1. Definitions

In these Terms and Conditions the following expressions shall unless the context otherwise requires have the following meanings:

• "Account" means any of a savings bank account, current deposit account, fixed deposit account, loan or other bank account opened with MyAccurate Pay pursuant to an application made by the Customer to open such an account or howsoever opened;
• "Bank" means Choice microfinance bank Limited its successors and assignees (whether immediate or derivative) and any of its branches;
• "Business Day" means a day (other than a Sunday or a gazetted public holiday in Kenya) on which banking institutions are generally open for the conduct of normal banking business in Kenya;
• "Customer" means a person (whether a natural person, body corporate or incorporate, firm, corporation, club, partnership, proprietorship, association, state, administrative and governmental body whether being a separate legal entity or not trust or joint venture) who has opened an Account with MyAccurate Pay and includes the Customer's authorised signatories and permitted agents;

2. Agreement

It is hereby agreed and declared as follows:

2.1 By completing and signing MyAccurate Pay's prescribed Account opening form, the Customer shall be deemed to have accepted to be bound by these Terms and Conditions in addition to other terms and conditions which govern the opening, closing and general operation of specific Accounts.

3. Customer's Instructions

3.1 The Customer hereby authorizes and directs MyAccurate Pay to honour and to debit to the Customer's Account, all cheques, drafts, bills, acceptances, negotiable instruments and orders drawn, accepted or made out in accordance with the operational instructions held by MyAccurate Pay from the Customer or authorized agent, or mandated account holder and to carry out any instructions the Customer may give in connection with the Account notwithstanding that any such debiting or carrying out may cause the Account to be overdrawn or an overdraft to be increased.

4. Authorised Signatories and Agents

4.1 The Customer shall at the time of opening an Account give to MyAccurate Pay in a form required by MyAccurate Pay the full name, address and specimen signature of every person authorized by the Customer to operate the Account. The Account will be operated by the Customer's authorized signatories in accordance with operating instructions given to MyAccurate Pay.

4.2 Notwithstanding any authority given to an agent by the Customer, the Customer shall remain liable to MyAccurate Pay for all loans overdrafts and monies borrowed or incurred by and all costs, charges, expenses, commissions and other liability whatsoever incurred or suffered by the agent pursuant to or in breach of Customer's agent's authority together with all interest thereon as determined solely by MyAccurate Pay.

5. Set Off and Consolidation

5.1 MyAccurate Pay may at any time without notice notwithstanding any settlement of account or other matter whatsoever combine or consolidate all or any of the Customer's then existing accounts and accounts in the name of the Customer or of the Customer jointly with others (whether current deposit, savings deposit, fixed, loan or of any other nature whatsoever whether subject to notice or not and whether in Kenya Shillings or in any other currency) wheresoever situate and notwithstanding that some other person may also be liable in respect thereof set-off or transfer any sum standing to the credit of any one or more such accounts.

6. Bank Charges and Interest

7.1 MyAccurate Pay shall be entitled to debit the Customer's account to recover the following:

• Interest on overdraft accounts, loan accounts or any other facility granted by MyAccurate Pay, at rate or rates agreed on with the Customer or at such other increased rate as decided by MyAccurate Pay and advised to the customer;
• Interest in respect of a temporary overdraft or any other facility notwithstanding that the interest rate has not been mutually agreed and which interest rate shall be determined by MyAccurate Pay in its sole and absolute discretion from time to time;
• Charges incurred by MyAccurate Pay in obtaining legal advice in connection with the Customer's dealings with MyAccurate Pay;
• Commissions levied for various services provided by MyAccurate Pay at such rates and at such time or times as provided under MyAccurate Pay's tariff sheet;
• All other expenses and charges including but not limited to fees on money transfer services, standing fees, cheque books charges, telephone calls, taxes, duties, and expenses incurred in complying with the Customer's requests.

7. Use of Automated Teller Machines and Cards

10.1 MyAccurate Pay will issue the Customer with a card(s) if the Customer is eligible for the service subject to payment of such tariff as MyAccurate Pay may impose from time to time.

10.2 The card must be signed for by the Customer immediately on receipt and may only be used by the Customer subject to the terms and agreements governing the card.

10.3 MyAccurate Pay may decide at its discretion to withdraw the right to use the card, refuse to renew, replace or reissue the card or refuse any request or authorization.

8. Account Termination

15.1 MyAccurate Pay may at any time, after serving a notice to the Customer, terminate or vary its relationship with the Customer. In particular but without prejudice to the generality of the foregoing, MyAccurate Pay may cancel credits which it has granted and require the immediate repayment of outstanding debts resulting therefrom within such time as MyAccurate Pay may determine.

15.2 Upon termination, the Customer must return all plastic cards, unused cheque books and any stationery including computer banking software provided by MyAccurate Pay.

9. Liability and Indemnification

The Customer shall indemnify MyAccurate Pay on a full unqualified indemnity basis in respect of all liability (which liability shall include without limitation all losses, actions, costs, claims, damages, charges, taxes, legal and other professional fees and expenses) which MyAccurate Pay may incur or suffer as a result of the Customer's use of services.

10. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of Kenya. Any disputes arising from these terms shall be subject to the exclusive jurisdiction of the courts of Kenya.