Openfloat for Biz

Terms & Conditions

These Terms and Conditions together with the application form (together “the Agreement”) contains the complete terms and conditions that apply to Merchant’s participation inOpenfloat's Services and supersedes all other agreements entered into between the Client and Openfloat in relation to the provision of the Services. By using the Services, the Merchant agrees that it has read and understood these terms and conditions and agrees to be bound by them.

    1. In    this    Agreement,   unless   the   context otherwise   requires:
      1.  “Agreement”  means this these terms and conditions, including   any schedules, bulletin, document accompanying it,
      2.  “Business Day” means a day on   which   banks   in   Kenya   are open for business excluding Saturday and Sunday.
      3. “Confidential Information”  means  information   that   either Party   considers   to   be proprietary  or confidential   and   which was  previously    or    is hereafter made available or otherwise discovered  by,  the  other Party in the course of its activities  related  to  this Agreement; and Information relating to a Payer,     his     accounts, balances      and      credit history  that  is  held  by the    Merchant    in    the ordinary       course       of carrying  on  its  business of  providing  services  to its customers/clients, passwords, personal identification numbers and other credential information used by a Merchant for purposes of utilising the Services.
      4.  “Designated Goods and/or Services” means such goods and services which a Payer can purchase from a Merchant utilising E-Value as may be approved by Openfloat and communicated to Merchants using available channels.
      5. “Electronic Log File” means an electronic record kept by Openfloat in which all Transactions are recorded.
      6. “E-Value” means monetary value electronically  issued and stored on the Openfloat Network backed by cash in a bank account held by the Openfloat Trustee and which can be utilised by Merchant for purposes of making sales to its customers for Designated Goods and/or Services;
      7. “Fee” or “Charges” means the fee   charged   by   Openfloat   to   the Merchant for every Transaction as set    out    in    the    Charges Schedule   as   may   be   amended from time to time by Openfloat.
      8. “Merchant” means the person (excluding Payers) accepting these terms and conditions who utilizes the Openfloat Services for purposes of receiving Payments and carrying out Transactions.
      9. “Openfloat Network” means the proprietary solution owned by Openfloat that facilitates the storage and transacting of E-value Payments by Merchants.
      10. “Payer”   means   a   customer   or client of the Merchant.
      11. “Payments”     means    the transfer of value from a Payer to the Merchant utilising the Openfloat Network. Payments can also be made to a Merchant through E-Value.
      12. “Openfloat   Network”   means   the online    proprietary platform   managed by Openfloat that facilitates Payments between Payers and Merchants.
      13. “Openfloat Website” means
      14.  “Services” means the services offered by Openfloat to its Merchants to facilitate Transactions, Payments and purchases of E-Value pursuant to the terms and conditions set out in this Agreement.
      15.  “Third Party Integrated Network” means a mode or means of payment facilitated by a Third Party Network Operator and connected to Openfloat’s Network.
      16.  “Transaction” means Payments and includes inflows and outflows of E-Value into or out of a Merchant’s Wallet.
      17. “Wallet” means an electronic account accessible to the Merchant for storage of  E-Value;
    2. The headings in this Agreement do not affect its interpretation.
    3. Unless the context otherwise so requires:
      1. references to the Merchant and Openfloat   include   their   permitted successors and assigns;
      2. references          to          statutory provisions include those statutory provisions   as   amended   or   re-   enacted;
      3. the use of the word “Party” refers either to the Merchant or Openfloat and the use of the word “Parties”refers to both the Merchant and Openfloat; and
      4. no rule of construction will apply in the interpretation of this Agreement to the disadvantage of Openfloat on the basis having drafted this Agreement.
    4. In   the   case   of   conflict between  any  provision  contained  in  the body of this Agreement and any provision contained    in    any    schedule    or    other document,  the  provision  in  the  body  of this Agreement shall prevail.

    1. This Agreement shall commence upon acceptance of these terms and conditions.  The Services will only be activated by Openfloat upon the Merchant having complied with Openfloat’s KYC requirements.
    2. A Payer    may   make Payments   to the Merchant utilising the Openfloat Network, or through such other channel made available by Openfloat for such purposes in accordance with this Agreement and Openfloat’s policies.
    3. A Merchant may also make purchases of E-Value and make sales of Designated Goods and/or Services.
    4. Openfloat   shall   operate   a   call centre between 8am to 11 pm on Business Days,   to enable representatives from the Merchant to   contact   Openfloat   for   information   or enquiries   relating   to   Transactions.  
    5. Records in respect of Transactions shall be held in the Electronic Log File. Openfloat shall store the Electronic Log File for ten (10) years, or such longer period that is provided for under law.
    6. Purchases for E-Value may be made by a Merchant using the channels made available for those purposes including Third Party Integrated Networks. Such E-Value will be credited to a Merchant’s Wallet within 2 Business Days.
    7. Openfloat will employ reasonable measures to ensure that the Openfloat Network shall  remain  continuously  operational  (save for scheduled maintenance of the Services)  and  shall as soon as is reasonably possible inform  the  Merchant  in  the event of any failures with regard to the Services.
    8. In the event of any failure in the Services, Openfloat shall use reasonable measures to restore the Services within a reasonable time.  This is the final and only remedy available to a Merchant in the event of any failure of the Services.
    9. Openfloat will be under no obligation to make any rectifications to the Services where the point of failure is on a Third Party Integrated Network or as a result of an event as set out under the provisions of this agreement.

    1. All  Payments  forming part of a Transaction and E-Value shall be  held by the Openfloat Trustee  on  trust  for  the sole  benefit  of  the  Merchant.
    2. Openfloat, its successors in title, a receiver or manager, liquidator, creditor or trustee in bankruptcy shall not have  any  rights of ownership or title,  powers,  discretions, duties,  obligations  or  liabilities whatsoever   in   respect   of   the   Payments greater than Openfloat’s rights. Openfloat however reserves its right  of set-off, and Merchant authorises the Openfloat Trustee on behalf of Openfloat to satisfy such set-off right  with respect to Openfloat’s  Charges and applicable taxes or any amounts it is entitled to deduct as set-out  in  clause 5 against such amounts held on trust.

    1. The Merchant shall:
      1. collect such information required by Openfloat with respect to a Payer or a customer/client of the Merchant to enable Openfloat to carry out its obligations under this Agreement.
      2. not  set  any  minimum  or  maximum  limit on Payment amounts other than those communicated to it by Openfloat;
      3. immediately notify  Openfloat  by  email  or  in  writing  of any errors, inconsistencies or suspected fraud;
      4. advise   Openfloat   in   writing   or   by   email immediately   of   any   changes   in   or   re- organization   of   the   Merchant;
      5. advise  Openfloat  immediately  in  the  event of  any  system  failures  with  regard  to  the Merchants systems or equipment that may affect the provision of the Services;
      6. carry out dispute and issue resolution in respect of its Payers and/or clients. In  the  event  that  Openfloat  is contacted by a Payer, such Payer shall be advised  to  refer  all  Payment  enquiries  or issues to the Merchant and Merchant and not Openfloat shall  be required to resolve any issues of such Payer;
      7. comply with Openfloat’s KYC and anti-money laundering policies and in particular, promptly comply with any requests made by Openfloat in this regard and comply   with   all applicable  with regard   to   money   laundering;
      8. use the Services with respect to receipt of Payments for lawful business only and  obtain  and maintain  all   necessary authorisations, permits, licenses and approvals including from Payers,   regulatory authorities or third Parties at all times.  For the purposes of this clause any business, activity, enterprise or service that is prohibited by Openfloat or Third Party Network Operators, no matter how legitimate,  shall not be deemed to constitute a lawful business;
      9. Only initiate reversals for Transactions with respect to Designated Goods and/or Services as may be prescribed by Openfloat and within such time as may be prescribed by Openfloat at its sole discretion.  In event of such reversal, commissions earned will be deducted by Openfloat.
    2. For the purposes of this Agreement, the breach of the provisions of this clause 4 shall be deemed as material and shall entitle Openfloat to suspend the Services or terminate this Agreement with immediate effect upon notice.

    1. Transactions made utilising Third Party Integrated Networks e.g. M-PESA may be subject to charges levied by the respective proprietors/licensors of such Third Party Integrated Networks (the “Third Party Network Operator”). These charges may be deducted by the Third Party Network Operator directly or by Openfloat where applicable.
    2. The Services attract levies and other government taxes. To this effect, the Charges are inclusive of these taxes, levies and duties and such government levies provided for under applicable law or regulatory directive.
    3. Designated Goods and/or Services may also attract certain levies and/or taxes. Providers of such Designated Goods and/or Services may include such taxes or levies in the pricing of such Designated Goods and/or Services. Where these taxes or levies are not included, such taxes or levies will be included and where applicable deducted by Openfloat.
    4. Merchants may be entitled to such commissions as Openfloat may determine with respect to the use of the Openfloat Network upon the sale of Designated Goods and/or Services.  Openfloat reserves the right to amend and/or revise such commissions in its sole discretion by way of a notice through available communication channels.
    5. Such commissions referred to in 5.7 above may attract applicable taxes. It is the Merchant’s responsibility to declare any incomes under this Agreement pursuant to applicable law and make relevant tax payments to applicable revenue authorities.
    6. In the event that Openfloat is required to withhold any amounts subject to applicable law, Openfloat will withhold such amounts it is required to withhold and deduct them from the Transaction value or from the Merchant’s Wallet and pay such amount withheld to the relevant authority as required under law. 


    All intellectual property created pursuant to this Agreement including but not limited to any logos, artwork, enhancements, improvements, upgrades,   translations or   other modifications   of   the   following   and   not limited   to   the   Services, the Openfloat Network or the Openfloat Network   shall vest exclusively in Openfloat.  Openfloat reserves  its  rights  to  the  copyright and   all   other   rights   of   a   like   nature conferred under the laws of the Kenya and all  other  countries  of  the  world  in  such property,        and        all        modifications, enhancements  and  amendments  made with respect to the Services, the Openfloat Network or the Openfloat Network. Merchant shall not modify, alter, amend or reverse engineer the Services, the Openfloat Network or the Openfloat Network.

    1. Openfloat shall not be liable for any loss of cash or funds due to: (i) Payer impersonation,     (II) forgery    of the payer’s personal information or other details (III)   inaccurate information  provideD  by  the  Payer  in  the Payer (IV) delays or failure of the Openfloat network and any third party integrated network or service utilised by the Openfloat network for the purposes of facilitating a transaction (V) an event beyond the reasonable control of Openfloat
    2. subject to THE PROVISIONS OF THIS CLAUSE 7, Openfloat’s liability is only limited to direct and actual losses arising SOLELY DUE TO THE WILFUL MISCONDUCT AND PROVEN NEGLIGENCE BY ITS employees and/OR AGENTS is the proximate cause of such loss.
    3. The  Merchant  shall  be  liable  for    all    losses,    liabilities, damages  and  bear  all  costs  and  expenses and   will   defend,   indemnify   and   hold Openfloat harmless from and against Any  claims,  liabilities,  losses  or  damages due  in  any  way  whatsoever  due (in cluding legal fees and expenses)  as a result  of:  1.  fraud, negligence, wilful misconduct     by     the customer its     employees, agents and/ or independent contractors; 2. the Merchant’s breach; 3. A   claim   received   with respect to a payment from a  payer or any   THIRD PARTY; 4 ANY CLAIM BROUGHT AGAINST Openfloat BY A THIRD PARTY, INCLUDING CONSEQUENTIAL AND INDIRECT LOSS CLAIMS AS A RESULT OF Openfloat’S PROVISION OF ITS SERVICES UNDER THIS AGREEMENT; 5.a    payment   made without   evidence   of   authority   from   the  payer; 6.  claims with respect to a payer denying authorising  a TRANSACTION and;  7.the  Merchant  does  not  abide  by  the Openfloat’s instructions and procedures; 8. LOSS OF FUNDS BY A PAYER DUE TO PROVISION OF INACCURATE INFORMATION, FRAUD, FORGERY OR ERROR; 9. A CLAIM BROUGHT AGAINST Openfloat BY A THIRD PARTY TO THE EXTENT THAT THE INTELLECTUAL PROPERTY PROVIDED BY A CUSTOMER FOR PURPOSES OF THIS AGREEMENT INFRINGES AGAINST SUCH THIRD PARTY’S INTELLECTUAL PROPERY; 10. A claim occassioned due to a security vulnerability in the Openfloat network or openfloat network that could not be reasonably anticipated by Openfloat or was caused by customer and/or his agents or a third party network operator; 11. a reversal made upon the request of a payer through a third party network operator, a card issuer or automatically/manually initiated through Openfloat’s fraud prevention systems and/or algorithms.
    4. unless where otherwise  provided for under this agreement, neither party shall be held liable UNDER THIS AGREEMENT  with respect to any damages or losses that are consequential, INCIDENTAL OR INDIRECT IN NATURE.
    6. this clause shall survive the termination of these terms and conditions.

    1. The Merchant may at its cost and subject to Openfloat’s written consent notify all its Payers   of   the   availability   of   the   Services. Any joint marketing and promotion of the Services, use of Openfloat’s logos or intellectual property shall be in accordance with Openfloat’s standard rules of usage and shall be agreed upon prior in writing.  
    2. The  Merchant authorises  Openfloat  to  use  its  name  and  logo  for  the purpose  of  publishing  and  advertising  the Openfloat   Network, Openfloat’s Website and  in   the   media whether separately or together with the names and logos of third parties utilising the Service.   

    1. This Agreement shall remain in force from its Commencement Date  until  terminated  by either  Party  by  written  notice  to  the  other not  less  than  ninety  (90)  days.
    2. Notwithstanding the provisions of 9.1, this  Agreement  may  also  be  terminated immediately by Openfloat:
      1. if Merchant is breach  of  any  of  its  obligations under this Agreement and fails to remedy  the  breach  (if  capable  of remedy)  within  a  period  of  7  days;
      2. if  a resolution is passed or an order is made  for  the  winding  up  of  the Merchant   (otherwise   than   for   the purpose of solvent amalgamation or   reconstruction)   or   the   Merchant becomes        subject        to        an administration order or a receiver or administrative    receiver    is appointed over the assets or business o the Merchant  or an encumbrancer   takes   possession of  the Merchants property/ equipment.
    3. Any termination of this Agreement under this clause will be without prejudice to any other rights or remedies of either Party under this Agreement or at law and will not affect any accrued rights or liabilities of either Party at the date of termination.

    1. Each party warrants that it will treat in confidence all Confidential Information which it acquires as a result of the operation of this Agreement and to afford it the same protection afforded to its own Confidential Information and will not reveal any Confidential Information to any third party without the written consent of the disclosing party, except where such information is already in the public domain, has been legally acquired by the third party, or where disclosure of the confidential information is ordered by a court or other competent authority.
    2. Openfloat may disclose the Merchant’s Confidential Information if required to do so by law or in the good faith belief that such preservation or disclosure is reasonably necessary to: (a) comply with regulatory requirements (b) legal process; (c) enforce the terms of this Agreement; (d) respond to claims that the Merchant’s use of the Service violates the rights of third-parties; or (e) protect the rights, property, or personal safety of Openfloat, its employees and/or agents (f) to its personal advisers, lawyers and auditors; (g) for any other legitimate reason.

    1. The Merchant and Openfloat will endeavour to    resolve    any    dispute    which    arises between  through   good   faith   negotiations   within thirty (30)  days  of  the  notification  of  the dispute,  failure  to  which a  Party  may refer   the   dispute   to   arbitration   to   be conducted   under   the   provisions   of   the Rules    of    the    Kenyan Branch of the Chartered    Institute    of Arbitrators of the UK (“Institute”). The  arbitration  shall  be  conducted  by  a single   arbitrator   (“Arbitrator”)   to   be appointed    by    agreement    between    the Parties   or,   failing   agreement   within   14 days  of  the  notification  by  either  Party  to the  other  of  the  existence  of  a  dispute ,  to  be  appointed  by  the  Chairman of the   Institute, on the     application     of     either     Party. The award of the Arbitrator shall be final.
    2. No forbearance or delay by either Party in enforcing     its     respective     rights     will prejudice or restrict the rights of that Party and no waiver of any such rights or of any breach  of  any  contractual  terms  will  be deemed  to  be  a  waiver  of  any  other  right or of any later breach.
    3. Unless where expressly provided, no  remedy  conferred by   any   provision   of   this   Agreement   is intended   to   be   exclusive   each   and   every remedy shall be cumulative and in addition to every other remedy available.
    4. If any of the provisions of this Agreement is judged to be illegal or unenforceable, the continuation in full force and effect of the    remainder    of    the provisions    will    not    be prejudiced.
    5. Openfloat may vary and amend any of the terms of this Agreement at its sole discretion upon notice.
    6. Nothing    shall    be construed   as   constituting   a   partnership between   the   Parties   or   as   constituting a Party as the agent of the other for any  purpose except     as specified by this Agreement.
    7. This Agreement shall be governed by and construed in accordance with the Laws of Kenya and each Party hereby submits to the non-exclusive jurisdiction of the High Court of Kenya.
    8. No  term  of  this  Agreement  is  intended  to confer  a  benefit  on  or  to  be  enforceable by,  any  person  who  is  not  a  Party  to  this Agreement. 
    9. The Merchant shall not be entitled to assign    or    transfer    this Agreement or any rights or obligations hereunder   without   the   prior   consent   in writing of Openfloat. Openfloat shall be entitled to assign or transfer this Agreement or any rights or obligations arising under it upon written notice to the Merchant.
    10.  Nothing    in    this    Agreement    shall    be construed    as    restricting    Openfloat    from contracting  with  other  persons  to  use  the Openfloat  Network  for  provision  of  similar services  provided  by  Openfloat  under  this Agreement.
    11. Neither  Party  will  be  liable  to  the  other Party for any delay in or failure to perform its  obligations  as  a  result  of  any  cause beyond  its  reasonable  control,  including but not limited to fires, strikes (of its own or   other   employees),   insurrection,   riots, embargoes, shortages, wrecks or delays in transportation,  inability  to  obtain  supplies and  raw  materials  or  requirements  of  any civil  or  military  authority   or  failure  of banking   systems   preventing   access   and authorizations in respect of the Services or failure of communication links beyond the reasonable control of either Party.

Contacting Us

If there are any questions regarding this terms you may contact us.