Savings Boost Term & Conditions Rwanda

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Savings Boost Term & Conditions Rwanda

“Savings Boost” (hereinafter referred to as the “Promotion”) is a promotional scheme developed by SPENN Rwanda Limited (hereinafter referred to as “SPENN”) to grant SPENN users who are holders of SPENN SuperSaver Account a chance to obtain an additional Bonus for maintaining a certain balance in their SuperSaver Account for a certain period.


SuperSaver Account holders who meet the requisites of this Promotion and intend to benefit from it agree to have read and understood these Terms and Conditions and accept to be bound by them along with the General Terms and Conditions applicable to SuperSaver Accounts. SPENN reserves the right to decide upon any issue arising in the course of the Promotion maintaining the interest of SPENN users and SuperSaver Account holders as a priority and its decision shall be final and binding.


The Promotion is open to SPENN users in Rwanda.


Thank you for trusting SPENN and using SuperSaver and Savings Boost to multiply your savings.


  1. Definitions


  • “Account Holder” means a SPENN user, either as a consumer user or as a business user, with a SuperSaver Account open.


  • “Deposit Timeframe” is the defined period during which deposits made into the SuperSaver Account by an Account Holder, will generate the Bonus yielded at the end of the Qualifying Term.


  • “Qualifying Term” is a defined period immediately after the end of the Deposit Timeframe.


  • “SuperSaver Account” means the SuperSaver Account opened and maintained within the SPENN App or environment as described in its own Terms and Conditions.


  • “Savings Boost” is a promotional scheme offered to SPENN users holding a SuperSaver Account, opened before or during the Deposit Timeframe.


  • “VAS Purchases” exclusively include payment of bills and buying airtime.


  • “Bonus” means the yield earned by an Account Holder who meets the conditions described in these Terms and Conditions.


  1. Rules of the Promotion


    • Deposits made by holders of a SuperSaver Account during the specified Deposit Timeframe, in the amount that exceeds the preexisting balance in the SuperSaver Account at the beginning of the Deposit Timeframe, will automatically be eligible to obtain a Bonus at the end of the Qualifying Term upon satisfaction of all the requirements and thresholds set out hereunder and in Annex A. Any amount deposited into a SuperSaver Account before or after the Deposit Timeframe will not be considered for the purposes of this Promotion. For avoidance of doubt, a newly opened SuperSaver Account during the Deposit Timeframe will be considered to have a preexisting balance of 0.00 (zero) monetary units.


  • The Bonus granted with Savings Boost is independent of and additional to the general interest on SuperSaver balances and other rewards and similar benefits deriving from SuperSaver Accounts.


  • The Bonus shall be awarded to the qualifying accounts no later than 15 (fifteen) days after the end of the Qualifying Term.


  • The Bonus shall not be generated in a SuperSaver Account whose balance has been, at any time during the Qualifying Term, reduced to a lower amount than that considered for accrual of the Bonus according to Clause 2.1.


  • The Bonus may also be dependable on the execution or abstention from executing certain operations and transactions through SPENN, as specified in Annex A.


  • Failure to comply with any of the requirements herein described entails disqualification for the Bonus, without prejudice to any other benefits and advantages of using SPENN services.


  • SPENN reserves the right to disqualify any user if there are reasonable grounds to believe that the SuperSaver Account Holder has breached any of the Terms and Conditions hereby elaborated, the terms and conditions generally applicable to SPENN services and users, or committed fraud or any other illicit act or omission to earn the Bonus, or by any other means acted dishonestly to obtain any benefit out of this Promotion or from SPENN or I&M Bank (Rwanda) Ltd.


  1. Eligibility


  • The Promotion is open to all SPENN consumer or business users in Rwanda who agree to these Terms and Conditions together with the general Terms and Conditions that apply to the SPENN App and to SuperSaver Accounts.


  • Any person who disqualifies to be a SPENN user or to benefit from this Promotion shall be automatically excluded from consideration therein without the right to make any claim against SPENN or any of its partners.


  1. Disqualification of eligible users


  • SPENN/I&M Bank (Rwanda) Ltd. may withhold Bonus at its sole discretion or disqualify Account Holders at any stage of the Promotion for the following reasons:


  • The Account Holder has committed fraudulent or illegal transactions on their account or acted fraudulently with regard to the Promotion.


  • The Account Holder has deviated from the rules of the Promotion and has attempted to manipulate, misuse, or circumvent the outcome or the scheme of the Promotion to appear to be entitled to benefit from it.


  • SPENN/I&M Bank (Rwanda) Ltd. cannot contact the Account Holder for purposes related to this Promotion following these Terms and Conditions.


  • The Account Holder lacks legal capacity under applicable laws and in accordance with the provisions of SPENN general Terms and Conditions or the Terms and Conditions hereby stated; or falls under the category of users not allowed to participate under Clauses 3.1 to 3.2 herein.


  • It would be unlawful under the applicable laws and regulations to award the Bonus.


  1. Personal Data Protection


Our Data Privacy Policy shall apply to all SPENN App users and customers and it covers all matters that are related to how we collect, use, share and protect your data. All our partners with whom we share your information must meet the requirements set out in this policy. See


  1. Limitation of Liability


  • Subject to any statutory limitations, no claim by the Account Holder against a third party may be the subject of a claim against SPENN/I&M Bank (Rwanda) Ltd.


  • SPENN/I&M Bank (Rwanda) Ltd. accepts no responsibility and shall not in any circumstance whatsoever be liable to the Account Holder or any third party for any lawsuit brought against the Account Holder in consequence of the Bonus earned under this Promotion.


  • To the fullest extent permitted by law, the Account Holder agrees to indemnify and hold harmless SPENN/I&M Bank (Rwanda) Ltd., their holding, affiliates and/or subsidiaries, its officers, agents, employees, successors and assigns from and against any loss, damages, actions, claims, expenses and any other liabilities of any nature suffered or sustained by SPENN/I&M Bank (Rwanda) Ltd. arising from third parties or through inclusion in this Promotion, breach of the Terms and Conditions therein, any related activity and/or acceptance, receipt, possession or use and misuse of any Bonus.


  • To the extent permitted by law, SPENN/I&M Bank (Rwanda) Ltd. will not be liable in any way whatsoever, for any claims arising from loss, injury, damage, or costs, suffered by the Account Holder in relation to this Promotion, including but not limited to claims relating to defects in the Bonus or any losses caused by such defects or losses arising from incorrect or inaccurate information provided by the Account Holder.


  • SPENN/I&M Bank (Rwanda) Ltd. shall not be liable to the Account Holder, if SPENN/I&M Bank (Rwanda) Ltd. is unable to perform its obligations under this Terms and Conditions, due (directly or indirectly) to the failure of any machine, data processing system, transmission link, industrial dispute, or anything outside the control of SPENN/ I&M Bank (Rwanda) Ltd., its agents or subcontractors.


  • By accepting these Terms and Conditions and entering the Promotion, the Account Holder undertakes that such decision is made of his free will and volition and such Account Holder shall be legally responsible and liable for any loss, damage or legal expenses suffered by the Account Holder in connection with the Promotion.


  1. Variations


  • To the extent not contrary to the applicable law, SPENN/I&M Bank (Rwanda) Ltd. reserves the right to and may at any time at its discretion vary, alter, suspend, cancel, change, amend or refuse to renew this Promotion, its Terms and Conditions and the Bonus promised subject to the conditions set forth in the following clauses.


  • In the event that SPENN/I&M Bank (Rwanda) Ltd. varies, alters, suspends, cancels, or amends these Terms and Conditions and/or the Bonus promised, the Account Holder shall have the option to withdraw or not to renew his/her consent to be bound by the varied, altered, suspended, cancelled, or amended Terms and Conditions, and/or Bonus promised, and shall have the right to receive in his/her SuperSaver Account the proportion of Bonus that the Account Holder would have earned to date, should the Qualifying Term had been originally agreed to finish the day of withdrawal or non-renewal of consent, or the last day offered to confirm acceptance or renewal of consent to the new Terms and Conditions and/or Bonus, whichever is earlier.


  • For the purpose of calculating the proportion of Bonus that the Account Holder would have earned to date, in the terms of Clause 7.2 above, the Bonus promised shall be divided by the number of calendar days contained within the Qualifying Term and multiplied by the number of calendar days from the beginning of the Qualifying Term up to the relevant date as indicated in Clause 7.2.


  • Notification of variation or amendment shall be given to the Account Holder in writing and without undue delay, either by direct email, SMS, In-App message or other agreed digital communication method.


  • Varied or amended Terms and Conditions will become binding and effective immediately after confirmation of acceptance or renewal of consent, without affecting the outstanding obligations and rights of the Account Holder.


  • All Account Holders waive any rights that they may have or purport to have and acknowledge that no claim in respect of any variation, alteration, suspension, cancellation, change, amendment or refusal to renew the Terms and Conditions is enforceable against SPENN/I&M Bank (Rwanda) Ltd. following the moment the variation, alteration, suspension, cancellation, change, amendment or refusal to renew is notified to the Account Holder.


  1. Notices


Notwithstanding Clause 7.4, the Account Holder hereby acknowledge that any communications under these Terms and Conditions shall be in writing. Notices and correspondence between the parties may be sent by email or by registered mail/courier to the receiving party. Such notices or correspondences shall be deemed to have been received 3 days after dispatch, in the case of registered mail/courier by handing the said correspondence to a reputable courier service for immediate delivery to the addressee in a properly addressed package.


  1. Tax implications


Notwithstanding any personal obligations of the Account Holder to submit returns, declarations, statements, or similar formal obligations to tax authorities, or to render payments for the Bonus earned under this Promotion, SPENN shall, before crediting the Account Holder’s account, apply any deductions applicable to such Bonus at the pertaining legal rates, as mandated by relevant regulations referring to withholding tax or the like.


  1. Severance


If any one or more of the provisions in these Terms and Conditions are deemed invalid, illegal, void, or unenforceable in any respect by law or a competent court, the validity, legality, and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be prejudiced, affected, or impaired.


  1. Governing Law and Jurisdiction


  • These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of Rwanda.


  • If any dispute arises between the parties hereto relating to the interpretation and/or application of these Terms and Conditions, which cannot be resolved by mutual consultation, such dispute shall be referred to arbitration in accordance with Law No. 005/2008 of 14 February 2008 on arbitration and conciliation in commercial matters, or any statutory modification for the time being in force. The venue of such arbitration shall be Kigali, Rwanda.


  1. Miscellaneous


  • Account Holders undertake that they have been given ample opportunity to read, and they have carefully read these Terms and Conditions. In addition, Account Holders have been given the opportunity to, and are hereby advised to, have these Terms and Conditions reviewed by legal counsel of their choice.


  • Account Holders certify that they have made an investigation of the facts relevant to these Terms and Conditions and of all the matters pertaining thereto as deemed necessary, that they fully understand the contents of these Terms and Conditions, that they are of sound mind and intend and agree to be legally bound by these Terms and Conditions.


  • All terms used in the singular form shall be interpreted to include the plural form, and vice versa, as dictated by the context and for the purposes of interpretation.


  • These Terms and Conditions shall constitute a binding and enforceable agreement between the Account Holder and SPENN.