Terms And Conditions

Acceptance of Terms & Conditions of Use

By downloading, installing, or using the MyZola App, you confirm that you have carefully read, fully understood, and agree to be bound by these Terms and Conditions. Your continued use of the MyZola App signifies your acceptance of these Terms, including any future updates or modifications. If you do not agree to these Terms in whole or in part, you are required to immediately discontinue the use of the app and its services.

We reserve the right to modify these Terms at any time. Notifications regarding significant changes will be provided through the app or via email. Your continued use of the app following such changes will constitute your acceptance of the revised Terms. It is your responsibility to periodically review these Terms to stay informed of any updates.

1. Eligibility

To use the MyZola App and access its services within Kenya, you must meet the following eligibility criteria:

1.1. Age Requirement

You must be at least 18 years old. By using the MyZola App, you confirm that you meet this age requirement and are legally allowed to engage in financial services within Kenya.

1.2. Legal Capacity

You must have the legal authority and capacity to enter into a binding contract under Kenyan law. This includes the ability to make informed decisions regarding the use of your personal data and the financial services offered by MyZola.

1.3. Compliance with Kenyan Laws

By using the MyZola App, you agree to comply with all applicable Kenyan laws and regulations, including those related to privacy, data protection, and the provision of financial services.

2. User Accounts

2.1. Account Registration

When you create an account with MyZola, you agree to the following:

2.1.1. Provide Accurate Information

You must provide accurate, current, and complete information during the registration process. This includes details such as your name, contact information, and any other relevant data required to set up your account.

2.1.2. Maintain Up-to-Date Information

You are responsible for keeping your account information up to date. If there are any changes to your personal details, such as a new phone number or email address, you must update your account promptly to ensure that communications from MyZola are properly delivered.

2.1.3. Truthful Disclosure

Providing false, misleading, or incomplete information may result in the suspension or termination of your account. MyZola reserves the right to request proof of identity or other documentation to verify the information you provide at any time. Failure to provide such proof may result in the suspension of services.

2.2. Account Security

As a MyZola account holder, you are responsible for ensuring the security of your account. This includes:

2.2.1. Confidentiality of Login Credentials

You must keep your account login details, such as your username and password, confidential. You should not share these credentials with anyone, and you are responsible for safeguarding them from unauthorized access.

2.2.2. Report Unauthorized Access

If you suspect that your account has been accessed without your permission, or if your login details have been compromised in any way, you must notify MyZola immediately. We will take appropriate action to secure your account and investigate any potential security breaches.

2.2.3. Liability for Account Activity

You are responsible for all activities that occur under your account as a result of your failure to maintain its security. This includes any unauthorized transactions or changes to your account. MyZola will not be held liable for any loss or damage arising from your failure to protect your account credentials.

2.2.4. Security Best Practices

We recommend using strong, unique passwords for your MyZola account and enabling two-factor authentication where available. Regularly updating your passwords and monitoring account activity can help prevent unauthorized access.

Use of the App

3.1. Permitted Uses

You are granted the right to use the MyZola App solely for its intended purposes, which are designed to assist you in managing your personal finances efficiently. The app's features are tailored to help you take control of your financial life. Permitted uses include, but are not limited to:

3.1.1. Personal Financial Management

Utilize MyZola’s comprehensive suite of tools to manage your finances, including budgeting, aggregating multiple financial accounts, and accessing real-time cash flow insights. These features are provided for your personal, non-commercial use, helping you make informed financial decisions.

3.1.2. Savings Goals

Set and track various savings goals within the app to align with your financial aspirations. While MyZola helps you monitor progress, it is your responsibility to ensure that the goals you set are realistic and achievable based on your financial situation.

3.1.3. Investment Tracking

Track and manage your investments using MyZola’s tools. The app provides useful insights into your investment performance, but we strongly recommend seeking independent financial advice before making any investment decisions, as MyZola does not offer professional investment guidance.

3.1.4. Loan Management:

Manage your loan repayments through MyZola. The app provides access to loan information from third-party providers, but MyZola does not issue loans directly. Users are responsible for understanding the terms of their loans and ensuring timely repayments.

3.1.5. Bill Payments

MyZola enables you to organize and manage recurring bill payments. It is your responsibility to ensure that there are sufficient funds in your linked accounts to cover these payments on time, as MyZola does not manage account balances or offer overdraft protection.

3.1.6. Spending and Income Tracking

Leverage MyZola’s automated tools to track your income, spending habits, and cash flow in real-time. This helps you maintain control over your finances and make adjustments as needed to stay on track with your financial goals.

3.1.7. Personalized Financial Recommendations

Based on your spending patterns, savings goals, and overall financial behavior, MyZola provides personalized recommendations to help you optimize your financial health.

Your use of the MyZola App must be for personal, non-commercial purposes, in accordance with these Terms and Conditions.

3.2. Prohibited Uses

By using the MyZola App, you agree to refrain from engaging in any activity that violates the law, disrupts the functionality limited to:

3.2.1. Illegal Activities

You must not use the app for any unlawful activities, including fraud, money laundering, or other illegal financial practices that violate Kenyan law or international regulations.

3.2.2. Spamming or Unauthorized Communications

You may not use the app to send unsolicited communications, spam messages, or any promotional content without authorization. Unauthorized use of messaging or communication features for commercial purposes is strictly prohibited.

3.2.3. Unauthorized Access or Tampering

You must not attempt to access other users' accounts, confidential information, or data that you are not authorized to access. Furthermore, any efforts to tamper with or disrupt the MyZola App’s systems, networks, or functionality are prohibited.

3.2.4. Commercial Use

The MyZola App is intended for personal financial use only. Using the app for any business or commercial purposes, including the resale of MyZola services, is prohibited unless prior written approval is obtained from MyZola.

3.2.5. Harmful Actions

You may not upload viruses, malware, or other harmful code that could compromise the security of the app, the data of other users, or the MyZola platform itself.

Violation of these prohibited uses may result in the immediate suspension or termination of your account, at MyZola’s sole discretion. Additionally, MyZola reserves the right to pursue legal action for any unlawful behavior or breaches of these Terms.

4. Fees & Payments

4.1. Service Fees

Users of the MyZola App may incur fees for certain services offered through the app, such as premium features or transaction processing. These fees will be clearly communicated to you before you complete any transaction or upgrade to a premium service. You will always have the opportunity to review and accept any fees associated with a service before proceeding.

4.2. Payment Methods

MyZola supports multiple payment methods to ensure convenience and flexibility. You can make payments for services using the options provided in the app, which may include credit cards, debit cards, mobile payments, or other available digital payment systems.

4.3. Liability for Payments

Our liability for any cause related to fees or payments shall be strictly limited to the amount paid by you to MyZola for the service in question. MyZola is not responsible for any additional fees or charges that may be applied by third-party financial institutions or payment processors.

4.4. Changes to Fees

MyZola reserves the right to modify or update its fees at any time. Any changes to the fee structure will be clearly communicated to you in advance, either through in-app notifications, email, or other communication methods. Changes will apply to future transactions only and will not affect payments already made or services already rendered.

5. Intellectual property Rights

5.1. License to Use

MyZola grants you a limited, non-exclusive, non-transferable, and revocable license to access and use the MyZola App for personal, non-commercial purposes only. This license is solely for your individual use to benefit from the services and tools provided by MyZola, such as budgeting, savings management, and personalized financial insights.

This license does not grant you any ownership or proprietary rights in the MyZola App or its associated content, and it may be revoked at any time if you violate these Terms and Conditions.

5.2. Restrictions

By using the MyZola App, you agree to respect the intellectual property rights of MyZola and its licensors. Specifically, you agree to the following restrictions:

5.2.1. No Copying, Modification, or Distribution

You may not copy, reproduce, modify, distribute, publicly display, or create derivative works from any part of the MyZola App, its content, or its services without obtaining prior written consent from MyZola.

5.2.2. No Reverse Engineering or Decompiling

You are prohibited from attempting to reverse-engineer, decompile, disassemble, or otherwise extract or decipher the source code or underlying algorithms of the MyZola App, including any part of its software, code, or system architecture.

5.2.3. Infringement of Intellectual Property Rights

ou may not use any content, logos, trademarks, or service marks displayed in the MyZola App in a way that infringes upon MyZola's intellectual property rights or the rights of its licensors. This includes, but is not limited to, the unauthorized use of MyZola's branding, visual design, and proprietary technologies.

5.3. Ownership of Intellectual Property

All content within the MyZola App, including but not limited to logos, trademarks, service marks, designs, software, text, images, and other intellectual property, is the exclusive property of MyZola or its licensors. These rights are protected by copyright, trademark, patent, and other intellectual property laws in Kenya and international jurisdictions.

You are granted no rights or licenses, except for the limited license to use the app as outlined above. Unauthorized use of any intellectual property belonging to MyZola may result in legal action, and MyZola reserves the right to enforce its intellectual property rights to the fullest extent of the law.

6. Data Privacy

At MyZola, your privacy is a priority. We are committed to safeguarding your Personal Data and ensuring its secure and lawful processing. The collection, use, storage, and protection of your data are governed by the MyZola Data Privacy Notice, which details how we manage and protect your personal information in compliance with the Kenya Data Protection Act 2019.

6.1. Data Collection and Usage

By using the MyZola App, you consent to the collection and processing of your Personal Data as described in our Privacy Policy. The types of data we collect include:

6.1.1. Personal and Financial Data

This includes your name, contact information, financial account details, and any other data necessary for account creation, management, and personalization of financial insights.

6.1.2. Cookies and Tracking Technologies

We use cookies, analytics, and other tracking technologies to improve your experience, such as by remembering your preferences, tracking usage patterns, and providing personalized content and recommendations.

6.2. Purpose of Data Processing

The Personal Data we collect is used solely for the purposes outlined in the Privacy Policy, including but not limited to:

6.2.1. Managing and securing your MyZola account

6.2.2. Providing personalized financial management services, such as budgeting, saving insights, and investment recommendations

6.2.3. Enhancing the functionality of the MyZola App through data analytics and user feedback.

6.2.4. Ensuring compliance with legal obligations, including financial regulations and anti-fraud measures.

6.3. Data Security Measures

We employ a range of advanced security measures to protect your Personal Data from unauthorized access, disclosure, or alteration. These measures include:

6.3.1. Data Encryption

All sensitive data, including financial information, is encrypted during transmission and while stored on our servers.

6.3.2. Access Controls

Only authorized personnel have access to your Personal Data, and we enforce strict access controls to protect your information.

6.3.3. Regular Audits

Our systems undergo regular security audits and assessments to identify and address vulnerabilities promptly

6.4. Your Consent & Rights

By continuing to use the MyZola App, you acknowledge and agree to the collection and processing of your data as per our Privacy Policy. You retain full control over your data and have the right to:

6.4.1. Access and Correction

Request access to your data and make corrections to ensure its accuracy.

6.4.2. Deletion and Portability

Request deletion of your data or transfer it to another service provider.

6.4.3. Withdraw Consent

At any time, you can withdraw your consent for data processing, though this may limit certain functionalities of the app.

For more detailed information, please refer to our Privacy Notice.

7. Limitation of Liability

7.1. To the fullest extent permitted by applicable law, MyZola, including its affiliates, officers, employees, and licensors, shall not be held liable for any of the following, whether in contract, tort (including negligence), or otherwise:

7.1.1. Indirect, Incidental, or Consequential Damages

This includes, but is not limited to, any loss of profits, revenue, business opportunities, goodwill, or data that may arise from your use of, or inability to use, the MyZola App, even if MyZola has been advised of the possibility of such damages.

7.1.2. Service Interruptions or Errors

MyZola does not guarantee that the app will operate without interruption or error. We are not responsible for any delays, outages, or technical malfunctions, including those caused by maintenance, upgrades, network failures, or other unforeseeable events that may disrupt access to the app.

7.1.3. Loss of Data or Unauthorized Access

While we take measures to secure your personal and financial data, MyZola cannot be held liable for any loss, unauthorized access, or misuse of your data that occurs due to factors beyond our control, including cyber-attacks, hacking, or other breaches of security.

7.2. Exclusive Remedy

If you are dissatisfied with any aspect of the MyZola App or its services, your sole and exclusive remedy is to discontinue using the app. MyZola is not responsible for any issues arising from your use of third-party services linked to or integrated with the app.

7.3. Maximum Liability

In no event shall MyZola's total liability to you for all claims, damages, losses, or causes of action arising out of or related to the use of the MyZola App exceed the total amount you have paid (if any) for the specific services provided by MyZola during the twelve (12) months preceding the event giving rise to liability.

This limitation applies even if the remedies provided herein fail their essential purpose.

8. Indemnification

By using the MyZola App, you agree to indemnify, defend, and hold harmless MyZola, its officers, employees, affiliates, and licensors from and against any and all claims, liabilities, damages, losses, or expenses (including reasonable legal fees) that arise from or relate to

8.1. Your Use of the App

Any action, omission, or conduct in connection with your use of the MyZola App that results in harm to MyZola or any third party, including unauthorized use of the app’s services.

8.2. Violation of These Terms

Any breach or violation of these Terms and Conditions, including but not limited to failure to comply with the permitted uses, security obligations, or intellectual property provisions outlined herein.

8.3. Misuse of Services or Breach of Laws

Any misuse of MyZola’s services, whether intentional or accidental, including but not limited to fraud, unlawful activities, or breaches of the Data Protection Act of Kenya.

This indemnification obligation extends to cover reasonable legal fees and costs incurred in the investigation, defense, or settlement of any claim arising from your actions or omissions. MyZola reserves the right to assume the exclusive defense and control of any matter subject to indemnification by you, and you agree to cooperate fully with MyZola in asserting any available defenses.

This indemnity shall survive the termination or expiration of your use of the MyZola App.

9. Termination

9.1. Termination by User

You have the right to terminate your MyZola account at any time. To do so, simply navigate to your account settings and follow the steps outlined in the termination process. Please note that any fees or charges you have paid up to the date of termination are non-refundable, and you will remain responsible for any outstanding payments or obligations incurred before termination.

9.2. Termination by MyZola

MyZola reserves the right to suspend or terminate your account at its sole discretion under the following circumstances:

9.2.1. Violation of Terms

If you breach or violate any provision of these Terms and Conditions, including but not limited to improper use of the app, failure to comply with security obligations, or infringement of intellectual property rights.

9.2.2. Fraudulent or Illegal Activity

If you engage in any fraudulent, illegal, or unethical activities through the app, including but not limited to money laundering, unauthorized transactions, or misuse of financial services.

9.2.3. Inactivity

If your account remains inactive for an extended period of time, MyZola reserves the right to terminate the account after providing reasonable notice. Inactivity periods and applicable terms will be outlined in your subscription or service plan.

In the event of termination, MyZola may refuse future access to the app and its services, at its sole discretion.

9.3. Effect of Termination

Upon termination of your account, whether initiated by you or by MyZola, the following will occur:

9.3.1. Immediate Revocation of Access

Your ability to access the MyZola App and all associated services will be immediately revoked. You will no longer be able to log in or use any features of the app.

9.3.2. Data Deletion

Any data associated with your account, including personal and financial information, may be permanently deleted from our systems unless retention of such data is required by law or for legitimate business purposes. It is your responsibility to ensure you back up any necessary data before terminating your account.

9.3.3. Survival of Provisions

Certain provisions of these Terms and Conditions will survive termination, including but not limited to sections related to intellectual property rights, liability limitations, indemnification, and data privacy. These obligations will continue to apply even after the termination of your account.

Termination of your account does not release you from any liability or obligations that may have accrued prior to the termination date.

10. Changes to the Terms

MyZola reserves the right to amend or update these Terms and Conditions at any time to reflect changes in our services, applicable laws, or business practices. In the event of significant changes, we will provide notice to users via email or through notifications within the MyZola App. It is your responsibility to review such changes, and continued use of the app following the notification will constitute your acceptance of the revised Terms. If you do not agree with the updated Terms, you must discontinue using the app immediately.

11. Governing Law and Dispute Resolution

These Terms and Conditions are governed by and construed in accordance with the laws of Kenya. Any disputes, claims, or controversies arising from or in relation to these Terms, including their interpretation, breach, or enforcement, shall first be attempted to be resolved through amicable negotiation or mediation.

If negotiation or mediation does not result in a resolution, the matter shall be referred directly to the courts of Kenya, which shall have exclusive jurisdiction over the dispute.

12. Contact

For any questions, concerns, or feedback regarding these Terms, you can contact Raison Capital Limited via the following:

Email: hello@myzola.io

Phone: +254115849699

Address: The Atrium Building, Chaka Road Kilimani 4th Floor.Suite 4.07

Terms and Conditions Effective Date: 1st October 2024

These Terms & Conditions were last updated on 1st October 2024