SERVICE LEVEL AGREEMENT

Entered into by and between:

1. PARTIES

1.1. MYCOMAX MICROFINANCE SOLUTIONS (PTY) LTD

Registration No.: (2009/005504/07)

(hereinafter referred to as “Mycomax”)

And

1.2. COMPANY NAME:____________________________

TRADING NAME: ________________________________

REGISTRATION NO.:_____________________________

VAT NUMBER: __________________________________

(hereinafter referred to as “the Customer”)

1. PARTIES
2. DEFINITIONS AND INTERPRETATION
3. RECORDAL
4. MYCOMAX’S OBLIGATIONS
5. THE CUSTOMER’S OBLIGATIONS
6. SUPPORT SERVICE AVAILABILITY
7. UPTIME
8. PARALLEL POLICIES
9. EXCLUSIONS
10. COMMENCEMENT & DURATION
11. COMPLIANCE & SUBSCRIPTIONS
12. TERMINATION
13. BREACH
14. THIRD-PARTY PROVIDERS
15. RESOLUTION OF DISPUTES / ARBITRATION
16. GOOD FAITH UNDERTAKING
17. NON-CIRCUMVENTION
18. CONFIDENTIALITY AND INTELLECTUAL PROPERTY
19. INDEMNIFICATION
20. DOMICILIUM CITANDI ET EXECUTANDI
21. ASSIGNMENT
22. ENTIRE AGREEMENT
23. AMENDMENT
24. WAIVER
25. SEVERABILITY
26. COUNTERPARTS AND PHOTOCOPIES
27. COSTS
28. GOVERNING LAW AND JURISDICTION
29. COMPLIANCE AND REGULATORY PROVISIONS
30. FORCE MAJEURE
31. QUASI-PARTNERSHIP
32. SUCCESSORS IN TITLE
33. SURVIVAL OF RIGHTS AND DUTIES
34. SIGNATURE PAGE

2. DEFINITIONS AND INTERPRETATION

2.1. The following expressions have the meaning assigned to them hereunder and cognate expressions bear corresponding meanings, namely –

2.1.1. “Agreement” means this written agreement, including any annexures and schedules as amended from time to time;

2.1.2. “Authorities” means any government or government administrative, fiscal or judicial authority, body, court, department, commission, tribunal, registry or any state owned, controlled or legislatively constituted authority that principally performs public, governmental or regulatory functions, including, without limitation, any competition authorities;

2.1.3. “Confidential Property” means any information (whether tangible, electronic or any other form) shared between the Parties to this Agreement for the purposes of fulfilling the aims of this Agreement, but not limited to: –

2.1.3.1. the terms of this Agreement;

2.1.3.2. any intellectual property of either Party such as any opinion, idea, trade secrets, know-how, processes, formulae, developments and related technical information; or

2.1.3.3. any other information disclosed by either Party to the other on the express basis that such information is confidential; or

2.1.3.4. which might reasonably be expected by either Party to be confidential in nature; or

2.1.3.5. relating to the business affairs of either Party;

2.1.3.6. relating to business affairs, intellectual property and/or other information or data of third parties affiliated with Mycomax, whether as client, service provider, parent company or any other capacity which provides for the disclosure of information and/or data which is required to remain confidential;

2.1.3.7. all proprietary assets, whether realised or under development which are unique and directly attributable to Mycomax as proprietary and/or intellectual property of it, whether or not such proprietary asset or intellectual property has commercial value.

2.1.4. “IT” means Information Technology and, in this Agreement, refers to the development and maintenance of loan management software as a service which is delivered remotely utilising the internet, storage of data in cloud infrastructure and support for use of the software;

2.1.5. “Laws” means, in relation to that specific Party, all and any: –

2.1.5.1. Statutes and subordinate legislation and common law;

2.1.5.2. Regulations;

2.1.5.3. Ordinances and by-laws;

2.1.5.4. Directives, codes of practice, circulars, guidance notices, judgments and decisions of any competent authority, or any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; and

2.1.5.5. Other similar provisions, from time to time, compliance with which is mandatory for that Party.

2.1.6. “Mycomax Managed Services” or “MMS” means third-party providers and suppliers that are integrated with MAXMONEY to enable Customers to utilse such products and services in the conduction of their business. These third-party providers include, inter alia, the following:

2.1.6.1. Third Party Payment Providers;

2.1.6.2. Credit Bureaus;

2.1.6.3. Insurers, Underwriters and Insurance Administrators; and

2.1.6.4. Compliance, legal and vetting solutions

2.1.7. “Parties” or “Party” refers to the Parties to this Agreement, as contained in clause 1 of this Agreement;

2.1.8. “Product” shall refer to either, or both, the Mycomax loan origination website and the loan origination software application, both known as MAXMONEY;

2.1.9. “SACCRA” means the Credit Risk & Reporting Association of South Africa;

2.1.10. “Services” shall refer to the Services which Mycomax is obliged to render to the Customer, as outlined in this Agreement at clause 4;

2.1.11. “Signature Date” refers to the date on which the last Party affixes its electronic signature to this Agreement;

2.1.12. “System Requirements” means the minimum functionality and features of the device on which MAXMONEY is to be used and such requirements will be communicated to the Customer before signature of this Agreement and may be amended from time to time in accordance with the operational requirements of MAXMONEY and the integrated features the Customer chooses to utilise;

2.1.13. “Uptime” shall refer to the time during which the Product is available for use and apply to the items marked as “covered for uptime” in Appendix – A, to this Agreement;

2.1.14. “Voluntary Associations” means non-profit companies or organizations (depending on the jurisdiction) which are membership-based organizations representing micro lenders or micro financiers and are considered industry-representing bodies within the jurisdiction they operate.

2.2. Clause headings are for reference purposes only and do not influence the interpretation of this Agreement.

2.3. Reference to the masculine gender shall include reference to the feminine and neuter genders and vice versa; references to the singular shall include the plural and vice versa; references to natural persons shall include body corporates and other legal personae.

2.4. Where a number of days is prescribed, it shall consist only of business days. i.e. days other than Saturdays, Sundays and Public Holidays in the Republic of South Africa and shall be calculated exclusively of the first and inclusively of the last day.

2.5. If figures are referred to in words and numerals, the words shall prevail in case of any conflict between the two.

2.6. Any reference to an enactment shall be a reference to the enactment, as at the date of signature hereto.

2.7. Schedules or appendices to this Agreement shall be deemed incorporated in and form part of this Agreement, and expressions defined in this Agreement shall bear the same meaning in the schedules or appendices, which do not contain their own definitions.

2.8. The expressions “hereunder”, “hereto”, “herein”, “hereof” and similar expressions relating to this entire Agreement and not to any particular provision thereof.

2.9. References to this Agreement or any other document shall, where appropriate, be construed as reference to this Agreement or such other document as varied, supplemented, novated and/or replaced in any manner from time to time.

2.10. The expiration or termination of this Agreement shall not affect such of the provisions of this Agreement as expressly provide that they will operate after any such expiration or termination or which of necessity must continue to have effect after such expiration or termination, notwithstanding that the clauses themselves do not expressly provide for this.

2.11. The rule of construction that this Agreement shall be interpreted against the Party responsible for the drafting or preparation of this Agreement shall not apply. The same applies to the schedules or appendices hereto.

2.12. In the event of any conflict or discrepancy between the terms of this Agreement or schedule and appendix hereto or any document referred to in any of the schedules or appendices of this Agreement, the terms of this Agreement shall prevail.

2.13. Each of the Parties hereto acknowledges that it has been free to secure independent legal, financial, tax and/or other advice as to the nature and effect of all of the provisions of this Agreement.

2.14. If any provision in a definition is a substantive provision conferring any right or imposing any obligation on any Party, then notwithstanding that it is only in the definitions and interpretation clause, effect shall be given to it as if it were a substantive provision in this Agreement.

2.15. Any reference in this Agreement to a Party shall include a reference to that Party’s assigns expressly permitted under this Agreement and, if such Party is liquidated, be applicable also to and binding upon that Party’s liquidator.

3. RECORDAL

3.1. Mycomax is the developer, owner and marketer of the Product known as MAXMONEY. By virtue of utilising the Product, there are certain IT Services that need to be rendered to the Customer in order to facilitate the effective use and maintenance of MAXMONEY;

3.2. The Customer has elected to use MAXMONEY and therefore requires IT Services to be rendered from time to time, in order to properly and effectively utilise MAXMONEY in the conduction of its business activities;

3.3. The Parties have therefore decided to enter into this Agreement, which shall govern the relationship between them, in respect of such Services. 

3.4. This Agreement governs and finds application to the provision and management of the Mycomax software subscribed to by the Customer, and the ancillary services contained in Appendix – A to this Agreement.

4. MYCOMAX’S OBLIGATIONS

4.1. Mycomax is obliged to undertake and provide the services set out in Appendix – A to this Agreement and: –

4.1.1. meet the prescribed response times associated with service-related incidents;

4.1.2. undertake proactive maintenance of the Product and provide the Customer with reasonable notice of scheduled maintenance activities and upgrades of the Product;

4.1.3. within a reasonable timeframe of the Customer commencing use of the Product, provide training of up to 4 (four) employees, per branch of the Customer, free of charge and at a date and time arranged with the Customer;

4.1.4. Execute data conversion, within reason, in accordance with the Data Convert Agreement, which will be provided to the Customer and before inception of this Agreement, if required in order to facilitate the transfer of data from another loan management system/software, to MAXMONEY;

4.1.5. Host the relevant branding material, information and documentation pertaining to the Customer in order for the documents produced by the Product, to reflect the branding, in the proper proportions and quality, as supplied by the Customer;

4.2. Mycomax shall, within reason, only conduct routine maintenance and upgrades from 7:00 (PM) to 5:00(AM) (CAT) Harare, Pretoria.

4.3. Mycomax undertakes to document and communicate any changes which may be made to services to the Customer.

4.4. Mycomax will endeavour to maintain the following turnaround time, subject to the business hours contemplated in clause 6 of this Agreement, in respect of service requests made by the Customer: –

4.4.1. within 0 to 8 hours for issues classified as “High Priority”, which involves the Customer not being able to use MAXMONEY and therefore being unable to conduct its business activities;

4.4.2. within 48 hours for issues classified as “Medium Priority”, which involves an issue with MAXMONEY, but the Customer is still able to conduct its business activities;

4.4.3. within 5 business days for issues classified as “Low Priority”, which involves queries or requests where MAXMONEY is fully functional and the Customer is not encumbered from conducting its business activities; and

4.4.4. Mycomax reserves the right to provide remote assistance, consistent with the timelines contemplated in this clause, utilising third-party software such as AnyDesk. Google Meet, Skype and Whatsapp.

4.5. However, due to the nature of IT services, Mycomax may, in some instances, not be able to resolve issues within the turnaround times contemplated in the preceding paragraph. In such instances, the Customer shall be promptly notified that the turnaround times cannot be adhered to and advise, as soon as practicable, the expected time of resolution. In this regard, and subject to the provisions of clause 7, the Customer may be entitled to a credit on its monthly fees. 

5. THE CUSTOMER’S OBLIGATIONS

5.1. The Customer is obliged to, for the duration of this Agreement: –

5.1.1. effect full and timeous payment for the Mycomax licence fee and/or subscription fee, as elected, and all support costs undertaken or effected by Mycomax and: –

5.1.1.1. Billing cycles shall run from the 18th of each month to the 18th of the following month and shall be referred to as that particular month’s billing period;

5.1.1.2. Payment must be effected by no later than the 7th of the month immediately succeeding the closure of the billing period failing which, access will to MAXMONEY will be blocked; and

5.1.1.3. During such times as access to MAXMONEY is blocked, the existing data shall be stored and protected, without any further amendment thereof.

5.1.2. ensuring that a representative of the Customer is available, within reason, when resolving any Service-related incident, request or maintenance;

5.1.3. on reasonable notice and in accordance with clause 4.1.3, ensure the availability of the Customer’s elected employees for training in respect of Product; and

5.1.4. to provide Mycomax with the relevant branding material, information and documentation, in accordance with the requirements and specifications communicated to the Customer, which are to appear on documents generated by the Product.

5.2. The Customer is entitled to make payments in an amount which exceeds the amounts billed for in that billing period. The amounts in excess of the amount due for that period, shall remain as a credit to the Customer’s account and be utilised to settle the amounts due for the following period, either partly or in full, as the case may be.

5.3. The amounts held as credit to the Customer’s account may not be withdrawn from the account, unless this Agreement and the utilisation of MAXMONEY is terminated in accordance with the provisions of this Agreement.

5.4. The Customer may, at any time, request an itemised statement of account from Mycomax, which Mycomax will deliver within 5 business days to the Customer. If the requested statement of account is to be provided to the Customer electronically, no extra charge shall be applicable. If the Customer requests its statement of account to be delivered to it in any physical form, extra charges may apply.

5.5. It is the sole responsibility of the Customer to ensure its compliance with the relevant Laws, registration and regulatory requirements associated with the industry in which it conducts its daily activities. The Customer indemnifies Mycomax from all liability which may arise as a result of the Customer’s failure to do so.

5.6. The Customer is further obliged to cooperate with any competent Authorities which may investigate, enforce against or evaluate compliance of the business activities of the Customer, to the extent considered reasonable. The Customer indemnifies Mycomax from all liability which may arise as a result of the Customer’s failure to do so.

5.7. The Customer understands, and agrees, that it is responsible for the configuration and setup of the Product. Although Mycomax will execute the setup, it will only configure the Product in accordance with the directions and instructions of the Customer. It is the responsibility of the Customer to ensure that such configuration is compliant and consistent with industry Laws and indemnifies Mycomax from any and all liability which may arise as a result of the requested configuration not being compliant with industry Laws.

5.8. Mycomax does not provide advice and/or legal advice on any issue which finds application by Law and does not provide any legal interpretation in terms of Law which may be applicable to the Customer.

5.9. It is the responsibility of the Customer to ensure that the devices utilised for the use of the Product remains aligned with the System Requirements outlined by Mycomax and any amendments to such System Requirements which may be effected from time to time, in accordance with the development and continued maintenance of MAXMONEY.

5.10. The management of the Customer’s daily and business operations, management of its office, its employees and its responsibilities remain the obligation of the Customer and is in no manner or form delegated or contracted to Mycomax.

6. SUPPORT SERVICE AVAILABILITY

6.1. For the purposes of this clause, the applicable time zone shall be: –

6.1.1. (CAT) Harare, Pretoria

6.2. The Support Services of Mycomax shall be available during the following hours:

6.2.1. Telephone Support: 7:00 (AM) to 5:00 (PM) from Monday to Friday and 8:00 (AM) to 12:00(AM) on Saturdays. Telephone support shall not be available on the following Public Holidays: Christmas Day, Day of Goodwill, New Year’s Day, Good Friday, Family Day and Worker’s Day. Calls may be made to a specialist’s mobile phone and Mycomax will make its best effort to answer/action the call, within reason. Additional support charges will apply.

6.2.2. Email Support: 8:00 (AM) to 5:00 (PM) from Monday to Friday. Email Support shall not be available on the following Public Holidays: Christmas Day, Day of Goodwill, New Year’s Day, Good Friday, Family Day and Worker’s Day. Emails received outside of these hours will be received, but no action can be guaranteed until the following business day.

6.2.3. Online Support: 7:00 (AM) to 5:00 (PM) from Monday to Friday and 8:00 (AM) to 12:00(AM) on Saturdays. Telephone support shall not be available on the following Public Holidays: Christmas Day, Day of Goodwill, New Year’s Day, Good Friday, Family Day and Worker’s Day.

6.2.4. Onsite Support: Only by specific arrangement and at additional cost.

6.3. Consequent to the Customer’s initial configuration of MAXMONEY, the Customer is entitled to 2 (two) free hours of support Services per month. Any support Services required or requested by the Customer, in excess of 2 (two) hours per month, will attract additional billing, at Mycomax’s ordinary hourly rates, which may be amended from time to time.

7. UPTIME

7.1. Mycomax guarantees the following Uptimes for MAXMONEY, in accordance with the priority level assigned thereto in Appendix – A: –

7.1.1. Priority 1: 99.5% Uptime;

7.1.2. There are no guaranteed Uptimes for Priority 2 to Priority 4 items at the time this Agreement is entered into.

7.2. Measurement of Uptime shall be calculated as follows:

7.2.1. Uptime will be calculated as the sum of all the minutes in a calendar month during which the Product was available for use, excluding after-hours maintenance and upgrades and an allowance of 180 minutes for maintenance;

7.2.2. Should the number of minutes during which the Product is unavailable fall below the percentages guaranteed in the preceding clause, the Customer shall be entitled to a credit on its fees for that month.

7.3. Penalties related to Uptime falling below the guaranteed percentages in accordance with clause 7.1 shall be calculated and effected as follows:

7.3.1. The credit will be calculated with reference to the total amount of minutes in that particular month, less the amount of time permitted for after-hours maintenance and upgrades in clause 7.1;

7.3.2. The number of minutes, or hours, which fall below the guaranteed threshold in clause 7.1, shall be apportioned in accordance with the Customer’s monthly fees for that particular month and a credit will be applied to the Customer’s fees for the month immediately following the month in which the Uptime was lower than guaranteed.

7.4. The Uptime is only applicable in respect of the Products, and for errors or unavailability emanating from Mycomax’s server. Uptime is not guaranteed, nor are the provisions of clauses 7.1 to 7.3.2 applicable: –

7.4.1. if the error or unavailability emanates from the hardware, network or connectivity of the Customer;

7.4.2. in respect of integrations, whether provided by Mycomax or a third-party, such as payment systems integration, credit bureau integration or insurance integration;

7.4.3. any other components, hardware or equipment not provided, maintained and serviced by Mycomax; and

7.4.4. any event contemplated in clause 30 of this Agreement.

8. TERMS OF USE POLICY and ANY OTHER POLICIES

8.1. Parallel to this Agreement and in supplementation and amplification thereof the Customer will need to electronically accept and agree to Mycomax’s Terms of Use Policy, in order to use the Product and receive the related Services, as contemplated in this Agreement. The Terms of Use Policy is contained in Appendix B to this Agreement.

8.2. In addition to the Terms of Use Policy, Mycomax has other policies to which the Customer will be obliged to adhere to. The Parties agree and understand that these policies may be amended from time to time in accordance with the requirements of Law, the business of Mycomax and the further development of the Product and Services. Such updated policies will be communicated to the Customer and required electronic acceptance of such policies in the same manner as the acceptance of this Agreement to ensure continued access to Mycomax Products and Services.

9. EXCLUSIONS

9.1. The provisions and applicability of this Agreement specifically exclude:

9.1.1. Any equipment, hardware, software, services or other parts of an IT system not contained in Appendix – A, to this Agreement;

9.1.2. Software, equipment or services not purchased from Mycomax. This includes MMS which are provided by other service providers, outside the scope of this Agreement and would, in the ordinary course of events, be governed by an Agreement with that provider;

9.1.3. the use of Mycomax Products and Services in a manner which is not recommended by Mycomax, harmful or dangerous;

9.1.4. the Customer has made unauthorised and unapproved changes to the configuration or setup of the Product or Services;

9.1.5. the Customer has prevented, in any manner whatsoever, Mycomax from performing the required maintenance and upgrade tasks to the Product and Services;

9.1.6. the issue emanated from unsupported, or faulty, equipment, software or services;

9.1.7. the Customer abuses and/or illegally uses the software;

9.1.8. the computer hardware, used by the Customer, malfunctions;

9.1.9. the Customer, if conducting its business within the Republic of South Africa, does not comply with a direction or has been deregistered as credit provider, by the National Credit Regulator, or conducts itself in a manner which is not compliant with the National Credit Act;

9.1.10. the software has been subject to unauthorised alteration by the Customer, or the Customer caused the unauthorised alteration of the software;

9.1.11. the data has been accessed or amended, in whatsoever manner, other than access via Mycomax’s standard software;

9.1.12. the Customer is in breach of this Agreement, as contemplated in clause 13.

10. COMMENCEMENT & DURATION

10.1. This Agreement shall commence on the date upon which the Customer accepts the terms and conditions of this Agreement, or the date upon which the Customer commence with the use of MAXMONEY and/or other Services made available by Mycomax, and endure indefinitely until such time as: –

10.1.1. this Agreement is terminated in accordance with clause 12 of this Agreement and the Parties agree that such termination is subject to the provisions of clause 33; or

10.1.2. this Agreement is superseded by a revised and mutually agreed Agreement governing the same subject matter as this Agreement.

10.2. If this Agreement is terminated in accordance with its clause 12, the relationship between the parties shall only be deemed terminated once all funds owing to Mycomax have been paid in full.

10.3. If the Customer is subject to South African Law, the commencement of this Agreement and of the Customer’s access to the Product and Services shall remain suspended until such time as the Customer provides confirmation of its application of registration with National Credit Regulator, as a credit provider and in accordance with the National Credit Act, and any other registration, subscription, certification or approval in accordance with applicable Law, to Mycomax.

10.4. Similarly, if a Customer is subject to the Laws of a different jurisdiction to that of South Africa and registration, subscription, certification or any approval is required in terms of such jurisdictional Law, Mycomax reserves the right to suspend this Agreement until it is provided with confirmation of the Customer’s compliance therewith.

11. COMPLIANCE & SUBSCRIPTIONS

11.1. Mycomax provides its Products and Services to multiple jurisdictional territories, all of which operate under their own Laws and requirements. The Customer therefore must ensure its compliance with all applicable Laws, including, but not limited to: –

11.1.1. Protection of Information Laws;

11.1.2. Credit Extension and Collection Laws;

11.1.3. Financial Services Laws;

11.1.4. Banking Laws;

11.1.5. Insurance Laws; and

11.1.6. Any other Laws which may be applicable to the Customer in the jurisdictional territory where it conducts its business.

11.2. Should Mycomax suspect, or become aware of any non-compliance by the Customer of any applicable Law, it may suspend the Customer’s Products and Services, without prior notice and, if in its sole discretion it believes it to be appropriate, terminate this Agreement in accordance with clause 12.

11.3. The Customer may be obliged, if it operates in the jurisdiction of South Africa, to maintain membership with SACCRA for the uploading, updating, sharing and accessing of consumer credit profiles and data. Mycomax will assist the Customer in successfully applying for membership with SACCRA and assist the Customer by facilitating the upload of prescribed consumer data to SACCRA.

11.4. Mycomax will notify SACCRA in the event that it is unable, for whatever reason, to facilitate the upload and updating of consumer credit data on behalf of the Customer.

11.5. Mycomax, to the benefit of its Customers, engages and supports Voluntary Associations applicable to its Customers’ business. Mycomax has negotiated membership access to Voluntary Associations for its Customers and Customers may be able to access such membership at reduced rates, depending on the jurisdiction. The Customer agrees to the sharing of its information (name and contact details only) with applicable Voluntary Associations to enable such organisations to make contact with Customers to explain the benefits of such membership.

12. TERMINATION

12.1. Should either Party wish to terminate this Agreement, on good cause, it will be required to do so by effecting written notice to the other Party of its intention to do so, no less than 20 business days prior to the proposed date upon which the termination should take effect and the aforesaid notice shall contain the terminating Party’s reasons for terminating the Agreement.

12.2. Upon receipt of a termination notice from either Party to the other Party, the Parties agree that they will continue attending to their respective responsibilities, in a professional and ethical manner, until such date upon which the termination takes effect.

13. BREACH

13.1. In the event of either Party committing a breach (“the Defaulting Party”) of any of the terms and conditions contained in this Agreement, and failing to remedy such breach within a period of 5 business days after receipt of a written notice from the other Party (“the Aggrieved Party”) to the Defaulting Party calling upon it to remedy the breach, the Aggrieved Party shall be entitled to, at its sole discretion and without prejudice to its other rights in law, either claim specific performance of the terms and conditions of this Agreement or to forthwith cancel this Agreement and without further notice, claim and recover damages from the Defaulting Party.

13.2. Should either Party: –

13.2.1. be placed under business rescue or any process analogue to such administration of its business;

13.2.2. cede or assign, or purport to cede or assign any of its rights or obligations under this Agreement;

13.2.3. be wound-up, whether provisionally or finally,

then, in any of such events, the other Party will be entitled, without prejudice to its rights, to claim damages or any other claim whatsoever that it may have against the other Party as a result thereof, be entitled to cancel this Agreement by means of a written notice to the effect.

14. THIRD-PARTY PROVIDERS

14.1. The Parties agree that Mycomax shall be entitled to contract with any third-party provider it deems necessary for the conduction of its business, the availability of its Product and rendering of Services, and that Mycomax may contract with such third parties at its sole discretion.

14.2. Mycomax allows for third parties to integrate with MAXMONEY to enable the Customer access to the products and services of such third parties, these third parties are known as MMS and operate independently of Mycomax. Any MMS products or services are undertaken by the Customer at the Customer’s own risk.  Mycomax does not guarantee the functionality of MMS products and or services. 

14.3. The Customer shall only be entitled to contract with such MMS if it is necessary for the conduction of its business provided that such MMS, its products and its services do not interfere with, damage, negate or require alterations or amendments to the Mycomax’s Product and/or Services.

14.4 Third-Party Score Feature Disclaimer

14.4.1 The “MFI Score” feature provided within our services is supplied by a third-party provider, not by Mycomax. This feature is offered for informational purposes only, and we do not guarantee its accuracy, reliability, or completeness.

14.4.2 By using the Score feature, you acknowledge and agree that you do so at your own risk. Mycomax, its affiliates, and its employees shall not be liable for any direct, indirect, incidental, special, or consequential damages arising from your use of, or reliance on, this feature.

14.4.3 You agree to indemnify and hold Mycomax harmless from any claims, damages, or expenses, including legal fees, that may arise from your use of the Score feature. Your use of this feature constitutes your acceptance of these terms.

15. RESOLUTION OF DISPUTES / ARBITRATION

15.1. Should any dispute arise between the Parties in respect of any provision contained in this Agreement, then such dispute shall be decided in consultation between the Parties at a meeting convened specifically for that purpose at a time and venue suitable to the Parties concerned. In the event that the Parties fail to reach consensus on any issue envisaged in the matter of dispute within 7 (seven) days from the date on which any such dispute shall arise, then the dispute shall be submitted to and decided by arbitration in terms of the Arbitration Act No 42 of 1965 and as provided for in this clause.

15.2. Each Party to the dispute shall be entitled to be represented at such arbitration proceedings by its legal representatives and/or any other appointed expert or specialist.

15.3. The arbitration shall be held at Johannesburg or any other city in South Africa, as may be agreed upon by the Parties.

15.4. The arbitrator shall be such suitably qualified person with appropriate skills and knowledge in relation to the matter in dispute, as may be appointed by agreement between the Parties within 10 (ten) days of the dispute being referred to arbitration by any Party, and failing such agreement, then as may be appointed by the Chairman of the Association of Arbitrators of Southern Africa as follows:

15.4.1. if the dispute is primarily an accounting matter, an independent practising Chartered Accountant;

15.4.2. if the dispute is primarily a legal matter, a practising advocate of not less than 15 (Fifteen) years experience as such;

15.4.3. if the dispute relates to any other matter, an independent expert with appropriate knowledge and skills in relation to the matter in issue.

15.5. The Parties to the dispute shall within 10 (ten) days after the appointment of the arbitrator meet with him in order to agree the procedures to be followed at the arbitration proceedings. Failing such agreement within the said period of 10 (ten) days, the prevailing Rules for the Conduct of Arbitrations shall apply to the arbitration.

15.6. The decision of the arbitrator shall be final and binding upon all Parties to the dispute and capable of being made an order of Court upon the application of any of them and there shall be no right of appeal.

15.7. Nothing herein contained or implied shall preclude a Party from applying to Court for a temporary interdict, or other relief of any urgent and temporary nature, pending the award of the arbitrator.

15.8. The arbitrator is further vested with powers to make interim orders and to give directions as to alternative provisions, which are to be implemented by the Parties in the event of circumstances arising which in the opinion of the arbitrator render such interim orders or directions necessary or desirable.

15.9. The arbitrator shall have the power to give default judgement if any Party fails to make submissions on due date either as agreed or in terms of the Rules, as the case may be, and/or fails to appear at the arbitration.

5.10. The costs of an incidental to any such arbitration proceedings shall be in the discretion of the arbitrator, who shall be entitled to direct whether they be taxed as between “party and party” or as between “attorney and client”.

15.11. The provisions of this clause:

15.11.1. constitute an irrevocable consent by the Parties to any proceedings in terms hereof and no Party shall be entitled to withdraw therefrom or claim at any such proceedings that it is not bound by such provisions;

15.11.2. are severable from the rest of this Agreement and shall remain in effect despite the termination of or invalidity for any reason of this Agreement.

16. GOOD FAITH UNDERTAKING

16.1. The Parties respectively agree that they will, at all times during this Agreement and thereafter, display good faith in their dealings with one another and the reputations of the Parties respectively.

17. NON-CIRCUMVENTION

17.1. Neither Party will, from the Date of Signature, without the prior, written consent of the other Party, which consent may be withheld at the other Party’s sole discretion: –

17.1.1. attempt in any manner to deal directly or indirectly in any manner with any of the other Party’s Clients, Distributors, Suppliers, Contractors, Employees or Customers which are related to this Agreement for their sole gain; or

17.1.2. by-pass, compete, void, circumvent or attempt to circumvent the other Party in respect of any proposed transaction including by using confidential information or otherwise by exploiting or deriving benefit from confidential information.

17.1.3. The provision of this clause shall survive the termination of this Agreement in terms of clause 12.

18. CONFIDENTIALITY AND INTELLECTUAL PROPERTY

18.1. The Parties hereto agree and undertake that they shall maintain as confidential and shall not disclose to any third party the terms and conditions of this Agreement other than to employees to whom it is necessary to make such disclosure in the conduct of the Agreement, unless the Parties hereto agree in writing to the contrary.

18.2. The Parties agree that: –

18.2.1. any Confidential Information which may be exchanged between the Parties is a valuable, special and unique asset of the Party to which such Confidential Information belongs or relates;

18.2.2. That the Party to whom the Confidential Information belongs or relates, may suffer irreparable harm or substantial economic and/or other loss in the event that such Confidential Information is disclosed or utilised in a manner which is inconsistent with the purpose for which it was disclosed, or: –

18.2.2.1. if such Confidential Information was inadvertently disclosed and no purpose exists; irreparable harm and/or other loss will be suffered if the Confidential Information is utilised in any manner whatsoever;

18.2.2.2. if such Confidential Information was obtained through mala fide or unscrupulous action by a Party; irreparable harm and/or other loss will be considered to have been suffered by the Party to whom the Confidential Information belongs or relates to, as of the date on which the other Party obtained such Confidential Information.

18.3. Regardless of the manner in which Confidential Information of one Party is received or obtained by the other Party, it is agreed that: –

18.3.1. such information is proprietary, or intellectual property of the Party owning or to which it relates and is not deemed to confer any rights of whatsoever nature on the other Party;

18.3.2. the Party in receipt of such Confidential Information of the other Party shall not use, or permit the use of, the Confidential Information for the purpose of obtaining commercial, trading, investment, financial or other advantage over the Party to whom the Confidential Information relates or to use, or permit to use, such Confidential Information to the detriment of the Party to whom such Confidential Information relates;

18.3.3. such Confidential Information may only be disclosed or utilised if the Party in receipt of such Confidential Information relating to the other Party, is directed to do so by order or direction of a competent Authority;

18.4. Should any breach, or suspected breach of, any confidential information occur, the other Party will be notified thereof immediately.

18.5. Any intellectual property already developed or developed during the course of this Agreement shall remain the property of the Party which developed such intellectual property, unless the contrary is agreed to in writing.

18.6. Neither Party may claim or make representations to own the intellectual property of the other.

19. INDEMNIFICATION

19.1. The Parties indemnify each other and hold each other harmless from and against any claims, liabilities, investigations, actions, losses, penalties, expenses or damages arising from the daily conduction of their respective businesses and/or business activities;

19.2. The Customer indemnifies Mycomax from any liability that may be attributed to the Customer as a result of incorrect calculations or applications made by the Product, since the Product is configured and set-up in accordance with the directions and instructions of the Customer, as contemplated in clause 5.7 hereof.

19.3. The Customer indemnifies Mycomax from any liability that can be attributed to the configuration of the Product if such configuration was made at the Customer’s instance or request. The Customer indemnifies Mycomax against any liability as a result of amendments or updates undertaken in respect of the Product.  The Customer will receive notice of any such amendments and updates undertaken in respect of the Product and as a result, is obliged to ensure that the configuration and update of the Product remains compliant with the necessary Laws and as per the Customer’s specifications.

19.4. The Customer indemnifies Mycomax from any loss or liability which may arise from the communication, distribution or dissemination of the User Names and Passwords or PINs allocated to the Customer and/or employees of the Customer.

19.5. The Customer indemnifies Mycomax from any loss or liability that may be attributed to the Customer as a result of a subscription to MMS products and/or services, which includes any calculations or applications made by the MMS.

20. DOMICILIUM CITANDI ET EXECUTANDI

20.1. The Parties appoint as their respective domicilia citandi et executandi for the purpose of all legal proceedings and for the purpose of giving or sending any notice provided for or necessary in terms of this Agreement, the addresses hereunder or such other address/es as the Parties may on not less than 5 (five) days’ notice appoint, provided that the new domicilium is in the Republic of South Africa and consists of, or includes, a physical address at which process can be served.

20.2. Any notice in terms of this Agreement shall be in writing and may be delivered by hand or by telefax transmission or e-mail where these facilities exist.

20.3. A notice will be presumed, unless the contrary is proved, to have been delivered:

20.3.1. if sent by telefax transmission or e-mail, on the next business day following the date of transmission. In each respective method of transmission, proof of delivery (i.e.: telefax transmission or e-mail report) must be provided;

20.3.2. if hand-delivered during business hours on a business day, then on the day of delivery to a responsible person or employee who must acknowledge receipt in writing.

20.4. Domicilium addresses of the Parties:

20.4.1. Mycomax:

20.4.1.1 c/o BOSCH MARAIS & ASSOCIATES INC.

First Floor, 120 Rosen Office Park, Invicta road, Midrand.

EMAIL: arno@boschmarais.co.za

20.4.2. Party 2:

20.4.2.1. {^Legal Reg Nr^} t/a {^Trading as Name^}

{^Trading address Line 1^} {^Trading address Line 2^} {^Trading address Line 3^}

21. ASSIGNMENT

21.1. The rights and obligations of any Party under this Agreement shall not be assigned to any person or entity other than as expressly provided in this Agreement.  Any attempted assignment of the rights and obligations of any Party in contravention of this clause shall be void.

22. ENTIRE AGREEMENT

22.1. This Agreement contains all the express provisions agreed on by the Parties with regard to the Service related provisions of the relationship between the Parties and the Parties waive the right to rely on any alleged express provision not contained in this Agreement, as it pertains to Service.

23. AMENDMENT

23.1. This Agreement may be amended, modified or consensually cancelled and supplemented only by written agreement between the Parties. No course of dealings shall be deemed to have modified, amended, cancelled or discharged any part of this Agreement or any rights or obligations of any Party under this Agreement.

24. WAIVER

24.1. No indulgence which any Party (“Grantor”) may grant to any other (“Grantee”) shall constitute a waiver of any of the rights of the Grantor, which shall not thereby be precluded from exercising any rights against the Grantee which may have arisen in the past or which may arise in the future.

25. SEVERABILITY

25.1. If any provision of this Agreement or part hereof shall to any extent be or become invalid or unenforceable, the Parties shall agree upon any necessary and reasonable adjustment of the Agreement in order to secure the vital interest of the Parties and the main objectives prevailing at the time of execution of the Agreement. Failing an agreement between the Parties on adjustments to the Agreement, such adjustments shall be made by the arbitrators in accordance with the provisions of clause 14 above.

26. COUNTERPARTS AND PHOTOCOPIES

26.1. This Agreement may be executed in counterparts each of which will be deemed to be an original of this Agreement with the same force and effect. A facsimile or photocopy of a fully executed counterpart of this Agreement or a set of identical versions separately executed by the Parties will be valid evidence of the existence and the terms of this Agreement.

27. COSTS

27.1. Each Party shall bear its own costs in connection with the negotiation and preparation of this Agreement.

28. GOVERNING LAW AND JURISDICTION

28.1. This Agreement shall be governed by and construed in accordance with the laws of the Republic of South Africa. Subject to clause 15, the Parties hereby irrevocably submit to the exclusive jurisdiction of the Courts of South Africa for the resolution of any disputes arising out of or in connection with this Agreement or any dispute which may exist between the Parties.

29. COMPLIANCE AND REGULATORY PROVISIONS

29.1. In addition to the provisions contained in this Agreement specifically dealing with the requirement of compliance with applicable Laws, the Parties are generally obligated to, at all times, comply with all Laws applicable to their respective business activities.

29.2. Should either Party believe that any clause or portion of the Agreement, whether immediate or future, may result in non-compliance with any Laws, such Party is required to immediately notify the other Party of the Law and the extent of the possible non-compliance.

30. FORCE MAJEURE

30.1. No Party shall be liable to the other in respect of the non-performance of any of the provisions of this Agreement in the event, and to the extent that such non-performance is the direct result of or has been directly caused by force majeure, which for the purposes of this Agreement shall mean an event not within the reasonable control of the Party concerned.

30.2. A Party claiming force majeure shall as soon as reasonably possible after becoming aware of the force majeure event, notify the other Party thereof, stating the nature, extent  and expected duration of the same.

30.3. The burden of proof of the existence and extent of the alleged event and the enforceability thereof, shall rest on the Party claiming force majeure.

30.4. In the event of force majeure as notified and accepted continuing for a period of thirty (30) days, the Party who has received notice of force majeure, shall be entitled to terminate this Agreement with immediate effect.

31. QUASI-PARTNERSHIP

31.1. Nothing in this Agreement shall constitute or be deemed to constitute a legal partnership between the Parties.

32. SUCCESSORS IN TITLE

32.1. The provisions of this Agreement shall be binding on the successors in title of the Parties.

33. SURVIVAL OF RIGHTS AND DUTIES

33.1. The Termination of this Agreement, for any reason, shall not release either Party from any liability which, at the time of termination, has already accrued to such Party or which thereafter may accrue in respect of any act or omission prior to such termination.

34. SIGNATURE PAGE

34.1. This Agreement shall be electronically entered into between the Parties. By selecting the box “I Agree”, the Customer enters into this Agreement and acknowledges: –

34.1.1. that it has read and understood the terms and conditions of this Agreement;

34.1.2. that it agrees to this Agreement being entered into electronically; and

34.1.3. that it has not been forced or induced, in any manner whatsoever, to enter into this Agreement.

34.2. The date upon which Mycomax signs this Agreement is the date upon which this Agreement is made available to the Customer, on the Mycomax website and is:

34.2.1. ______________[TIMESTAMP HERE]

34.3. The date upon which the Customer signs this Agreement is the date upon which it selects the “I Agree” box on the website and continues to use the website and is:

34.3.1. ______________ [TIMESTAMP HERE]

APPENDIX – A

APPENDIX – B

TERMS OF USE POLICY

1. INTRODUCTION

1.1. Mycomax Microfinance Solutions (Pty) Ltd. (“Mycomax”) provides you and the entity that you represent (collectively, “you/your”) with access to its Loan Management Software. In order to create and manage credit agreements, you need to access the Loan Management Software through the MAXMONEY website, or the MAXMONEY MAXAPP™ Application.

1.2. Throughout this policy the MAXMONEY website and MAXMONEY MAXAPP™ shall collectively be referred to as “MAXMONEY”.

1.3. This User Policy outlines the terms and conditions associated with your use of MAXMONEY and the details of the Mycomax policy and procedures in respect of privacy and personal information.

1.4. In order to access MAXMONEY, you will be required to accept and acknowledge the terms and conditions contained in this User Policy. If you do not agree with any of its terms, please do not continue to use MAXMONEY, as your electronic acceptance of this User Policy and continued use of MAXMONEY, will be deemed as an acceptance of the terms and conditions recorded herein.

1.5. Consequent to the initial acceptance of this User Policy, you will be deemed to have accepted these terms and conditions, each time you access MAXMONEY.

PART – A: TERMS & CONDITIONS OF USE

2. MAXMONEY CONTENT

2.1. The content of MAXMONEY consists of the Loan Management Software as well as advertisement of further and/or additional services, from time to time.

2.2. The content of MAXMONEY may, without prior notice and at the sole discretion of Mycomax, be amended, added to, or removed from in accordance with the requirements of MAXMONEY and of Mycomax.

2.3. The content of the website has been structured to be relevant to you and your business. The content is generally, and to the extent possible related to products, services and needs within the jurisdictions in which Mycomax provides its services, and subject to the Laws and Regulations of that jurisdiction.

2.4. Mycomax reserves the right to limit, withdraw or deny access to MAXMONEY, at any time.

2.5. MAXMONEY provides you with the capability of originating, tracking and keeping record of, your credit agreements and payments received in respect of such credit agreements.

2.6. While you are allowed to print the documentation generated by MAXMONEY, for your record-keeping purposes, MAXMONEY may not be reproduced or transmitted for any other purpose.

2.7. Use of MAXMONEY is subject to the Disclaimers and Limitation of Liability section below.

2.8. By accessing and using MAXMONEY, you consent to the collection and processing of your personal information, as well as the personal information of the consumer with whom you enter into credit agreement. Mycomax will not use such personal information in any manner which is inconsistent with the reason for which such personal information was collected. You will also be requested to agree to Mycomax’s Privacy Policy, which contains the details of Mycomax’s internal policies and procedures in respect of privacy.

3. COPYRIGHT & INTELLECTUAL PROPERTY

3.1. Copyright and Intellectual Property contained in, or displayed in, MAXMONEY is and remains the proprietary assets and Confidential Information, as contemplated in the Service Level Agreement entered into, of Mycomax and remains subject to the Confidentiality and Intellectual Property clause in the aforementioned Service Level Agreement.

3.2. Any unauthorized copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast, circulation or exploitation of such confidential Information, will be an infringement of Mycomax’s Copyright and Intellectual Property rights.

3.3. No use of such confidential Information is permitted, unless specifically agreed to by Mycomax and reduced to writing between the parties.

4. THIRD-PARTY LINKS

4.1. MAXMONEY may, from time to time and at its sole discretion contain links to the services and/or products of third parties, unaffiliated with MAXMONEY. These links are intended to improve and enhance your experience on MAXMONEY and refer you to products and services generally utilized in the credit industry.

4.2. These links and the content of the website to which they lead, are not endorsed, approved or aligned with the opinions held by Mycomax.

4.3. Mycomax assumes no responsibility for the accuracy, completeness, security or legitimacy of such a website to which these links lead, whether express or implied.

4.4. By utilizing these third party links and accessing the website to which they lead, you assume all risks and responsibilities associated therewith.

4.5. This User Policy, and the parallel Privacy Policy of Mycomax does not cover these third party links or the contents of the website to which they lead.

4.6. You may not, without the prior, express written consent of Mycomax, create any link or hyperlink text, which leads to MAXMONEY, on a website, document or software application owned or controlled by you.

5. FRAMING

5.1. Framing is the activity of making one website viewable from another website.

5.2. No person, business or group, whether directly or indirectly associated with you in whatsoever manner, or not, may frame MAXMONEY or the Mycomax website, or any of the pages of it, in whatsoever manner.

6. CRAWLERS & SPIDERS

6.1. Crawlers and Spiders are automated bots or coding that systematically searches web pages for certain keywords so that information can be retrieved from that website.

6.2. No person, business or group, whether directly or indirectly associated with you in whatsoever manner, or not, may utilize crawlers or spiders or any other similar technology to search and/or gain information from MAXMONEY, without the prior, express written consent of Mycomax.

7. DISCLAIMERS & LIMITATION OF LIABILITY

7.1. Mycomax undertakes all reasonable efforts to ensure that the content of MAXMONEY is up to date and relevant, it makes no warranties or representations in respect of: –

7.1.1. the accuracy;

7.1.2. the completeness; and

7.1.3. reliability

of any data, information and/or content of MAXMONEY.

7.2. The information, ideas and opinions contained in MAXMONEY are of a general nature and should not be misconstrued as financial, legal, accounting, tax, investment or any other form of advice and does not replace the need for you to seek and obtain formal advice from a professional, duly qualified in the subject which you require advice on.

7.3. Although MAXMONEY has been developed for use in South Africa, Mycomax makes no representations or warranties that MAXMONEY is appropriate for use within the jurisdiction of South Africa.

7.4. Mycomax Disclaims any form of non-infringement, compatibility, security, accuracy of MAXMONEY.

7.5. Mycomax does not warrant the website, or any software available for download, free of viruses and other destructive codes.

7.6. Mycomax disclaims itself and its directors of any damage, liability, loss and/or expense, whether directly or indirectly attributable to the use of MAXMONEY or the information contained or received therein, suffered by you or any third party of whatsoever nature, including your dependence on such information.

7.7. You agree that Mycomax, is indemnified by you for any information transmitted via the internet, which is, by its very nature, susceptible to monitoring and interception and the risk thereof is carried by you.

7.8. Mycomax does not warrant the safety and security of any unsolicited confidential information or Intellectual Property, as defined in the Service Level Agreement, if such confidential Information or Intellectual Property has been transmitted via the internet. If any confidential Information needs to be transmitted to Mycomax, please contact us and we will advise on the most appropriate manner in which to securely transmit such information.

7.9. Nothing in this Policy, or on MAXMONEY should be construed as an agreement between the Parties for the provision of MAXMONEY or other services and such an agreement shall separately be entered into. This Policy governs the terms and conditions applicable to you accessing MAXMONEY subsequent to an agreement concluded for the provision of MAXMONEY or other services.

7.10 MaxAssist is a MaxMoney AI feature. MaxAssist is designed to take MaxMoney related inquiries and provide in-the-moment assistance.

7.10.1. The MaxAssist features, Input, and Output must be used in accordance with the Terms, which may be modified from time to time. Mycomax reserves the right to throttle, limit, disable, suspend, or terminate your right to use or access the MaxAssist features at any time in our sole discretion without prior notice to you.

7.10.2. Input. You are solely responsible for your Input. You must not submit any Input that: (a) contains personal information unless you comply with all data protection and privacy laws and regulations applicable to the personal information, including providing privacy notices and obtaining consent, where required; (b) violates applicable law; or (c) violates the Terms. We may automatically block your Input, in our sole discretion, if we believe it violates the rights of a third party, applicable law, or the Terms.

7.10.10. Output.

7.10.10.1 Your Responsibilities.

7.10.10.1.1 You are solely responsible for the creation and use of the Output and for ensuring the Output complies with the Terms; however, we may use available technologies, vendors, or processes to screen for and block Output that may violate applicable law, the rights of a third party, or the Terms, before the Output may be delivered to you. Mycomax disclaims all warranties, express or implied, regarding the Output, including any implied warranties that the Output will not violate the rights of a third party or any applicable law.

7.10.10.1.2. MaxAssist for MAXMONEY can make mistakes, so double-check it;

7.10.10.2. Suitability of Output.

7.10.10.2.1. Use of MaxAssist features may produce output that is unexpected or unsuitable for some users. While Mycomax works hard to make MaxAssist accurate and helpful, it may sometimes provide inaccurate information, which doesn’t represent Mycomax’s views. Always consult with a qualified professional for medical, legal or financial advice;

7.10.10.2.2. If you get a suggestion that’s inaccurate or that you feel is unsafe, you can give feedback. Your feedback can help improve AI-assisted MaxMoney features and broader Mycomax efforts in AI;

7.10.10.2.3. MaxAssist for MaxMoney is still learning and may not be able to support your request;

7.10.3. Mycomax expects you to engage with MaxAssist in a responsible, legal, and safe manner;

7.10.4. Do not compromise the security of others’ or Mycomax’s services.

PART – B: PRIVACY

8. SCOPE

8.1. This Part applies to your Personal Information as well as the Personal Information collected, used, stored and protected in the course of Mycomax’s business, including its websites and on the MAXMONEY platform.

8.2. This Part will also outline the choices available to you regarding our use of your Personal Information or the Personal Information collected through the utilization of MAXMONEY and how to access, update and request deletion of such information.

8.3. The use of Personal Information shall be limited to the purpose of providing the Services for which you have engaged Mycomax.

8.4. This Part is aimed at meeting International Privacy and Data Protection Standards, including the statutory requirements applicable within South Africa. This policy will be continually developed and maintained in order to ensure consistent compliance with the aforementioned requirements.

9. PERSONAL INFORMATION

9.1. Personal Information is information or data which identifies or relates to specific individuals. In respect of this Part of the User Policy, this information will also relate to your customers (consumers) and includes, amongst others, the following information: –

9.1.1. Name;

9.1.2. Age;

9.1.3. Gender;

9.1.4. Ethnicity;

9.1.5. Identity Number;

9.1.6. Assets & Liabilities;

9.1.7. Income;

9.1.8. Payment Records.

10. YOUR CONSENT & AGREEMENT

10.1. By submission of your details and/or utilization of MAXMONEY, you expressly consent to the use and disclosure of your Personal Information, in the manners which will be outlined in this Part of the User Policy.

10.2. If you, or your customer, object to any of the potential uses of your Personal Information, as outlined in this Part, please do not continue the use of MAXMONEY.

11. SECURITY & CONFIDENTIALITY

11.1. MAXMONEY requires, by its very nature and as is required by law, the collection of certain Personal Information and the provision and/or disclosure of such Personal Information to specified third parties.

11.2. We understand the value of Personal Information and have therefore taken all reasonable measures to ensure that the Personal Information collected through the use of MAXMONEY is protected from loss, misuse or unauthorized alteration.

11.3. Our security systems meet – and in some instances exceed – industry standards and we are committed to ensuring the security systems are regulatory updated and maintained to ensure that Personal Information is adequately protected, at all times.

11.4. To this end, Mycomax has entered into an agreement with Google LLC for the use and maintenance of its cloud-based solution upon which MAXMONEY is built and maintained. All data collected and processed through utilization of MAXMONEY are securely stored in foreign data centers, and the territorial location of these servers are decided upon at the sole instance of Google LLP, which may move or utilize another secure server at its sole instance and without prior notice.

11.5. Further, Mycomax has entered into a Data Processing Amendment Agreement with Google LLC which facilitates compliance with the Protection of Personal Information Act (“POPIA”) and allows Mycomax to define how data is stored, processed and protected. We are confident in, and satisfied with, the additional capabilities provided by Google LLC and the following compliance certificates have been issued to Google LLC for their cloud-based services and the additional security protocols in compliance with the provisions of , inter alia, POPIA: –

11.5.1. ISO/IEC 27018 – Privacy and security controls for public-cloud service providers that process personally identifiable information (PII);

11.5.2. ISO/IEC 27001 – Provides the requirements for an information security management system (ISMS), specifies a set of best practices, and details the security controls that can help manage information risks;

11.5.3. ISO/IEC 27017:2015 – Provides guidelines for information security controls applicable to the provision and use of cloud services;

11.5.4. ISO/IEC 27701 – The first global privacy standard that focuses on the collection and processing of personally identifiable information (PII). This standard was developed to help organizations comply with international privacy frameworks and laws.

11.6. We are confident in the measures taken to ensure the safety and security of the Personal Information collected, processed and retained through the use of MAXMONEY and undertake that continued maintenance and development will be undertaken to ensure that these measures remain compliant and are developed to address new risks which may arise.

11.7. Internally, Mycomax has taken the following security measures to ensure the privacy and security of Personal Information: –

11.7.1. Only authorized personnel have access to the data collected, processed and retained through the use of MAXMONEY and such personnel are trained and informed of their obligations and responsibilities in respect of safeguarding and protecting the data to which they have access;

11.7.2. No unauthorized personnel have access to the data collected, processed and retained through the use of MAXMONEY and any such unauthorized person is aware of the consequences and actions which may be taken against them for accessing, or attempting to access, such data;

11.7.3. Internal policies and protocols provide for continuous engagement with service providers of Mycomax, to ensure that MAXMONEY is continuously afforded the latest security and privacy updates, whether internally or procured from a service provider, and that all agreements with such service providers are maintained and renewed.

12. DATA CONTROLLER & DATA SUBJECTS

12.1 Mycomax does not, under the Service Level Agreement entered into for the provision of MAXMONEY, collect, process or retain data, of its own accord or without your consent and direction. The role of Mycomax in the relationship between it and you is to make MAXMONEY available and to continuously maintain and develop MAXMONEY for your use and benefit in the conduction of your business. Therefore, without your use of MAXMONEY, no data can be collected. Yet, it is the role of Mycomax to retain the data collected by you at all relevant times.

12.2. For the reasons set out above, you are the “Data Controller”. You are the one who collects Personal Information from data subjects and directs Mycomax to retain, protect and utilize such information in the manner required to give effect to the Service Level Agreement.

12.3. The consumers who enter into credit agreements with you and provide you with their Personal Information for the purposes of Loan Application and Agreements are the “Data Subjects”.

12.4. Data Subjects who seek to access, correct, amend or delete data relating to their Personal Information, should address such a request to the Data Controller (you). The Data Controller must then execute the request, if it is lawful and fair to do so and within a reasonable amount of time. 

12.5. If you, as the Credit Provider, seek to amend any Personal Information of yourself or of your business which is held by Mycomax and not accessible through MAXMONEY, a request should be directed to Mycomax utilizing the contact details contained in this Policy.

13. OUR USE OF INFORMATION AND DATA COLLECTED

13.1. Mycomax may, as a result of the Service Level Agreement, transfer and disclose the Personal Information collected through the utilization of MAXMONEY, for the purposes of: –

13.1.1. Providing MAXMONEY to you, and complying with instructions received from you;

13.1.2. Verifying your identity, or the identities of other Data Subjects, with whom you conduct business;

13.1.3. Taking credit decisions;

13.1.4. Compliance with Laws, Public Duties, Court Orders and Authorized Investigations;

13.1.5. For the purposes of security and crime prevention;

13.1.6. For Mycomax’s internal use, with the aim of improving the Services, and for the purposes of market analysis in order to improve Mycomax’s offerings or that of its associated companies;

13.1.7. The conduction of market research; and

13.1.8. Providing you with information via email, telephone, or other means in respect of Mycomax’s products and/or services, from time to time.

13.2. Despite the use of the data and/or Personal Information utilized as described above, the Personal Information will still be utilized in a manner which is compliant with the privacy and data laws of South Africa and is afforded the same level of security as data and Personal Information, not being utilized.

13.3. Mycomax may share or use your data with third parties involved in the process of providing the Services to you. These third parties have been carefully vetted and selected before a trusted relationship is established. All third party service providers are contractually and statutorily bound to maintain the confidentiality and security of the data and Personal Information provided to them, and are restricted to only utilizing such data or Personal Information for the specific purpose to which it relates.

14. OTHER DATA COLLECTED

14.1. In addition to the Personal Information which is collected, processed and retained through the use of MAXMONEY, Mycomax is required to collect additional data relating to you, as the credit provider or representative of the credit provider, in order to provide you with the MAXMONEY functionalities. This information includes, but is not limited to: –

14.1.1. All Personal Information which you (and the company) submitted to Mycomax when entering into the Service Level Agreement, or during negotiations for entering into a Service Level Agreement;

14.1.2. The requisite financial information, as submitted to Mycomax, by you;

14.1.3.  All other information submitted to Mycomax, by you, as part of the onboarding process of MAXMONEY;

14.1.4. Information relating to your computer, your IP address, your operating system and browser type. This information is strictly used to ensure that you are able to utilize MAXMONEY.

14.1.5. Statistical Data and browsing patterns, which do not identify any individual’s Personal Information including general internet usage through the use of a cookie file which is stored in your computer’s hard drive. Cookies enable Mycomax to improve its offerings to you, estimate audience sizes and usage patterns, store information relating to your preferences and to recognize you when you return to our website. Please note that your browser settings can be set to refuse cookies, but that this will detract from certain advantages gained when Mycomax is able to access the aforementioned data.

14.2. The data and Personal Information noted above are also retained and protected in accordance with the protocols and measures outlined in paragraphs 11 and 13 of this Policy.

14.3. Please note that third parties advertise on our websites and that there are links to such third parties’ websites. However, we do not have access to, or control over their websites and therefore cannot take responsibility for the information or data collected from their websites.

15. PERSONAL IDENTIFICATION NUMBER

15.1. When utilizing MAXMONEY, you are provided with an access number, username, password and personal identification number (PIN). It is your responsibility to maintain the confidentiality of these particulars and we cannot be held liable for breaches which occur as a result of sharing and/or disclosing these particulars.

16. TRANSFERRING OF DATA TO FOREIGN TERRITORIES

16.1. Mycomax contracts or receives services from foreign-based entities, from time to time. As a result thereof, data or Personal Information collected through the use of MAXMONEY, or from you, may be transferred outside South Africa.

16.2. When data or Personal Information is transferred outside South Africa, we will ensure that the data and information are held securely to standards at least as good as those required within South Africa, and that such data and information is only utilized for the purposes set out in this Policy.

16.3. The Personal Information stored by Mycomax may be retained anywhere in the world, including, but not limited to, Europe, Cloud, our servers and the servers of our affiliates and service providers around the world.

17. DATA RETENTION PERIODS

17.1. Mycomax will retain the Personal Information and data collected by it for as long as your account is active, or as needed in order to provide services to you and in accordance with any legislative requirements, as may be prescribed from time to time.

17.2. Personal Information and data will be retained, regardless of the existence of a relationship between you and Mycomax, for as long as necessary to comply with its legal obligations, to resolve disputes, for the enforcement of its rights, or as may be directed by a competent authority.

18. DATA BREACH

18.1. In the event that a data breach occurs, or there are reasonable grounds to believe that a data breach has occurred and that the Personal Information of you or of a data subject has been accessed, acquired, compromised or leaked, Mycomax will:- 

18.1.1. As soon as practicable, take the appropriate steps to limit the breach and restore the integrity and security of the system;

18.1.2. As soon as reasonable, report to the affected Data Controller(s) the relevant facts and extent of the breach or compromission;

18.1.3. If applicable, report on the identity of the person(s), group(s) or organization(s) suspect of, or known to have, caused the breach or compromission and/or accessed the Personal Information, unless Mycomax has received an order or direction from a competent authority not to do so;

18.1.4. Notify you immediately, if it is necessary for you to stop the utilization of MAXMONEY and the extent to which you are required to stop using MAXMONEY, in order to restore the integrity of it and avoid furthering the scope of the breach or compromission.

19. RIGHT TO ACCESS & AMEND

19.1. You have the right to access the Personal Information that is retained, relating to you utilizing MAXMONEY. To obtain a copy of your Personal Information, as held by Mycomax, please direct an email to the Information Officer, using the contact details listed in Part – C of this Policy. Should there be any amendments required to the data or Personal Information, a request may be directed to the Information Officer, in the same manner.

19.2. Similarly, the Data Subjects whose Personal Information is collected through the utilization of MAXMONEY, have the same right contemplated in the preceding paragraph, as it relates to their Personal Information. However, as the Data Controller, their request must be submitted to you, whereafter you will direct an instruction to Mycomax’s Information Officer, using the contact details listed in Part – C of this Policy. Should there be any amendments required to the data or Personal Information, a request may be made in the same manner.

19.3. Although Mycomax takes care to ensure that all data output is true and correct, the validity of data and of reports generated using MAXMONEY, are both reliant on the accuracy of the information which you input. Therefore, Mycomax cannot be held responsible for inaccuracies of data captured by you.

20. ELECTRONIC COMMUNICATIONS AND TRANSACTIONS ACT

20.1. Mycomax subscribes to the principles outlined in Section 51 of the Electronic Communications and Transactions Act, 2002 (“ECTA”), which governs your right to having your Personal Information kept private.

20.2. In accordance with Section 51 of ECTA, we will only collect, collate, process and store (“use”) your Personal Information, with your permission, as set out in this Policy, unless we are legally obligated to do otherwise. The information and data which we use in terms of this Policy shall only be used for the lawful purpose in terms of which it is required.

20.3. This Policy discloses the specific purpose for which Personal Information of you and of your Data Subjects, as collected through the use of MAXMONEY, is requested, used and stored.

20.4. No Personal Information will be utilized for any reason other than the reasons outlined in this Policy, without your express consent to do so, unless Mycomax is ordered or directed to do so, by a competent authority.

20.5. Personal Information retained by Mycomax will be disclosed, without your consent if: –

20.5.1. We are required by law to do so;

20.5.2. Disclosure is in public interest; and

20.5.3. Such disclosure will be deemed to have carried your express or implied consent.

20.6. You are herewith notified that you are entitled to, and understand that you may, option out of any mailing list maintained by Mycomax for commercial and marketing communications.

21. MARKETING

21.1. By acceptance of this Policy but subject to applicable legislation or laws, you consent to be contacted for marketing purposes and agree to be included in marketing efforts by Mycomax. This includes telemarketing, mass distribution of mail, email and sms messages, and you extend a standing invitation to representatives of Mycomax to visit your premises for marketing and service purposes. You may option out of any such marketing campaigns or efforts by giving any written notice to Mycomax.

21.2. In respect of emails sent by Mycomax, you may unsubscribe from such mailing lists by using the “unsubscribe” link at the bottom of such emails. This will not affect your transaction and administration related emails in respect of MAXMONEY.

21.3. If you wish not to receive marketing calls, please advise the representative calling you and you will be added to our “Do Not Call” list.

21.4. Mycomax maintains a “Do Not Call” and “Do Not Mail” list, as legislatively prescribed.

22. PRIVACY EXCLUSIONS

22.1. As detailed in this Policy, Mycomax has taken great care in ensuring the Personal Information and data about you and of your customers are protected and confidential. However, Mycomax will not accept any liability of Personal Information is breached or compromised if: –

22.1.1. the breach or compromission occurred in relation to data stored directly on your hard drive;

22.1.2. the breach or compromission occurred as a result of your failure to keep your username, passwords and PINs private and confidential or distributed the aforementioned information willingly and/or allowed such information to be distributed;

22.1.3. You committed, or allowed to commit without intervention, the use your usernames, passwords and PINs for the purposes of breaching or compromising data;

22.1.4. You engaged in any form of illegal activity, the consequences of which gave rise, directly or indirectly, to a breach or compromission of data;

22.1.5. The data was never in possession of Mycomax;

PART – C: THIS POLICY

23. AMENDMENTS

23.1. Mycomax reserves the right, at its sole discretion, to update, modify, amend or replace this Policy, whether in part or in whole, from time to time as may be required by it, or by law, from time to time.

23.2. You agree to review this Policy each time you access MAXMONEY or the Mycomax websites.

23.3. Unless the contrary is clearly indicated in the updated User Policy, such updated policy shall replace and supersede all previous policies.

23.4. The most recent version of Mycomax and MAXMONEY’s User Policy, may be accessed, at any time, by following this link:

https://online.maxmoney.co.za/MaxMoney/terms_and_conditions/0/ .

24. JURISDICTION

24.1. This User Policy will be governed, regulated and interpreted in accordance with the laws of South Africa or the laws applicable to the jurisdiction in which you operate. Both you and Mycomax submit and agree to the jurisdiction of a South African Court should any dispute arise between the parties.

25. CONTACT DETAILS

25.1. The contact details of Mycomax and of its Information Officer for all matters relating to this User Policy, shall be as follows:

THE INFORMATION OFFICER

MYCOMAX MICROFINANCE SOLUTIONS (PTY) LTD

2nd Floor, Argo Building, 184 Erasmus Street, Meyerspark, Pretoria.

P.O. Box 544, La Montagne, 0184

maxmoney@mycomax.com

(+27) 12 110 4300

26. WARRANTIES

26.1. By agreeing to this User Policy and continuing to access MAXMONEY, you warrant that you are legally entitled to do so, on behalf of the entity which you represent;

26.2. By obtaining any services and products, or entering into any agreement with Mycomax which results in you obtaining access to MAXMONEY, you warrant that you are duly authorized to enter into such agreements and obtain access on behalf of the entity which you represent;

26.3. You warrant that you will not use MAXMONEY, or any of its affiliated services, or any information to which you have access, or which is sent to you by Mycomax, for any purpose which is unlawful in South Africa, in international law, or prohibited in accordance with the terms and conditions recorded in this Policy.

26.4. You indemnify Mycomax from any damage or liability which may arise, whether directly or indirectly, as a result of your breach or any of the terms and conditions recorded in this Policy or the warranties made in section.

27. ACCEPTANCE

27.1. Your acceptance of these terms and conditions is recorded by clicking “I Agree” and the details thereof are as follows:

_________________ [TIMESTAMP HERE]

DATE OF LAST UPDATE OR AMENDMENT TO THIS POLICY: 05/03/2025