Australia Product Disclosure Statement

Introduction

This Product Disclosure Statement (“PDS”) is dated 14 January 2025 and is issued by Africhange Australia Pty Ltd (“Africhange Australia”, “we”, “our”, “us”, “Providing Entity”) ACN 654 716 015.

This PDS describes the services we offer, including the benefits, risks and associated costs of those services, together with other general information necessary to help you make an informed decision about whether to purchase the Services. The information contained in this PDS is general in nature and does not take into account your individual objectives, financial situation and needs. As such, before acting on this information, you should assess whether the Services are right for you. You should consider this PDS, in addition to speaking with an appropriate adviser, before making any decision about whether to acquire the Services. Please contact us or visit our website at www.africhange.com if you would like more information in regard to the Services.

The information contained within this PDS is correct as at the date of issue but may change from time to time in which case we will issue a supplementary PDS (“Supplementary PDS”). This PDS and any Supplementary PDSs will be published on our website. Should you wish to have a paper copy of this PDS and/or any Supplementary PDSs, please email us at [email protected] and we will provide you with copies free of charge.

Regulatory Authority

The Services are issued by Africhange Australia pursuant to its Australian Financial Services (“AFS”) Licence number 558201. In addition, Africhange Australia is also registered with AUSTRAC as an Independent Remittance Service Provider.

Contact Details

Please find below our contact details:
Telephone: 0483 901 392
Web: www.africhange.com
Email: [email protected]
In person: Level 13, 50 Cavill Avenue Surfers Paradise Queensland 4217

If you have any questions in relation to this PDS, please contact us.

Services Provided by Africhange Australia

The Africhange Australia digital wallet is an account which records the electronic money issued to you in exchange for money Africhange Australia receives from you (otherwise known as stored value) when you open the account or top it up later. A digital wallet is an example of a non-cash payment product facility.

The digital wallet that is offered is a multi-currency product to assist clients remitting funds to overseas jurisdictions. Funds held in a digital wallet represent a more efficient, economical and more secure method of clients meeting their settlement obligations. To use the digital wallet, clients will need to deposit their funds with a participating Authorised Deposit-Taking Institution (“ADI”), and an external service provider will provide the payments infrastructure that will link the funds held with our platform.

Once you have stored value in your account, you will be able to undertake the following:

• Remit funds to overseas jurisdictions.
• Change money from one currency to another using one of our business partners.
• View information and manage your account.

Currently, Africhange Australia has entered into arrangements with Cuscal Limited (ACN 087 822 455) as the ADI where customers' funds will be held. In addition, Africhange Australia uses the payments infrastructure provided by Zai Australia Pty Ltd (ACN 637 632 645). Africhange Australia reserves the right to utilise another ADI or payments provider in the provision of its services.

Foreign currency conversion services will be provided by licensed and reputable financial institutions, These providers will ensure competitive exchange rates and secure, efficient processing. A full list of supported currencies is available on Africhange Australia's website and may change based on market conditions and regulatory requirements. The operation of the digital wallet, specifically the non-cash payment product facility, is referred to as the Services.

Taxation Implications

There may be tax implications for you in relation to any transactions you enter into in relation to our Services. Taxation laws are complex and vary depending on your personal circumstances. Accordingly, you should consider seeking advice from a tax specialist before entering into any arrangements.

Benefits

Security

Digital wallets protect your financial and personal information by not disclosing your card data or bank account information. Digital wallets use encryption and tokenisation to reduce the risk of fraud.

Convenience

You can carry less by storing your payment methods and ID in your mobile device.

Monitor transactions

You can use your digital wallet to track your spending and transaction history.

Top-Up

You can quickly and efficiently top-up the balance of your digital wallet by bank transfer.

Maintaining differing currencies

Your account with Africhange Australia enables you to buy, hold and exchange different currencies in your digital wallet at any time.

Minimising risk of unauthorised activity

Africhange Australia has a dedicated support team in place to handle unauthorised or mistaken transactions. In such an event, we will liaise with you to gather information and evidence in order to effect the timely reimbursement or reversal of unauthorised transactions.

Key Risks

Our Services may not be suitable for all customers. The list of risks detailed below is not exhaustive and you should consider obtaining your own advice in relation to the Services to ensure that you make an informed decision.

Technological Errors

There may occasions that the digital wallet may be inaccessible - some may be outside of our control. In the event of a technology error, you may not have access to the funds held within your digital wallet, which will limit your ability to use the funds for your chosen purpose. Further, our platform might have periods of downtime during which the Services will not be available. You will receive advance notice of any scheduled downtime, but unscheduled downtime may be out of our control.

External Providers

We may use a third party, including ADIs and financial institutions, with whom they are contracted to assist in providing the Services you select. As a result, some of our Services may terminate, be delayed or otherwise be affected, through no fault of our own, and will result in a detriment to our ability to provide you with a Service.

Unauthorised transactions

Although unlikely due to our security arrangements, you may suffer loss if there are unauthorised transactions on your account. The more you load into your digital wallet, the more you could lose due to an unauthorised transaction. Please refer to our terms and conditions which explain when we or you will be responsible for unauthorised transactions.

Exchange Rate Risk

Foreign currency exchange rates are variable. This means they are constantly changing and may depend on a combination of factors, including the currency, market liquidity, market volatility and the size and type of your transaction. If you enter into a currency exchange transaction, you will be subject to fluctuations in the value of that currency. If you enter into transactions in another currency and funds are required to be returned to your account for any reason, you may suffer loss resulting from any movement in the currencies before the funds are returned.

Correspondent Bank Charges

If you use the digital wallet to facilitate an international payment, it is not always possible for Africhange Australia to know exactly how much you will be charged by the banks involved in the transaction. For example, if a user makes a payment to a country outside of Australia, the receiving bank could charge for accepting that payment.

Fees and Charges

The fees we charge for providing you with our Services are outlined in the table below and are also published on our website - www.africhange.com. There is further reference in our Financial Services Guide. All prices indicated are inclusive of GST. It is important to note that our fees may be updated from time to time. Africhange Australia will derive revenue when you use our facility - for example, sending money to an external account or converting between currencies. This comprises a foreign exchange fee based on the original amount remitted and transaction fees. The fees will vary depending on the size, the currencies involved, the payment processes and the methods chosen for the transaction. Please refer to our website for further details in regard to each of our fees. To assist you in making an informed decision, we will discuss with you and agree on any fees payable before providing a service to which fees apply. We are required to fully disclose all fees and charges, so if you are in doubt, please ask us to explain. Africhange Australia may introduce new fees and charges or increase its existing fees and charges at any time by giving you notice via our website or through the platform that Africhange Australia operates.

Privacy

Africhange Australia is committed to protecting your Personal Information in accordance with the Australian Privacy Principles pursuant to the Privacy Act 1988 (Cth). Our Privacy Policy contains up-to-date information about our privacy practices and procedures. A copy of this policy can be accessed on our website at www.africhange.com, or alternatively, a copy can be sent to you upon written request to our Privacy Officer at the contact details provided in this Africhange Australia will not disclose your Personal Information without your consent, except as authorised under its client agreement, its Terms and Conditions, and/or as authorised or required under any Australian law or regulation.

Complaints and Disputes

If you wish to make a complaint, the Compliance Officer can be contacted on 0483 901 392 or at [email protected].

Africhange Australia has a formalised client complaint resolution procedure. All complaints are reviewed and investigated by our Compliance Officer. If you make a complaint, our first response will be to contact you to discuss the complaint and to register a formal record of such complaint. We will try to resolve your complaint quickly and fairly.

If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with, we offer our clients to use an independent industry arbiter, namely, the Australian Financial Complaints Authority (“AFCA”). Here are the contact details for AFCA:

Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001 Toll Free: 1800 931 678 Website: www.afca.org.au Email: [email protected]

The AFCA website permits you to register or lodge a dispute online.