(last updated June 20, 2015)
  1. Introduction
    1. The following are terms of a legal agreement ("Agreement") between you ("Investor") and Sseguku Microfinance ("we" or "us") that sets forth the terms and conditions for your use of this web site www.sseguku.org ("Sseguku Website" or "Site"). Sseguku Website is owned and operated by us. The Site is being provided to you expressly subject to this Agreement. By registering on the Site, you acknowledge that you have read, understood, and agree to be bound by the terms of this Agreement and to comply with all applicable laws and regulations. The terms and conditions of this Agreement form an essential basis of our relationship.
    2. This Agreement may be modified by Sseguku Microfinance at its sole discretion from time to time and such modifications shall automatically become part of this Agreement and shall be effective once posted on the Site. You should check this Agreement periodically for changes. Your continued use of the Site will be subject to any such modifications and constitutes your agreement to be bound by any such changes.
    3. We may terminate, suspend, change, or restrict access to all or any part of the Site without notice or liability at our own discretion.
    4. We may also terminate the agreement on our own discretion.
    5. In the event that we terminate access to the Site or terminate your Agreement, we will send you the amount credited to your account. In case you are an lender who still has outstanding loans, access to the account will be cancelled but the account will remain open and administered by Sseguku Microfinance until all loans are repaid or defaulted. In this case, Sseguku Microfinance will transfer any outstanding balance back to you once a year.
  2. Sseguku Website
    1. Sseguku Website is an online investment platform, where Ugandan entrepreneurs and businesses meet private and corporate lenders through the internet. Sseguku Website enable lenders to provide loans to Ugandan businesses in need of capital.
  3. Terms of trade
    1. It is free to invest on Sseguku Website, but if your account becomes inactive (meaning you do not place any bids for a period of one year or more) you will be charged a monthly inactivity fee. When you transfer money to your Sseguku Website account or withdraw money from your account a fee covering bank transfer and currency exchange is subtracted from the transferred amount. Sseguku Microfinance reserves the right to introduce other fees in the future. These fees will be announced on the Site with one month’s notice.
    2. When a Business makes a repayment on the loan, the repayment is transferred back to your Sseguku Website Account. When the repayment is in your Account you can reinvest the funds that you have received. You will only receive interest on the money that you have invested in Ugandan Businesses. You will not earn interest when the money is still in your Account or in a Bid or in transit between Sseguku Website and the Business.
    3. You can withdraw the available amount on your Sseguku Website account at any time. Though for the first 90 days from activation of your account, withdrawals to a bank account will not be possible if the original amount has been uploaded with a credit card. This limitation is to avoid fraud and money laundering. Money can however be refunded to your credit card (the same credit card, which was used for the initial upload) earlier than the 90 day period, if the full amount of the individual transaction is still available on your Sseguku Website account. E.g. if you have uploaded €100 from a credit card and you still have €100 on your account balance, the amount can be refunded to your credit card on request.
      Important: Due to US legislation it is not allowed for US citizens to withdraw money from Sseguku Website. So, if you agree that you will not withdraw any money at any time from the Site, you are most welcome aboard.
    4. When lenders transfer money, these funds are separated from Sseguku Microfinance’s funds both in terms of separation of cash flow and bank accounts, which means in the unlikely event of Sseguku Microfinance going out of business, your money will be safe. In that regards, Sseguku Microfinance intends to establish Sseguku Foundation (see Beta period below) to hold the lenders funds until the lenders have made their investments via the platform and subsequently when the lenders receive return of their money. The bank account holding Investor funds is denominated “Investor Funds” to reflect that it is for the benefit of Investors and not Sseguku Microfinance. Investors have full ownership of the funds at the bank account according to their individual accounts at Sseguku Website. Sseguku Microfinance has the right to administer all funds on the account. Sseguku Microfinance’s creditors cannot levy execution on the funds in the bank account containing lender funds.
    5. Sseguku Microfinance has the responsibility to take charge of the borrower securities after default and to carry out the collection process as considered appropriate. Sseguku Microfinance has the right to recover its collection process related costs that are attributable to any part of services rendered in respect of the realization of borrower security. These shall be deducted from the proceeds from realizing any such Borrower Security provided that collection process related costs shall not exceed twenty percent (20%) of the value of the principal loan amount.
    6. Sseguku Microfinance reserves the right to take over dormant funds in dormant Investor accounts. A dormant account is an account with no repayments, investments or other financial transactions to the account for a period of three years or more. Before taking over the funds, Sseguku Microfinance will attempt to inform the lender that their account is dormant by sending a notice to the email account given by the lender.
  4. Risks
    1. As a potential risk in any investment and even though Sseguku Microfinance will go to great length to ensure that the Businesses are solid and have good prospects, there is no guarantee that you will see a return of your investment. You can in fact loose all your investments and not only your interest.
      As an lender you assume the following risks:
    2. Business risk refers to a business' ability to define correct strategy and implement it successfully. The risk is classified as business risk specifically, if a business fails independent of the macroeconomic trend.
      There is always a risk of losing your investment if, for example, the hair salon or the restaurant fails. Therefore we always recommend that your spread your investments in a portfolio of several different Businesses
    3. Currency Risk is a form of risk that arises from the change in price of one currency against another. Whenever lenders or companies have assets or business operations across national borders, they face currency risk.
      When you invest in different Businesses in different countries and thereby different currencies, you expose yourself to risk. The risk arises because currencies may move in relation to each other – euro against local African currency.
      Please be aware that there is a Currency Risk on your investment when investing in Uganda. You should consider the potential currency losses or gains when setting the interest rate on your bid.
      There is also currency risk for the lender if for any reason a business decides to cancel the funded loan before disbursement.
      The lender bears the currency risk from the gains or losses due to the changing exchange rates. The lender also bears the cost of the spread between the buy and sell rates or other fees related to currency conversion.
    4. Political risk refers to change in the macro-economic and social policies that have implications on the economic activities.
      Uganda is changing, as the country reforms it's business environments and the growth accelerates. High returns are often offered in Uagndan infrastructure projects and in other growth sectors, but some of these investments are in a high political risk environment
  5. Account security
    1. When you login to Sseguku Website we will check your identity by asking for Username and Password. As long as the correct Username and Password are entered, we will assume that you are the person giving instructions and making transactions and you will be liable for them. You must therefore keep your Password secret and make sure that they are not stored on your workstation in a way that enables others to impersonate you
    2. We can refuse to act on any instruction that we believe:
      1. was unclear;
      2. was not given by you; or
      3. might cause us to breach a legal or other duty; or
      4. if we think Sseguku Website is being used for an illegal purpose
    3. You must never tell anyone else your Password and you must never write it down without disguising effectively.
    4. You must tell us as soon as possible if you think that someone else knows your Password or can use Sseguku Website by impersonating you. Until you tell us you will be responsible for any instruction which we receive and act on, even if it was not given by you; and we will not be responsible for any unauthorized access to confidential information about you on Sseguku Microfinance.
    5. We will do all that we reasonably can to prevent unauthorized access to Sseguku Website. As long as you have not broken the other terms contained in sections V.3, V.4 and V.6, we will accept liability for any loss of funds in your Sseguku Microfinance account resulting directly from any unauthorized access to Sseguku Website.
    6. To further secure your account you need to enter a Legal Name, which you will be required to provide when attempting to withdraw money from your account. This name has to match the name of the person's bank account to which the money in your Sseguku Website account has to be transferred. This information will be locked so that it cannot be changed without a Sseguku Microfinance Staff's intervention.
    7. We may terminate your account immediately and without any notice If we are aware of or reasonably suspect that you are engaged in, or maybe the victim of any fraudulent activity or money laundering. We will then notify you of any such termination as soon as is reasonable practicable.
    8. We also terminate an account when it becomes Dormant according to III.7.
  6. Limits on liability
    1. We shall not be liable for any indirect, special or consequential loss or damage, including loss or damage arising out of or in connection with lost data, lost profits, damage to goodwill or business interruption, any delay or failure to perform its own obligations under these principles due to circumstances beyond our own reasonable control.
  7. Taxes
    1. This Agreement does not attempt to define the tax implications of participating in the Sseguku Website. If you participate in the Platform, you should consult with your own accountants, tax and legal advisors.
    2. Interest earned on investments through Sseguku Website can be found in the Account section. Here you can see the interest earned in any specific year or the cumulated total.
      Sseguku Website is not responsible for reporting your interest income to the tax authorities in your country of residence.
  8. General
    1. If any part of these General Conditions that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the general conditions.
    2. Any notices we give you shall be given in writing to your email address or via the Sseguku Website.
    3. The records kept in Sseguku Website shall be conclusive of the facts and matters they purport to record.
    4. Sseguku Microfinance, Sseguku Website and Sseguku Foundation and related design, are trademarks of Sseguku Microfinance.
    5. If we do not strictly apply our rights under the General Conditions at any time, that will not prevent us from doing so later.
    6. The General Conditions are in English and governed by Danish law which shall also apply to the establishment of our relationship with you. We will only write and communicate with you in English.
    7. Privacy statement: Sseguku Microfinance does not sell, rent or share your personal information with any third parties. When creating a profile on Sseguku Website, you accept that the profile is public and might appear in e.g. a Google search. Your Legal Name is however not made public, and you are welcome to use a pseudonym as your User Name on Sseguku Website if you wish to keep your profile on the Site private.
    8. By establishing an account on Sseguku Website you agree to receive emails based on your account activity, for example, confirmations of loans you have made, confirmation receipts for donations you have made, notifications of loan repayments you have received, statements on the amount of credit available in your Sseguku Website account, confirmation of email address or password changes, or costumer service inquiries regarding activity in your account.
    9. Avatar: We encourage that your profile picture (Avatar) and profile text does not offend any Investors on Sseguku Website. If necessary, Sseguku Microfinance reserves the right to modify the contents of your profile, should it offend either Sseguku Microfinance or Investors on the platform.
  9. Governing law and venue
    1. This agreement is governed by Danish Law and disputes arising from this agreement shall be settled by this Maritime and Commercial Court in Copenhagen. Danish rules of international choice do not comply.
  10. Contact
    1. If you have questions regarding the terms and conditions of Sseguku Website or the practices of Sseguku Microfinance / Sseguku Foundation please contact us via email mail@sseguku.org.

8/25/2018 10:35:17 AM