C100 Terms and conditions
By sending cash to C100 investment account, you agree to the terms and conditions of this investment
1.1. Before applying to open the C100 Account under Truckers Sacco via the M-PESA System you should carefully read and understand these Terms and Conditions which will govern the use and operation of the C100 Account.
1.2.If you do not agree with these Terms and Conditions, please click “No” on the C100 Menu.
1.3. You will be deemed to have read, understood and accepted these Terms and Conditions: –
1.3.1. upon clicking on the “Yes” option on the C100 Menu requesting you to confirm
that you have read, understood and agreed to abide with these Terms and Conditions;
1.3.2. by using or continuing to use and operate the C100 Account.
1.4. By applying to open the C100 Investment Account with the Sacco, you agree to comply with and be bound by these Terms and Conditions for the time being and from time to time in force governing the operation of the C100 Account and you affirm that these Terms and Conditions herein are without prejudice to any right that the Sacco may have with respect to the C100 Account in law or otherwise.
1.5. These Terms and Conditions may be amended or varied by the Sacco from time to time and the
continued use of your C100 Account constitutes your agreement to be bound by the terms of any such amendment or variation.
1.6. You acknowledge and accept that the Sacco offers the C100 Account only electronically and you agree to do business with the Sacco and to operate the C100 Account only by electronic means via the C100 Menu on the M-PESA System. Any query and complaint you may have relating to the Services shall be addressed to the Sacco through the Customer Care Centre. For the avoidance of doubt, you acknowledge and accept
- You have to be a fully registered member of the Truckers Sacco for you to enjoy the benefits listed below. i.e. (fully paid registration fee Ksh 1000 and bought at least minimum shares of Ksh 3000).
- You are also expected to save ksh 100 daily for the next 30days without fail unless you choose to be paying Ksh 3000 in advance. Saving discipline in this group is key, we will not be able to accommodate you if you are not saving promptly.
- Funds sent to C100 automatically create shares and they are only transferable and not withdrawable
- 2.1. Where you apply for a loan from the Sacco, your application shall be appraised according to the applicable loan appraisal processes of the Sacco. The Sacco reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a loan.
4.2.2. Subject to approval of your application for a loan the Sacco shall disburse to you a loan of an amount to be determined by the Sacco in its sole discretion subject to a minimum amount of Kenya Shillings One Thousand (Kshs.1,000/=) and a maximum amount of Kenya Shillings Ten Thousand (Kshs. 10,000/=) or such other minimum or maximum amount as the Sacco may from time to time in its sole
discretion determine (the “Loan”).
4.2.3. The proceeds of the Loan shall be credited into your M-PESA Account subject to any deductions on account of applicable Transaction Fees.
4.2.4. You shall repay the Loan within thirty (30) calendar days of the date of disbursement of the Loan.
4.2.5. In consideration of the Sacco granting you the Loan, you shall pay the Sacco a facility fee being 5% of the Loan amount (the “Facility Fee”). The Facility Fee shall be paid by you upfront less the loan applied.
4.2.6. You shall make all payments due from you to the Sacco in respect of the Loan using the M-PESA Service and the System only unless otherwise agreed by the Sacco in its discretion.
4.2.7. In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursement of the Loan, the Sacco will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period of thirty (30) calendar days.
4.2.8. In consideration of the Sacco forbearing to demand the immediate payment of the outstanding amount due in respect of your Loan and rolling over the same pursuant to Clause 2.7, you shall, in addition to paying the outstanding amount in respect of the Loan any outstanding Facility Fee, pay to the Sacco a roll-over fee being 5% of the outstanding amount in respect of the Loan (the “Roll-Over Fee”).
4.2.9. The Sacco shall be entitled to terminate this Agreement and close your C100 Loan Account without prejudice to any of its rights accruing hereunder if you fail to repay the Loan and/or the Facility Fees due thereon within forty-five (45) calendar days of the disbursement of the Loan.
4.2.10. The Sacco shall hold your funds in your C100 Investment Account as collateral and security for any amounts outstanding and due from you to the Sacco in respect of your C100 Loan Account. You hereby agree and confirm that the Sacco is entitled in its discretion to prevent or restrict you from transfering in whole or in part the funds in in your C100 Investment Account for so long as and to the extent of the amount outstanding in respect of your C100 Loan Account without the Sacco giving any notice to you and/or without incurring any liability to you whatsoever in that connection.
4.2.11. The Sacco reserves the right to vary the terms of the Loan including the fees payable thereon
from time to time having regard to the prevailing rules and regulations of the Ministry of Industrialization & Enterprise Development and the policies of the Sacco.
4.2.12. The Sacco shall have a right of lien and set off over funds held by you in your C100 Investment Account and any other account held by you in the Sacco.
4.2.13. You hereby expressly consent and authorize the Sacco to disclose, respond, advise exchange and communicate the details or information pertaining to your C100 Loan Account to Credit Reference Bureaus as required under the Sacco Act in the Ministry of Industrialization & Enterprise Development or any other regulatory body.
5.1. You hereby agree to pay all Transaction Fees payable in connection with your use of the Services.
5.2. You shall pay to the Sacco and the Sacco is entitled deduct from your C100 Investment Account (without reference to you):
5.2.1. any Transaction Fees payable in respect of the Services;
5.2.2. any legal charges including advocate and client costs incurred by the Sacco in obtaining legal advice in connection with your C100 investment Account and your dealings with the Sacco or incurred by the Sacco in any legal, arbitration or other proceedings arising out of any dealings in respect of your C100 Investment Account; and
5.2.3. all other fees, expenses and taxes, duties, impositions and expenses incurred in complying with your Requests.
5.3. You hereby agree to pay costs charges and expenses incurred by the Sacco in obtaining or attempting to obtain payment of any loan owed under your C100 Loan Account.