Wallet Terms and Conditions

1. General Information

1.1.        These terms and conditions relate to the registration and use of any of the C1 wealth Management Wallets (jointly referred to as the “C1 Wealth Wallets”). 

1.2.        The C1 Wealth Wallets are incorporated by reference to the Platform Terms and Conditions. By using the C1 Wealth Wallets, you indicate that you agree to the C1 Wealth Terms and Conditions. (the “Terms and Conditions”).

1.3.        All capitalised terms not defined herein shall have the meaning given in the Platform Terms and Conditions.

1.4.        The C1 Wealth Wallets related financial services are duly sponsored by Nedbank Ltd (“Nedbank”), a company registered in terms of South African law with registration number:  1951/000009/06.

1.5.        The C1 Wealth Wallets capability is owned and operated by C1 Wealth Management (PTY) Ltd, a company registered in terms of South African law with registration number: 2022/837320/07 (hereinafter referred to as “C1WM”).

1.6.        These Terms and Conditions shall commence from the date on which they are published and continue indefinitely, as amended by C1WM from time to time, for so long as C1 Wealth Wallets exists and is operational, C1WM being entitled to amend or terminate these Terms and Conditions and/or shut down the C1 Wealth Wallets at any time in accordance with these Terms and Conditions.

1.7.        You agree that the information you have provided upon registration to the C1 Wealth Wallets is true and accurate. You agree to inform C1WM immediately if the information provided becomes incorrect.

1.8.        You may not change any of the Terms and Conditions.

1.9.        You may not cede your rights or delegate your obligations in terms of the Terms and Conditions.

1.10.    The Terms and Conditions will be governed by the laws of the Republic of South Africa.

1.11.    In the event that there are bank system error corrections including but not limited to incorrect double crediting of your C1 Wealth Wallets, you consent that C1WM or Nedbank, shall have the right to debit your C1 Wealth Wallets. Notification of such correction or debit shall be provided to you. 

1.12.    No multiple C1 Wealth Wallets are allowed.

1.13.    Once you register, your C1 Wealth Wallets does not expire it only becomes inactive or dormant, however your C1 Wealth Wallets may be terminated in accordance with these Terms and Conditions. 

1.14.    If you suspect that your C1 Wealth Wallets has been compromised, please contact C1WM on the Fraud Hotline details in clause 20.

2. Registration/Application for an C1 Wealth Wallets

2.1.        Your registration for the C1 Wealth Wallets is subject to the approval criteria and may be declined at the sole discretion of C1WM.

2.2.        C1WM will request certain information from you before your registration can be completed successfully i.e. information in respect of your identity – (“KYC”).

2.3.        You must provide complete, accurate information.

2.4.        If you cannot provide satisfactory proof of identity and/or other supporting documentation, then C1WM may decline your application for an C1 Wealth Wallets.

2.5.        C1WM may, in order to meet its regulatory obligations, request additional information and documentation from you after the approval of your C1 Wealth Wallets application.

2.6.        By applying for the C1 Wealth Wallets, you agree to accept and be bound by these Terms and Conditions 

2.7.        You will be prompted to choose your PIN or enter biometrics for you to be able to access the C1 Wealth Wallets.

2.8.        Your PIN to the C1 Wealth Wallets is confidential and must be kept safe at all times.

2.9.        C1WM and Nedbank will not be held liable for a lost/or compromised PIN or any related losses due to your negligence.

3. Payments using the C1 Wealth Wallets

3.1.        As part of the Services, you may elect to make payments on the C1WM Platforms using a digital Wallet that stores value.

3.2.        To register for a Wallet and use the C1 Wealth Wallets, you must register using your South African mobile number and an email address.

3.3.        Access to a C1 Wealth Wallets is subject to compliance with anti-money laundering legislation including but not limited to Financial Intelligence Centre Act No 38 of 2001 as amended (“FICA”) and successful fraud and risk control checks.

3.4.        If you do not provide the requested information for the purposes of FICA at the point of registration or after receiving a request at any time after registration you will not be able to transact on your C1 Wealth Wallets. 

3.5.        Access to a C1 Wealth Wallets shall be at C1WM and Nedbank’s sole discretion.

3.6.        The features of each type of Wallet are set out in Annexure A below.

4. Transferring/Depositing money into Your C1 Wealth Wallets

4.1.        You may deposit funds into your C1 Wealth Wallets by:

4.1.1.  Transferring funds from your bank account to your C1 Wealth Wallets using Electronic Funds Transfer (“EFT”).

4.1.2.  C1WM will only allocate funds in near real-time based on the payment notifications received from your bank, otherwise funds will only be allocated by following the standard EFT settlement rules.

4.1.3.  EFT payments are final and irrevocable in nature and you will be unable to lodge disputes to reverse a transaction once it has been successfully processed by C1WM and/or Nedbank.

4.1.4.  You may also deposit funds into your C1 Wealth Wallets via cash-in at retailers or topping up your C1 Wealth Wallets C1WM will allocate such deposits in near-real time.

5. Electronic payment instruction transactions

5.1.        You should not store your PIN on your cellphone handset in any form whatsoever. 

5.2.        If your cellphone automatically stores your PIN, the onus is on you to delete it. This will ensure that no one can transact using your C1 Wealth Wallets, as they will need your PIN to access and authorise transactions.

5.3.        All payments effected using your C1 Wealth Wallets are final once approved and there will be no charge backs allowed on such transactions.

5.4.        You will be responsible for paying the relevant network or wireless and data service charges that you incur when using the C1 Wealth Wallets for this purpose.

6. Withdraw money from Your C1 Wealth Wallets

6.1.        All withdraw transactions effected using your C1 Wealth Wallets are final once approved and there will be no charge backs allowed on such transactions. 

6.2.        You may withdraw from your C1 Wealth Wallets by: 

6.2.1.  Transferring funds from your C1 Wealth Wallets into a bank account using pay future on the app. 

6.2.2.  You may also withdraw by generating a withdraw voucher that can be redeemed at one of the participating retailers, participating Agents or at Nedbank ATMs that have been activated to process C1 Wealth Wallets withdraw vouchers. The withdrawal can only completed if the retailer, Agent or Nedbank ATMs has sufficient cash available. A minimum amount that can be withdrawn will be displayed in your withdrawal screen. The daily and monthly limits per your C1 Wealth Wallets type will apply.  

6.2.2.1.      The withdrawal vouchers will be valid for a period of 30 days. If a cash-out voucher is not redeemed within 30 days, the voucher will be automatically cancelled, and funds will be returned to the C1 Wealth Wallets that initiated the withdrawal transaction. The value voucher amount will be credited into the wallet, however, associated fees will not be reimbursed into the C1 Wealth Wallets.  

6.2.2.2.      The withdrawal vouchers must include the PIN (Personal Identification Number); the PIN will be selected by the person initiating a withdrawal voucher and will be used when redeeming cash at one of the participating retailers. 

6.2.2.3.      The PIN will be valid for 48-hours from the day of issue; within the 48-hours window the person initiating a transaction can change the PIN and the voucher will be associated with the new PIN, at redemption the new PIN must be used. 

6.2.3.  You will be able to manage withdrawal vouchers on the C1 Wealth Wallets app, the following features will be enabled: 

6.2.3.1.      View withdrawal vouchers; all withdrawal vouchers generated with 30 days will be displayed with the corresponding status of the voucher. 

6.2.3.2.      Cancel withdrawal vouchers; all active vouchers that have not been redeemed may be cancelled. If a voucher is cancelled only the voucher amount will be credited into the wallet, associated fees will not be reimbursed into the C1 Wealth Wallets.  

6.2.3.3.      Reset cash-out PIN; PIN for vouchers that haven’t been redeemed can be changed and the voucher will be associated with the new PIN, at redemption the new PIN must be used. Pin resets can only be initiated by the person who initiated the cash-out transaction. 

6.3.        You will be responsible for paying the relevant charges that you incur when using the C1 Wealth Wallets for this purpose. 

7. Limits on your C1 Wealth Wallets

7.1.        Certain limits may apply for in respect of the value of the transaction you may make and the balance you may hold in your C1 Wealth Wallets.  

7.2.        There are different transactional limits applicable to different types of C1 Wealth Wallets, which you may view in Annexure A below. 

7.3.        The daily and monthly limits that may be applied to your C1 Wealth Wallets include:

7.3.1.  the total value of any goods and services you may purchase;

7.3.2.  cash withdrawals, payments and transfers you can make from your C1 Wealth Wallets. 

7.4.        All transaction limits applicable to each C1 Wealth Wallets type are displayed in Annexure A below. C1WM and Nedbank reserve the right to amend such transaction limits at their sole discretion, and will provide you with such notice 30 days prior to implementing same.

8. Monthly Fees and Charges

8.1.        You can view the fees and charges in Annexure A below.

8.2.        No activation fee or charges apply

8.3.        Any fee/charges will be notified to you 30 days before they come into effect via your preferred communication method.

9. Interest

9.1.        You will not earn interest on the amount held in your C1 Wealth Wallets.

10. Authorised Use

10.1.    You are the only person authorised to use your C1 Wealth Wallets.

11. Dormancy

11.1.    Your C1 Wealth Wallets will be deemed to be dormant where there is no transactions for 30 days.

11.2.    If after the 30 days of inactivity, you still do not use your C1 Wealth Wallets, then:

11.2.1.   You will still be able to receive funds into your C1 Wealth Wallets.

11.2.2.   Charges will be applied:

11.2.2.1.   R1 per month for monthly dormancy maintenance;

11.2.2.2.   you have funds in your C1 Wealth Wallets, then funds will be used for the monthly dormancy fee of R1;

12. Change of your contact details and communication with you

12.1.    You can contact us via [email protected] to change your contact details. Supporting documentation may be requested where required.

12.2.    Failure to do so may result in your C1 Wealth Wallets being unaccusable. 

12.3.    C1WM will contact you mainly via WhatsApp or your preferred method of communication. 

12.4.    You will need to inform C1WM of any change to your contact details.

12.5.    If you do not inform C1WM of the change in contact details, we will continue using the contact details we have on our data base.

13. Electronic Communication Indemnity

13.1.    You acknowledge that all conversations with C1WM or Nedbank may be recorded, and you consent to such a recording.

13.2.    You agree that in any dispute between you and C1WM or Nedbank regarding electronic instructions and documentation given to C1WM or Nedbank, the contents of the electronic instructions, including telephone recording, or electronic document shall be final and binding on you. 

13.3.    You shall have no claim against C1WM or Nedbank, and shall indemnify C1WM or Nedbank, for any losses, damage or costs you may suffer or incur as a result of C1WM or Nedbank acting upon an electronic instruction, except if the C1WM is grossly negligent. 

14. Prepaid airtime and electricity

14.1.    A prepaid electricity or airtime purchase or bill payment transaction cannot be reversed or refunded once you have completed a purchase.

15. Deceased Estate Management 

15.1.    In the unfortunate event of your death, a letter from the executor or administrator of the estate or your legal representative is required to advise C1WM of your death. The letter should include a copy of your death certificate and a copy of your ID or passport.  

15.2.    Upon receipt of the documentation referenced above, C1WM will Soft Lock your C1 Wealth Wallets and any user platform on the C1WM Platforms.

15.3.    If at the time of your death you have available funds in your C1 Wealth Wallets, C1WM will pay-out such available funds to a nominated trust account as advised by the letter received from your executor.  Should no such account be indicated, C1WM will contact your executor and request that such an account be provided.

15.4.    Once the aforementioned has been completed your C1 Wealth Wallets and profile on the C1WM Platforms will be suspended to avoid any potential future use.

16. Limitation of Liability

16.1.    Unless C1WM or Nedbank acted with gross negligence or fraudulently, and to the extent permissible by applicable law, C1WM and Nedbank shall not be liable for any direct, indirect, special, incidental or consequential loss or damage which you, or any third party, may suffer or incur by your use of the C1 Wealth Wallets, including but not limited to any 

16.1.1.        instances where your C1 Wealth Wallets PIN is compromised and you fail to notify C1WM timeously, which results in a loss to you;

16.1.2.        unlawful or unauthorised access to your C1 Wealth Wallets; 

16.1.3.        suspension or cancellation of your C1 Wealth Wallets where C1WM or Nedbank suspects same is being used for fraudulent or criminal activity; 

16.1.4.        third party refusing to process any transaction via your C1 Wealth Wallets;

16.1.5.        failure or delay caused by third party service providers or the malfunctioning of any system or network which is beyond C1WM or Nedbank’s reasonable control;

16.1.6.        loss or corruption of your data; or

16.1.7.        circumstances beyond C1WM or Nedbank’s reasonable control;

17. Warranties, Acknowledgements and Confirmation

17.1.    You acknowledge and confirm that C1WM or Nedbank may request information from any person, or business, relevant to the services in which you are interested.

17.2.    You warrant that the information contained herein is correct, true and complete and that you have full capacity and authority to transact with C1WM and Nedbank.

17.3.    You acknowledge that you are required to provide documents to verify your identity in terms of anti-money laundering legislation.

17.4.    You warrant that you have complied with all applicable legislation and regulations governing your activities including anti-money laundering legislation and exchange control legislation.

17.5.    You acknowledge and confirm that C1WM and Nedbank may carry out identity, fraud prevention and other illegal activities checks and share information related to this application through the Southern African Fraud Prevention Service and other organisations involved in criminal activities prevention.

17.6.    You acknowledge and confirm that C1WM and Nedbank may process and share personal information as defined in the Protection of Personal Information Act, No 4 of 2013 with third parties whose services C1WM and Nedbank utilises in its ordinary course of business. 

18. Security and Risk

18.1.    Any act performed when using the C1 Wealth Wallets will be assumed to have been performed by you.

18.2.    We shall not be obliged to enquire into, or to prove the authority of any person who has obtained access to your PIN, or who has initiated any transaction using your C1 Wealth Wallets.

18.3.    For your protection and security, you must enter the correct PIN information to identify yourself when using your C1 Wealth Wallets.

18.4.    For your protection, we can refuse to act on any instructions you send us or cancel your access (temporarily or permanently) if you do not meet the verification requirements. This includes entering the wrong PIN.

18.5.    We are entitled to act on and accept all transactions done after your PIN has been entered or applied correctly. 

18.6.    We will assume that you have authorised all such transactions, even if such transactions took place without your knowledge or consent or were not authorised by you. Should you feel aggrieved in respect of a transaction, you are entitled to follow the complaints process set out in clause 21 of these Terms and Conditions. 

18.7.    You must take the necessary steps to protect your access information, electronic equipment and your cellphone.

18.8.    You should never give or show your access information to any person.

19. Addresses and Notices

C1WM nominates the address set out below as the address it will receive all communications required in terms of these Terms and Conditions: 

Physical/ Postal: Block C, The old Tannery, Hermon Road, Wellington, 7654.

20. Communication with C1WM

If you do not understand any part of these Terms and Conditions or how they apply to you, or you would like to get more information on the Services, please contact us through Email: [email protected].

21. Amendments of these Terms and Conditions

21.1.    C1WM shall notify you via your preferred method of communication of any amendments to the Terms and Conditions in respect of the C1 Wealth Wallets. It is your responsibility to review the amended Terms and Conditions to ensure that you understand them. You may contact C1WM should you have any query to the amended Terms and Conditions.

21.2.    We will inform you within 30 (thirty) days, in writing prior to any amendments.

21.3.    The amendments will be binding on you and will form part of these terms and conditions 30 (thirty) days after we have notified you.

21.4.    You may not alter any of these terms and conditions.

22. Customer Complaints

22.1.    Complaints can be directed to:

·         C1WM by emailing [email protected] 

·         Nedbank by emailing [email protected] or via the Website at www.nedbank.co.za.

22.2.    Should a complaint not be resolved to your satisfaction, you may refer the complaint in writing to The Office of the Ombud for Financial Services Providers:

Address: Kasteel Office Park, Orange Building, 2nd floor, C/o Nossob & Jochemus street, Erasmus Kloof, Pretoria, 0048

Email: [email protected]

Facsimile: 012 324 3447

Tel: 0860 324 766 ;

or 

The Office of the Ombud for Banking Services:

Address: 34 & 36 Fricker Road, Ground Floor, Illovo
Email:  [email protected]
Website:  www.obssa.co.za

Tel: 011 712 1800

23.  Protecting Your Personal Information

23.1.    C1WM and the Bank are responsible parties in terms of the Protection of Personal Information Act 4 of 2013, in respect of the C1 Wealth Wallets.

23.2.    C1WM will share your personal information with the Bank for the purposes of enabling you to transact on the C1 Wealth Wallets.

23.3.    To understand how C1WM collects, uses, protects and handles your personal information please visit www.c1wealth.co.za.

23.4.    To understand how Nedbank collects, uses, protects and handles your personal information please visit www.Nedbank.co.za.

24.  Incorporation

These Terms and Conditions must be read together with the C1 Wealth Wallets Platform Terms and Condition.

Annexure A: C1 Wealth Wallets Limits, Product Features & Pricing

C1 Wealth Wallets Limits

The limits for each wallet type are provided below:

C1 Wealth Wallets Product Features

Product features per wallet type are provided below:

C1 Wealth Wallets Pricing