Terms & Conditions

Terms and Conditions for Opening and Use of Nisir Digital Saving

This Agreement sets the terms and conditions that apply to use the Digital saving products through the Nisir mobile application. The Terms and Conditions that you have already signed while opening Kacha Wallet shall be applicable to this Agreement as these services are provided in join collaboration.

1. Definitions

In these Terms and Conditions, the following words and expressions (save where the context requires otherwise) bear the following meanings:

“Customer” or “You” or “Your” means the person in whose name Kacha account is opened with Kacha Digital Financial Service S.C and electronically accepted this Terms and Conditions;

“E-Money” means monetary value as represented by a claim on its issuer, that is electronically stored in an instrument or electronic equipment, issued against receipt of fund issued against receipt of fund equivalent to Ethiopian Birr, accepted as a means of payment by persons other than the issuer and can be redeemed in cash.

“Digital Saving” means a financial service that enables Nisir and the Kacha customers to securely store money and earn interest on the stored value. a saving scheme designed for digital deposits from businesses and individuals.

“Nisir Neway” means fixed time deposit account that allows customer to lock specific amount of money for specified period of time.

“Principal amount” means the amount of money initially deposited by customer.

Words importing the singular meaning where the context so admits include the plural meaning and vice versa.

2. Digital Saving through Nisir

Digital saving through Nisir is a saving platform that allows customers to save money by using their mobile phones without visiting branches and filling forms.

Customers can deposit at fixed time deposit and grow their money with a better interest rate.

Minimum deposit: 5,000 ETB; no maximum limit.

Interest rates range for

• 3 months: 11.25% – 13.25% annually
• 6 months: 11.75% – 13.75% annually
• 12 months: 12.25% – 14.25% annually

Interest is calculated based on the exact deposit amount and paid on the maturity date.

A 5% withholding tax applies to interest earned.

Early withdrawal results in loss of the time deposit rate; instead, 10% annual interest is applied based on the days the money remained.

3. Requirement to use Digital Saving

• You need to have read, understood, and accepted these terms and conditions.
• You must be at least 18 years old and an active user of Kacha Wallet;
• Kacha & Nisir reserves the right to decline your application for a Kacha Wallet Account or Digital saving product at their sole discretion and without assigning any reason.

4. Disclosure

You hereby expressly consent and authorize us to disclose, receive, record or utilize your information relating to your Digital saving Account to/from authorized body as required by any regulatory body including the National Bank of Ethiopia (NBE), court of law, mandated government organ and others;

5. Termination

Nisir shall be entitled to suspend or terminate this agreement wholly or partially due to your abuse or misuse or fraud of any of the Digital saving services with or without prior notice to you. Any termination of this contract in whole or in part may not affect any accrued rights and obligations of either party.

6. Amendment

Nisir may vary or amend these terms and conditions including saving fees, from time to time having regard to the prevailing rules and regulations of the National Bank of Ethiopia (NBE) and the policies of the Nisir. The Amendment shall be communicated to the customer before implementation. The continued use of your Kacha Wallet Account and/or the Saving Service constitutes your agreement to be bound by the terms of any such amendment or variation.

7. Equipment

Nisir and Kacha shall neither be responsible jointly or separately for any errors or failures caused by any malfunction of your equipment, and nor shall the Nisir and Kacha be responsible for any virus or related problems that may be associated with the use of the other malicious software or system that affect the service.

8. Procedures

You shall follow the security procedures notified to you by Kacha and the Nisir or such other procedures as may be applicable to the Digital saving product from time to time.

9. Governing Law

These Terms and Conditions shall be governed by laws of the Federal Democratic Republic of Ethiopia.

10. Queries

For any questions related to services, process, terms & conditions of Digital saving product, you can get through Kacha Customer contact Centre (by dialling 9964) or Nisir Customer contact Centre (by dialling 9404) or email: contact@kachadfs.com.

11. Complaints

Complaints may be made in person, in writing, by post, email, or by telephone. Kacha and Nisir will take all measures within its means to resolve your complaints within a reasonable time. If You are dissatisfied with the response, you can refer the matter to the National Bank of Ethiopia.

12. Dispute Resolution

Any dispute arising out of or in connection with this Agreement that is not resolved above shall be referred to the Federal court of Ethiopia with jurisdiction.

13. Binding

These Terms and Conditions shall be electronically accepted and shall be a legally binding agreement between You and the Nisir from the date of acceptance. By clicking the button “Accept”, You have read and accepted to be bound by the above Terms and Conditions. If you do not agree with these Terms and conditions, please click “Decline” on the Menu. This Agreement and any rights or liabilities accruing thereunder may not be assigned by you to any another person.

14. Disclaimer

You shall keep your PIN confidential and not accessible to anyone except You. You are solely responsible for maintaining the confidentiality of your PIN and for any consequences resulting from its disclosure or the unauthorized use or failing to report loss or theft your SIM card associated with your Nisir Saving Account and/or Kacha Wallet Account. To enhance security, we strongly recommend safeguarding your mobile device and SIM card, enabling device security features, and promptly reporting any loss or theft of your SIM card. Additionally, we advise you to change your PIN regularly to minimize security risks.

• I agree to the terms and condition