Terms & conditions
Terms and Conditions included in this agreement governs the subscriber’s use of Cash Portfolio for E-Money, the agreement constitutes the legal relationship in-between subscriber and Tamkeen Financial Company the service provider for E-Money and E-Payments services, and thus subscriber approval for the agreement is considered as ratification for this terms and conditions, which can be viewed at any time by visiting the service website on the internet or through the application, therefore, we request the subscriber to read this agreement well.
The utterances, terms, phrases mentioned hereinafter in this document express the meaning associated with each unless the text context involves different meaning:
2.1. Central Bank: Refers to Central Bank of Yemen.
2.2. Company or Tamkeen Company: refers to Tamkeen Financial Company for E Payment Systems & Services, it’s a financial company specialized in presenting the E Payment Services through Mobile, registered with accordance to the laws in the Republic of Yemen permission no. 6553/61, authorized from the Central Bank of Yemen to present services in accordance with Law No. 1 for 2020 related to delivering E-Money Service.
2.3. Cash wallet : a trademark registered in the name of Tamkeen used to commercially promote the E-Money Portfolio presented by Tamkeen Company.
2.4. E-Money Law: refer to laws issued by Central Bank of Yemen to regulate the E-Money Services that includes: (Law No. 40 for 2006 related to Electronic Payments Systems, Financial & Banking Transactions, Law No. 11 for 2014 related to Providing E-Money Services through Mobile Phones, Decision of Central Bank of Yemen Governor No. 1 for 2020 related to Providing E-Money Services).
2.5. Money Laundering: The Action/Behavior referred in Law No. 1 for 2020 as the action or abstain from the action with the intent to conceal the source or nature of money obtained from crime indicated in term no. 3 of the same law.
2.6. Terrorism Financing: The Action/Behavior referred to in Law No. 1 for 2020 as the action include obtaining or giving money directly or indirectly by any mean, knowing that it is used to finance an action defined in term no. 4 of the same law.
2.7. E-Money Account or the E-Account: the account of the E-Money opened by the client and held by Cash.
2.8. Banking Account: the real banknotes account opened by the client and held by the Bank; it is significantly independent of the E-Money Account.
2.9. Trust Account: Bank Account opened at the accredited settlement bank where the amounts deposits of service clients are collected.
2.10. Balance: The Credit E-Money Amount in the client’s account.
2.11. Subscriptions SIM Card: The card includes the information of the subscriber issued by a telecommunication company enabling the subscriber to benefit from and reach the E-Payment Service and the other Services delivered by Tamkeen Company.
2.12. Fees: the amounts deducted from your E-Money Account against the use of wallet services.
2.13. Subscription Document: The Terms & Conditions included in this document, in addition to indexes and attachments obligatory for the client and the legal background to get the service.
2.14. Clients Service: Staff of Tamkeen Financial Company who appointed to deal with requirements and complaints of the clients.
2.15. Service: Set of services presented by E-Money Wallet “Cash”, that can be obtained by Tamkeen Company and its Agents.
2.16. Security Information: means your password and pin code or the clients’ password and pin code.
2.17. Terms & Conditions: The procedures regulating the subscription in the service and the uses of the electronic account, that can be amended from a time to another.
2.18. Working Days: weekdays except for weekends, national days, religious holidays.
2.19. We: refers to the Financial Company Tamkeen and/or the service main agents.
2.20. You/client: the client either an individual or legal entity opened an e-money account in his name.
2.21. Distributor/agent: The person appointed by the financial company Tamkeen to present cash wallet services.
3.2 Be notified that additional terms and conditions could be implemented and will be notified by the company on time, according to the type of E-money account subscribed by the client.
4. E-Money Account:
4.1. Your E-money Account is an electronic money account that enables you to execute E-money operations, such as:
“Make Payments, Send and Receive Transfers, Issuing and Receive for Payments, Issuing and Paying invoices….etc”, depending on the account type acquired.
4.2. The electronic money on your E-money Account is issued in accordance with the Central Bank of Yemen E-money Law.
4.3. Your E-money Account is denominated in a currency of your choice, as selected by you from the available currencies; licensed by Central Bank of Yemen.
4.4. Subject to section “Closure of E-Money Account no. 8”, the electronic money held on your E-money Account does not expire but it will not earn any interest.
4.5. You have the right to withdraw and transfer funds in your E-money Account at any time. However, the same is subject to:
- Withdraw limits specified by the company for each profile/account cited from related official entities laws and regulations.
- Adequacy of balance in E-Money account to cover real cash out (withdrawal) commission.
- Proof of Identity (Client Identity/Yours).
- Electronic money accounts are not bank accounts. In the unlikely event that we become insolvent; you may lose the electronic money held in your E-money Account. However, we strictly adhere to the legal requirements under the E-money Directive and the E-money Law which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts.
4.6. The electronic money on an E-money Account belongs to the person or legal entity which is registered as the E-money Account holder. No person other than the E-money Account holder has any rights in relation to the funds held in an E-money Account, except in cases of succession. You may not assign or transfer your E-money Account to a third party or otherwise grant any third party a legal or equitable interest over it.
4.7. E-money Account may be subject to balance and number of operations limits, depending on Central Bank of Yemen instructions; limits in e-money account might be subject to amendment between whiles with accordance to the estimation of the service provider or legal instructions agree with the nature and properties of the client activity.
5. Opening E-Money Account
5.2. If you are an individual, you must be 18 years or older to use our services and by opening an E-money Account you declare that you are 18 years or older. We may require at any time that you provide evidence of your age and/or where appropriate evidence of parent consent/legal guardian.
5.3. The client has the right to own 3 accounts only, in accordance with term no. 2.14 from CBY Governors Decree no. (1) for 2020, related to regulation rules of financial institutions to provide e-payment services through mobile.
5.4. You may only open an E-money Account if it is legal to do so in accordance with Laws in the Republic of Yemen. By opening an E-money Account you represent and warrant to us that your opening of an E-money Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.
5.5. All information you provide during the signup process or any time thereafter must be accurate and truthful.
5.6. During signup you will need to inform us whether you intend to use your E-money Account for private or commercial purposes, If you have any intention to use your E-money Account for commercial purposes, you must inform the company, to classify your account among the suitable profile and to complete the requirements of the profile. But if you have signed up your account as a private account, you must tell us immediately before, that you would like to use the account for commercial purposes by contacting our client service officer to take the required arrangements to change the account profile.
5.8. Within any date of the date of opening your E-money Account, you may close your E-money Account by contacting Helpdesk; however, if you have uploaded funds into your E-money Account, you may be required to provide identification documents (National ID) before being able to withdraw funds. Transactions and fees for transactions undertaken before you close your E-money Account (including those transactions that are not revocable and have been initiated but not completed before the closure of your E-money Account) will not be refunded.
6. Maintaining Your E-money Account
6.1. You must ensure that the information recorded on your E-money Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.
6.2. We may contact you by e-mail or any other methods (described in section 19) with information or notices regarding your E-money Account. It is your responsibility to regularly check the proper functioning of your e-mail account, your mobile phone number, and the other means of contact, you have registered with your E-money Account and to retrieve and read messages relating to your E-money Account promptly. We shall not be liable for any loss arising out of your failure to do so.
6.3. Account Replenishment (Funding/Deposits), payments received, payments sent and fund withdrawals are displayed in your online statement together with the fees charged. You should check your E-money Account balance and transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting Helpdesk.
6.4. Subject to the provisions of “section no. 10 below “replenishment of e-money account”, to claim a refund for an unauthorized or incorrectly executed payments/transaction on your E-money Account, you must notify us without undue delay after becoming aware of the unauthorized or incorrect transaction and in any event no later than (24 hours) since the debit moment of the transaction in a condition the action has been taken by the party deposited account.
7. Keep Your E-money Account Safe
7.1.In order to use our service, we will send you a password/pin code by SMS to the mobile no. you registered. On your first login to your account, you will be required to change this password/pin code during the signup process to be a unique password/pin code known only to you (The Client), so you will be responsible to keep this password/pin code safe and unknown for any other person.
7.2.You may also be offered a mobile application that will allow you to access your e-money account to execute your financial transactions. As well we will provide you with a PIN code to enable you to log in as stated in terms above, so it is your responsibility to ensure the safety of this PIN. As well you should know that we do not know this PIN and we can’t reach your safety pin code by any means.
7.3.You must take all reasonable steps to keep your Security Information safe at all times and never disclose it to anyone. Be informed that our personnel will never ask you to provide your Security Information to us or a third party. Any message you receive or website you visit that asks for your Security Information, stop dealing with the same website and report this website to us. If you are in doubt whether a website is genuine, you should contact the Helpdesk. As well as It is advisable to change your Security Information regularly (at least every three (3) to six (6) months) to reduce the risk of a security breach concerning your E-money Account. We also advise you not to choose Security Information that is easily guessed from information someone might know or gather about you or Security Information that has a meaning. You must never allow anyone to access your E-money Account or watch you accessing your E-money Account.
7.4.If you have any indication or suspicion of your Security Information, E-money Account, Payment Card, login details, password, or other security feature being lost, stolen, misappropriated, used without authorization, or otherwise compromised, you are advised to change your Security Information. You must contact Helpdesk without undue delay on becoming aware of any loss, theft, misappropriation, or unauthorized use of your Security Information, E-money Account, Payment Card, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your E-money Account but may result in you being liable for any losses as a result. If you suspect that your E-money Account, or your Payment Card was accessed by someone else, you should report the incident to our customer service immediately.
7.5.Your E-money Account functionality might be suspended or otherwise restricted on reasonable grounds relating to the security of the E-money Account or any of its security features or if we reasonably suspect that unauthorized or fraudulent use of your E-money Account has occurred or that any of its security features have been compromised, or in case of entering your security code mistakenly for more than 3 times. the suspension will lift and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
7.6.You must take all reasonable care to ensure that your e-mail account(s) and mobile phone numbers are secure and only accessed by you, as your e-mail address or your mobile number may be used to reset passwords or to communicate with you about the security of your E-money Account. In case any of the e-mail addresses or mobile numbers registered with your E-money Accounts are compromised, you should without undue delay after becoming aware of this contact Helpdesk and also contact your e-mail or mobile service provider and make a notification about the incident.
7.7.Irrespective of whether you are using a public, a shared or your own computer or you are using a mobile application in order to access your E-money Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer or mobile you are using.
7.8.Additional products or services you use may have additional security requirements and you must familiarize yourself with those as notified to you.
7.9.In addition to the security provisions above, and specifically in relation to the mobile application you must take all reasonable steps to keep the mobile application safe and prevent their fraudulent use, and in particular:
do not allow any third person to use your security information;
- do not disclose any Security Information to any third person; do not write down or otherwise record
- your PIN in any easily recognizable form;
- notify us without delay after becoming aware of:
- Any delay in receiving the Pin Code.
- Loss of disclose of your security information.
8. Closing Your E-money Account
8.1. You can close your e-money account at any time by contacting our customer service and after you follow the procedures will be provided.
8.2. In case your e-money account hold balance at the moment of closure, you should withdraw funds within a specified time, the only authentication active in this phase is cash-money withdrawal, so you should withdraw these funds with limited time, during this time your e-money account will remain accessible just for purpose of balance withdrawal.
8.3. The company reserves the right to carry out the necessary checks earlier to authorize the withdrawal of funds and closure of the account, for purposes of anti-money laundering, terrorism financing, fraud & counterfeit, or any other illegal activity.
8.4. Client shall know that fund balances held in dormant e-money account do not generate yield for the account owner.
8.5. Client shall know that e-money held in a dormant account with no financial transactions for one year, as well the failure of all contact means with the client failed, will be transferred to an independent account at the trust bank, the funds will be held for 15 years, in case no claims existed the funds will be transferred again to Central Bank of Yemen, General Account of Government.
9. Procedures Related to Deceased Agents
9.1.E-Money account of deceased agent will be suspended once being informed of death event either by legal heirs or by any means, the suspension is implemented from the same moment, then similar regulations mentioned in clients service policy will apply on such accounts as dormant inactive accounts for more than a year.
9.2.Suspension for E-Money Account can be released with heirs’ determination adjudication, in case underage heirs exist a trustee shall be appointed according to heirs’ determination adjudication, Trust Bank shall investigate and compare documents with data of the heirs similar to the regulation of the banking account.
9.3.Information related to the E-Money account of the deceased agent should only be given according to court adjudication or official request from Central Bank of Yemen.
10. E-Money Account Funding:
10.1. Funding of an E-Money Account can be accomplished by depositing cash at any service agent, as well be receiving deposits, transfers, and payments to the same account.
10.2.You may be asked to answer security questions or to complete other authentication requirements that we may reasonably require to ensure proper authorization of a funding transaction, according to the sort of transaction, specifically those transactions tied with other systems.
10.3. Funds & Transactions are subject to limits due to legal requirements. These limits are set on the system depending on your verification status, funding method, and account profile.
10.4. Funding is subject to fees and currency conversion fees depending on which funding method and profile of e-money account you own, please refer to section 15 related to fees and commissions for more details.
11.Payment/Recharge/Cash out (Withdraw) Transactions
11.1.Payments/Cash Out “Withdrawals” are subject to limits due to legal requirements. These limits are set in accordance with your account profile. You should ensure that your limits are sufficient to cover the payment you intend to make as well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a payment may also be subject to Cash out “withdrawal” limits which may affect the recipient’s access to the funds you intend to send.
11.2.Payments are subject to fees, currency conversion fees included, depending on the type of payment you make and the type of E-money Account Profile you held. Please refer to section 15 related to fees and commissions for more details.
11.3.Any claims to refund (Reverse Payments/Transfers to Merchant) won’t be approved by us, the matter is between you and the relevant merchant, as well as, you do not own the right to claim rejection for any payment, transfer, recharge transaction correctly made from your e-money account.
12. Receiving/Collecting Funds:
12.1.Once you receive funds into your E-money Account, an SMS message notification will be sent to your mobile phone number which displays the payment in your transaction statement, regular reconciling for your incoming payments with your own records should be implemented by you.
12.2.You should be aware that Deposits/Transfers of funds to your E-money Account does not necessarily mean that these transactions cannot be reversed; as We reserve the right to reverse a payment in case the payer or the payer’s bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to chargeback or otherwise reverse) a funding or other payment which was used to fund the payment to you.
12.3.The receipt of payments is subject to fees, depending on the type of payment received by you as well as your E-money Account Profile. please refer to section 15 related to fees and commissions for more details.
13. Prohibited Transactions
13.1.It is strictly forbidden to send or receive payments as consideration for the sale or supply of prohibited transactions with accordance to taxes law, Anti-Money Laundering & Terrorist Financing, and any other relevant laws, for example:
• Prescription drugs • Drugs and drug paraphernalia • Weapons (including without limitation, knives, guns, firearms or ammunition) • Pornography, adult material, material which incites violence, hatred, racism or which is considered obscene • Government IDs and licenses including replicas and novelty items and any counterfeit products services • Items which encourage or facilitate illegal activities • Any other forbidden activities with accordance to laws and regulations in force”.
13.2.It is strictly forbidden to make payments to or to receive payments from persons or entities offering illegal goods & services. We may suspend or terminate your E-money Account at any time or refuse to execute or reverse a transaction if we believe that you directly or indirectly use or have used your E-money Account for or in connection with illegal transactions.
13.3.It is strictly forbidden to use your E-money Account for any illegal purposes including but not limited to money laundering, terrorist financing, fraud and forgery. suspicious activity will be reported to the relevant law enforcement agency. You are prohibited from using your E-money Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.
13.4.If you conduct or attempt to conduct any transaction in violation of the prohibitions contained above, we reserve the right to:
- Reverse the transaction; and/or close or suspend your E-money Account.
- Report the transaction to the relevant law enforcement agency.
- Claim damages from you.
- Charge you any accrual administration fee in case of conducting any of the terms above.
- It is the clients (User of Service) responsibility and not ours (The Service Provider) to ensure that you only send payments to or receive payments from persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any in force/applicable laws and regulations. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment.
14. Money Withdrawal
14.1.You can request a withdrawal of all or part of the credit balance held in your E-money Account during business timing through our Service agents, tanking to consideration limits controlling each transaction sort and balance.
14.2.When a banking account is linked to E-Money Account, withdrawal becomes possible through the relevant bank after making the transfer from your E-Money Account to your Banking Account.
14.3.Withdrawals are subject to withdrawal fees and currency conversion fees depending on which withdrawal method is chosen. Please see section 15 for details.
15. Fees & Commissions
15.1.Tamkeen Financial Company is committed to publishing service tariffs available by any means, such as: “Publishing on Websites, Newspapers, leaflets, SMS Messages for Subscribers, Points of Sale”.
15.2.Fees & commissions depend on whether you are using your E-money Account for personal or commercial purposes.
15.3.Fees & commissions related to financial transactions will be displayed on time of conducting the financial transaction; earlier to confirmation for the transaction either is conducted through app or web.
15.4.Concerning currency conversion, the exchange is conducted with current exchange rates. Changes in these exchange rates will be applied immediately without notice. In addition, transfer fees are applicable on account of a specific percentage.
15.5.Fees debited from your E-Money Account are either expressed as a percentage of the transaction or as a fixed amount or both.
Fees payable by you will be deducted from your E-money Account balance and you hereby authorize us to conduct the same. Transaction fees will be charged when the transaction is executed. If your E-money Account balance is insufficient to cover the fees, we may refuse to execute the payment.
16.1.In case of an unauthorized payment or a payment that was incorrectly executed due to an error by us, we shall at your request immediately refund the payment amount including all fees deducted therefrom. This shall not apply the following:
16.2.Where unauthorized payment arises due to failure of the client to keep personalized security features of his E-money Account or Payment Account safe in accordance with section 6 .
16.3.If you fail to notify us without undue delay of any loss of your Security Information or other events that could reasonably be expected to have compromised the security of your E-money Account after you have gained knowledge of such event in which case you shall remain liable for losses incurred up to your notification to us;
16.4.If you fail to notify us with a written message or email message without undue delay of any unauthorized transaction you shall be solely liable for all losses.
16.5.To avoid breach of former terms, regular and frequent audit for your E-Money Account Statement is required, in case of inquiries appear for you, you should contact the client service officer immediately to meet enquires.
16.6.In case of payment that was incorrectly executed by you (client) (Unintentionally to a different account than the intended account), the company shall take the required regulation to assist you to refund the amount.
16.7.Reference to the above terms, we (Company) are not responsible for the troubles or weakness of our services, in case this troublesome or weakness happened due to uncontrolled coercive circumstances.
16.8.Commitment to these terms & conditions is restricted to relevant E-Money Operations and Services.
17. Termination and suspension
Concerning terms mentioned in customer service;
17.1.We may terminate your E-money Account or any payment service associated with it by giving you three months’ prior notice.
17.2.You may terminate your E-money Account with us at any time.
17.3.Upon notification for termination of service, you will be provided with instructions to withdraw amounts in your E-Money.
17.4.Accrual commissions on transactions upon suspended/terminated account will be deducted earlier.
We may at any time suspend or terminate your E-money Account without notice in case of:
- You violate or we have reason to believe that you violate any law or regulation that applies to your use of our services; or
- We have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing, or other criminal activity.
We may suspend your E-money Account at any time if:
- We reasonably believe or being notified that your E-money Account has been compromised or for other security reasons; or
- we reasonably suspect or being notified that your E-money Account to have been used or is being used without your authorization or fraudulently; and we shall notify you either before the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.
- In case investigation is commenced against the subscriber by the specialized legal executive or organizational or governmental entity, or any other entity owns similar authority, or for any other reason, the company will find that it is going to cause suspicion against the reputation of Tamkeen Financial Company.
- Financial Tamkeen company do not bear any responsibility against any harm that may happen for the subscriber by any mean, such as loss, damage, or trouble, which may happen either directly or indirectly or later on, which may happen as a result of intentional or unintentional action by the subscriber, and lead to termination/suspension/discloser of the account with accordance to this term.
18.2.We shall give notice to you of any proposed change by sending an e-mail to the primary e-mail address registered with your E-money Account or by sms or our website announcement .
18.4.If you object to the changes, they will not apply to you, however, any such objection shall constitute a notice by you to terminate and close your E-money Account. Your E-money Account will be closed per the provisions of section 8 above “Closing the E-money account”
19. How We Communicate
19.1.We usually communicate to you via e-mail or mobile phone number registered upon opening of account. For this purpose, you are required to check incoming messages regularly and frequently. Any communication or notice sent by e-mail or SMS will be deemed received by you on the same day if it is received in your e-mail inbox on same the Business Day.
19.3.Official contact and correspondence in Arabic language, contact by other language are just to meet requirements of the clients or to simple regulations, and it is not considered as commitment.
19.4.Apart from communicating via e-mail, we may contact you via letter or telephone, where appropriate. If you use any mobile services, we may communicate with you via SMS. Any communication or notice sent by post will be deemed received on the day of the date of posting.
19.5.You may contact us at any time by sending a message to Help desk via the “email@example.com” facility on our Website or by calling via Toll Free 8000333
20.1.Any complaints about the services we provide should be addressed to us in the first instance by contacting Toll free: 8000333 or by complaints email firstname.lastname@example.org , You should indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. We send you a complaint acknowledgment by post or by e-mail within 48 hours of receiving your complaint by our complaint procedure. You may request a copy of our complaints procedure at any time by contacting clients’ service.
20.2.We endeavor to provide you with an answer or resolution to your complaint ASAP. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you by any means.
20.3.If your complaint is not resolved to your satisfaction, you may contact Central Bank of Yemen and present a complaint.