TERMS AND CONDITIONS FOR ELECTRONIC MONEY PAYMENT ACCOUNT OFFERED BY IUTEPAY SH.P.K.

(hereinafter the “General Account Terms”)

1. DEFINITIONS

The following terms when used in this General Account Terms or any document referred to herein shall have the following meaning:

“Account” means the Customer’s non-interest-bearing electronic money payment account(s) opened with IutePay for the execution of IutePay Services.

“Account Agreement” means the Account Agreement which is signed separately between IutePay and the Customer and that describes the specific terms for providing the Services. The Account Agreement as well as all documents and conditions of provision of IutePay Services (appendices, regulations, declarations, Fees Information Document, Privacy Policy, General Terms of Payment Services etc.) including the information published on the Iute Platform form an integral part of the full agreement between IutePay and the Customer.

“Account Limit” the maximum total amounts up to which the Customer can execute outgoing payments from the Account during a certain period. The Account Limit(s) applicable are published in Iute Platform under the document named “Account Limits”.

“Account Statement” is a periodic summary of Transactions executed on the Customer´s Account.

“Agent” is a commercial or natural person who acts in the name and on behalf of IutePay for the provision of IutePay Services. The complete list of IutePay’s Agents and their addresses can be found at any time in Iute Platform.

“Applicable Legislation” means any act of public bodies, including any law, by-law, order, decree, regulation, instruction, license, authorization or other approval by a Governmental Entity that has the appropriate jurisdiction and authority over the Parties, as may be amended from time to time.

“ATM” is a cash machine or computerized machine operated by IutePay, that provides Customer with access to their Funds.

“Authentication” the performance of operations, which enables IutePay to verify the Customer’s identity.

“Authentication Instrument” an item, feature, information, or other instrument, which enables the Customer to Authenticate him or herself, to Authorize certain operations for IutePay, for example: a password, an authentication code, a PIN code, a mobile device, a mobile phone number, or a fingerprint.

“Authorization” the performance of operations, by which the Customer gives IutePay confirmation of his or her intention for performing certain operations such as making a payment.

“Credit Agreement” an agreement between the Customer and the Lender applicable to the services offered to the Customer by the Lender.

“Customer Support” is a team of people to help the Customer´s in Albanian language with the Services provided by IutePay, who can be reached by a phone or e-mail.

“Electronic Money” is the monetary value recorded electronically, which will be issued by IutePay to the Customer´s Account upon receipt of Funds by or for the Customer and which represents an obligation of IutePay to the Customer. Electronic Money is not considered a deposit, IutePay does not pay interest on it or any other benefit to the Customer for the period during which the latter holds Electronic Money in the Account.

“Fee” means each fee payable by Customer to IutePay, including without limitation the Transaction Fee.

“Force Majeure” shall mean any act or event beyond IutePay’s reasonable control, including without limitation non-delivery or defective delivery of third party services necessary to provide the Services (including but not limited to those of our partners, vendors and suppliers), strike, lock-out or other industrial action by third parties, civil commotion, riot, invasion, terrorist activity or threat thereof, war (whether declared or not) or threat or preparation for war, fire, explosion, lightning storm, flood, earthquake, subsidence, epidemic or other natural disaster, failure of public or private telecommunications networks, power failure, and acts of government or other competent authorities.

“Funds” are banknotes and physical coins in the Albanian currency LEK kept for the Customer in a segregated bank account of IutePay which are converted to electronic money and transferred to the Customer´s Account. Hence, it represents the monetary value in the Account that is stored electronically as Electronic Money for making payments. Those Funds are not deemed to be deposits according to the deposit guarantee scheme or by other similar means for securing deposits.

“Iute Platform” shall mean the website www.iute.al and/or the mobile application MyIute, including their data and content, owned and managed by Iute Group AS.

“Law” has the meaning of Law No. 55/2020 “On Payment Services”

“Lender” IuteCredit Albania Sh.a., a joint-stock company, registered with the commercial register maintained by the National Business Center with unique identification number NUIS L42011023U, with headquarters at Street “Andon Zako Cajupi”, Building No. 3, Apt 2, Floor 3, Tirana, Albania, that may provide financial services to the Customer under the Credit Agreement via the Iute Platform.

“Parties” means IutePay and the Customer who have signed the Account Agreement.

“Pre-Authorization” means the in advance given confirmation of the Customer for IutePay to execute certain operations such as making a payment (Transaction Order(s)) automatically as stipulated in the Account Agreement and General Account Terms (e.g. due repayments to the Lender).

“Privacy Policy” a document available on the Iute Platform, which stipulates the terms and conditions according to which IutePay processes the Customer´s personal data.

“Services” shall have the meaning given in Clause 7 of this General Account Terms and the document named “List of Services” in Iute Platform.

“Fees Information Document” a document available on the Iute official website and presented in Annex 1 of this document, which stipulates the fees payable for the Services provided to the Customer by IutePay.

“Transaction” means any financial operation that results in a movement of Customer’s Funds to and from the Account.

“Transaction Fee” shall mean the total amount in LEK paid by the Customer for any Transaction performed.

“Transaction Order” or “Order” means the Customer’s instruction submitted to IutePay via Iute Platform to receive Services (e.g. execute a payment).

2. GENERAL PROVISIONS

2.1 The General Account Terms are establishing the rights and obligations of Parties regarding the Services that IutePay offers to the Customer.

2.2 The General Account Terms cover general clauses of the relationship between the Customer and IutePay and are an integral part of the Account Agreement as signed by the Parties.

2.3 IutePay provides Services via Iute Platform. IutePay is only liable for providing the Services covered by the Account Agreement and this General Account Terms and matters related to the Services. IutePay is not offering credit services and will not be liable for the credit services or any other services provided by third parties (including Agents) via Iute Platform. The quality and availability of these services are subject to separate agreements between the Customer and the Lender or any other relevant third party. IutePay is not an agent of the Lender or any third party’s providing services via Iute Platform.

2.4 IutePay is a licensed electronic money services provider, licensed by the Bank of Albania.

2.5 The credit services that are available via Iute Platform are provided by the Lender. The Lender is not an electronic money service provider nor a payment service provider. The Lender may however act as an Agent to IutePay for Customer identity verification purposes and Customer Support, but on no occasion is the Lender acting as an Agent for payment services covered by the Account Agreement and these General Account Terms.

2.6 IutePay and the Lender are independent entities providing their respective services through Iute Platform which is owned and managed by Iute Group AS. It is important to understand that the Customer has, if relevant, separate direct agreements respectively with IutePay and the Lender, covering the specific services offered by the respective entity. IutePay is not liable for the services offered by the other entities nor for the obligations the other entities may have under respective agreements with the Customer.

2.7 Upon the provision of services via Iute Platform, certain competences such as the Customer Support may be shared between IutePay and the Lender.

3. EXECUTION AND ENTRY INTO FORCE

3.1 The Customer’s pre-contractual obligations covered in the General Account Terms will be binding from the moment of accepting the terms of the Account Agreement.

3.2 The Account Agreement is deemed to have been executed and entered into force in full at the moment when all the following preconditions are met:

3.2.1 If the Customer is a natural person, is at least 18 years of age and has the legal capacity to enter into an agreement;

3.2.2 the Customer has signed the Account Agreement;

3.2.3 the Customer’s or its ultimate beneficial owner´s identity has been identified and verified, and other due diligence measures have been applied;

3.2.4 the Customer has submitted all the relevant information as requested by IutePay (incl. information about their tax residency).

4. SUBMISSION OF ACCOUNT OPENING APPLICATION

4.1 The Customer applies for an Account opening personally, by submitting the respective application to IutePay or its Agent. The submission of the application may be done through Iute Platform, in the Agent’s business premises or any other channel made available by IutePay.

4.2 For submitting an Account opening application via Iute Platform, the Customer will be required to give IutePay the access to his or her phone camera and microphone. The Customer would need to have the phone connected to the internet and have appropriate hard- and software on it and the Customer´s phone may need to have a fingerprint reader and/or facial recognition capabilities.

4.3 In the application, the Customer declares his or her personal data, email, contact telephone, tax residency etc.

4.4 IutePay shall not be liable for any errors in the data submitted by the Customer and any consequences from such errors shall be borne by the Customer.

5. IDENTIFICATION OF THE CUSTOMER AND KNOW YOUR CUSTOMER (KYC) PRINCIPLES

5.1 The Customer, or their representative, shall submit the data and documents requested by IutePay or its Agent´s for identification and verification of the Customer.

5.2 The Customer´s identity shall be verified based on personal identification documents that are in accordance with legislation and accepted by IutePay (e.g., a passport, an ID-card).

5.3 The Customer or their representative may be identified through a means of communication accepted by IutePay or via means of digital identity verification.

5.4 IutePay shall assume that the document(s) presented by the Customer are authentic, valid and correct.

5.5 IutePay or its Agent will make a copy of the documents submitted by the Customer and will store them physically and/or electronically, according to the Privacy Policy.

5.5.1 IutePay shall apply both locally and internationally established measures for the prevention of money laundering, terrorist financing, and tax evasion, as well as the measures of the application of sanctions. Therefore, IutePay must have an overview of its customers and the activities (e.g. economic activities) and the origin of the assets of the Customers (applying the Know Your Customer principle). Based on the mentioned considerations, IutePay shall have the right and obligation to: check the identification information of the Customer or the representative of the Customer on a regular basis and receive additional documents and data (incl. citizenship, tax residence, place of residence) from the Customer throughout the validity of contractual relationship with the Customer;

5.5.2 regularly and/or upon its discretion ask for documents and data regarding the activities of the Customer, incl. data regarding the purpose and essence of Transactions and the legal origin of the assets of the Customer used in Transactions;

5.5.3 monitor how the Customer uses the Services and reserves the right to refuse to execute any Transaction Orders and provide any Services in case any adverse information is revealed.

5.6 While applying the measures for the prevention of money laundering and terrorist financing and sanction measures, IutePay shall use risk-based methods and select the suitable and appropriate extent of the measures, proceeding from the nature of the Transactions, as well as the assessment regarding the amount of risk that the Customer, or any other person related to the Transaction, may be engaged or may commence money laundering, terrorist financing or violate the established sanction.

6. CONCLUSION OF THE AGREEMENT

6.1 The Account Agreement is concluded and enters into force from the moment when the Customer signs the Account Agreement either physically or electronically.

6.2 The Account Agreement can be physically signed at the Agent´s business premises. The electronic signing can be conducted on the Iute Platform. The Parties agree and acknowledge that all statements regarding the application to open the Account, conclusion, performance and termination of the Account Agreement, signed with a qualified electronic signature will be equivalent to a hand-signed signature.

6.3 The Account Agreement will be signed electronically by Qualified Electronic Signature, using the Customer´s declared phone number, where the Qualified Electronic Signature Provider, selected by IutePay, will send a unique one-time-password (OTP) code, which the Customer needs to insert within 3 minutes to the subpage displayed to him. If the inserted OTP code matches the one sent by the Qualified Electronic Signature Provider, the Account Agreement is considered as signed off by the Customer.

7. SERVICES

7.1 By signing the Account Agreement, IutePay undertakes to open for the Customer the Account.

7.2 Unless restricted in a legitimate reason by IutePay, the Account can be used for, but not limited to:

7.2.1 receiving and transferring funds from and to accounts opened with IutePay; The customer acknowledges that IutePay considers the customer´s declared and confirmed phone number to be closely related to the customer´s identity. The customer´s declared and confirmed phone number is required for accessing the services, communication and using the services as offered by IutePay. Thereat, the customer explicitly acknowledges and agrees that throughout the validity of the Payment Account Agreement, their declared and confirmed phone number along with the name and surname of the customer will be discoverable for other customers of IutePay for the purposes of enabling transactions between different payment account holders.

7.2.2 transferring Funds to a bank account opened with a financial institution;

7.2.3 receiving Funds from a bank account opened with a financial institution;

7.2.4 withdrawing Funds in cash, via ATM and/or Agents;

7.2.5 giving Transaction Orders to IutePay for the payment of products and services with the Agent/Partner´s of IutePay;

7.2.6 if the Customer has a valid Credit Agreement with the Lender, for receiving Funds from the Credit Agreement to the Account; and

7.2.7 if the Customer has a valid Credit Agreement with the Lender and the Customer has monetary obligations due to the Lender, making repayments to the Lender.

7.2.8 Life or non-life insurance purchase where IutePay is acting as an insurance agent licensed for respective insurance companies.

7.3 IutePay can offer the Customer other services that can be offered by electronic money institutions in accordance with the legislation in force.

8. LOAN SERVICING ACCOUNT

8.1 Iute Platform also enables the Customer to apply for credit from the Lender. Thereat, IutePay does not take any decisions relating to the credit services provided by the Lender.

8.2 The Lender and the Customer have agreed, and IutePay acknowledges that the Account acts as a loan servicing account for the Credit Agreement(s) entered between the Customer and the Lender as of entering into the Account Agreement, according to which:

8.2.1 If a Credit Agreement has been signed between the Customer and the Lender, then the credit disbursement under such agreement will be exclusively made to the Customer´s Account in IutePay. If the Customer has more than one Account with IutePay, the Customer will determine which Account will be considered as the loan servicing account;

8.2.2 If the Customer and the Lender have entered into a Credit Agreement under which the Customer can take the credit into use by initiating a drawdown of the credit to the Account to pay for products or services as offered by IutePay´s Agents, then the relevant Funds are first transferred from the Lender to the Customer´s Account, and then onwards to the recipient of the payment. IutePay is processing the payments between the Customer and Lender according to the Authorizations by the Customer or the Lender.

8.2.2.1 To the extent in which it entails making a drawdown from the Credit Agreement to the Account for making a payment using the Funds received as a credit, it is considered as a drawdown request issued by the Customer to the Lender under the Credit Agreement.

8.2.2.2 Upon making a payment using Funds taken according to the Credit Agreement, IutePay is liable only for executing the payment order to transfer relevant Funds from the Account to the recipient of the payment.

8.2.3 All repayments to the Lender under the Credit Agreement concluded between the Customer and the Lender will be made by using the Account.

8.3 The Customer signing the Account Agreement gives IutePay an explicit Pre-Authorized Transaction Order to conduct an automatic transfer of Funds from the Customer´s Account to the Lender to repay all due obligations that the Customer has and will have in front of the Lender within the validity of the Account Agreement. For avoidance of doubt, for this Pre-Authorized Transaction Order to be executed by IutePay, the Lender must initiate the Direct Debit request of Funds in Iute Platform.

8.4 The Customer, by signing the Account Agreement gives to IutePay an explicit Pre-Authorized Transaction Order to conduct an automatic transfer of Funds from the Customer´s Account to the Agent to pay for the products and services as requested by the Customer within the validity of the Account Agreement. For avoidance of doubt, for this Pre-Authorized Transaction Order to be executed by IutePay, the Lender or the Agent must initiate the request in Iute Platform.

9. AUTHENTICATION INSTRUMENTS AND RESTRICTIONS FOR THIRD PERSONS

9.1 The Customer can use the Account only after the Customer has Authenticated himself/herself in a way as required by IutePay, including if required using a two-factor authentication key, whereas all Transaction Orders given while being logged in through the Customer´s electronic device in Iute Platform is considered to be given and Authorized.

9.2 If applicable, the Customer is obliged to Authenticate himself or herself to Authorize any operations in such a way as required by IutePay, and by using the Authentication Instruments as required by IutePay.

9.3 In order for the Customer to Authenticate him or herself and authorize certain operations, the Customer´s electronic certificate stored in the Customer’s device (phone) will be used. By initiating certain operations, an application will prompt for biometrics (fingerprint or facial ID) or if this is enabled, then in case of an iPhone it will require the Customer´s phone PIN. The biometric information will be used to get a verification result from the secure storage of the phone (i.e., Secure Enclave for iPhone) and using Iute Platform certificate stored there, the signature for PDF document will be created and sent to IutePay´s servers, where it will be added to the PDF file. No biometric information will be sent to IutePay´s nor any other servers. Furthermore, it is not possible to reverse engineer the biometric information from that signature. If the biometrics is not configured and in case of an iPhone the phone PIN is not configured either, then the operations that would require the Customer´s signature, will be signed electronically, using the Customer´s declared phone number, where IutePay will send a unique one-time-password (OTP) code, which the Customer needs to insert within 3 minutes to the subpage displayed to him. If the inserted OTP code matches the one sent by IutePay, the operation is considered as confirmed by the Customer.

9.4 The Customer is obliged to keep his or her mobile device, the Account and Authentication Instruments in his or her private use and to take the necessary measures for the safekeeping of the Authentication Instruments. The Customer may not give any such Authentication Instruments to third persons nor leave them without guard. The Customer is also obliged to keep in his or her private use the e-mail address and the mobile phone number through which the Customer is using IutePay’s Services.

9.5 The Customer undertakes that their Account and Authentication Instruments, and any Services provided to the Customer by IutePay are only used and accessed by the Customer. The Customer must exercise due care to prevent third persons from access to their Account, Authentication Instruments, and any Services provided to the Customer by IutePay, unless this Account Agreement clearly stipulates otherwise.

9.6 If the Customer suspects that his or her Authentication Instrument(s) or Account may be in the power of a third person, that his or her Authentication Instrument(s) or Account has been used without his/her consent or knowledge or that there are other circumstances, as a result of which it may be possible for a third person to use his or her Authentication Instrument(s) or Account, then the Customer is obliged, without undue delay, as soon as the Customer becomes aware of any such situation or transactions which are subject of a complaint, to notify the Customer Support and, independently via Iute Platform or, if it is not it is not possible, then with the help of the Customer Support, to replace the compromised Authentication Instrument(s) and/or block or close the Account, as is appropriate for ending such situation without undue delay.

9.7 IutePay may require Authentication or Authorization from the Customer at any time and for executing any transaction or operation.

9.8 IutePay has the right to refuse from providing Services to the Customer in case the Customer has not duly Authenticated him or herself to IutePay or in case the Customer has not duly Authorized a Transaction or any other operation if requested so by IutePay.

10. AUTHORIZATION, PRE-AUTHORIZATION AND EXECUTION OF A TRANSACTION

10.1 All Transaction Orders given while being logged in through the Customer´s electronic device in Iute Platform is considered to be given and authorized.

10.2 The Customer and IutePay agree that by signing the Account Agreement, the Customer is giving a pre-authorization for the following Transactions:

10.2.1 If the Customer has an active Credit Agreement with the Lender, the Customer by signing the Account Agreement gives to IutePay an explicit Transaction Order to conduct an automatic transfer of Funds from the Customer´s Account to the Lender to repay all due obligations that the Customer has and will have in front of the Lender within the validity of this Account Agreement. For avoidance of doubt, for this automatic Transaction Order to be executed by IutePay, the Lender must initiate the Direct Debit request of Funds in Iute Platform.

10.2.2 If the Customer and the Lender have entered into a Credit Agreement under which the Customer can take the credit into use by initiating a drawdown of the credit to the Account to pay for products or services as offered by IutePay´s Agents, then the relevant Funds are first transferred from the Lender to the Customer´s Account, and then onwards to the recipient of the payment (Agent). IutePay is processing such payments between the Customer, Lender and the Agent according to the Authorizations received from the Customer or the Lender.

10.3 A Transaction Order is binding to IutePay as of the moment that IutePay has received the Transaction Order.

10.4 IutePay is considered to have received the Transaction Order as soon as the Customer has properly forwarded the Transaction Order to IutePay via IutePay Platform, or in case of PreAuthorized Transaction, as soon as receiving such instructions from the Customer or the Lender or if appliable, the Agent.

10.5 Before submitting a Transaction Order, the Customer will be shown the Fees applicable to the Transaction.

10.6 IutePay records and stores all Transaction Orders initiated by the Customer in Iute Platform as well as all Transactions executed in the Account.

10.7 IutePay will immediately notify the Customer in case of refusal to execute the Transaction Order, except in cases where this notification is technically impossible or prohibited by the legislation in force.

10.8 IutePay will refuse or not execute a Transaction Order if the Customer’s Funds in the Account are subject to any freezing order or other restrictive measure under the law or IutePay´s justified opinion.

10.9 Each executed Transaction Order shall be visible to the Customer in Iute Platform. The Customer may at any time see in Iute Platform their Account Statement with the information about debited and credited amounts with the information as referred in the Account Agreement.

11. RESTRICTING SERVICES AND BLOCKING THE ACCOUNT

11.1 If IutePay suspects that the Services provided to the Customer may be used for fraud, money laundering, terrorist financing or any other illegal activity, or for any other reason IutePay may find relevant, then IutePay has the right to restrict any of the Services provided to the Customer, including to block and/or close the Customer’s Account and/or block, close or require the replacement of any of the Customer’s Authentication Instruments.

11.2 Upon restricting Services, IutePay will, if possible, notify the Customer via Iute Platform of applying the restrictions prior to applying them, or, in case it is not possible, then immediately after having applied the restrictions, unless IutePay is prohibited under applicable law to notify the Customer about the restrictions.

11.3 In order to remove the restrictions, the Customer may contact the Customer Support. If there are no longer grounds for applying the restrictions, then IutePay shall remove the restrictions.

11.4 IutePay shall not be liable for any damages caused to the Customer by restricting Services in case IutePay has applied the restrictions in good faith, including in case it later becomes apparent that there were no actual grounds for applying the restrictions.

11.5 The Customer has the right to block the Account at any time. In order to block or unblock the Account, the Customer has to submit the Customer Support a respective request. If the Customer submits the Customer Support a request to block or unblock the Account, then IutePay may require that the Customer Authenticates himself or herself, Authorize the Customer’s request or perform any other additional operation to verify the Customer’s identity and the Customer’s wish to block or unblock the Account.

11.6 IutePay will unblock the Account only in case the grounds for blocking the Account have become devoid.

11.7 If IutePay deems it that the grounds for blocking the Account have not become devoid, then IutePay may close the Account.

12. UNAUTHORIZED, UNEXECUTED AND INCORRECTLY EXECUTED PAYMENTS

12.1 In case a Transaction is executed by a third party who has gained an unlawful access to the Customer´s electronic device, of which the Customer has not informed IutePay, then the damage caused by such unauthorized Transaction shall be borne by the Customer.

12.2 The Customer must notify the Customer Service of an unauthorized Transaction or an incorrectly executed Transaction promptly after becoming aware thereof.

12.3 The Customer will not bear the damage caused by an unauthorized Transaction and IutePay shall compensate the damages to the Customer immediately after becoming aware of the unauthorized Transaction in case:

12.4 IutePay did not enable the Customer to notify the Customer Support about circumstances described in Clause 9.6.; or

12.5 The unauthorized Transaction was caused by action or inaction of IutePay;

12.6 Regardless of Clause 12.3., the Customer will, nevertheless, bear the damages caused by the unauthorized Transactions in case the damage was at least partly caused by the Customer’s fraudulent activity or if the Customer had intentionally or due to gross negligence breached one or several of the obligations regarding the keeping of Authentication Instruments as stipulated in the General Account Terms.

12.7 In case the Customer has unjustifiably disputed a Transaction, then IutePay will have the right to claim the Customer for a Fee for processing the Customer’s claim in the amount as stipulated in the Fees Information Document.

12.8 In case IutePay hasn’t executed or has incorrectly executed a Transaction Order duly submitted by the Customer, then the Customer has the right to claim from IutePay the immediate refund of the respective transaction amount without any deductions made from the amount, unless the information provided by the Customer for the execution of the Transaction Order was incorrect, in which case IutePay shall not be liable for the non-execution or defective execution of the transaction.

12.9 In case IutePay charged a fee from the Customer upon executing the Transaction Order then the Customer has the right to claim from IutePay also the refund of the respective fee. If IutePay has, upon executing the Transaction Order, made any unjustified deductions from the transferred amount, then IutePay is obliged, without delay, to forward such unjustifiably deducted amounts to the recipient of the transaction.

12.10 If IutePay mistakenly credits the wrong Customer’s account, the Customer authorizes IutePay to reverse the transaction and debit the incorrect amount from the wrong account on the same business day that the error occurred. If the reversal does not occur by the end of the day, the Customer will be informed through sustainable means of communication that his account has been erroneously credited. The incorrect amount will be “frozen” and unavailable for 24 hours from the time of notification. If the Customer does not visit one of the Iute branches within 24 hours to justify the transaction, IutePay will restore the account to its original state by debiting the erroneously credited amount.

13. FEES

13.1 The Services provided under the Account Agreement are subject to Fees as stipulated in the Fees Information Document attached to this Terms and Conditions Document (Annex 1). The Fees may be composed of, inter alia, monthly fees and fees applicable to specific operations as further stipulated in the Fees Information Document. The Fees may depend on the specific subscription chosen by or otherwise applicable to the Customer. Such fees will be automatically debited from the Account without the obligation to notify the Customer in advance of it.

13.2 In case the Fees Information Document stipulates a monthly fee for a Service provided to the Customer, then IutePay will debit the respective amount from the Account in advance for each upcoming month on such date on which IutePay started providing the respective Service to the Customer, unless this Account Agreement or the Fees Information Document stipulates otherwise.

13.3 Any Fees if applicable to a Transaction Order will be calculated and withheld from the Customer’s Account at the time the Transaction is executed.

13.4 The Customer hereby authorizes IutePay to debit any fees and if applicable, damages and contractual penalties automatically from the Account without notifying the Customer. In case the Customer has concluded the Credit Agreement with the Lender, the Customer hereby authorizes IutePay to debit any obligations, fees and if applicable, damages and contractual penalties payable to the Lender automatically from the Account without notifying the Customer.

13.5 If the Account does not have sufficient available funds to settle any fees payable under this Account Agreement, then IutePay shall have the right to charge the Customer interest for late payment on the overdue amount at the rate stipulated in the Fees Information Document (or applicable law) for every day overdue until the due payment of the overdue amount.

13.6 IutePay is not liable for any additional fees imposed on the Customer by third persons, even if related to IutePay’s Services, such as fees or surcharges imposed by merchants or other service providers transactions or for incoming or outgoing transactions.

13.7 The Customer has the right to request and receive any information regarding the Fees by contacting the Customer Service.

14. ACCOUNT LIMITS

14.1 IutePay has the sole discretion to set Account Limits to the Account which may determine the maximum outgoing single or accrued payment amount per calendar day, week, month, and/or year. The Account Limits are either disclosed to the Customer in Iute Platform as “Transaction Limits” or in his/her Account.

14.2 In case the Customer wishes to increase or decrease the Account Limit, the Customer shall have to contact the Customer Support.

14.3 If the Customer wishes to increase the Account Limit, then IutePay has the right to ask the Customer for information and documents to substantiate and certify the need for increasing the Account Limit. Thereat, the decision whether to increase the Account Limit is in the sole discretion of IutePay and IutePay takes no obligation to increase the Account Limit nor has the obligation to justify its respective decision.

15. DORMANT ACCOUNT

15.1 The Customer acknowledges and agrees that if his/her Account does not have any Transactions for a continuous period of at least 1 (one) calendar year, the Account will be considered as Dormant Account and IutePay will be entitled to:

15.1.1 place restrictions on the usage of the Account and/or Services; and/or

15.1.2 if the Account has available Funds, charge a Fee for maintaining the Dormant Account according to the Fees Information Document.

15.2 To avoid paying the Fees applicable to Dormant Account, the Customer is advised to terminate the Account Agreement in accordance with the General Account Terms.

16. DOWNTIME

16.1 IutePay is making its best efforts to keep the Services provided by IutePay available at all times. However, from time to time, the IT-systems supporting the Services may need maintenance and during maintenance the Services may experience downtime. IutePay will not be liable for any downtime caused by performing maintenance over the IT-systems supporting the Services, but IutePay will make its best efforts to keep such downtime as short as possible and on such times when usage of the relevant Service is as low as possible. If possible, IutePay will notify the Customer of maintenance related downtime in advance.

16.2 The Customer is aware that IutePay’s Services may at times be unavailable also due to third parties used for providing the Services, including any third parties part of the payment systems, any third-party internet service provider, any third-party mobile network service provider or any third-party power supply provider. IutePay is not liable for service downtime caused by such third parties.

17. LIABILITY

17.1 Neither Party is liable for any non-performance or breach of their obligations in case it is caused by force majeure (for example war, riot, force of nature, strike, unavailability of ITsystems, unavailability of communication services, power outage, cyberattack), acts of public authorities or any other factor independent of the Parties, which the Party in breach could not have affected and which it could not have been reasonably expected to have avoided.

17.2 IutePay is liable for a breach of its obligations under the Account Agreement only in case the breach was caused by IutePay’s gross negligence.

17.3 IutePay is not liable for any immaterial damage or lost profits caused to the Customer.

17.4 IutePay is not liable for damage caused to the Customer in case the damage was caused by the fact that the Customer had not duly performed any of Customer’s obligations under the obligations stipulated in the Account Agreement.

18. CONTACT

18.1 The point of contact for the Services provided by IutePay is Iute Platform and the Customer Support. The contact details of the Customer Support are available in Iute Platform.

18.2 IutePay may contact the Customer via Iute Platform and/or via any contact details, which, according to IutePay’s knowledge, the Customer is using, including the e-mail address, mobile phone number and residential address.

18.3 The Customer undertakes that his or her contact details provided to IutePay, including via Iute Platform, are up to date and that the Customer can be reached from these contact details. If the contact details should change, then the Customer is obliged to update contact details via Iute Platform or Agent´s.

18.4 Notices sent to the Customer by IutePay are deemed to have been received by the Customer when they are available to the Customer via Iute Platform. Notices the Customer sends to IutePay are deemed to have been received when they are available to the Customer Support via the contact details of the Customer Support provided on Iute Platform.

18.5 Iute Platform and the Customer Support are available in Albanian and English. The General Account Terms shall be available in Albanian. Other languages may be supported. Any other agreements the Customer may have with IutePay may be in any other language as agreed or is applicable to such other agreements.

18.6 The Customer Support shall notify the Customer via Iute Platform, phone message or the email of any major operational incident or a security related incident, including information and communication technology incident, if the incident has or may have a material impact on the Customer.

19. PROCESSING PERSONAL DATA

19.1 IutePay processes the Customer’s personal data in accordance with the Privacy Policy available on Iute Platform.

20. AMENDMENTS

20.1 IutePay has the right to unilaterally amend the Account Agreement, General Account Terms, Privacy Policy, and the Fees Information Document.

20.2 The valid versions of the Account Agreement, General Account Terms, Privacy Policy, and the Fees Information Document shall be deemed to be the versions available on Iute Platform at any given time, unless stipulated otherwise therein. Upon amending the Account Agreement, General Account Terms, Privacy Policy and the Fees Information Document, IutePay will notify the Customer no later than 2 months before their proposed date of application. The Customer can either accept or reject the changes before the date of their proposed date of entry into force. If the Customer doesn’t accept the amendments, then the Customer may, prior to the entry into force of the amendments, unilaterally withdraw from the Account Agreement affected by the amendments without any additional fees and effective immediately by forwarding the Customer Support a respective e-mail or, in case Iute Platform enables it, by rejecting the respective change in Iute Platform. If the Customer has not, prior to the entry into force of the amendments, notified the Customer Support that the Customer does not agree to the amendments or, in case Iute Platform enables it, rejected the respective change in Iute Platform, then it shall be deemed that the Customer has agreed to the amendments and the Customer loses his or her right to withdraw from this Account Agreement in relation to the proposed amendments.

20.3 The amendments to the Account Agreement, General Account Terms, Privacy Policy, and/or the Fees Information Document will enter into force on the date referred to in the respective notice referred to in the previous Clause. If the respective notice does not contain any dates for the amendments to enter into force, the amendments will enter into force on the first day after the 2 months period has passed from sending such notification.

20.4 Amendments to the Account Agreement, General Account Terms, Privacy Policy and the Fees Information Document that unambiguously favour the Customer, for example lowering the applicable fees payable by the Customer, or are of insignificant technical nature, for example correcting grammatical or formatting errors, branding-related changes or updating contact information, may be considered not to be covered by Clause 20.3 of the Account Agreement and may enter into force immediately after notifying the Customer. In such cases the Customer will not have the right to extraordinarily withdraw from this Account Agreement per Clause 20.3.

20.5 If it becomes apparent that any provision of the Account Agreement, General Account Terms, Privacy Policy and the Fees Information Document is in conflict with or void under applicable law, then IutePay has the right to unilaterally amend the Account Agreement, General Account Terms, Privacy Policy and/or the Fees Information Document by replacing the conflicting or void provision with a valid provision so that the purpose of the valid provision would, as much as possible, serve the purpose of the void provision. In such case IutePay will notify the Customer about the amendment and the Customer does not have the right to extraordinarily withdraw from this Account Agreement per Clause 20.3.

21. DISPUTE RESOLUTION

21.1 This Agreement shall be subject to the Albanian law.

21.2 The Customer may submit IutePay complaints about the IutePay’s Services by contacting the Customer Support in Albanian language. Any dispute arisen under the Account Agreement will be resolved by negotiations. If the Parties are unable to resolve the dispute by negotiation, then the dispute shall be resolved in courts in accordance with Albanian laws.

21.3 If IutePay has not replied to the Customer’s duly submitted consumer complaint within 15 days from its submission or, exceptionally within 30 days or the Customer is still not satisfied with the reply received, the Customer may address the complaint to the Bank of Albania.

21.4 Without prejudice to the above, based on the legislation in force, the Customer will have the right to turn to the unit responsible for the alternative resolution of disputes (“ZAM”) created at the Bank of Albania for any Dispute related to the issuance of Electronic Money and repayment of Funds by IutePay. The procedures for appealing to the ZAM are defined by the Bank of Albania and are published on the website of the Bank of Albania https://www.bankofalbania.org/.

22. TERM AND TERMINATION

22.1 The Account Agreement is entering into force from the day of signing the Account Agreement by both Parties and will be concluded for an indefinite period until terminated by either of the Parties.

22.2 The Customer has, on the precondition that the Customer does not have any payables to IutePay under the Account Agreement or any other agreements, or to Lender under Credit Agreement, the right to terminate the Account Agreement without reason at any time by sending the Customer Support a respective notice or, if Iute Platform enables it, then by making the respective choice in Iute Platform. If the Customer has or will have any payables to IutePay under the Account Agreement, then the Account Agreement remains in force until payment of such payables. If the Customer has or will have any payables to IutePay under any other agreement between IutePay and the Customer and the Services covered by the Account Agreement are needed for payment of such payables, then IutePay may decline the termination of the Account Agreement until payment of such payables. If the Customer has any outstanding payables to the Lender under the Credit Agreement, then IutePay has the right to refuse the termination of the Account Agreement until payment of such payables to the Lender.

22.3 IutePay has the right to terminate the Account Agreement without reason by notifying the Customer via Iute Platform at least 2 months in advance.

22.4 Upon the grounds stipulated in the Account Agreement, IutePay has the right to extraordinarily terminate the Account Agreement immediately and without notifying the Customer in advance. After extraordinary termination of the Account Agreement, the Account is blocked immediately, meaning that no new operations are permitted.

22.5 IutePay has the right to extraordinarily terminate the Account Agreement immediately and without notifying the Customer in advance, if an operator of an international payment system, our correspondent bank or any other intermediary to the services provided to the Customer, demands that IutePay restrict the Services provided to the Customer.

22.6 If after the termination of the Account Agreement and closing the Account, the Customer has available Funds in the Account, IutePay shall transfer the remaining Funds in the Account only to an account opened in the Customer´s name in a credit institution in the Republic of Albania or any other jurisdiction if agreed by IutePay, within 15 calendar days from receiving such request from the Customer.

23. LICENSE AND COMPETENT AUTHORITY INFORMATION

23.1 IutePay is licensed by the Bank of Albania and entered into the list of electronic money issuers.

23.2 The Bank of Albania can be contacted via the e-mail or the phone number or via any other ways indicated on the website of the Bank of Albania www.bankofalbania.org

24. FINAL PROVISIONS

24.1. Should any provision of the Account Agreement be void, then it shall not cause the entire agreement to be void or release the Customer or IutePay from performing the remaining obligations under the Account Agreement.

24.2. The Customer does not have the right to transfer any rights or obligations under the Account Agreement to a third party without IutePay’s explicit prior consent.

24.3. IutePay reserves the right to transfer any of its rights and obligations under the Account Agreement to a third party without the Customer’s additional consent. Personal communication (e.g. e-mail or pop-up in Iute Platform) to the Customer will be sufficient for this and any other notification purpose.

24.4. The Customer undertakes that all information and documents which the Customer provides to IutePay are true, accurate and up to date. If any of the information and documents provided to IutePay should change, then the Customer must present to IutePay with the respective updated information and documents. The Customer can update the information and documents provided to IutePay via Iute Platform to the extent provided by Iute Platform, or via the Customer Support.

24.5. In connection with IutePay’s obligations under applicable law, IutePay reserves the right to refuse from providing any Services to the Customer, the right to refuse from entering into the Account Agreement with the Customer, the right to suspend any Services provided to the Customer, and the right to immediately terminate the Account Agreement entered into with the Customer according to the General Account Terms and upon IutePay’s sole discretion.

ANNEX 1: FEES INFORMATION DOCUMENT

Payment service provider: IutePay SHPK

Customer Name: __________________________

Date: ____________________________________

• This document informs you about the fees for using the main services linked to the payment account. It will help you to compare these fees with those of other accounts.
• Fees may also apply for using services linked to the account which are not listed here. Full information is available in the Payment Account Agreement and in the official iute website at: https://iute.al/en/pricelist/pricelist-iutepay-albania/
• A glossary of the terms used in this document is available free of charge and is located as starting section in this document.

Terms & Conditions, IutePay Albania PDF