Client Agreement

DafriBank Account Client Agreement

[Version - January, 2022]

These‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌will‌ ‌serve‌ ‌as‌ ‌a‌ ‌basis‌ ‌of‌ ‌your‌ ‌banking‌ ‌relationship‌ ‌with‌ ‌us,‌ DafriBank Digital LTD ‌(“DafriBank ‌or‌ ‌DafriBank Digital”‌ ‌).‌ ‌By‌ ‌choosing‌ ‌to‌ ‌open‌ ‌an‌ ‌account‌ ‌with‌ ‌us,‌ ‌you‌ ‌agree‌ ‌to‌ ‌the‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌contained‌ ‌herein.‌ ‌You‌ ‌also‌ ‌confirm‌ ‌that‌ ‌you‌ ‌have‌ ‌provided‌ ‌us‌ ‌with‌ ‌the‌ ‌accurate‌ ‌and‌ ‌complete‌ ‌information‌ ‌required‌ ‌to‌ ‌create‌ ‌your‌ ‌account‌ ‌and‌ ‌that‌ ‌you‌ ‌have‌ ‌supplied‌ ‌all‌ ‌documentation,‌ ‌photographs‌ ‌and‌ ‌information‌ ‌that‌ ‌allow‌ ‌us‌ ‌to‌ ‌comply‌ ‌with‌ ‌our‌ ‌regulatory‌ ‌obligations.‌ ‌

If‌ ‌you‌ ‌do‌ ‌not‌ ‌agree‌ ‌to‌ ‌these‌ ‌terms‌ ‌and‌ ‌conditions,‌ ‌please‌ ‌do‌ ‌not‌ ‌proceed‌ ‌and‌ ‌exit‌ ‌the‌ ‌application‌ ‌immediately.‌ ‌Also,‌ ‌please‌ ‌be‌ ‌informed‌ ‌that‌ ‌we‌ ‌can‌ ‌terminate‌ ‌your‌ ‌relationship‌ ‌with‌ ‌us‌ ‌if‌ ‌we‌ ‌believe‌ ‌that‌ ‌you‌ ‌have‌ ‌violated‌ ‌any‌ ‌of‌ ‌these‌ ‌terms.

About Us

DafriBank Digital LTD LIC: B2019005 is a full service digital bank duly licensed by the Comoros International Banking Authority "CIBA", the banking Supervisor body of the Central Bank of Comoros (“BCC”). Our registered office is at P.B. 1257, Bonovo Road, Fomboni, Comoros Island.

Overview of CIBA Licence

An International banking Licence is the only Banking Licence offered in the Union of the Comoros and is an offshore banking licence granted by the Comoros International Banking Authority (CIBA) which is the banking Supervising body of the Central Bank of Comoros.

This is a full-unrestricted Banking licence, for all Banking services outside of the Union of Comoros. It encompasses banking business and investment banking business conducted in all major foreign currencies.

Services such as fund administration, custodial services, trusteeship, international portfolio management, money market and other treasury operations may be undertaken by an offshore bank

Some of the Conditions of DafriBank IBC Licence

• To accept cash deposits of any type depositary transactions

• To provide loans and borrow funds loan transactions.

• To carry out currency and exchange transactions.

• To issue securities.

• To issue credit cards and processing.

• To issue Letter of Credit.

• To provide securities safekeeping, manage securities and accomplish securities purchase or sale.

• To act as an intermediary in securities trading.

• To provide guarantees of any type guarantee business

• To effect payments opening of accounts for legal entities and individuals.

•Payment processing services and the issue of electronic money.

•To hold assets, capital, precision metals, bonds, crypto currencies, shares or other financial instruments for third parties.

•To undertake electronic commerce e-commerce.

•To provide other financial services.

Objective of relationship

The objective of establishing a relationship with DafriBank is to receive special services on offer by DafriBank for its customers. DafriBank will manage a bank account for the customer, as well as provide additional services like the banking, savings and granting of credit facilities.

You can operate and manage your account via our DafriBank app and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our DafriApp.

When are these terms applicable? These terms are applicable when you choose to open an account with DafriBank and DafriBank generates an account number for you

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.

What is the scope of the relationship between DafriBank & the customer?

Opening an Account

You can open an account with us on the condition that you are at least 18 years old, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.

When you choose to open an account, you agree to use your information to make and receive payments on your behalf through your DafriBank account. If you would like us to stop doing this, we would have to close your account.

Verifying your identity

Banking regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture and email address. With more information supplied, such as valid identification documents, and proof of address, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

Account Type Required Documentation

Basic: Name, Phone Number, Email address

Full KYC: A Valid International National Passport, National ID, Drivers Licence and Your Proof of address.

In line with regulations, we perform due diligence on all accounts so it is your responsibility to keep your mailing address, email address, physical address and other contact information up-to-date in your profile.

Language and communication

English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.

If you have any questions about your relationship with DafriBank, you can contact us via email using the details below:

Email: hello@dafribank.com

Notifications

By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage as a result of unauthorised access to the information sent.

In addition, by opening this account, you agree to opt out of mandatory SMS alerts directed by the CIBA in favour of push notifications. You agree to indemnify DafriBank against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against DafriBank by reason of such notifications.

Everyday Account

With the DafriBank Everyday account, you will be able to fund your DafriBank account via bank transfers, approved third party operator, cash at selected partner banks, and a stored card. You will be able to pay bills, make instant transfers, manage your DafriBank card and save as you spend.

Spend & Save

Upon enrolment in Spend & Save, we will transfer a user-determined percentage of any user-induced debit on your account to an interest earning sub-account. This feature can be enabled and disabled from the Spend & Save section of your dashboard.

DafriBank Card

When we issue you a card, it must be used for only lawful transactions. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto-renewed upon expiration, unless your account is closed or the card is revoked.

The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms.

When you use your card for transactions on other channels which are not owned and controlled by the Bank, the rules of use of that channel apply in addition to these rules.

DafriBank Interest Wallet

Our Interest Wallet allows you to earn interest on your DBA deposits money with minimal effort. To do this, we can either debit your DafriBank account at a user-determined frequency or you can make a one-time lump sum conversion. Upon expiration of the tenor, the accumulated funds will be transferred to your DafriBank account.

You can make withdrawals prior to the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge. This charge is either the interest earned if fixed or 5% of the amount withdrawn if flexible.

When things go wrong

To protect your money, we need you to keep your email, phone and password safe at all times. If you lose your card or spot any suspicious transactions on your account, please contact us to freeze your account immediately. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services. Use a strong password and a unique code as your transaction PIN and limit its use to your DafriBank account. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.

Closing an account

You can close your account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access any DafriBank services.

We reserve the right to close, suspend, freeze or limit access to your account, if:

The information we obtain from you does not comply with regulatory requirements; You do not meet, or are in breach of, the terms and conditions contained herein; You create risk or possible legal exposure to us;

We are required to do so by law; or There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your DafriBank account.

Please note that the list above is not exhaustive.

As a bank, we are required to comply with the international sanction laws and regulations issued by the United States of America’s Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom’s Treasury (HMT) ,as well as local laws and regulations applicable to issuing banks, including those issued by the CIBA. Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any OFAC, EU, UN and HTM sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.

In addition, DafriBank is required to comply with all extant laws in Comoros, including the rules, regulations, guidelines, circulars and letters issued by the CIBA and other regulatory bodies from time to time.

Data Protection

By opening this account, you consent to us processing your personal information:

To provide products and services to you in terms of this agreement and any other products and services for which you may apply;

To carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);

in countries outside Comoros where the products or services are being used and where such countries do not have the same data protection laws as applicable in Comoros, we will, where possible, ask the receiving party to agree to our privacy policies.

Marketing and Promotion

We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about the DafriBank product. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.

You consent to us applying restrictions on your account and reporting to law enforcement agencies, if a fraudulent activity is associated with the operation of your account.

Declaration

By choosing to proceed, you agree that you understand that you are opening an account with DafriBank Digital LTD and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.

You agree to indemnify the bank for any loss suffered as a result of any false information or error in the information you have supplied us.