These Terms and Conditions (“Terms”) govern the access to and use of the Selcom Business digital banking platform (“Selcom Business”) provided by Selcom Microfinance Bank Tanzania Limited (“Selcom”, “we”, “our”, or “us”). By onboarding, accessing, or using a Selcom Business Account, the Business confirms that it has read, understood, and agreed to be bound by these Terms.
Selcom Business is a digital-only banking platform designed for business customers to manage accounts, users, and transactions electronically.
Unless the context requires otherwise:
Organization Admin / Requester / Approver / Releaser / Auditor means user roles assigned by the Business with specific transaction and administrative permissions.
Business means a legal entity or sole proprietor registered in the United Republic of Tanzania.
Business Account means a Selcom Business account opened after successful onboarding and approval.
Business KYC means all documents and information required for onboarding and ongoing compliance, including business registration, TIN, ownership, and identification details.
Bulk Payments means a feature allowing batch processing of multiple payments via uploaded files.
Organization ID means the unique identifier issued to a Business upon successful onboarding.
Selcom ID App / Selcom Pesa App means Selcom’s mobile applications used for secure authentication.
Sole Proprietor means a business registered as a sole proprietorship and approved to transact without a maker-checker workflow.
2.1 Selcom Microfinance Bank Tanzania Limited is licensed and regulated by the Bank of Tanzania.
2.2 Selcom Business operates in compliance with: - The National Payment Systems Act; - Banking and Financial Institutions laws; - Anti-Money Laundering and Counter-Terrorism Financing laws; - The Personal Data Protection Act; and - All applicable regulations of the United Republic of Tanzania.
3.1 To qualify for a Selcom Business Account, the Business must: - Be legally registered in Tanzania; - Hold a valid Business Registration Certificate and TIN; - Provide accurate and complete Business KYC; - Appoint at least one authorized representative with an active Selcom ID or Selcom Pesa account.
3.2 Businesses are onboarded exclusively through Selcom’s authorized onboarding channels.
3.3 Upon approval, the Business shall be issued an Organization ID, which shall be used for all access and transactions.
4.1 Selcom Business is provided exclusively through electronic channels. No physical branch or manual instruction services are offered for Selcom Business Accounts.
4.2 All instructions, approvals, confirmations, and communications made through Selcom Business, including those authenticated via QR code and Selcom ID or Selcom Pesa, shall be legally binding and equivalent to written instructions.
4.3 The Business accepts all risks associated with electronic access, including device security and internet connectivity.
5.1 The Business shall designate users and assign roles during onboarding, including: - Organization Admin – full system and user control; - Requester r – initiates transactions; - Approver – reviews and approves transactions; - Releaser – second and final authorization before execution; - Auditor – view-only access.
5.2 The Business is solely responsible for all actions performed by its authorized users.
6.1 Unless approved as a Sole Proprietor, all transactions shall follow the Requester-Approver or Requester-Approver-Releaser workflow.
6.2 A transaction shall be deemed final once fully approved or released within Selcom Business.
6.3 Certain transactions may require supporting documentation for regulatory or compliance review.
7.1 Bulk payment files may include bank accounts, mobile wallets, amounts, and beneficiary details.
7.2 The Business bears full responsibility for the accuracy of all bulk payment data submitted.
7.3 Selcom shall not be liable for losses arising from incorrect bulk files or beneficiary details provided by the Business.
8.1 Selcom reserves the right to monitor, delay, reject, suspend, or block any transaction to comply with: - AML/CFT obligations; - Sanctions screening; - Fraud prevention; - Regulatory or court directives.
8.2 Selcom shall not be liable for any delay or non-execution resulting from such compliance actions.
9.1 By accepting these Terms, the Business irrevocably authorizes Selcom to debit the Business Account for recovery of any overdue loan obligations owed to Selcom, including business loans or
employer-facilitated employee loans, subject to applicable law.
9.2 Such recovery may be effected without further notice where legally permitted.
10.1 Applicable fees shall be displayed within Selcom Business.
10.2 Selcom may revise fees upon not less than thirty (30) days’ prior notice via official communication channels.
11.1 The Business is responsible for: - Accuracy of all transaction data; - Maintaining sufficient account balances; - Securing devices, credentials, and user access; - Keeping Business KYC up to date.
11.2 Selcom shall not be liable for: - User negligence or credential compromise; - Incorrect beneficiary details; - Failures of third-party banks or mobile money providers.
11.3 To the maximum extent permitted by law, Selcom’s total liability shall not exceed the fees paid by the Business in the preceding three (3) months.
Selcom does not guarantee uninterrupted availability of Selcom Business. Temporary service interruptions may occur due to maintenance, upgrades, or system dependencies.
13.1 Selcom shall process data in accordance with the Personal Data Protection Act and Selcom’s Privacy Policy.
13.2 The Business expressly consents to the collection, processing, storage, and cross-border transfer of data for service delivery and regulatory compliance.
Selcom may suspend or close a Business Account where fraud, regulatory breach, non-compliance or violation of these Terms is detected.
Disputes should be reported as soon as reasonably practicable. Selcom shall investigate in accordance with internal policies and applicable law.
These Terms are governed by the laws of the United Republic of Tanzania. Disputes shall be subject to the jurisdiction of Tanzanian courts.
Selcom may amend these Terms from time to time. Continued use constitutes acceptance. Provisions relating to liability, recovery, data protection, and governing law shall survive termination.
Customer support channels are available within the Selcom Business platform and handled in accordance with Selcom’s complaint handling procedures.
Selcom Microfinance Bank Tanzania reserves the right to modify these Terms and Conditions at any time and will notify Selcom Business clients of any material changes. Continued use of the service after such notice constitutes acceptance of modified terms. It is recommended that clients download and review these Terms & Conditions regularly.
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