Terms & Conditions
The following terms and conditions apply to the First Future stock trading service (“the Service”) and by participating in the Service, you will be deemed to have read, understood, and accepted the same:
1.The Service
This Service seeks to enable eligible traders to open CDS accounts and start trading Nairobi Securities Exchange (NSE) listed stocks.
2.Services Provider
The Service shall be offered by Sterling Capital Limited (“Sterling Capital”), an entity licensed by the Central Depository and Settlement Corporation as a licensed Central Depository Agent in conjunction with First Future Limited (“First Future”), an entity authorized by Sterling Capital as an authorized agent of Sterling Capital.
3.Eligibility
This Service is open to individuals who have a registered phone number, a valid I.D and a valid KRA pin (the “Client”).
4.How to Participate
a. Eligible traders can opt in by dialing *665*44# and following the prompts to open a CDS account and start trading.
b. If your I.D is registered with the Immigration Population Registration System (IPRS) and your I.D is registered to your Kenya Revenue Authority (KRA) Pin, we shall submit this information to Sterling Capital and the Central Depository Settlement Corporation (CDSC) for purposes of opening a CDS account.
c. Each Client may only have one CDS account registered to their mobile phone.
d. First Future will contact you by SMS when your account is successfully opened.
e. If the information you have provided is not registered either with KRA and IPRS we will be unable to open an account for you and will inform you as such.
f. The process of opening an account will take a few days.
g. If you have opened and account and you want to close it, you may opt to close your account at a fee.
h. The phone number you use to open the CDS account shall be the primary contact and the email address provided shall be the secondary contact. We will only contact you on either the primary contact or the secondary contact. We will not contact you through any other mediums for any reason. Should you wish to change either your primary or secondary contact, please contact First Future who will subsequently confirm the change. First Future may also reach out to you in case they need additional information from you such as next of kin details among others.
5. Fees and Charges
Our costs and charges are set out on our website. Before you begin to trade, you should obtain details of all our market information held on our website which contains all of our market information, commissions, and other charges for which you will be liable.
a. Opening a CDS account will cost a maximum of Ksh 20/=. Trades made on your CDS account may be subject to fees or charges applied by:
a. 1. Mobile-money service providers;
a. 2. Our brokers of choice; ;
We may deduct such fees and charges from your placed orders on the buy and sale side as required. Additionally, all fees and charges shall be made clear and free of any withholding and deduction in immediately available and freely transferable funds. Fees and charges charged by First Future, Sterling Capital, mobile money service providers and intermediary financial services providers may change from time to time. Should you need confirmation of mobile money service provider and intermediary financial institution fees, please seek this from the relevant third party directly,
6. Taxes
All CDS accounts will have the applicable taxes levied against the earnings as stipulated in law. Any tax (if applicable) on any payments to and from the Client shall be charged to the account of the Client.
7.Risk Exposure
Trading stocks carries a high level of risk to your capital, and you can lose more than your initial deposit. They are not suited to all Clients/ potential Clients. You should ensure that you fully understand the risks involved, and seek independent advice if necessary. In accepting these Terms and Conditions and issuing instructions to First Future for onward transmission to Sterling Capital, the Client confirms that:
a. he/she has understood the risks involved in trading stocks;
b. he/she shall be wholly responsible for all his/her investment decisions and trades;
c. he/she shall be and shall continue to be responsible for all the risks and consequences associated with trading and absolves First Future and Sterling Capital from any liability;
d. he/she shall pay all applicable fees and charges as may be directed by First Future or Sterling Capital during the course of issuing instructions and the execution of the instructions;
e. he/she will not institute a claim against Sterling Capital or First Future for any losses arising from the Client’s decision to trade.
8.No Advice
a. First Future offers an execution only service. We do not provide investment advice relating to investments or trading positions. However, we may provide our Clients with factual market information about the transaction procedures and potential risk exposure and how risks may be minimized.
b. In addition to clause 8(a) above, the Client agrees that should First Future provide information to the Client that may be construed as advice, the Client will be acting on such information at the Client’s sole risk upon evaluating and verifying all the relevant facts, financials and market circumstances.
c. The Client agrees that he/she shall not rely upon or issue any instruction based purely on research reports or information made available by First Future or Sterling Capital.
d. The Client agrees that any research report or information received, accessed or made available to the Client, by whichever means, is for information purposes only and does not and shall not in any manner constitute a recommendation/solicitation/advice to buy or sell any of the securities or as investment advice. All such information is provided to the Client to enable the Client make informed investment decisions.
e. The Client unconditionally absolves First Future, its employees, directors, officials and partners of any blame or liability. The Client assumes full responsibility with respect to its investment decisions, instructions and transactions and First Future will not be liable for any investment decision, instruction or transaction undertaken by the Client.
9.Market Dynamics
a. It is the responsibility of the Client to learn the Market Dynamics and general trading rules. First Future will communicate to the best of its ability on the price movements and various corporate actions. Clients, however, are encouraged to keep abreast with information on their chosen stocks as a shareholder through news, company websites etc.
b. Clients should be aware that suspension of trading on a particular stock may occur, for example, at times of rapid price movements if the price rises or falls in one trading session to such an extent that under the rules of the Capital Markets Authority, trading is suspended or restricted. Placing a stop-loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price.
10. Execution of Order
a. First Future does not execute the orders but instead conveys the orders made by Clients to Sterling Capital.
b. First Future acknowledges that you are a retail Client relying on First Future to provide or display bid and offer prices which are current. You should be aware that prices can move quickly particularly at times of high market volatility.
c. First Future will act in the best interest of our Clients when sending orders to Sterling Capital for execution. In complying with this duty, First Future will act in the best interests of the Client to communicate all orders to Sterling Capital in a manner that secures the prices availed to the Client at the time of the order. First Future holds no liability in the event Sterling Capital does not execute orders as requested by a Client.
d. If the order is made before 14:00 HRS during working days (Monday to Friday, except for public holidays), the orders will be executed on the same trading day in line with Sterling Capitals procedures of execution of trades.
e. If the order is made after 14:00 HRS on trading days (Monday to Friday, except for public holidays), the order may be executed on the next trading day.
f. If the order is made after 14:00 HRS on a weekend or a public holiday the order will be executed on the next trading day.
g. In line with the market practice, sale orders will be settled into the Client’s Mobile Money account on a T+2 basis where T is the day the order is executed by Sterling Capital
h. Buy orders will debit the Client’s Mobile money wallet instantly and confirmation of execution will be sent to the Client when Sterling Capital has executed the order.
i. Sterling Capital and/or First Future will not be directly or indirectly liable to the Client for any loss arising from the execution of an order issued by a Client.
j. The instructions issued by the Client or from a primary or secondary address registered to a Client shall bind the Client. First Future and/or Sterling Capital do not have the obligation to verify the identity of the person issuing the instructions to them provided they are received from a Client’s primary or secondary address.
11.Privacy
A. Definition
“Personal Information” means information relating to a natural person as prescribed in the Data Protection Act, 2019 as may be amended from time to time. This includes but is not limited to name, address, phone number, identification number, KRA Pin and location data.
(b) Collection of information
To open a CDS account and maintain it, we are required by law to collect certain personal information and are legally obligated to deny you the Service if such information is not availed in a verifiable manner. First Future will collect and use the personal information and any other additional information collected from you for the purposes of opening and maintaining a CDS account. By subscribing to the Service, you expressly consent to the collection and use of personal information and any other additional information relating to you from you and other public sources such as the Immigration Population Registration System (IPRS) and the Kenya Revenue Authority (KRA). Apart from the legal obligation mentioned above, we also need to collect your Personal Information for improving the quality of the Service.
(c) Privacy
We are committed to respecting and protecting the privacy of the information we collect from you. Our privacy statement, as updated from time to time, explains how we treat your personal information, who we share your information with, and measures taken protect your privacy when you use our services. This can be found on First Future Data Privacy Statement. If unable to access the link or our website, please reach us on any of our customer care channels to receive a copy.
(d) Sharing your Personal Information
We will only share your Personal Information with Sterling Capital and any other government authority/agency including the Central Depository and Settlement Corporation and any other party that you may authorize us to share the information with. We will seek your consent prior to sharing your information with any other party other than the aforementioned parties.
(e) CDS Accounts
Your CDS account will be domiciled at Sterling Capital.
12. Limitation of Liability
(a) Except to the extent it directly results from negligence, willful misconduct or fraud, neither First Future nor Sterling Capital or any affiliate of First Future or Sterling Capital, their directors, officers or employees, shall in any circumstance be liable to the Client for any direct or indirect loss, cost, liability, expense, consequential or exemplary damages arising from:
I. any use of or inability to use the Services provided under these terms and conditions;
II. any error, negligence, fraud or misconduct of the Client or their authorized representatives;
III. any act, omission or delay in performance of the obligations of First Future or Sterling Capital due to acts, events or circumstances not within their reasonable control including but not limited to suspension, interruption, non-availability or malfunctioning of any system including the Nairobi Securities Exchange’s system, mobile service provider’s systems, bank systems, CDSC systems, war, acts of terrorism, civil disorder, industrial disputes, natural calamities, floods, fire and other natural disasters, faults in the telecommunication network or internet or software or hardware errors.
(b)The Client acknowledges that trading over a mobile phone and/or electronically involves many uncertainties and complex hardware and software, communication lines and other complex infrastructure which are susceptible to interruptions, disturbances and that First Future and Sterling Capital do not make any representation or warranty that the Service will be available to the Client at all times without any interruption or disturbance or any other challenge associated with such infrastructure.
(c)First Future and/or Sterling Capital do not make any warranty on the efficient operation of the Nairobi Securities Exchange and shall not accept or bear any liability to the Client for any interruptions or errors in the operation of the Nairobi Securities Exchange.
13. Compliance with Laws and Regulations
a. First Future and Sterling Capital will comply with all laws, regulations and guidelines governing the operations of the Nairobi Securities Exchange and the operations of brokers and agents in Kenya including the Capital Markets Act, Cap 485A of the laws of Kenya.
b. The Client will adhere to all laws, regulations and guidelines governing the issuance of instructions to brokers and their agents and investing in the Nairobi Securities Exchange Kenya including the Capital Markets Act, Cap 485A of the laws of Kenya.
14. Amendment of These Terms
Any update or amendment to these Terms and Conditions including privacy terms will be available on the First Future website – www.firstfutureltd.net and will take effect from the date of publication of the updated or amended Terms and Conditions on the First Future website..
15. Extension of Terms
a. First Future reserves the right to amend or vary these terms and conditions or to withdraw the Service at any time. In any of these events, notice will be given via SMS to Clients and will be effective immediately or as at the date referred in such notifications.
b. These Terms and Conditions are available at www.firstfutureltd.net.
