Terms and Conditions
Terms and Conditions
Table of Contents
- 1. Customer Complaints Handling and Procedures
- 1.1 Complaint Resolution Process
- 1.2 Complaint Acknowledgment
- 1.3 Investigation and Response
- 1.4 Escalation
- 2. Disclosure
- 3. Variation and Termination of Relationship
- 4. Permissible Purpose and Prohibited Usage and Conduct
- 5. Dispute Resolution, Jurisdiction, and Arbitration
- 6. General Provisions
Terms and Conditions of Credit Products and Services
These terms and conditions govern the credit products and services offered by Credit Risk Tick Ltd as a Digital Credit Provider (DCP). By accessing and using our credit services, the customer agrees to these terms, which are in compliance with applicable laws, including the Data Protection Act, 2019, and other regulatory standards set by the Central Bank of Kenya.
1. Customer Complaints Handling and Procedures
This robust procedure is aligned with regulatory requirements and ensures that customer complaints are handled with professionalism, transparency, and urgency.
1.1 Complaint Resolution Process
Customers of Credit Risk Tick Ltd have access to multiple channels to raise their concerns or complaints regarding the services offered. These channels include in-person visits to company offices, electronic mail (email), telephone communication, or through the dedicated mobile application. This multi-channel approach ensures accessibility and convenience for all customers, regardless of their preferred communication method. The company is committed to responding promptly to all complaints to maintain a high standard of customer service.
1.2 Complaint Acknowledgment
Upon receipt of a complaint, Credit Risk Tick Ltd takes immediate steps to acknowledge the issue within 48 hours. The customer is provided with a unique reference number to ensure their complaint is traceable and properly monitored throughout the resolution process. This acknowledgment confirms that the customer's concerns have been formally received and are being reviewed, creating a transparent process that reassures the customer of timely action.
1.3 Investigation and Response
Credit Risk Tick Ltd pledges to investigate the complaint thoroughly and aim to resolve the matter within 14 days of receipt. During the investigation, all relevant factors will be considered, and the customer will be kept informed of the progress. In cases where the resolution takes longer than 14 days, the customer will receive an update explaining the delay and a revised timeline for resolution. This ensures that customers are not left in the dark, and all efforts are made to address their concerns within a reasonable timeframe.
1.4 Escalation
If the customer is dissatisfied with the proposed resolution, they are entitled to escalate their complaint to higher management levels within Credit Risk Tick Ltd for further review. Additionally, if the customer remains unsatisfied after internal escalation, they can seek external redress by lodging a formal complaint with the Central Bank of Kenya (CBK) or the Office of the Data Protection Commissioner. Information regarding the escalation procedure and how to contact the regulatory bodies will be provided upon request. This escalation pathway ensures that customers have multiple options for resolving their issues, promoting fairness and accountability within the company's complaint handling process.
2. Disclosure
This comprehensive disclosure process ensures that Credit Risk Tick Ltd adheres to the highest standards of transparency, empowering customers with the knowledge they need to manage their credit responsibly and promoting ethical lending in compliance with regulatory requirements.
2.1 Product and Pricing Transparency
Credit Risk Tick Ltd upholds a strong commitment to transparency by providing customers with a full disclosure of all key terms and conditions before offering any credit product. This includes a clear breakdown of interest rates, applicable fees, penalties for late or missed payments, and detailed repayment schedules. By offering this information upfront, the company ensures that customers have a thorough understanding of the total cost of borrowing and their financial obligations. This practice builds trust and helps customers make informed decisions about the credit products they choose, aligning with fair lending principles.
2.2 Repayment Obligations
To prevent any confusion or misunderstandings, Credit Risk Tick Ltd makes it a priority to inform customers about their repayment obligations in advance. This includes specifying the repayment due dates, the amount to be paid, and the payment channels available to the customer. In addition, the consequences of late or non-payment are clearly outlined, including potential penalties, additional interest charges, and adverse reporting to credit bureaus. By providing this information proactively, the company ensures that customers are aware of the seriousness of their repayment commitments, thereby encouraging timely payments and reducing the risk of default.
2.3 Changes to Terms
Should there be any modifications to the terms and conditions of a credit product, Credit Risk Tick Ltd is committed to notifying its customers well in advance. Specifically, any changes will be communicated at least 30 days before the new terms take effect, giving customers sufficient time to review the adjustments and make informed decisions. If a customer disagrees with the revised terms, they retain the right to terminate their relationship with the company without any penalties. This approach ensures that customers are not caught off guard by unexpected changes and reinforces the company’s dedication to fairness and customer-centricity in its lending practices.
3. Variation and Termination of Relationship
This balanced approach to the variation and termination of credit agreements ensures that both parties are protected and that the process is conducted fairly, transparently, and in compliance with CBK (Digital Credit Providers) Regulations, 2021.
3.1 Right to Amend Terms
Credit Risk Tick Ltd retains the right to amend the terms and conditions governing its credit services, ensuring compliance with the Central Bank of Kenya (CBK) regulations. Any amendments made will reflect changes in market conditions, operational needs, or legal requirements. In line with the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021, the company commits to providing customers with at least 30 days' notice before implementing any changes. This advance notice allows customers to review the updated terms, assess how they may impact their financial obligations, and take appropriate action, such as terminating the agreement if they find the new terms unfavorable. This practice ensures that customers are treated fairly and transparently, minimizing the risk of disputes over sudden or unexpected contract changes.
3.2 Customer’s Right to Terminate
Customers of Credit Risk Tick Ltd have the right to terminate their credit agreement at any time, provided they settle any outstanding balance in full. This process involves submitting a formal request for termination, after which the company will confirm the final amount due, including any accrued interest or fees. Once the payment is made, the customer’s obligations are considered fully discharged, and the relationship is formally terminated. In accordance with CBK regulations, no penalties or hidden charges are imposed for early termination, promoting a customer-centric approach that respects consumer rights and provides flexibility to borrowers. This provision ensures that customers are not locked into unfavorable agreements and can exit the relationship without financial strain.
3.3 Company’s Right to Terminate
Credit Risk Tick Ltd reserves the right to terminate the credit relationship with a customer under specific circumstances. These include, but are not limited to, misuse of services, breach of the terms and conditions, or failure to meet repayment obligations as outlined in the credit agreement. The CBK (Digital Credit Providers) Regulations, 2021 stipulate that the company must provide the customer with at least 14 days' notice before termination, ensuring that the customer has sufficient time to remedy any breaches or outstanding issues. In cases involving fraud, illegal activities, or gross misconduct, Credit Risk Tick Ltd reserves the right to terminate the relationship immediately, without prior notice. This provision aligns with regulatory requirements, ensuring that the company protects itself from legal or financial exposure while also giving customers an opportunity to rectify their position where possible.
4. Permissible Purpose and Prohibited Usage and Conduct
4.1 Permissible Purpose
The credit services offered by Credit Risk Tick Ltd are designed to support both personal and business financial needs as explicitly stated by the customer during the application process. Customers are required to provide truthful and accurate information regarding their intended use of the credit. This aligns with the principles of responsible lending, ensuring that funds are provided for legitimate, disclosed purposes. By enforcing this requirement, Credit Risk Tick Ltd complies with both internal policies and regulatory frameworks, reducing the risk of misuse or diversion of credit facilities. The permissible uses of credit are consistent with legal standards and the company's commitment to transparency in lending.
4.2 Prohibited Usage
Customers are strictly prohibited from using the credit services for illegal or unauthorized activities, including but not limited to fraud, money laundering, financing criminal enterprises, or engaging in any form of unlawful conduct. Credit Risk Tick Ltd enforces this prohibition rigorously, and any customer found to be in violation will face immediate termination of their credit relationship. In severe cases, the company will cooperate with law enforcement and regulatory authorities to initiate legal proceedings, as required by law. This approach ensures that Credit Risk Tick Ltd maintains its legal obligations and reputation, and helps to protect the broader financial ecosystem from abuse.
4.3 Customer Obligations
Customers bear full responsibility for ensuring that the funds borrowed are used strictly for the declared purposes outlined during the credit application process. Any diversion of these funds for unauthorized or undisclosed purposes is considered a breach of the credit agreement. In line with the company's policies and the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021, misuse of the credit services will trigger corrective action, which may include termination of the credit agreement, repayment demands, and potential legal or financial penalties. By establishing clear customer obligations, Credit Risk Tick Ltd ensures a transparent, accountable lending environment, promoting the proper use of credit while safeguarding against misuse.
5. Dispute Resolution, Jurisdiction, and Arbitration
5.1 Dispute Resolution Mechanism
Credit Risk Tick Ltd is committed to providing customers with an efficient and transparent internal dispute resolution process. In the event of a disagreement or issue, customers are encouraged to submit their concerns via established channels, such as customer service hotlines, email, or in-person visits to company offices. The internal review process is aimed at reaching an amicable resolution within a reasonable timeframe, typically 14 days, ensuring fairness and responsiveness. Customers are required to exhaust this internal mechanism before seeking external mediation or legal action, in accordance with the company's policies and the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021. This framework encourages quick and less formal resolutions of disputes.
5.2 Mediation and Arbitration
If a dispute cannot be resolved through the internal resolution process, Credit Risk Tick Ltd offers alternative dispute resolution methods such as mediation or arbitration. These methods provide a more cost-effective and timely resolution compared to formal court proceedings. Mediation allows both parties to negotiate and come to a mutually beneficial solution, facilitated by a neutral mediator. If mediation is unsuccessful, arbitration serves as a binding resolution method. All arbitration proceedings will be conducted under the provisions of the Arbitration Act (Cap 49, Laws of Kenya). This approach offers a structured yet flexible method to resolve complex disputes while avoiding the costs and delays associated with litigation.
5.3 Jurisdiction
All disputes arising from these terms and conditions are subject to the laws of Kenya, and both Credit Risk Tick Ltd and the customer agree to submit to the exclusive jurisdiction of the Kenyan courts, unless arbitration is selected as the preferred resolution method. Any legal claims or enforcement actions will be governed by Kenyan law, ensuring that both parties operate under a familiar legal framework. Should both parties opt for arbitration, the binding decision will also be enforceable within Kenyan jurisdiction, further aligning with the regulatory requirements set forth by the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021. This ensures clarity and fairness in resolving any legal matters.
6. General Provisions
6.1 Data Protection
Credit Risk Tick Ltd upholds the highest standards of data protection in full compliance with the Data Protection Act, 2019, and the Data Protection (General) Regulations, 2021. The company ensures that personal data collected from customers during the loan application and servicing process is handled with utmost care and only used for legitimate purposes. These purposes include evaluating creditworthiness, processing loans, servicing accounts, and fulfilling regulatory obligations as stipulated by the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021. Data will not be processed beyond the scope of its intended use, and appropriate security measures, such as encryption and restricted access, are implemented to prevent unauthorized access or breaches. Customers are informed of their rights to access, correct, and request the deletion of their data, as prescribed by the relevant data protection laws.
6.2 Confidentiality
Maintaining confidentiality is a cornerstone of Credit Risk Tick Ltd's business operations. The company is fully committed to keeping all customer information confidential and will not share personal data without explicit consent from the customer, except where required by law. Any disclosure of customer data will strictly comply with the Kenya Data Protection Act, 2019, and the Central Bank of Kenya (Digital Credit Providers) Regulations, 2021, ensuring that the privacy and security of customer information are always prioritized. In situations where the law mandates disclosure, such as to law enforcement or regulatory authorities, the company will ensure that these requests are legitimate, transparent, and properly documented. This approach reassures customers that their data will only be shared under lawful and justified circumstances, preserving their privacy and trust in the company.