Terms of Money247 Wallet and Card Usage

The Money247 Prepaid Card (“the card”) is issued by Mercantile Bank Limited (1965/006706/06) (“the Bank”) at the request of Money247 (Pty) Ltd Registration No. 2018/514156/07 subject to the following terms and conditions:

    • All these terms and conditions (“the Agreement”) shall apply without reservation when the card is dispatched to you and by accepting and using the card, you agree to be bound by the agreement
    • You must sign the Card on the reverse side with a ballpoint pen immediately after receiving it.
    • You are the only person who may use this card which is a criminal offence if used by a third party
    • The card enables you to affect purchases and to procure advances by electronic means only
    • You may not make purchases, withdraw amounts and otherwise use the card for transactions that will exceed the credit balance on your account and other limits imposed by Money247 or the Bank
    • You will be liable for payments made by the Bank made in respect of the use of your card
    • Use of the card is at your own risk and we are not responsible for any loss or theft resulting from the use of your card
    • You must comply with the exchange control regulations when using the card outside of the common monetary areas
    • You hereby authorize us to debit your Account with:
    • Any and all payments to merchants made by you using your card
    • Our standard services fees (where applicable) and those of the Bank as notified to you from time to time including any upfront registration fee, monthly account fees and related transaction fees
    • Any fees for services not included in this agreement
    • We or the Bank will not be liable for any transaction being dishonored because of insufficient funds as a result of debiting of fees
    • On request, we shall procure the statements showing the transactions entered into by use of your card, as well as other applicable transactions in respect of your account are furnished to you
    • If you believe that your statement contains error(s) you must notify us of the error in writing within 30 (thirty) days of the receipt of the statement, failing which you will have no claim whatsoever in respect of arising from such error(s)
    • No credit interest will be paid on interest, any daily credit balances in your account
    • Should your account, for any reason have a debit balance, you will pay interest at the maximum rate prescribed by law or a rate determined by us or the Bank from time to time, in respect of any debit balances on your account. Such interest will accrue on a daily basis from the date of the debit balance upon and including the date on which full payment is credited to your account, and will be compounded monthly in arrears. Nothing herein shall be construed as entitling you to be overdrawn on your account.
    • You are responsible for the safekeeping of your card
    • If your card is lost or stolen you must immediately notify us in such a manner prescribed by us from time to time. If such notification is effected verbally, you must confirm in writing within 24(twenty four) hours of verbal notification. Delay in notifying us of the loss or theft will be deemed to be negligence on your part.
    • If your card is lost or stolen and your card is used, you will be responsible for all amounts debited to your account through the use of the card.
    • You may terminate the right to use the card on written notice to us. The said notice must be accompanied by the card, which must be cut into pieces so as to prevent further use.
    • We and /or the Bank may at any time in our sole discretion close your account and/or terminate your rights to use the card. If we close your account and/or terminate your right to use the card, you must immediately return your card as set out in paragraph 7.1
    • In the event that we close your account and/or terminate your right to use the card we and/or the Bank shall be entitled to inform any merchant, credit reference agency or other person thereof.
    • We and/or the Bank shall not be liable for any loss or damage that you may suffer as a result of the provision of incorrect information to any person (including any credit reference agency) if such information was provided in good faith, or as a result of any terminal failure or malfunction beyond our and/or the Bank’s reasonable control as a result of the failure or malfunction of any other device used to make or process with the card. We and/or the Bank shall not be liable for any loss or damage of whatsoever nature and howsoever arising from all other causes.
    • Notices will be sent to the postal address or, where applicable to the physical address specified on your account application form, which address you have chosen as your domicilium citandi et executandi for all purposes arising from this agreement.
    • We and/or the Bank shall not be liable to you if any merchant does not accept the card or the Bank refuse to authorize any transaction on the card.
    • You must resolve any dispute you have with any merchant directly with the merchant. Such dispute will not affect our and/or the Bank’s rights to receive payment from you.
    • If there is a difference between our records and/or the Bank’s records and your records, our and/or the Bank’s records will be binding.
    • Where a cheque or other negotiable instrument is deposited into and credited to your account, it will be available as cash only after it has been honored and we shall be entitled to debit your account with the amount of that cheque or negotiable instrument if it is dishonored.
    •  We and/or the Bank may amend this agreement at any time. Publication of such amendments by such means as we and/or the Bank may select will constitute valid notice of the amendment to you. Any such amendment (s) will not constitute a novation of this agreement. You may not amend or vary these terms and conditions at all.
    • You agree that we and/or the Bank may proceed against you in a magistrate’s court having territorial jurisdiction even if the amount of your claim exceeds the value jurisdiction of the court.
    • In the event we take legal action against you to recover any amount due to us in terms of this agreement, you will be liable for our costs including all legal fees and collection commission) on the scale as between attorney and own client
    • Any credit balance in any account you have with the Bank may be used to settle or set off any outstanding amount that you may owe in terms of this agreement.
    • You agree that you will notify us immediately in the event that you are sequestrated under administration order or any form of curatorship, or commit any act of insolvency as set out in the Insolvency Act, 1936 (Act No 24 of 1936), as amended.
    • A Certificate signed by any one of our and/or the Bank’s managers (whose appointment need not be proven) as to the amount of your indebtedness (including interest) and that such amount is due and payable shall constitute sufficient proof thereof, unless the contrary is proven in court.
    • Any indulgence, extensions of time or concessions that we and/or the Bank may grant you shall not be regarded as a waiver of our rights.
    • Every provision of this agreement is deemed to be separate and severable the one from the others. Should any provision be found to be unenforceable for any reason, the remaining provision shall nevertheless continue to be the full force and effect.
    • The agreement will be governed by and construed in accordance with the laws of the Republic of South Africa.
    • You consent to us and/or the Bank making enquiries concerning your credit history with any credit reference agency and to provide such agencies with both positive and negative information regarding conduct of your account(s)
    • You herewith instruct and authorize the Bank to hand your card and PIN to us for collection by you and you herewith indemnify the Bank and/or us against claims, damages and losses arising from this authority and instruction.
    • There is no joint venture between us and the Bank nor is there any agreement that either party will be the agent for the other.


Issued by Mercantile Bank Limited Reg No 1965/006706/06. An Authorized Financial Services and Credit Provider NCRCP19