The merchant is deemed to have consented to the following terms and conditions either via online acceptance of this Agreement through M:Pay interface or such other interface granting access to use of the Service or better still upon successful application of the loan. The merchant is hereby advised to carefully read and understand these Terms and Conditions which will govern the application of the Merchant Loans These terms and conditions (herein referred as ‘T&Cs’) are between M:Pay-A brand of Pioneer FSA which is a Limited Liability Company, registered under the Companies Act Cap 486, of P.O. Box 32510-00600 Nairobi, its successor and assigns, (herein referred to as M:Pay), and undersigned individual (herein referred to as the “The Merchant”). The Merchant has read these T&Cs and has agreed to abide by the same. In consideration of the loan extended to Merchant by M:Pay and formalized by the merchant accepting these T&Cs under the following conditions:

1. Loan amount: Between Kshs 5,000 to Kshs 300,000.
2. Terms: 30 to 180days.
3. Purpose: Working Capital.
4. Convinience fees of 5% for Merchant Inua Biashara loan and 10% for Merchant Advance.
5. Service charge 5% per month.
6. Penalty Rate: 1% per day of the total amount in arrears.
7. Installments will be due as per the term stated and will be repaid directly from the merchant Till/Paybill account.
8. The loan may be prepaid, without penalty, by paying the outstanding loan balance, plus any service charges and penalties due if a payment is late.
9. An “Event of Default” shall be defined as (a.) missing a single loan payment or any part of such payment; (b.) any material change in the facts and circumstances represented in the Loan Application; or (c.) the death of the Merchant. In case of such default, recovery process will commence immediately.
10. It should be understood that the facility so granted is payable on demand in full at the discretions of M:Pay. M:Pay reserves the right to combine accounts, the right to consolidate all securities held for any account to constitute for all account also held. The continuity of this facility will depend upon your adherences to M:Pay rules and regulations.
11. In an Event of Default, as that term is defined in this Agreement, the Company reserves the right to commence recovery of the entire loan balance plus service charge and penalties thereof.
12. The merchant hereby declares that all the information and warranties provided as the basis of the facility are totally correct and complete. That in the Event of Default, the merchant agrees to immediately pay M:Pay the outstanding balance of the amount, plus any service charge or penalties due together with all costs incurred by M:Pay in enforcing the recovery.
13. The merchant hereby gives M:Pay the absolute legal right and authority to draw from the till balance in order to satisfy any obligation described in these T&Cs.
14. The merchant agrees to abide by all policies, rules and regulations of M:Pay, agrees to give prior written notice to M:Pay regarding any changes in business location, the liquidation of substantially all business assets, or any other substantial change affecting the business(s).
15. In connection with these T&Cs, and in order to secure the performance by the merchant obligations to M:Pay under this Agreement, the merchant irrevocably appoints M:Pay and its directors, officers and employees, jointly and severally, to be his/her attorneys for the purposes set out in these T&Cs.
16. The merchant may contact M:Pay Support Center to report any disputes, claims or Account discrepancies. Any dispute arising out of or in connection with these T&Cs that is not resolved by M:Pay Support Centre representatives shall be referred to arbitration by a single arbitrator to be appointed by agreement between the parties or in default of such agreement within 60 days of the notification of a dispute, upon the application of either party, by the Chairman for the time being of the Chartered Institute of Arbitrators (Kenya Branch). Such arbitration shall be conducted in the English language in Nairobi in accordance with the Rules of Arbitration of the said Institute and subject to and in accordance with the provisions of the Arbitration Act 1995. To the extent permissible by Law, determination of the Arbitrator shall be final, conclusive and binding upon the parties hereto. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
17. The merchant declares that all information provided as part of this application conforms to reality and assumes full responsibility for its accuracy. By accepting the T&Cs, the merchant hereby authorizes collection of reference from any source whatsoever, concerning his/her person or business, conduct and commercial credit. The merchant further authorizes the issuance of reports regarding his/her/business credit history to M:Pay and hereby absolves the reporting party of all responsibility.