Boda Boost Limited - Membership Terms and Conditions
1. Introduction
Welcome to Boda Boost Limited ("Boda Boost"). By registering as a member, you agree to the following terms and conditions, which outline your rights and obligations as a member of our savings, loan, and medical scheme products. These terms are governed by Kenyan law and adhere to data protection policies.
2. Membership Eligibility
To become a member of Boda Boost, you must:
- Be at least 18 years old.
- Provide accurate and complete personal information during the registration process.
- Agree to the payment of a daily boda levy fee and contribute to daily savings as stipulated.
3. Membership Fees
- Members are required to pay a levy fund fee of 10 shillings per day.
- This fee is non-refundable and will be deducted daily from your account.
4. Savings Contributions
- Members must contribute to daily savings as long as they have an outstanding loan with Boda Boost.
- The amount of daily savings contributions will be agreed upon at the time of loan issuance.
5. Loan Products
- Boda Boost offers various loan products to its members. The terms of each loan, including interest rates and repayment schedules, will be communicated and agreed upon at the time of loan issuance.
- Failure to make timely loan repayments may result in penalties and affect your eligibility for future loans.
6. Medical Scheme
- Membership in Boda Boost includes access to a medical scheme. Details of the medical scheme, including coverage and benefits, will be provided upon registration.
- Members must adhere to the rules and regulations of the medical scheme to remain eligible for benefits.
7. Savings Interest
- Savings contributions made by members will earn annual interest, the rate of which will be declared by Boda Boost annually.
- Interest earned will be credited to members' savings accounts at the end of each year.
8. Data Protection and Privacy
- Boda Boost is committed to protecting your data per the Data Protection Act, 2019 of Kenya.
- Personal data collected during the registration process and throughout your membership will be used solely to provide our services, manage your account, and comply with legal obligations.
- Members have the right to access, rectify, or delete their data by contacting Boda Boost's customer service.
9. Termination of Membership
- Members may terminate their membership at any time by providing written notice to Boda Boost.
- Boda Boost reserves the right to terminate membership if a member fails to comply with these terms and conditions or engages in fraudulent or illegal activities.
- Upon termination, any outstanding loans must be repaid, and all accrued savings will be returned to the member, minus any applicable fees or penalties.
10. Amendments to Terms and Conditions
- Boda Boost reserves the right to amend these terms and conditions at any time. Members will be notified of any changes via email or SMS.
- Continued membership following any amendments constitutes acceptance of the new terms and conditions.
11. Dispute Resolution
- Any disputes arising out of or in connection with these terms and conditions shall be resolved through amicable negotiations. If a resolution cannot be reached, the dispute shall be referred to arbitration per the Arbitration Act of Kenya.
12. Governing Law
- These terms and conditions shall be governed by and construed per the laws of Kenya.
By agreeing to these terms and conditions and registering to be a member of Boda Boost Limited, you acknowledge that you have read, understood, and agree to abide by these terms and conditions.
Contact Information
For any queries or assistance, please contact Boda Boost Limited's customer service.
Boda Boost Limited,
Ngong Road, Karen
+254 723 881100
Info@bodaboostltd.com
