DIGITAL LOAN TERMS AND CONDITIONS
This Loan Agreement (the “Agreement”) is made and entered into by and between:
ZANIFU LIMITED, a limited liability company incorporated in the Republic of Kenya (Company No. PVT/2016/006329) of P.O. Box 30642-00200 Nairobi, Kenya (hereinafter referred to as the “Lender” or “Zanifu”, which expression shall include its successors and assigns);
AND
The person whose name and mobile number are captured on Zanifu’s digital lending platform (hereinafter referred to as the “Borrower” or “Customer”).
This Agreement sets out the terms and conditions upon which Zanifu shall provide a revolving credit facility to the Borrower, and shall be legally binding upon acceptance through Zanifu’s digital platform.
1. Registration
1.1. Our system requires that the Borrower register by creating an account with Zanifu to be able to access various products;
1.2. The Borrower agrees to be responsible for maintaining the confidentiality of their passwords or other account identifiers which they choose and all other activities that occur on their gadget.
1.3. By signing up or otherwise using Zanifu’s system, the Borrower confirms having read and understood our Terms and Conditions of registration on the Zanifu official website www.zanifu.com and agree to be bound by them;
2. Revolving Facility and Continuous Application
2.1. This Agreement constitutes a revolving credit facility. Subsequent disbursements under this facility may be advanced to the Customer upon repayment of outstanding amounts and satisfaction of Zanifu’s eligibility criteria.
2.2. Each loan request initiated via Zanifu’s app, USSD, or digital platform shall be deemed a binding offer by the Customer and shall be governed by the terms of this Agreement.
2.3. Each such application shall be deemed an acceptance of the terms herein, and any disbursed amount shall form part of this Agreement.
2.4. Zanifu reserves the right to decline or limit disbursements at its sole discretion.
3. Loan Amount, Interest & Repayment
3.1. Loan amounts shall be determined by Zanifu at its sole discretion and the Borrower has a right to accept or decline the loan.
3.2. The Borrower shall repay the principal, interest, and any applicable fees on the due date communicated through Zanifu’s platform.
3.3. Interest rates and fees shall be disclosed digitally prior to acceptance by the Borrower.
4. Digital Execution and Evidence
4.1. This Agreement shall be deemed to be duly executed electronically under the Kenya Information and Communications Act and the Evidence Act.
4.2. The Borrower’s digital acceptance through OTP, PIN, click-wrap, USSD, biometric or other methods constitutes binding execution.
4.3. This Agreement and any loan issued under it shall be admissible in court in electronic form as evidence of the contractual relationship.
4.4. The Borrower shall be responsible for ensuring the proper performance use and safekeeping of their gadgets. Zanifu shall not be responsible for any loss, errors or failures caused by any malfunction of the gadgets or the system.
4.5. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by the law.
5. Security and Registration
5.1. Where applicable, the Borrower authorizes the Lender to register any security under the Movable Property Security Rights Act (MPSRA) or with the Companies Registry.
5.2. The Borrower shall cooperate in executing all documents necessary to perfect such registration.
6. Default and Recovery
6.1. In the event of default, Zanifu may:
- Demand immediate payment of the entire outstanding amount;
- Appoint debt collectors or licensed auctioneers to recover amounts at the Borrower’s cost;
- Enforce any registered security;
- Issue statutory notices under the Auctioneers Act or other relevant statutes;
- Report the default to licensed Credit Reference Bureaus (CRBs).
6.2. All recovery costs shall be borne by the Borrower and added to the loan balance.
6.3. The Borrower consents to summary judgment proceedings under Order 36 of the Civil Procedure Rules in the event of default.
6.4. The Customer hereby waives any right to dispute the validity of the debt on grounds of procedural or documentary deficiencies once the loan has been disbursed and utilized.
7. Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF)
7.1. The Borrower agrees to provide KRA PIN, valid identification, and any documentation as required under applicable AML/CFT laws.
7.2. Zanifu may share such information with regulators, reporting institutions, or enforcement agencies as required by law.
8. Data Protection
8.1. The Borrower hereby authorizes Zanifu to access any information including from IPRS available to assess the loan request, and also give Zanifu permission to subject the information to a robust credit scoring engine to ascertain the Borrower’s credit worthiness.
8.2. Zanifu reserves the right to request for further information from the Borrower pertaining to the application for Zanifu products. Failure to provide such information within the time required may result in declining the request for a loan facility.
8.3. The Borrower authorizes Zanifu to contact their nominated next of kin if the Borrower cannot be reached. The Borrower confirms they have obtained the next of kin’s consent for this purpose and agrees that Zanifu shall not be liable for any claim arising from such contact.
8.4. The Borrower acknowledges that Zanifu is a Data Controller and third-party service providers (including debt collectors and auctioneers) may be Data Processors under the Data Protection Act.
8.5. The Borrower’s data shall be processed strictly in accordance with the Data Protection Act and related regulations.
9. Consumer Protection
9.1. The Borrower confirms understanding of the loan terms disclosed digitally and accepts the terms voluntarily.
9.2. The Agreement and disclosures made are in compliance with the Central Bank of Kenya Digital Credit Providers (DCP) Regulations.
10. Dispute Resolution
10.1. Any dispute arising under this Agreement shall first be resolved through good faith negotiations.
10.2. If such negotiations fail, the dispute shall be referred to and finally resolved by the courts of competent jurisdiction in Kenya, and the Borrower irrevocably submits to the exclusive jurisdiction of such courts.
10.3. Nothing in this clause shall restrict the Lender from seeking urgent interim relief or enforcement measures (such as summary judgment) before any court of competent jurisdiction.
11. General Provisions
11.1. This Agreement is governed by the laws of Kenya.
11.2. Zanifu reserves the right to amend the terms of this Agreement from time to time in compliance with the DCP Regulations.
11.3. A notice sent to the mobile number provided by the Borrower constitutes valid notice.
11.4. This Agreement contains the entire understanding between the parties and supersedes all prior discussions.
11.5. If any clause is found to be unlawful or unenforceable, the remaining provisions shall remain in full force.