Governing your participation in the Riziki Chama Management System
By registering for a Riziki account, you represent and warrant that:
A. Verification: All contributions (Savings, Fines, Welfare) reported via the system are subject to verification by the Treasurer or Administrator. Credits will only reflect in your "Verified Balance" once the corresponding M-Pesa or Bank transaction is cleared.
B. Deadlines: Members agree to abide by the contribution deadlines set by the Chama. Late contributions may attract automated fines as per the group's specific bylaws.
Interest rates are calculated based on the method (Flat or Reducing Balance) selected at the time of approval. Once a loan is disbursed, the repayment schedule is legally binding.
By guaranteeing a loan, you authorize the Chama to "lock" a portion of your savings. In the event of a borrower's default, your savings may be used to offset the debt as per the Chama's policy.
Defaulting on a loan will result in account suspension, loss of borrowing privileges, and potential legal action as permitted under Kenyan Law.
Participation in a rotation cycle (Merry-Go-Round) requires consistent contribution. If you receive a payout and subsequently fail to contribute to the remaining rounds, the Chama reserves the right to treat the payout as an "Interest-Free Loan" and recover it from your existing savings.
By clicking "Accept" or "Complete Registration," you acknowledge that you have read, understood, and agreed to be bound by these Terms of Use. These terms constitute a legally binding agreement between you and the Riziki Chama platform.