These Terms and Conditions ("Terms") govern the use of the Meftihe Wallet service ("Meftihe", "we", "us", "our") provided by Meftihe Financial Technologies S.C., a licensed Micro Financial Technologies S.C and payment instrument issuer under the applicable laws and regulations of the Federal Democratic Republic of Ethiopia. By registering for and using the Meftihe Wallet, you ("Customer", "you", "your") agree to comply with these Terms.
1. Definitions
For clarity, the following terms shall have the meanings assigned:
- Wallet – the electronic money account issued by Meftihe enabling you to load, store, transfer, and use funds.
- Customer – any person or entity registered to use the Meftihe Wallet.
- Instrument Issuer – Meftihe Financial Technologies S.C., licensed to issue, manage, and operate the wallet.
- Merchant – a business accepting payments made via the Wallet.
- Transaction – any transfer, payment, or withdrawal initiated through the Wallet.
- Regulator – the National Bank of Ethiopia or other competent authority overseeing payment services.
2. Eligibility and Registration
- You must be at least 18 years old and legally competent.
- Registration requires providing valid identification and completing Know Your Customer (KYC) requirements.
- You agree to provide accurate, up-to-date information and to notify us of changes.
- Meftihe reserves the right to reject or suspend registration at its discretion, subject to regulatory requirements.
3. Use of the Wallet
- The Wallet may be used for:
- Sending and receiving payments
- Paying bills, merchants, and service providers
- Airtime top-up
- Other financial services authorized by the Regulator
- You are responsible for maintaining the confidentiality of your Wallet credentials (PIN, passwords, etc.).
- You must use the Wallet only for lawful purposes. It shall not be used for gambling, terrorism financing, fraud, money laundering, or other prohibited activities.
4. Loading and Withdrawal of Funds
- Funds may be loaded via linked bank accounts, cards, agents, or other approved channels.
- Withdrawals may be made through agents, physical branches, or linked bank accounts.
- All loading and withdrawal transactions are subject to transaction limits, fees, and applicable laws.
- Meftihe may place holds or reject transactions suspected of fraud, error, or illegality.
5. Payments and Transfers
- Payments to merchants or transfers to other Wallet users are final once authorized.
- Incorrect details provided by you may result in failed or misdirected transfers; Meftihe is not liable for such errors.
- In case of dispute with a merchant, you must resolve directly with the merchant. Meftihe’s role is limited to facilitating the payment.
- Meftihe may reverse or freeze a transaction where legally required.
6. Fees and Charges
- Meftihe may charge fees for loading, withdrawal, transfers, and other services.
- All applicable fees will be published on our official channels and may be revised from time to time.
- By using the Wallet, you agree to pay the applicable fees.
7. Limits and Restrictions
- Transaction and balance limits are set in accordance with regulatory requirements.
- Meftihe may impose additional limits for security, compliance, or risk management.
- The Wallet may not be used for unlawful or restricted transactions.
8. Customer Obligations
- Keep your PIN/password secure and do not share them.
- Immediately report loss, theft, or unauthorized access to Meftihe.
- Comply with all applicable laws, including anti-money laundering and counter-terrorist financing rules.
- Use the Wallet only for your personal or business purposes as registered.
9. Rights of Meftihe
Meftihe reserves the right to:
- Suspend, restrict, or close your Wallet for breach of these Terms, suspicious activity, or regulatory order.
- Decline transactions that violate law, regulation, or these Terms.
- Adjust limits, introduce new features, or discontinue services with notice.
- Disclose your information to regulators, law enforcement, or third parties as required by law.
- Modify fees, charges, and these Terms in line with regulatory approval and provide you with notice.
10. Security and Fraud Prevention
- Meftihe uses industry-standard security measures, but you must take reasonable precautions.
- You are liable for all transactions authenticated using your Wallet credentials, unless reported as lost/stolen before use.
- Meftihe may temporarily suspend services during suspected cyber-attacks, fraud incidents, or system failures.
11. Liability
- Meftihe shall not be liable for:
- Losses due to your negligence, including sharing of credentials.
- Merchant disputes unrelated to payment processing.
- Delays or failures beyond our control (e.g., network failures).
- Our liability, if any, shall not exceed the amount in dispute and shall be limited to direct damages.
- Nothing excludes liability for gross negligence, willful misconduct, or regulatory obligations.
12. Complaints and Dispute Resolution
- You may submit complaints through our customer care channels.
- Meftihe will acknowledge and resolve complaints within the timeline prescribed by law.
- Unresolved complaints may be escalated to the Regulator or other competent authority.
13. Termination and Suspension
- You may close your Wallet at any time by submitting a request, subject to settlement of outstanding obligations.
- Meftihe may suspend or terminate your Wallet for breach, inactivity, fraud, or regulatory order.
- Upon closure, remaining funds will be refunded (less applicable fees), unless prohibited by law.
14. Changes to Terms
Meftihe may revise these Terms from time to time with notice. Continued use of the Wallet after notice constitutes acceptance of the revised Terms.
15. Governing Law and Jurisdiction
These Terms shall be governed by and construed in accordance with the laws of Ethiopia. Any disputes shall be subject to the exclusive jurisdiction of Ethiopian courts, unless otherwise provided by mandatory regulation.