Account Opening Terms & conditions

For these terms and Conditions “Sacco” shall refer to Fariji Sacco Society limited, its successors in title and assigns. These terms and conditions (“the Terms”) govern our respective rights and obligations when you use your Account and come into effect when you register for an Account or once you access your Account, whichever occurs first. By making use or accessing your account, you admit that you have read, understood, and agreed to these terms and conditions, and that you consent to your personal information being shared within the Sacco in the ordinary course of our business of providing the Services to you.

1. Any person(s) opening an account with the Sacco, will be deemed to have read and understood these terms and conditions and the applicable Schedule of Sacco Charges issued and amended.

2. All products and services provided by Sacco are subject to their terms and conditions (“product agreements. These Terms (governing the use of the Account) must be read together with and form part of each product agreement.

3. No account shall be opened by Sacco unless the account opening form is fully completed and the requisite supporting documents are attached and attested by the required authorities (if any).

4. Upon submission of duly completed account opening forms Sacco will generate an Account number for the customer per Sacco’s policies and procedures on Account Opening.

5. The customer will give the Sacco in an acceptable form the specimen signature of every person authorized to operate the account. The Sacco is under no duty to enquire or ascertain the purpose for which an authorized signatory exercises his powers on behalf of or otherwise for the customer. The Sacco accepts no obligation to any person (including any authorized signatory) other than the customer who is authorized to operate the account or whose concurrence or signature is necessary for the operation of the account.The customer undertakes to maintain the confidentiality of his ID and password together with all other information and materials of any nature supplied to it by the Sacco concerning this agreement. The Customer shall be fully liable to the Sacco for any breach of the provisions of this paragraph. The Sacco has a statutory responsibility to apply any applicable tax on all charges on customers’ accounts

6 . Only valid and acceptable means of Identification (e.g. International Passport, Kenyan National Identity Card, and Alien ID) will be required before the Sacco opens any account.

7. Each account shall possess a distinctive number which shall be quoted in all correspondence with the Sacco relating to the account.

8. Any change in name, address, contact details, occupation, and physical location should be immediately communicated in writing to the Sacco.

9. The Sacco shall reference its tariffs, fees and charges for its products in the product agreements.

10. The Sacco may, without notice, set off against any account indebtedness of the customer.

i) Any other account whether the current, facility, savings, or any other type:

ii) Any time or other deposit

11. The Sacco may, upon notice to the customer, set off his account against any other account or Indebtedness in respect of which the customer is liable, notwithstanding that some other A person may also be liable in respect thereof.

12. The post office/courier firms and other agents of mail delivery shall be considered agents of the account holders for delivery of statements, letters, and related communication, no Responsibility shall be accepted by the Sacco for access by third parties, loss, delay or non-delivery Of such items sent by post/courier at the request of the account holder

13. The Sacco is authorized to effect such orders in respect of the accounts as may be required by any court order or competent authority or agency under the applicable laws of the land.

14. Profit on savings and fixed deposits may be paid at periodic intervals, as determined by the Sacco and/or upon respective maturity dates of such deposits at such rate as may be determined by the Sacco from time to time.

16. Uncleared instruments though credited in the account, shall not be drawn against unless in the complete discretion of the Sacco and at such drawings will attract uncleared effects charges as may be set from time to time. Even if such Instruments are credited to customers’ account and/or allowed to be drawn against, the Sacco shall have at all times the right to debit the account holders account, if the instruments are not realized without prior notice to the account holder/depositor.

17. In case a deposit matures on a public or Sacco holiday, then the Sacco shall pay the deposit on the next working day when the Sacco is open for ordinary Sacco business hours.

20. Postdated, stale and defective cheques shall not be paid by the Sacco.

21. Upon the Sacco receiving notice of the demise of an individual customer, the Sacco will not be obliged to allow any operation or withdrawal from the account by any person except onproduction of a death certificate and a court order from a court of competent jurisdiction or anyother relevant document recognized by law for succession purposes.

22. In cases of a joint account and one of the account holders dies then the money in the account and any other benefit, interest, or obligation relating to that account will revert to the surviving joint holder(s).

23. Advocate and client costs incurred by the Sacco in obtaining legal advice in connection withthe customers’ accounts and dealings with the Sacco or incurred by the Sacco in any legalarbitration or other proceedings arising out of any dealings in respect of the customer.

24. Periodic statements of account shall be issued by the Sacco to the account holder while a certificate (conveying key terms for the deposit e.g. Tenor) will be issued to the depositor on dates agreed between the Sacco and the Customer.

25. The Sacco will take due care to see that the credit and debit entries are correctly recorded in the accounts of the account holder/depositor. Any discrepancy in the statement of account should be promptly brought to the notice of the Sacco in writing within fourteen days of dispatch of statements, failure to which the statement of account shall be deemed to be final and conclusive, for all purposes whatsoever. In the case of any error, the Sacco reserves the right, at all times to make adjusting entries to rectify the error without notice, and recover any amount wrongly paid or credited to any person together with any accrued profit. However, the Sacco shall not be liable for any loss or damage due to such error or any consequential loss arising there fromto any party

26. No account holder/depositor may annotate or delete any entries in the statement of account. Any discrepancy found, should at once be brought into notice of the Sacco, if the statement of account is lost or spoilt, a duplicate statement of account may be provided by the Sacco, subject to such charge as is, applicable under Its Schedule of Charges

27. Minimum balance requirements (if any) will be notified by the Sacco from time to time. Any failure or omission to maintain such deposit or balance criteria may result in the Sacco suffering loss which the Sacco has the discretion to recover from such loss.

28. The Sacco reserves the right to close any account with prior notice, which in its opinion is not satisfactorily operated, or for any other reason at the Sacco’s discretion.

29. The Sacco solely reserves the right to close an account while assigning a reason (s) for doing so while observing the notice period stipulated by Kenyan law. The Sacco may close an account without notice if the account is being used for an illegal activity or pursuant to a court order.

30. Account holder/depositor wishing to close the account must, surrender any unused cheques, ATM Cards and any other documents, instruments issued by the Sacco on the account. The Account Holder will also be liable for account closing charges as in force, at the Sacco before he/she can be paid the last remaining credit balance, if any.

31. The Sacco shall have discharged its liability with respect to an account so closed by processing a transfer on instruction from the customer, in the currency of such account, payable to the account holder/depositor in the amount of the then credit balance of such account less deduction(s) in respect of the amount of any claim that the Sacco may have on such funds constituting the credit balance.

32. The Sacco may from time to time and at any time revise, amend, delete or supplement any of these terms and conditions whether in whole or part including without limitation the charges levied in respect to its services. Such changes shall be effective from the date specified by the Sacco for such modification. These amendments/alterations shall be notified to the account holder/depositor and/or displayed at the Sacco’s premises/website from time to time and, shall be binding on the account holder/depositor. The Sacco reserves the right at any time and with notice to impose charges for the use of its services at any time.

33.Where the account holder is issued with an ATM card, internet banking login, mobile phone access codes or any other tool or code for the purpose of gaining access to one’s account, the account holder undertakes not to transfer the same to any other person and undertakes to exercise due care and attention to ensure the safety of the ATM card, internet banking login,mobile phone access codes or any other tool or code for the purpose of gaining access to one’s account and the secrecy of the PIN thereof. Where the account is a joint account the joint holders undertake to ensure that the ATM card, internet banking login, mobile phone access codes or any other tool or code for the purpose of gaining access to their account is only used by authorized persons who operate that account. If a card is lost or stolen or if the PIN is disclosed to unauthorized person, the account holder (s) must immediately notify the Sacco in writing and the cardholder will be liable for any transaction made prior to the receipt by the Sacco of such notification. The account holder may at any time cancel his or her ATM card, internet banking login, mobile phone access codes or any other tool or code for the purpose of gaining access to one’s account and notify and return the same to the Sacco provided that the account holder must not attempt to use the internet banking login, mobile phone access codes or any other tool or code for the purpose of gaining access to one’s account, after such notification of cancellation.

The Sacco reserves the right to withdraw the right to use the card, refuse to renew the card or replace or reissue a card without assigning a reason and without incurring any liability to a cardholder

As part of this agreement the Sacco may provide certain banking services electronically via the
internet to the customer subject to the terms and conditions set out in this clause and the
remainder of this clause the following definitions shall have the following meanings:

  1. “Password” the secret password known only to the customer or the Customers Nominated User
    for access to the System. The customer or its nominated user may change the password at will.
  2. “Nominated User/s” the representative or representatives of the customer authorized by the
    customer to hold and change the password and hence to access the system and service on
    behalf of the customer.
  3. “Service” such of the internet banking services specified in this agreement as the customer may
    from time to time subscribe to, and “services” shall be construed accordingly.
  4. “System” the electronic banking and communications software enabling the customer to
    communicate with the Sacco for the purposes of the service. The System Service will for the
    purposes of this agreement be accessed through the internet via the banks website,
  5. “Request” a request or instruction received by the bank from the customer through the
    customer or purportedly from the customer through the system and upon which the bank is
    authorized to act.
    The services related to the customer’s profile(s)
    i) The bank will maintain the web-site,, (hereinafter referred to as the “site”), to provide the customer with information about the bank services and products, including the internet banking service, and to facilitate communication with the bank. The use of the site for purposes of the service by the customer constitutes agreement to all such terms and conditions contained in the whole of this agreement.

ii) Upon entering into this agreement the customer will provide to the system a unique
identification (or ID) and a secret password known only to the customer, and then only shall the
customer be afforded use of the service. The ID and password will form a unique link to each
specific customer’s access profile(s).
iii) Further services and profiles may be added from time to time by the Sacco and the Sacco
reserves the right to modify, replace or withdraw any service and/or profile at any time, for any
reason whatsoever, without prior notice to the customer

34. If you communicate through the Internet, you agree that we are entitled to assume that you
have authorized all transactions once your access codes have been entered.
This will not apply if you have notified us to disable access to your accounts because your access
codes have been misplaced, lost or stolen and you have a reference number to prove that our
records of your transactions will be proof of any instruction you have given us, unless you can
prove to the contrary. You are responsible for giving correct information and instructions when
registering for an Account and when conducting transactions via the website. We will try to
assist if you make a mistake when giving us an instruction, but we will not be responsible for any
loss or damage caused by your error. We will also not be liable for payments made by you to
unintended recipients due to the input of incorrect information, nor are we responsible for the
verification of the identity of recipients. We cannot reverse duplicate or erroneous payments you
make to other accounts without the specific consent of the account holder. Our role is simply to
pass your instructions on to where the account is held and we will not be liable for any act or
omission on the part of such institution. Certain transactions may not be terminated, such as the
purchase of pre-paid products made available via Internet banking. Unless otherwise stated in a
product agreement, all transactions will be subject to the same turnaround times that apply to
the same transactions, accounts and customer profile, if done at a Fariji Sacco Branch. An
instruction will only be deemed to have been received by us once we have confirmed receipt. If
you are unsure as to whether a transaction has been processed you should contact us before you
resubmit the instruction. This is because re-submitting an instruction may cause us to process
the same transaction twice, for which we will not be liable.

a.       All notices, statements, letters and other communications from the Sacco may be sent to the last address given by the customer, and the date on the Sacco’s copy of any such communication is taken to be the date of such dispatch in the absence of proof to the contrary.

b.      Any written communication from the Sacco to the customer including but not limited to any notices given pursuant to these terms and conditions shall be deemed to have been received by the customer, if delivered then at the date and time of delivery, and if sent by post it shall be sufficient to prove that the letter containing the communication was properly stamped and addressed.

c.       The Member has no claim on the Sacco for damages resulting from losses, delays,
misunderstandings, mutilations, duplication’s or any other irregularities due to transmission of any communication whether to or from the customer, the Sacco or any third party, by delivery, post, e-mail, fax, telegraph, telephone, telex or any other means of communication.

We respect your privacy and your personal information. For this reason, we have prepared a Privacy Policy to let you know how we will treat any personal information that we may have
about you. We will take all reasonable measures, in accordance with our Privacy Policy, to protect your personal information and to keep it confidential, even when you are no longer our Customer.

The Sacco and its Affiliates are committed to keeping yourpersonal data private. We shall process any personal data we collect from you in accordance with Data Protection
Legislation and the provisions of the Data Privacy Policy as well as the Sacco’s Data Retention Policy.
25. Unless restricted by applicable laws, you agree that any and all personal data relating to you collected by the Sacco in respect to your account may from time to time be used and
disclosed for such purposes and to such persons as may be in accordance with the Sacco’s prevailing Privacy Policy as amended from time to time.
26. The Sacco will keep all your personal data confidential.However, in order to service your needs and provide you with the products and services you require, we may share
any information you provide to us with our group companies and their agents, counter parties and support service or data providers, wherever located. If you have provided information to other members of our Society, those entities may also share that information with us. We will ensure that if we share such information with third parties, any such disclosure is at all times in compliance with the law.
26.1 You consent to us collecting your personal information from you and where lawful and reasonable, from public sources for the purposes set out below and in the Sacco’s Data Privacy Policy.
26.2 To verify your identity in order to protect you and your assets, to carry out our obligations from any contracts entered into between you and us or to take steps to enter into
an agreement with you, to meet our regulatory compliance and reporting obligations, to provide our services to you,manage your accounts and our relationship with you, to keep
you informed about products and services you hold with us and to send you information about products or services(including those of other companies) which may be of interest
to you unless you have indicated at any time that you do not wish us to do so, to prevent, detect, and investigate fraud and alleged fraudulent practices and other crimes, to protect our business interests and to develop our business strategies, to contact you, by post, phone, text, email or other methods.
26.3 If you give us personal information about or on behalf of another person, you confirm that you are authorized to consent on their behalf to give and process their personal information into and outside the country where the products or services are provided and to generally act on their behalf. You consent to us processing your personal information
with third parties wherever located and to ask all parties that receive your personal information to agree to our privacy policies
26.5 You hereby expressly consent and authorize the Sacco to disclose, receive or utilize your personal information or information or data relating to your account and use of the

      i.        To and from any local or international law enforcement or competent regulatory or governmental agencies so as to assist in the prevention, detection, investigation or
prosecution of criminal activities or fraud;

     ii.        To and from the Sacco’s service providers, dealers,agents, or any other company that may be or become the Sacco’s subsidiary or holding company for reasonable
commercial purposes relating to the Services;

    iii.        To the Sacco’s lawyers, auditors, or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;

   iv.        To your mobile service provider in relation to this agreement;

    v.        For reasonable commercial purposes connected to your use of the services, such as marketing and research-related activities;

   vi.        To Credit Reference Bureau in accordance with the law sand regulations; and

  vii.        In business practices including but not limited to quality control, training, and ensuring effective systems operation.

27. Permission to process personal information
28. You have several rights in relation to the information that we
hold about you, including:

      i.        The right to access your personal data in our custody;

     ii.        To object to or restrict the processing of all or part of your personal data. We may however continue to process where we have a legitimate reason to do so, or required bylaw;

    iii.        To correct false or misleading data; and

   iv.        The right to request that we delete false or misleading data about you.

29. I/We the undersigned confirm I/we have read and understood the terms of the this Privacy Policy and hereby give express,unequivocal, free, specific and informed authority to the Sacco and its Affiliates to use and process my/ our data pursuant to the terms as set out herein and as further set out in the Sacco’s Privacy Policy available at
30. The Account Holder consents and agrees that the Sacco may withhold amounts in any account at any time if any tax authority requires us to do so, or we are otherwise required
by law or pursuant to agreements with any tax authority to do so, or if we need to comply with internal policies or with any applicable order or sanction of a tax authority.
31. The Sacco may request additional information from the Account Holder when required.
32. The Account Holder authorizes the Sacco to gather, store,use, process, disclose and report to any lawful entity as may be required by any law. You authorize us to disclose any
information relating to any transactions to any regulator, tax authority, Credit Reference Agency, or any other institution or a third party as required by the laws of any country and as we deem necessary.

33. These terms are subject to the laws of the Republic of Kenya.
34. Any dispute, difference, or question whatsoever which may arise between the parties including the interpretation of the right and liabilities of either party shall be referred to an
arbitrator under the rules of the Arbitration (Amendment)Acts 2009 of Kenya or any statutory modification or re-enactment for the time being in force.
35. The Account Holder has a right at any time to lodge a complaint by communicating with the Sacco through the various communication channels provided below. The Sacco
will provide you with a reference number upon receipt of your complaint. The Sacco shall respond to your complaint within a reasonable period thereafter. Please quote your reference number when you make a follow up.
You may exercise your right to lodge a complaint or raise a query about your account, the Sacco’s services or products by visiting any one of our branches or by
contacting the Sacco through the following channels:
Postal Address: Fariji Sacco Society Limited
P.O. Box 589-00216, GITHUNGURl, Kenya
Telephone Number: 0727 398 699 or 0792 790 108