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Password Cash And Car Equbs Directive and Operating Rules

This Directive and Rules for members of the Password Cash Equb is established between the general business of Password (hereinafter referred to as the “Organization”)

Address: Addis Ababa, Gulele Sub-City, Woreda 08, House Number Addis/IS 083

and

the individual who joins this Equb through the application (hereinafter referred to as the “Equb Member”). By joining the Equb, the member agrees to be bound by this Directive and Operating Rules.

Article 1

Effectiveness of the Agreement

1.1 The Equb Member, having read and agreed to all the directives and operating rules, shall press the “Agree” button. This directive and operating rules shall be effective from the moment the Equb member joins until the completion of the Equb contributions.

Article 2

General Conditions

2.1 There are three types of Equb options: daily, weekly, and monthly. The daily and weekly ones are always drawn once a week on Sunday at 8:00. The monthly one is drawn at the end of the month, specifically on the 30th at 10:00.

2.2 The live lottery draw process will be broadcast on the mobile application.

2.3 For a customer who participates in more than one full lottery, if they win one lottery, they will be made to take the next round without participating in the lottery.

Article 3

Rights and Obligations of the Organization

3.1 The Organization shall, based on the agreement, track members who are making consecutive payments and ensure they enter the lottery. However, an Equb member who has not paid before the draw will not be included in the lottery.

3.2 It shall safeguard the security of the application on which customers are registered.

3.3 Delaying Equb contribution payments is not permitted. However, if the Equb member is unable to continue making round payments and requests a refund, the refund will only be made after the Equb is completed. When the money is refunded, the member cannot demand the payment of bank interest or any other additional fees.

3.4 After winning the lottery, those who delay or stop payments shall be made to pay the debts owed along with penalties. If they fail to pay, legal measures will be taken, including filing a lawsuit, as well as other appropriate legal actions. Additionally, the collateral or guarantee provided by the Equb member will be used to recover the money.

3.5 Should an Equb member commit acts that harm the interests and rights of other Equb members in various ways, legal measures will be taken to safeguard the Organization’s rights and interests.

3.6 All round payments will be collected solely through the payment collection methods specified in the Equb. The Organization will notify users in advance when new methods for collecting Equb round payments become available.

3.7 It will verify the accuracy of payments made by Equb members for each round. It will notify members who have not paid.

3.8 When Equb members win the lottery, the Organization will verify that they fulfill the necessary information and guarantee requirements before they take the Equb money. If they fulfill the information required by the Organization, they can come to the Organization’s office and take the money.

Article 4

Rights and Obligations of the Equb Member

4.1 To become a member of the Equb, one must fulfill the necessary information requirements stated in this directive and rules. These include: residence ID, national ID, passport/driving license, or other legally recognized identity documents.

4.2 Pay the Equb round properly based on the chosen Equb type.

4.3 Make the regular Equb contribution payment into the Organization’s account number using the payment methods established by the Organization.

4.4 If a round payment is delayed, a penalty of 2% will apply.

4.5 Equb members who are required to pay penalties as per the agreement must pay them together with the round payment.

4.6 When receiving the Equb payout, the member must present necessary identity documents, namely residence ID, national ID, passport, driving license, or other acceptable identity documents.

4.7 Lottery winners must properly fulfill the preconditions and criteria the Organization requires for the Equb money to be given to them.

4.8 If the Equb registration was done using another person’s phone number, the member must notify the Organization in advance, confirm that the phone owner consents, and ensure that they will use that number permanently.

4.9 When using our website or mobile application, you are required to keep confidential any confidential information sent from our organization. You will be held liable for any damage resulting from failure to do so.

4.10 Using the money for illegal purposes upon receiving the Equb payout is prohibited. Depositing money obtained illegally into the Password Equb is also prohibited.

4.11 Provide accurate and complete information about themselves when using the Password Equb application and joining the Equb.

4.12 A member who has won an Equb cannot demand the Equb money be given to them without providing the guarantor or other legal information required by the Organization.

4.13 If any member, after winning the lottery and taking the money, stops making payments, a 2% penalty will be deducted from the total payment for up to 7 delayed rounds. If they fail to pay after 7 rounds, the Organization will file a lawsuit in court. After a lawsuit is filed, the member will be liable to pay court fees, attorney fees, and various associated costs in their entirety.

4.14 If a member dies while paying for the Equb, only an heir who has had their inheritance right confirmed and presented by a court is eligible to receive the Equb money registered in the deceased’s name. The heir is obligated to pay any guarantee debt the deceased was required to provide, any outstanding back payments, and fully pay all fees the member had agreed to pay to the Organization.

4.15 If the Equb member has information about involvement in criminal activities related to the Equb, they shall report the matter to the relevant government body.

Article 5

Main Provisions About the Equb

5.1 The person who wins the Equb shall receive the money after a deduction of 5% from the total collected amount.

5.2 To become an Equb member, one must have a good income-generating job and an income that enables them to pay for the Equb.

5.3 To receive the money won, the winner must be able to present the identity documents, legal documents, guarantor, etc., required by the Organization.

5.4 Once the Equb contributions commence, stopping is not permitted until completion. However, if one is forced to stop due to circumstances beyond their control, the refund will be made minus a 10% penalty, paid out when the Equb round concludes.

Article 6

Dispute Resolution

6.1 Any disagreement arising in connection with this agreement shall be resolved amicably through mutual discussion. If this fails, the matter shall be submitted to a court with jurisdiction.

Note: Matters not covered in this agreement shall be governed by the general laws applicable to Equbs.

Password Car Equb Directive and Operating Rules

This Directive and Rules for members of the Password Car Equb is established between the general business of Password (hereinafter referred to as the “Organization”)

Address: Addis Ababa, Gulele Sub-City, Woreda 08, House Number Addis/IS 083

and

CAR TERMS AND CONDITIONS

Article 1

Effectiveness of the Agreement

Article 2

General Conditions

2.1 There are various types of Car Equb options. These are: electric bajaj, hybrid bajaj, BYD Seagull, hybrid Dezire/Swift, Sinotruck and Kasaoni. The vehicle price will be stated weekly on the Password Equb mobile application.

2.2 The Equb draw shall always take place once a week on Sunday at 9:00.

2.3 The car lottery draw will begin after 20 rounds.

2.4 The live lottery draw process will be broadcast on the mobile application.

2.5 For a customer who participates in more than one full lottery, if they win one lottery, they will be made to take the next round without participating in the lottery.

2.6 If one Equb member arranges for more than 10 people whom they are responsible for to join the Equb, our organization may facilitate their receipt of the Equb.

2.7 The vehicle models offered will be manufactured from 2025 onwards.

2.8 The Equb will last for 3 years. This means that within 3 years, all Equb members will become vehicle owners.

2.9 If a price adjustment is made due to vehicle price inflation before the Equb member wins the lottery, the member shall pay the remaining payments in full.

2.10 After the lottery is drawn, if there are weekly differences in the vehicle price, the Organization will notify Equb members of the updated vehicle price based on the Birr amount that is placed weekly on the Password Equb mobile application. Equb members shall then contribute based on the price set by the Organization.

Article 3

Rights and Obligations of the Organization

3.1 The Organization shall, based on the agreement, track members who are making consecutive payments and ensure they enter the car lottery. However, an Equb member who has fallen behind on payments before the draw will not be included in the lottery.

3.2 It shall safeguard the security of the application on which customers are registered.

3.3 The Organization has made available various types of car Equbs for car seekers, and their current prices will be stated weekly on the Password Equb mobile application. If the vehicle price increases, the member who agrees to the increase, and only when they win the vehicle lottery and fulfill the preconditions set forth in this agreement, will the vehicle be purchased in the name of the lottery winner.

3.4 For the Equb member who wins the vehicle, the Organization has agreed to hold the Liber (the vehicle ownership booklet/title document) until the Equb round is completed. This agreement allows the Organization to have the Liber held by lending institutions, the Road Transport Authority, similar institutions, or the relevant body, until the Equb round concludes.

3.5 When the Equb member wins the car lottery, the Organization will purchase the vehicle.

3.6 If the vehicle is out of service for more than one month due to various reasons, the member must notify the Organization.

3.7 When the member receives the vehicle, they must provide additional collateral in addition to the purchased vehicle.

3.8 For the Equb member who wins the vehicle, the Organization can cover known expenses and facilitate the transfer of the title to the member’s own name.

3.9 Delaying Equb contribution payments for more than 3 rounds is not permitted. However, if the Equb member is unable to continue making round payments and requests a refund, the refund will only be made after the Equb is completed. When the money is refunded, the member cannot demand the payment of bank interest or any other additional fees.

3.10 If a member is unable to pay due to the high cost of living or other reasons and wishes to continue contributing, the Organization may facilitate changing from a vehicle Equb type to a cash Equb type.

3.11 If a vehicle lottery winner falls behind or stops payments for up to 8 rounds after winning, they will be made to pay the debts owed along with penalties. If they fail to pay after 9 rounds, legal measures will be taken, including repossessing the vehicle and filing a lawsuit, as well as other appropriate legal actions. Additionally, the collateral or guarantee provided by the Equb member will be used to recover the money.

3.12 Should an Equb member commit acts that harm the interests and rights of other Equb members in various ways, legal measures will be taken to safeguard the Organization’s rights and interests.

3.13 All round payments will be collected solely through the payment collection methods specified in the Equb. The Organization will notify users in advance when new methods for collecting Equb round payments become available.

3.14 It will verify the accuracy of payments made by Equb members for each round. It will notify members who have not paid.

3.15 When Equb members win the vehicle lottery, the Organization will verify that they fulfill the necessary information and guarantee requirements before they take the vehicle. If they fulfill the information required by the Organization, they can come to the Organization’s office and take the vehicle.

Article 4

Rights and Obligations of the Equb Member

4.1 To become a member of the Equb, one must fulfill the necessary information identifying oneself as stated in this directive and rules.

4.2 Pay the weekly Equb round properly based on the chosen vehicle Equb type.

4.3 The Equb member agrees to pay the weekly Equb round payments, both before and after winning the car lottery, based on the current vehicle price according to the payment schedule issued by the Organization.

4.4 A member who has won a car Equb cannot demand the vehicle be given to them without completing the collateral required by the Organization. However, if the Equb member who won the vehicle cannot provide the collateral required by the Organization, the lottery will be re-drawn and the win transferred to another person. For those unable to provide the collateral, the vehicle will be given to them at the end of the Equb round, with additional guarantees. They cannot demand the vehicle be given without sufficient collateral, nor demand a refund of the money they have saved up to that point.

4.5 The Equb member who receives the vehicle agrees to cover the costs associated with purchasing the vehicle, such as title transfer fees, Road Transport fees, agreement and documentation drafting fees, insurance, service, garage, GPS, administrative handling, tax, brokerage fees, and all other costs related to the vehicle in general.

4.6 When one wins the vehicle, they cannot request to receive its cash equivalent instead.

4.7 The Equb member agrees that during the course of the period, the weekly Equb contribution amount may be adjusted due to factors related to price inflation and other variable matters according to the laws of the country, based on the proposal submitted by the Organization.

4.8 The Equb member cannot demand interest.

4.9 If an Equb member stops contributing, the money will be refunded, minus a 10% penalty, when the Equb round concludes.

4.10 Make the weekly Equb contribution payment into the Organization’s account number using the payment methods established by the Organization.

4.11 If the Equb member is under 18 years old, they may register under guardianship. Moreover, while all mandatory terms in this agreement remain in force, the matter will be handled according to other agreements when the vehicle is received.

4.12 The Equb member shall keep confidential any confidential information sent by the Organization; the Equb member is liable for any damage resulting from failure to do so.

4.13 The Equb member is only entered into the lottery if they have completed the required payments.

4.14 The Equb member cannot claim any benefits outside the specific type of vehicle Equb they chose and entered.

4.15 If a round payment is delayed, a penalty of 2% will apply.

4.15.1 Equb members who are required to pay penalties as per the agreement must pay them together with the round payment.

4.16 The Equb member agrees, upon receiving the vehicle, to provide legally acceptable identity documents required for vehicle purchase, such as residence ID, national ID, tax clearance, marital status certificate, and other identity documents recognized by law.

4.17 Those who have won/received the vehicle lottery must properly fulfill the preconditions and criteria the Organization requires for the vehicle to be given to them.

4.18 The individual who wins the vehicle agrees to take out comprehensive insurance for the car. Additionally, the Equb member who receives the vehicle agrees to personally cover costs for damages to the vehicle that the insurance does not cover.

4.19 The Equb member who wins the vehicle agrees to pay the commission fee according to the schedule issued by the Organization.

4.20 The Equb member who wins the vehicle may not sell or transfer the vehicle until the Equb round is completed.

4.21 If the Equb registration was done using another person’s phone number, the member must notify the Organization in advance, confirm that the phone owner consents, and ensure that they will use that number permanently.

4.22 Using the vehicle for illegal purposes when the car Equb is won is prohibited. Depositing money obtained illegally into the Password Equb is also prohibited.

4.23 Provide accurate and complete information about themselves when using the Password Equb application and joining the Equb.

4.24 If any member, after receiving the car lottery and taking the vehicle, stops making payments, a 2% penalty will be deducted from the total payment for up to 8 delayed rounds. If they fail to pay after 9 rounds, the vehicle will be repossessed by the Organization. The Organization will then take legal measures, including filing a court case. After a lawsuit is filed, the member will be liable to pay attorney fees and various associated costs in their entirety.

4.25 If a member dies while paying for the car Equb, only an heir who has had their inheritance right confirmed and presented by a court is eligible to receive the Equb money registered in the deceased’s name. The heir is obligated to pay any guarantee debt the deceased was required to provide, any outstanding back payments, and fully pay all fees the member had agreed to pay to the Organization.

4.26 If the Equb member has information about involvement in criminal activities related to the Equb, they shall report the matter to the relevant government body.

Article 5

Main Provisions About the Equb

5.1 The Equb shall be contributed by …………………… and ………………….. members, and the lottery winner shall receive the money minus 5%, the remainder being …………………… Birr.

5.2 To become an Equb member, one must have a good income-generating job and an income that enables them to pay for the Equb.

5.3 Once the Equb contributions commence, stopping is not permitted until completion. However, if one is forced to stop due to circumstances beyond their control, the refund will be made minus a 10% penalty, paid out when the Equb concludes.

5.4 The Organization may, by informing Equb members, partially or fully amend the terms of this Car Equb Directive and Operating Rules.

5.5 In this agreement, any expression stated in the masculine gender shall apply equally to the female gender.

Article 6

Dispute Resolution

6.1 Any disagreement arising in connection with this agreement shall be resolved amicably through mutual discussion. If this fails, the matter shall be submitted to a court with jurisdiction.

Note: Matters not covered in this agreement shall be governed by the general laws applicable to Equbs.