Terms and Conditions for Loan Products on Madini Chapaa
Effective Date: 24th November , 2024
These Terms and Conditions govern the use of the loan products offered on the Madini
Chapaa platform. By applying for and accepting a loan through the platform, you agree to
abide by these Terms and Conditions.
1. Definitions
1.1 **Platform:** Refers to the Madini Chapaa digital trading and financial platform.
1.2 **Borrower:** An individual or entity applying for a loan via the platform.
1.3 **Loan Amount:** The total amount of money disbursed to the Borrower .
1.4 **Interest Rate:** The percentage of the Loan Amount charged as interest, as indicated
in the loan agreement.
1.5 **Repayment Period:** The time period within which the loan must be repaid, as agreed
in the loan terms.
1.6 **Default:** Failure to repay the loan as per the agreed schedule.
2. Eligibility Criteria
2.1 The Borrower must be a registered user of the Madini Chapaa platform.
2.2 The Borrower must provide valid identification, proof of income, and any
other documents requested by the platform.
2.3 Loans are available only to individuals or entities engaged in artisanal or small-scale
mining.
3. Loan Application and Approval
3.1 The Borrower must submit a loan application through the Madini Chapaa platform.
3.2 Approval of loans is at the sole discretion of the platform, based on creditworthiness,
historical trading activity, and other criteria.
3.3 The platform reserves the right to reject any loan application without providing reasons.
4. Loan Terms
4.1 The Loan Amount, Interest Rate, and Repayment Period will be outlined in the loan
agreement.
4.2 Loans must be used strictly for the purposes specified during the application process
(e.g., improving mining operations, equipment purchase).
4.3 Prepayment of loans is allowed without penalties, unless otherwise stated in the loan
agreement.
5. Interest and Fees
5.1 Interest will be charged on the Loan Amount at the rate specified in the loan agreement.
5.2 Additional fees may apply, including processing fees and late payment penalties, as
outlined in the loan agreement.
6. Repayment Terms
6.1 Repayments must be made in accordance with the schedule provided in the loan
agreement.
6.2 Payments can be made directly through the Madini Chapaa platform or other approved
methods.
6.3 Failure to make timely payments may result in penalties, additional interest, or loan
restructuring at the discretion of the platform.
7. Default
7.1 The Borrower will be considered in default if they fail to make payments as agreed.
7.2 In the event of default:
– The platform reserves the right to recover the loan amount through legal means or asset
liquidation.
– The Borrower may be reported to credit reference bureaus.
– The Borrower’s account on Madini Chapaa may be suspended or terminated.
8. Data Privacy
8.1 The Borrower’s personal and financial information will be handled in accordance with
the platform’s Privacy Policy.
8.2 Information may be shared with third parties, including credit bureaus, for loan
assessment and recovery purposes.
9. Amendments
9.1 Madini Chapaa reserves the right to amend these Terms and Conditions at any time.
9.2 Borrowers will be notified of changes through the platform or email. Continued use of
loan products constitutes acceptance of the revised terms.
10. Dispute Resolution
10.1 Any disputes arising from these Terms and Conditions will be resolved through
mediation or arbitration in accordance with Kenyan law.
10.2 The Borrower agrees to submit to the jurisdiction of Kenyan courts for unresolved
disputes.
11. Governing Law
These Terms and Conditions are governed by the laws of Kenya.
Acknowledgment and Acceptance
By applying for and accepting a loan through Madini Chapaa, you acknowledge that you have
read, understood, and agree to these Terms and Conditions.
12. Purchasing Minerals
Madini Chapaa provides a platform for buying gold and other minerals from artisanal and small-scale miners. The following terms apply to all transactions related to the sale of
minerals to the platform:
12.1 Sale Agreement
12.1.1 The Seller agrees to sell gold or other minerals exclusively sourced from legitimate
and legal mining activities.
12.1.2 All sales are subject to verification of quality, weight, and compliance with Kenyan
mining regulations.
12.1.3 The platform reserves the right to reject any minerals that do not meet quality or
regulatory standards.
12.2 Pricing
12.2.1 Pricing for gold and other minerals will be determined based on prevailing market
rates, as updated on the platform.
12.2.2 The platform reserves the right to adjust prices without prior notice, based on market
fluctuations.
12.2.3 Final payment will be based on verified weight and purity of the minerals supplied.
12.3 Payments
12.3.1 Payments for purchased minerals will be made through approved methods, including
bank transfers or mobile money.
12.3.2 Payments will be processed within seven (7) business days following successful
verification of the minerals.
12.3.3 The platform will provide detailed transaction records for each sale.
12.4 Compliance and Verification
12.4.1 Sellers must provide proof of ownership or valid mining licenses where applicable.
12.4.2 The platform reserves the right to conduct additional due diligence to ensure
compliance with anti-money laundering (AML) regulations.
12.4.3 Any fraudulent activities or misrepresentation may result in account suspension and
legal action.