These terms of use govern your engagement and utilization of the MWallet with Mombo Sacco. By accessing or using the MWallet, you agree to adhere to these terms. Please read them carefully.

Personal Data comprises all the details Mombo App holds or collects about you, directly or indirectly, your transactions, transactions you effect, financial information, interactions and dealings with or between Mombo App partners or /and third parties.

1. Definition and Scope

1.1 MWallet: A digital wallet service offered by Mombo Sacco for individual and corporate members to manage financial transactions efficiently.
1.2 Individual Customers: Users with personal wallets having one signatory.
1.3 Corporate Customers: Users with SME Wallets, possibly having up to three signatories with varying permissions.

2. Account Setup and Access

2.1 Personal Wallets: There is no opening fee, and each personal wallet is assigned to one signatory. Access is controlled by secure credentials.
2.2 SME Wallets: Up to three signatories assigned. Permissions are granted as designated by primary signatories, with options for read and write access.

3. Wallet Categories

3.1 Primary Wallets: Provided by default to both individual and SME accounts, free of opening and monthly maintenance fees.
3.2 Secondary Wallets: Optional for additional needs, subject to opening fees and monthly maintenance charges.

4. Features

4.1 Self-Service Management: Manage transactions independently at any time.
4.2 Instant Transfers: Quick and secure fund transfers to family, friends, or business partners.
4.3 Payment Integration: Link MWallet with mobile money or bank accounts for seamless transitions.
4.4 Bill Payments: Stress-free bill processing via the app.
4.5 Automated Savings: Set up recurring transfers to savings accounts without manual input.
4.6 Overdraft: Provides access to temporary funds, bypassing the need for a formal loan application, subject to account rules and conditions.
4.7 Real-Time Notifications: Receive alerts for transactions to maintain oversight.
4.8 Split a Bill: Simplify shared expenses by splitting costs directly through the MWallet.
4.9 Send a Gift: Effortlessly send monetary gifts with optional personalized messages.

5. Wallet Creation and Deletion

5.1 Additional Wallets: Members may create secondary wallets under their accounts, incurring associated fees.
5.2 Account Closure: Only the secondary wallets can be closed via application through the Mombo App, observing the formal resolution process.

6. User Permissions

6.1 Individual Accounts: Only the sole signatory can authorize transactions.
6.2 SME Accounts: Signatories are empowered to assign each other or additional personnel with read and/or write permissions, thereby ensuring secure and flexible management within businesses.

7. Data Security and Privacy

7.1 Transaction Data: All transaction details and personal data are encrypted to ensure privacy.
7.2 Sharing Information: Data shared within the scope of managing the MWallet shall comply with data protection policies and will not be disclosed without explicit consent.

8. Overdraft Policies

8.1 Unauthorized Overdraft Circumstances: An unauthorized overdraft may occur due to duplicate or erroneous transactions resulting from a system error. Although no wallet account should ideally be overdrawn without authorization, in rare instances where this happens, the account holder will be informed of the overdraft.
8.2 Resolution Without Penalty: Once informed, the account holder is required to regularize the account within 10 business days without incurring any penalty.
8.3 Penalty for Non-Compliance: If the overdraft is not regularized within the stipulated 10-day period, a penalty of 10% of the overdraft amount will be incurred monthly until the account is brought back within authorized limits.

9. Fees and Charges

9.1 Secondary Wallets: Fees related to secondary wallets shall include a one-time opening fee and monthly management charges, outlined at the time of wallet creation.
9.2 Administration and Transaction Costs: May apply, as detailed in the current fee schedules available within the Mombo App.
9.3 Currency Conversion Fees: International transactions may incur additional fees for currency conversion.

10. Dispute Resolution

10.1 Notification: Users must notify Mombo Sacco of any disputes or fraudulent transactions immediately for prompt review and resolution.
10.2 Support Channels: Disputes can be addressed through Customer Support Phone or Email, as provided by Mombo Sacco.

11. Amendments

11.1 Changes to Terms: Mombo Sacco reserves the right to modify these terms from time to time. Notifications will be provided through the app prior to changes taking effect.

12. Liability

12.1 Disclaimer: Mombo Sacco disclaims liability for any losses or unauthorized transactions resulting from the misuse of the MWallet, due diligence notwithstanding, unless caused by our own gross negligence.

13. Prohibited Activities

13.1 Restrictions: Users agree not to use MWallet for illegal activities, money laundering, or any acts that violate the terms of use.

14. Termination and Suspension

14.1 Breach of Terms: Mombo Sacco may suspend or terminate access to the MWallet upon violation of terms, pending investigation, and resolution.

15. Account Recovery

15.1 Lost Credentials: If you lose your account credentials, follow the recovery process in the Mombo App to restore access.
15.2 Account Lock: After multiple incorrect login attempts, accounts may be temporarily locked to ensure security.

16. Transaction Limits

16.1 Daily Limits: Daily transaction limits may apply to both individual and SME accounts, depending on account type and status.
16.2 Custom Limits: Members may request adjustments to transaction limits, subject to approval.

17. Notifications and Communication

17.1 Communication: Members agree to receive communication regarding transactions, updates, and promotional material from Mombo Sacco.
17.2 Opt-out: Members may opt-out of non-essential communications via their account settings.

18. Mobile Application Use

18.1 Compatibility: The Mombo App is compatible with specified iOS and Android versions; users must maintain app updates for optimal service.
18.2 Offline Access: Some features may require internet connectivity; offline functionality is limited.

19. Fraudulent Cash Deposits to MWallet

19.1 Fraudulent Activity Monitoring: All transactions are monitored for suspicious activities. Transactions flagged as potentially fraudulent will undergo further review and investigation.
19.2 Investigation Process: If a transaction is suspected to be fraudulent, Mombo Sacco will initiate a thorough investigation following established protocols. This will be done in cooperation with relevant financial and regulatory authorities to ensure compliance with legal standards.
19.3 Reversal of Fraudulent Deposits: Once fraudulent activity is confirmed, the funds deposited into the MWallet fraudulently will be reversed to the original source account. This reversal will only occur after a complete investigation verifies the fraudulent nature of the deposit.
19.4 Member Notification: Members will be informed of any investigations involving their accounts, including potential outcomes and actions to be taken, maintaining transparency throughout the process.
19.5 Collaborative Resolution: Mombo Sacco will work closely with affected members to address any issues resulting from fraudulent activities, ensuring member security and confidence in handling suspected fraud cases.
19.6 Legal Compliance and Enforcement: All actions taken under this clause will adhere to relevant laws and regulations concerning financial transactions and fraud prevention, upholding the integrity and security of Mombo Sacco’s financial system.

20. User Conduct

20.1 Respect: Members should use the MWallet respectfully and avoid behaviors that could harm others or interfere with the service.

21. Third-Party Service Integration

21.1 Third-Party Use: MWallet services may involve the use of third-party service providers for transaction processing. Members acknowledge that these services are subject to separate terms and conditions.
21.2 Liability: Mombo Sacco is not liable for actions taken by third-party service providers, although efforts are made to partner with reputable entities.

22. KYC and Verification Requirements

22.1 Identification Documents: Members must furnish a copy of their national ID or passport, KRA Pin certificate, and a recent passport photo to enable withdrawals from the Wallet.
22.2 Verification Process: Mombo Sacco reserves the right to verify the identity of any member before processing significant transactions, ensuring compliance and security.

23. Access Points

23.1 Mombo App: The Mombo App is the primary access point for the MWallet, providing members with comprehensive functionality and management of financial transactions in a user-friendly digital environment.
23.2 USSD Access: For situations where internet access may be limited, members will also have the option to access their MWallet via a USSD function, ensuring that essential features of the MWallet can be utilized offline. Further details of USSD access will be communicated when the function is availed.
23.3 Debit Card: Members can opt to receive a Mombo Sacco Debit Card that links directly to their MWallet, allowing for seamless card payments and transactions at points of sale, enhancing the versatility and usability of MWallet funds.

By continuing to use the MWallet, you acknowledge and accept these terms and agree to stay alert for updates. Mombo Sacco aims to provide a smooth digital experience, enabling individuals and businesses to manage their finances easily and securely.