Terms and Conditions
Terms of Service Section
1. Introduction
1.1 These Terms & Conditions ("Terms") govern your use of Phakama ("the Platform"), a fintech service designed to create an inclusive and digital township economy in South Africa. To conveniently connect consumers and local traders in communities across South Africa.
1.2 By accessing and using the Platform, you agree to abide by these Terms. If you do not agree, you must not use the Platform.
1.3 Phakama provides financial services aimed at digital and financial inclusion, offering Traders and consumers seamless payment solutions, financial products, and marketplace access.
2. Definitions
2.1 "Trader" refers to a business entity or individual registered on Phakama to provide goods, services, and accept payments.
2.2 "Consumer" refers to an individual using Phakama for transactions, payments, and other commercial services.
2.3 "Wallet" refers to the digital account within Phakama used for transactions.
2.4 "Transaction Fees" refer to charges applied for specific services as outlined in these Terms.
2.5 "VAS (Value-Added Services)" refers to additional services such as pre-paid airtime and data purchases, bill payments, electricity purchases and other financial solutions.
2.6 "Cash-in" refers to Wallet Top-up with participating Traders at 50% less than current rates.
2.7 “Bank Card Cash-in” refers to Wallet Top-up from a bank card from any mainstream bank in South Africa.
2.8 “Cash-out” refers to Cashing-out with participating Traders at 50% less than current rates.
2.9 “Bank Account Cash-out” to easily Cash-out to a bank account.
2.10 "Phakama Marketplace" refers to the digital marketplace where Traders and suppliers can transact, order stock, and access bulk-buying benefits.
3. Value for Merchants 3.1 0% Transaction Fees: Traders can accept payments without incurring transaction fees, maximizing their earnings.
3.2 Digital Inclusion: Our intuitive interface facilitates easy adoption of digital technology to expand businesses.
3.3 Financial Inclusion: Traders maintain transaction history and access financial statements to apply for business loans and other financial products.
3.4 Increased Customer Base: Traders gain access to a growing network of consumers using Phakama.
3.5 Instant Payment Processing: Funds are credited instantly to the Trader’s wallet for greater financial control.
3.6 Additional Revenue Streams: Traders retain 70% of transaction fees from cash-back and cash-in services. (Phase2)
3.7 Timeline Posts to business followers: Traders publish their specials and promos as posts on their Phakama Timeline page.
3.8 Phakama B2B Marketplace (Phase2): Traders will soon have access to:
• Bulk purchasing at discounted rates.
• Stock delivery services.
• Digital stock management tools.
• Wholesale supplier linkages.
• Credit facilities to finance stock replenishment.
4. Value for Consumers 4.1 Scan To Pay & E-Commerce: Consumers find and pay at Spaza Shops, Beauty Salons, Car Washes, Shisanyamaz, Shebeens, Tarvens, Liquor Shops, Restaurants, Home Based Chefs, Home Based Beauticians, Supermarkets, Petrol Stations, Events, Kasi Accommodation, Taxi, etc. in townships and other communities where they live or are visiting in South Africa.
4.2 Card Payments: Scan2Pay directly from your bank card using the Phakama app instead of swiping and save on fees!
4.3 Free Top-up: Consumers Top-up via EFT from a bank account at no charge.
4.4 Convenient Money Transfer: Consumers can send and receive money seamlessly.
4.5 Bank Card Cash-in: Top-up your wallet from a bank card from any mainstream bank in South Africa.
4.6 Bank Account Cash-out: Easy Cash-out to a bank account.
4.7 Cash-in: Cash-in with participating merchants at 50% less than current rates. (Phase2)
4.8 Cash-out: Cashout with participating merchants at 50% less than current rates. (Phase2)
4.9 VAS: Buy airtime, data, and electricity for free, play lotto, quick-pick, Powerball, pay for Dstv, and more. (Phase2)
4.10 Financial Inclusion: Apply for credit and micro-loans. (Phase2)
4.11 Phakama Escrow Marketplace: facilitates any authorized and legal buyer and seller transaction. (Phase2)
5. User Responsibilities 5.1 Users must ensure the security of their account credentials and transactions.
5.2 Traders and consumers must comply with all applicable laws and regulations.
5.3 Fraudulent, illegal, or unethical use of the Platform is strictly prohibited.
5.4 Users must ensure they provide accurate information during registration and maintain up-to-date account details.
6. Privacy & Data Protection 6.1 Phakama is committed to protecting user data in accordance with the Protection of Personal Information Act (POPIA).
6.2 Personal data is collected, stored, and used solely for the purpose of providing financial services.
6.3 Users consent to Phakama processing their data for security, anti-fraud measures, and compliance purposes.
7. Limitation of Liability 7.1 Phakama shall not be liable for any losses incurred due to misuse, fraud, technical failures, or circumstances beyond our control.
7.2 Users acknowledge that transactions are final and non-reversible unless explicitly stated otherwise.
7.3 Phakama does not guarantee uninterrupted service and is not responsible for disruptions caused by third-party service providers.
8. Termination & Suspension 8.1 Phakama reserves the right to suspend or terminate accounts involved in fraudulent, illegal, or abusive activities.
8.2 Users may close their accounts by sending an email from a registered email account requesting for account closure to support@phakama-market.co.za , include user’s registered cell number.
8.3 In cases of suspected fraud, Phakama reserves the right to withhold funds pending investigation.
9. Amendments to Terms 9.1 Phakama reserves the right to update these Terms at any time. Continued use of the Platform after changes take effect constitutes acceptance of the new Terms.
9.2 Users will be notified of significant changes through the Platform, via email, or other official communication channels.
10. Governing Law & Dispute Resolution 10.1 These Terms shall be governed by the laws of South Africa.
10.2 Any disputes arising from these Terms shall be resolved through mediation or arbitration before legal action is pursued.
10.3 Users agree to waive class-action rights and resolve disputes on an individual basis.
11. Contact Information For inquiries or support, please contact us at info@phakama-market.co.za or visit our website at www.phakama-market.co.za. By using Phakama, you acknowledge and accept these Terms & Conditions in their entirety.
1.1 These Terms & Conditions ("Terms") govern your use of Phakama ("the Platform"), a fintech service designed to create an inclusive and digital township economy in South Africa. To conveniently connect consumers and local traders in communities across South Africa.
1.2 By accessing and using the Platform, you agree to abide by these Terms. If you do not agree, you must not use the Platform.
1.3 Phakama provides financial services aimed at digital and financial inclusion, offering Traders and consumers seamless payment solutions, financial products, and marketplace access.
2. Definitions
2.1 "Trader" refers to a business entity or individual registered on Phakama to provide goods, services, and accept payments.
2.2 "Consumer" refers to an individual using Phakama for transactions, payments, and other commercial services.
2.3 "Wallet" refers to the digital account within Phakama used for transactions.
2.4 "Transaction Fees" refer to charges applied for specific services as outlined in these Terms.
2.5 "VAS (Value-Added Services)" refers to additional services such as pre-paid airtime and data purchases, bill payments, electricity purchases and other financial solutions.
2.6 "Cash-in" refers to Wallet Top-up with participating Traders at 50% less than current rates.
2.7 “Bank Card Cash-in” refers to Wallet Top-up from a bank card from any mainstream bank in South Africa.
2.8 “Cash-out” refers to Cashing-out with participating Traders at 50% less than current rates.
2.9 “Bank Account Cash-out” to easily Cash-out to a bank account.
2.10 "Phakama Marketplace" refers to the digital marketplace where Traders and suppliers can transact, order stock, and access bulk-buying benefits.
3. Value for Merchants 3.1 0% Transaction Fees: Traders can accept payments without incurring transaction fees, maximizing their earnings.
3.2 Digital Inclusion: Our intuitive interface facilitates easy adoption of digital technology to expand businesses.
3.3 Financial Inclusion: Traders maintain transaction history and access financial statements to apply for business loans and other financial products.
3.4 Increased Customer Base: Traders gain access to a growing network of consumers using Phakama.
3.5 Instant Payment Processing: Funds are credited instantly to the Trader’s wallet for greater financial control.
3.6 Additional Revenue Streams: Traders retain 70% of transaction fees from cash-back and cash-in services. (Phase2)
3.7 Timeline Posts to business followers: Traders publish their specials and promos as posts on their Phakama Timeline page.
3.8 Phakama B2B Marketplace (Phase2): Traders will soon have access to:
• Bulk purchasing at discounted rates.
• Stock delivery services.
• Digital stock management tools.
• Wholesale supplier linkages.
• Credit facilities to finance stock replenishment.
4. Value for Consumers 4.1 Scan To Pay & E-Commerce: Consumers find and pay at Spaza Shops, Beauty Salons, Car Washes, Shisanyamaz, Shebeens, Tarvens, Liquor Shops, Restaurants, Home Based Chefs, Home Based Beauticians, Supermarkets, Petrol Stations, Events, Kasi Accommodation, Taxi, etc. in townships and other communities where they live or are visiting in South Africa.
4.2 Card Payments: Scan2Pay directly from your bank card using the Phakama app instead of swiping and save on fees!
4.3 Free Top-up: Consumers Top-up via EFT from a bank account at no charge.
4.4 Convenient Money Transfer: Consumers can send and receive money seamlessly.
4.5 Bank Card Cash-in: Top-up your wallet from a bank card from any mainstream bank in South Africa.
4.6 Bank Account Cash-out: Easy Cash-out to a bank account.
4.7 Cash-in: Cash-in with participating merchants at 50% less than current rates. (Phase2)
4.8 Cash-out: Cashout with participating merchants at 50% less than current rates. (Phase2)
4.9 VAS: Buy airtime, data, and electricity for free, play lotto, quick-pick, Powerball, pay for Dstv, and more. (Phase2)
4.10 Financial Inclusion: Apply for credit and micro-loans. (Phase2)
4.11 Phakama Escrow Marketplace: facilitates any authorized and legal buyer and seller transaction. (Phase2)
5. User Responsibilities 5.1 Users must ensure the security of their account credentials and transactions.
5.2 Traders and consumers must comply with all applicable laws and regulations.
5.3 Fraudulent, illegal, or unethical use of the Platform is strictly prohibited.
5.4 Users must ensure they provide accurate information during registration and maintain up-to-date account details.
6. Privacy & Data Protection 6.1 Phakama is committed to protecting user data in accordance with the Protection of Personal Information Act (POPIA).
6.2 Personal data is collected, stored, and used solely for the purpose of providing financial services.
6.3 Users consent to Phakama processing their data for security, anti-fraud measures, and compliance purposes.
7. Limitation of Liability 7.1 Phakama shall not be liable for any losses incurred due to misuse, fraud, technical failures, or circumstances beyond our control.
7.2 Users acknowledge that transactions are final and non-reversible unless explicitly stated otherwise.
7.3 Phakama does not guarantee uninterrupted service and is not responsible for disruptions caused by third-party service providers.
8. Termination & Suspension 8.1 Phakama reserves the right to suspend or terminate accounts involved in fraudulent, illegal, or abusive activities.
8.2 Users may close their accounts by sending an email from a registered email account requesting for account closure to support@phakama-market.co.za , include user’s registered cell number.
8.3 In cases of suspected fraud, Phakama reserves the right to withhold funds pending investigation.
9. Amendments to Terms 9.1 Phakama reserves the right to update these Terms at any time. Continued use of the Platform after changes take effect constitutes acceptance of the new Terms.
9.2 Users will be notified of significant changes through the Platform, via email, or other official communication channels.
10. Governing Law & Dispute Resolution 10.1 These Terms shall be governed by the laws of South Africa.
10.2 Any disputes arising from these Terms shall be resolved through mediation or arbitration before legal action is pursued.
10.3 Users agree to waive class-action rights and resolve disputes on an individual basis.
11. Contact Information For inquiries or support, please contact us at info@phakama-market.co.za or visit our website at www.phakama-market.co.za. By using Phakama, you acknowledge and accept these Terms & Conditions in their entirety.