User agreement

By registering with ADDaBIT and using the addabit.com website you confirm that you have read, understood and accepted the terms and conditions of this user agreement (this "Agreement"). If you don’t wish to be legally bound by these terms and conditions, then please do not register with ADDaBIT.

We may make changes to these terms and conditions at any time. Changes will be updated on the website and they will be effective immediately. Please check this page regularly for updates as your use of the website confirms your acceptance thereof. Your continued use of the ADDaBIT Platform will be deemed to constitute your acceptance of such changes.

ADDaBIT™ is a merchant domiciled in South Africa.

Definitions

The following terms and definitions apply when used in this agreement.

ADDaBIT website/platform — Refers to addabit.com or the IOS and Android ADDaBIT APP.

ADDaBIT — ADDaBIT is a registered Private Limited company with registration number 2014/027019/07 and includes its agents, employees and ambassadors.

AOS — Automated Outsourcing Services Proprietary Limited, a company with limited liability duly registered in terms of the laws of South Africa, Registration Number 1997/013802/07 and is the company that is approved by the Financial Services Board to provide administration services in respect of financial products on the instructions of an investor; with its principal place of business at 15 Philips Street, Ferndale, Randburg, 2194.

AOS Terms & Conditions — The terms and conditions issued by AOS.

CHIPS™ — The software, platform and Services that enables you to store money in your safekeeping account in the Value Store, earn interest on and Transact using the money in your Value Store Account and interact with the National Payment System to exchange value between bank accounts, including your Bank Account, and Value Store Accounts.

CHIPS Terms & Conditions — The terms and conditions issued by CHIPS™.

Trustlink — Trustlink (Pty) Ltd- is a South African company with registration number 2003/011462/07 and is a licenced Third Party Payment Provider by PASA that will process all monies contributed on the ADDaBIT platform. The CHIPS™ Terms and Conditions constitute a user agreement between you and Trustlink.

User — An individual registered on the ADDaBIT website with a user profile representing him/her self, the Stokvel he/she is the chairperson of, a minor he/she is representing or a legal entity he/she is representing.

Fund Manager — A user who has created an ADDaBIT Fund for him/herself or for a beneficiary.

Fund Follower — Any person who has contributed to an ADDaBIT fund or any users who has accepted a follow fund invite.

Fund Beneficiary — intended recipient of the ADDaBIT Fund.

Virtual Beneficiary — Intended recipient of the ADDaBIT Fund that does not have their own email address or a place holder for intended recipient of the ADDaBIT Fund where the Fund Manager wants to keep the fund as a surprise for the intended recipient.

User profile — Is your profile identified by your email address or mobile number, allowing you access to your ADDaBIT Dashboard to view and edit the ADDaBIT Funds you Manage and view the Funds you Follow and the Funds you are a Beneficiary of. Your personal information is also stored in your User profile.

ADDaBIT Fund — Is a collection of monies towards a specific goal or dream or need or want (Fund Name) with a specific Target Date and Target Amount, which can have an underlying Investment linked to it.

Target Date — Is the date by which the user would like to achieve a 100% contribution to the ADDaBIT Fund.

Target Amount — is the amount required by the user to purchase/acquire the product/service described in the Fund Name.

Motivation Message — Allows the User to tell a story about the fund. eg What's cool about it, why it is needed or wanted.

Contribution — Any monies contributed into the platform via cash, EFT, debit order or online card transactions.

Redemption — Any money redeemed from any Fund on the ADDABIT platform in exchange for an ADDaBIT voucher option or withdrawal of your Investment invested through ADDaBIT or to process a Transaction as per the CHIPS Terms and Conditions.

Investment — This is a portfolio under a collective investment scheme act (i.e. a unit trust fund) which is administered by a unit trust manager. All contributions by you and your fund followers are pooled together for the purchase of assets that is then held in the portfolio. Each portfolio is divided into identical Units. The ADDaBIT Platform has built in algorithms that will prompt the user to select the most appropriate Investment for the duration of the ADDaBIT Fund and the user's appetite for risk. ADDaBIT is not authorised to give any financial advice whatsoever and all products, goods or services are selected by you at your own risk and discretion.

Unit Trust Manager — This is the company that is authorised in terms of the Collective Investment Schemes Control Act to administer the Investment. It has entered into an agreement with the AOS to make the Product available to users on the ADDaBIT platform. The Unit Trust Manager is a member of the Association of Savings & Investment South Africa (‘ASISA’) and its conduct is regulated by the Financial Sector Conduct Authority.

Algorithm — The Unit Trust choices are based on the Fund Manager's selected risk profile, Fund Target Date and Target Amount for each ADDaBIT fund.

ADDaBIT Voucher — A voucher redeemable at any of our retail partners or a prepaid card or an instant money voucher or EFT voucher.

Cleared Funds — Contribution Monies are considered “cleared” and available for use in an ADDaBIT fund once collected from the financial institution or source it originated from.

Pending Funds — Funds are considered to be “pending” after a user Contributes via an EFT until the monies are Cleared funds.

You, your and yours — Refer to ADDaBIT and/or AOS and/or CHIPS™.

We, our and us — Refer to ADDaBIT and/or AOS and/or CHIPS™.

Registration is free for all users

A confirmation email or sms will confirm registration. Once registered, the user can benefit from creating as many ADDaBIT Funds as they wish and share them with friends and family.

User registration

o open an ADDaBIT user profile, you must be a individual at least 18 years of age with a valid email address and/or mobile number. If you are under the age of 18, your trustee/parents/guardians can open an ADDaBIT profile on your behalf and add you as a Beneficiary to an ADDaBIT fund.

Users are allowed to have one user profile per email address or mobile number.

You will need the following to sign up for an ADDaBIT profile:

Name and surname
Email address and/or mobile number
User-defined password

You are responsible for all actions taken under your password. It is your responsibility to keep your password safe and to ensure that it is not disclosed to anyone. If you think someone else might know it, you must change it. You must not permit anyone else to use your password.

Once you have registered you will receive a confirmation letter to the email address or mobile number you created your profile with. You will need to click on the link in this email to validate your email address to have access to your profile or confirm your mobile number using the OTP sent to your device on registration.

You agree that we can use your email address and mobile phone number to communicate with you, and that we may send you administrative and promotional content.

One Time Password (OTP)

To make our platform as secure as possible you are required to authenticate certain transactions via an OTP to your email address or mobile phone number should you add your mobile phone number to your Profile.

User conduct

You understand and agree not to use your ADDaBIT User Profile or ADDaBIT Fund to violate any laws or for any illegal purpose. You will keep the information required to access ADDaBIT confidential. You shall also maintain your personal information to ensure it remains accurate.

ADDaBIT has the right to restrict or cancel user access if the user is in breach of these terms and conditions.

The Financial Intelligence Centre Act — FICA

ADDaBIT is aVoluntary Disclosure Reporter to the Financial Intelligence Centre. FICA verification is required by The Financial Intelligence Centre Act (38 of 2001) (the FIC Act).

ADDaBIT at its sole and absolute discretion will impose limits on a User’s Profile based on the value and accumulated value of all contributions over a predefined period. Contribution limits are determined by your FICA Status Level and could be changed from time to time in the ADDaBIT’s sole discretion or as directed by law.

Creating an ADDaBIT fund in South African Rand

To Create an ADDaBIT Fund click on the "create fund" button. You will need to give your fund a Fund Name, a Target Amount, a Target Date and a Motivational Message. You can at this point add a new or existing Beneficiary to the ADDaBIT fund. You can also upload or search the web for a picture relative to your Fund Name. Depending on the Target Date you select, the ADDaBIT algorithm will allow you to select an Investment to grow your monies while you are saving.

Types of ADDaBIT funds

ADDaBIT Basic Fund

The User acknowledges that ADDaBIT does not hold a deposit-taking licence (a banking licence) and cannot hold funds on your behalf that are not proceeds of Contributions made by you and your followers to purchase specific goods, products or services. A User can only contribute into a Basic Fund once they have uploaded their FICA information to their Profile. The money contributed by a User or Fund Followers to an ADDaBIT Basic Fund will be processed by TrustLink into your CHIPS™ Value Store. ADDaBIT Fund Balance for Basic Funds is the total amount of money in your CHIPS™ Value Store in Rands in each of your funds. All monies in your Basic ADDaBIT Funds from part of your CHIPS™ Value Store as per the CHIPS™ Terms and Conditions. These funds are only redeemable for an ADDaBIT voucher redeemable at one of our Retail Partners or a Prepaid Card or an instant money voucher or an EFT or to complete a Transaction as per the CHIPS™ Terms and Conditions. No interest is earned on the money in your ADDaBIT Basic Fund or in the Trustlink Third Party Payment Provider account prior to the money been allocated to your ADDaBIT Basic Fund.

ADDaBIT Invested Fund

A User can only create an Invested Fund once they have uploaded their FICA information to their Profile.

The money contributed by a User or Fund Followers to an ADDaBIT Invested Fund will be processed by TrustLink into your CHIPS™ Value Store and then transferred to AOS with the application form and full FICA documents required to open an Investment with AOS in the name of the User Profile holder.

We will not pay the user any interest on the money held in the in the Trustlink Third Party Payment Provider account. Should we experience any delays in transferring the Contributions into your Invested Funds ADDaBIT and AOS and CHIPS™ will not be held liable for any loss whatsoever as a result of any market movement on the desired Investment until the time that the monies reflect in the AOS environments or platforms.

Your ADDaBIT Fund Balance for Invested Funds is the value of your Unit Trust in Rands in each of your funds. This balance will always be based the previous days Unit Trust Price.

It could take up to 7 days for monies to be invested with AOS via your CHIPS™ Value Store.

Depending on the Target Date selected you will have opportunity to select an Investment for the monies to grow in while you save towards the Target Amount.

These funds are redeemable by an EFT into the Fund Managers South African bank account or alternative options selected when doing the redemption.

Funeral Fund

A User can create a Funeral Fund and select the funeral cover they desire. All funeral funds are underwritten by Liberty, details of which are provided on the Funeral Certificate found in the Funeral fund on receipt of the first premium.

Tax on Invested Funds

The Fund Manager will be liable to pay tax on the interest and dividend portion of the investment. The Fund Manager will receive annual tax certificates (IT3b and IT3c) for Tax return purposes.

Fund beneficiaries

The ADDaBIT Fund Manager is defaulted to be the beneficiary should you not add a beneficiary to a fund.

To create a Beneficiary you need the following information:

Name
Email address of the beneficiary

Once you have added a beneficiary an email is sent to the individual inviting him/her to accept the beneficiary invitation and should the accept button be clicked the ADDaBIT Fund will be visible on the User Dashboard under Funds for Me once the Beneficiary registers.

Should a beneficiary not have an email address you can create a Virtual Beneficiary with the following information:

Name and Surname
Date of birth
Gender

You can always remove a Virtual Beneficiary from an ADDaBIT fund and add a new Beneficiary to an ADDaBIT fund should the Beneficiary have access to an email address.

Sharing your ADDaBIT fund

Once you have created your ADDaBIT Fund you can share the fund with family and friends by clicking on the "share" button on the fund.

You will have the following options to share your fund:

Facebook
Twitter
Email
Fund Code for Fund Followers to access the Fund from the ADDaBIT home page
Fund URL for Fund Followers to access the Fund via a link
QR code to scan

Should anyone contribute to an ADDaBIT fund they will automatically become a Fund Follower and be able to see the fund on their Dashboard under Funds I Follow to keep track on the ADDaBIT Funds progress.

Contributing to an ADDaBIT fund

You do not need to be registered user on ADDaBIT to make a contribution.

You can make a contribution by Clicking on the "Contribute" button on an ADDaBIT Fund.

You can access an ADDaBIT Fund in the following ways:

From your Dashboard once logged in.
From the ADDaBIT home page using a Fund Code that was shared with you by the Fund Manager.
From the ADDaBIT Fund URL shared with you by the Fund Manager.
By you scanning the QR code of a specific Fund.

Methods of contribution:

All Contribution into your ADDaBIT Funds are done so by the below methods into your CHIPS™ Value Store using the Third Party Payment Provider TrustLinks Bank Account with ABSA.
You can contribute via EFT into the ADDaBIT bank account.
You can contribute via an Online Card payment using Visa, Mastercard or American Express Debit or Credit Cards. ADDaBIT does not retain your debit/credit card details.

Contributing via an Online Card payment to an ADDaBIT fund involves a third party for the payment gateway services. These services are subject to their terms and conditions respectively.
Contributors contributing to an ADDaBIT Fund will be charged an administration fee to cover transaction fees and costs when making a contribution via an Online Card Payment to ensure the beneficiary receives the contribution amount.

Cash Deposits into the ADDaBIT bank account using the Fund Code or the Contribution Code as the reference at any ABSA ATM or any Pay@ participating retailer.
Only cleared funds will be allocated to ADDaBIT Funds.

Reversals of Credit Card Payments

Your Fund Followers can choose to contribute to an ADDaBIT Fund by making a credit card payment. We will only invest Cleared Funds on your behalf. The rules of the credit card association and/or a Fund Follower’s bank may allow them to reverse a credit card payment after the payment has been cleared and the monies invested. The bank will reverse the payment through the merchant account of ADDaBIT which will lead thereto that ADDaBIT is out-of-pocket in the amount of the reversed payment, yet the units purchased with the credit card payment still stands to the credit of the ADDaBIT Fund.

You therefore agree that in the event that a Fund Follower reverses a credit card payment, that ADDaBIT may instruct AOS to repurchase the units acquired of the reversed payment and that ADDaBIT shall be refunded in that unit value. You understand that this will lead to a reduction of the value of your ADDaBIT Fund. Neither ADDaBIT nor AOS shall be held liable for the reduction in value of the ADDaBIT Fund which was caused by the reversal of the credit card payment and you shall not hold ADDaBIT or AOS liable for any loss due to market movement or from any cause whatsoever caused by the repurchase of units due to a credit card payment reversal. You also agree that in the event that ADDaBIT cannot recover the amount from your ADDaBIT Fund due to the fact that you had redeemed the units paid for with the credit card payment previously, you will refund ADDaBIT in the amount of the reversed payment.

Redeeming an ADDaBIT fund

A user can Redeem an ADDaBIT Fund at any time. Simply click on the "redeem" icon and follow the prompts to select your redemption method. An OTP will be sent to you via email or SMS depending on your profile preference to confirm the redemption.

This Redeem Icon will only appear on the ADDaBIT Fund should the fund have Cleared funds available.

Basic Funds are redeemed by selecting the Retail Partner of choice or Physical Prepaid Card or an Instant money voucher or an EFT voucher. ADDaBIT will aim to source all products at a competitive price and offer this service to the user should one of our retailer partners not offer the required product. If for any reason ADDaBIT is not able to source the specified product, ADDaBIT will provide the Fund Manager with a voucher or prepaid card loaded with the ADDaBIT Fund balance.

Should a delivery be required we aim to do all deliveries within 24-48 hours of redemption.

Invested Funds can be redeemed by an EFT into the Fund Manager's South African bank account that needs to be in the name and ID number of the Fund Manager or alternative options selected when doing the redemption.

Should the User profile not include banking details the user will be asked to supply the required banking details and proof of Bank account.

Only cleared contributions will be paid to you as part of the redemption process.

If you redeem your fund midway through the month, your interest or growth on investment for the portion of the month prior to redemption will be paid into the same bank account as this redemption at the beginning of the following month should the Fund be closed on redemption.

The redemption of the ADDaBIT Fund may trigger Capital Gains Tax and you may be liable for taxes. We will notify you of your Capital Gains Tax certificate at the end of the tax year in your Notification bell on your Dashboard.

You can expect the money to reflect in your bank account within 3 working days of the redemption.

All Fund Contributors will be informed and thanked via email or text message on product fulfilment when the Fund reaches the target date or target amount.

Mandate

By accepting our Terms and Conditions you hereby accept the following mandate authorising and empowering AOS to invest money on your behalf. You hereby acknowledge that in granting this mandate you assume, except in so far as there may in law be a right of recovery against the agent, all risks connected with the administration of the entrusted funds, as well as the responsibility to ensure that the agent execute the instructions as recorded in the ADDaBIT platform.

You should also ensure that you understand the Minimum Disclosure Document (Fund Fact Sheet) pertaining to the Investments you have selected in your ADDaBIT fund creation process, including those pertaining to the nature and extent of benefits provided, monetary obligations assumed by you, the extent to which the product is readily realisable, and special terms and conditions, exclusions applicable.

Declaration by the user of the website:

The information provided to me regarding the selected fund was adequate and appropriate for me to make an informed decision, based on the identification of my own needs and objectives;
All applicable remuneration, fees and / or commissions have been disclosed;
I understand that no risk profile analysis has been conducted and I have selected (or possibly determined) my own risk profile;
I am aware of my monetary obligation and payment terms associated with this Investment;
I understand that past performance of the Unit Trust is not an indication of future performance;
I declare that I have not been induced to waive any of my rights and / or benefits, as provided for in the Financial Advisory and Intermediary Services Act 37, of 2002;
I have read through and understood the Fund Fact Sheet provided to me, which discloses any tax considerations, material investment risks, manner in which the value of the investment is determined, restrictions and / or penalties should I opt for early withdrawal, and accessibility of funds.

Prices, taxes and shipping costs

Pricing is in South African Rand (ZAR) and includes all taxes and excludes shipping costs if not specifically noted to be included.

Delivery policy

Varying purchase prices in South African Rand (ZAR), VAT and delivery costs for a product/service selected by the Fund Manager / Beneficiary / Trustee are beyond the control of ADDaBIT. Excess funds will be reallocated to another ADDaBIT fund belonging to the same Fund Manager / Beneficiary, at the Fund Manager's discretion.

Incomplete ADDaBIT fund

In the case that the ADDaBIT fund is not at 100% full by the target date, the user has 2 options to edit the fund:

Extend the target date of the fund in the Settings Menu.
Reduce the target value of the fund in the Settings Menu.

Changes to the ADDaBIT fund will be communicated to all contributors.

Return/refund policy

If you feel that ADDaBIT is not for you, we’ll arrange to close your funds and refund the contributions to the Fund Contributors for your Funds with balances.

All refunds will be communicated to all contributors.

Export restrictions

ADDaBIT does not supply or ship to any country outside of South Africa.

Disclosure of outlet country at time of payment

All intellectual property rights (including all copyright, patents, trademarks, service marks, trade names, designs (including the "look and feel" and other visual or nonliteral elements) whether registered or unregistered) incorporated within the website, platform and service may not be reproduced or redistributed or copied, distributed, republished, downloaded, displayed, posted or transmitted in any form or by any means, sold, rented or sublicensed, used to create derivative works, or in any way exploited without the prior express written permission of ADDaBIT Pty Ltd.

Security policy

We have taken every measure we can to prevent internet fraud and to ensure that any data collected from you is kept safe and secure. However, in the extremely unlikely event of a breach in our secure computer servers, we cannot be held liable.

You are responsible for ensuring that your computer systems are suitable to access and use this website.

Under no circumstances will we be held liable for any direct, indirect, incidental or other kind of loss or injury resulting from your use, or download, of any content on our site.

If any of the website terms and conditions is held to be unenforceable, illegal or in some other way invalid, the unenforceable, illegal or invalid provision will be deemed to be severable and will not affect the remainder of the website terms and conditions, which will continue to be of full force and effect.

Customer data privacy policy and protection

ADDaBIT will not disclose your personal information unless you give us your permission to do so or unless we are required to do so for the purposes of any legal process.

Customer service or support queries

Please contact ADDaBIT via support@addabit.com call us on +27 87 021 0875.

For online support please use our messaging service at the bottom right hand side of your screen when on the ADDABIT website, or the business WhatsApp service on the top right hand side of your screen or WhatsApp directly on +27 79 676 8030.

Complaints Procedure

Complaints about the ADDaBIT.com website or IOS/Andriod App must be lodged in writing containing all the relevant information, to the ADDaBIT Legal and Compliance Department. ADDaBIT will acknowledge the complaint and attend to the prompt resolution of the complaint in terms of ADDaBIT complaints procedure.

ADDaBIT Legal and Compliance department:

Telephone: +27 87 021 0875
Email: info@addabit.com
Website: addabit.com

Terms and Conditions