1.1 This Agreement sets out the complete terms and conditions (hereinafter called “the Terms and conditions”) which shall be applicable to the Merchant XtraStock product (as hereinafter defined) opened by you (as hereinafter defined) with the Bank (as hereinafter defined).

1.2 These Terms and conditions and any amendments or variations thereto take effect on their date of publication.

2.1 In these Terms and Conditions, the following words and expressions (save where the context requires otherwise) bear the following meanings:

2.1.1 “Bank” means KCB Bank Uganda Limited incorporated in Uganda as a limited liability company under the Companies Act, 2012 and duly licensed as a bank under the Financial Institutions Act, 2004.

2.1.2 “Credit Reference Bureau” means a credit reference bureau duly licensed under the Financial Institutions Act pursuant to the Financial Institutions (Credit Reference Bureau) Regulations, 2022, as amended, revised or promulgated from time to time, to inter alia, collect and facilitate the sharing of customer credit information;

2.1.3 “Customer” means the person in whose name the Merchant XtraStock with the Bank is existing;

2.1.4 “Customer Care Centre” means any MTN MOMO Retail Shops or Bank Branch or such other Bank Agent or Agents as may be notified to the Customer by the Bank from time to time;

2.1.5 “E-Money” means the electronic monetary value depicted in your MTN Merchant Account representing an equal amount of cash;

2.1.6 “Equipment” includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;

2.1.7 “Facilitation Fee” means the fee charged for the KCB MTN merchant XtraStock product as stated in Table A and B. Facilitation Fees are subject to change at any time at the Bank’s sole discretion subject to giving you thirty (30) days’ notice of the proposed change.

2.1.8 “Interest rate” means the rate charged for over draft facilities or bank credit facilities.

2.1.9 “Merchant XtraStock” means a bank account held by a Customer with the Bank and which is opened and operated in accordance with the Terms and Conditions herein contained;

2.1.10 “KCB MTN MOMO Products” means the other Bank accounts, products or services offered to the Customer to complement the Merchant XtraStock;

2.1.11 “KCB MTN MOMO Menu” means the KCB MTN MOMO Menu on the MTN MOMO System;

2.1.12 “KCB MTN MOMO Loan Menu” means the KCB MTN MOMO Loan Menu on the MTN MOMO System;

2.1.13 “MTN Merchant Account” means your mobile money store of value, being the record maintained by MTN MOMO of the amount of E-Money from time to time held by you in the MTN MOMO System;

2.1.14 “MTN MOMO Pin” means your personal identification number being the secret code used to access and operate the MTN MOMO System & your Merchant XtraStock

2.1.15 “MTN MOMO Service” means the money transfer and payments service provided by MTN MOMO through the MTN MOMO System;

2.1.16 “MTN MOMO System” means the system operated by MTN MOMO in Uganda for the provision of the MTN MOMO Service using the Network;

2.1.17 “MTN MOMO Subscriber” means any person registered to use the MTN MOMO System to send or receive money or make payments;

2.1.18 “Network” means the mobile cellular network operated by MTN MOMO;

2.1.19 “Request” means a request or instruction received by the Bank from you or purportedly from you through the Network and the System and upon which the Bank is authorized to act;

2.1.20 “MTN MOMO” means MTN MOMO Public limited company incorporated in Uganda as a limited liability company under the Companies Act;

2.1.21 “Services” shall include any form of financial services or products that the Bank may offer you pursuant to this Agreement and as you may from time to time subscribe to and “Service” shall be construed accordingly;

2.1.22 SIM Card” means the subscriber identity module which when used with the appropriate mobile phone handset enables you to access the Network and to use the MTN MOMO and KCB MTN MOMO System.

2.1.23 “SMS” means a short message service consisting of a text message transmitted from one mobile phone to another;

2.1.24 “System” means the Bank’s electronic banking and communications software enabling the Customer to communicate with the Bank for purposes of the Services. The System and the Services will for the purpose of this Agreement be accessed through the MTN MOMO Network and systems;

2.1.25 “Transaction Fees” includes any fees and charges payable for the use of the Services as published by the Bank on the Bank’s website and/or MTN MOMO’s website and/or the daily newspapers in Uganda or by such other means as the Bank shall in its sole discretion may determine. Transaction Fees are subject to change at any time at the Bank’s sole discretion;

2.1.26 “We,” “our,” and “us,” means the Bank and includes the successors and assigns of the Bank;

2.1.27 “You” or “your” means the Customer and includes the personal representatives of the Customer;

2.1.28 The word “Customer” shall include both the masculine and the feminine gender as well as juristic persons;

2.1.29 Words importing the singular meaning where the context so admits include the plural meaning and vice versa.

3.1 Before applying to open the Merchant XtraStock via the MTN MOMO System you should carefully read and understand these Terms and conditions which will govern the use and operation of the Merchant XtraStock;

3.2 If you do not agree with these Terms and conditions, please click “Decline” on the KCB MTN MOMO Menu.

3.3 You will be deemed to have read, understood and accepted these Terms and Conditions:

3.4 upon clicking on the “Accept” option on the KCB MTN MOMO Menu requesting you to confirm that you have read, understood and agreed to abide with these Terms and Conditions; and/or

3.4.1 by using or continuing to use and operate the Merchant XtraStock and/or the Services.

3.5 By applying to open the Merchant XtraStock with the Bank, 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 Merchant XtraStock and you affirm that these Terms and Conditions herein are without prejudice to any right that the Bank may have with respect to the Merchant XtraStock in law or otherwise.

3.6 These Terms and Conditions may be amended or varied by the Bank from time to time subject to at least thirty (30) days prior notice to you. The continued use of your Merchant XtraStock and/or the Services after lapse of the said notice period constitutes your agreement to be bound by the terms of any such amendment or variation.

4.1 In order to open a Merchant XtraStock with the Bank, you must be at least 18 years old and a registered and active MTN MOMO merchant Subscriber for at least six (6) months immediately preceding the date of your application. The Bank reserves the right to verify with MTN MOMO the authenticity and status of your MTN merchant Account.

4.2 You may open a Merchant XtraStock solely by way of an electronic application made by you using your Equipment via the KCB MTN MOMO Menu on the MTN MOMO Network and system.

4.3 You hereby agree and authorize the Bank to request MTN MOMO for your personal information held by MTN MOMO pursuant to the agreement between you and MTN MOMO for the provision of MTN MOMO products and services and MTN MOMO Service including your phone number, name, date of birth, ID or Passport Number and such other information that will enable the Bank to identify you and comply with the regulatory “Know Your Customer” requirements (together the “Personal Information”). You also hereby agree and authorize the Bank to request MTN MOMO for information relating to your use of the MTN merchant Service, MTN MOMO System and MTN MOMO Services as the Bank shall require for purposes of providing you the Services (“MOMO Information”). You hereby consent to the disclosure of the Personal Information and the MTN MOMO Information by MTN MOMO to the Bank and to the aforesaid use of the Personal Information and the MTN MOMO Information by the Bank.

4.4 You hereby agree and authorize the Bank to obtain and procure your Personal Information contained in the credit reference bureau and you further agree and consent to the disclosure and provision of such Personal Information by the credit reference bureau to the Bank.

4.5 You hereby further acknowledge and authorize the Bank to verify your Personal Information received from MTN MOMO against the information received from the credit reference bureau in your respect as contained in the credit reference bureau.

4.6 The Bank reserves the right to request for further information from you pertaining to your application for a Merchant XtraStock at any time. Failure to provide such information within the time required by the Bank may result in the Bank declining to accept your application for a Merchant XtraStock.

4.7 Acceptance by the Bank of your application for a Merchant XtraStock shall be done via SMS sent to the MTN MOMO Mobile Phone Number associated with your MOMO Account. You acknowledge and accept that the acceptance by the Bank of your application for a Merchant XtraStock does not create any contractual relationship between you and MTN MOMO beyond the terms and conditions that apply to your MOMO Account from time to time.

4.8 The Bank reserves the right to decline your application for a Merchant XtraStock or to revoke the same at any stage at the Bank’s sole discretion and without assigning any reason or giving any notice thereto.

5.1 You hereby irrevocably authorize the Bank to act on all Requests received by the Bank from you (or purportedly from you) through the System and to hold you liable in respect thereof. The Bank may nevertheless refuse to carry out any Requests which would result in there being an overdraft on your Merchant XtraStock.

5.2 The Bank shall be entitled to accept and to act upon any Request, if the Bank believes that it can correct any incomplete or ambiguous information in the Request without any reference to you being necessary.

5.3 The Bank shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which the Bank may act if the Bank has in good faith and without negligence acted in the belief that instructions have been sent by you.

5.4 The Bank may, in its absolute discretion, decline to act on or in accordance with the whole or any part of your Request pending further enquiry or further confirmation (whether written or otherwise) from you.

5.5 You agree to and shall release from and indemnify the Bank against all claims, losses, damages, costs and expenses howsoever arising in consequence of, or in any way related to the Bank having acted in accordance with the whole or any part of any of your Requests.

5.6 You acknowledge that to the full extent permitted by law, the Bank shall not be liable for any unauthorized drawing, transfer, remittance, disclosure, any activity or any incident on your account by the fact of the knowledge and/or use or manipulation of your MTN MOMO PIN, password, ID or by any other means occasioned by your negligence.

5.7 You can only cancel your Request by calling the Customer Care Centre and requesting cancellation. Cancellation will however only be allowed where your Request is revocable and has not yet been acted on. If the Bank is able to cancel your instruction, you may be charged for such cancellation.

5.8 The Bank may refuse to make a payment if you do not have sufficient funds in your Merchant XtraStock. In deciding whether you have sufficient funds, the Bank will take account of any instructions to make payments and regular payments which have not yet been paid from your Merchant XtraStock over draft. The Bank will not be obliged to take account of regular credits or any amounts received after it has decided not to make the payment.

5.9 The Bank is authorized to effect such orders in respect of your Merchant XtraStock as may be required by any court order or competent authority or agency under the applicable laws.

5.10 In the event of any conflict between any terms of any Request received by the Bank from you and these Terms and conditions, these Terms and conditions shall prevail.

7.1 The Bank shall have a general lien over all your property/assets in its possession in the event that you owe any money to the Bank including but not limited to cash, goods, securities or valuables deposited for safe custody as security, cheques presented, bills and any other

7.2 The Bank reserves the right to request for further information from you pertaining to your movable or immovable property charged to secure repayment of any money, whether or not that money has been repaid, and also over all property in respect of which, by the general law, the Bank has lien.

7.3 Where you are indebted to the Bank in circumstances giving the Bank a right of set off, all property held in your name or to your account by the Bank shall be deemed to be held as security for the debt.

7.4 The Bank may at any time give you notice in writing that if an accrued debt is not paid within a period being not less than 14 days (or such other period specified in the notice) from the date of receipt by you of the notice, then the Bank may, without further notice, realize sufficient of your assets to discharge the debt. Any part payment made will be accepted strictly on account and without prejudice to the Bank’s rights.

7.5 You hereby constitute the Bank as your attorney for the purposes of any transaction that requires execution on your behalf in relation to your assets for purposes of discharging the debt.

8.1 The Bank may, upon notice, combine/consolidate your Merchant XtraStock account with any of your other accounts held in the Bank, whether current, loan, savings, deposit, term deposit, joint or any other type and thereafter set off any amount held to your credit against any indebtedness you owe to the Bank.

8.2 The Bank may, upon notice to you, set off any amount held to your credit on your MOMO Account against any indebtedness you owe to the Bank.

8.3 The Bank may, upon notice to you, set off your Merchant XtraStock against any other account or indebtedness in respect of which you are liable, notwithstanding that some other person may also be liable in respect thereof. In such circumstances, upon receipt of an indemnity acceptable to the Bank (against costs) and at your expense, the Bank will give you any assistance necessary in obtaining a refund.

8.4 If the set off is for debt recovery, the Bank will provide you with a detailed breakdown of the costs and expenses recovered from you together with a justification for such costs and expenses.

9.1 You may request for a statement or activity report in respect of your Merchant XtraStock from the Bank using your Equipment (“XtraStock Mini Statement”).

9.2 A KCB MTN MOMO XtraStock Mini Statement shall provide details of the last 4 (four) transactions (or such other number of transactions as determined by the Bank) in your KCB MOMO Account initiated from your Equipment.

9.3 A KCB MTN MOMO Mini Statement shall not be sent to you in printed form but shall be delivered to you either by SMS to the MTN MOMO mobile phone number associated with your MTN MOMO Account or such other electronic means as the Bank may in its discretion determine. You shall be responsible for the payment of any charges levied by MTN MOMO in delivering the KCB MTN MOMO Mini Statement to you.

9.4 You may obtain printed KCB MTN MOMO Mini Statements or a printed bank statement pertaining to your Merchant XtraStock from the Bank. You shall be responsible for the payment of any charges levied by the Bank for such printed statements. You also hereby authorize the Bank to share your Merchant XtraStock information with MTN MOMO for this purpose.

9.5 Save for a manifest error, a KCB MTN xtrastock Mini Statement or bank statement issued to you aforesaid in respect of your Merchant XtraStock shall be conclusive evidence of the transactions carried out on your Merchant XtraStock for the period covered in the KCB MTN MOMO Mini Statement and/or bank statement.

9.6 Your statement will show all amounts added or taken from your Merchant XtraStock during the period requested and/or since the previous statement. You must check your statement carefully and tell the Bank as soon as possible if it includes any transaction or other entry which appears to you to be wrong or not made in accordance with your instructions.

9.7 The Bank reserves the right to rectify discrepancies, add and/or alter the entries in your statements, without prior notice to you. The Bank will however inform you of any rectification, additions and or alterations effected on your statements within a reasonable time after the changes are effected.

9.8 You will be notified of all transactions on your Merchant XtraStock by way of SMS and the charges for this service will be debited to your Merchant account.

10.1 Complaints may be made in person, in writing, by post, fax, email or by telephone.

10.2 The Bank will take all measures within its means to resolve your complaints within a reasonable time. All complaints will be handled in accordance with the Bank’s complaints handling procedures, which are available on request from any Bank Branch or the Customer Care Centre. Where a notification regarding your complaint or any other matter is expected from the Bank but not received, you may make a further complaint within a reasonable time after non-receipt of such notification.

10.3 Applicable tariffs will be charged by your telephone and internet service provider (s) when communicating with the Customer Care Centre.

11.1 Your Merchant XtraStock will automatically be classified as inactive if you do not initiate any transactions on the account for a continuous period of 9 (Nine) months.

11.2 The Bank shall make reasonable endeavors to inform you of the intended classification of your Merchant XtraStock as inactive at least one (1) month before such classification. The Bank shall, no later than seven (7) days from the date of such classification, inform you of such classification by way of SMS alerts addressed to your mobile telephone number.

11.3 Your Merchant XtraStock will be classified as dormant if it remains inactive for a further period of 9 (Nine) months, in which case the account balances shall be transferred from your Merchant XtraStock to a central account for security reasons.

11.4 You will not be allowed to transact on an inactive or dormant account but the Bank shall, upon your written (e.g. letter/email) request, inform you of the procedure to be followed to activate your inactive/dormant account.

11.5 The Bank may (including without limitation) apply any one or more of the following conditions to your Merchant XtraStock 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);
(iii) suspend the issuance of statements;
(iv) charge a maintenance fee as the Bank may determine from time to time

11.6 If your Merchant XtraStock will not have any transactions initiated by you for a continuous period of five (5) years or if you shall not have communicated with the Bank for a continuous period of five (5) years regarding your Merchant XtraStock, such account will be presumed abandoned and shall be transferred to Bank of Uganda as such.

12.1 The Bank may debit your Merchant XtraStock with bank fees, commissions, costs and other charges in respect of the Bank’s products and services provided to you, including but not restricted to the following:

a) Unless otherwise agreed in writing, interest on overdrawn accounts, loan accounts or any other facility granted, at any rate or rates as the Bank may determine from time to time, but not exceeding the maximum allowed by law, which rate or rates may be different for different accounts. Such interest will be calculated on daily balances and debited monthly. The Bank will notify you within reasonable time prior to effecting any change(s) as regards interest rates. Where a higher rate of interest has been agreed, the Bank may charge such higher rate on any of your accounts. Such interest is payable notwithstanding the determination of your relationship with the Bank and until you repay the full amount you owe the Bank in full.

b) Legal charges: Advocate and client charges, costs and expenses incurred in any legal, arbitration or other proceedings arising out of or connected with your Merchant XtraStock;

c) Commissions: Commissions at such rates as the Bank may determine from time to time.

d) Other charges and expenses: In addition to the debits authorized by this clause, all other proper expenses and charges including but not limited to ledger fees, postage, cables, telephone calls, taxes, duties and impositions. The Bank may also debit your account with expenses incurred:
i. In complying with your requests;
ii. In complying with the requests of authorized and accredited Government or other agencies in relation to your account;
iii. In maintaining your Account;
iv. In collecting or attempting to collect any amount of money you owe the Bank; and Expenses incurred in realizing any security or protecting the subject matter of any security issued to the Bank.

e) Such penalties as are provided in these Terms and Conditions at any rate or rates as the Bank may determine from time to time. The penalties will be calculated on daily balances and debited monthly. Penalties shall be due and payable notwithstanding the determination of your relationship with the Bank until settlement in full;

f) The Bank will provide you with a detailed breakdown of the costs, charges and expenses incurred under this clause in the account statements. Please visit your nearest Bank branch for a copy of the complete guide on the Bank’s Tariffs. The Tariffs are also available on the Bank’s website at https://ug.kcbgroup.com/

g) The Bank will give you at least thirty (30) days’ notice of intention to effect new charges, fees, costs and/or commissions by way of email, SMS, letter and/or notices in the daily newspapers.

13.1 All payments to be made by you in connection with these terms and conditions are calculated without regard to any taxes payable by you. If any taxes are payable in connection with the payment, you must pay the Bank an additional amount equal to the payment multiplied by the appropriate rate of tax. You must do so at the same time as making the payment.

13.2 Amounts in your Merchant XtraStock may be subject to withholding tax in accordance with applicable Ugandan, foreign or international law.

13.3 You consent and agree that the Bank may withhold amounts in your Merchant XtraStock over draft or any other of your accounts held with the Bank at any time, if any Ugandan or foreign tax authority requires the Bank to do so, or whenever the Bank is otherwise required by such law or needs to comply with internal policies or with any applicable order or sanction of such tax authority.

14.1 Merchant XtraStock

14.1.1 As a holder of a Merchant XtraStock account, you will be entitled, subject to these Terms and Conditions, to transfer money from your MTN MOMO to borrow money from the Bank as follows:

i. You will not be required to notify the Bank in advance of making an overdraft request from your Merchant XtraStock.

ii. The Bank shall channel withdrawals from your Merchant XtraStock to complete the transaction you have.

iii. You will not be required to pay Transaction Fees or any other charges or commissions to MTN MOMO in respect of transactions effected between your MOMO Account and your Merchant XtraStock through the MTN MOMO System.

iv. Transaction Fees and applicable Bank fees, commissions and other charges will however be charged on all transactions between your other Bank account (s) and your Merchant XtraStock, as well as on any transactions on your Merchant XtraStock facilitated through Merchant XtraStock.

v. Subject to availability of sufficient funds to your over draft limit, the Bank shall impose no restrictions on the number of top ups you may make from your Merchant XtraStock over any period of time. You may do an OD request up to the maximum allowable limit under the MTN MOMO Service.

vi. As a holder of a Merchant XtraStock, you may, subject to these terms and conditions, apply for an Overdraft from the Bank using the KCB MTN MOMO Menu on your Equipment

15.1 In order to qualify for a KCB MTN XtraStock facility, you must be at least 18 years old, a registered and active MTN MOMO merchant subscriber for at least six (6) months.

15.2 Upon opening your Merchant XtraStock, you will receive a confirmation message bearing your Overdraft limit (the “Credit Limit”). Once the limit is approved, it remains available (revolving) until the merchant settles the outstanding balance and opts out of the service.

You may thereafter, subject to these terms and conditions, apply for an overdraft request using the request XtraStock menu on the KCB MTN MOMO Menu on your Equipment. Subject to your overdraft Limit, you may borrow up to the maximum overdraft Limit with one request or make several requests for overdraft top ups, within the duration of XtraStock period until your overdraft Limit is reached. You must however ensure that any borrowing made is fully repaid within the selected overdraft period. Any overdraft Top-up taken by the customer will be processed subject to the available limit. This will not change the cycle maturity date of the overdraft. Top up will also be declined if the number of days to maturity date is below 5 days as the set number of days in accordance with these terms and conditions.

15.3 The Transaction Fees payable for transactions effected in respect of your Merchant XtraStock from time to time will apply to any transactions effected in respect of your KCB MTN XtraStock overdraft.

15.4 Merchants who do not have an allocated XtraStock Limit will be required to use their merchant wallets more and build a history to get a credit score. The XtraStock Limit must never under any circumstances be exceeded. Any amounts incurred in excess of the Credit Limit shall immediately be due and payable whether or not demanded. In calculating whether the XtraStock Limit has been exceeded, the amount of every transaction but not debited to the KCB MOMO Loan Account shall be considered.

15.5 The overdraft is a 30 day facility with Interest rate chargeable, the Facilitation fee and penalty charged as stated in Tables below.

15.6 Your KCB MTN XtraStock application will be appraised according to the applicable loan appraisal processes of the Bank. The Bank reserves the right at its sole discretion and without assigning any reason to approve or decline your application for a KCB MTN MOMO loan.

15.7 Acceptance or rejection by the Bank of your application for a KCB MTN MOMO XtraStock shall be done via SMS sent to the mobile phone number associated with your Merchant XtraStock account. Where your XtraStock application has been accepted, the SMS shall disclose the approved Loan amount and the Facilitation Fee payable. You must accept the terms and conditions for the approved overdraft for the Bank to disburse the overdraft facility.

15.8 Subject to approval of your application for XtraStock, the Bank shall disburse the overdraft to the merchant wallet to allow the merchant to over draw the wallet for transactions and transfers.

15.9 In consideration of the Bank granting you the overdraft, you shall pay the Bank interest and a Facilitation Fee as provided in Table A of this terms and conditions.

15.10 The interest and Facilitation Fee shall be paid by you in arrears and in addition to the Loan.

15.11 You shall make all payments due from you to the Bank in respect of the overdraft and Transaction Fees through your MTN MOMO merchant wallet Account.

15.12 In the event that you do not repay the Loan in full within the Roll Over Period, you will be liable to pay a Late Repayment Penalty fee as per fees table below of any outstanding amount in respect of the Loan in addition to the outstanding overdraft amount.

15.13 You hereby agree to pay costs, charges and expenses incurred by the Bank in obtaining or attempting to obtain payment of any Loan owed under your Merchant XtraStock Loan Account.

15.14 The Bank shall be entitled to terminate this Agreement and close your Merchant XtraStock Account in accordance with these terms and conditions without prejudice to any of its rights accruing to it if you fail to repay the Loan and/or the Transaction Fees due thereon within the agreed repayment period.

15.15 The Bank shall utilize funds in any other accounts opened and operated by you to offset any amounts outstanding and due from you to the Bank in respect of your Overdraft.

15.16 The Bank shall utilize the funds held in your Merchant XtraStock wallet to pay off any amounts outstanding from your Loan. The Bank shall only exercise this option after giving you notice and after setting off all other funds held by the Bank.

15.17 The Bank reserves the right to vary the terms of the overdraft including any fees payable thereon from time to time having regard to the prevailing rules and regulations of the Central Bank of Uganda and the policies of the Bank.

15.18 You hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your Merchant XtraStock Account and or Loan to Credit Reference Bureaus or any regulator or authority as required under the Financial Institutions Act, 2004 and the Financial Institutions (Credit Reference Bureau) Regulations, 2 0 2 2, as published, amended or revised from time to time or any other law.

15.19 You also hereby expressly consent and authorize the Bank to disclose, respond, advise exchange and communicate the details or information pertaining to your Merchant XtraStock and to third parties involved in the administration of your Merchant XtraStock Loan, underwriting of insurance policies, updating of databases, recovery or provision of user support.

16.1.1 The merchant will be able to send money from one Merchant XtraStock to another Merchant.

16.1.2 ExtraStock is applied when the merchant is performing any of the eligible transactions (Merchant to Merchant transfers and Assisted payments transactions)

16.1.3 Assisted Payments are payments made on behalf of a regular MoMo customer; these include airtime sales, payment, for utility bills, TV, and school fees.

17.1 You hereby expressly consent and authorize the Bank to disclose, receive, record or utilize your personal information or information or data relating to your Merchant XtraStock and any details of your use of the Services:

17.1.1 to and from the Bank’s service providers, dealers, agents or any other company that may be or become the Bank’s subsidiary or holding company for reasonable commercial purposes relating to the Services; to a Credit Reference Bureau;to the Bank’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings; to MTN MOMO in connection with the MTN MOMO Service and the Services;for reasonable commercial purposes connected to your use of the Services, such as marketing and research related activities; and in business practices including but not limited to quality control, training and ensuring effective systems operation.

17.2 You authorize the Bank to disclose any information relating to your Merchant XtraStock to any Ugandan, foreign or international law enforcement or governmental agencies to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud or to any other institution or third party as required by the laws of Uganda or any other country and or as the Bank may deem necessary.

17.3 In the event of death, your estate administrator will be granted access to your Merchant XtraStock upon production of administration letters from a competent authority or confirmed grant of letters of administration or confirmed grant of probate by your legal representatives duly appointed by the Court.

18.1 You shall at your own expense provide and maintain in safe and efficient operating order your Equipment necessary for the purpose of accessing the System and the Services.

18.2 You shall be responsible for ensuring the proper performance of your Equipment. The Bank shall neither be responsible for any errors or failures caused by any
malfunction of your Equipment, and nor shall the Bank be responsible for any computer virus or related problems that may be associated with the use of the System, the Services and the Equipment. You shall be responsible for charges due to any service provider providing you with connection to the Network and the Bank shall not be responsible for losses or delays caused by any such service provider.

18.3 You shall follow all instructions, procedures and terms contained in these Terms and Conditions and any document provided by the Bank concerning the use of the System and Services.

18.4 You agree and acknowledge that you shall be solely responsible for the safekeeping and proper use of your Equipment and for keeping your KCB MTN MOMO PIN secret and secure. You shall ensure that your KCB MTN MOMO PIN does not become known or come into possession of any unauthorized person. The Bank shall not be liable for any disclosure of your KCB MTN MOMO PIN to any third party and you hereby agree to indemnify and hold the Bank harmless from any losses resulting from any KCB MTN MOMO PIN disclosure.

18.5 You shall take all reasonable precautions to detect any unauthorized use of the System and the Services. To that end, you shall ensure that all communications from the Bank are examined and checked by you or on your behalf as soon as practicable after receipt by you in such a way that any unauthorized use of and access to the System will be detected.

18.6 You shall immediately inform the Bank through the Customer Care Centre in the event that:

18.6.1 You have reason to believe that your KCB MTN MOMO PIN is or may be known to any person not authorized to know the same and/or has been compromised; and/or

18.6.2 You have reason to believe that unauthorized use of the Services has or may have occurred or could occur and a transaction may have been fraudulently input or compromised.

18.7 You shall at all times follow the security procedures notified to you by the Bank from time to time or such other procedures as may be applicable to the Services from time to time. You acknowledge that any failure on your part to follow the recommended security procedures may result in a breach of your Merchant xtrastock’s confidentiality. In particular, you shall ensure that the Services are not used or Requests are not issued or the relevant functions are not performed by anyone other than a person authorized to do so.

19.1 In the absence of negligence on its part, the Bank shall not be responsible for any loss suffered by you should the Services be interfered with or be unavailable by reason of (a) the failure of any of your Equipment, or (b) any other circumstances whatsoever not within the Bank’s control including, without limitation, force majeure, terrorist or any enemy action and adverse weather or atmospheric conditions.

19.2 In the absence of negligence on its part, the Bank will not be liable for any losses or damage suffered by you as a result of or in connection with:

19.2.1 unavailability of sufficient funds in your MTN MOMO Account and/or in your Merchant XtraStock ;

19.2.2 the money in your Merchant XtraStock being subject to legal process or other encumbrance restricting payments or transfers thereof;

19.2.3 your failure to give proper or complete instructions for payments or transfers relating to your Merchant XtraStock;

19.2.4 any fraudulent or illegal use of the Services, the System and/or your Equipment; or

19.2.5 Your failure to comply with these Terms and Conditions and any document or information provided by the Bank concerning the use of the System and the Services.

19.3 Under no circumstances shall the Bank be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with the Services even where the possibility of such loss or damage is notified to the Bank.

19.4 All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.

You acknowledge that the intellectual property rights in the System (and any amendments, upgrades or enhancements thereto from time to time) and all associated documentation that the Bank provides to you through the System or otherwise are vested either in the Bank or in other persons from whom the Bank has a right to use and to sub- license the System and/or the said documentation. You shall not infringe any such intellectual property rights. You shall not duplicate, reproduce or in any way tamper with the System and associated documentation without the prior written consent of the Bank.

In consideration of the Bank complying with your instructions or Requests in relation the Merchant XtraStock, you undertake to indemnify the Bank and hold it harmless against any loss, charge, damage, expense, fee or claim which the Bank suffers or incurs or sustains thereby and you absolve the Bank from all liability for loss or damage which you may sustain from the Bank acting on your instructions or Requests or in accordance with these Terms and conditions.