all respects in accordance Laws of Kenya. Nothing in this Paragraph shall limit the right of the Bank to take proceedings against the Borrower in any other Court of competent jurisdiction, nor shall instituting of proceedings at one or more jurisdictions preclude the institution of proceedings in other jurisdiction, whether concurrently or not.

Ni Sare Kabisa Campaign Terms and Conditions

1. One must be the 100th New Customer to fund their new personal account to win. 2. The eligible personal accounts are PayGo & Club (Local Currency) and Sapphire (Foreign Currency). 3. One is eligible to win if they opened a personal account after 23rd August 2023 till 23 September 2023 or a date decided by the bank. 4. Minimum amount one can fund is Ksh 1,000 for Club & PayGo accounts and USD 100 for Sapphire account. 5. Free bank to wallet transfers are applicable on transfers done via I&M OTG App to M-PESA and Airtel Money only. 6. Free bank to M-PESA and Airtel Money transfers are applicable only to Club and PayGo accounts. 7. I&M Bank reserves the right to review/amend the terms and conditions at its discretion. 8. I&M Bank will not be responsible or liable for any failure or breach of delivery of any aspect of the offer.

Deposit Contracts Terms and Conditions

1. The placing of a deposit with and the sale or purchase of any currency to or from the Bank by any person (the 'Customer') is deemed to be a contract (the 'Contract'). The Contract shall be governed by the Bank's General Terms and Conditions and by the following Specific Terms and Conditions. If there is any conflict between the following Specific Terms and Conditions and the Bank's General Terms and Conditions, these Specific Terms and Conditions shall apply subject to any further agreement made in writing between the Bank and the Customer. 2. The Customer hereby acknowledges and agrees that: (i) Any interest payable on the Contract shall only be paid on the date of expiry of the Contract and no interest shall be payable if the Contract is terminated prior to the date of its maturity. (ii) Where the Contract is not renewed by the Customer at the date of expiry the Bank may at its discretion renew the Contract at the Bank's prevailing deposit rate for a similar period of time as the previous Contract, subject to such maximum renewal period as the Bank may in its sole discretion decide. (iii) Where the Contract is operated on an 'Either/or Survivor' Mandate, any instructions relating to the Contract, including the termination thereof, may be done by either Customer to the Contract operation. The Bank will deem that the instructions given by one Customer regarding the Contract has been authorised by the other Customer(s) (iv) Where the Contract is operated on Joint Mandate, each party is only authorised to give instructions relating to the Contract together with the other party (or as specified in the Mandate). The Bank shall not be held liable for refusing to act or for any delay in accepting the Customer's instructions where only one party gives instructions; (v) If any party gives instructions that conflict or appear to conflict with instructions given by another party, the Bank may refuse to act on such instructions until the conflict is removed to the Bank's satisfaction. 3. This Contract is governed by and is subject to the Bank's Tariff then prevailing and the Customer shall pay to the Bank the amounts stipulated in the Tariff, which shall be calculated on the face value of the amount of the Contract. 4. All payments to be made by the Customer in respect to the Contract shall be made without set-off or counterclaim and free and clear of any withholding or deductions (save as required by law) for any present or future taxes, levies, imposts, duties or other charges. If the Customer is obliged by law to make any such withholding or deduction, the Customer will pay the Bank in the same manner and at the same time such additional amounts to ensure that the Bank receives a net amount equal to the full amount which the Bank would have received if no such deduction or withholding had been required to be made. 5. This Contract is subject to and is governed by all the laws, regulations, administrative rules an/or o.rders of the Government of the Republic of Kenya, the Central Bank of Kenya or any other fiscal, monetary or other authority, in force form time to time and the Customer agrees to submit to the jurisdiction of the Kenya courts. 6. If any change in any applicable law or regulation or in the application or interpretation thereof by any government authority charged with the administration thereof or if any official requirement or request (not having the force of law) shall impose any conditions with respect to the Contract, then and in every such case, the Customer (whether jointly or severally) shall on demand indemnify the Bank on a full and unqualified basis against any liability, loss or expense which the Bank shall certify as incurred by it as being a consequence of any default in payment by the Customer and/or by virtue of any such laws, regulations, decrees, administrative rules or orders. 7. If any payment under this Contract by the Bank would otherwise be due to be made on a day which is not a Business Day (which is a day when the Bank is open for all classes of business), ii shall be made on the next succeeding Business Day.

Outward Swift (RTGS and Overseas) Remittances Terms and Conditions

i. On requesting l&M Bank Ltd (the Bank) to make remittances (details of which are contained herein) on my/our behalf, I/We hereby agree to be bound by the following terms and conditions.


ii. I/We represent and warrant the information given on this form is true complete and correct. I/We shall be fully responsible for any inaccurate, untrue or incomplete information provided in this form.


iii. I/We acknowledge that the Bank may process my/our remittances in accordance with its policies and procedures and, for this purpose, it shall have absolute discretion, on my/our behalf, to avail of the services of any correspondent banks and agents for data processing collection and other services related to the remittance transactions.


iv. l&M Bank Tariffs shall apply on local charges. I/We authorize the Bank to debit my/our account(s) for any funds/wire transfer (outward remittance), transaction fees and charges which may be due and payable thereunder. These charges shall be debited to the remittance account unless expressly indicated otherwise.


v. Remittance applications are subject to the Bank's cut off times and RTGS' are also subject to cut off times of the Central Bank of Kenya.


vi. Instructions received after cut off time shall be processed on the next banking day.


vii. The Bank will not be liable for any loss or delays which may occur after the transfer has been done as per instruction and shall not be liable for errors, neglect or default that might be committed in the transmission of the message, or in the misinterpretation thereof by the party/ies receiving it.


viii. Once a payment is transmitted it shall be deemed finalized. Any requests for amendment, cancellation or recall must be made in writing. Bank charges will be as per the Bank's tariff.


ix. The Bank reserves the right to use any of its correspondent banks as its operational circumstances shall dictate. The Bank shall not be responsible nor liable for the acts or omissions of any other bank (including correspondents) for mutilations, interruptions, defaults, errors, non-transmission mishaps, accidents, or delays that might occur in the servicing of the transactions or for causes beyond the control of the Bank or its correspondent banks or agents.


x. Correct remittance currency should be indicated using Standard Currency Abbreviations e.g. USO (United States Dollar), GBP (Pound Sterling), EUR (Euro Unit), JPY (Japanese Yen), AED (Arab Emirates Dhiram), CNY (Chinese Yuan Renminbi), ZAR (South African Rand), INR (India Rupee), CAD (Canadian Dollars) etc.


xi. Transactions sent with details of charges denoted as 'OUR' shall be at the discretion of the Payee Bank(s) to honor the 'OUR' request. The Bank however reserves the right to request and obtain additional information from me/us from time to time to enable it to perform and/or complete the remittance transactions failing which entitles the Bank to close my/our account or discontinue providing the service anytime without further notice.


xii. I/We hereby authorize the Bank to irrevocably disclose and share any information deemed necessary, as sought by intermediary banks and governing bodies in order to comply with applicable legal and regulatory requirements and confidentiality or data privacy laws of Kenya and other jurisdictions. Such information shall include but is not limited to information relating to me/us, my/our accounts and my/our transactions (including any information pertaining to my/our directors, officers, employees, beneficial owners, customers, authorized users of the Bank's electronic facilities, and my/our such other authorized persons and personnel or such other information that will allow the Bank to identify me/us).


xiii. Charges claimed by payee banks for transactions sent with details of charges denoted as 'OUR' shall be debited to the remittance account. Any currency conversions for the charges shall be done at the Bank's prevailing rates.


xiv. I/We acknowledge that the provisions herein are in addition to and are not exclusive of any other terms and conditions set out in any agreement or document entered into or exchanged with l&M Bank which may apply in respect of the transactions herein.

Disclaimer

The Card Holder shall not hold the Bank responsible or liable for any loss or damage which the Card Holder may incur or suffer directly or indirectly arising out of or in connection with the above promotion for any reason whatsoever.

Ineligible Cards

The I&M Safari Prepaid Card and the I&M Mpesa Prepaid Card are not part of this promotion and hence do not qualify for the 1 Year Free Travel Insurance.

Travel Insurance

The FREE 1 year Travel Insurance is open to anyone who purchases an I&M Multicurrency Prepaid Card or I&M Travel Prepaid Card within the promotion period (18th October 2019 to 31st December 2019)

Promotion Period

The duration of the I&M Prepaid Cards Promotion shall be valid from 18th October 2019 to 31st December 2019.

Promotion

By participating in the promotion, each entrant fully and unconditionally agrees and acknowledges that the terms and conditions of entry and the decisions on all matters relating to the promotion are final and binding.

1. General Guideline

Social Media is an online avenue that I&M Bank has decided to embark on so that we can engage with our customers, colleagues, followers, fans online. This will allow us to build stronger and more successful relations with our online community. The following are terms and conditions that I & M Bank has set to allow our online community to engage with us in a respectful environment and enable us to provide quality assistance and information in regards to your queries, comments, complaints, feedback, and opinion on our products and services. We request you (Fans/Followers/Subscribers) to carefully read the rules of engagement below on our various official Social Media platforms that you must abide by so that we can serve you better. Please note that these rules of engagement apply to all our Social Media platforms such as Facebook, Twitter, and YouTube etc. Any initiation of communication by you to us through any Social Media platform will automatically mean that you have read, understood and agreed to abide and be bound by the terms of this policy.

2. Language/Content

I&M Bank respects comments and opinions/views made by our online community whether negative or positive. However we reserve the right to reject/delete any comments/posts that:
  • Is offensive or inappropriate in the context of race/religion/ethnicity/tribe
  • Is politically related
  • Uses language that is defamatory, harassing, disparaging, discriminatory, obscene, derogatory or abusive.
  • Is pornographic material (written, pictures, films and video clips of sexually explicit or arousing nature)
  • Is a false, misleading, deliberately mischievous and/or defamatory statement about any person or organization (including I&M Bank and staff)
Please see below our process for deletion of content/post that might fall under the above mentioned categories.

3. Off-topic Comments

Any comment that diverts from the topic of the post or other people’s comments will require our I&M Social Media Administrator to initiate a new discussion ONLY if it is related to our Banking products or services or the banking/financial industry. In any case where the comment is not related to the Banking or Financial industry, we will respectfully inform the fan/follower/subscriber that the topic is out of our scope, and we may not be able to help or continue the discussion.

4. Spam

Any comment/posting by others that we believe is a spam will be deleted from the I&M Bank social sites. The Bank will NOT explain/justify reasons for the same, however this will be recorded for future references.

5. Deleting Posts/blocking Users

I&M Bank will, at its sole discretion and judgment, may delete posts that breach any of the conditions outlined in section 2 of this policy without any notice or warning. In case of such of deletions, an explanation for the deletion may be posted on the Bank’s official Social Media channel if deemed necessary, at the discretion of the Bank. In case of severe or repeated violations of this policy, a Fan/Follower/Subscriber may be blocked from our Official Social Media Sites at our discretion. Please be aware that all posts are monitored and a record is kept for each one.

6. Third Party Comments/posts

I&M Bank will make all reasonable efforts to ensure that materials, for which copyright belongs to others, are re-produced on the Bank’s official social sites with full consent of the copyright owners or, in cases where this is not applicable or feasible, only include publicly available link/source of the material. Also note that during such interactions on various Social Media platforms, the Bank will be sharing content about interesting facts, products and services, images and so on (within and/or outside the Financial industry) that we believe might be useful to our community. However this does not imply that I&M Bank supports the content or endorses the product or service.

7. Personal Information

I&M Bank prohibits posting of any sensitive/confidential data such as personal details of self, family, friends or other individuals such as date of birth, account numbers, card numbers, ID numbers/passport numbers, address etc. on our Social Media platforms. In any case where additional information (as above) is required for addressing the complaint/issue, the fan/follower will be contacted by one of our Social Media Agents for further engagement/resolution. Please note that all financial related responses by the Bank will be communicated through a secured mode of communication as the Bank determines, upon identity verification of the account holder. The Bank will however allow usage of Inbox/DM (Direct Message) on the Banks official social sites for non-financial related queries/responses.

8. Accuracy

The Bank will ensure that our Social Media sites are open, helpful, informational, respectful, unambiguous and accurate in terms of content we post so that we do not mislead our customers. We will not also be biased in any form (Race, religion, community, place etc.). I&M Bank might share information or links from other bloggers and websites that we deem informational, however this does not mean that we agree or support the content posted on our site. The Bank also does not guarantee the validity and accuracy of posts by others who are not affiliated with the bank.

9. Sharing

We encourage our online community to share, engage and comment on content that we post. Please note that all content posted by the Bank on our Social Media sites are the property of I&M Bank Ltd and can be shared without modification of the original content.

10. Social Media Promotion Disclaimer

Any promotion that I&M Bank runs is in no way sponsored, endorsed, or administered by, or associated with Facebook/Twitter/YouTube (Or any other Social Media platforms we may use in the future). Our fans/followers must understand that they are providing their information to I&M Bank and not to the Social Media sites such as Facebook/Twitter/YouTube (Or any other Social Media platforms we may use in the future) where the promotion is being run. The information provided by our fans/follower will solely be used for that particular promotion. Employees and close relatives of staff at I&M Bank, and their associate companies are not eligible to win any prizes in any promotion run on our Facebook/Twitter/Youtube sites (or any other Social Media platforms we may use in the future). To ensure that the Bank is fair to all active fans on I&M Bank’s Page, once a “Fan of the Month” winner has been announced by the Bank, he/she will not be eligible to win for the next 6 months. Eligibility is only open to persons over 18 years of age.

11. Liability

It is recognized that a general communication/interaction over Social Media can be subject to misinterpretations or misunderstandings of fact, intent or purpose and is also visible to the general Social Media user community at large. Therefore, I&M Bank will not be liable to any consequence of any action taken by any person based on communication between ourselves and the persons through a Social Media platform.

1. Definitions and Interpretation

1.1 In these Terms and Conditions (the “Terms and Conditions Governing The Use of I&M Next Generation Banking Facility”), including any Schedule, unless the context otherwise requires: (a) “Access Profile” means the information and or documentation held by the Bank in respect of the Customer and/or the Nominated User for purposes of the Customer’s and/or Nominated User’s access to the System and/or use of the service; (b) “Application Form” means the Form to be completed for Subscription; (c) “Associate” means the same as the definition of “associate” under the relevant provisions of the Banking Act, Chapter 488 of the Laws of Kenya; (d) “Bank” means I&M Bank Ltd; (e) “Banking Day” means a day on which the counters of the Branch and/or the Subsidiary (as applicable) are open for the transaction of ordinary business; (f) “Branch” means (including the main registered office of the Bank) all places either in or outside the Republic of Kenya where the Bank’s business is operated and conducted; (g) “Bank Account” means an account held by the Customer with the Bank (including without limitation) any account in relation to any advance, deposit, contract, product, dealing or service established and operated between the Bank and the Customer; (h) “Card” means the Credit Card, Debit Card and/or Prepaid Card issued by the Bank to the Customer and/or to the Nominated User; (i) “Customer” means a holder of a Bank Account whose Subscription has been approved by the Bank; (j) “Deposit Account” means a Bank Account with an amount therein which can be drawn by the Customer without any restriction by the Bank; (k) “Email” means Electronic Mail; (l) “Electronic Banking Services” means the Bank’s Next Generation Banking Facility; (m) “General Terms and Conditions” means the I&M Bank Limited General Terms and Conditions in respect of the Bank Account; (n) “I&M Infomail Service” means (including without limitation) the service extended by the Bank to a Customer whereby the Bank transmits to the Customer an appropriate email message containing information on balances and transactions in the Bank Account; (o) “I&M Mobile Banking Service” means (including without limitation) the service extended by the Bank to a Customer whereby upon request by a Customer and/or Nominated User to the Bank through a Phone : (i) the Bank transmits to the Phone information on the balance and/or transactions in the Bank Account; (ii) effects a transfer of an amount from a Deposit Account to another Bank Account, Card or Phone Account, including through I&M Pesa Link Service; (iii) the Customer and/or Nominated User purchases Airtime using funds held in a Deposit Account; (iv) the Customer and/or Nominated User pays Bills from selected service providers (as may be notified by the Bank to the Customer from time to time) using funds held in a Deposit Account; (v) the Customer and/or Nominated User pays a merchant for Goods or Services received using funds held in a Deposit Account; (vi) the Bank acts upon Request including but not limited to Requests to stop a Cheque, issue a Cheque Book, change the Mobile Banking PIN and/or update the contact information held by the Bank in respect of a Customer and/or Nominated User; (vii) the Bank transmits to the Phone an appropriate SMS containing information regarding the Bank Account, including but not limited to information regarding the status of any Banking facilities extended by the Bank to a Customer and/or Nominated User, the Bank’s foreign exchange rates, the Bank’s interest rates, etc; (viii) the Bank transmits to the Phone an appropriate SMS containing information on transactions effected using the Card and/or transactions effected through the Bank Account; and (ix) any other service that the Bank offers in future as part of I&M Mobile Banking Service; (p) “Ï&M Agency Banking Service” incorporating all the services offered through a phone or Point of Sale Machine at an authorised Agent of the Bank including the services described in clause 1.1 (o) and any other service that the bank offers through its Agents; (q) “I&M Pesa Link Service” incorporating payments from the Bank Account to other Bank accounts, phones or cards through the Kenya Inter-Bank Transaction Switch ( KITS) offered through I&M Mobile Banking Service, I&M Agency Banking Service, the Bank branches, Bank Automated Teller Machines or any other channel; (r) Mobile Banking PIN means the secret Personal Identification Number that is known only to the Customer and/or the Customer’s Nominated User and which number is the unique link to Access the System and/or make transactions thereon. This could be assigned for use on a recurrent basis or for one time use (OTP); (s) “Next Generation Banking Facility” means I&M Infomail Service, I&M Mobile Banking Service, I&M Agency Banking Service, I&M Pesa Link Service and such other services as may be notified by the Bank to the Customer from time to time; (t) “Nominated User/s” means any representative(s) of the Customer authorized by the Customer to operate Customer’s Bank Account and/or Deposit Account and access the System and Service on behalf of the Customer including to hold and change the I&M Mobile Banking PIN; (u) “Phone” means a Customer’s and/or the Nominated User’s cellular/mobile telephone line which has been duly registered with the Bank as part of the Customer’s and/or Nominated User’s Access profile; (v) “Phone Account” means Customers and/or Nominated User’s cellular/mobile banking account held through their phone; (w) “Request” means a request or instruction received by the Bank from (or purportedly from) the Customer and/or the Nominated User through the System in respect of the Service and upon which the Bank is, by virtue of subparagraph 4.1, authorized to act; (x) “Service” means such of the Bank’s Next Generation Banking Facilities as the Customer may from time to time apply for and the Bank approve and/or agree to provide; (y) “Subscription” means application for the Service by a Customer; (z) “Subsidiary” means such subsidiary or subsidiaries of the Bank which may from time to time be specified by the Bank to the Customer; and (aa) “System” means the electronic multi-media banking and communications software and/or equipment enabling the Customer to communicate with the Bank for the purposes of the Service. This System may belong to the Bank or to its authorised third party service provider. 1.2 In these Terms and Conditions Governing the Use of I&M Next Generation Banking Facility: (a) the expression the “Customer” and/or “person” and or “party” shall include any natural person, firm, partnership, incorporate or corporate body, state, state agency, governmental authority in whatever name of style and when there are two or more included in the expression the “Customer” and/or “person” and/or “party” such expression shall include either one severally and/or both or all of them jointly; (b) references to words denoting the singular number shall include the plural and vice versa and reference to the masculine gender includes a reference to the feminine gender and neuter and vice versa; and (c) any obligation imposed by or resulting from these Terms and Conditions Governing the Use of I&M Next Generation Banking Facility which is undertaken by more than one person shall be a joint and several obligation of each of the persons who has undertaken it whether as principal, guarantor, indemnifier, surety or otherwise.

2. SUBSCRIPTION BY CUSTOMER

2.1 Upon approval of the Subscription by the Bank as well as payment by the Customer of the fees and charges set out in paragraph 7 below to the Bank, the Bank shall provide to the Customer the Service subject to and in accordance with the Terms and Conditions Governing the Use of I&M Next Generation Banking Facility as well as the General Terms and Conditions. 2.2 Where the Customer subscribes for the I&M Infomail Service, the Customer shall, indicate an email address in the Application Form, which email address shall be registered by the Bank. Only Requests received through the Customer’s said registered email address shall be acted upon by the Bank. 2.3 Where the Customer subscribes for the I&M Mobile Banking Service, the Customer shall, indicate a phone number in the Application Form, which phone number shall be registered by the Bank. Only Requests received through the said phone number shall be acted upon by the Bank. The Customer can only register one Phone number with the Bank. 2.4 Where the Customer subscribes for I&M Pesa Link Service, the Customer will designate the Bank Account/Card and mobile number during the initial registration process. 2.5 The Customer undertakes to provide accurate information in the Subscription and further undertakes that the customer and/or the Nominated user shall promptly provide accurate information in furtherance of the subscription whenever required to do so by the Bank .The Customer and/or the Nominated user shall be responsible for the correctness and authenticity of any and all information provided by them to the Bank. The Bank shall not be liable to the Customer and/or the Nominated User and or any third party for any loss and/or damage arising out of any inaccurate information provided by the Customer and/or the Nominated user, however so caused. The Customer and/or the Nominated User unconditionally and irrevocably undertake and agree to fully indemnify the Bank against all claims, demands, losses, costs, damages, liabilities or expenses whatsoever which the Bank may at any time incur, sustain or suffer as a result of relying on any inaccurate information provided by the Customer and/or the Nominated User and also agree to reimburse the Bank in full, upon demand, for all payments, losses, costs, damages, liabilities and expense made, suffered or incurred by the Bank as a consequence thereof or arising there from. 2.6 The Bank reserves the right to add, modify, replace or withdraw any Service at any time, for any reason whatsoever, without prior notice to the customer.

3. CUSTOMER’S FACILITIES AND CUSTOMER RESPONSIBILITIES

3.1 The Customer shall at their own expense provide and maintain in safe and efficient operating order such hardware, software, phone, and other communication equipment and facilities (including access to any public telecommunications systems) and any communications network (collectively “the Facilities’) necessary for the purpose of accessing the System and the Service. 3.2 The Customer shall be responsible for ensuring proper performance of the Facilities including any losses or delays that may be caused by the Facilities. The Bank shall neither be responsible nor liable for any errors or failures caused by any malfunction of the Facilities nor shall the Bank be responsible or liable for any computer virus or related problems that may be associated with the use of the System, the Service and the Facilities. The Customer shall be responsible for charges due to any service provider providing the Customer with connection to the internet, cellular phone, telephone or any other applicable media services and the Bank shall not be responsible or liable for losses or delays caused by any such service provider. 3.3 The Customer shall obtain all licenses and consents necessary to have access to and use of the System and shall ensure that all persons they allow to have access to the System shall comply with all laws and regulations applicable to the use of the System and shall follow all instructions, procedures and terms contained in the Terms and Conditions Governing The Use of I&M Next Generation Banking Facility and any document provided by the Bank concerning the use of the System and Service. 3.4 The Customer shall prevent any unauthorised access to and/or use of the System and Service by keeping their Mobile Phone handsets, SIM cards and/or Mobile Banking Devices secured and Mobile Banking PIN secret at all times. The Customer shall ensure that their Mobile Banking PIN does not become known or come into possession of any unauthorised person. 3.5 The Customer shall take all reasonable and necessary precautions to detect any unauthorised use of the System and Service. To that end, the Customer shall ensure that all communication from the Bank is examined and checked by or on behalf of the Customer as soon as practicable after receipt by the Customer in such a way that any unauthorised use of and access to the System shall be detected. 3.6 The Customer shall immediately inform the Bank by telephone followed by a written confirmation sent on the same day in the event that: (a) the Customer has reason to believe that Mobile Banking PIN is or may be known to any unauthorised person and/or has been compromised; and/or (b) the Customer has reason to believe that unauthorised use of the System and/or the Service has or may have occurred or could occur and/or a transaction in respect of the Service may have been fraudulently inputted or compromised. (c) the Customer has reason to believe that his/her Phone or email address has been misused in any manner by a third party. 3.7 The Customer and/or the Nominated User shall not send or attempt to send any Request to the Bank through the System if the Customer has reason to believe that for any reason such Request may not be received by the Bank or may not be received accurately and intelligibly. 3.8 The Customer and/or the Nominated User shall at all times follow the security procedures notified to the Customer by the Bank from time to time or such other procedures as may be applicable to the Service from time to time and specifically those that may be contained on the Bank’s internet website or product literature. The Customer acknowledges that any failure on the part of the Customer and/or the Nominated User to follow the recommended security procedures may result in a breach of the Access Profile confidentiality and may lead to unauthorised use of the System and/or Service. In particular, the Customer shall ensure that the Service is not used or Requests are not issued or the relevant functions are not performed by anyone other than a person authorised to do so. 3.9 The Customer and/or the Nominated User shall not at any time operate or use the Service in any manner that may be prejudicial to the Bank. 3.10 The Customer understands and accepts that it may link a Bank Account with multiple signatories to the Customer’s Access Profile and Service only if the Customer has submitted to the Bank an original Application Form executed by all signatories to the said Bank Account confirming that the Bank is authorised to act on all Requests. It shall be the sole responsibility of the Customer to ensure that no unauthorised persons have access to the said Bank Account. 3.11 The Bank shall be entitled and authorised to debit the Customer’s Bank Account with the amounts of the transactions effected via the Service as well as to debit the Customer’s Bank Account with the amount of any fees applicable to the Service from time to time.

4. IRREVOCABLE AUTHORITY TO THE BANK

4.1 The Bank is irrevocably authorised by the Customer to act on all Requests and to hold the Customer liable therefore, notwithstanding that any such Requests are not issued by/and or authorized by the Customer and/or Nominated User or are not in accordance with any existing mandates given by the Customer. If the Customer and/or the Nominated User requests the Bank to cancel any transaction or instruction after a Request has been received by the Bank from the Customer, the Bank may in its sole and absolute discretion cancel such transaction or instruction. 4.2 The Bank shall be entitled to accept and to act upon any Request, even if that Request is for any reason incomplete or ambiguous if, the Bank, in its sole and absolute discretion believes that it can act upon the Request the incompleteness or ambiguity of the Request notwithstanding. 4.3 The Bank shall not be obliged to accept or to act upon any Request if to do so would require access to, action by, or information from the Branch, or any Subsidiary located in any jurisdiction where it is not a Banking Day at the relevant time when such access, action or information is required or would cause a breach of any existing mandate facility limit or agreement between the Bank and the Customer. In the event that the Bank does accept or act upon any such Request, the Customer shall remain liable for and indemnify the Bank against all claims, demands, losses, costs, damages, liabilities or expenses whatsoever which the Bank may at any time incur, sustain or suffer as a result of accepting or acting upon such Request. 4.4 In the event of any conflict between any terms of any Request from the Customer and the Terms and Conditions Governing the Use of I&M Next Generation Banking Facility the Terms and Conditions Governing the Use of I&M Next Generation Banking Facility, shall prevail. The Terms and Conditions Governing the Use of I&M Next Generation Banking Facility and all authorizations and other procedures arising here from supplement the General Terms and Conditions and any other mandates, which apply to the Bank Account(s).

5. LIMITS OF ELECTRONIC BANKING SERVICES TRANSACTIONS

The Customer and / or the Nominated User may transfer or effect a payment for any amount subject to the provisions of paragraph 3.10 of the Terms and Conditions Governing The Use of I&M Next Generation Banking Facility provided that such transaction in respect of the Service does not cause the balance in the Deposit Account to fall below the prescribed minimum balance of the Deposit Account or exceed the limit of any overdraft facility extended and approved by the Bank in respect of a Deposit Account)unless the Customer has a separate term Deposit Account duly pledged with the Bank to cover excesses that may arise in the affected Deposit Account from time to time in which event the said Deposit Accounts must be linked in the System for that purpose and the said transaction cannot cause the excess balance in the affected Deposit Account to exceed the amount pledged in the term Deposit Account.

6. RECORDS OF TRANSACTIONS AND A CUSTOMER’S RIGHTS TO THIS INFORMATION

6.2 All transactions in respect of the Service performed by the Customer and/or the Nominated User once allowed access into the System shall be logged for the period that the Customer and/or the Nominated User has access to the System. The Bank shall maintain copies of all Requests in applicable electronic multi-media form; 6.3 All documents and other electronic multi-media records of whatever nature held and/or issued and/or maintained by the Bank in respect of a Request and/or the Service, shall, in the absence of manifest error, be conclusive evidence of the Request and/or the Service and all transactions relating thereto and shall not be subject to challenge by the Customer and/or the Nominated User on any ground, whatsoever. 6.4 The Customer shall be deemed to have unconditionally accepted and shall not subsequently challenge or object to any of the transactions in respect of a Request and/or Service contained in any statement of account issued by the Bank to the Customer in respect of a Request and/or the Service unless the Customer objects to the Bank in writing in respect of the said transactions as contained in the said statement of account within 15 days from the date the said statement of account is issued or deemed to have been issued by the Bank to the Customer.