Rafiki Bank Terms & Conditions


  1. Any person(s) opening an account with Rafiki Microfinance Bank (whether resident or non-resident) will be deemed to have read and understood these terms and conditions and the applicable Schedule of Bank Charges issued and amended.
    2. Rafiki Microfinance Bank has a statutory responsibility to apply any applicable tax on all charges on customers’ accounts.
    3. Rafiki Microfinance Bank is authorized to effect such orders in respect of the accounts as may be required by any court order or competent authority or agency under the applicable laws of the land.
    4. Upon Rafiki Microfinance Bank receiving notice of the demise of an individual customer, Rafiki Microfinance Bank will not be obliged to allow any operation or withdrawal from the account by any person except on production of a death certificate and a court order from a court of competent jurisdiction or any other relevant document recognized by law for succession purposes.
    5. Rafiki Microfinance Bank solely reserves the right to terminate any type of relationship with the account holder/depositor without assigning any reason.
    6. Account holder/depositor wishing to close the account must, surrender any unused in house/ cheques, ATM Cards and any other documents, instruments issued by Rafiki Microfinance Bank on the account. The Account Holder will also be liable for account closing charges as in force, at Rafiki Microfinance Bank before he can be paid the last remaining credit balance, if any.
    7. No account shall be opened by Rafiki Microfinance Bank unless the account opening form is fully completed and the requisite supporting documents attached and attested by the required authorities (if any). Only valid and acceptable means of identification (International Passport, Kenyan National Identity opens any account.


(a) Rafiki Microfinance Bank shall classify an Account as an Inactive if there are no customer-induced transactions for a period of six (6) months in the subject Account. An Account shall be classified as Dormant if there are no customer-induced transactions for six (6) months in the account i.e. any customer-induced transactions for further period of six (6) months after the account had become inactive. Customer induced transactions shall mean any credit or de transactions done by a customer in Account.
(b) Rafiki Microfinance Bank shall decline Services and/or Transaction in the Account of a customer, which has been classified as inactive or dormant unless The customer reactivates it in writing at its/his/her domicile branch.in any way, or if received for payment more than six months after the date the cheque is drawn, or as and when the account has been classified as inactive or dormant as herein stipulated.


Rafiki Microfinance Bank shall dishonor and/or return cheques unpaid which are altered, if considered by Rafiki Microfinance Bank to be ambiguous or suspicious.


The customer may be allowed to open and maintain a Fixed Deposit Account(s) for any stipulated period of time and as may be agreed between Rafiki Microfinance Bank and such customer. The interest rates applicable thereto shall be subject to change and Rafiki Microfinance Bank may vary the same if so dictated to by the prevailing laws, day to day market rates, directives from the Regulators and or the Government of Kenya and or if the customer is in breach of any the terms or conditions therein. The customer may be issued with a notice to that effect.


Rafiki Microfinance Bank shall not be liable for a matters, claims, debts, unless the customer has notified Rafiki Microfinance Bank within 3 (three) days after the occurrence of the issue at hand and or after receipt by him of the notification of the matter/issue OR on such an earlier time as possible.


Rafiki Microfinance Bank is entitled to demand the repayment with interest of any account that is overdrawn. The interest applicable thereof shall be as per the prevailing market rates plus such penal rates as shall be applicable at the time of such default, which the customer hereby agree to be bound by.


When the customer is indebted to Rafiki Microfinance Bank, Rafiki Microfinance Bank shall have a general lien over all property of the customer in Rafiki Microfinance Bank’s possession including, but not limited to cash, goods, securities or valuables deposited for safe custody or as security, cheques presented for payment, bills and any other property movable or immovable charged to secure repayment of any money whether or not that money has been repaid; and also all property over which by the general law Rafiki Microfinance Bank has a lien. As such, the customer hereby consents to that effect.


Rafiki Microfinance Bank may at any time, with or without notice to the customer, terminate or vary its business relationship with the customer and in particular but without prejudice to the generality of the foregoing Rafiki Microfinance Bank may cancel credits which it has granted and require the repayment of outstanding debts resulting there from with such time as Rafiki Microfinance Bank may determine at its sole discretion.


Rafiki Microfinance Bank may at any time freeze any account of the customer if and so long as there is any dispute and/or Rafiki Microfinance Bank has doubt for any other reason (whether or not well founded) as to the person or persons entitled to operate the same, without any obligation to institute inter-pleader proceedings or to take any step of its own initiative for the determination of such dispute or doubt. The customer hereby consents to such freezing.

You can register only one mobile phone for multiple accounts but can register multiple numbers for one account number. You hereby confirm, declare and acknowledge that the phone number provided to us is owed by you or in your control and that any communication from and to the said phone is and shall be with the knowledge of and within your control. You shall in all circumstances accept full responsibility for any and in all instructions sent to us from the phone number and you hereby authorize us to act on the instructions and process any and all transactions.

You agree and acknowledge that we shall in no way be held responsible or liable if you incur loss as a result of carrying out the instructions of your pursuant to your access of the Rafiki M-banking.

The Rafiki M-banking may be terminated at any time by notice from you to us in the form of an application form (available at any of our branches). Any such termination shall be effective within (2) days of receipt of the termination notice by us.

You acknowledge that any information received by you under the Rafiki M-banking is for information only, and shall not be taken as conclusive evidence of the matter to which it relates. You understand that the date and time on the information advises best the date and time of Rafiki Microfinance Bank main computer.

You shall use only the mobile phone number that has been informed to us stated in the application form. You shall promptly notify us, by filling out a change request form, of any changes to information provided to us by you relating to or for the purposes of the Rafiki M-banking including the details of your designated mobile phone number and the telecommunication company providing or servicing it.

In addition, you shall promptly inform us of any loss or theft of your mobile phone by calling our Help Desk at card Centre on telephone numbers provided from time to time. We shall not be liable for any loss or claim resulting from the relaying of any information to the designated mobile phone number prior to receipt of any of notification of loss or theft, the bank shall deactivate the subscription until further instructions a received.
You shall be solely responsible for all the transactions and consequences arising out of the messages emanating from the registered mobile phone instrument. We will not assume any responsibility or liability for unauthorized messages sent by any other person without authority.

We shall not assume any liability or responsibility for any failure or delay in transmitting information to you or any error in such information, unless this results from negligence or willful default on our part.

We shall not assume any liability or responsibility for the consequences arising from any cause beyond our control including, without limitation, failure of your telecommunications equipment to receive information for whatever reason, any telecommunications breakdown. mechanical failure, path failure, malfunction, breakdown, interruption or accuracy of equipment or installation, force majeure event such as sabotage, fire, floods, explosion, acts of God, civil commotion, strikes, act of government, computer hacking, unauthorized access to computer data, computer crashes etc.
We will provide you with an initial PIN at the time of availing of service. You must keep your Personal Identification Number (PIN) confidential never under any circumstances disclosing it to any one and take all reasonable care to prevent its unauthorized and fraudulent use.

You acknowledge that the PIN selected acts as your authorized signature. The Pin authorizes and validates directions given by you. If you give your Pin to anyone or fail to safe guard its secrecy, you do so at your own risk and we shall not be liable for any loss arising from as shared pin.
You must tell the bank immediately of any authorized access to the Rafiki M-banking or any unauthorized transactions or any instructions which you know of or suspect.

We shall not be liable for any losses or damaged caused (a) by the disclosure of confidential information to the designated mobile phone where designated mobile phone is in another person’s possession with your consent; or to your data, designated mobile phone, communications equipment or other equipment, in each case caused by your use of the Rafiki M-banking unless such loss or damage is directly and solely caused by our willful default or negligence.

We reserve the right and you hereby authorize us to send you customized messages over your mobile phone for marketing or regarding the provision of other services or products or for any other purposes we deem fit unless specifically instructed otherwise by you in writing.

Any notice from us to you may be in such manner and by such means of communication as we shall deem fit, including, without limitation , use of direct mailing material, advertisement, branch display, electronic communication such as e-mail or via the Rafiki M-banking. Any notice from you to us shall be in writing at the following address unless otherwise indicated in this Terms & Conditions: Card Centre, Rafiki Microfinance Bank P.O Box 12755-00400 Nrb.

We reserve the right at all times to vary or amend the foregoing Terms & Conditions or to introduce new Terms & Conditions. Any such variations or amendments shall become effective and binding on you upon notification by us to you. If you are unwilling to accept such variations or amendments you may terminate the Rafiki M-banking services by providing written notice thereof.


  1.  Terminal means Automated teller Machines (ATM) or point of sale terminal through which transaction instructions may be given.
  2. Visa/ATM Debit Card means card issued for drawing cash and obtaining other services through the ATM terminals or points of sale.
  3. PIN means Personal Identification number required to gain access via an ATM terminal to give a transaction instructions or point of sale terminal where applicable.


  1. The card holder must sign the card as soon as it is received. The card will only be valid for the period indicated on the card and upon expiry it shall be renewed at a fee.
  2.  The card will be used to withdraw cash and access other services at ATMs and merchant locations operated by Rafiki Microfinance Bank or other ATMs and merchant locations operated by other members as identified with the Visa Ken switch to purchase goods and other services both in Kenya and outside Kenya.
  3.  A Visa card may be used locally and worldwide to withdraw cash from the ATM operated by members at Visa (Identified by logo at Visa) and to purchase goods and services from merchants equipped with point of sale terminals identified by the logo Visa Electron.
  4. All such withdraws and purchases shall be debited from the customer’s account at such rate of exchange as maybe described by Rafiki Microfinance Bank at the relevant time.
  5.  If a card is lost or stolen the card holder must notify the Rafiki Microfinance Bank immediately. The card holder shall be liable in respect of such a transaction instruction given prior to receipt by the Rafiki Microfinance Bank at such a notification of such a loss, theft or disclosures within Kenya and worldwide to withdraw and purchase goods.
  6. We will convert all transactions at the account to shillings using the exchange rate and a percentage commission on the amount of the transaction. Please note that the exchange rate may not be the same as the rate of the date of the transaction as conversion may take place at a later date.
  7. Card transactions shall be evidenced by a voucher signed issued by the merchant and authorized be you using a PIN or a signature. You shall enter your PIN or append your signature when using your card to purchase goods and services but failure to so shall not relieve of your duties or from liability for any card transaction effected by the Rafiki Microfinance Bank for your account through use of your card.
  8. The card should not, under any circumstances, for any unlawful purpose(s) including the purchase of goods and or services prohibited under Kenyan law.

a) The card holder(s) must exercise all due care and attention to ensure the safety of the card and the secrecy of the personal Identification Numbers (PIN)at all times to prevent the loss of and /or use of his/or her card or PIN by any third party or unauthorized user.
b) A cardholder is fully responsible for ensuring that the PIN is not disclosed to anyone under any circumstances and he/she is encouraged to change frequently. The PIN should be kept secret at all times and should be memorized and destroyed immediately.
c) Magnetic strip at the back of the card should not be scratched or put with items that can damage it.

a) If a card is lost or stolen, or if a PIN is disclosed to any authorized person, the card holder(s) must immediately notify the Rafiki Microfinance Bank of such loss, theft or disclosure. Any verbal notification must be confirmed in writing immediately. The card holder(s) will be liable of any transactions given prior to receipt by the Rafiki Microfinance Bank or notification of such loss, theft or disclosure.
b) The ATM Card may for various reasons, be captured (retained) by the ATM terminal. The card holder should visit Rafiki Microfinance Bank /Branch where his/her card was captured on the next working day and present the ATM services slip given by the ATM during capture together with his/her National ID in order for him/her to get their card back.

a). The cardholder may at any time cancel his/her card by returning it to the Rafiki Microfinance Bank after cutting it in half.
b) Rafiki Microfinance Bank may at any time and without notice cancel and suspend the right to use any card entirely or in respect of specific facilities or refuse without in any case affecting the principle cardholder’s obligation under this agreement and which shall be continue to be in force.
c) The card remains the property of Rafiki Microfinance Bank at all times. On request the card must be returned immediately to Rafiki Microfinance Bank or any other person acting for Rafiki Microfinance Bank. Rafiki Microfinance Bank shall notify the card holder(s) of any such persons.

a) Cards shall be renewed automatically 30 days before the day of expiry and the renewal fee debited to your account.
b) If a cardholder does not wish to renew his/her card, he/she should notify Rafiki through writing 2(two) months before the date of expiry.
c) If a card holder losses or damages his/her card, Rafiki Microfinance Bank may at its own discretion issue a replacement card (s) and charge a fee at the rates applicable at the time of the replacement.

a) Rafiki Microfinance Bank is not responsible for any goods or services charged to the card
b) Rafiki Microfinance Bank accepts no responsibility for the failure of a merchant to accept the card or of any loss or damages arising from the manner of its acceptance .any dispute should be settled with the merchant concerned.

a) Rafiki Microfinance Bank shall be entitled to charge and debit from the card holder(s) account such fees as it may from time to time ,notify the cardholder(s) including but without limitation to a service fee of an amount to be prescribed by Rafiki Microfinance Bank for the use of the card.
b) In the event the fee charges result in the account being in a debit balance, the account holder(s) remain fully responsible for the said fee including any recovery charges.

a).The card holder(s) may not overdraw his/her account by giving a transaction instruction. And if it so happens the account becomes overdrawn through action of the cardholder(s), then Rafiki Microfinance Bank is entitled to claim not only the amounts owed but the interest and recovery charges as well.
b) Any account that is non-operational for a period of six months or more will be automatically be converted to a dormant account and may be denied transaction instruction. The card holder therefore contact his/her branch for assistance.
c) Cash or cheque deposited at the Automated Teller Machine (ATM) for credit to customers current/ savings account shall be subject to verification by Rafiki Microfinance Bank. In the event of any discrepancies, Rafiki Microfinance Bank own determination the amount(s) credited shall be in the absence of the customers will be conclusive.
d) Cash or cheque deposited at the Automated Teller Machine (ATM) for credit to a customer’s current account /savings account will be collected by Rafiki Microfinance Bank and proceeds will not be available until the relevant funds have been received for value by Rafiki Microfinance Bank.
e) Rafiki Microfinance Bank shall have no liability for inability to perform its obligations in the cardholder agreement due to anything whatsoever outside the control of Rafiki Microfinance Bank, its agents or customers.

a) The card holder(s) shall be fully liable in each transaction instruction given by the use of his/her card confidential information displayed on a terminal must not be disclosed by a third party.

Rafiki Microfinance Bank shall not be liable for any disclosure arising out of a transaction instruction or to loss, injury or damage arising from the use of the ATM terminal.

b) Rafiki Microfinance Bank shall not be liable if its unable to perform its obligations under this agreement due directly or indirectly) to the failure of any machine data processing system, transmission link, industrial disputes, strikes, lockouts, acts of any public enemy, wars, blockades, insurrections, riots, fires, civil disturbances, government regulations and directions, fraudulent activity, terrorist action or anything outside its direct control or that of its agents or subcontractors.

c) Rafiki Microfinance Bank makes no warranty, express or implied, in respect of the use of the card herein. Rafiki Microfinance Bank expressly disclaims any implied warranties of availability, fitness, completeness, reliability, performance, timeliness or pricing in respect of the use of the Card herein.
For the purpose of this Indemnity and/or Undertaking, the word services shall be deemed to include any form of banking services or products that Rafiki Microfinance Bank may offer its customers from time to time including any cards and access codes. This Indemnity and Undertaking shall be deemed to be an integral part of the account opening form executed by me/us as amended from time to time

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