Terms and Conditions
Terms and conditions of our Services
1. Advance Amount
Stima Investment Co-operative Society Ltd agrees to Advance to the Employee the principal sum as requested by the Employee in the Stima Investment Co-operative Society Ltd USSD and/or web- based system (the “Advance Salary”), together with facilitation fees on the outstanding Principal amount advanced (the "Facilitation Fees"), and in accordance with the terms and conditions further set forth below.
2. Facilitation Fees
The Facilitation Fees shall apply at the rate of 8% of the Advanced Amount for the applicable month. Notwithstanding, the total Facilitation Fees Applicable shall not exceed the maximum amount allowed by law(if any) and the Employee shall not be obligated to pay any Facilitation Fees in excess of such amount. The applicable charges shall be determined by the USSD and or the web-based system applied and shall be revealed to the employee before the Advance salary amount is taken.
3. Repayment of Advance
The Advance Salary, together with accrued and unpaid Facilitation Fees and all other charges, costs and expenses (if any), is due and payable on or before the applicable month in which the Advance Salary is taken.
4. Guarantee
Your employer (the “Guarantor”) promises to unconditionally guarantee to Stima Investment Co-operative Society Ltd, the full payment and performance by the Employee of all duties and obligations arising under this Agreement.
5. The Employee
He/she agrees and confirms that the Guarantor has the employee’s authority and permission to deduct the said amounts (salary Advance and the facilitation Fees) as applicable and from the payroll of the Applicable month.
6. Prepayment
The Employee has the right to prepay all or any part of the Advance Salary, together with accrued and unpaid Facilitation Fees thereon, at any time in the course of the Applicable month and without prepayment penalty or premium of any kind.
7. Costs and Expenses
The Employee shall pay to Stima Investment Co-operative Society Ltd all costs of collection, including reasonable attorney's fees, Stima Investment Co-operative Society Ltd incurs in enforcing this Agreement and as it may become applicable and in case of default.
8. Notices
Any notice or communication under this Agreement must be in writing and sent via In-Person Delivery only.
9. No Waiver
Stima Investment Co-operative Society Ltd shall not be deemed to have waived any provision of this Agreement or the exercise of any rights held under this Agreement unless such waiver is made expressly and in writing. Waiver by Stima Investment Co-operative Society Ltd of a breach or violation of any provision of this Agreement shall not constitute a waiver of any other subsequent breach or violation.
10. Severability
In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement.
11. Assignment
The Employee shall not assign this Agreement, in whole or in part, without the written consent of Stima Investment Co-operative Society Ltd. Stima Investment Co-operative Society Ltd may assign all or any portion of this Agreement with written notice to the Employee and Employer.
12. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of Kenya (as applicable) and in relation to the Law of Contract Act, not including its conflicts of law provisions.
13. Data protection Waiver
The Employee understands and agrees that in order to process and administer the Stima Investment Co-operative Society Ltd products, Stima Investment Co-operative Society Ltd shall obtain, handle and process personal data and/or information that may be sensitive personal information concerning the Employee. Such data and information include, but is not limited to, the information provided in the Application for the products and any changes thereto, other appropriate personal and financial data about the Employee, and information about the Employee’s participation in Stima Investment Co-operative Society Ltd Products and transactions from time to time. Employee hereby gives his or her explicit consent to Stima Investment Co-operative Society Ltd to process and handle any such personal data and/or sensitive personal information. Employee also hereby gives his or her explicit consent to Stima Investment Co-operative Society Ltd to transfer and use such personal data and/or sensitive personal data for promotional services. The legal persons granted access to such Participant personal data are intended to include the Stima Investment Co-operative Society Ltd, its employees, agents and independent contractors as selected by Stima Investment Co-operative Society Ltd from time to time, and any other person that Stima Investment Co-operative Society Ltd may deem appropriate for the administration of its products.
14. Correction of persona data
By these conditions, the Employee has been informed of his or her right of access and correction to the Employee’s personal data by contacting Stima Investment Co-operative Society Ltd. Employee also understands that the transfer of the information outlined herein is important to the administration of Stima Investment Co-operative Society Ltd Products and failure to consent to the transmission of such information may limit or prohibit Employees’ participation under the products by Stima Investment Co-operative Society Ltd. The Employee expressly allows Stima Investment Co-operative Society Ltd to send messages to his inbox.