Ka'Starta Loan Product Terms and Conditions (Airtel)

These are the terms that apply to you if you decide to take out a mobile loan through the EMERALD FINANCE Mobile Money Platform (“Product Terms”) along with the Platform Terms. These Product Terms may change so please read them each time you apply for a mobile loan.

1. Applying for a loan

1.1

You may apply for a mobile loan from EMERALD FINANCE, the finance institution named in your loan application (“Provider”), if you are 18 or older and have a dedicated Airtel mobile money account.

1.2

When you apply for a loan, we will give you the following information:

  • the amount you decide to borrow (“Loan Amount”);
  • the time you need to pay it back by (“Loan Term”);
  • the rate of interest for the Loan Term and the actual interest amount (“Interest Amount”), if applicable;
  • the amount you need to pay back, including the Interest Amount and other fees (“Repayment Amount”);
  • the date by which you need to pay us back the Repayment Amount, being the last day of the Loan Term (“Due Date”); and
  • other Interests, including the Interest for not repaying the Repayment Amount by the Due Date (“Late Payment Interest”).

1.3

Despite the Interest Amount that may be charged during the Loan Term, the Provider confirms that you will not be charged an interest rate of more than 24% for any period of 6 months, or any part thereof, during which the Loan Amount remains outstanding.

1.4

You may accept or decline to take a loan from the Provider by following the instructions provided in the application menu on your mobile phone.

1.5

If the Provider approves your application, the Loan Amount will be paid into your Airtel Mobile Money account.

1.6

The Provider does not have to give you reasons why they approve or decline your loan application.

2. Questions and complaints

If you have any complaints, queries or any suggestions with respect to your mobile loan please dial 111 on your mobile phone to contact the Customer Call Centre.

3. Paying back the Repayment Amount

3.1

The Provider will not take the Repayment Amount directly out of your Airtel Mobile Money account after the Due Date, you can pay it back yourself (as set out in clause 3.3. below).

3.2

The Provider will charge you a Late Payment Interest if you do not pay back the full Repayment Amount in seven days after the start of the Due Date.

3.3

You may choose to pay the Repayment Amount directly into the Provider's account on or before the expiry of the Loan Term and/or Due Date by using the repayment option on the loan menu. Even if you choose to pay back the Loan Amount before the end of the Loan Term, we will still charge you the full Repayment Amount.

4. Account freezing and closure

4.1

There may be instances that the Provider may need to freeze your account due to legal, regulatory or internal compliance reasons. During this time, the Provider, or a third party on its behalf, will conduct further investigations on your account and decide on whether or not the account needs to be closed.

4.2

If you have an outstanding loan with the Provider and the loan is not yet due, you will be able to pay back your loan, but will not be able to take out a new one.

5. Your Personal Information

As far as the law allows, by applying for a loan, you authorize the collection and use of your Personal Information as set out below.

5.1 What information we collect and why

When you apply for a loan, you agree that we may collect certain information about you held by Airtel so the Provider can use this information to assess if the Provider can lend you the amount you applied for (“Loan Amount”). This includes your mobile phone number, your name and surname, date of birth, details on your National Registration Card or passport and all information about your Airtel and Airtel Money Account and how you use it (“Personal Information”).

6. No liability

The Provider will not be responsible for (liable) for any indirect or consequential loss or damage, caused by or related to your application for or your use of a mobile loan.

7. General

7.1

These Product Terms only apply as far as the law allows.

7.2

By accepting the Product Terms, you agree that the Provider may transfer (cede or assign) all its rights or obligations in these Product Terms to any third party without your further consent.

7.3

If a duly appointed arbitrator, court or administrative body (with jurisdiction) finds any provision of these Platform Terms invalid or unenforceable, this will not affect the rest of the provisions.

7.4

The conditions shall be governed by the laws of Zambia.

7.5

Any dispute that may arise in respect of these conditions shall be resolved by way of Arbitration as per the Arbitration Act No.19 of 2000 by the Chartered Institute of Arbitrators, Zambian Branch. The Arbitration proceedings shall be held in Lusaka in English.