Thank you for using our services at MyKibo.com. We care so much about the safety of your payments and how they are made and received. Please take the time to read our payment policy for more information.
Please be advised that MyKibo is simply a marketplace connecting buyers globally with suppliers in Africa and does not offer payment services but rather such payment services are offered through MyKibo’s affiliates/payment partners.
By subscribing to our platform, you agree to pay any applicable fees required to effect the transaction of payment.
i) All our payment partners’ accounts let you do things like:
ii) You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers, or any other codes that you use to access your Payment account and our payment partner’s services. You must keep your mailing address, email address and other contact information current in your payment account profile.
i) You may close your Payment account and terminate your relationship with our payment partner at any time without cost, but you will remain liable for all obligations related to your Payment account even after the Payment account is closed. When you close your Payment account, we will cancel any scheduled or incomplete transactions. If you have a Balance Account linked to a personal Payment account, you must withdraw or transfer any funds held in your Balance Account before closing your personal Payment account, and closing a personal Payment account will result in Payment automatically closing any linked Balance Account. If you have a business Payment account, you must withdraw or transfer any balance from your business Payment account before closing it, and if you have not provided the required identifying information to us, or if we are unable to verify the required identifying information you provide, you must transfer any balance in your business Payment account to a linked bank account or debit card.
ii) In certain cases, you may not be able to close your Payment account, due to factors including:
a) User shall be liable for all claims, expenses, fines and liability MyKibo or its partners incur arising out of (i) Invalidated Payments; (ii) any error, negligence, misconduct or fraud by the user, User’s employees, or someone acting on user’s behalf; and (iii) Any losses resulting from user’s failure to comply with the terms of this Policy, or user’s usage of our partner’s Payment Processing Services. b) In the event of an Invalidated Payment or other liability, our payment partner may deduct the amounts due to him or her from user’s Payouts.
User shall ensure to strictly comply with the Anti-Money Laundering and Counter Terrorist Financing laws and regulations, which are aligned to user’s business model, which are applicable to the relationship between user, our payment partners and their Affiliates. Our payment partners and their respective Affiliates shall maintain a comprehensive anti-money laundering program and policies.
All fees and charges shall be in currencies as agreeable/acceptable between the sellers and buyers.
For information regarding fee schedule, we recommend you refer to the fee schedules indicated by our payment partners
Deduction from Purchase Price: Supplier hereby grants our payment partner the right to deduct all fees, charges, fines, penalties, wire transfer charges and other expenses that the Supplier is responsible for from the purchase price of Services resold to Customers by our payment partner prior to making any payment to Supplier. In the event a Refund is paid to a Customer by our payment partner for a Transaction, Supplier will be obligated to reimburse our payment partner for the amount of the Refund. In the event the funds for the purchase that is the subject of the Refund have not been paid to Supplier, our payment partner may deduct the amount of the Refund from fun ds due to Supplier, or from the Reserve. In the event our payment partner, in its sole discretion, has any reasonable doubt as to whether the Supplier has delivered the Service to the Customer, or any reasonable doubt that the Service delivered to the Customer was as advertised by Supplier, our payment partner may withhold the applicable Purchase Payment until our payment partner is satisfied that Supplier has performed its obligations to the Customer..
i) To protect us and our users from loss, we may delay a withdrawal, in certain situations, including if we need to confirm that you have authorized the withdrawal or if other payments to your Payment account have been subject to a reversal (for example, as a result of a chargeback, bank reversal, or dispute by a buyer). If we place a limitation on your Payment account, a payment is subject to a hold, or your account or an associated account has a negative balance in any currency while a withdrawal from your Payment account is pending, you will have to reinitiate the withdrawal once the limitation or hold has been lifted, or negative balance is fully paid off.
ii) We may set limits on your withdrawals, and you can view any withdrawal limit by logging into your Payment account. Completing two out of three of the following steps can help us verify your Payment account, which may allow us to remove any withdrawal cap:
When we identify a potentially high-risk transaction, we review the transaction more closely before allowing it to proceed. When this happens, we will place a hold on the transaction and notify the seller to delay shipping of the item. As a buyer, this may delay your receipt of the item you purchased. If we clear the transaction, we will notify the seller and direct them to ship the item. If we don’t clear the transaction, we will cancel it and return the funds to you, unless we are legally required to take other action.
i) When you buy something from a seller online using any of our payment partners and the transaction is ultimately refunded, the money will typically be refunded to the original payment method you used for the transaction if you used a debit card, credit card, or a balance in your Balance Account or business account.
ii) If you used a bank account linked to a personal payment account as the payment method for the transaction, we will attempt to refund the money to your bank account. If we are unable to do so, we will refund the money to your linked Balance Account if you have one. If you do not have a Balance Account, the money will be waiting for you to claim by using our contact details at mykibo.com or our relevant payment partner’s contact details.
iii) If you used a bank account linked to a business payment account as the payment method for the transaction, we will attempt to refund the money to your bank account. If we are unable to do so, we will refund the money to your balance in your business Payment account.
i) You can choose any of the payment methods in your Payment account as your preferred payment method. You can select a preferred payment method in your account preferences on our payment partner’s website/platform. There may be times when your preferred payment method cannot be used, for example, if you select a credit card that is expired.
ii) You can set separate preferred payment methods for online transactions, in-store transactions, and each of your automatic payment agreements, as described below.
iii) If you have chosen a preferred payment method, it will be shown as the primary method of payment.
iv) If no preferred payment method, it’s still your choice.
v) The availability of certain payment methods may be limited based on that particular seller or the third-party website you are using to complete the transaction.
vi) If you have not selected a preferred payment method, or your preferred payment method is unavailable, we will show you available payment methods, including the payment method you used most often or most recently, at the time of transaction.
Certain one-time online transactions may require that a backup funding method be used in the event that your selected or preferred payment method is unavailable. In those instances, the backup funding method may be displayed to you on your transaction review page, before you complete the transaction. Note that this only applies for one-time, online transactions, and not for in-store or automatic payments. If our payment partners determine currency conversion is necessary for a transaction that also requires a backup payment method, you may not be able to separately choose whether our payment partner or your card issuer performs the currency conversion on your backup payment method.
i) Our payment partner’s fees do not include any taxes, levies, duties or similar governmental assessments of any nature, including, for example, value-added, sales, use or withholding taxes, assessable by any jurisdiction (collectively, “taxes”). It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is solely your responsibility to assess, collect, report and remit the correct taxes to the appropriate authority. MyKibo or our payment partners are not responsible for determining whether any taxes apply to your transaction, or for calculating, collecting, reporting or remitting taxes arising from any transaction.
ii) You acknowledge that we may make certain reports to tax authorities regarding transactions that we process.
We may request that you provide your tax identification number. If you do not provide us with the requested information and documentation, you understand and agree that you may be subject to account limitations and federal and state withholding tax at the applicable rates on all source income payments received. We will send all withholding taxes to the appropriate taxing authorities and cannot refund those amounts.
Your Payment transaction fees depend on the country of the buyer’s account or the currency of their card;
Once you have access to any account statement(s) or other account activity information made available to you by our payment partners with respect to your business account(s), you will have sixty (60) days to notify our Payment partners in writing of any errors or discrepancies with respect to the pricing or other fees applied by our Payment partners. If you do not notify our Payment partners within such timeframe, you accept such information as accurate, and our payment partner shall have no obligation to make any corrections, unless otherwise required by applicable law.
i) Payments to you may be invalidated and reversed by payment partner if:
ii) When you receive a payment, you are liable to us for the full amount of the payment sent to you plus any fees if the payment is later invalidated or reversed for any reason. If the buyer paid in another currency, the full amount of that payment may be calculated in that currency, using the standard transaction exchange rate that applies at the time the refund or reversal is processed. If the balance in your Balance Account or business account doesn’t cover the payment amount due plus the fees, we may use any of the payment methods linked to your Payment account to cover the amount due. If the payment methods linked to your account don’t cover the amount due, this will result in a negative balance. A negative balance represents an amount that you owe to us, and, in this situation, you must immediately add funds to your balance to resolve it. If you don’t, our payment partner may:
We will charge a Dispute fee to sellers for facilitating the online dispute resolution process for transactions that are processed either through a buyer’s Payment account or other means. The Dispute fee applies when the buyer pursues a claim directly with us, a chargeback with their card issuer, or a reversal with their bank. The Dispute fee will be charged at our discretion considering the amount involved in the dispute. The Dispute fee will be charged in the currency which you selected for the original transaction listing. If the transaction was in a currency not chosen by you, then the fee charged will be in your primary holding currency. The Dispute fee will be deducted from your Payment account after the claim is decided.
If you have any questions about our Payment Policy, please contact us:
By email: email@example.com
By visiting this page on our website: https://mykibo.com/
By phone number: +250787398973