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.