(This clause limits and excludes certain liabilities and must be read carefully).

Limitation of Liability and Assumption of Risk

These Terms and Conditions contain provisions in terms of which the KUPI Customer assumes certain risks and/or liabilities and which limit and exclude the liabilities, obligations, and legal responsibilities of KUPI Digital Wallet.

By accepting these Terms and Conditions, the KUPI Customer acknowledges that they have read and understood these risk and limitation provisions.

These Terms and Conditions do not take away any of your legal rights, including your rights under the Consumer Protection Act.

KUPI is powered by Khumo Katlego Fintech (Pty) Ltd an authorised FSP (51398).

General Legal Disclosure

The KUPI Digital Wallet is brought to you by Khumo Katlego Fintech (Pty) Ltd, a private company duly incorporated in accordance with the laws of the Republic of South Africa.

KUPI operates in partnership with Nedbank Group, a public company incorporated in accordance with the laws of the Republic of South Africa and registered as a bank in terms of the Banks Act.

The KUPI Digital Wallet is facilitated through a bank account held with Nedbank Registration Number:  1951/000009/06. whose registered address is 135 Rivonia Road, Sandown, Sandton, 2196, South Africa.

Khumo Katlego Fintech (Pty) Ltd is responsible for the operation of the KUPI platform and related services, while Nedbank provides regulated banking infrastructure in accordance with applicable banking legislation.

Customer Acknowledgement Statement

By registering for and using the KUPI Digital Wallet, the customer hereby acknowledges and agrees that:

1. Service Structure
   The KUPI Digital Wallet is operated by Khumo Katlego Fintech (Pty) Ltd and facilitated through regulated banking infrastructure provided by Nedbank Group, a bank registered in terms of the Banks Act.

2. Acceptance of Terms and Conditions
   The customer has read, understood, and agrees to be bound by the KUPI Terms and Conditions, including all policies relating to payments, refunds, promotions, AML compliance, and dispute resolution.

3. Verification and Compliance
   The customer consents to identity verification, transaction monitoring, and compliance checks conducted in accordance with applicable laws and regulatory requirements.

4. Transaction Responsibility
   The customer is responsible for ensuring that all transaction details are accurate before confirming any payment. Transactions may be final and non-reversible except where otherwise stated in the applicable policy.

5. Right to Restrict or Suspend
   The customer acknowledges that KUPI reserves the right to suspend, restrict, or terminate accounts where required due to regulatory obligations, suspicious activity, misuse of the platform, or breach of terms and conditions.

6. Data Processing Consent
   The customer consents to the collection, processing, and sharing of personal information where necessary for the provision of services, regulatory compliance, fraud prevention, and banking operations.

7. Amendments
   The customer understands that KUPI may amend its terms and policies from time to time, and continued use of the wallet constitutes acceptance of such amendments.

Digital Acceptance Clause (Short Version for App)

B2B: Business to Business companies doing business with each other

P2P2B: Person to Person to Business Individuals transacting via a business platform

B2C: Business to Consumer companies selling to Individuals

M2M: Machine to Machine automated transactions between devices/systems

VAS: Value Added Services

☐ I confirm that I have read and agree to the KUPI Terms and Conditions and acknowledge the above statements.

Qualifying Criteria

Eligibility and Onboarding Requirements

1. Minimum Age Requirement
   To register for and use the KUPI Wallet, a customer must be 16 (sixteen) years of age or older at the time of application.

• Identification Requirements
  The applicant must:

  • Possess a valid South African Identity Number, and Foreign National Passport

  • Have an active and registered South African mobile number linked to their identity.

Customer risk category	Identification requirements
Simplified Due Diligence “Lite Wallet:	Full legal names Identity Number Contact Number Residential Address
Standard Customer Due Diligence “Silver Wallet:	Full legal names Identity Number Contact Number Residential Adress Title Gender Occupation Industry Source of Funds
Enhanced Customer Due Diligence “Gold Wallet:	Full legal names Identity Number Contact Number Residential Adress Title Gender Occupation Industry Source of Funds Nature of Relationship Source of Wealth PEP and Sanction Screening

2. Regulatory Compliance
   All applicants are subject to identity verification and compliance requirements in accordance with the Financial Intelligence Centre Act (“FICA”).

3. Fraud and Risk Screening
   Registration is conditional upon the successful completion of:

• Fraud prevention checks.

• Risk assessment procedures; and

• Any additional verification measures deemed necessary by KUPI.

Right to Decline Application
KUPI reserves the right to decline or delay any wallet application where:

• Verification requirements are not met.

• Information provided is incomplete or inaccurate; or

• Risk or compliance concerns are identified.

Definitions

KUPI Customer

Means a wallet customer who has successfully registered on the KUPI platform and is authorised to access and use the KUPI Digital Wallet services in accordance with these Terms and Conditions.

PIN (Personal Identification Number)

Means the confidential personal identification number selected by the KUPI Customer during registration, which is used as a security and authentication measure to authorise access to and transactions on the Wallet.

The PIN must be kept confidential and must not be shared with any third party.

Digital Wallet

Means the electronic digital wallet accessible through a customer’s mobile device, registered and linked to the Wallet Customer’s identity number and registered mobile number, which enables the customer to:

• Store funds

• Cash-Out funds

• Transfer money to other users

• Pay for goods and services

Chargeback

Means a reversal of a completed payment transaction initiated by a customer through their issuing bank, typically on the grounds of fraud, unauthorised use, dispute of goods or services, duplicate billing, or processing error.

Transaction

Means any financial instruction processed through the KUPI platform, including but not limited to Cash-In, Cash-Out, peer-to-peer transfers, merchant payments, refunds, or adjustments to the Wallet balance.

Merchant

Means any business, service provider, or individual authorised by KUPI to accept payments through the KUPI platform for goods or services

Account Suspension

Means the temporary restriction or limitation of a KUPI Customer’s access to the Wallet or certain Wallet functions, including the ability to funding, cash out, or transfer funds, pending investigation, compliance review, or resolution of a breach of these Terms and Conditions.

Transactional Limits

Client Tier	Transaction	Daily Limit	Total Monthly Limit
Simplified	Cash In	R5000	R50.000
	Cash out	R5000
	Wallet- B2B, P2P2B, B2C, M2M, VAS	42000

Account Deactivation and Inactive Accounts

1. Right to Deactivate
   KUPI reserves the right to suspend or deactivate a Wallet Customer’s account where:

• The customer fails to comply with these Terms and Conditions or applicable platform rules.

• The account is used in a manner that violates regulatory requirements.

• The Wallet remains inactive for a continuous period of 90 (Ninety) days, meaning no transactions have been conducted during that period.

2. Notice of Deactivation
   Where reasonably practicable, KUPI will attempt to notify the Wallet Customer in advance of its intention to deactivate the account using the contact details registered on the platform.

3. Cash out of Funds Prior to Deactivation
   Prior to deactivation, the Wallet Customer will be afforded the opportunity to cash out any available funds in the Wallet, subject to:

• Successful identity verification.

• Compliance checks.

• Any applicable transaction limits or regulatory restrictions.

4. Post-Deactivation Funds
   If funds remain in the Wallet after deactivation, the customer may contact KUPI support to request a cash out, subject to compliance with applicable verification and regulatory requirements.

5. Regulatory Exception
   KUPI may restrict cash out or suspend the account without prior notice where required to do so under applicable law or regulatory obligation.

Fees and Charges

CASH OUT VIA ANY NEDBANK ATM OR PARTICIPATING RETAILERS
Transactional Value	Charges/Fees payable
1000- 2000	TBC
2000 -5000	TBC
Wallet to Bank Account Fee via PayShap	TBC

CASH IN
Transactional Value	Charges/Fees payable
1000- 2000	R8.00 minimum @ POS
2000 – 5000	R8.00 minimum @ POS
Wallet to Bank Account Fee via PayShap	TBC

Other Services

Registration	Charges/Transaction Fees payable
Monthly KUPI Wallet Service Fees	R15.00
Balance enquiry	FREE on KUPI
Receive Electronic Payments	FREE
KUPI Community Referrals per user	R1.00
KUPI-to-KUPI Payments	R1.00
Transaction Fees	R1.50
Buy airtime/data/ Prepaid electricity	R1.50
Wallet sales-Scan to Pay	R2.00
Lotto Tickets Sale	R3.00
Community Cash Handling Fee	R5.00
Bill Payments-Municipality, Dstv	R7.00
Transaction History	FREE on KUPI

Cancellation

KUPI may, in its sole discretion, amend, suspend, or terminate any part of the services or these Terms and Conditions upon 30 (Thirty) days’ prior written notice to the customer.

We may do this for any legally permissible reasons including:

• Wallet customer commits breach of these terms and conditions.

• We suspect fraud and other criminal activity in relation to the Wallet Customer

• We reasonably consider it necessary to protect our interest.

Important information for KUPI customers

• Customer Service Contact Details/

  • KUPI customers may contact Customer Support via:
    Customer Care Line / WhatsApp: 082 200 5542
    Email: Support@kupi.co.za

• Hours of Operation
  Our normal hours of operation are:

• Monday – Friday, 08h00 – 17h00, excluding public holidays

• PIN Confidentiality
  Your KUPI Customer PIN is strictly confidential.
  Do not share your PIN with anyone, including KUPI staff.

• Compromised PIN
  If you suspect that your PIN has been compromised, please immediately contact the Customer Care Line at: 082 200 5542

• Suspected Theft or Fraud
  In the event of suspected theft, fraud, or unauthorized transactions, KUPI may require the customer to open a case with the South African Police Service (SAPS) and provide the case number for investigation purposes.

• Complaints Process
  If a customer wishes to lodge a complaint, they may contact our Complaints Call Centre: Email: Complaints@kupi.co.za

KUPI Customer Information Notice

• Our collection and use of personal information is governed by the Protection of Personal Information Act, 2013 (POPIA).

• KUPI is committed to processing your personal information lawfully, fairly, and transparently.

Risk and Limitation of Liability

Neither Khumo Katlego Fintech (Pty) Ltd nor the Bank (where applicable) will be liable to the KUPI customer for any:

1. Loss or damage arising from the Customer’s failure to safeguard their PIN, password, device, or wallet information.

2. Loss resulting from unauthorized transactions where the Customer has shared their PIN, OTP, password, or security credentials with any third party.

3. Indirect, incidental, special, or consequential damages, including but not limited to loss of profits, loss of business, loss of goodwill, or loss of data.

4. Delays, interruptions, or failures in service caused by circumstances beyond KUPI’s reasonable control, including but not limited to network failures, power outages, system maintenance, force majeure events, or actions of third-party service providers

5. Loss or damage resulting from incorrect information provided by the Customer.

6. Loss arising from compliance with legal or regulatory obligations, including the freezing, blocking, suspension, or reporting of accounts or transactions as required by law

7. Any loss suffered due to fraud, theft, or criminal activity where the Customer has acted negligently or failed to promptly notify KUPI of suspicious activity.