Nedbank MobiMoney

Terms and conditions

Your use of the MobiMoney Account is governed by the Agreement. Your attention is drawn, in particular, to the clauses in the Agreement that could:

• limit our or a third party's risk or liability;
• create risk or liability for you;
• compel you to indemnify us or a third party; and
• mean that you acknowledge a fact.

These terms and conditions are not intended to restrict, limit or avoid any rights or obligations you may have in terms of the Consumer Protection Act, 68 of 2008 (to the extent that this legislation is applicable).

1.     Interpretation and definitions

In these terms and conditions:

1.1.      clause headings are for convenience;

1.2.      unless the context indicates a contrary intention:

1.2.1.     the singular includes the plural and vice versa;

1.2.2.     any gender includes the other genders;

1.2.3.     a natural person includes a juristic person and vice versa; and

1.2.4.     any number of days will be calculated by excluding the first and including the last day, or where the last day falls on a day that is not a business day, the next business day.

1.3.      Unless the context requires otherwise, the following words and expressions have the meanings set out hereunder.

2.     Using your MobiMoney Account

You agree to and acknowledge the following:

2.1.      You can have only one MobiMoney Account with us.

2.2.      You will indicate how the MobiMoney Account is styled.

2.3.      You will use the MobiMoney Account in a manner acceptable to us.

2.4.      We will monitor the use of the MobiMoney Account for assessing compliance with and adherence to the Product Specifications.

2.5.      If you no longer qualify for the MobiMoney Account, we have the right to move you to an account that you do qualify for. We will tell you before we move you to another account. The terms and conditions and Fees for that new account will then apply.

2.6.      We have the right to claim any difference in the Fees applicable to the two accounts from you, from the date that you no longer qualify for the MobiMoney Account to the date you move to the new account.

2.7.      Your MobiMoney Account (including the funds in it) cannot be assigned to any other person.

2.8.      You authorise us to accept instruction by electronic means.

2.9.      To perform any transaction on your MobiMoney Account, you will need your cellphone number and a PIN as set out below.

2.10.   You will keep your PIN secret and not disclose it to anyone.

2.11.   MobiMoney Account transactions will be authorised using your PIN and unless we receive notice from you not to, we will accept all authorised transactions, even if they turn out to have been made without your authority.

2.12.   You will be able to use your MobiMoney Account for the transactions listed in the menu.

2.13.   You may not use the MobiMoney Account for any unlawful or illegal transaction.  It is your duty to make sure that a transaction is lawful.

2.14.   We reserve the right to reject a transaction in certain circumstances.

2.15.   If a transaction cannot be completed, you will receive an error message explaining why.

2.16.   The Fee for each transaction will be displayed with the transaction and will be deducted from your MobiMoney Account along with the transaction. Your new balance after the transaction will be sent to you by SMS.

2.17.   Fees include applicable taxes. Any value-added tax will be indicated on your statement.

2.18.   A history of the past 10 transactions will be available on the menu.

2.19.   We will make regular account statements available to you.

2.20.   You elect to receive electronic statements.

2.21.   At our sole discretion, an additional cost may be levied against your MobiMoney Account for paper-based statements, whether posted or obtained at any branch or through any self-service or digital channel.

2.22.   No interest will be paid on credit funds in a MobiMoney Account.

2.23.   The information you provide us about yourself must be accurate and you will notify us immediately if your details change.

2.24.   You must tell us immediately if your SIM or phone is lost, damaged or stolen.

2.25.   If we detect that your SIM card has been changed, we reserve the right to block your wallet until you advise us of your new number.

2.26.   Use of an ATM, retailer platforms or other electronic device(s) is at your own risk.

2.27.   If illegal money (counterfeit banknotes or any other purported banknotes not accepted as legal tender in South Africa) or defective notes (dye-stained or mutilated banknotes where the serial number is illegible or defaced) are deposited into the MobiMoney Account, we reserve the right to reverse any value given to you for such illegal money or defective notes.

2.28.   Your MobiMoney Account cannot be overdrawn.

2.29.   No interest is earned on MobiMoney Accounts.

3.     Limits

3.1.      There are different limits for different types of transactions.

3.2.      If you have met all the bank’s regulatory requirements, there is no limit on any transactions. If you have not, the current MobiMoney Account limits are:

4.     Freezing, suspension, modification, restriction and termination

4.1.      You may terminate this Agreement at any time without giving us notice.

4.2.      We may freeze, suspend, modify or restrict your MobiMoney Account or terminate this Agreement immediately at any time without prior notice to you due to, including but not limited to, the following circumstances: 

4.2.1.     Our being compelled to do so by law.

4.2.2.     Our having reasonable suspicion that the MobiMoney Account is being used for illegal, unlawful or fraudulent purposes.

4.2.3.     Your conduct resulting in a breach of our regulatory obligations. 

4.2.4.     Your cellphone service provider removing your cellphone number from its network.

4.2.5.     Your notifying us that your cellphone or SIM card has been damaged, lost or stolen or your PIN has been disclosed to any other party.

4.3.      We will give you reasonable notice if we want to freeze, suspend, modify or restrict your MobiMoney Account or terminate this Agreement due to, including but not limited to, the following circumstances, as determined at our sole discretion:

4.3.1.     Our being compelled to do so by law.

4.3.2.     Reputational risks or operational/business reasons.

4.3.3.     You no longer qualifying for the MobiMoney Account according to our Product Specifications.

4.3.4.     Your breaching the Agreement.

4.3.5.     Your breaching any other agreement with us.

4.4.      We must comply with local and international laws, regulations, policies and requirements with regard to anti-money-laundering, counter-terrorist financing and sanctions. We may therefore continuously screen, verify, process and monitor all our and any related information, instructions and transactions effected by you and/or on your behalf. This may also result in your transactions or the use of your MobiMoney Account being prohibited, delayed, withheld, limited, declined or conditionally approved, your funds being confiscated and/or our relationship being terminated.

4.5.      If your MobiMoney Account is frozen, suspended, modified or terminated, you will need to make alternative arrangements for any monthly debit and stop orders on the MobiMoney Account.

5.     Product withdrawal/discontinuation

5.1.      If it becomes uneconomical or commercially impractical for us to provide the product or service offered in terms of this Agreement or if we are unable to continue to provide the product or service, for whatever reason, we may terminate that product or service on reasonable notice to you.

5.2.      We will give you information of comparable products.

5.3.      If you do not select an alternative product or service, we will be entitled to move you to a product or service that we identify as suitable for your needs.

6.     Dormant accounts

6.1.      We are still entitled to charge fees on a Dormant Account.

6.2.      Once an Account is dormant, you will be able to perform only credit transactions on the Account and not debit transactions.

6.3.      To lift the dormant status on the Account you will have to contact the NCC.

6.4.      We may, after notification to you and at our sole discretion, close an Account that has been dormant for such a period as we may determine from time to time.

6.5.      We will give you 60 days’ notice that the Dormant Account will be closed.

6.6.      Once the Dormant Account has been closed, no interest will accrue to the Account.

6.7.      Should you wish to claim any credit balance from a closed Dormant Account, you will have to call the NCC or any of our branches for guidance on the process to be followed.

7.     Privacy consent

7.1.      Subject to applicable laws, regulations and our privacy policies, you give us permission to process your personal information as we see fit for both your and our legitimate interest. This includes your race, biometrics and alleged criminal behaviour (if necessary)

7.2.      You consent to us accessing your credit bureau data, obtaining your bank statements from your bank, sharing your information with third parties sharing information about your application with third parties, collecting your personal information from third parties, sharing information about your application with the Southern African Fraud Prevention Services and processing your personal information outside South Africa.

7.3.      Processing includes doing affordability assessments, credit scorings and profile building that may help us offer you a product or service that will suit your needs. You may ask for a description of your personal information that we have on record and for the details of third parties who have, or having had, access to your personal information.

7.4.      You may withdraw your consent by notifying us in writing. You may also ask that we correct or delete your information, object to us having had your information, and send a complaint to the Information Regulator.

8.     Fees and taxes

8.1.      We will charge Fees according to the prevailing Pricing Schedule, or as agreed with you. Such Fees will be debited according to the prevailing Product Specifications.

8.2.      The Pricing Schedule that contains information regarding the Fees, is available at any branch or at www.nedbank.co.za.

8.3.      You confirm that you have read and understood the Fees for your MobiMoney Account.

8.4.      You must pay all Fees when due to us.

8.5.      We are entitled, at our reasonable discretion to vary any Fees, or the items attracting Fees.

8.6.      We will give you reasonable notification before Fees or items that attract Fees change.

8.7.      Fees that attract value-added tax will include value-added tax, which will be indicated on your MobiMoney Account statement. 

8.8.      Interest at the interest rate applicable to this Agreement from time to time will be charged in respect of any Fees not paid on or before the due date for payment thereof and this will not prejudice, restrict or in any manner detract from our rights pursuant to an act of default.

8.9.      In addition, all amounts that we may pay or incur pursuant to this Agreement due to your default, including any amount actually disbursed by us, either when collecting any payment owing by you or when exercising any of our rights arising from any breach of your obligations in terms of this Agreement, as well as legal costs on the attorney-and-client scale (including tracing fees and any collection commission), will be payable by you to us on demand.

8.10.   All applicable government levies in respect of the use of the MobiMoney Account will be debited to your MobiMoney Account monthly and paid over to the relevant government body.

9.     Digital Interaction

9.1.      You accept all risks of Digital Interaction with us. These risks include the following:

9.1.1.     It may not be the safest way to give us instructions, as Digital Interaction may be tampered with before, during or after transmission and can be manipulated fraudulently.

9.1.2.     Receipt or execution of Digital Interaction may be delayed because Systems and Devices failed, malfunctioned or were unavailable.

9.1.3.     Digital Interaction may be illegible or inaudible, which may lead to instructions not being executed as intended.

9.1.4.     We cannot verify email addresses, fax numbers and signatures.

9.1.5.     We cannot establish the identity or designation of the sender of the Digital Interaction.

9.1.6.     We may not be able to confirm receipt of Digital Interaction instructions.

9.2.      You must make sure that your Systems and Devices can communicate with ours. You must meet our specifications for the installation and configuration of your Systems and Devices.

9.3.      You must do whatever is necessary to access and use your Account. This includes maintaining software licenses, paying license fees and getting the necessary telecommunications lines, hardware, software and consumable materials (and any updates or upgrades).

9.4.      You must adhere to our operating, maintenance and security requirements and procedures (including encryption standards) and make sure that there are no destructive programs, for example viruses, worms and spyware, on your Systems and Devices.

9.5.      You must make sure of the integrity, safekeeping and confidentiality of all communication lines, data, confidential information, Systems and Devices and Authentication Mechanisms.

10.  Address for notices

10.1.   For all purposes under this Agreement, the Parties choose the following addresses as their respective domicilia citandi et executandi:

us:   Nedbank 135 Rivonia Campus, 135 Rivonia Road, Sandown, Sandton; and

you: the last known physical address supplied by you.

10.2.   Any legal notice to be served on any Party may be served at the address specified for such Party in this clause.

10.3.   Legal notices will be valid and effective only if given in writing and delivered by hand or prepaid registered post.

10.4.   If delivered by hand, the notice will be deemed to have been received on the date of delivery, provided it was delivered to a responsible person during ordinary business hours.

10.5.   If delivered by prepaid registered post, the notice will be deemed to have been received within seven days of the posting date, unless the contrary is proved.

10.6.   Notwithstanding anything to the contrary in this clause, a written notice or other communication actually received by any Party will be adequate written notice or communication to such Party even if the notice was not sent to or delivered at the Party’s chosen address.

10.7.   A Party may by written notice to the other Party change its address for the purpose of this clause to any other address (other than a post office box number), provided that the change will become effective on the seventh business day after receipt of the notice.

10.8.   It is your responsibility to ensure that we are kept informed of any changes to your personal information, including address and contact details.

11.  Liability

Except where damage or loss is caused by our wilful misconduct or gross negligence (or any person acting for or controlled by us), we will not be liable to you for any damage or loss that you may suffer because:

11.1.   your use of the Nedbank MobiMoney Account;

11.2. your using Digital Interaction to communicate with us and any of the associated risks explained above;

11.3.   any action taken in terms of clause 4 or 5;

11.4.   any person having gained unauthorised access to any information or data;

11.5.   incorrect information was given to any person, including any credit bureau;

11.6.   any loss or theft resulting from your use of an ATM or a retailer platform or other electronic device;

11.7.   a delay, failure or malfunction of any ATM SSK other device (electronic or manual) that you use to carry out transactions on the Account; or

11.8.   your giving your PIN to somebody else.

12.  General

12.1.   Before opening a MobiMoney Account, we are entitled to satisfy ourselves of your suitability as an accountholder.

12.2.   You agree that we may combine any or all accounts you may have with us, without notifying you thereof. However, if we combine only some of these accounts, we will still have the right to claim from you any amount in respect of an account that is not part of the combined accounts.

12.3.   The Agreement forms the whole agreement between us in connection with the MobiMoney Account.

12.4.   We may amend the Agreement and we will give you notice of any such amendments.

12.5.   Any amendment of the Agreement will not constitute a novation of the Agreement or of any of your previous obligations to us.

12.6.   No failure or delay by us or you in exercising any right or remedy under the Agreement  will operate as a waiver thereof. And any single or partial exercise of any right or remedy does not prevent any further or other exercise of that right or remedy.

12.7.   If any provision of the Agreement is found by a court to be invalid or unenforceable, this will not affect the other provisions, which will remain in force.

12.8.   The Agreement will be governed in accordance with the laws of the Republic of South Africa and subject to the jurisdiction of the South African courts.

13.  Alternative dispute resolution

13.1.   We have a complaint process that is available through the NCC, any Nedbank branch or at www.nedbank.co.za.

13.2.   If you have a dispute or a complaint regarding your Account, you will need to send us a written statement setting out the dispute or the complaint. We undertake to investigate your dispute or complaint within a reasonable time, keep you informed during the investigation and provide you with a final written response.

13.3.   Should you not be satisfied with the response referred to above, you have the right to contact the Ombud for Banking Services and/or the Financial Sector Conduct Authority and/or the National Consumer Tribunal, using the details below:

14.  Acknowledgement

14.1.   You warrant that you have fully and truthfully answered all questions and responded to requests for information by us relating to this Agreement.

14.2.   You confirm that you understand and appreciate the risks and costs inherent in this Agreement, as well as your rights and obligations under this Agreement.