Thank you for choosing to use Benkiko Finance. The following terms and conditions of service (these "Terms of Service") apply to users of the App and site. You should read these Terms of Service carefully to determine which provisions apply to you. By using any of the services, functions, or features offered from time to time on the Site (collectively or individually, the "Services"), the user (referred to herein as "you" or "your") agrees to these Terms of Service.

These Terms of Service constitute the agreement and understanding with respect to the use of any or all of the Services, and any manner of accessing them, between you and Benkiko Finance. For the avoidance of doubt, these Terms of Service have two parties: you and Benkiko. Any and all terms, conditions, licences, limitations, and obligations contained within and on the Site are incorporated into these Terms by reference, including, without limiting the generality of the foregoing, the following App policies and pages: the Privacy Policy and the Risk Disclosure Statement. In particular, please note that all transactions of Digital Tokens on or off the App may be subject to fees levied by Benkiko Finance as set out and updated in the Fee Schedule from time to time. In the event of any inconsistency between these Terms of Service and any other pages or policies on the App, these Terms of Service shall prevail.

By using any of the Services, you acknowledge that you have read, understand, and completely agree to these Terms of Service in effect from time to time. If you disagree with these Terms of Service or with any subsequent amendments, changes, or updates, you may not use any of the Services; your only recourse in the case of disagreement is to stop using all of the Services.

These Terms of Service may be amended, changed, or updated by Benkiko at any time and without prior notice to you. You should check back often to confirm that your copy and understanding of these Terms of Service is current and correct. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms of Service, as modified by such amendments, changes, or updates.

The use of the Site and any Services is void where prohibited by applicable law.

1. Interpretation:

1.1. Definitions: In these Terms of Service and all documents incorporated herein by reference, the following words have the following meanings unless otherwise indicated:

1.1.1. "AML" means anti-money laundering;

1.1.2. "Associates" means Benkiko Finance, and each and every one of their respective shareholders, subsidiaries, employees, contractors, agents, directors, officers, partners, affiliates, insurers, and attorneys;

1.1.3. "CTF" means counter-terrorist financing;

1.1.4. "Digital Tokens" means blockchain-based assets or rights, or other similar digital representations of rights or assets;

1.1.5. “Benkiko Finance” means Benkiko Finance.;

1.1.6. “Stellar Blockchain” means the native Stellar blockchain hosted by Nodes described in the documentation here:

1.1.7. "FATF" means the Financial Action Task Force;

1.1.8. "Losses" has the meaning set out in paragraph 11 of these Terms of Service;

1.1.9. "Person" includes an individual, association, partnership, corporation, other body corporate, trust, and any form of legal organization or entity;

1.1.10. "Personal Information" means information about an identifiable individual, business, organization, or other entity, but does not include the name, title, business address, or telephone number of an employee of a business, organization, or other entity;

1.1.11. "Prohibited Jurisdictions" means USA, Belarus, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, the Crimea region of Ukraine, Croatia, Cuba, Iran, Iraq, Kosovo, Lebanon, Libya, Moldova, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

1.1.12. "Prohibited Use" has the meaning set out in paragraph 6 of these Terms of Service;

1.1.13. "Service" means any of the services, functions, or features offered on or through the App;

1.1.14. "Site" means the Internet website;

1.1.15. "Terms of Service" means these terms and conditions of service, as they may be changed, amended, or updated from time to time without prior notice to you, including the following Site policies and pages: the Privacy Policy and the Risk Disclosure Statement.

1.1.16. "Trading Order Book" has the meaning set out in paragraph 3 of these Terms of Service;

1.1.17. "U.S. Person" means: in the case of an individual, a citizen of the United States or a Person resident in the United States; and, in any other case, a Person resident in the United States; or, a Person owned 10% or more by one or more Persons resident in the United States or by one or more corporations or entities incorporated in or formed in the United States; and,

1.1.18 “Wallet” means a combination of a user’s public address and corresponding private key that holds any Digital Tokens that are created and/or received on Benkiko Finance, which may associate with corresponding transactions related to this address.

1.1.19. "you" or "your" means the user.

1.2. Headings: The headings and sub-headings in these Terms of Service are for ease of reference only and are not to be taken into account in the construction or interpretation of any provision or provisions to which they refer.

1.3. Extended Meanings: Unless otherwise specified in these Terms of Service, words importing the singular include the plural and vice versa and words importing gender include all genders.

2. Licence to Use the App: If you comply with these Terms of Service, Benkiko grants you the limited right to use the App and the Services. The right to use the Site and the Services is a non-exclusive, non-transferable, revocable, limited licence, and it is subject to the limitations and obligations in these Terms of Service. Nothing in these Terms of Service gives you any licence (other than as set out in this paragraph), right, title, or ownership of, in, or to the Site or any of the Services.

3. Exchange Activities: The Site is trading, discussion, and information environment for the purchase and sale of Digital Tokens. The Site permits only unfinanced transactions. Unfinanced purchases are fully funded by trading participants through funds owned by you. For example, if you have $100.00 worth of Digital Tokens in your wallet on the Site, you may then exchange those Digital Tokens for other Digital Tokens or exchange of Local currencies for digital tokens in a peer to peer manner - otherwise known as P2P On/off ramping. Exchange of Digital Tokens through the Site are settled by delivery of the full amount of the Digital Tokens by the providers to the receiver’s wallet against payment in full by the sender to the provider’s payment method.

Important: The following persons are prohibited from depositing into, withdrawing from, or trading through the Site:

3.1. persons resident in, and nationals of, Prohibited Jurisdictions: Belarus, Central African Republic, Democratic Republic of Congo, DPRK, the Crimea region of Ukraine, Croatia, Cuba, Iran, Iraq, Kosovo, Lebanon, Libya, Moldova, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, Zimbabwe, and USA

3.2. U.S. Persons.

Risks and Limitation of Liability: Important: This paragraph is in addition to the Risk Disclosure Statement. Trading markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable: for any and all trading and non-trading activity on or through the Site and for your wallet on the Site; and, for knowing the true status of any position or contract with any other party on the Site, even if presented incorrectly by the Site at any time.

You acknowledge and agree: to be fully responsible and liable for your trading and non-trading actions and inactions on or through the Site and all gains and losses sustained from your use of the Site and any of the Services; to be responsible for any negative balance in your wallet(s) on the Site; to be fully responsible and liable for all of your obligations with respect to any financing activities on the Site; and, to be fully responsible for safeguarding access to, and any information provided through, the Site and any of the Services. There is no guarantee against losses on or through the Site.

4. Wallet: In order to use Benkiko Finance. You have to create your own account and, passwords. Upon wallet creation, a user has 45min to verify after which the wallet will be automatically deleted if no verification is done.


5. No Class Proceedings: You and Benkiko agree that any party hereto may bring claims against the others only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. No adjudicator may consolidate or join more than one person’s or party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any relief awarded to any one Benkiko user cannot and may not affect any other Benkiko users.

6. Prohibited Uses: You may not:

6.1. use the Site or any Services in order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband Digital Tokens, funds, or proceeds;

6.2. trade or obtain financing on or through the Site, or use any Services, with anything other than funds, or Digital Tokens that have been legally obtained by you and that belong to you;

6.3. use the Site or any Services to interfere with or subvert the rights or obligations of Benkiko or the rights or obligations of any other Site user or any other third party;

6.4. trade using inaccurate information presented by the Site or by Benkiko or take advantage of any technical glitch, malfunction, failure, delay, default, or security breach;

6.5. use the Site or any Services to engage in conduct that is detrimental to Benkiko or to any other Site user or any other third party;

6.6. reverse-engineer, decompile, or disassemble any close-sourced or proprietary software running on the Site;

6.7. attempt to harm Benkiko or any third party through your access to the Site or any Services, except that nothing in this subparagraph shall be construed as limiting your free speech rights under applicable law;

6.8. where you are a resident or national of a Prohibited Jurisdiction or a U.S. Person, access the Site or any Services using any virtual private network, proxy service, or any other third party service, network, or product with the intent of disguising your IP address or location; or,

6.9. violate these Terms of Service.

Any use as described in this paragraph shall constitute a "Prohibited Use". If Benkiko determines that you have engaged in any Prohibited Use, Benkiko may address such Prohibited Use at its discretion.

7. Anti-Money Laundering and Counter-Terrorist Financing: Benkiko is committed to providing you with safe, compliant, and reputable Services. By design Benkiko is a pure P2P service relying on other regulated financial rails and products which have shown great adherance to AML regulation and work in line with our commitment to democratize money.

8. Your Representations & Warranties: You represent and warrant to Benkiko and Benkiko community as follows:

8.1. that, if you are an individual user, you are 18 years of age or older and that you have the capacity to contract under applicable law;

8.2. that, if you are not an individual user, you have the requisite power and authority to sign and enter into binding agreements for and on behalf of the user;

8.3. that you understand the risks associated with using the Site, that you are not barred from using the Site by paragraph 3 of these Terms, and that you are not otherwise prohibited by applicable law from using the Site;

8.4. that you will not use the Site or any Services in order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband Digital Tokens or proceeds;

8.5. that you will not trade or obtain financing on or through the Site or use any Services with anything other than funds or Digital Tokens that have been legally obtained by you and that belong to you;

8.6. that any trading or other instructions received or undertaken through your signature credentials are deemed to be valid, binding, and conclusive, and that Benkiko may act upon those instructions without any liability or responsibility attaching to it; and,

8.7. that you will fairly and promptly report all income associated with your activity on the Site pursuant to applicable law and pay any and all taxes exigible thereon.

9. No Representations & Warranties by Benkiko: Benkiko makes no representations, warranties, or guarantees to you of any kind. The Site and the Services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose.

10. No Advice: Benkiko does not provide any investment advice or advice on trading techniques, models, algorithms, or any other schemes.

11. Limitation of Liability & Release: Except as may be provided for in these Terms of Service, Benkiko assumes no liability or responsibility for and shall have no liability or responsibility for any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses (collectively, referred to herein as “Losses”) directly or indirectly arising out of or related to:

11.1. these Terms of Service;

11.2. the Site, and your use of it;

11.3. the Services, and your use of any of them;

11.4. the real or perceived value of any currencies or Digital Tokens traded on the Benkiko Finance, or the price of any Digital Token displayed on the Site at any time;

11.5. any inaccurate, misleading, or incomplete statement by Benkiko or on the Site regarding your wallets, whether caused by Benkiko's negligence or otherwise;

11.6. any failure, delay, malfunction, interruption, or decision (including any decision by Benkiko to vary or interfere with your rights) by Benkiko in operating the Site or providing any Service;

11.7. any stolen, lost, or unauthorized use of your wallet information any breach of security or data breach related to your wallet information, or any criminal or other third party act affecting Benkiko or any Associate; or,

11.8. any offer, representation, suggestion, statement, or claim made about Benkiko, the Site, or any Service by any Associate.

You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.

12. No Waiver: Any failure by Benkiko to exercise any of its respective rights, powers, or remedies under these Terms of Service, or any delay by Benkiko in doing so, does not constitute a waiver of any such right, power, or remedy. The single or partial exercise of any right, power, or remedy by Benkiko does not prevent either from exercising any other rights, powers, or remedies.

13. Force Majeure: Benkiko is not responsible for damages caused by delay or failure to perform undertakings under these Terms of Service when the delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; lawful acts of public authorities; any and all market movements, shifts, or volatility; computer, server, or Internet malfunctions; security breaches or cyberattacks; criminal acts; delays or defaults caused by common carriers; acts or omissions of third parties; or, any other delays, defaults, failures or interruptions that cannot reasonably be foreseen or provided against. In the event of force majeure, Benkiko is excused from any and all performance obligations and these Terms of Service shall be fully and conclusively at an end.

14. Assignment: These Terms of Service, and any of the rights, duties, and obligations contained herein, are not assignable by you without prior written consent of Benkiko. These Terms of Service, and any of the rights, duties, and obligations contained herein, are freely assignable by Benkiko without notice or your consent. Any attempt by you to assign these Terms of Service without written consent is void.

15. Severability: If any provision of these Terms of Service, as amended from time to time, is determined to be invalid, void, or unenforceable, in whole or in part, by any court of competent jurisdiction, such invalidity, voidness, or unenforceability attaches only to such provision and everything else in these Terms of Service continues in full force and effect.

16. Taxes: You are advised that transactions involving digital tokens are generally treated as taxable events for Relevant Revenue Authority and Local tax purposes. The declaration and reporting of all applicable Local, County and National taxes resulting from trade transaction rests solely with the you.

17. Law: In the event of any legal disputes arising from these Trading Procedures, Policies, Rules and Regulations the Laws of Kenya shall apply. All transactions using Benkiko Tokens should be considered as barter trade.

  • ​Central Bank of Kenya Act Cap 491 - S.21 states that : "All monetary obligations or transactions entered into or made in Kenya shall be deemed to be expressed and recorded, and shall be settled, in Kenya currency unless otherwise provided for by law or agreed upon between the parties"
  • The highlighted part in section 21 above gives parties in a transaction the leeway to decide what "currency" to use when transacting. Consequently, it is our belief that one can chose to use Kenyan currency , Foreign currency or barter for goods/services so long as the parties are in agreement.
  • ​Interpretation and General Provisions Act Cap 2 - S.3: This Act defines the word sell as follows : “sell” includes barter, exchange and offer to sell or expose for sale.."

​From this and other statutes examined , barter trade is envisaged as part of normal trading .i.e. a normal buying and selling transaction in the Kenyan market. None of the Statutes reviewed expressly prohibits or deems barter trade as an illegal activity.

​Conclusion: Barter Trade is a legal method of transacting between parties. In our view therefore, an illegality will only arise where Benkiko attempts to counterfeit currency - which is an offence with very steep penalties under Kenyan law ( See Penal Code - Cap 63).

Dispute Resolution

In the event of a dispute, you (buyer/seller) agree to furnish Benkiko Associates with information that would help us best resolve the situation;

  • Buyer: The buyer will have a window of 20min after the transaction has been "Marked as Paid" to issue a dispute. The seller will furnish Benkiko with screenshots of Proof of Payment to the seller's payment details for counterchecking after which a dispute is resolved and assets released to the buyer.
  • Seller: A seller may raise a dispute incase a Buyer fails to send payments to the selected payment method. They buyer will have to produces a Proof of Payment else the order will be cancelled and assets returned to the seller.

Where is the money stored?

On the Stellar network, funds exist on the network and can only be moved by the secret key attached to your account. This means that your secret key is extremely sensitive, and whoever has access to it can move the funds. However, money is NOT actually "inside" Benkiko. Benkiko is just a helpful tool that helps you use your secret key to make transactions.

WARNING: Be extremely careful with your account and do not share your login credentials with anybody.

DISCLAIMER may provide third parties content and links to third parties websites. We do not monitor or have any control over third parties content. It represents the views and opinions of its creators, which may not be endorsed by us.

Any information presented is not to be construed as legal, tax, financial, investment or other advice. We do not warrant the accuracy, completeness, suitability or usefulness of the information provided. To the extent possible, we disclaim any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of the information at this website.

Operations with virtual assets pose intrinsic risks, including the risk of monetary loss. We strongly suggest you seek professional advice before engaging in any operations with virtual assets. We do not guarantee the accuracy of the exchange rates provided by third parties. Before you perform transactions related to currency conversion, check the current exchange rate.

Updated on 21st June 2021.