Apply Company News FAQs
info@malilife.co.za Mon - Sat 9:00 AM - 5:00 PM
Business Loans > Terms And Conditions

Terms And Conditions

TERMS & CONDITIONS – Mali Pty Ltd

Last Updated: December 2025

Welcome to Mali Pty Ltd (“Mali”, “we”, “us”, “our”). These Terms and Conditions govern your use of Mali’s website, services and credit products. By accessing our website, applying for a loan, or using any Mali services, you agree to be bound by these Terms.

Please read them carefully.

1. About Mali

Mali Pty Ltd is a South African microfinance institution offering responsible, regulated and developmental credit solutions.
We are a registered credit provider with the National Credit Regulator (NCRCP18719).

Mali does not accept deposits and is not a bank. MyChama operates independently as a stokvel savings platform; Mali only verifies savings behaviour for eligibility.

2. Eligibility for Mali Products

To apply for any Mali credit product, you must:

  • Be 18 years or older

  • Hold a valid South African ID

  • Demonstrate affordability based on bank statements and income records

  • Consent to an affordability and credit assessment as required by the National Credit Act (NCA)

  • Provide accurate, truthful information

  • Meet product-specific requirements such as MyChama savings and supplier documentation

Approval is not guaranteed and is subject to responsible lending standards.

3. MyChama Savings Requirement

For certain developmental products, Mali requires:

  • 20% MyChama savings for Personal Loans (where applicable)

  • 40% MyChama savings for Business, Asset Finance, School Fees and Housing Improvement Loans

  • Minimum 6 months of consistent saving

Mali does not hold or manage savings. Savings remain with the MyChama platform.
Mali only verifies the savings activity for loan eligibility.

4. Application and Verification

By applying for a Mali product, you agree to:

  • Provide true, correct and complete information

  • Allow Mali to verify documents, income, and savings behaviour

  • Submit required documents including payslips, bank statements, invoices, supplier quotes or school fee statements

  • Undergo affordability checks as required by the NCA

False or misleading information may result in immediate cancellation of your application.

5. Decision and Approval

Loan approval depends on:

  • Affordability assessment

  • MyChama savings verification

  • Document verification

  • Product suitability

  • Supplier or institution validation (for developmental credit)

Mali reserves the right to approve or decline any application in line with the National Credit Act and internal risk policies.

6. Loan Disbursement

For developmental and business loans, Mali does not disburse cash to customers.

Payments are made directly to verified suppliers, service providers, or educational institutions.

For Personal Loans (salaried customers), disbursements follow standard NCA rules and may be paid directly into the client’s verified bank account.

7. Insurance Products

Where applicable, Mali may facilitate:

  • Credit Life Insurance (underwritten by African Unity Life Limited)

  • Beneficiary Plan (underwritten by KGA Life Limited)

Mali is not the insurer.
Benefits, exclusions, waiting periods and claims processes are governed solely by the respective insurer’s policy terms.

8. Repayments & DebiCheck

All loans must be repaid through:

  • A DebiCheck mandate confirming the debit order

  • Salary Check-Off (for employees of businesses funded by Mali, where consent is given)

Missed or failed repayments may result in:

  • Additional fees as allowed by the NCA

  • Collection processes

  • Negative credit reporting

9. Fees and Charges

All fees are charged in accordance with the National Credit Act and may include:

  • Initiation fee

  • Service fee

  • Interest rate (NCA-regulated)

  • Insurance premiums (where applicable)

Before signing your agreement, all fees will be clearly disclosed in writing.

10. Customer Obligations

You agree to:

  • Provide honest and accurate information

  • Maintain sufficient funds in your account for instalments

  • Inform Mali immediately of any change in employment or income

  • Use loan funds strictly for their approved purpose

  • Comply with all loan terms and insurance conditions

11. Complaints and Disputes

You may contact Mali for any complaints or assistance.
If unresolved, you may escalate to:

National Credit Regulator (NCR)
Website: www.ncr.org.za

Credit Ombud
Website: www.creditombud.org.za

12. Limitation of Liability

Mali is not liable for:

  • Losses caused by incorrect or misleading information provided by customers

  • Delays caused by third parties (banks, insurers, suppliers)

  • Service interruptions due to maintenance or technical issues

  • Any indirect, consequential or incidental damages

Mali’s maximum liability is limited to correcting errors within our control.

13. Privacy and Data Protection

Your personal information is protected under POPIA.
See our full Privacy Policy for details on how we collect, use and protect your information.

By using our services, you consent to:

  • Income verification

  • Savings verification (MyChama)

  • Credit assessments

  • Sharing information with insurers, suppliers and service providers as required

14. Intellectual Property

All content, logos, branding, and website material belong to Mali and may not be copied, modified or distributed without written permission.

15. Changes to These Terms

Mali may update these Terms at any time.
The latest version will always be available on our website.

Continued use of our services after changes implies acceptance.

16. Contact Information

Mali Pty Ltd
Registered Credit Provider: NCRCP18719
Email: info@malilife.co.za
Phone: +27619472105
Website: www.malilife.co.za

Business LoansMali’s Developmental Credit Approval — What It Means for Our Customers