This is the Risk Disclosure for Ezaga Remit (Pty) Ltd (hereinafter referred to as “Ezaga”). Ezaga is a registered and approved Authorised Dealer in Foreign Exchange with Limited Authority (ADLA), regulated by the South African Reserve Bank (SARB)
This disclosure is provided to you (our client and prospective Client) in compliance to the rules and regulations of the SARB, because you are proposing to undertake dealings in a financial foreign exchange instrument in the form of foreign exchange transmissions. The purpose of this disclosure is to help you understand the nature and risks of our product and services. All Clients and prospective Clients should carefully read the following risk disclosure contained in this document, before applying to Ezaga for a remittance account and before they begin to trade with Ezaga. However, it is noted that this document cannot and does not disclose or explain all the risks and other significant aspects involved in dealing in the Remittance Financial Instrument. The disclosure was designed to explain in general terms the nature of the risks involved when dealing in Remittance on a fair and non-misleading basis.
1. General Risk Warning for Remittance Foreign Exchange Instrument
You should not engage in this form of transaction unless you understand the nature of the transaction you are entering into and the true extent of your exposure to the risk of loss.
Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based, and your losses could exceed your initial deposit. If you are in any doubt, you should seek independent professional advice.
Ezaga Remit contains specific provisions which limit the liability of Ezaga, which allocate risk or liability to you, or which constitute acknowledgement of facts by you. Please pay particular attention to this Risk Disclosure since it limits your ability to recover losses that you may incur in connection with your use of this Remittance product.
Ezaga cannot be held responsible for the following:
Any delay in payment of the Cash Remittance or the Digital Remittance to the Recipient – if the exchange rate fluctuates, Ezaga is in no way liable for any perceived or real historical loss in value of the cash remittance or digital remittance.
The unavailability of Receiving Currency in the Recipient’s country of residence – the recipient will be given the option to wait until the receiving currency is restocked or collect a substitute currency of equivalent value instead. The rate at which the substituted funds may be collected will be determined by the daily available rate. Ezaga accepts no responsibility for any losses incurred to the recipient during the foreign exchange. No refunds will be issued.
Not Advice
We provide our services on an execution only basis. We do not provide investment, tax, legal, regulatory, or financial advice. Any information we provide to you is purely factual and does not consider your personal circumstances (for example your available funds and risk appetite). We may give you factual market information or information, in relation to a transaction about which you have enquired, as to transaction procedures, potential risks involved and how those risks may be minimized. Any decision to use our products is solely your decision, therefore you may wish to obtain independent professional advice from a suitably qualified advisor on any investment, financial, legal, regulatory, tax or similar matter before dealing with us.
Ezaga will attempt to process Remittance Transactions promptly but any remittance transaction may be delayed or cancelled for a number of reasons, including, without limitation, its efforts to verify your identity, compliance with applicable law or variations in business hours and currency availability.
In the event that your designated recipient is unable to receive disbursement of the remittance because incorrect information was provided for the recipient when the remittance transaction was created, you are obliged to contact Ezaga at support@ezagaremit.co.za to correct any errors in the information provided. If the Recipient contacts Ezaga directly, he will be advised to contact you the client in order to resolve the matter. Ezaga cannot be held responsible for losses in rate or inflation.
Advice and Recommendations
Ezaga will not advise the client about the merits of a particular transaction or give him any form of transactional advice and the client acknowledges that the services do not include the provision of transactional advice. Advice in remittance transfers or the underlying markets. The client alone will enter into transactions and take relevant decisions based on his own judgement. In asking Ezaga to enter any transaction, the client represents that he has been solely responsible for making his own independent appraisal and investigation into the risks of the transaction.
The client represents that they have sufficient knowledge, market sophistication, professional advice, and experience to make his own evaluation of the merits and risks of any transaction. Ezaga gives no warranty as to the suitability of the products traded under this Agreement and assumes no fiduciary duty in its relations with the client.
Ezaga will not be under any duty to provide the client with any legal, tax or other advice relating to any transaction. The client should seek independent expert advice if he is in any doubt as to whether he may incur any tax liabilities. The client is hereby warned that tax laws are subject to change from time to time.
Ezaga may, from time to time and at its discretion, provide the client (or in newsletters which it may post on its website or provide to subscribers via its Website or the Trading Platform or otherwise) with information, news, market commentary or other information but not as a service.
Where it does so:
- the Company will not be responsible for such information
- the Company gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of such information or as to the tax or legal consequences of any related Transaction;
- this information is provided solely to enable the Client to make his own investment/transactional decisions and does not amount to investment/transactional advice or unsolicited financial promotions to the Client;
- if the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, the client agrees that he will not pass it on to any such person or category of persons;
- the client accepts that prior to dispatch, the Ezaga may have acted upon it itself to make use of the information on which it is based. Ezaga does not make representations as to the time of receipt by the Client and cannot guarantee that he will receive such information at the same time as other clients.
It is understood that market commentary, news, or other information provided or made available by the Ezaga are subject to change and may be withdrawn at any time without notice.