Terms and Conditions applicable to

Transactional Current Account

Date: 2025/02/13

The Client records that, for purposes of this documentation, the Client has chosen (English) as the Client's preferred language for communication and correspondence.

The documentation signed by the Client and which is legally binding is in English. The Client also acknowledges that this documentation has been explained to the Client in a language the Client understands.

1. INTRODUCTION

1.1 In these terms and conditions:

1.1.1 clause headings are for convenience only and should not be used to interpret the agreement;

1.1.2 unless the context indicates a contrary intention, the singular includes the plural and vice versa, any gender includes the other genders, and a natural person includes a juristic person and vice versa; and

1.1.3 any number of days will be calculated by excluding the first and including the last day, or if the last day falls on a day that is not a business day, the next business day.

1.2 Unless the context indicates otherwise, the following words and expressions have the meanings set out below:

1.2.1 Account - your transactional current account to which the agreement apply.

1.2.2 Agreement - these terms and conditions, read together with the application, the relevant product specifications and pricing schedule (as amended) and any later agreement relating to the fees (as amended).

1.2.3 ATM - automated teller machine.

1.2.4 Authentication mechanisms - Any mechanism used to identify you before you access our digital platforms. It can be a personal identification number (PIN), password, profile number, user number, certificate and/or device.

1.2.5 Business Day - Any day that is not a Saturday, Sunday or public holiday in Eswatini, and 'days' will be interpreted as calendar days.

1.2.6 Card - the relevant magnetic-strip or chip bank card issued to you, which may be contactless-enabled.

1.2.7 Card transaction - any commercial transaction, including purchases, payments, interaccount transfers, cash withdrawals or deposits made with the card from the account by using an ATM, SSK or other electronic device, or by giving the card to a merchant or supplier.

1.2.8 Chip - on integrated circuit embedded in a plastic card designed to perform processing and memory functions.

1.2.9 Digital Interaction - Access to the Account and communication through any means using Systems and Devices.

1.2.10 Dormant account - an account that has had no client-initiated debit or credit transactions per the dormancy policy.

1.2.11 Fees - charges, costs, service, transaction and administration fees, and any other amount charged for the account.

1.2.12 Good funds - money deposited or an electronic deposit or transfer made into your account or from another Nedbonk account.

1.2.13 Item - on electronic funds transfer, debit order, stop order, Corporate Payments System transaction, automatic payment order, card transaction and automatic transfer.

1.2.14 CCA - the Consumer Credit Act, 2016, amended from time to time.

1.2.15 Call Centre - the Nedbank Call Centre, with contact number +268 32781999.

1.2.16 Party - you or us.

1.2.17 PIN - personal identification number.

1.2.18 Pricing schedule - the latest leaflet or any other source of information stipulating the items that attract fees and the fees charged, as approved by the Central Bonk of Eswatini, for these items, as well as the effective date of the pricing.

1.2.19 Product specifications - specific features of products we offer, including minimum deposits, minimum balances, interest rates, costs, charges, fees and service fees.

1.2.20 Systems and Devices - digital information systems, digital platforms, equipment, software, mobile devices, telephones and any other hardware devices.

1.2.21 We, us or our - Nedbank Eswatini Limited, Reg No CB39/1974, with registered address Nedbank Eswatini, 3rd Floor NedCentre Building, Corner Sozisa & Dr. Sishayi Rood, Mbabane, Eswatini and postal address P.O Box 68, Mbabane.

1.2.22 You - the applicant whose details are set out in the application.

2 USE OF THE ACCOUNT

You agree that to the following:

2.1 We will open a transactional (current or savings) account for you, with the type of account and styling to be indicated by you.

2.2 You will give us the details of the signing arrangements (and any changes to the arrangements) on the account.

2.3 We may debit the account with the amounts of all transactions that you have made, whether the account has a credit balance or not.

2.4 You may not stop a payment we make or are about to make to a third party in respect of any transaction. You may not instruct us to reverse a payment for a transaction that has already been mode, except as provided for by law.

2.5 You must use the account in a manner acceptable to us.

2.6 We may monitor the use of the account for assessing compliance with the product specifications.

2.7 If you no longer qualify for the account, we will move you to a suitable account. We will communicate with you beforehand and set out the terms, conditions and fees of the new account. We will claim any difference in pricing from you from the date that you no longer qualify for the account to the date of moving to the new account.

2.8 You may not cede, assign or encumber any of your rights or obligations in and to the account (including the money in the account) without our prior written consent and subject to terms and conditions that we stipulate.

3 USE OF CARDS

3.1 Subject to the product specifications, you and/or your authorised representative may pay and/or withdraw money from the account, and generally use the account through access to an ATM, SSK and a point-of-sale device by using the card together with a PIN, if required.

3.2 You must choose a PIN for your card. This is a secret number that only you know. We will encode this number on the card as a means of user identification. It is important that your card is not used fraudulently. You must therefore:

3.2.1 take proper care of the card and the card number;

3.2.2 not allow anyone other than your authorised representative to use the card and PIN;

3.2.3 always take reasonable steps to keep the card safe and the PIN secret;

3.2.4 never tell anybody who offers to help, including any of our employees, the PIN; and

3.2.5 never write down or record the PIN.

3.3 You will be liable for all the transactions performed with the card if you have given your PIN to someone else.

3.4 The card is valid from the time it is issued or from the first day of the 'valid from' date on the cord, as the case may be, until it expires, or until the agreement is cancelled.

3.5 You may not cede or delegate any of your rights or obligations in respect of the card or its use.

3.6 You must sign the card on the back with a pen as soon as you receive it.

3.7 You must give the card back to us or give us written confirmation that your card hos been destroyed when the account is closed.

3.8 If the card, the card number or PIN:

3.8.1 is lost, stolen or used wrongfully; or

3.8.2 is used by any person other than you or your authorised representative, you must notify us immediately by calling the number provided on your statement or on the card itself. You must notify us immediately if anyone knows your PIN or if you suspect that this has happened. You will be provided with a reference number during the telephone call. You will be liable for and must repay all amounts that we pay or have to pay if the card, card number or PIN is used, unless it has been reported as being lost or stolen or used wrongfully. You will also be liable for all transactions that were made before you notified us but were processed only afterwards.

3.9 We may debit your account with the amounts of:

3.9.1 all transactions made by you or with your authority by using the card and the PIN; and

3.9.2 all transactions not authorised by you, but which have been made by using the card and PIN before we had the reasonable opportunity, after the verbal notification in terms of clause 3.8, to prevent any further unauthorised transactions.

3.10 Except where a transaction is made using a PIN, by telephone or on the internet, you must sign a sales voucher or a refund voucher, as the case may be, each time the card is used or the card number is given to a merchant or supplier. By signing the voucher, you confirm that the information on it is correct.

3.11 Unless you have notified us that the card has been lost or stolen in terms of clause 3.8, even if you do not sign the relevant vouchers, you will be liable for and must repay all amounts that we pay in respect of your card transactions.

3.12 You must comply with all applicable exchange control regulations when the card is used outside the Common Monetary Area. Card transactions made in foreign currencies will be converted into Emalangeni at an exchange rate that we will determine and will show on your statements in Emalangeni. An additional fee may be charged for these transactions.

3.13 You may not use the card for any unlawful or illegal transaction and it is your duty to make sure that a transaction is lawful before the card is used.

3.14 The card may be used only for payments and transactions specified in the product specifications for that type of account.

3.15 When you use any electronic device, you do so at your own risk and we will not be liable for any loss or theft resulting from the use of any device.

3.16 When making withdrawals at ATMs outside the borders of Eswatini, the daily withdrawal limit may be different from the daily withdrawal limit at ATMs in Eswatini.

3.17 You authorise us (which authorisation may not be cancelled):

3.17.1 to pay any purchases or services in respect of which the card or the card number is used and to debit the amount concerned to your account;

3.17.2 to debit your account with the amount of the sales voucher or any other amount withdrawn; and

3.17.3 to make the necessary entries to do the above and to reverse these entries when appropriate.

3.18 We will in no way be liable to you if any merchant or supplier does not accept the card or the card number, or if we refuse to authorise any card transaction.

3.19 If there are any claims or disputes between you and the merchant or supplier in respect of the nature, quality or quantity of any goods or services that you bought from the merchant or supplier or in respect of any other matter, our right to receive payment from you will not be affected in any way, and it will not give anyone a right of setoff or counterclaim against us. You acknowledge that no merchant or supplier is our agent.

3.20 If a merchant or supplier refunds you, the refund will be credited to your account when we receive a properly issued credit voucher from the merchant or supplier.

3.21 By keeping or using the card, you accept all these terms and conditions.

4 CONTACTLESS TRANSACTIONS

4.1 For the purposes of this clause:

4.1.1 contactless payment means a payment transaction that may or may not require a PIN that is made for an amount below the contactless transaction limit and where the contactless-enabled card is placed against a compatible payment device or close to it.

4.1.2 contactless payment device means a point-of-sale device that is enabled to perform contactless payments.

4.2 A card may be enabled to make contactless payments.

4.3 You may make a contactless payment for an amount below the prescribed limits without using a PIN.

4.4 When you make a contactless payment without using a PIN, you do not have the right to dispute this payment or have it charged back.

4.5 You cannot make internet purchases or cash withdrawals at an ATM or cash withdrawals at retailer till points using contactless payment technology.

5 INTEREST

5.1 We will not pay interest on any account unless this is agreed in writing or if it is part of the product specification.

5.2 If applicable, interest will accrue to credit balances, calculated on the end-of day balance, and will be capitalised monthly.

5.3 Interest rates on credit balances will be the rates specified at www.nedbank.co.sz or will be available from the Call Centre or at any branch, charged in accordance with the type of account that you have chosen or, if applicable, the rates we agreed with you.

5.4 If the end-of-day balance is a debit balance, debit interest at the CCA, 2016 maximum interest rate for credit facilities or, if applicable, the rate we agreed with you, will accrue to the account.

5.5 We may change the interest rates on credit balances at our discretion and on notice to you.

5.6 Interest on debit balances is calculated daily from the date on which the account goes into debit on the basis of a 365-day year, debited monthly in arrears. Any interest not paid on or before the due date will bear more interest at the rate that applies to this agreement.

6 WITHDRAWALS

6.1 Money is available on demand, subject to:

6.1.1 daily withdrawal limits at ATMs; and

6.1.2 withdrawal limits at teller terminals,

6.1.3 minimum-balance requirements;

6.1.4 deposits that have not been cleared.

7 DEPOSITS

7.1 There is no limit on the number and size of deposits that can be made into the account.

7.2 If illegal money (counterfeit banknotes or any banknotes not accepted as legal tender in Eswatini) or defective notes (stained or damaged banknotes where the serial number is illegible or defaced) are paid into the account, we may reverse any value given to you for these notes.

8 NO RIGHT TO OVERDRAW THE ACCOUNT

8.1 You must ensure that there is enough money in the account to pay the debits against the account.

8.2 However, if the account becomes overdrawn, a letter of demand may be sent to the client, demanding payment of the amount overdrawn. If the client does not pay the amount so demanded, he shall be in breach of his obligations in terms of the agreement and legal action shall follow, the cost of which shall be borne by the client. The bank shall, subject to prior notification and authorization by the client, be entitled to use any credit balance in the account, or on any other account that the client may have with the bank, to set off any money the client owes the bank for whatever reason.

8.3 If we have not granted you a credit facility but the account has a debit balance, the full debit balance will be payable immediately. In such instances we will charge our standard fees to the account and interest will be levied on the debit balance in terms of clause 5.6.

9 FEES AND TAXES

9.1 We will charge fees in line with the prevailing pricing schedule, or as agreed with you. These fees will be debited in accordance with the prevailing product specifications.

9.2 The pricing schedule, which includes information regarding the fees, is available at any branch or at www.nedbank.co.sz. You confirm that you have read and understand the fees that apply to the account.

9.3 You must pay all fees when they become due to us.

9.4 We will give you reasonable notice before fees, or items that attract fees, change.

9.5 Interest at the rate that applies to this agreement will be charged on any fees not paid on or before the due date, and this will not impact our rights to take legal action if you default.

9.6 You must pay legal costs on the attorney-and-client scale (including tracing fees and any collection commission) on demand, in addition to all amounts that we have paid or costs that we have incurred when collecting any payment that you owe us or when exercising our rights due to any breach of your obligations in
terms of this agreement.

9.7 Subject to product specifications, the bank shall be entitled to debit transaction charges and account maintenance fees to the account if the
client does not maintain the required minimum monthly balance to avoid these charges and fees.

10 STATEMENTS

10.1 In accordance with the Consumer Credit Act, 2016, the client shall be entitled to one free statement reflecting all the debit and credit entries as well as the total debit or credit balance per month. This statement may be mailed/posted to clients depending on their election. Subsequent statements shall be availed to the client at a charge as reflected in the bank's manual of charges, fees and commissions.

10.2 You must check your account and report any discrepancies to us within 30 days of the date of the discrepancy.

10.3 If there is a dispute regarding the items appearing on the statement, our records will be prima facie (on the face of it) proof.

11 LIABILITY

11.1 Except where damage or loss arises directly or indirectly from our wilful misconduct or gross negligence, we will not be liable to you for any damage or loss that you may suffer because of:

11.1.1 any action taken in terms of clause 14 or 15.

11.1.2 your using Digital Interaction to communicate with us and any of the associated risks explained above.

11.1.3 any person having gained unauthorised access to any information or data.

11.1.4 incorrect information having been given to us or to any person, including any credit bureau; and

11.1.5 a delay, failure or malfunction of any ATM or other device (electronic or manual) that you use to do transactions on the account.

12 DORMANT ACCOUNTS

12.1 An account will become dormant if the client has not initiated any debit or credit transactions per the dormancy policy.

12.2 Once an account has become dormant, you will be able to perform credit transactions and not debit transactions.

12.3 To lift the dormant status, you will have to go to the branch or use the Ned bank App/Internet Banking. The 'current' dormancy periods are as follows:

12.3.1 Transactional savings accounts - 180 days

12.3.2 Current accounts - 90 days

12.3.3 Club accounts - 365 days

12.4 We will give you Thirty (30) days notice that we will be closing an account that has been dormant for a certain period, which we will determine.

12.5 Once the dormant account has been closed, no interest will accrue to the account.

12.6 Should the client wish to claim any credit balance from a previously closed account, the client should approach any branch of the bank with original positive identification. The bank will do the necessary to initiate the unclaimed balance process, and will endeavour to provide the client with feedback within 24 hours.

13 PRIVACY CONSENT

13.1 Subject to applicable laws, regulations, and our Privacy Policy, you give us permission to process your personal information as we see fit for both your and our legitimate interest. This includes your race, biometrics and alleged criminal behaviour (if necessary).

13.2  You consent to us accessing your credit bureau data, sharing information with third parties, collecting your personal information from third parties and processing your personal information within Nedbank.

13.3 Processing includes affordability assessments, credit scorings and profile building that may help us offer you a product or service that suit your needs. You may ask for a description of your personal information that we have on record and for the details of third parties who have, or have had, access to your personal information.

13.4 You may withdraw your consent by notifying us in writing. You may also ask that we correct or delete your information, object to us having your
information and send a complaint to the Eswatini Communications Commission
(ESCCOM).

14 PRODUCT WITHDRAWAL OR DISCONTINUATION

14.1 If it becomes unviable for us to provide the product or service offered in terms of this agreement or if we are unable to continue providing the product or service, we may cancel that product or service on reasonable notice to you.

14.2 We will give you information of comparable products.

14.3 If you do not select an alternative product or service, we will move you to a product or service that is suitable for your needs.

15 FREEZING, SUSPENSION, MODIFICATION, RESTRICTION AND TERMINATION

15.1 You may terminate this agreement at any time without giving us notice.

15.2 We may freeze, suspend, modify or restrict your account or terminate this agreement immediately without prior notice due to the following circumstances, which include the following:

15.2.1 Our being compelled to do so by law.

15.2.2 Our having reasonable suspicion that the account is being used for illegal, unlawful or fraudulent purposes.

15.2.3 Your conduct resulting in a breach of our regulatory obligations.

15.3 On reasonable notice, we may freeze, suspend, modify or restrict your account or terminate this agreement at our discretion. We may do this in the following circumstances, without limitation to the circumstances:

15.3.1 We are compelled to do so by law.

15.3.2 We do so due to reputational risks or operational or business reasons.

15.3.3 You no longer qualify for the account according to our product specifications.

15.3.4 You breach the agreement.

15.3.5 You breach any other agreement with us.

15.4 We must comply with local and international laws, regulations, policies and requirements with regard to anti-money-laundering, counter-terrorist financing and sanctions. We continuously screen, verify, process and monitor all our and any related information, instructions and transactions done by you and/or on your behalf. This may also result in your transactions or the use of your account being prohibited, delayed, withheld, limited, declined or conditionally approved; and/or your money being confiscated; and/or our relationship being terminated.

15.5 If your account is frozen, suspended, modified or terminated, you will need to make alternative arrangements for any monthly debit and stop orders on the account.

15.6 On termination of this agreement, your right to use any card that has been issued to you in respect of the account will terminate. You must immediately return the card to us or destroy it to prevent further use.

16 DIGITAL INTERACTION

16.1 You accept all risks of Digital Interaction with us. These risks include the following:

16.1.1 It may not be the safest way to give us instructions, as Digital Interaction may be tampered with before, during or after transmission and can be manipulated fraudulently.

16.1.2 Receipt or execution of Digital Interaction may be delayed because Systems and Devices failed, malfunctioned or were unavailable.

16.1.3 Digital Interaction may be illegible or inaudible, which may lead to instructions not being executed as intended.

16.1.4 We cannot verify email addresses, fax numbers and signatures.

16.1.5 We cannot establish the identity or designation of the sender of the Digital Interaction.

16.1.6 We may not be able to confirm receipt of Digital Interaction instructions.

16.2 You must make sure that your Systems and Devices can communicate with ours. You must meet our specifications for the installation and configuration of your Systems and Devices.

16.3 You must do whatever is necessary to access and use your Account. This includes maintaining software licenses, paying license fees and getting the necessary telecommunications lines, hardware, software and consumable materials (and any updates or upgrades).

16.4 You must adhere to our operating, maintenance and security requirements and procedures (including encryption standards) and make sure that there are no destructive programs, for example viruses, worms and spyware, on your Systems and Devices.

16.5 You must make sure of the integrity, safekeeping and confidentiality of all communication lines, data, confidential information, Systems and Devices and Authentication Mechanisms.

17 ADDRESS FOR NOTICES

17.1 The physical or email address that you gave us in the application, or the most recent address given to us in terms of clause 17.2 is the address you choose as your domicilium citandi et executandi where we can deliver legal notices, orders, or other documents to you.

17.2 Either party may change their physical or email address by notifying the other party via email. The email address to which you may send a change of address notification can be obtained from a branch or Call Centre. The change of address will be effective on the 5th Business Day after receipt of the email.

17.3 A legal notice, order or other document will have been properly served when it has been sent by email or delivered to that party or sent by registered mail to that party's last known address. If you have not informed us of a change of your email or physical address, we will continue to use the last address given, even though the information may be incorrect.

17.4 You may send any legal notices, orders, or other documents to our domicilium citandi et executandi: The Head of Legal Nedbank Eswatini Limited, 3rd Floor NedCentre Building, Corner Sozisa & Dr. Sishayi Road, Mbabane, Eswatini and postal address P.O Box 68, Mbabane

17.5 Unless the contrary is proved, any legal notice, order, or other document:

17.5.1 sent by email to the chosen email address will be considered received on
the date it was sent.

17.5.2 delivered by registered mail, will be considered received within seven Business Days of the posting date.

17.5.3 delivered by hand will be considered received on the date of delivery, provided it was delivered to a responsible person during ordinary business hours.

17.6 If the date of delivery falls on a weekend or public holiday, the legal notice, order or other document will be considered received on the next Business Day.

17.7 Any legal notice, order or other document received by a party will be adequate written notice or communication to that party, even though it may not have been sent to or delivered at the chosen address.

17.8 It is your responsibility to notify us of any changes to your address and contact details.

18 CERTIFICATE

The nature and amount of your obligation and the applicable interest rate will be determined and proved by a certificate or any other written evidence (certificate) from any of our managers or accountants, whose position we do not need to prove, Unless the contrary is proved, the certificate will, on the face of it, be binding on you and proof of its content and of the fact that the amount is due and payable. The certificate will be valid as a liquid document (alternatively proof of a liquidated amount) in any competent court or for any other purpose.

19 ALLOCATION OF PAYMENTS

Each payment will be allocated firstly to any due or unpaid interest charges, then to any due or unpaid fees, and then to the reduction of the capital amount outstanding.

20 JURISDICTION

The parties hereby agree/consents to the jurisdiction of Eswatini Courts for purposes of any claims under this agreement, subject to the monetary jurisdictional limits of the respective courts.

21 GENERAL TERMS

21.1 Before opening an account the bank shall be entitled to follow up references or otherwise satisfy itself of the client's identity and suitability as an accountholder in line with the Money Laundering and Financing of Terrorism (Prevention) Act (as amended) among other applicable statutes. The bank shall be entitled to refuse to open an account or accept a deposit.

21.2 You agree that we may combine all or some of your accounts, without notifying you. If we combine only some of these accounts, we will have the right to claim from you any amount in respect of an account that is not part of the combined accounts.

21.3 These terms and conditions read with the application form, as amended or replaced by the bank from time to time, together with any other additional terms and conditions, as amended or replaced by the bank from time to time, shall form the whole agreement between the parties in connection with the client's account.

21.4 We may change the agreement, but will give you notice of these changes. Any change to the agreement will not constitute a novation of the agreement or any of your previous obligations to us.

21.5 Any latitude, indulgence or extension of time that we grant you will not be a novation or waiver of our rights in terms of the agreement. If a party does not enforce any provision of this agreement, it will not affect that party's right to require performance of the provision in future.

21.6 If any competent court finds any provision of this agreement defective or unenforceable, the remaining provisions of this agreement will continue to be of full force and effect.

21.7 The agreement will be governed in line with the laws of Eswatini.

22 ALTERNATIVE DISPUTE RESOLUTION

22.1 We have a complaint process that is available through any Nedbank branch or at www.nedbank.co.sz.

22.2 If you have a dispute or a complaint regarding your account, you will need to send us a written statement setting out the dispute or the complaint. We undertake to investigate your dispute or complaint within a reasonable time, keep you informed during the investigation and to provide you with a final written response.

22.3 If you are not satisfied with our response, you have the right to contact the Central Bank of Eswatini Ombudsman using the email address: CBE­ Ombudsman@centralbank.org.sz

23 ACKNOWLEDGEMENT

23.1 You warrant that you have fully and truthfully answered all questions and responded to our requests for information relating to this agreement.

23.2 You confirm that you understand and appreciate the risks and costs inherent in this agreement, as well as your rights and obligations under this agreement.