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.

1. Free bank to wallet transfers are applicable on transfers done via I&M OTG to MPESA and Airtel Money only.
2. Free bank to MPESA and Airtel Money transfers are only applicable on personal transactional accounts only.

GENERAL TERMS AND CONDITIONS
I&M Bank Limited Kenya reserves the right to update or modify these Terms and Conditions from time to time without prior notice. Subject to any other agreement made in writing between the Bank and the Customer, the relationship between the Bank and the Customer shall be governed by the following general terms and conditions (the “General Terms and Conditions”):

(a) “Account” means any type of account held by a 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;

(b) “Available Balance” means the amount in the Account which can be drawn by the Customer without any restriction by the Bank (such restricted amounts including without limitation any unconfirmed credit(s), any amount(s) credited to the Account in error and/or any amount(s) which the Bank has a right of Set-Off);

(c) “Application Form” means the Bank’s form completed by the Customer in respect to the establishment and operation of an Account;

(d) “Authorised Signatory” means the Customer and/or in relation to the Customer any person(s) authorised as specified in writing by the Customer to the Bank to operate the Account on the Customer’s behalf;

(e) “Bank” means I&M Bank Limited;

(f) “Bank’s Branches” 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) “Business Day” means any day on which the Bank is open for all classes of banking business (excluding statutory and other public holidays) as the Bank may determine from time to time;

(h) “Banking Hours” means the hours for which the Bank is generally open for all classes of business as may be determined by the Bank in respect of each of the Bank’s Branches from time to time;

(i) “Bank’s Tariffs” means (including but not limited to) the schedule of the charges and fees levied by the Bank in relation to the Account;

(j) “Cheque” means the cheque forms issued by the Bank to the Customer and forming part of the Chequebook;

(k) “Chequebook” means the serially numbered Cheques bound together and issued by the Bank to the Customer;

(l) “Chequebook Terms and Conditions” means the Specific Terms and Conditions relating to the use of the Cheques and the Chequebook by the Customer;

(m) “Customer” means a holder of the Account;

(n) “Debt” means all moneys, obligations and liabilities whatsoever whether principal, interest or otherwise in Kenya Shillings or in Foreign Currency which may be due, owing or incurred by the Customer to the Bank whether present or future, actual or contingent;

(o) “Foreign Currency” means any currency howsoever denominated other than Kenya Shillings;

(p) “Kenya Shillings” means the lawful currency of the Republic of Kenya;

(q) “Mandate” means the mode of operation of the Account as specified by the Customer in the Application Form;

(r) “Security” means (including but not limited to) any agreement, mortgage, charge, pledge, lien, guarantee, indemnity, debenture and/or other security securing in whole or in part any Debt of the Customer with the Bank;

(s) “Specific Terms & Conditions” means the particular terms and conditions relating to a specific type of Account; and

(t) “Tax” means all taxes levies duties charges imposts or withholdings (including, without limitation, compensating tax, drought levy, value added tax, stamp duties, service charges, National Social Security or Hospital Insurance Fund payments) together with all penalties charges and interest relating to any of them.

The Bank may, at its sole and absolute discretion, upon due application by the Customer and subject to the General Terms and Conditions as well as any Specific Terms and Conditions in respect of an Account, open an Account for a Customer. The Bank shall not open an Account for any Customer whose name appears in any blacklist(s) (whether local or international) issued, circulated or otherwise available to the Bank from time to time.

The address specified by the Customer in the Application Form shall be deemed by the Bank to be the registered address of the Customer and all postal communication to the Customer shall be sent by the Bank to the said address. The Customer must notify the Bank in writing of any changes to this address.

The Account shall be operated by the Customer under the name(s) specified in the Application Form and all documents provided there under. The Bank shall have the right, at its sole and absolute discretion, to request the Customer for all necessary proof of the Customer’s name and any change thereof and the Bank shall be at liberty to decline to act on any or all of the Customer’s instructions until such request is met to the sole and absolute satisfaction of the Bank.

The Bank reserves the right, at its sole and absolute discretion, at any time during the tenure of the Account to request the Customer for any information and/or documentation that the Bank may require for the establishment and/or operation of the Account. Should the customer not provide the information and/or documentation so requested, the Bank may, in its sole and absolute discretion, proceed to vary and/or close the account under clause 21.

(a) the Bank shall only be bound to act upon the Customer’s original duly executed instructions and/or documents drawn or accepted in accordance with the Mandate until such time as the Customer shall give the Bank due written notice to the contrary;

(b) instructions received after Banking Hours or on a non-Business Day shall be processed on the next Business Day. The Customer may cancel instructions provided that the Bank is not otherwise irrevocably bound to act upon such instructions and provided further that the Bank has confirmed in writing that such instructions have not yet been acted upon. The Bank shall be entitled to levy a charge as per the Bank’s Tariffs for cancelling instructions;

(c) the Bank may, subject to such requirements as it shall in its sole and absolute discretion deem necessary and upon prior written request from the Customer, act upon oral, facsimile, electronic or any other forms of unwritten communication. The Bank shall however not be liable and the Customer shall indemnify and hold the Bank harmless if the Bank acts on instructions which have been corrupted or improperly transmitted or if the information contained in the said communication is not received or is delayed; and

(d) the Bank may refuse to act on the Customer’s instructions, if the instructions are not clear and/or if the Bank has reason to believe that the Customer did not give the instruction and/or if the Bank believes that a law, regulation, code or other duty which applies to the Bank may be broken by acting on the instructions

(e) where the mandate of the account involves two or more signatories and there are conflicting instructions with the operation of the account, the Bank shall have the right to refuse to act on such instructions until the instructions are clear and concise.

The Customer shall give to the Bank, in a form acceptable to the Bank at the Bank’s sole and absolute discretion, a specimen of the signature of each Authorised Signatory. The Bank may require a fresh specimen signature in the event of a change in the Customer’s name.

(a) the Customer may deposit for credit to the Account cash, cheques and/or other instruments drawn in a manner and of a form acceptable to the Bank. The Bank shall not accept any liability for cash sent through the post. All cheques and/or other instruments sent through the post must be crossed and marked ‘Account Payee Only/Not Negotiable’ and must be made payable to the name of the Customer’s Account;

(b) any negotiable or non-negotiable instrument of whatsoever nature, shall be accepted by the Bank for deposit or collection at the sole risk of the Customer. The Bank reserves the right without prior notice to reverse any entries in the Account and debit any amounts credited in the Account in respect of any promissory notes, bills of exchange, cheques or other instruments credited to the Account which are subsequently returned unpaid for any reason whether or not the Bank has advised the Customer of such entries and credits. The reversal of such entries and debit of such amounts does not affect the right of the Bank to retain such unpaid notes, bills, cheques or instruments and to exercise in its favour all rights relating to such instruments;

(c) the Bank assumes no responsibility and shall not be liable for the value given to funds by a beneficiary or corresponding bank provided that the Bank has acted according to the Customer’s instructions;

(d) the Bank acts only as the Customer’s collecting agent and assumes no responsibility for the realisation of any items deposited with the Bank for collection; and

(e) the negotiation and collection of negotiable instruments denominated in a Foreign Currency, shall be subject to the International Chamber of Commerce Uniform Rules of Collection as presently enacted or subsequently varied and/or amended.

(a) the Bank shall only pay cash to the Customer upon the presentation of a cheque, where the cheque is duly signed by an Authorised Signatory;

(b) where a cheque presented by a any party other than the Customer for the payment of cash, the Bank may require confirmation from an Authorised Signatory before it makes payment to such party; and

(c) where the Authorised Signatory requests the Bank to make a payment under sub paragraph (b) above the Customer shall indemnify the Bank on a full and unqualified basis in respect of all payments made to the bearer of the cheque whether or not the money is received by the Customer and whether or not the order for payment is in fact the order of the Customer.

(a) subject to daily withdrawal limits (if any), a sufficient Available Balance and the Specific Terms and Conditions of the Account, the Customer may make withdrawals and/or payments from the Account; and

(b) the Customer shall not be permitted to draw against, and the Bank shall not be obliged to make payment against a cheque or other payment which has not been cleared.

Where the Bank receives several instructions from the Customer for withdrawals and/or payments from the Account at approximately the same time such that the aggregate amount sought to be withdrawn and/or paid exceeds the Available Balance, the Bank may in its sole and absolute discretion comply with such of the said instructions in such order and/or manner as it deems fit.

The Bank shall be entitled to be paid by the Customer and shall be at liberty to debit the Account with:

(a) all expenses incurred by the Bank in clearing or attempting to clear any cheque or other payment to be credited to the Customer’s Account;

(b) interest (including default and/or additional interest if any) on any overdrawn account, loan account or on any other credit facility extended by the Bank to the Customer, at such per annum rate and computed and compounded in such manner as shall be determined by the Bank in its sole discretion(subject to the limits permitted by law). The Customer shall however be given a 30 day notice prior to any variation of the applicable interest rate.

(c) legal and/or professional charges charged, where applicable, on an advocate/client basis and incurred by the Bank in obtaining any legal and/or professional advice in connection with the Account, the preparation of any documents relating to the Customer’s credit facilities and/or any dealings by the Customer with the Bank;

(d) processing fees, commitment fees, commission charges etc. at such rates, at such times and in such manner as the Bank may from to time decide; and

(e) all other expenses and charges levied by the Bank as more particularly set out in the Bank’s Tariffs (a copy of which is available upon request).

(f) The General Terms and Conditions should be read in conjunction with specific Product Key Fact Document which is provided for the product or service customer is subscribing to.

(a) the Bank shall provide the Customer with a statement of the Account on a regular basis covering all the transactions made in the Account. The Bank may also (upon the Customer’s written request and payment of the requisite fee) provide the Customer with an additional statement(s) and/or provide the statement to the Customer at such intervals as the Customer and the Bank may agree;

(b) the contents of any statement issued by the Bank to the Customer, to which the Customer has not objected to within twenty-eight (28) days of receipt thereof, shall be deemed to be accepted by the Customer and shall, in the absence of any manifest error, be conclusive evidence of all the transactions made in the Account and shall not be subject to challenge by the Customer on any ground, whatsoever; and

(c) for all purposes, including any legal proceedings, a certificate signed by any director, manager and/or any authorised signatory of the Bank as to any matter relating to the Account and/or any Debt shall, in the absence of any manifest error, be conclusive evidence against the Customer in respect of the said matter and/or Debt.

The Bank may permit the Customer to effect automatic debits or withdrawals (such as Direct Debits or Standing Orders) from the Account unless the Specific Terms and Conditions of the Account state otherwise. All such transactions shall be effected at the Bank’s discretion and the Bank reserves the right not to effect any instructions relating to a Direct Debit or Standing Order where there is an insufficient Available Balance

(a) the Bank reserves the right without prior notice to the Customer, to debit any amount(s) credited to the Account in error and/or reverse any entry made to the Account in error. The Bank accepts no responsibility for the consequences of such debits and/or reversals. Any amount(s) credited by the Bank to the Account in error and utilised by the Customer must be repaid to the Bank together with all applicable interest accrued thereon within twenty-four (24) hours of demand being made by the Bank to the Customer; and

(b) payment orders, exchange operations and sales and purchases of securities in Kenya or elsewhere, undertaken by the Bank for the account of the Customer shall be at the Customer’s own expense. Neither the Bank nor any of its correspondents nor any of its employees shall be liable for any mutilation, corruption (including without limitation, cables, airlines, courier services, electronic mail, telex or facsimile systems) howsoever occurring.

(a) Interest shall only be payable on the credit balance in an interest earning Account. Interest shall be calculated at such rate as the Bank may determine and vary from time to time subject to the Banking (Amendment) Act 2016 as may be amended from time to time;

(b) interest shall be paid and credited to the Account in such manner as specified in the Specific Terms and Conditions of the Account; and

(c) interest shall be calculated on gross and any Tax that the Bank is required to pay shall be debited from the Account.

Upon due application by the Customer, the Bank may, at its sole and absolute discretion, extend credit facilities to the Customer in such manner and upon such terms and conditions as the Bank may determine. The Bank shall be entitled to debit the Account with all interest, commission, costs, expenses and other charges (including banking and legal charges) incurred in connection with the extension of such credit facilities.

(a) the Customer must not draw the Account below the prescribed minimum balance of the Account (or exceed the limit of any overdraft facility extended and approved by the Bank in respect of the Account) without the Bank’s prior written consent. The Bank shall be at liberty at its sole and absolute discretion to refuse to honour a cheque, make a payment and/or allow a withdrawal if the effect of the same would be to either cause the Account to be drawn below its prescribed minimum balance or the said overdraft limit to be exceeded; and

(b) if the Account is drawn below its prescribed minimum balance or the approved overdraft limit is exceeded without the Bank’s prior written consent the Customer shall (including without limitation) pay such fees as the Bank may prescribe as well as pay additional interest on the particular amount drawn below the prescribed minimum balance or the particular amount in excess of the approved overdraft limit (in this paragraph together called the “outstanding amounts”) at such rate or rates and computed and compounded in such manner as may be determined by the Bank in its sole and absolute discretion until the outstanding amounts are paid in full. The Bank shall also be at liberty to demand from the Customer the immediate repayment, in full, of the entire outstanding amounts together with all interest accrued thereon as well as all other costs, charges and expenses arising there from.

(a) in the event of a Debt, the Bank shall have a general lien over all the property of the Customer in the Bank’s possession, including, but not limited to, cash, goods, securities or valuables held by the Bank, cheques presented for payment, bills and any other property (movable or immovable) charged in whatever manner by the Customer in favour of the Bank to secure the repayment of the Debt; and

(b) the Bank may, at any time, give the Customer notice in writing that if the Debt is not repaid to the Bank within a stipulated period of time, the Bank, may without any further notice to the Customer, enforce any of its rights and remedies under any Security so as to redeem the Debt.

All operations between the Bank and the Customer of whatsoever nature shall be considered and treated by the Bank for all purposes as a single integral and indivisible account and the Bank may:

(a) without notice utilise any credit balance in the Account (whether current, loan, savings, time deposit or any other type of account or in the account of any other person for whom the Customer has agreed to act as surety) to pay any Debt due to the Bank from the Customer or any other person whom the Customer has agreed to act as guarantor and/or surety. 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;

(b) convert, at the Bank’s prevailing rates of exchange, any money held by the Bank in a Foreign Currency which is subject to the Bank’s lien and thereafter exercise the Bank’s right of Set-Off. The Bank accepts no liability for any loss caused by such currency conversion; and

(c) liquidate a time deposit (including those denominated in Foreign Currency and/or for a given period of time) and exercise the Bank’s right of Set-Off against the Debt notwithstanding that the time period of the deposit has not expired or interest accrued.

(a) the Customer may, in accordance with the Mandate and upon prior issuance to the Bank of a thirty (30) day written Notice or such Notice as the Bank may deem fit, close the Account subject to the settlement of any Debt

(b) the Bank may at any time, upon giving a 30 days’ notice to the Customer, terminate or vary its business relationship with the Customer and/or close the Account and may require the repayment by the Customer of any Debt resulting from such determination, variation and/or closure; and

(c) if the Bank terminates or varies its relationship with the Customer and/or closes the Account, it shall be the Customer’s sole responsibility to notify any other party regarding such termination, variation and/or closure.

The Bank in its sole discretion may at any time, refuse to accept any instructions in regard to the Account, if and for so long as:

(a) there is any dispute between the Customer and the Bank; or

(b) where conflicting instructions as a result of an apparent dispute between two or more signatories to an account that the Bank has been made aware of;

(c) the Bank has any reason to suspect that a fraud has been or is likely to be committed; or

(d) the Account is being or is likely to be operated by the Customer for any illegal and/or unlawful transaction; or

(e) the Bank has any doubt for any reason that either the Customer is not the person entitled to operate the Account or that there is any dispute in respect of the Mandate; or

(f) the Account is being operated by the Customer for purposes other than then one declared in the account opening documents.

(g) Customer shall ensure fair use of products and services they subscribe to. The Bank reserves the right to discontinue the services if the fair use is violated.

(h) the Bank is under a legal obligation to do so.

(a) the Chequebook shall be issued by the Bank to the Customer at the Bank’s sole discretion, subject to the Chequebook Terms and Conditions which are set out in this paragraph and on the inside cover of the Chequebook;

(b) the Bank may charge a fee for the issuance of a Chequebook and any other additional Chequebooks issued to the Customer;

(c) the Bank may refuse to make payment to the Customer or any other third party on any cheque which is not drawn in the manner specified by the Chequebook Terms and Conditions set out below:

(i) the Customer must write, date and sign the Cheque in clear handwriting using legible ink (preferably blue or black) in the currency of the Account for an amount not exceeding the Available Balance;

(ii) when drawing a Cheque: (a) the amount should be stated in both words and figures in such a manner as to prevent the insertion of any other word or figure and/or to prevent any fraudulent alterations; (b) the Cheque must be signed by an Authorised Signatory as per the terms of the Mandate; (c) any alteration to the Cheque must be counter-signed by an Authorised Signatory as per the terms of the Mandate; (d) any un-crossing of the Cheque must be done by an Authorised Signatory as per the terms of the Mandate; (e) no incomplete Cheque is given to any person; and (f) all uncompleted Cheques are kept in safe custody at all times.

(iii) the Customer must count the number of Cheques contained in the Chequebook at the time the Customer is issued with the Chequebook and periodically throughout the use of the Chequebook. If any Cheque is found to be lost or missing, the Customer must inform the Bank immediately; (a) the Bank may refuse to honour a Cheque where the date of the Cheque is more than six (6) months old or where the date is in the future (post-dated cheques); (b) where the Customer wants the Bank to stop payment on a Cheque, the Customer must immediately request the Bank in writing to do so. Upon receipt of a written notice from the Customer to stop payment of a Cheque, the Bank shall record the notice and stop the payment provided that such notice is received before the transaction sought to be stopped has occurred. The Bank reserves the right to charge an administration fee for stopping the payment of a Cheque; (c) the Bank shall not be liable to the Customer in any way and the Customer shall fully indemnify the Bank against any claims by any third party should the Bank make payment against a Cheque on the Customer’s behalf, where the Cheque is presumed to be issued by the Customer but the signature or content of the Cheque and/or written instruction has been forged if:

(i) the Customer has facilitated such forgery; or (ii) there has been a previous forgery of the Customer’s Cheque or note of instruction without the Customer having previously objected to the payment;

(a) the Bank acts only as the Customer’s collecting agent and if the Customer’s Cheque or any other third party instrument is lost or stolen while in the custody of the Bank the Bank shall not be liable for any loss of profit or opportunity suffered by the Customer or any other person and/or for any charges incurred by the Customer or any other person in stopping payment thereof even where the Bank has been negligent

(a) where a Joint Account is operated by a Mandate designated as ‘Either/or Survivor’, each Customer to the Joint Account is authorised to operate the Joint Account individually and it shall be deemed that the instructions given by one Customer to the Joint Account regarding the Joint Account are authorised by the other Customer(s) to the Joint Account;

(b) where a Joint Account is operated on a Mandate designated as ‘Jointly’, each Customer to the Joint Account is only authorised to operate the Joint Account together with all other Customers to the Joint Account (or as specified in the Mandate). The Bank shall not be held liable for refusing to act or for any delay in accepting the instructions which are not issued by all Customers to the Joint Account;

(c) if any Customer to the Joint Account gives instructions that conflict or appear to conflict with instructions given by another Customer(s) to the Joint Account, the Bank may refuse to act on any such instructions until the conflict is resolved to the Bank’s sole satisfaction; and

(d) each Customer to the Joint Account shall be jointly and severally liable to repay any Debt in respect of the Joint Account.

The Bank may at its sole discretion, accept funds in specified currencies from the Customer to be placed in an interest earning deposit Account for a fixed period of time. Such Specific Terms and Conditions as may be set by the Bank in respect of such Accounts shall apply and if there is any difference between these General Terms and Conditions and such Specific Terms and Conditions, the Specific Terms and Conditions shall apply.

Subject to any exchange regulations (where applicable):

(a) the Bank may operate the Account in a Foreign Currency;

(b) the Bank may at the request of the Customer, credit or debit the Account with a currency which is not the designated currency of the Account and may convert such amount debited or credited at the Bank’s prevailing rate of exchange; and

(c) the Foreign Currency Account shall be operated by the Customer at the Customer’s risk including but not limited to the consequences of any legal, fiscal or other measures affecting the Foreign Currency Account.

(a) the Account shall be deemed to have become Dormant where the Account has remained inoperative for such period of time as may be specified by the Specific Terms and Conditions of the Account or as may be determined by the Bank from time to time; and

(b) the Bank may (including without limitation) apply any one or more of the following conditions to an Account upon its classification as Dormant:

(i) confirm the validity and authenticity of the first transaction reactivating the Account; (ii) suspend the payment of interest (if applicable); (ii) suspend the issuance of Account Statements; and (iii) charge a maintenance fee as may be determined by the Bank from time to time.

(c) The account, if inactive for a period of 5 years, shall be subject to the custody of the Unclaimed Assets Authority as unclaimed assets pursuant to the provisions of the Unclaimed Financial Assets Act (No. 40 of 2011), The Bank shall however make prior reasonable efforts to locate you and notify you.

All payments required to be made by the Customer to the Bank pursuant to these General Terms and Conditions or otherwise shall be made in immediately available funds without any set-off, counterclaim or deduction of any Tax whatsoever, unless required by law in which event the Customer shall simultaneously while making the relevant payment pay to the Bank such additional amount as shall result in the receipt by the Bank of the full amount which would otherwise have been receivable by the Bank.

The Bank may require that any complaint made by the Customer in relation to the Account be made in writing (hardcopy or email) or by calling our 24 hour Call centre numbers below.

+254 719 088 000
+254 20 322 1000
+254 732 100 000
+0800721088 (Toll Free)

The Bank shall act upon such complaint, as soon as is reasonably possible, after receipt of the complaint by the Bank.

a) the Bank shall not be liable to the Customer for;

(i) any loss of profit or opportunity or any consequential loss or damage to the Customer’s reputation. The Bank shall not be liable in any way to the Customer or to any third party for making payment on the Customer’s behalf or acting upon any written instructions presumed to be issued by the Customer even negligently, where the signature or content of the written instruction has been forged if the Customer has facilitated such forgery and/or if there has been a previous forgery of the Customer’s cheque or note of instruction to which the Customer has not previously objected to and/or if the Bank has exercised due care and acted in good faith in making such payment;

(ii) any act or omission including any breach of its obligations under these General Terms and Conditions caused by circumstances beyond the Bank’s reasonable control including but not limited to fire, strike, insurrection or riot embargo, terrorist or any enemy action, theft or burglary, delays in transportation or the requirement or regulations of any civil or military authority; and

(iii) (where the Bank is operating the Account by means of a software package or other accounting system) for the non-performance of the software which shall have occurred directly or indirectly as a result of (including without limitation) adverse power fluctuations or damage resulting from fire, water, accidents, spillage of fluids, connections to improper power supplies, faulty or incorrect electrical wiring or connection;

(b) subject to these General Terms and Conditions, where the Bank is found to be liable to the Customer for any loss, injury or damage resulting from any wilful or negligent delay or error in carrying out the Customer’s clear and unequivocal instructions, the Bank’s liability shall be the lower of:

(i) the amount of such loss, injury or damage; or

(ii) the amount of any interest not received, or any interest that the Customer has to pay as a result of such failure, delay or error.

The Bank is not responsible for the authenticity, validity, regularity or value of documents including but not limited to bills of lading, delivery orders, consignment documents, receipts, warrants and insurance policies.

(a) any written communication from the Bank to the Customer, including but not limited to, any notice given pursuant to these General Terms and Conditions shall be deemed to have been received by the Customer:

(i) if delivered personally, at the date and time of delivery;

(ii) if sent by post, on the fourth day from the date of posting;

(iii) if sent by airmail, on the seventh day days from the date of posting;

(iv) if sent by telex, when the proper answerback is received;

(v) if sent by SWIFT, when the acknowledged SWIFT message is received;

(vi) if sent by SMS/Email/ facsimile, on completion of the transmission and in the case of posting it shall be sufficient to prove that the letter containing the communication was properly stamped and addressed notwithstanding that it be undelivered or returned undelivered; and

(vii) the Customer shall have no claim against the Bank for damages resulting from loss, delay, misunderstanding, mutilation, duplication, or any other irregularity due to the transmission of any communication whether to or from the Customer, the Bank or any third party, by delivery, post, fax, telegraph, telephone, telex or any other form of cable communication.

Any concession 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 as against the Customer.

(a) the Bank values the Customer’s privacy and has a policy to hold in confidence information and/or documentation relating to the Customer and/or the Account. However the Bank may in certain circumstances disclose such information and/or documentation to any person in connection with any actual or likely event of default by the Customer. This right to disclose includes disclosing information under these General Terms and Conditions (including the assignment or transfer of all the Bank’s rights and obligations under these General Terms and Conditions);

(b) the Customer authorises the Bank to respond, if it shall so choose, to any and all inquiries (including without limitation any bank’s references) received from any other bank, financial institution or person providing credit or financial services, concerning the Account without any reference to the Customer;

(c) the Bank may also disclose information and/or documentation relating to the Account in the following circumstances:

(i) to any credit reference, scoring or rating agencies;

(ii) to any persons providing information or services to the Bank, (including without limitation a holding or group companies, subsidiaries or related parties) on the understanding that the information shall be confidential and may not be further disseminated; and

(iii) where the Bank is under a legal or contractual obligation to do so (including but not limited to the Bank’s legal and/or contractual obligations to prevent money laundering and related offences) and/or where it is in the interest of the public.

(d) The customer hereby agrees to the terms of Privacy Policy as published in the Bank’s website www.imbank.com and will amended from time to time with notice to the Customer

(e) The customer hereby consents and explicitly authorizes the Bank, at its sole
discretion, to process, use, and/or transfer the customer’s data, personal data and/or sensitive data to any Government agencies as it may deem necessary and applicable, to facilitate investigations on the customer’s account.

(a) In compliance with the Data Protection Act, 2019 (‘‘DPA’’), the Bank seeks your consent to collect and use your personal data (i.e. name, postal and physical address, photo, email address, phone number, identification documents and PIN number and any other information which may be required) in order to conduct our due diligence, maintain our customer records, compliance with the applicable laws and regulations as well as any other purpose which may be communicated to you (‘‘Purpose’’).

(b) The Bank will also collect and use your personal data to provide you with information on products and services which may be relevant to you (‘‘Services’’).

(c) You have been opted in by default for all processing activities related to your account. For you to opt in or opt out of the processing activities applied to your personal data, please access our Privacy Notice on our website below: https://www.imbank.com/information/information-security/privacy-notice

(d) The Bank respects your privacy and assures that your personal data will be kept secure according to the DPA.

(e) Your consent under (c) above will remain in place until your withdrawal via the mechanism provided in the Privacy Notice or by officially notifying the Bank in writing at (customercare@imbank.co.ke).

The Bank shall have a full and unfettered right to assign and/or transfer all or any of its rights, benefits and obligations under these General Terms and Conditions and/or under any Specific Terms and Conditions, to any person at any time without notice to the Customer.

(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;

(c) any obligation imposed by or resulting from these General Terms and Conditions 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; and

(d) each of the provisions of these General Terms and Conditions is severable and distinct from the others. If at any time any of the General Terms or Conditions hereof is or becomes illegal, invalid or unenforceable in any respect neither the legality, validity nor enforceability of the remaining General Terms and Conditions shall in any way be affected or impaired thereby.

(a) the Bank may vary these General Terms and Conditions, any Specific Terms and Conditions and/or the Bank’s Tariffs (either in whole or in part) at any time. Notification of any such variation may be given to the Customer either in writing or by publication thereof by such means as the Bank may decide but any variation whether notified or not shall be binding on the Customer; and

(b) the Bank may introduce a new type of Account for which Specific Terms and Conditions shall apply. Where there is any conflict between these General Terms and Conditions and any Specific Terms and Conditions, the Specific Terms and Conditions shall apply.

The Customer hereby agrees to indemnify and keep the Bank harmless against all claims, demands, losses, costs, damages, liabilities and expenses whatsoever (including any Taxes, legal and/or statutory fees (billed, where applicable, on an advocate/client basis)) incurred, sustained or suffered by the Bank (or by any other person on the Bank’s behalf) in connection with:

(a) the negotiation, preparation, execution, delivery, stamping or registration (whether in whole or in part) of any Security;

(b) any preservation or exercise (or attempted preservation or exercise) of any of the Bank’s rights under or in connection with the enforcement (or attempted enforcement) of these General Terms and Conditions, any Specific Terms and Conditions and/or any Security;

(c) any actual or proposed amendment of or waiver to any Security;

(d) any discharge or release of any Security; and

(e) any dealing with or obtaining of professional and/or other advice about any matter or question arising out of or in connection with these General Terms and Conditions, any Specific Terms and Conditions and/or any Security.

In no event shall the Bank be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Bank shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

These General Terms and Conditions and any Specific Terms and Conditions shall be governed by the laws of the Republic of Kenya and the Customer hereby submits to the non-exclusive jurisdiction of the Courts of Kenya.

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.

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.

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.

(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.

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.

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

(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.

(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.

(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)

(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

(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.

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).

(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.

(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.

(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.

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.

(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.

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.

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.

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.

(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.

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.

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.

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The Card can be used over the Internet and the Cardholder will assume all risks associated with such transactions.

The Cardholder may also access information on the Card through the website www.imbank.com including outstanding balance and statement of transaction history as well as hot listing the card. For this purpose, the Cardholder will be assigned an Internet Personal Identification Number known as I-PIN.

The Card may be used to access Funds at any ATM worldwide that displays the MASTERCARD logo that accepts such Cards. To withdraw the Funds, the Cardholder will need to insert the Card into the ATM, enter the PIN, and the amount of desired Funds. The Card should be retrieved upon such usage.

The Cardholder may also use the Card to pay for charges incurred at Merchant Establishments, subject to the condition that I&M Bank and the Merchant Establishments reserve the right at any time to refuse to permit the use of the Card at the Merchant Establishment for any reason whatsoever.

The amount of each purchase made through the use of the Card or withdrawal of the Funds from the ATM will be debited immediately from the Funds of the Cardholder.

In event there are insufficient Funds to honour the requested transaction; the transaction will not be honoured and the bank reserves the right to collect any monies from the cardholder for value of any purchase or ATM transaction done by the cardholder.

The Card may, subject to any applicable fee, be used to withdraw cash from an ATM displaying the MasterCard®, Maestro® or Cirrus® Acceptance Mark and / or to pay for goods and services at Merchant Outlets, or online, who accept MasterCard® cards electronically. The Card is for electronic use only and cannot be used for Manual or Offline transactions. The Card must not be used for any unlawful activity and the cardholder should not give or share their card with another person.

If there are insufficient funds in a particular Currency Wallet to pay for a transaction, the amount of the transaction will be automatically processed using other Currencies in the order of priority as previously selected by the cardholder on the available Currency Wallets. In case the available Funds on all Currency Wallets are still insufficient to pay for a transaction, the Card will be declined and the retailer may call the cardholder to pay the transaction amount by some other means.

The cardholder commits to accept a credit refund transaction to his/her Card Account in the applicable transaction currency if they are entitled to a refund or other credit for any reason for goods or services purchased using the Card.

A transaction or payment cannot be stopped once the cardholder authorizes the use of the Card. The Bank is not responsible and does not in any way always guarantee full time acceptability of the card at the ATMs and Point of Sale terminals not owned or operated by the Bank. The cardholder must always comply with all Laws and Regulations (including any foreign exchange controls) in respect of the Card in the country of purchase and/or use. When the cardholder notices an error in the card statement, they should immediately notify the Bank and in any event within 30 business days of the transaction in question. The Bank may request the cardholder to provide additional written information concerning the error.

The Cardholder may surrender the Card at any point in time and obtain a refund of the balance of the Funds less refund fees due to the bank, by filling up the refund form, as prescribed by I&M Bank, along with copy of the Cardholder’s passport/ identity document, the Card and such other documents as required by I&M Bank. The refund shall be made in Base Currency of the card. Use of the Card at any unauthorized location or for any purpose other than as stated under these terms and conditions is strictly prohibited and may result in cancellation of the Card by I&M Bank.

I&M Bank will not be liable for any loss, direct or indirect, that may be suffered by the Cardholder as a result of declined use of card at the ATM or Merchant establishment, any unauthorized use or cancellation of the Card.

Information send over the internet may not be completely secure and the Bank does not guarantee functionality and availability of any terminals not owned and controlled by the bank nor take liability for any interruption or interception or loss of Personal Information or other data transmitted therein.

Any individual or corporate body may apply for the issuance of the Card through any I&M Bank Branch or the Bank’s appointed Agent.

The issuance of the Card is subject to compliance by the applicant of the provisions of applicable laws, rules, regulations and directions as issued by the Central Bank of Kenya or other appropriate authority under any law in force from time to time. I&M Bank may, at its sole and absolute discretion, refuse issuance of a Card or cancel an issued Card without notice, if satisfactory know-your-customer and money laundering guidelines are not met or if it has reason or suspicion to believe that the Cardholder has violated or intends to violate any exchange regulations or uses.

The applicant for the Card will be required to complete and submit a duly signed application form as required by I&M Bank from time to time and further, to submit all such documents as may be necessary or required.

The validity period of the Card shall be 5 years from the date of manufacture. Subject to all the conditions being satisfied, the Card shall be activated within a period of 48 hours of receipt of monies and other requisite documents from the Cardholder.

Upon purchase of the Card, the Cardholder can request any I&M Bank branch or Agent to load a certain amount of Funds (subject to restrictions on minimum and maximum amount loadable, as determined by I&M Bank at its sole discretion from time to time). Upon issuance of the Card, the Cardholder shall sign on the reverse of the Card.

The Card, as may be issued by I&M Bank to an applicant, is the property of I&M Bank and is not transferable and will be honoured at merchant establishments only when the Card bears the signature of the Cardholder on the reverse and upon presentment to a Merchant Partner by the Cardholder.

I&M Bank MasterCard Multicurrency Prepaid Travel Card is a Multicurrency card that can be used in variety of currencies as defined by the Bank from time to time.

The Card shall always be loaded or reloaded in the defined BASE Currency or any billing currency and thereafter funds may be converted to a variety of billing currency wallets which the cardholder will be able to transact directly from as per the transaction currency.

The initial BASE Currency shall be US Dollars with other secondary Billing Currencies which may include, Kenya Shilling, Great Britain Pound and Euro or any other currency which the cardholder may convert and allocate the Funds for usage.

If the Bank introduces a new Base or secondary Billing Currencies and the cardholder chooses to allocate funds to that new currency, they shall be deemed to have acknowledged and agreed that these Terms and Conditions apply to such new Currency. If the Bank adds any new currencies to the defined Currency Wallets, this shall be appropriately communicated to the cardholder through available communication channels.

The cardholder is responsible for determining and managing their Currency Wallets portfolios and ensuring that sufficient funds are held in each wallet and in a defined usage priority to accommodate anticipated transactions in the relevant Currency, subject to certain limits and fees as defined and advised by the Bank from time to time.

Cardholder may allocate Base Currency funds across the available secondary Billing Currencies by logging into I&M Bank Customer Portal via www.imbank.com .

The Card is not a Credit Card and its usage is limited to the amount pre-loaded. The card must not be overdrawn. Any overdrawn position shall immediately become payable and the Bank shall immediately demand the same from the cardholder and exercise its rights defined in the terms and conditions to recover the overdrawn position.

The Funds held in the Card do not amount to a deposit with the Bank other than as described in these Terms and Conditions. The Bank shall not pay any Interest on the Credit Funds held in the card account. Any change shall be appropriately communicated to the cardholder.

The Card can only be used if it is in credit. If a particular Currency Wallet becomes overdrawn following a transaction by the cardholder, the resulting debit balance becomes a debt immediately payable by the cardholder and the Bank reserves the right to recover the overdrawn position by deducting funds held in another Currency Wallet, starting with the Base Currency. In converting the Negative Balance into the relevant Currency Wallet the Bank shall apply the same conversion rate used in Currency Wallets allocations.

The default Card Usage Currency will be the Base Currency, however the cardholder will be able to change their default currency settings and define usage currencies priorities by accessing the defined customer portal facility of the Bank’s prepaid card system. Usage of the Card in any other currency than the Base or secondary Billing Currencies will be billed in the Base Currency.

You agree to these Terms and Conditions by any of the following actions:

• Signing the Application Form
• Signing the back of the Card
• Activating through loading or reloading or using the
• Card at any ATM or Merchant Outlet or Website
• Authorizing a Secondary Card to be issued on your
• account
• Any other way implying adoption and possession of the card

In these Terms and Conditions, the following words have the meanings set out hereunder, unless the context indicates otherwise:

1. “Card” means the I&M Bank MasterCard Multicurrency Prepaid Travel Card, issued by I&M Bank to the Cardholder.
2. ‘’Cardholder’’ means the person or assigned Agent of the person who has been rightfully issued a card by the Bank under these terms and conditions
3. “Agent” means any company/individual appointed and authorized by I&M Bank to sell, process reload and refund on the Card.
4. ‘’ATM’’ means an automatic teller machine/terminal displaying either MasterCard or Maestro Logo for effecting cash withdrawals, at which, inter alia, the Card may be used for the purpose of withdrawing Funds.
5. “Cardholder” means such customer of I&M Bank to whom the Card has been issued pursuant to an application by such person, and who is authorized to hold the Card.
6. “Funds’’ means the amount of monies purchased and loaded onto the Card by the Cardholder from I&M Bank or Agents in respect of which the Card has been issued and any additional monies that may subsequently be purchased by the Cardholder (not including any sales commission or feespaid to such person/s, as are authorised by I&M Bank so to do, from whom the Card was purchased), less any amounts previously spent and any applicable fees, charges, conversion fees, and other expenses incurred in connection with the use or possession of the Card.
7. “I&M Bank” means and refers to I&M BANK LIMITED.
8. “I&M Bank ATM” means an ATM owned and managed by I&M Bank and displaying I&M Bank Logo.
9. “Merchant” shall mean any person who owns or manages or operates a Merchant Establishment.
10. ‘’Merchant Establishments” shall mean establishments which honour Cards.
11. ‘’PIN” means the Personal Identification Number as provided to the Cardholder by I&M Bank , for use with and in relation to the Card in terms hereof.
12. “POS Terminal” shall mean point of sale electronic terminals at Merchant Establishments whether in Kenya or overseas, capable of processing Transactions and at which, amongst other things, the Cardholder can use his Card to access his Funds to make purchases.
13. “Shared Network” shall mean ATMs which are not owned by I&M Bank but which accept Cards issued by I&M Bank.
14. “Transactions” shall mean cash withdrawals from the ATMs and/or any purchases made at the Merchant Establishments through the use of the Card.
15. ‘’Base Currency’’ means the basic currency under which the card is issued and billed.
16. ‘’Currency Conversion Rate’’ means the prescribed rate of currency exchange at which one currency wallet shall be converted to another currency wallet.
17. “United States dollar” means the basic unit of money in the United States which hereinafter may be referred to as “USD”, Dollar, “US $” or “$”.
18. “Great Britain Pound” means the standard monetary unit of the United Kingdom, hereinafter may be referred to as “GBP”, “Pound”, “Sterling Pound” or “£”.
19. “Euro” means the official currency unit of the member countries of the European Union who have adopted European Monetary Union. 20 “Kenya Shilling”, means the basic unit of money in Kenya, hereinafter referred to as “KES”, “KSHS” or “Ksh”.