Transactional current account

Terms and conditions

1. I/ We the Account holder authorize and request that Nedbank (Lesotho) Limited (the “bank”) to:

a. Pay and hold me/us liable on:

i. all cheques, promissory notes, bills of exchange and other negotiable instruments payable at your bank purporting to be drawn, made or accepted

by me/us or on behalf of the said firm and signed as such hereunder; and

ii. all agreements, undertakings, indemnities, guarantees and all other documents signed in connection with usual banking transactions and, without

prejudice to the foregoing generality, including among others the lodging and withdrawal of moneys on fixed deposits or on savings account, the

hypothecation, pledging or cession by the said firm of any of its assets, the issue of letters of credit, drafts and transfers, provided that such cheques,

promissory notes, bills of exchange and other documents are signed by me/us or on behalf of the said firm;

b. Debit such instruments to the account, whether this account be in credit or otherwise;

c. Accept any instructions via telephone, fax, and/or email and treat such instructions as above notwithstanding that these instructions may not be the

safest and most prudent method of managing my/our accounts as a result of the inherent shortcomings of each of these methods; and

d. Debit the account, from time to time with all charges consistent with usual banking practice.

2. I/We, the accountholder, understand that, should the account be in debit, the indebtedness to the bank shall be determined and proven by a

written certificate purporting (alleging) to have been signed by a manager of any branch of the bank (whose authority and capacity shall not need to

be proven), which certificate shall, upon production thereof, be binding and prima facie proof of the contents of such certificate and of the fact that

such amount is due and payable.

3. I/We, the accountholder, warrant that:

a. My/our domicilium citandi et executandi (address for purposes to serve legal notices and/or pleadings) for all purposes in connection with the said

account is the relevant address mentioned above or which I/We advise to the bank from time to time;

b. The information above is true and complete.

4. I/We, the accountholder, am/are aware that the use and handling of the account shall be subject to such arrangements as the bank may have in

regard to the implementation of the magnetic ink character recognition system.

5. I/We, the accountholder, authorize the bank to disclose all information contained herein and/or relating to any of my/our accounts with the bank to

all divisions/companies and other associated companies in the Nedbank group, and such information to be used at their discretion.

6. I/We authorise the bank to debit any credit balances available in my other accounts if one account is in debit or in arrears or overdrawn.

7. I/We shall also sign any additional documentation required by the bank to open up the account.

8. I/We shall comply with all “know your client” requirements and the bank shall have the authority to freeze or close the account or set monetary

limits for use under such accounts.

9. I/We undertake that the account must not be overdrawn; and interest will be charged on debit balances.

10. The bank may provide electronic statements reflecting all debit and credit entries as well as the total debit or credit balance, as the case may be.

11. The account shall become dormant if the client has not performed any debit or credit transactions for a period of 90 days (or such other time

period as the bank may determine from time to time).

12. I/We cannot cede any rights or transfer any obligations in and to the account (whether by card, internet banking or otherwise) without the bank’s

prior written consent.

13. INTERNET BANKING / MOBILE BANKING

13.1 I / We acknowledge and agree that I/we must first register at the nearest branch by filling in a registration form. I/We will be issued with the

Password that I / we have to change once I/we have logged on to the internet site or mobile banking application for the first time. I/we must then

create my/our own password. Should we require more information on how to do this, I/we can visit or call any of the bank’s branches or contact

center.

13.2 One-time password (OTP) is unique and time-sensitive and will be used as added security on internet banking. The password does not replace

the password you use to log on to Internet banking but provides a second layer of security. The password will be sent to me/us by SMS and is valid

for one internet banking session only. The OTP is issued for the following:

i. Adding beneficiaries;

ii. Amending beneficiaries;

iii. Changing a password; and

iv. Changing a cell phone number.

13.3 I/we must ensure that I/we log off from the internet banking service once my/our session ends.

13.2 My/our authority: I/we permit the bank to regard all activities I/we conduct or instructions sent after having entered the access code as being

authorised by me/us and intended to have legal force.

14 ATM CARD

14.1 The bank reserves the right (in its sole and absolute discretion) to refuse to issue the card.

14.2 I/We must sign the card on the reverse side in ink immediately after receiving it.

14.3 Additional cards linked to my/our account may be issued to other persons authorised by me/us.

14.4 The bank shall always remain the owner of the card.

14.5 Use of the card:

i. I/We must only use the card myself/ourselves and must not allow any other person to use the card.

ii. I/We may use the card to buy goods and/or services from those suppliers which may accept the card.

iii. When using the card to buy goods and /or services I/we must sign a transaction slip.

14.6 The bank will give me/us a personal Identification number (PIN) which will enable me/us to transfer funds, make purchases and otherwise

operate the card on Automated Teller Machines (ATM’s).

14.7 I/We must comply with exchange control regulations when using the card outside Lesotho.

14.8 Authority to debit my/our account:

a. The bank will charge to my/our account any payments the bank makes on my/our behalf for purchases or cash withdrawals I/we or any

additional cardholders have made. Subject to any industry terms, conditions or requirements, I/we will be allowed to stop payment to any

supplier.

14.9 Unauthorised use of the card and PIN:

i. I/We am/are responsible for the safe keeping and proper use of the card. I/We must either memorize the PIN the bank supplies, or keep any

record of the PIN separate from the card in a safe place.

ii. As soon as I/we discover or suspect that my/our card is lost or stolen or that my/our card is compromised, I/we must notify the bank

immediately by telephone. The bank will stop the card as soon as reasonably possible after such notification. Delay in notifying the bank will be

considered as negligence on my/our part.

iii. If I/we am/are negligent in not promptly reporting the card lost or stolen, I/we will be responsible for all cash drawn including where PIN is

used to withdraw money and/or for payment of goods and services bought with the card, before the bank has stopped the card.

iv. Should I/we dispute that a purchase or withdrawal debited to my/our account was authorised by me/us, I/we will have to prove that it was

not authorised, whether or not the slip or voucher was signed. Until I/we have provided adequate proof to the satisfaction of the bank, I/we will

be deemed to have authorised such purchase(s) or withdrawal(s). The bank is not responsible for any loss arising from any failure, malfunction

or delay of any point of sale unit or ATM or my/our supporting or shared networks, where applicable, resulting from circumstances beyond

my/our reasonable control.

14.10 I agree that the bank reserves the right to refuse to enter into or to terminate this business relationship at its discretion. The refusal to enter into

a relationship or termination thereof shall be due to but not limited to legal /regulatory requirements or business/operational requirements of the

bank.

34 The bank may, as it deems necessary, request for any information and/or documents, at any point in time which, in its opinion, is necessary at

the time for the purposes of the account.

35 If I/we owe the bank monies under any other credit facilities offered by the bank, I hereby authorise the bank to use funds in any foreign

currency account to offset such liability by using the middle rate of a particular converted currency.

36 Any amendment of the terms and conditions will not constitute a novation of this agreement or of any previous obligation of the client to the

bank.

15. PROCESSING OF CLIENT INFORMATION

15.1 Nedbank Lesotho (“Nedbank”) will take appropriate and reasonable measures to ensure that the integrity of the information, including any

confidential information, in its possession or under its control is secure and that such information is protected against unauthorised or unlawful

processing, accidental loss, destruction or damage, alteration, disclosure or access.

15.2 Nedbank shall only process and the client hereby expressly consents to the processing of the client's information:

a. for the purposes of establishing a banking business relationship and Nedbank rendering the services to the client:

b. for such further processing activities or any related processing functions which are a normal extension of the processing which Nedbank is

permitted to undertake in accordance with (a) above;

c. pursuant to the client's instructions in the course of rendering services to the client or performance of contract for which the customer is a

party;

d. in order for Nedbank to comply with an obligation which is imposed on Nedbank by law;

e. where processing of the service is necessary for the performance of a service carried out in the public interest;

f. in a manner that does not infringe the privacy of the client, in accordance with relevant legislation relating to the processing of client

information; or

g. out in the public interest or in the exercise of official authority vested in a Bank or in a third party to whom the client’s information is

disclosed;

15.3 Nedbank may search, update or place the client’s records at credit reference bureaus and government agencies in order to verify its details,

assess the client’s ability to obtain credit or to provide collateral of any kind, including guarantees, and may, on request from another credit provider

with whom applications for credit have been made, provide such personal information, including credit reference data, to such credit provider and

also make any enquiries that it deems necessary to confirm the details on this form for marketing purposes and to assess creditworthiness.

15.4 Nedbank may use the client's information for debt enforcement, including but not limited to recovery, collection, repayment, surrender,

enforcement and assignment of debts.

15.5 The client confirms that it has fully disclosed its debt repayment history, where required to do so by Nedbank or any third-party possessing

information Nedbank may wish to rely on.

16. PRIVACY CONSENT

16.1 I provide Nedbank Lesotho Limited with my express consent to process my personal information as defined in the Data Protection Act, including

fingerprints, biometric personal identification details, photographs and identity verification in terms of Money Laundering & Proceeds of Crime

Act 2008 (As Amended), as well as the Financial Institutions Act 2012 (as amended), for purposes of providing financial services and preventing

fraud, money laundering and financing of terrorism, and to send my personal information to relevant third parties in order to provide a service to

me, and also to send such information to foreign countries, when necessary and required, including for purpose of reporting in terms of the

Foreign Account Tax Compliance Act (FATCA) of the U.S. and the Common Reporting Standards (CRS) regulations, where and when

applicable, by electronic or other means for processing.

16.2 I understand that such country may not have specific data privacy laws, that where that is the case, Nedbank will enter into appropriate

confidentiality agreements with the service providers in the foreign countries.