ZANDA Financial Services (Private) Limited's Terms & Conditions

Welcome to ZANDA Financial Services (Private) Limited's financial services. These Terms of Service ("Terms") govern your use of products and services provided by ZANDA Financial Services (Private) Limited, a microfinance company duly incorporated under the laws of the Islamic Republic of Pakistan (collectively, "ZANDA Financial Services (Private) Limited", "we", "us" or "our"). You can access and use our products and services by downloading our mobile application (the "App") from the Google Play Store. The services provided through the App are collectively referred to as the "Services".

It is agreed as follows.

1. Definitions and Interpretation

1.1 Definitions

For the purposes of this Agreement and the preamble above, unless the context requires otherwise:

• Acceptable Use Restrictions — has the meaning given to it in clause 5.
• Agreement — means this Agreement.
• Account — your loan account with ZANDA Financial Services.
• Business Day — a day other than a Saturday, Sunday or national or public holiday in the Islamic Republic of Pakistan.
• Credentials — your personal credentials used to access the App and operate your Account.
• Electronic Credit Information Bureau (eCIB) — an eCIB duly licensed under the Banking Act pursuant to the Credit Bureau Act 2015 (CBA-2015), as amended, revised or promulgated from time to time, to inter alia collect and facilitate the sharing of customer credit information.
• E-Money — the electronic monetary value depicted in your App Account representing an equal amount of cash.
• Equipment — includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network.
• Event of Default — has the meaning given to it in clause 11.1.
• Force Majeure — events, circumstances or causes beyond ZANDA Financial Services' reasonable control making its performance of its obligations inadvisable, commercially impracticable, illegal, or impossible.
• Encumbrance — includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance.
• License Restrictions — has the meaning given to it in clause 4.
• Loan — the principal amount of the loan made or to be made under this Agreement.
• App Account — your ZANDA Financial Services money store of value, being the record maintained by Money Providers in Pakistan of the amount of E-Money held by you.
• Network Operator — a network operator in Pakistan registered with the Communications Authority of Pakistan.
• Payment Gateway / Money Provider — a Network Operator authorised by the Securities and Exchange Commission or the State Bank of Pakistan to offer money services in Pakistan.
• Network — a cellular network operated by a Network Operator.
• Privacy Policy — the ZANDA Financial Services privacy policy.
• Request — a request or instruction received by ZANDA Financial Services from you or purportedly from you through the Network and the System.
• Services — any form of financial services or products that ZANDA Financial Services may offer you.
• SIM Card — the subscriber identity module enabling you to access the Network and to use the Money Account.
• SMS — a short message service.
• System — ZANDA Financial Services' electronic communications software enabling you to communicate with us.
• Technology — has the meaning given to it in clause 3.1.4.
• Transaction Fees — any fees and charges payable for the use of the Services, subject to change at ZANDA Financial Services' sole discretion.

1.2 Interpretation

In addition to the definitions in clause 1.1, unless the context requires otherwise:

1. the singular shall include the plural and vice versa;
2. a reference to any one gender includes the others;
3. all headings are for convenience only;
4. the recitals and schedules form part of this Agreement.

2. Acceptance of Terms and Conditions

2.1 You must carefully read and understand the Terms and Conditions set out in this Agreement and as amended from time to time by ZANDA Financial Services (the "Terms and Conditions") before downloading or streaming the App or opening an account with ZANDA Financial Services.

2.2 After downloading the App, you will be deemed to accept the Terms and Conditions upon clicking the "Accept" option. If you do not agree, click the "Decline" option — you will not be able to access the Services.

2.3 By downloading the App and opening an Account, you agree to comply with and be bound by these Terms and Conditions, and affirm that they are without prejudice to any other right that ZANDA Financial Services may have with respect to the Account in law or otherwise.

2.4 These Terms and Conditions may be amended or varied by ZANDA Financial Services from time to time, and continued use of the Services constitutes your agreement to be bound by any such amendment. We will take all reasonable measures to notify you of any changes.

2.5 From time to time updates to the App may be issued. Depending on the update, you may not be able to use the Services until you have downloaded the latest version and accepted any new terms and conditions.

2.6 By using the App or any of the Services, you consent to us collecting and using technical information about the Equipment and related software, hardware and peripherals to improve our products and to provide Services to you, and to the use of your data to determine our credit scoring services or to improve our Services.

3. Grant and Scope of License

3.1 In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive license to use the App on your Equipment. We reserve all other rights. You agree:

1. not to rent, lease, sub-license, loan, translate, merge, adapt, vary or modify the App;
2. not to make alterations to, or modifications of, the App, or permit the App to be combined with, or become incorporated in, any other programs;
3. not to disassemble, decompile, reverse-engineer or create derivative works based on the App, except where essential for interoperability and subject to the following:
   1. the information is not unnecessarily disclosed to any third party and is not used to create substantially similar software;
   2. you include our copyright notice on all copies you make; and not provide the App to any person without prior written consent;
4. to comply with all technology control or export laws and regulations that apply to the Technology.

4. License Restrictions

4.1 You must:

1. not use the App or any Service in any unlawful manner, for any unlawful purpose, or to act fraudulently or maliciously;
2. not infringe our intellectual property rights or those of any third party;
3. not transmit any material that is defamatory, offensive or otherwise objectionable;
4. not use the App in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users;
5. not collect or harvest any information or data from any Service or attempt to decipher any transmissions to or from our servers.

5. Acceptable Use Restrictions

5.1 Intellectual Property Rights

5.1.1 All intellectual property rights in the App are owned by us or our licensors. Rights are licensed (not sold) to you. You have no right to access the App in source-code form.

5.2 Use of the Services

5.2.1 The Services can only be utilized by persons over the age of 18. We may verify the authenticity and status of your Money Account with the relevant Money Provider.

5.2.2 ZANDA Financial Services' acceptance of your application for an Account will be displayed on the App and does not create any contractual relationship between you and the Money Providers beyond the terms applying to your Money Account.

5.2.3 ZANDA Financial Services reserves the right to decline your application for a loan or to revoke the same at any stage at its sole and absolute discretion and without assigning any reason or notice.

5.2.4 ZANDA Financial Services reserves the right (in its sole and absolute discretion) to issue or decline to issue a loan and/or vary the terms of any loan depending on its assessment of the credit profile of each borrower. The terms of the loan and the interest rate payable will be displayed on the App.

5.3 Personal Information

5.3.1 You authorize ZANDA Financial Services to verify information you provide against information held by the Money Providers in relation to your Money Account.

5.3.2 The information ZANDA Financial Services may verify includes your name, date of birth, CNIC or Passport Number, and such other information enabling us to comply with regulatory "Know Your Customer" requirements (together the "Personal Information").

5.3.3 You consent to ZANDA Financial Services verifying the Personal Information and using it to the extent necessary in our opinion.

5.3.4 You authorize ZANDA Financial Services to obtain your Personal Information from your Money Provider, and consent to such disclosure. You further indemnify ZANDA Financial Services and the Money Provider against any claims, losses, liabilities and expenses arising from such disclosure.

5.3.5 You authorize ZANDA Financial Services to obtain your Personal Information from the eCIB and consent to such disclosure.

5.3.6 ZANDA Financial Services reserves the right to request further information at any time. Failure to provide such information may result in your application being declined.

5.3.7 ZANDA Financial Services reserves the right to supply consumer credit information to the eCIB, including data about Account opening and termination.

5.3.8 You acknowledge that information on non-compliance with these Terms is transferred to the eCIB.

5.3.9 The eCIB provides a credit profile and possibly credit scores on your creditworthiness, subject to the credit record.

6. Requests Made by the Borrower

6.1 You irrevocably authorize ZANDA Financial Services to act on all Requests received from you (or purportedly from you) through the System. We may nevertheless refuse to carry out any Requests at our sole discretion.

6.2 We reserve the right to reject any Request even if you have previously been issued with a loan.

6.3 ZANDA Financial Services may act upon any Request even if incomplete or ambiguous, if we believe we can correct it without reference to you.

6.4 ZANDA Financial Services shall be deemed to have acted properly notwithstanding that the Request may have been initiated in error or fraudulently, provided we acted in good faith.

6.5 ZANDA Financial Services may decline to act on any part of your Request pending further enquiry or confirmation from you.

6.6 You agree to release and indemnify ZANDA Financial Services against all claims, losses, damages, costs and expenses arising in consequence of, or related to, our acting in accordance with any of your Requests.

6.7 To the full extent permitted by law, ZANDA Financial Services shall not be liable for any unauthorized drawing, transfer, remittance, disclosure or activity on your account by knowledge or manipulation of your Account PIN, password or ID, whether or not occasioned by your negligence.

6.8 ZANDA Financial Services is authorized to effect orders in respect of your Account as required by any court order or competent authority.

6.9 In the event of conflict between any Request and this Agreement, this Agreement shall prevail.

7. Interest and Fees

7.1 The interest payable by you in relation to any Loan shall be displayed on the App. ZANDA Financial Services may set and change Transaction Fees from time to time, with reasonable notice via the App or website.

7.2 All payments shall be made in full without any set-off or counterclaim. If you are required to make any deduction or withholding, you shall pay such additional amounts as will result in ZANDA Financial Services receiving the full intended amount.

7.3 If you fail to make any payments by the due date, ZANDA Financial Services may apply late fees at a rate to be communicated to you.

7.4 You have the right to repay all or part of the loan amount early or at any time before the due date. In such cases, ZANDA Financial Services has the sole discretion to apply the full service fee for the agreed loan period and any additional charges. If you wish to repay part of the amount due, you must make payment before or on the due date in accordance with the loan terms.

8. Statement

8.1 A statement and activity report in respect of your Account will be made available on Request via support@moneytappk.com or via the App and website.

8.2 The statement on the App shall provide details of the last 4 (four) transactions in your Account initiated from your Equipment.

8.3 You must check your statement carefully and notify ZANDA Financial Services as soon as possible of any transaction that appears wrong or unauthorized.

8.4 ZANDA Financial Services reserves the right to rectify discrepancies in your statements without prior notice, but will inform you of any rectification within a reasonable time.

8.5 You will be notified of all transactions on your Account by SMS; charges for this service will be debited to your Account.

8.6 Save for manifest error, a statement issued shall be conclusive evidence of the transactions carried out on your Account for the period covered.

9. Taxes

9.1 All payments are calculated without regard to any taxes payable by you. If any taxes are payable, you must pay an additional amount equal to the payment multiplied by the appropriate rate of tax, at the same time as making the payment.

9.2 You consent that ZANDA Financial Services may withhold amounts in your Account if any tax authority requires us to do so, or we are otherwise required by law to do so.

10. Borrower's Responsibilities

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

10.2 You shall be responsible for ensuring the proper performance of your Equipment. ZANDA Financial Services shall not be responsible for errors or failures caused by malfunction of your Equipment, viruses, or charges due to your connectivity provider.

10.3 You shall follow all instructions, procedures and terms contained in this Agreement and any document provided by ZANDA Financial Services.

10.4 You shall be solely responsible for the safekeeping of your Equipment and for keeping your Credentials secret and secure. ZANDA Financial Services shall not be liable for any disclosure of your Credentials to third parties.

10.5 You shall take all reasonable precautions to detect any unauthorized use of the Services and shall immediately inform ZANDA Financial Services if:

1. You believe your Credentials are or may be known to any unauthorized person; and/or
2. You believe unauthorized use of the Services has or may have occurred or could occur.

10.6 You shall at all times follow the security procedures notified to you. Failure to do so may result in a breach of your Account's confidentiality.

10.7 You shall not at any time operate or use the Services in any manner prejudicial to ZANDA Financial Services.

11. Default on Loan

11.1 An event of default ("Event of Default") occurs when you:

1. Fail to pay any sum payable for a Loan within the time period mentioned at the time of loan application, unless solely caused by an administrative error or technical problem; or are declared bankrupt.

11.2 At any time after an Event of Default has occurred which is continuing, ZANDA Financial Services may, without prejudice to any other right or remedy:

1. terminate this Agreement in accordance with clause 12;
2. declare that the Loan (and all accrued markup and other amounts) is immediately due and payable;
3. supply information concerning the Event of Default to the eCIB. A copy of any adverse information sent to the eCIB shall be made available to you upon written request.

12. Variation and Termination

12.1 ZANDA Financial Services may at any time, upon notice to you, terminate or vary its business relationship with you and close your Account, including cancelling credits granted and requiring repayment of outstanding debts within a time we determine.

12.2 ZANDA Financial Services may at its sole discretion suspend or close your Account:

1. if you use the Account for unauthorized purposes, or where we detect abuse, breach, fraud or attempted fraud;
2. if your Account or agreement with a Network Operator is terminated for whatever reason;
3. if required to comply with an order or instruction of the government, court, regulator or other competent authority;
4. if we reasonably suspect you are in breach of these Terms and you fail to remedy (if remediable) within 14 days after notice;
5. where suspension is necessary due to technical problems or for safety reasons, or where your Account becomes inactive or dormant;
6. if we decide to suspend or cease provision of the Services for commercial or other reasons; or
7. if you breach any License Restrictions or Acceptable Use Restrictions.

12.3 If your Account has a credit balance from overpayment, you may request payment of such balance and we will return it to you, less any applicable fees, provided it exceeds the minimum transfer amount.

12.4 Termination shall not affect any accrued rights and responsibilities of either party.

12.5 If we receive notice of your demise, we are not obliged to allow any operation on your Account except upon production of administration letters or grant of probate from a court of competent jurisdiction.

13. Disclaimer

13.1 ZANDA Financial Services shall not be responsible for any loss suffered by you should the Services be interfered with or unavailable due to failure of your Equipment, Force Majeure, error, system interruption, equipment failure, loss of power, adverse weather, or failure of any public or private telecommunications system.

13.2 You acknowledge the App has not been developed to meet your individual requirements; it is your responsibility to ensure it meets them.

13.3 We only supply the App for domestic and private use. You agree not to use it for commercial, business or resale purposes, and we have no liability to you for any loss of profit, business, business interruption or business opportunity.

13.4 ZANDA Financial Services will not be liable for losses or damage resulting from:

1. any defect resulting from you having altered or modified the App;
2. any defect resulting from you using the App in breach of this Agreement;
3. your breach of License or Use Restrictions;
4. unavailability of sufficient funds in your Money Account;
5. failure or interruption of the System, your Equipment, the Network or a Money System; legal process restricting transfers; or your failure to give proper instructions;
6. any fraudulent or illegal use of the Services, the System and/or your Equipment; or
7. your failure to comply with these Terms and Conditions.

13.5 If for any reason other than those in clauses 13.1 to 13.4 the Services are interfered with, our sole liability shall be to re-establish the Services as soon as reasonably practicable.

13.6 Save as provided in clause 13.5, we shall not be liable for any interference or unavailability of the Services, however caused.

13.7 Under no circumstances shall ZANDA Financial Services be liable for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind arising in connection with the Services.

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

14. Indemnity

14.1 In consideration of ZANDA Financial Services complying with your instructions, you undertake to indemnify us and hold us harmless against any loss, charge, damage, expense, fee or claim we suffer thereby.

14.2 The indemnity in clause 14.1 shall also cover:

1. All demands, claims, actions, losses and damages which may be brought against us arising from acting or not acting on any Request, hardware/software malfunction, loss of data, power failures, natural phenomena, riots, vandalism, sabotage, terrorism, communication interruption, or reliance on incorrect or inaccurate information in any Request received from you.
2. Any loss arising from your use of any third-party software.
3. Any unauthorized access to your Account, breach of security, or theft of or damage to your Equipment.
4. Any loss occasioned by your failure to adhere to these Terms, by supplying incorrect information, or by failure of third-party facilities.
5. Any damages and costs payable to ZANDA Financial Services in respect of claims for recompense for loss where the circumstance is within your control.

15. Communication Between Us

15.1 If you wish to contact us in writing, send an email to support@moneytappk.com or to such email address as communicated from time to time. We will confirm receipt by email.

15.2 If we contact you in writing, we will do so by email or by SMS to the phone number or email you provided.

16. General

16.1 Remedies Cumulative

16.1.1 No failure or delay in exercising any right, power or remedy under this Agreement or by law shall operate as a waiver, nor shall any single or partial exercise preclude any further exercise.

16.2 No Waiver

16.2.1 No failure by ZANDA Financial Services to exercise, and no delay in exercising, any right or remedy shall operate as a waiver.

16.3 Effect of Invalidity

16.3.1 If any provision is found invalid or unenforceable, such invalidity shall not affect the other provisions, which shall remain in full force and effect.

17. Entire Agreement

17.1 These Terms and Conditions and our Privacy Policy constitute the entire agreement between you and us and supersede all previous agreements, promises, assurances, warranties, representations and understandings, whether written or oral.

17.2 You acknowledge that in entering into this Agreement you do not rely on any statement, representation, assurance or warranty not set out in these Terms or our Privacy Policy.

17.3 Neither party shall have any claim for innocent or negligent misrepresentation based on any statement in this Agreement.

18. Dispute Resolution

18.1 Disputes

18.1.1 The Parties shall use good faith efforts to resolve any dispute. The Parties shall each appoint representatives of appropriate standing who shall meet to attempt to resolve any dispute. If an amicable settlement is not reached within thirty (30) days of meeting, the following provisions apply.

18.2 Arbitration

18.2.1 Any dispute, difference or question arising out of or in connection with this Agreement shall be referred for final determination to a single arbitrator to be appointed by agreement, or in default of agreement within seven (7) days of notification, upon application by either party.

18.2.2 To the extent permitted by law, the arbitrator's determination shall be final and binding on the Parties and shall not be subject to appeal.

18.2.3 Nothing in this clause 18.2 shall restrict either Party from commencing legal proceedings to seek preliminary injunctive relief or interim or conservatory measures from a court of competent jurisdiction pending the arbitrator's final decision or award.

19. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the Islamic Republic of Pakistan.

20. ZANDA Financial Services' Privacy Policy

20.1 We only use your personal information in accordance with our Privacy Policy. Please take the time to read it, as it includes important terms which apply to you.

20.2 Upon downloading the App and clicking the "Accept" option, you will be deemed to have accepted ZANDA Financial Services' Privacy Policy, a copy of which is available on the App.

21. Telecommunication Credit Scoring Consent

21.1 For the purpose of assessing your creditworthiness for your loan application, you consent to the disclosure of your MSISDN, personal and account information, household revenue and expenditure, usage and subscription activity including bundles, territory and location, handset and device by your mobile network operator to Tasdeeq Information Services Limited / a licensed Credit Bureau, and to the provision of your resulting Credit Score to financial institutions. This data will only be used to generate a telecommunication credit score and will be processed in accordance with applicable data protection and telecom regulations.

21.2 You have the right to withdraw this consent at any time before loan approval by SMS to the designated short code, through the in-app settings, or by contacting customer support through the contact details made available in the App. Your data will not be retained beyond the period necessary for credit assessment, and no additional information will be used. Tasdeeq or the relevant Credit Bureau shall not store or retain the shared dataset or use it for any purpose other than credit rating and/or credit scoring.

22. Contact Consent

22.1 You agree that ZANDA Financial Services (Private) Limited and its authorized agents may contact you through lawful channels, including phone calls, SMS, WhatsApp or other instant messaging services, email and in-app notifications. They may use the mobile number(s), including any alternate contact number(s), email address and postal address that you provide during or after your application or subsequently update, as well as any other contact number of yours obtained by lawful means, for loan processing, servicing, payment reminders, collections and service communications.

22.2 All such contact shall be made within lawful hours and in accordance with applicable law and fair debt collection requirements. Nothing in this clause authorizes contact with any person other than you, or any access to or use of your phone contacts.

22.3 You further agree and authorize ZANDA Financial Services (Private) Limited to obtain and use credit reports and related information from the Electronic Credit Information Bureau (eCIB) and licensed private credit bureaus (including Tasdeeq Information Services Limited) to: (a) assess your creditworthiness and credit standing, both at application and during the life of your loan; and (b) contact you personally, using the contact information contained in such reports, in connection with your loan and its servicing and collection — in each case in accordance with applicable law and the relevant bureau's authorized terms of service. This authorization is separate from, and does not expand, the telecommunication credit scoring consent in clause 21.