Terms and Conditions

Terms and Conditions

General Provisions

  1. The Terms and Conditions listed below govern the access and use of our website (hereinafter called “the Website”) and mobile phone application (“the Application”) that enables you to Save and invest mobile money (“the Service”)
  2. Moneto Ventures LTD is regulated to offer the Chumz investment platform by Capital Markets Authority
  3. The English language version of these Terms and Conditions is the applicable version for all languages. Any other language version we may provide is for guidance purposes only. Any dispute or claim arising out of or in connection with present Terms and Conditions or their subject matter or formation (including non-contractual disputes or claims) will be considered in relation to the English version only.
  4. In the present Terms and Conditions the terms “we”,“us”, “our” refer to Chumz and “you”, “your” refer to any person who accesses and/or uses the Service.
  5. It is important that you understand that access and use of the Service is conditional on your acceptance of present Terms and Conditions.

Definitions

In the present Terms and Conditions the below terms shall have the following meaning(s):

“Application” means Chumz mobile phone application operated by Chumz to provide money saving services and the related information. Chumz is a product of Moneto Ventures LTD

“Compliance Officer” means one or more members of staff at Chumz who is responsible for compliance with Saving regulations, anti-money laundering legislation and other applicable laws;

“Fees” means the charges and fees we charge to you for the Service, as applicable, in accordance with the price list published on the Application, or the prices or rates that we communicate to you before we issue a Confirmation, or as provided in these Terms and Conditions;

“Force Majeure Event” means any of the circumstances referred to in clause 9.7;

“Malicious Code” means computer viruses, Trojans, software locks, drop-dead devices, malicious logic or trap door, worms, time bombs, corrupted files or other computer programme routines that are intended to delete, disable, deactivate, damage, detrimentally interfere with, surreptitiously intercept or expropriate any systems, data, personal information or property of another;

“Prohibited purpose” means any unlawful purpose (whether such illegality arises in the country from which the funds are saved.

“Reference number” means the unique transaction number, which will be issued to you for every transaction

“Transaction” means every saving that you initiate using the Service and/or every other use that you make of the Service,

“Website” means the website chumz.io operated by Chumz to provide savings related information.

Information about us and how to get in touch with us

  1. Chumz, a product under Moneto Ventures LTD operates an app and a Website that enable you to save and invest money using a mobile phone.
  2. Moneto Ventures limited is a company incorporated and licensed under the laws Kenya
  3. We can be contacted via the following means:

Confidentiality/ Privacy

  1. As a fully regulated institution and with a purpose of providing the Service we are bound by the legal requirements to obtain, verify and record information about our customers. Therefore we may request from you or consult any legal sources to obtain your personal data when offering the Service to you.
  2. Your personal information will be treated and processed securely and strictly in accordance with applicable laws and regulations.
  3. We will not treat customer information as confidential where it is already public knowledge or where it becomes public knowledge through no fault of our own.
  4. We may disclose customer information if we are required to do so by law, by court order, by any statutory, legal or regulatory requirement, by the police or any other competent authorities in connection with the prevention or detection of crime or to help combat fraud, money laundering and terrorism financing. We may also report suspicious activity to appropriate competent law enforcement or government authorities.
  5. For more details and information regarding the confidentiality, privacy and security please refer to our Privacy Policy that can be found at https://chumz.io/privacy-policy.

Confidentiality/ Privacy

  1. As a fully regulated institution and with a purpose of providing the Service we are bound by the legal requirements to obtain, verify and record information about our customers. Therefore we may request from you or consult any legal sources to obtain your personal data when offering the Service to you.
  2. Your personal information will be treated and processed securely and strictly in accordance with applicable laws and regulations.
  3. We will not treat customer information as confidential where it is already public knowledge or where it becomes public knowledge through no fault of our own.
  4. We may disclose customer information if we are required to do so by law, by court order, by any statutory, legal or regulatory requirement, by the police or any other competent authorities in connection with the prevention or detection of crime or to help combat fraud, money laundering and terrorism financing. We may also report suspicious activity to appropriate competent law enforcement or government authorities.
  5. For more details and information regarding the confidentiality, privacy and security please refer to our Privacy Policy that can be found here.

Eligibility and your access rights

  1. By using the Service you warrant that you are at least 18 years old and that you have a legal capacity to enter into legally binding contracts.
  2. Without prejudice to your rights in relation to any order for Services in relation to which we issued a Confirmation (in accordance with clause 7 below), we reserve the right, at any time, to terminate or suspend your access to the Service without prior notice if:
    • You use the Service or attempt to use it for any Prohibited Purpose;
    • You attempt to transfer or charge funds from an account that does not belong to you;
    • We receive conflicting claims regarding ownership of or the right to withdraw funds from the account;
    • You have provided us with false evidence of your identity or you keep failing in providing us with true, accurate, current and complete evidence of your identity or details regarding transactions;
    • You attempt to tamper, hack, modify, overload, or otherwise corrupt or circumvent the security and/or functionality of the Application or to infect it with any Malicious Code;
    • You are in breach of these Terms and Conditions;
    • We have reason to believe that any of the foregoing has occurred or is likely to occur; or
    • A Compliance Officer has taken a discretionary decision to do so.

Information we provide before the transaction is complete

Before your withdrawal transaction is complete you will be provided with the following information:

  • The withdrawal amount that you will receive,
  • Total amount saved for normal savings and total amount earned for locked savings
  • The maximum total Fee that you will be charged,
  • An estimation of time it will take for the funds withdrawn to reflect.

How the contract is formed between you and us

  1. After you deposit an amount for saving via the Application an in app notification will be sent to you acknowledging that your saving amount has been received.
  2. A savings transaction order is subject to our discretionary acceptance. Such acceptance will be communicated to you via the app, e-mail or SMS confirming that we have processed your request for saving (hereinafter called “the Confirmation”). The contract between you and us (hereinafter called “the Contract”) will only be formed when the Confirmation has been sent.
  3. The Contract relates solely to the services that have been confirmed accepted which are for investing purposes.
  4. We reserve the right to refuse to perform any of the Services (including after Confirmation) if:
    • We are unable to obtain satisfactory evidence of your identity;
    • You provide us with false, incorrect or incomplete information;
    • We are unable to reach you via contact details provided by you;
    • Your transfer order, information or documentation is not provided sufficiently in advance to allow us to process it in accordance to your request;
    • You attempt to tamper, hack, modify, overload, or otherwise corrupt or circumvent the security and/or functionality of the Website and/or the f)Application or to infect it with any Malicious Code;
    • You are in breach of these Terms and Conditions;
    • You or the order you placed are in breach of any applicable laws or regulations or are made for a Prohibited Purpose;
    • Processing the Service in accordance with your order may expose us to liability;
    • We are unable to process your transfer due to variations in business hours, currency availability issues or due to any Force Majeure Event;
    • We have reason to believe that any of the foregoing has occurred or is likely to occur; or
    • A Compliance Officer has taken a discretionary decision to do so.
  5. We shall not be liable for any damages, costs or losses incurred by the Sender or the Recipient of the invested money or any third party if, as a result of any of the circumstances referred to in clause 5.2 or 7.4, we fail to complete the withdrawal of funds in accordance with an order.

Information provided after we process a transaction

After we process your transaction an in app notifications will be sent to you with the following information:

  • A confirmation of the exact amount we are sending,
  • Time of the transaction.

Limitations on our liability

  1. Claims for refund or compensation must be supported by all available evidence.
  2. Except as provided in clause 9.5, we shall not be liable to you or to any third party in relation to the Services, whether for breach of contract, tort (including negligence), misrepresentation, unjust enrichment or any other grounds, for any indirect, incidental, consequential or special damages including any loss of profits or savings or anticipated profits or savings, loss of data, loss of opportunity, loss or reputation, goodwill or business or any economic loss, even if we are advised in advance of the possibility of such loss.
  3. Nothing in this clause shall:
    • Exclude or limit liability on our part for death or personal injury resulting from our negligence,
    • Exclude liability for our fraud, our wilful misconduct or gross negligence.
  4. We shall not be liable for any breach of our obligations under the Contract to you nor for any failure or delay in performance of any obligations under the Contract arising from or attributable to acts, events, omissions or accidents beyond our reasonable control, including, without limitation, where our failure to perform our obligations arise from:
    • an act of God, fire, flood, earthquake, windstorm or other natural disaster, explosion or accidental damage, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargo, export controls, breaking off of diplomatic relations or similar actions, terrorist attack, civil war, civil commotion or riots, pandemic or epidemic, industrial disputes, shortages of raw materials or components, general disruptions to transportation, telecommunication systems, power supply or other utilities;
    • the acts, decrees, legislation, regulations or restrictions imposed by any government or state;
    • the actions or omissions of the third parties;
    • malfunctions in communications facilities which cannot reasonably be considered to be under our control and that may affect the accuracy or timeliness of messages you send to us;
    • any losses or delays in transmission of messages arising out of the use of any internet access service provider or caused by any browser or other software which is not under our control; or
    • any Malicious Code interfering with the Service (each, a “Force Majeure Event”).
  5. Our performance under the Contract shall be deemed suspended for the period that the Force Majeure Event continues and the time for performance will be extended for the duration of that period. We will use our reasonable endeavors to find a solution by which our obligations under the Contract may be resumed despite the Force Majeure Event.

Your responsibilities and obligations

  1. You will not use the Service unless you are at least 18 years old and you have a legal capacity to enter into legally binding contracts.
  2. The Fees for the Service during funds withdrawal
  3. You shall comply with these Terms and Conditions as well as with any applicable laws, rules and regulations.
  4. In relation to your registration and use of the Service you will:
    1. provide us with accurate, current, complete and true evidence of your identity and any additional information or evidence we may require to confirm your identity;
    2. supply us with all information and documentation we may ask in order to process your transfer and to comply with any legal requirements applicable to us or to our partners (including without limitation, the Savings Regulations );
    3. update all information you provide to us to keep it accurate, current, complete and true;
    4. not use the Service for or in connection with any Prohibited Purpose or attempt to tamper, hack, modify, overload, or otherwise corrupt or circumvent the security and/or functionality of the Website and/or the Application or to infect it with any Malicious Code;
    5. keep your account details secure, you must not share the account or any other transaction details with anybody
  5. You understand and accept that:
    1. We are legally obliged to retain information about our users and the transactions that we process for up to 5 years or as may be required from time to time by applicable law or by any regulatory authorities;
    2. All charges of the Service will be charged using our rate published on the Application or as may be communicated to you before we issue a withdrawal Confirmation);
    3. We reserve the right to increase the charges as per the market demands
    4. You will be liable to us for all losses which we suffer or incur in relation to any fraud or fraudulent activity by you;
    5. You must call us or write an e-mail to us as soon as possible if you believe or suspect that a withdrawal of funds was not executed properly or that the amount has not been received or was only partly received;

Partnerships

Moneto Ventures ltd T/A Chumz envisages to offer a savings product that meets the full confidence of clients and the regulator and to provide safety of the funds, we have therefore entered into partnerships with the key stakeholders as below:

Nabo Capital Ltd as our fund manager- all funds that are sent to Chumz shall be reflected into Nabo who will be in charge of the investments. Our two products- Normal saving goals and Locked Savings will terminate into Nabo funds ; the Nabo KES Money Market Fund and the Nabo KES Fixed Income Fund respectively.

Chumz has invested in the Nabo Money Market KES Unit Trust, which is managed by Nabo Capital as its fund manager. The Unit trust is audited by Grant Thornton, has KCB as the approved Trustees and Stanbic Bank as Custodian.

Fees and payment methods

  1. The prices for the money Services consist of Mpesa charges and our processing fee.
  2. Our Fees vary from time to time, but changes in the Fees will not apply to any Savings in respect for which we have already sent you the Confirmation.
    1. Withdrawal Fees for amounts between 0-1000 we shall charge Kes 20 per successful withdrawal
    2. Withdrawal Fees for amounts greater than 1000+ Kes 30
    3. Chumz platform fees are charged on amount invested upto 2% p.a on interest earned with a withdrawal penalty applicable of 0.25% on the locked goals that users withdrawal before maturity
  3. All transactions will be charged as soon as we accept your withdrawal request.
  4. Discounts on our Fees may be available through promotions that we or our partners may offer from time to time. Promotions are subject to terms and conditions and will be honored in accordance with their published terms.

Cancellations and refunds

  1. You have a right to withdraw a saved amount before the due date has been reached. You may exercise this right by withdrawing through the service
  2. If you exercise your right to withdraw the savings:
    we reserve the right to retain the Fees charged for the Service (and we may charge you with those Fees if they have not yet been paid); and
  3. Withdrawals can take up to 2 working days to be processed and this depends on third party systems we use
  4. We reserve the right not to refund amounts smaller than KES 30 for a charge fee within our processing costs.

Promotions

  1. All promotions, bonuses or special offers run by Chumz are subject to promotion specific terms and conditions and any complimentary bonus credited to your account must be used in adherence with such terms and conditions.
  2. In certain cases, we may conclude promotions, bonuses or special offers before the end of the advertised period or may prolong the period of a promotion, bonus or special offer usually due to abuse, limited up-take of the offer or error.
  3. Chumz reserves the right to disqualify certain countries or individuals from promotional offers.
  4. In the event that Chumz reasonably suspects that a user of our service has abused, is abusing or is attempting to abuse a bonus or other promotion, or is likely to benefit through abuse or lack of good faith from a policy adopted by the Chumz, then Chumz may, at its sole discretion, deny, withhold or withdraw from any user any bonus or promotion, or rescind any policy with respect to that user, either temporarily or permanently, or terminate that user’s access to that user’s account.

Complaints

  1. We value your feedback as it helps us improve our service. We have established internal procedures for complaints. You can make a complaint in writing to us regarding any aspect of the Service by e-mail to the following addresses: [email protected].
    We will investigate your complaint and use reasonable endeavors to come back to you with the results of our investigation within 3 working days after receipt of your complaint.
  2. In certain cases, we may conclude promotions, bonuses or special offers before the end of the advertised period or may prolong the period of a promotion, bonus or special offer usually due to abuse, limited up-take of the offer or error.
  3. Chumz reserves the right to disqualify certain countries or individuals from promotional offers.
  4. In the event that Chumz reasonably suspects that a user of our service has abused, is abusing or is attempting to abuse a bonus or other promotion, or is likely to benefit through abuse or lack of good faith from a policy adopted by the Chumz, then Chumz may, at its sole discretion, deny, withhold or withdraw from any user any bonus or promotion, or rescind any policy with respect to that user, either temporarily or permanently, or terminate that user’s access to that user’s account.
  5. In a case of fraud or suspicious activity enhanced checks will be reinforced. They will involve the user taking a selfie while holding the national ID they registered with and a code that will be sent to their phone for device verification

Money Saving regulations

Saving regulations can be read on the Kenya banking act.

For particular information about Chumz and how it ties to the Saving act please contact us at [email protected]

Written communications

Applicable laws and regulations require that some of the information we send to you or communications between you and us should be in writing. You agree to receive such written communications electronically. You also agree that electronic means of communication shall be effective for the purpose of the Contract between you and us. The foregoing does not affect your statutory rights.

Notices and communications

Notices given to Moneto Ventures LTD must be in the English Language and sent to Chumz Ltd. We may give notices to you in connection with any aspect of the Service or any order either through the e-mail address or the postal address that you provided to us or in any other way permitted pursuant to these Terms and Conditions. Notices to you will be deemed received and properly served immediately after an e-mail is sent to you at the address you provided, or where a notice is sent to your postal address, one day after the date of posting in the case of domestic notices and 6 days in the case of international mail.

Transfer of rights and obligations

  1. We shall be entitled, without your consent, to transfer our rights and obligations under these Terms and Conditions and under any Contract to any of our affiliates or to any entity or person that acquires our business. Any such transfer of rights and obligation will have effect upon notice being given to you (including notices given through the Website or the Application).
  2. We are entitled to perform our obligations to you through subcontractors, agents and other third parties.
  3. You may only transfer your rights and obligations under the Contract if we have agreed for this in writing.

Waiver

  1. If we fail, at any time during the term of the Contract, to insist upon strict performance of any of your obligations under the Contract or any clause of these Terms and Conditions, or if we fail to exercise any of the rights or remedies to which we are entitled under the Contract or by law, this will not constitute a waiver of such rights or remedies and will not relieve you from compliance with such obligations.
  2. A waiver by us of any default will not constitute a waiver of any subsequent default.
  3. No waiver by us of any term in these Terms and Conditions will be effective unless it is expressly stated to be a waiver and is communicated to you in writing in accordance with these Terms and Conditions.

Severability

If any court or competent authority holds that any of the provisions of these Terms and Conditions or any provisions of the Contract are invalid, unlawful or unenforceable to any extent, that shall not affect the other terms of these Terms and Conditions or the Contract which will continue in full force and effect to the fullest extent permitted by law.

Entire agreement

  1. These Terms and Conditions and any document expressly referred to in them constitute the whole agreement between us and you and supersede all previous discussions, correspondence, negotiations, previous arrangement, understanding or agreement between us and you relating to the subject matter hereof.
  2. You acknowledge that, in entering into the Contract and accepting these Terms and Conditions, you do not rely on, or will have no remedies in respect of, any representation or warranty (whether made innocently or negligently) that is not expressly set out in these Terms and Conditions or the documents referred to in them.
  3. Nothing in this clause limits or excludes any liability for fraud.

Our right to vary these terms and conditions

  1. We reserve the right to revise, amend or replace these Terms and Conditions from time to time.
  2. Our Terms and Conditions in force at the time that you order Services from us will have effect between you and us for the purpose of that order. We may notify you of a change to the Terms and Conditions after you place an order but before we send you the Confirmation, in which case, unless you notify us within a reasonable period of time and in any event within seven days that you wish to cancel the order, the revised Terms and Conditions will apply.

Third party rights

  1. A person who is not a party to this Agreement shall have no rights to enforce the provisions of this Agreement under the Contracts.

Intellectual property

  1. The Website and the Application, the content, the name Chumz and other names, logos, signs, domain names, email addresses and other indications of origin displayed on the Website or the Application relating to our products and/or services and all intellectual property relating to them and contained in them (including but not limited to copyrights, patents, database rights, design right, trade marks,) (“IPRs”) are owned by us, our affiliates or third party licensors. Other names and logos of third party product, service and companies displayed on the Website may be the trademarks of third parties. You shall not acquire any right, title or interest in any such IPRS by reason of the Services or the Contract and all right, title and interest in and to the Website and the Application shall remain our property and/or the property of such other third parties.
  2. You may use the Website and the Application only for the purpose of the bona fide use of our Services as an individual consumer or business customer and only as permitted by these Terms and Conditions or described on the Website. You are authorized solely to view and to retain a copy of the pages of the Website for your own personal use. The Website and the Application and the Services may not be used for the purpose of testing the Service or to obtain information about the Service or about us. You may not duplicate, publish, modify, create derivative works from, participate in the transfer or sale of, post on the internet, or in any way distribute or exploit the Website, the Application or any portion thereof for any public or commercial use without our express written permission. You may not: (a) use any robot, spider, scraper or other automated device to access the Website or the Application or to use the Service; and/or (b) remove or alter any copyright, trade mark or other proprietary notice or legend displayed on the Website (or printed pages of the Website)

How to earn a referral credit

From time to time existing Chumz users can earn a referral credit of a given amount towards a qualifying transaction if a friend and new Chumz user clicks on the unique referral link, or enters the unique referral code upon registration, and completes a qualifying transaction on the Chumz platform. There’s no limit to the number of referrals that each user can send or the number of referral credits they can earn, but only one referral code can be used per qualifying transaction. Referral codes can’t be used in combination with any other promotion code.

What is a qualifying transaction?

A qualifying transaction must have a total saving value* of at least Kes 100 for saving and, it must be their first transaction. If the first transaction of the user is less than the qualifying amount, the referral code can be used in a subsequent transaction with the same or higher total sending value as the qualifying amount. There is no expiry date on the referral code.

How to share referral codes

Referral codes should only be shared with people via whatsapp and sms and should be shared on a platform where there’s a reasonable basis that the people know each other. Chumz reserves the right to deny the referral amounts if there’s suspicion of manipulation of the referral scheme, such as creating duplicate accounts with different contact details, sharing in unsolicited ways (spam) and anything else that Chumz deems to be not in good faith, abusive and a breach of this agreement.

Liability and governing law

These terms and conditions are in accordance with the laws of Kenya, and Chumz reserves the right to change these terms and conditions and to terminate the referral scheme at any point in time. Chumz also accepts no liability for any use of the referral programme that doesn’t comply with this agreement.

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