Home » Member Get Member Terms and Conditions
Member Get Member Program Terms and Conditions
- Definitions
a.Bonus means an additional amount as provided in these Terms and Conditions and on the Koro App, which the customer receives from Koro after meeting the conditions described in these Terms and Conditions;
b. Customer means a natural person, who has successfully registered with the Koro App and has obtained a unique code assigned to them and has concluded or intends to conclude a loan agreement with Koro;
c. Friend means the natural person who received invitation from the Customer to MGM;
d. MGM (Referral program) means the member get member program which is aimed at incentivizing the existing customers of Koro to enroll third parties (including Friends and Participants).
e. Participant means the adult natural person who took part or is planning to take part in MGM.
f. Privacy policy means the policy of Koro relating to how it manages its data as made available under the addresses https://koro.co.ke/terms-and-conditions/ and https://koro.co.ke/koro-privacy-policy/.
g. Profile means individual profile of the Customer created on Koro App.
h. Terms mean this terms and conditions concerning MGM.
i. Koro is a Zenka Digital Limited brand with its registered office in Nairobi, Kenya.
j. Koro App means Koro’s mobile application used to apply for a loan offered by Koro.
- General
- These Terms apply to Friends, Participants of MGM and Customers. If you decide to participate in MGM, the provisions of these Terms and the Privacy policy shall apply.
- How does it work
- MGM is intended for Customers that downloaded Koro App and decided to recommend the service offered by Koro to their Friends. Customers can make recommendations by sharing their unique code provided by Koro with their Friends and the Friends shall use the unique code for registering their own account with Koro.
- Each of the Customers may share their unique code in two ways:
a. By checking what their unique code is on Koro App and advising a Friend to use it during registration (by inputting it in an optional field during registration); or
b. By clicking on the INVITE A FRIEND button on personal account view on Customer profile in Koro App, which will automatically generate a referral link with the unique code. The link can be sent via available communicators such as SMS or messenger.
- In both instances, the Friend should download Koro App on their mobile phone to facilitate the registration for Koro’s services. In the case of clause 3.2(a), the Friend also has the option to initiate the application by using the USSD number.
- Thereafter, when the invited Friend receives the specially prepared link referred to in clause 3.2.(b) he/she should click on the link, and the code will be prefilled for them on registration with Koro App. The Friend should then apply for the first loan offered by Koro via Koro App.
- When the loan referred in Clause 3.4. is granted and received by the Friend and the Friend becomes the Customer; and it is paid on time without delay by this Friend – the Customer who referred Koro’s services to this Friend will receive a Bonus as provided in these Terms
- The Bonus amount also depends on how many loans the Friends have cumulatively repaid in accordance with the parameters set out in Koro App.
- The Customer can access Koro App to see the amount of received and used Bonus.
- The Customer may use the Bonus to pay the interest on their current Koro loan if they have an active loan. Alternatively, the Customer may request to withdraw the Bonus to their electronic wallet, regardless of whether they have an active loan, subject to the limitations provided in these Terms.
- In order for the Bonus to be utilized as provided in these Terms, two threshold values must be met as follows:
a. Bonuses accumulated from amounts borrowed and paid back by the Friends should be at a minimum of KES 200 (two hundred);
b. the Customer becomes entitled to receive a Bonus for each Friend only after at least 5 (five) Friends applied and paid the Loan as provided in these Terms.
- Subject to clause 3.8., the maximum cumulative withdrawal or repayment using Bonus funds shall not exceed KES 24,000 (twenty-four thousand) per calendar month. Any Bonus amounts exceeding this limit may only be carried forward to subsequent months.
- After a request to utilize Bonus amounts as per clause 3.10(b) is confirmed by a Customer, a freeze period of twenty-four (24) hours is applied before any other request can be placed by the Customer.
- In the event that a Customer’s Bonus remains unused for a continuous period of 3 (three) months, Koro reserves the right to reset this Bonus to zero.
- In the event that a Customer’s Bonus account remains inactive for a continuous period of 3 (three) months, Koro reserves the right to reset the whole Bonus balance to zero.
- Eligibility and Limitations
- Eligibility is limited to natural persons only.
- Each Friend may be invited only once, so multiple invitations regarding the same individual will not be taken into account.
- The Customers, Participants and Friends are prohibited from using the Bonus system for other purposes except than for repaying the Loan interest of the Customer and applying for a Loan by the Friend using Koro’s Services. If the Customer, Participant or Friend are in violation of these Terms, the Customer must compensate the amount of the bonuses received from Koro within 10 (ten) business days having received the request from Koro.
- Koro reserves the right, at its sole discretion, to suspend, disqualify or terminate a Customer’s participation in the MGM program and/or cancel any Bonus where Koro reasonably suspects fraud, abuse of the program, or breach of these Terms.
- Final provisions
- These Terms are governed by the laws of the Republic of Kenya. Where the parties to these Terms have a disagreement, they undertake to settle it through negotiations. If the disagreement is not resolved within one month, the parties have the right to solve the dispute in accordance with the governing law.
- MGM lasts until further notice.
- The termination of MGM does not affect the rights acquired by MGM Participants during its term.
- The Customer shall be responsible to ensure that any Friend whose personal data is shared with Koro has first been informed of the MGM referral program and has consented to the sharing of their personal data with Koro.
- Koro reserves the right to modify the Terms of the MGM promotion at any time. Any changes will take effect upon publication on the Koro website, as specified in Clause 5.8.
- Complaints related to participation in MGM may be submitted by the participant within thirty (30) days since registering for MGM by sending an e-mail to the following address: support@koro.co.ke
- The Participants of MGM agree to receive electronic correspondence regarding the activities of the MGM and agree to receive electronic correspondence regarding the activities of the MGM. Koro is the controller of the Participants personal data.
- These Terms are available at www.koro.co.ke.
