Terms of Service

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Introduction

Welcome to SaccoShares, Kenya's first online marketplace for buying and selling SACCO shares. These Terms of Service ("Terms") govern your use of our platform and services.

By accessing or using SaccoShares, you agree to be bound by these Terms. If you disagree with any part of these terms, you may not access our service.

Definitions

  • "Platform" refers to SaccoShares website and mobile applications.
  • "Service" refers to our SACCO shares marketplace platform.
  • "User" refers to any individual or entity using our platform.
  • "SACCO" refers to Savings and Credit Cooperative Organizations.
  • "Shares" refers to ownership units in SACCO organizations.
  • "Transaction" refers to the buying or selling of SACCO shares through our platform.

Eligibility

To use SaccoShares, you must:

  • Be at least 18 years old
  • Have legal capacity to enter into binding agreements
  • Be a resident of Kenya or have valid authorization to trade SACCO shares in Kenya
  • Provide accurate and complete information during registration
  • Comply with all applicable laws and regulations

We reserve the right to verify your eligibility and may suspend or terminate accounts that violate these requirements.

User Accounts

Account Creation

You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account.

Account Security
  • Use strong, unique passwords
  • Enable two-factor authentication when available
  • Notify us immediately of any unauthorized access
  • Log out after each session
Account Termination

We may terminate or suspend your account at any time for violations of these Terms or for any other reason at our sole discretion.

Platform Usage

Permitted Uses

You may use our platform to:

  • Browse available SACCO share listings
  • Create listings to sell your SACCO shares
  • Submit buy requests for specific SACCO shares
  • Communicate with other users through our messaging system
  • Access educational content and market insights
Prohibited Activities

You agree not to:

  • Violate any applicable laws or regulations
  • Provide false or misleading information
  • Interfere with the platform's operation or security
  • Attempt to gain unauthorized access to other users' accounts
  • Use the platform for any illegal or fraudulent purposes
  • Harass, abuse, or harm other users
  • Spam or send unsolicited communications

Transactions

Transaction Process

SaccoShares facilitates connections between buyers and sellers but does not directly handle transactions. All transactions are conducted between users according to their agreed terms.

User Responsibilities
  • Verify the authenticity of share certificates
  • Ensure compliance with SACCO bylaws and regulations
  • Complete all necessary transfer documentation
  • Handle payment arrangements securely
  • Update listing status after completion
Dispute Resolution

In case of disputes between users, we encourage direct communication and resolution. SaccoShares may assist in mediation but is not responsible for transaction outcomes.

Fees and Payments

Platform Fees

Currently, SaccoShares operates on a freemium model. Basic listing and browsing are free, while premium features may incur charges.

Payment Terms
  • All fees are quoted in Kenyan Shillings (KES)
  • Fees are non-refundable unless otherwise stated
  • We reserve the right to change fee structures with notice
  • Payment processing is handled by secure third-party providers
Tax Obligations

Users are responsible for all applicable taxes related to their transactions. SaccoShares does not provide tax advice.

Privacy and Data Protection

Your privacy is important to us. Our collection and use of personal information is governed by our Privacy Policy.

Data Security
  • We implement industry-standard security measures
  • Personal data is encrypted in transit and at rest
  • Access to personal information is restricted and monitored
  • Regular security audits are conducted
Data Retention

We retain your data only as long as necessary to provide our services and comply with legal obligations.

Intellectual Property

Platform Content

SaccoShares and its content are protected by copyright, trademark, and other intellectual property laws. You may not reproduce, distribute, or create derivative works without permission.

User Content

You retain ownership of content you submit, but grant us a license to use, display, and distribute it in connection with our services.

Trademarks

"SaccoShares" and related logos are trademarks of our company. You may not use these without our written permission.

Limitation of Liability

SaccoShares provides a platform for connecting buyers and sellers but is not a party to transactions. Our liability is limited as follows:

  • We are not responsible for transaction outcomes or disputes
  • We do not guarantee the accuracy of user-provided information
  • We are not liable for indirect, incidental, or consequential damages
  • Our total liability is limited to the amount paid for our services

Some jurisdictions do not allow liability limitations, so these may not apply to you.

Indemnification

You agree to indemnify and hold harmless SaccoShares, its officers, directors, employees, and agents from any claims, damages, or expenses arising from your use of the platform or violation of these Terms.

Termination

Termination by You

You may terminate your account at any time by contacting us or using the account deletion feature.

Termination by Us

We may terminate or suspend your account immediately for:

  • Violation of these Terms
  • Fraudulent or illegal activities
  • Extended periods of inactivity
  • At our sole discretion for any reason
Effect of Termination

Upon termination, your right to use the platform ceases immediately. We may retain certain information as required by law or for legitimate business purposes.

Governing Law

These Terms are governed by and construed in accordance with the laws of Kenya. Any disputes shall be subject to the exclusive jurisdiction of Kenyan courts.

Dispute Resolution

We encourage users to resolve disputes amicably. If formal proceedings are necessary, they shall be conducted in Nairobi, Kenya.

Changes to Terms

We reserve the right to modify these Terms at any time. Changes will be effective immediately upon posting on the platform.

Notification

We will notify users of significant changes through:

  • Email notifications
  • Platform announcements
  • Updated "Last Updated" date
Continued Use

Your continued use of the platform after changes constitutes acceptance of the new Terms.

Contact Information

If you have questions about these Terms of Service, please contact us:

Email

legal@saccoshares.com

Phone

+254 700 000 000

Address

SaccoShares Limited
Nairobi, Kenya