TERMS OF SERVICE — VUMA PAY (PTY) LTD

Last updated: 5 January 2026

1. THE SERVICE

Vuma Pay (Pty) Ltd ("Vuma Pay", "we", "us") provides a digital platform designed to facilitate household employment management, including payroll automation and the administration of a "Service Bonus" or "Legacy Fund" for domestic workers. Vuma Pay acts as a facilitator and technology provider; we are not a bank, an insurance provider, or a registered financial services provider.

2. THE LEGACY FUND & SERVICE BONUS

  • Purpose: The "Legacy Fund" is a tool for Employers to set aside discretionary or contractually agreed-upon bonuses for Workers.
  • Vesting: Contributions are subject to a vesting period (typically 12 months). Funds are only "unlocked" and available for withdrawal once the worker has reached the vesting milestone.
  • Ownership: Once vested, the funds belong to the Worker. In the event of termination of employment, any vested funds remain the property of the Worker and are accessible via the Worker Dashboard.
  • Fund Management: Vuma Pay utilizes third-party Financial Partners to hold and move funds. Vuma Pay does not hold customer deposits in its own operational bank accounts.

3. PAYMENTS & DISBURSEMENTS

  • Financial Partners: We utilize various third-party payment gateways and payout providers ("Financial Partners") to process employer contributions and worker withdrawals. By using these services, you agree to be bound by the terms and conditions of these partners.
  • Settlement: Payouts to Workers are settled into a validated South African bank account. Vuma Pay is not responsible for delays caused by the banking system or incorrect account details provided by the user.

4. EMPLOYER OBLIGATIONS

  • UIF & Compliance: Vuma Pay is a supplementary benefit. Use of this service does not exempt the Employer from their legal obligation to register with and pay the Unemployment Insurance Fund (UIF) and Compensation for Occupational Injuries and Diseases (COID).
  • Accuracy: You are responsible for ensuring the accuracy of all salary and contribution data submitted.

5. BETA STATUS & LIABILITY

Vuma Pay is currently in a "Beta" release phase. The Service is provided "as-is." To the maximum extent permitted by South African law, Vuma Pay shall not be liable for any indirect, incidental, or consequential damages arising from the use of the platform. Our total liability is limited to the fees paid by you to us in the preceding 12 months.

6. REGULATORY FRAMEWORK

Vuma Pay facilitates the administration of communal savings groups, which operate under the Stokvel Exemption (Government Notice 404, as published in Government Gazette 35881).

  • Exemption Status: In accordance with the Banks Act (Act No. 94 of 1990), Vuma Pay's "Legacy Fund" activities are designated as activities that do not fall within the "business of a bank," provided they are conducted among members with a common bond.
  • Common Bond: Use of this service is restricted to Employers and Workers who share a formal employment relationship. This "common bond" is a prerequisite for membership in the Vuma Pay savings collective.
  • Self-Regulation: The Legacy Fund relies on self-imposed regulation through the User's acceptance of these Terms. By contributing, the Employer and Worker agree to join this savings collective.
  • Limits: You acknowledge that total collective capital for a single group managed via this platform may not exceed the statutory limits set by the Registrar of Banks (currently R100,000 per annum per group).