1.1 By agreeing to these Terms and Conditions, you hereby agree:
a) To buy the KOKO Cooker and Canister (“the Goods”) for KES 6,200 (“Purchase Price”) on an upfront or savings basis (the “Lay-By Instalments”) through payments into a digital account in your name maintained by KOKO (the “KOKO Customer Account”);
b) To KOKO Networks Limited (“KOKO”) being the custodian of money deposited as Lay-By Instalments towards the Purchase Price of the Goods.
1.2 You understand and agree that you will not become the owner of the Goods until you have paid KES 6,200 in full. The Goods will remain owned by KOKO and at KOKO’s risk until you have accepted delivery of them, after completion of the final Lay-By Instalment.
2. PAYMENT OF LAY-BY INSTALMENTS
2.1 You can choose the amount and timing of the Lay-By Instalments by using the myKOKO mobile application. A Lay-By instalment will only be added to your KOKO Customer Account once the first Lay-By Instalment has been received by KOKO.
2.2 The Lay-By Instalments shall be applied towards the settlement of the Purchase Price on the final payment date.
2.3 No interest or account management fees will apply to your Lay-By Instalments in your KOKO Customer Account.
3. OBLIGATIONS OF KOKO NETWORKS LIMITED
3.1 KOKO will send you a confirmation text message on receipt of every Lay-By Instalment.
3.2 The text message confirmation will contain your name, the Lay-By Instalment received and your KOKO Customer Account balance, and the text message serves as a payment receipt for each Lay-By Instalment.
3.3 On receipt of your final Lay-By Instalment, you will be contacted by KOKO Customer Service to advise on the timing and arrangements for the collection of the Goods.
4. TERMINATION FEES
4.1 If you wish to terminate your Lay-By Instalments at any time before the final payment and receipt of the Goods, please contact KOKO Customer Service by sending an e-mail to email@example.com or SMS 20531 for free.
4.2 KOKO will deduct a one-off Termination Fee of KES 500 from your Account and the balance shall be remitted to your registered M-PESA number within 10 working days. The Termination Fee shall apply on all KOKO Customer Account balances above KES 500.
5. CHANGE OF CUSTOMER DETAILS
5.1 If you change your registered phone number or M-PESA number during the Lay-By Instalments, please notify KOKO Customer Service by sending an e-mail to firstname.lastname@example.org or SMS 20531 for free, within 5 working days of the said change and KOKO will effect the said change against your KOKO Customer Account.
6 SALES COMMISSIONS
6.1 For every sale of the Goods completed via a referral code provided by yourself to other new KOKO Customers (your “Referral Code”), you shall be eligible to earn a commission of a maximum of KES 250 (subject to statutory deductions as required by Kenyan law) that shall be payable ONLY upon receipt of the full payment from the new KOKO Customer as confirmed to you by KOKO.
6.2 No commissions will be payable before the full and final payment of the Goods or discontinued Lay-By Instalments.