TERMS AND CONDITIONS FOR INTERNATIONAL TRANSFERS AT SELCOM MICROFINANCE BANK

1.Overview

1.1 The present conditions constitute a binding contract between you (the customer) and Selcom Microfinance Bank. It is essential that you carefully review and fully understand every provision.

1.2 These conditions supplement the Selcom Business Banking Terms and Conditions (including any definitions contained therein) as well as the bank’s broader general terms and conditions and any specific product or transaction rules. These additional documents are accessible on our website at www.smfb.co.tz.

2.Key Definitions

Unless the context indicates otherwise, singular expressions include the plural and vice versa. The following terms carry these specific meanings.

2.1 Account – A Selcom Business account eligible for outward international transfers.

2.2 Applicable Laws – Every law, regulation, statute, by-law, consent, or directive issued by any competent authority in the United Republic of Tanzania (whether national, regional, or local) that applies now or in the future to activities covered by these conditions.

2.3 Beneficiary – The person or entity holding the overseas account that will receive the international transfer.

2.4 BOP – Balance of Payments.

2.5 BOP Category Codes – Classification codes issued by the Central Bank to identify the purpose or nature of an international transfer.

2.6 BOP Reporting – The mandatory Balance of Payments reporting process required by the Central Bank for all international transfers.

2.7 Central Bank – The Bank of Tanzania.

2.8 Cryptocurrency Exchange – A digital platform enabling the purchase, sale, or exchange of cryptocurrencies by converting fiat currency into digital assets such as Bitcoin or Ethereum.

2.9 Exchange Rate – The foreign exchange rate we apply to the transfer at the time of processing.

2.10 Intermediary Institution – A financial institution that routes the funds to the Beneficiary institution.

2.11 International Payment – An outward transfer made through our online banking platforms to a Beneficiary’s account held outside Tanzania.

2.12 Online Banking Services – Our digital banking channels for individuals and businesses, including the Selcom Business platform.

2.13 Prohibited Activities – Any unlawful acts, terrorist financing, money laundering, or activities subject to sanctions or otherwise breaching Applicable Laws.

2.14 Regulations – The Foreign Exchange Regulations 2022 together with any future rules governing international transfers and banking services.

2.15 Sanctioned Entity – Any individual, organization, or country listed on a Sanctions List or otherwise subject to Sanctions, including (for organizations) any controlling owners or entities they control, and (for countries) their government bodies.

2.16 Sanctioning Body – Entities such as the United Nations Security Council (UNSC), U.S. Office of Foreign Assets Control (OFAC), European Union (EU), UK Treasury (HMT), French Ministry of Economy, Finance and Industry (MINEFI), or any other body we recognize as imposing sanctions.

2.17 Sanctions – Restrictions (financial, trade, travel, or otherwise) imposed by a Sanctioning Body.

2.18 Sanctions List – Published lists of Sanctioned Entities maintained and updated by Sanctioning Bodies.

2.19 Selcom Business Banking Terms and Conditions – The terms and conditions we issue from time to time governing the use of our online banking platforms.

2.20 Selcom Microfinance Bank, we, us/our – Selcom Microfinance Bank Limited, a limited liability financial institution registered under Tanzanian law.

3.Making International Payments

3.1 Customers holding an eligible Account and who have supplied all required information and documentation under Applicable Laws may send international payments.

3.2 To initiate a transfer, access Selcom Business Platform, navigate to International Transfers, select the destination country, and use the displayed spot FX rate. Transfers exceeding USD 10,000 or of destinations beyond the EAC or SADC require supporting documentation; such documents will be reviewed by our team for final processing.

3.3 Failure to supply complete details or comply with Regulations will prevent processing or cause delays. For advance payments, any missing documents must reach us within 90 days of our request; otherwise, we may suspend your ability to conduct further cross-border transactions.

3.4 The daily or monthly transaction limits remain in force and may block an international transfer if exceeded.

3.5 We determine the applicable Exchange Rate, excluding our commissions or any other charges that are shown separately.

3.6 After choosing the payment currency, you will see an indicative rate based on the current spot market; this may adjust slightly before final confirmation.

3.7 Sufficient cleared funds must be available in your Account. Successful processing will debit the transfer amount plus our fees and other charges.

3.8 By accepting the presented Exchange Rate and these conditions, you confirm your commitment to settle all related obligations.

3.9 No interest is paid on funds debited from your Account pending delivery to the Beneficiary.

3.10 Transfers initiated outside normal trading hours will use the latest available rate.

3.11 Delivery is on a same-day basis, depending on the destination; the maximum delay in case of unforeseen adverse circumstances is 48 hours.

3.12 Delays or cancellations may occur due to circumstances beyond our control, including legal requirements in other jurisdictions or actions by Intermediary Institutions.

3.13 We will notify you if additional information is requested by overseas institutions; prompt provision is required to avoid further delay or cancellation.

3.14 If legal requirements force cancellation after debiting your Account, any refund may be reduced by fees and exchange differences. We accept no responsibility for resulting losses, and you indemnify us against any claims or costs we incur.

3.15 Incorrect Beneficiary or bank details may lead to cancellation. You bear all associated costs and must provide fresh instructions if needed.

4.Charges and Fees

4.1 Full details of charges appear in the “Rates and Fees” section of our pricing guide at www.smfb.co.tz.

4.2 Charges comprise:

4.2.1 Bank commission (a percentage of the transfer value).

4.2.2 Beneficiary institution charges – these charges, if and when applicable, will be determined by the beneficiary institution and charged to the beneficiary's account.

4.3 You authorize debits for the transfer value and all applicable charges.

4.4 Our charges are displayed for confirmation before submission.

4.5 Future options may include preferential or negotiated rates alongside the standard indicative rate.

5.Cancelling or Recalling a Payment

5.1 Submit a written recall request clearly stating the transaction details and reason.

5.2 Recall success cannot be guaranteed. We will make reasonable efforts but accept no liability for delays or failure.

5.3 If funds are returned, we credit your Account less any charges; exchange movements may alter the refunded amount.

5.4 If recall is refused, overseas charges may still apply and be debited from your Account, with no refund available from us.

5.5 You release us from any claims arising from a recall attempt, to the maximum extent permitted by law.

6.Regulatory Compliance

6.1 Certain transactions must be reported to authorities; we are not required to inform you of such reports.

6.2 You undertake to comply continuously with all Applicable Laws and Regulations.

6.3 Additional documentation may be requested to meet regulatory obligations.

6.4 Processing will not occur without complete submission.

7.Sanctions Compliance

7.1 You are prohibited from using our services to benefit Sanctioned Entities or engage in Prohibited Activities.

7.2 You confirm you are not a Sanctioned Entity or under related investigation.

7.3 Immediate written notice is required if any sanctions investigation commences against you.

7.4 You indemnify us fully against any losses arising from sanctions-related seizures or breaches of this section.

7.5 Suspected breaches entitle us to immediately suspend services or terminate our relationship without liability.

8.Limitation of Liability

8.1 We bear no responsibility for transfers affected by fraud, interruption, technical issues, or external events. All international payments are executed entirely at your own risk.

8.2 Payments to Cryptocurrency Exchanges are unsupported; we accept no liability for associated losses, and you indemnify us accordingly.

9.Support and Queries

9.1 Contact our team on Business Days via 0800 714 888 or 0800 784 888 for assistance with pending or completed transfers.

9.2 You may also visit any Selcom Experience Center.

9.3 Resolution times may extend due to reliance on overseas institutions.