GENERAL TERMS AND CONDITIONS FOR ACCOUNT OPENING

These general terms and conditions serve as a basis of your banking relationship with Moniepoint Microfinance Bank Limited (“Moniepoint MFB”, “the Bank”, “We”, “Us”), applies to all Accounts (hereinafter defined) opened by you with Moniepoint MFB, and all banking transactions between you (the “Customer”, “Account Holder”, “you”, “I”) and Moniepoint MFB.

By opening an Account with Us, you agree to be bound by these terms and conditions and confirm that you have provided Us with accurate and complete information required to create your Account. We may at any time modify or change these terms and conditions with or without notice to you. All updates or changes to these terms and conditions will be detailed on our website and our mobile application and you will be able to access the latest version of these terms and conditions on these platforms at any given time.

1. DEFINITIONS

   The defined terms used in these terms and conditions shall have the meanings specified in this clause:

   Access Code	means either the PIN, password, internet token code, secure message (email and SMS) codes, username, card verification value (CVV) or card verification code (CVC) through which the Account Holder will access the Services;
   Account / Customer	means a current or savings account or other account variants maintained with the Bank at any of the Bank's branches in Nigeria;
   Account Holder	means any person who has subscribed to or uses the Services provided by Moniepoint MFB;
   ATM	means an automated teller machine that dispenses cash to or receives cash from Account Holders with the use of a debit card or credit card;
   Card	means the debit card issued by the Bank to an Account Holder for processing transactions through the ATM, POS terminals, and via the internet;
   Cashback Reward	means a monetary credit awarded by the Bank to an eligible customer in connection with a Loyalty Program, including (but not limited to) cashbacks on POS terminal transactions, VAS purchases, or other qualifying activities, as determined by the Bank from time to time;
   Business day	means a day (other than a Saturday, Sunday or public holiday declared by the Federal Government of Nigeria) on which banks in Lagos are open for business;
   CBN	means Central Bank of Nigeria established pursuant to the Central Bank of Nigeria Act 2007;
   CVC	means card verification code;
   CVV	means card verification value;
   In-App	means communications displayed on the Bank's internet banking platform and mobile banking applications;
   Invitee	means any person that has been invited by a Referrer to sign up for any of the Bank's products/services pursuant to a Loyalty Program;
   KYC	means know your customer, which is a process used by businesses to verify the identity of their clients. The information needed to carry out KYC on Customers shall include but is not limited to: Customer's Name; The reference number of the Customer's valid identification document; Proof of Customer's address; Valid identification document; Business registration document; Customer's Bank Verification Number (BVN); Business name; and Customer's mobile phone number;
   Loyalty Program	means any Customer Rewards, incentive, or promotional program managed or operated by the Bank from time to time, including but not limited to Referral Programs, cashback schemes, VAS discount promotions, tiered rewards programs, and any other campaign through which a Reward may be earned by an eligible Customer. The specific eligibility criteria, Reward rates, Qualifying Events, validity period of any credit earned, and duration of each Loyalty Program shall be communicated to customers via In-App notifications, email, or other official Moniepoint MFB communication channels prior to or at the time of the relevant campaign. Where a Reward is not redeemed, cashed out, or utilized by the Customer within the validity period specified for the relevant Loyalty Program or in the manner set out in Clause 13.18 below, such Reward shall automatically expire and the Bank shall have no further obligation to honour or credit the value of the expired Reward to the Customer;
   Loyalty Program Period	means the specific timeframe during which a Loyalty Program will be available, as communicated to eligible Customers in the relevant Promotional Communication or In-App notification;
   Mailing Address	means the Account Holder's mailing address in the Bank's record as updated from time to time;
   Participant	means any eligible Customer who participates in a Loyalty Program in accordance with the terms of such Loyalty Program, including but not limited to a Referrer and Referred Customer (where a Loyalty Program involves a referral component), and any Customer who satisfies the Qualifying Event specified for that Loyalty Program, including but not limited to transacting within a specified time period or meeting a specified transaction value or volume;
   PIN	means the Account Holder's personal identification number used to carry out transactions;
   POS terminal	means a point-of-sale terminal;
   Promotional Communication	means any communication issued by the Bank (including In-App notifications, email, SMS, or any other official Moniepoint MFB channel) setting out the specific terms, eligibility criteria, Qualifying Events, Rewards values, and duration of a particular Loyalty Program or campaign;
   Qualifying Event	means an event (or a set of events) that must be completed before a Reward will be paid to a Participant. The Qualifying Event would be determined by the Bank in its sole discretion;
   Referred Customer	means a person who has not previously registered for or held an active account with the Bank and who signs up to the Bank's products or services using a valid Referral Link or Referral Code shared by a Referrer during an active Referral Program;
   Referral Code	means a unique alphanumeric code generated by the Bank's mobile banking application and assigned to each eligible Referrer for use in a Referral Program;
   Referral Link	means a unique digital link generated by the Bank's mobile banking application and assigned to each eligible Referrer through which an Invitee may access and complete registration for the Bank's products or services under a Referral Program;
   Referral Program	means a type of Loyalty Program operated by the Bank from time to time which allows eligible Customers to earn Rewards by referring Invitees to sign up for any of the Bank's products or services and/or by performing such other qualifying activities as may be specified by the Bank;
   Referrer	means an eligible existing Customer who participates in a Referral Program by sharing a Referral Link or Referral Code with an Invitee and who may earn Rewards upon the Invitee's successful completion of the applicable Qualifying Events;
   Reward	means any monetary payment, Cashback Reward, discount, voucher, or other benefit awarded by the Bank to an eligible Participant pursuant to a Loyalty Program, pursuant to the availability terms specified in these terms and conditions. The type, value, and form of each Reward shall be determined by the Bank at its sole discretion and communicated to eligible customers via Promotional Communications at the time of the relevant Loyalty Program;
   Secure Message Facility	means the facility within the e-banking service that enables the Account Holder to send electronic messages (e-mail and SMS) to the Bank, including without limitation free-format messages, fixed format messages or instructions to make payments, banker's drafts, etc;
   Security Details	means the Account Holder's personal identification number, password or login credentials associated with Account(s) and User Account;
   Services	means the electronic banking services of Moniepoint MFB including ATM and POS services, internet banking, telephone banking and mobile banking, Secure Message Facility, unstructured supplementary service data banking and bills payment services, credit facilities and other digital products and services allowed by applicable laws/regulations;
   Wallet Account	means the In-App wallet or designated account tied to a Participant's user profile into which Rewards earned under a Loyalty Program may be credited, as may be specified by the Bank for each Loyalty Program; and
   VAS	means value-added services.

2. GENERAL

   1. You confirm that you are at least eighteen (18) years of age or that you are accessing the Services under the supervision of a parent or legal guardian.
   2. If You violate any of these terms and conditions, or otherwise violate an agreement between you and Us, We may terminate your bank Account, User Account, delete your user profile and any information therein and prohibit you from accessing the Services, at any time in our sole discretion, with or without notice, including without limitation if We believe that you are under eighteen (18) years of age.
   3. Moniepoint MFB shall have no obligation to open, create or permit the operation of the requested Account until receipt of all specified requirements for the Account. Moniepoint MFB reserves the right to reject the creation of the Account or close the Account (if in existence) where any information supplied is found to be false, incorrect or misleading.
   4. The objective of establishing a relationship with Moniepoint MFB is to access financial products and/or services that Moniepoint MFB provides to its numerous customers.
   5. Subject to the provision of requisite documentation and information, Moniepoint MFB will manage a bank Account for you and may provide additional services like the banking, savings, credit facilities and other digital services allowed by applicable laws/regulations.
   6. These terms and conditions are a contract between the Account Holder and Moniepoint MFB and outlines the rules and regulations for the provision of the Services.
   7. The Bank reserves the right to decline your Account application, process or receive your payments if you are unable to provide Us with any of the information We require or for any other reason. We are not obliged to inform you of the reason why your application was declined and We will not enter into any correspondence in such circumstances.
   8. The Bank reserves the right to apply restrictions to the Account and make necessary disclosures to appropriate legal, regulatory and tax authorities at any time.
   9. The Bank shall not be held liable for any loss of funds deposited with the Bank due to any future governmental order, law, levy, tax, embargo, moratorium, exchange restriction and all other causes beyond the Bank's control.
   10. You agree that if you are unsure of the meaning of any part of these terms and conditions, you will not hesitate to contact Us for clarification prior to use of the Services.
   11. If you do not agree to these terms and conditions, do not use or access the Services. These terms and conditions are binding and are not subject to any varying terms or conditions, unless as provided by Moniepoint MFB subsequently with or without notice to you.
3. YOUR RESPONSIBILITIES AND UNDERTAKINGS

   1. The Account Holder agrees to promptly notify the Bank of any subsequent change in any of the Account information supplied.
   2. The Account Holder agrees to maintain the minimum balance and all other conditions applicable to all Accounts and the Bank, at its sole discretion reserves the right to close the Account where the conditions are not maintained or where the Account has been operated illegally or to further a criminal activity.
   3. The Account Holder agrees that unless there is an agreement in writing with the Bank, only tellers sitting across the counters are authorized to handle card and cash transactions (as may be applicable). The Account Holder further agrees that the Bank will not be liable for funds handed over to unauthorized staff outside normal banking hours and/or outside the Bank's premises.
   4. The Account Holder hereby undertakes full responsibility for the genuineness, correctness and validity of all endorsements appearing on all funds transfers, orders, bills, notes, negotiable instruments, receipts and other documents deposited in the Account Holder's Account.
   5. The Account Holder agrees to be personally liable for the repayment of any overdraft with interest or obligation arising therefrom or in connection with the Account and the Bank is hereby authorized to debit the Account(s) with all interest, commission and/or other banking charges (including legal charges) incurred in connection with the Account.
   6. The Account Holder agrees to repay any facilities obtained from the Bank as and when due. Where the Account Holder fails to repay the facility as agreed, and the facility becomes delinquent, the Bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the Account Holder's indebtedness from any money standing to the credit of the Account Holder in any bank account and from any other financial asset they may be holding for the Account Holder's benefit.
   7. The Account Holder covenants and warrants that the Bank through the CBN shall have the power to set-off any of the Account Holder's indebtedness from all such monies and funds standing to the Account Holder's credit/benefit in any and all such accounts in other banks or from any other financial assets belonging to the Account Holder and in the custody of any such bank.
   8. The Account Holder hereby waives any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agrees not to argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.
   9. The Account Holder shall not issue instructions without adequate funds in the Account and the Account Holder shall accept all responsibility and liability arising from the issuance of instructions.
   10. The Account Holder agrees to be bound by these and other terms and conditions regulating the operations of the Account(s) and other financial services including but not limited to electronic banking, mobile banking, card services, telephone banking, ATM, and money transfer services.
   11. If an Account Holder is or becomes resident in another country, the Account Holder shall promptly notify the Bank and complete and return to the Bank as soon as reasonably possible any relevant tax or waiver documentation that applies to the Account Holder and/or relevant other country tax or waiver documentation which the Bank may request from time to time.
   12. It is agreed that the Bank shall have the right to modify the nature, conditions and stipulations of these terms and conditions including the rate of interest, commissions and other conditions to any Account by written notice to the Account Holder or by notice posted on the Bank's website, mobile application, or in the Bank's banking hall. Any such amendments shall be effective and binding on the Account Holder from the date of the said notice whether or not the Account Holder actually received the notice.
   13. The Account Holder agrees to accept as due notification, any notice of change in the conditions governing the Account which is sent to the Account Holder's last known address, posted on the Bank's website, mobile application, or in the Bank's banking hall and the Account Holder agrees to be bound by such change.
   14. The Account Holder agrees that as a pre-account opening condition, the Bank is authorised to carry out its due diligence on the Account Holder from the Credit Risk Management System (CRMS) and at least two credit bureaux or such other checks as may be required by any regulatory agency from time to time and the Account Holder hereby authorizes the Bank to debit its Account(s) for the cost of such checks.
   15. The Account Holder agrees to be absolutely responsible for safe-guarding his/her/it's username, Access Code, passcode, PIN and password and undertakes that he/she/it shall under no circumstance disclose any or all of these to any person.
   16. The Account Holder agrees that Moniepoint MFB is expressly exempted from any liability arising from unauthorized access to his/her/its Account and/or data as contained in Moniepoint MFB's records via the Services, which arises as a result of the Account Holder's inability and/or otherwise to safeguard his/her/its PIN, passcode, Access Code and/or password and/or failure to completely log out of a computer device or mobile phone leading to an unintended screen display of Account information.
   17. Moniepoint MFB is further relieved of any liability as regards breach of the Account Holder's duty of secrecy arising from his/her/its inability to scrupulously observe and implement the provisions of the clauses contained herein, and/or instances of breach of/or compromise of the Account by hackers and other unauthorized access to the Account.
4. VERIFYING YOUR IDENTITY

   1. Banking regulations require Us to verify your identity before we open an Account for you. At the very least, you must provide us with an active mobile phone number, profile picture and BVN and any other additional KYC documentation requested from you by Us.
   2. By accepting these Terms and Conditions, you consent to Us using your mobile phone number to obtain data about you from relevant identity management databases, including but not limited to the National Identity Management Commission's database. Such data may include but shall not be limited to your National Identification Number (“NIN”) and photograph.
   3. In line with applicable regulations, We conduct due diligence on all Accounts. Based on this, it is your sole responsibility to keep your mailing address, email address, physical address and other contact information up-to-date in your user profile.
5. ACCOUNT TYPES

   1. Based on the applicable Moniepoint MFB account tier you choose to open, you will be able to fund your Account via bank transfers. Additionally, you will be able to buy airtime, pay bills, make instant transfers, manage your Moniepoint MFB Card and save as you spend.
   2. If you are opening a joint Account with another person, We will ask for relevant KYC information and documents from all parties to the Account. Joint Accounts are operated on the basis of the authority set out in a mandate which We will ask you to complete. Each of you can take or use all the monies in the joint Account. All of you are together and individually responsible for any money owed to Us on the joint Account. We may demand repayment from all joint owners, and any combination of joint Account holders for any money owing on the Account. In legal terms this means that each joint Account holder will have joint and several liabilities. This is generally true even if only one of you puts all the money into the joint Account or if only one of you takes all the money out of the Account.
6. NOTIFICATIONS

   1. By opening an Account with Moniepoint MFB, you consent to receiving text (SMS), email and push notifications from Us. You agree and understand that these notifications are meant solely for your consumption alone and Moniepoint MFB shall not be held liable for any loss, damage suffered by you as a result of unauthorized access to the notifications sent and received.
   2. By opening the Account, you agree to opt out of the mandatory SMS alerts directed by the CBN in substitution for push notifications. You agree to indemnify Moniepoint MFB against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by Moniepoint MFB as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against Moniepoint MFB by reason of such notifications.
7. ELECTRONIC BANKING SERVICES

   The Account Holder hereby confirms and agrees that the following terms and conditions shall govern his/her/its electronic banking transactions with Moniepoint MFB:

   1. The Services allows the Account Holder to give the Bank instructions by use of Access Codes via mobile application, secure message (email and SMS) and USSD services for the following purposes of:
      1. Obtaining information regarding the Account Holder's balances at the last date of business with the Bank;
      2. Obtaining information regarding any instrument in clearing, or any credit standing to the Account Holder's account as of the last date of transaction on the Account Holder's Account;
      3. Authorizing the Bank to debit the Account Holder's Account to pay specified utility bills such as telephone bills, electricity bills, water rates and/or any other bills as specified by the Account Holder subject to validity of such bill payment under the Services;
      4. Authorizing the Bank to effect a transfer of funds from the Account Holders' Account to any other account with the Bank or any other bank;
      5. Authorizing the Bank to effect any stop payment order; and
      6. Authorizing the Bank to debit the Account Holders' Account and based on an authorized withdrawal from a Bank issued Card on the Account.
   2. The Bank on its part shall endeavour to carry out the Account Holder's instructions promptly, except in unforeseen situations such as an act of God, occurrence of a force majeure event, system failure and any other causes outside of the Bank's control.
   3. The Account Holder understands that his/her/its Access Code is used to give instructions to the Bank and accordingly undertakes:
      1. That under no circumstance shall the Access Code be disclosed to a third party; and
      2. That in order to avoid a compromise of the Access Code, he/she/it shall not write down the Access Code.
   4. The Account Holder instructs and authorizes the Bank to comply with any instructions given to the Bank through the use of the Services.
   5. Where an Account Holder notifies the Bank of his/her/its intention to change his/her/its Access Code arising from loss of memory of same, or that it has become known to a third party, the Bank shall with the consent of the Account Holder delete same and thereafter, allow the Account Holder to enter a new Access Code PROVIDED that the Bank shall not be responsible for any loss that occurs between the period of such loss of memory of the Access Code or its unauthorized disclosure to a third party and the time a report is duly lodged with the Bank.
   6. The Account Holder shall bear full responsibility for all instructions issued via his/her/its Access Codes. Accordingly, the Bank shall not be liable for any fraudulent, or erroneous instructions received via the Account Holder's Access Codes.
   7. Upon compromise of the Account Holder's Access Code, the Account Holder shall promptly notify the Bank of such compromise.
   8. The Account Holder may be charged an applicable monthly fee and/or usage fee upon signing-on for the Services whether or not the Account Holder utilizes the Services during the period in question.
   9. The Bank shall not be liable for any loss or damage, whether direct or indirect, special, incidental or consequential including but not limited to damages for loss of profits, goodwill, use or other intangible losses arising out of or in connection with the Services or use or inability to use the Services, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation, transmission, computer virus or line or system failure, whether or not the Bank or its representatives thereof were advised of the possibility of such damages.
   10. The Account Holder undertakes:
       1. To, always, provide true, accurate, and up-to-date information about himself/herself/itself as requested by the Bank, and agrees not to misrepresent his/her/its identity or information, which may include user name, password or other Access Codes for such Accounts; and
       2. Not to use the Services for any illegal purpose or for transmission of any material that is unlawful, libelous and obscene and further agrees that the right to use the Services is personal and not assignable or transferable.
   11. In consideration of the Bank providing the Services, specifically by providing the Account Holder with a Card, the Account Holder further agrees:
       1. That where a Card is issued to the Account Holder, the card shall be kept secured always and the PIN, CVV and CVC will not be disclosed to any third party for any reason whatsoever;
       2. That the Card shall only be used for lawful transactions within Nigeria. The Card will have an expiry date and is valid until the last day of the month shown on the Card;
       3. That the Card shall be auto-renewed upon expiration, unless the Account Holder's Account is closed or the Card is revoked;
       4. That all transactions at any ATM, POS terminal or via the internet made with the Account Holder's Card and Access Codes shall be treated as having been authorized by the Account Holder;
       5. That if the Account being accessed via the Account Holder's Card is a joint Account operated by more than one signatory, all transactions carried out on the Account at any ATM, POS terminal or by the internet via the Card and Access Codes shall be treated as having been authorized by all joint holders of the Account;
       6. That when he/she/it uses his/her/its Card for transactions on other transaction channels which are not owned or controlled by Moniepoint MFB, the rules of use of such payment channels shall apply in addition to those of the relevant card scheme rules and the Account Holder agrees to abide by such rules;
       7. That cash withdrawals made with the Card and Access Code shall not exceed the maximum cash withdrawal limit as may be specified by the Bank from time to time;
       8. That cash withdrawals at the ATM and/or POS terminal shall be deemed to have been concluded at the point when the ATM / POS terminal dispenses cash to the Account Holder via the cash tray / POS terminal agent (as applicable). The Bank accepts no liability whatsoever for any subsequent event occurring after cash has been dispensed;
       9. That the Card issued to the Account Holder shall remain the property of the Bank and the Bank in its sole discretion may cancel the Card or request its return at any time;
       10. That the Card will be promptly returned to the Bank on demand and that the ATM may impound the Card at any time if the circumstances so warrant;
       11. That the Card shall expire on the date indicated thereon, subject however to the terms of Clause 7.11.3 above;
       12. That the Bank shall not be liable for any machine malfunction, strike or dispute or any other circumstances affecting the use of the Card where such matters are not within the direct control of the Bank;
       13. That he/her/it shall be liable for all losses arising from use of the Card by any person in possession of same with the Account Holder's consent or as a result of the Account Holder's negligence and/or carelessness;
       14. To be liable for all losses arising from use of the Card by any person having possession of it with the Account Holder's consent or due to the Account Holder's negligence;
       15. That the Bank reserves the right to charge fees and commission and hereby authorizes the Bank to debit the Account for such fees and commissions, as it may deem appropriate for the use of the Services;
       16. That if the Card is lost or stolen, the Account Holder shall promptly make a written report to the Bank at its nearest branch and take necessary steps as the Bank may request to assist in the recovery of the Card. The Account Holder further agrees to be liable for any loss arising from the use of his/her/its Card, PIN, CVV or CVC by any unauthorized person for a period of two (2) Business days after the Bank receives written notification of the loss of the Card from the Account Holder;
       17. Upon the occurrence of loss, theft or misplacement of the Card, the Account Holder shall promptly report such to the Bank and shall obtain a new Card from the Bank at a prescribed fee;
       18. That his/her/its rights under the Services are personal and therefore not assignable or transferable;
       19. That the Bank may vary the terms of providing the Services at any time without seeking the consent of the Account Holder but in accordance with adequate notice being given to the Account Holder as stipulated in these terms and conditions; and
       20. That he/she/it shall activate the Card before leaving the Bank's branch or premises as applicable.
   12. The Bank reserves the right to modify, suspend or discontinue the Services entirely at any time without notice, in order to maintain the security and integrity of the Services. The Bank may also suspend the Account Holder's access to the Services at any time without notice. The Account Holder agrees that the Bank shall not be liable to him/her/it or any third party for any modification or discontinuation of Service.
8. INSTANT PAYMENT SERVICES

   1. By opening an Account with Moniepoint MFB and accepting these terms and conditions, you acknowledge and expressly consent to the following in connection with the Bank's provision of instant payments, in accordance with the CBN Circular No.PSP/DIR/PUB/CIR/001/001 dated March 12, 2026 (as amended from time to time) and any other applicable CBN directives relating to Instant Payments:
      1. Opt-In to Instant Payment: Your Account is enrolled into the Bank's instant payment service by default upon Account opening. This means you will be able to make and receive online instant transfers of funds (both intra-bank and inter-bank) from and to your Account. You have the option to opt-out of the instant payment service at any time and for any period via the Bank's internet banking platform or mobile application (as applicable), subject to multi-factor authentication. Where you opt out, you will not be able to carry out online instant transfers of funds from your Account to another account, but you may visit a branch of the Bank to effect transfers during such period.
      2. Voluntary Transaction Limits: Subject to the maximum transaction limits prescribed by the CBN from time to time, you may adjust your personal transaction limits via the Bank's internet banking platform or mobile banking application (as applicable). Any adjustment to your transaction limits shall be subject to enhanced due diligence, appropriate risk assessment, and multi-factor authentication by the Bank. Any new limit shall take effect immediately upon successful completion of the required authentication.
      3. Enterprise Fraud Monitoring: You acknowledge and consent that the Bank shall implement and maintain enterprise fraud monitoring functionality on your Account to monitor both inflows and outflows for the purposes of fraud detection and the restriction of suspicious transactions. The Bank may restrict or flag transactions on your Account where it reasonably suspects fraud or suspicious activity, and may report such activity to relevant regulatory or law enforcement authorities in accordance with applicable law.
      4. Liveliness Checks: You acknowledge that all Accounts opened online shall be subject to liveness checks, and all online Account opening and reactivation requests shall be validated in real-time against the BVN/NIN database. Enhanced authentication mechanisms (including but not limited to multi-factor authentication, biometric authentication, soft or hard token, and liveliness checks) shall be required for online Account reactivation, in accordance with CBN requirements.
      5. Mobile Application Security: You acknowledge that the Bank's mobile banking application may only be enabled on one device at a time, and you shall not operate the application concurrently on multiple devices. Migration of your Account to another device will trigger automatic re-activation and authentication. Transaction limits (inflow and outflow) shall be imposed on newly activated mobile banking applications by new and existing Customers in the first twenty-four (24) hours of activation, in amounts determined by the Bank subject to applicable CBN guidelines. First-time log-on to a new device via internet banking shall require additional multifactor authentication.
   2. The Bank shall implement and maintain the minimum standard requirements for instant payments as prescribed by the CBN from time to time. You acknowledge that compliance with applicable CBN instant payment requirements is a condition of your banking relationship with Moniepoint MFB, and the Bank shall be entitled to take any steps required to comply with such requirements in connection with your Account.
9. ALERT (SMS/EMAIL) AND ACCOUNT STATEMENT BANKING SERVICE

   The Account Holder confirms and agrees that the use of the Moniepoint MFB alert and statement banking service shall be subject to the following terms and conditions:

   1. The Account Holder hereby accepts responsibility for the confidentiality and security of the alert messages and shall ensure that his/her/its mobile device is kept in safe custody away from unauthorized access;
   2. The Account Holder understands that the alert banking service is an information service which is given after the occurrence of all transactions; messages sent by alerts are therefore presumed and treated as having been based on transactions authorised by the Account Holder and the Bank shall therefore have no liability whatsoever to the Account Holder;
   3. Where the Account Holder operates a joint Account or an Account with more than one signatory for this Service, all transaction messages shall be treated as having been authorized by the Account Holder(s) and the Bank shall therefore not be liable if it turns out that such transactions were carried out without due authorization;
   4. The Bank shall not be liable for any loss arising from the Account Holder's inability to receive notification messages due to system down time arising from:
      1. Circumstance beyond the Bank's control (i.e strikes and industrial disputes, force majeure events, etc);
      2. System upgrades and maintenance; and
      3. Failure of a mobile network service provider to deliver SMS on time.
   5. The Account Holder agrees to pay the Bank's scale of fees and commission as may be specified from time to time for the provision of the Services. The Account Holder hereby authorizes the Bank to debit his/her/its Account(s) with such fees and commission;
   6. The Account Holder agrees that upon loss, interception, alteration or third-party misuse of any confidential information provided by the Bank as requested by the Account Holder, the Bank shall not be liable for such loss, interception, alteration or third-party misuse;
   7. The Account Holder undertakes that upon loss or theft of his/her/its mobile phone, he/she/it shall immediately report such to the Bank within twenty-four (24) hours of such occurrence for immediate termination of the Service on the affected mobile line;
   8. The Bank shall not be liable for any information that is disclosed to any person due to the negligence or carelessness of the Account Holder;
   9. The Bank reserves the right to terminate this Service at any time with or without notice to the Account Holder if circumstances so warrant;
   10. The Account Holder understands that Account statements can be generated when needed via the Bank's mobile banking application and the Bank may provide a statement on paper or any other durable medium at a frequency agreed to with the Account Holder. This may upon request be sent to the last known recorded address that We hold and will contain details of all transactions that have been carried out on the Account since the previous statement was issued to you;
   11. The Bank may charge a fee for issuance of the statement of Account as requested by the Account Holder;
   12. The Bank shall discontinue sending out statements of Account where the Account has not been used for a while. This will be done to protect the confidentiality of information contained on the Account;
   13. The Account Holder agrees that he/she/it shall review all transactions contained in the statement of Account and shall advise the Bank of any discrepancies observed as soon as possible without undue delay but in any event no later than twelve (12) months after the date of a discrepant transaction;
   14. The Account Holder understands that if there is a need for the Bank to investigate a transaction on his/her/its Account, the Account Holder shall be obligated to cooperate with the Bank and relevant law enforcement agencies if the need arises to involve them;
   15. To meet our legal and regulatory obligations, the Bank may need to share certain information about your Account, including payment and transaction details (and related personal data), with regulatory authorities, law enforcement agencies, and other governmental or competent bodies, whether within or outside Nigeria. We will only do this where required or permitted by applicable laws and regulations, and where necessary to provide our Services to you. By using our Services, you acknowledge and authorise the Bank to make such disclosures when required;
   16. The Bank may disclose information about the Account Holder and the Account to relevant law enforcement bodies, the courts or other third parties as the Bank may decide in order to prevent or recover losses; and
   17. The statement of Account will show credits when the Bank receives them even if such credits include cheques and other items which are not “cleared” and the Bank reserves the right to refuse to allow the Account Holder to draw against these items.
10. OVERDRAFTS AND OTHER LOANS

    1. This section deals with borrowing through an overdraft. Additional terms and conditions apply to borrowing by other means such as a loan. The form of borrowing and any security required will be agreed between you and Us.
    2. We may cancel any standing orders and direct debits from your Account if your Account becomes overdrawn.
    3. When borrowing is agreed, the interest rate and all the fees and charges payable will be shown in a written notice to you which sets out the terms and conditions of the facility.
    4. Unless We have agreed other terms with you in writing, overdrafts will always be repayable on demand.
    5. You will have to pay all costs and fees incurred by Us in connection with negotiation, preparation, investigation, administration, supervision or enforcement of your borrowing, these will include expenses, fees (e.g. legal, security, and valuation fees) stamp duty, taxes and other charges. These costs and fees will be debited from your Account.
    6. We reserve the right to decline a request from you to borrow.
11. INDEMNITY IN FAVOUR OF MONIEPOINT MFB FOR WEB TRANSACTIONS

    The Account Holder has requested that Moniepoint MFB enables his/her/its debit Card for web transactions without restrictions on any website that does not request for PIN, or second level authentication i.e. verified by Visa, secure code or one-time password.

    1. The Account Holder agrees to be solely liable for all consequences that might arise from the use of his/her/its debit Card on various websites that require no pin, OTP or other conditions as determined by the merchant.
    2. The Account Holder undertakes that he/she/it is mindful of the fact that circumstances could arise in the course of the usage of the Card that could lead to any loss(es) as a result of exposure of the Card details, card cloning, storage of the Card's details and possible use of the card and the Account Holder's data by unauthorized persons/parties and the carrying out of unauthorized activities using the Account Holders details; and the Account Holder has agreed to execute an indemnity in favour of the Bank against any liability, loss, damage, claim or distress which the Bank may suffer in the course of the transaction.
    3. In consideration of the Bank providing card-based transactions to the Account Holder, the Account Holder hereby holds the Bank harmless and unconditionally and fully indemnifies the Bank against any liability, loss, damage, injury, claim or distress which the Bank may suffer as a result of completing the transaction. The Account Holder hereby irrevocably undertakes to truly indemnify the Bank at all times and hold the Bank harmless against any loss, claims, demands, liabilities, actions,costs, damages and in the event of the commencement of any actions, investigations and proceedings, whether civil or criminal, to bear the cost and expenses associated with such action, investigation or proceedings which may be occasioned in consequence of enabling the acceptance of the Account Holder's Card for web transactions for sites that do not request for second level authentication and to pay on demand without contestation or cavil the amount of all resultant charges and the Account Holder waives all rights to contest the amount or nature of claims under this indemnity. To this end, the Account Holder hereby authorizes the Bank to debit his/her/it's Account(s) with the Bank for any such sums that the Bank may pay, expend or lose under the terms of this Indemnity. The Account Holder's obligation herein shall not be reduced by any claim made by the Account Holder against the Bank, its Directors, agents, privies, assigns, successors, employees or any other person whomsoever acting under the Bank's authority. This indemnity shall be continuing security in respect of any and all matters connected to or arising from the Bank processing such transaction(s) and shall be governed by the laws of the Federal Republic of Nigeria.
12. EMAIL INDEMNITY FOR TRANSACTIONS

    The Account Holder hereby confirms and agrees that the following terms and conditions shall govern his/her/its electronic mail instructions to the Bank:

    1. The Account Holder may request for the Bank to act on the instructions that he/she/it transmits to the Bank by electronic mail (“email”) which appear to have been furnished to the Bank directly or indirectly by the Account Holder to a computer owned by the Bank or otherwise, at any time regarding the operation of the Account Holder's Account and in relation to any business or transaction which he/she/it may have with the Bank or which the Bank may be acting on the Account Holder's behalf;
    2. The Bank has informed the Account Holder that it is prepared to act on email instructions which purport to emanate from the Account Holder if it receives a release and Indemnity as set out in this clause;
    3. The Account Holder has given such release and Indemnity to the Bank in the manner prescribed below:
       1. Now therefore in consideration of the Bank honouring or agreeing to honour the Account Holder's emailed instructions, the Account Holder hereby:
          1. Acknowledges that it is not practicable for the Bank to establish the authenticity of all instructions, messages emailed to the Bank which purport to emanate from the Account Holder;
          2. Agrees that all emailed instructions, mandates, consents, commitments and the likes which purport to emanate from the Account Holder shall be deemed to have been given by the Account Holder in the form actually received by the Bank (“purported emailed instructions”) which may as a result of the malfunction of equipment, the distortion of communication links and the like, be different to that intended or sent and the Account Holder shall be bound thereby;
          3. Waive any rights that the Account Holder may have or obtain against the Bank arising directly or indirectly from any losses or damages which the Account Holder may suffer because the Bank acted in accordance with the Account Holder's purported emailed instructions and the Account Holder agrees to indemnify the Bank in respect of any claims, demands or actions made against the Bank or losses or damages suffered by the Bank because it so acted;
          4. Acknowledges that this indemnity shall be applicable even when the purported emailed instructions or facsimile contains any forgery, lack of authority to issue, wrong alteration or other misuse of document or if any transmission detail or information appearing on it are not genuine;
          5. Agrees to implement and adhere to any procedure and/or restrictions imposed on the Account Holder by the Bank from time to time regarding the sending of email instructions to the Bank;
          6. Agree that this release and indemnity will not be an admission of failure by the Bank to impose any or sufficient procedures or restrictions or to ensure that any or all of them are adhered to; and
          7. Agree that the Bank will not be obliged to act on any purported emailed instructions and that it may at any time on written notice sent to the Account Holder at his/her/its contact address, withdraw from the arrangements envisaged in this section.
13. CUSTOMER LOYALTY PROGRAMS

    1. Moniepoint MFB may from time to time operate Loyalty Programs for eligible Customers. Loyalty Programs may include Referral Programs, cashback schemes, VAS discount promotions, tiered Rewards programs, and any other incentive campaign launched by the Bank.
    2. Loyalty Programs may be open to all categories of Customers or may be targeted to a specific Customer demographic (including without limitation; agency banking operators, merchants, personal banking application users, and business banking application users), as communicated in the relevant Promotional Communication, and may run for a limited period as solely determined by the Bank.
    3. Where you opt to participate in a Loyalty Program, the following terms and conditions shall apply in addition to the terms of the relevant Promotional Communication:
       1. The Bank may from time to time offer eligible Customers the opportunity to earn Rewards under a Loyalty Program. Rewards may include, without limitation, cash credited to a Wallet Account, Cashback Rewards on qualifying POS terminal transactions, discounts on value-added services (including airtime and data purchases made through the Bank's platforms), time-limited vouchers, or such other benefits as the Bank may determine from time to time at its sole discretion. The Bank reserves the right to revise the value, structure, and terms of any Loyalty Program at any time at its sole discretion.
       2. The full details of each Loyalty Program (including eligibility criteria, applicable Rewards, Qualifying Events, and the Loyalty Program Period) shall be set out in the Promotional Communication issued by the Bank at the time of the relevant campaign launch. Customers will be notified of Loyalty Programs via In-App notifications, email, or other official Moniepoint MFB communication channels (unless you have opted out of marketing communications).
       3. Each Loyalty Program will be available for a specified Loyalty Program Period as communicated in the relevant Promotional Communication. Multiple Loyalty Programs may run simultaneously, and separate terms shall apply to each. The Bank reserves the right to extend, shorten, or terminate any Loyalty Program Period at any time at its sole discretion.
       4. Rewards will only be paid if all applicable Qualifying Events (as determined by the Bank in its sole discretion for each Loyalty Program) have been met by an eligible Participant during the relevant Loyalty Program Period. The specific Qualifying Events for each Loyalty Program shall be set out in the applicable Promotional Communication. The Bank reserves the right to determine and vary Qualifying Events for each Loyalty Program at its sole discretion.
       5. Rewards earned under a Loyalty Program are non-refundable, and shall not be exchanged or redeemed for cash, except where expressly stated otherwise in the terms of the relevant Loyalty Program.
       6. The terms and conditions applicable to each Loyalty Program are made up of:
          1. these General Terms and Conditions for Account Opening; and
          2. the applicable Promotional Communication issued by the Bank in respect of the relevant Loyalty Program.

          In the event of any conflict between these terms and conditions and a Promotional Communication, the Promotional Communication shall prevail in respect of the relevant Loyalty Program unless otherwise stated.

       7. You must comply with these terms and conditions and the applicable Promotional Communication at all times when participating in a Loyalty Program. Participation in a Loyalty Program constitutes your acceptance of the applicable terms. Only eligible Customers (as defined in the relevant Promotional Communication) may participate in a given Loyalty Program. The Bank reserves the right to determine and vary eligibility criteria for each Loyalty Program at its sole discretion.
    4. Where a Loyalty Program involves a referral component, upon receiving a Promotional Communication as a Referrer, the following conditions and steps shall apply:
       1. Invite someone to open an account with the Bank or sign up for any of the Bank's products/services, by either sharing your Referral Code, tapping on the “Refer” button displayed in the referral banner in the dashboard of your mobile banking application, or in the follow up email from the Bank.
       2. Once the step above is completed, a draft message containing your unique Referral Link will appear. You can customize the message and send it to your Invitee(s).
       3. Each Invitee must successfully complete all of the applicable Qualifying Events within the relevant Loyalty Program Period for the Referrer to be eligible for the applicable Reward.
       4. You will only share your Referral Link or Referral Code with individuals you know and have permission to contact, and you will not send unsolicited referrals.
       5. You will ensure that any Invitee consents to receiving your Referral Link or Referral Code prior to sharing the same. You will not directly or indirectly pressure, exert undue influence, or become a nuisance to any person who does not wish to become an Invitee.
       6. Where applicable, the Bank will confirm the maximum number of persons you can refer under a Referral Program in the applicable Promotional Communication. The Bank may also apply overall program caps, transaction limits, or Wallet Account limits at its sole discretion. If you exceed any applicable limit, you will not be paid any Reward in respect of the excess, even if the relevant Qualifying Events are completed.
    5. Where the Bank operates a POS terminal cashback Loyalty Program, eligible Customers (including agency banking operators and merchants) who use Moniepoint MFB POS terminals may earn Cashback Rewards based on their transaction volumes and such qualifying criteria as determined by the Bank from time to time in its sole discretion. The applicable cashback tiers, rates, and qualifying transaction types will be communicated to eligible Customers via the Promotional Communication issued at the time of the relevant Loyalty Program or via the dashboard of the Bank's mobile banking application. The Bank reserves the right to revise cashback rates, tiers, and eligibility criteria at any time at its sole discretion.
    6. Where the Bank operates a value-added services Loyalty Program, eligible Customers may earn Cashback Rewards or discounts on qualifying airtime and data purchases, bill payments, or other VAS transactions made through the Bank's banking platforms (including the mobile banking application and internet banking platform). The applicable discount rates, eligible VAS categories, and transaction thresholds will be communicated by the Bank in the relevant Promotional Communication. The Bank reserves the right to vary discount rates, introduce variable rates by transaction value, and modify or discontinue any VAS Loyalty Program at any time.
    7. The Bank may from time to time operate Loyalty Programs that combine cash Rewards with time-limited vouchers. Vouchers issued under such programs will be subject to an expiry date as communicated by the Bank, and any unredeemed voucher amounts will expire without compensation. The Bank shall not be liable for any loss arising from the expiry of unused vouchers.
    8. The type and value of Rewards payable under each Loyalty Program will be set out in the applicable Promotional Communication. Rewards may be user-specific and may vary across different Customer categories, campaigns, or qualifying activities. The Bank reserves the right to revise the Reward value, structure, or form payable under any Loyalty Program at any time at its sole discretion, with or without prior notice, subject to applicable law.
    9. The Bank may in its sole discretion specify a duration for payment of Rewards, as well as limits on the number of times a Reward can be paid to a Loyalty Program Participant in respect of the same qualifying activity or Referred Customer. The Bank may also introduce expiry dates on any Rewards (including Cashback Rewards and vouchers), and any Rewards not utilised within the specified period shall automatically expire and be forfeited without further notice, and you will have no claim against the Bank in respect of any such expired Reward.
    10. Where Rewards are credited to a Wallet Account, and provided that your Wallet Account is not restricted or suspended, you shall be permitted to transfer amounts standing to the credit of your Wallet Account into your main Account with the Bank, subject to any minimum transfer amounts communicated In-App or in the applicable Promotional Communication. Rewards that are credited as Cashback Rewards or discounts may be applied directly to qualifying transactions as specified by the Bank.
    11. To be eligible for a Reward under any Loyalty Program, you must have an active Account with the Bank (meaning that your Account is not restricted, suspended, or closed) throughout the relevant Loyalty Program Period and at the time the Bank is due to credit any Reward to your Wallet Account. The Bank reserves the right to withhold or reverse a Reward where your Account has been restricted, suspended, or closed for any reason. Persons whose Accounts have been flagged for any regulatory, compliance, fraud, or other reason are not eligible to participate in any Loyalty Program.
    12. The Bank will confirm in the applicable Promotional Communication or In-App notification when you can expect to receive any Reward due to you under a Loyalty Program. Reward crediting may be delayed by system reconciliation, verification, technical issues, or fraud screening processes. The Bank shall not be liable for any delay in Reward crediting arising from circumstances beyond its reasonable control.
    13. The Bank reserves the right to withhold, reverse, or claw back any Reward(s) credited to your Wallet Account or Account with the Bank if the Bank becomes aware that:
        1. you have breached these terms and conditions or the terms of the applicable Promotional Communication;
        2. a Qualifying Event is subsequently reversed, cancelled, refunded, or found to be invalid;
        3. fraud or abuse of a Loyalty Program is suspected or identified; or
        4. the Reward was credited in error.

        Any reversal of a Reward will be treated as having been made with your consent and any payment will be deemed to have been authorised by you. The Bank also reserves the right to set off any Rewards against amounts you owe to the Bank under your Account or any credit facility.

    14. If the Bank reasonably suspects that you have engaged in any fraud, abuse, or misuse of a Loyalty Program (including but not limited to creating fictitious or duplicate accounts, manipulating transaction activity, using automated tools or bots, colluding with third parties to circumvent eligibility criteria, providing false information, or any other conduct that does not represent genuine customer activity), the Bank may, at its sole discretion and without prejudice to any other rights available under law:
        1. disqualify you from the Loyalty Program;
        2. withhold, reverse, or claw back any Reward payable or already paid;
        3. restrict, suspend, or close your Account; and/or
        4. report the matter to relevant regulatory or law enforcement authorities.

        The Bank's determination regarding eligibility, abuse, fraud, and disqualification shall be final and binding.

    15. The Bank may at any time and at its sole discretion amend, change, suspend, or terminate any Loyalty Program (in whole or in part, and on an individual or program-wide basis) before the end of the Loyalty Program Period, including but not limited to where:
        1. the Loyalty Program is being abused or may negatively affect the Bank's goodwill or reputation;
        2. unforeseen circumstances make it impracticable to continue;
        3. there are regulatory or compliance requirements that necessitate a change; or
        4. the Bank determines in its sole discretion that it is otherwise appropriate to do so.

        The Bank also reserves the right to modify the terms, eligibility criteria, Reward values, and Qualifying Events of any Loyalty Program at any time.

    16. The Bank will endeavour to provide you with notice of any material change, suspension, or termination of a Loyalty Program through the Bank's mobile banking application, In-App notification, and/or email. The Bank will not be liable for any loss, whether directly or indirectly suffered, arising from or in connection with any change, suspension, or termination of a Loyalty Program. Please contact Support if you believe you qualify for a particular Reward under a Loyalty Program that has not been awarded to you as a result of early suspension or termination of that Loyalty Program.
    17. By participating in any Loyalty Program, you confirm that you understand that any Reward received may be subject to applicable taxes (including income tax) in the country of your residence and/or the territory in which you are tax resident. It is entirely your sole responsibility to pay any taxes which may arise from receiving any Reward under a Loyalty Program. The Bank will bear no liability whatsoever for any tax obligations arising from your receipt of any Reward.
    18. All Rewards (including Cashback Rewards, referral Rewards, vouchers, and any other benefit) credited under a Loyalty Program must be transferred, redeemed, or utilized within the period specified in the applicable Promotional Communication or as otherwise communicated by the Bank. Where no expiry period is specified in the Promotional Communication, all such Rewards must be transferred to your Account with the Bank and/or utilized within ninety (90) calendar days from the date such Reward is first credited. Any Reward that remains unused or unredeemed after the applicable expiry period shall automatically expire and be forfeited without further notice, and you will have no claim whatsoever against the Bank in respect of any such expired or forfeited Reward. The Bank shall not be liable to you for any loss, whether directly or indirectly suffered, as a result of such expiry or forfeiture. The Bank reserves the right to recapture any unredeemed Reward balances upon expiry.
    19. Any personal data processed or controlled in connection with any Loyalty Program (including for eligibility verification, Reward processing, fraud screening, and program administration) will be dealt with in accordance with the Nigeria Data Protection Act 2023 (as amended from time to time) and our privacy policy, which can be accessed at https://moniepoint.com/ng/privacy-policy. By participating in a Loyalty Program, you consent to the collection and use of your personal data for these purposes. Where a Loyalty Program involves a referral component, you consent that the Bank may share your name and username with an Invitee for program administration purposes and may use your participation-related information for promotional and publicity activities across official Moniepoint MFB channels, subject to applicable data protection law. You may withdraw your consent to such use at any time by contacting the Bank, provided that such withdrawal shall not affect the lawfulness of any processing already carried out.
14. YOUR USER ACCOUNT AND PERSONAL RESPONSIBILITIES AS A USER

    1. To access the Services, you will need to open a user account at the Bank's branch or create your own user account on the Bank's internet banking platform and mobile application (“User Account”) and you will be required to login to the User Account.
    2. To set up a User Account, We will request contact information such as, a name, an email address, mailing address and a phone number or unique identifiers such as a, username, password and IP address.
    3. You are responsible for maintaining the confidentiality of your Account and password and for restricting access to your User Account, and you agree to accept responsibility for all activities that occur under your User Account or Access Codes.
    4. We reserve the right to refuse the Services, terminate Accounts, your User Account, terminate your rights to use the Services in our sole discretion.
    5. You shall be responsible for maintaining, updating, completing and safeguarding the confidentiality of your Account and you shall be responsible for all activities that occur on your Account and User Account.
    6. You agree that if you provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with these terms and conditions, We shall have the right to indefinitely suspend or terminate or block access to your Account and User Account.
    7. Any profile that you open with Us is personal to you and you are prohibited from permitting any other person to access or use your Account and User Account.
    8. Any unique identifiers/codes that We give you, remains our property and We can disable, reclaim and reuse these once your User Account is terminated or deactivated for whatever reason by either you or Us, and all your personal information is removed.
    9. You agree to notify Us immediately at [email protected], if you know, suspect or become aware of any unauthorized use of your Account or User Account.
    10. You agree to promptly update your Account and other information, including your email address, applicable KYC documentation, so that We can complete your transactions and contact You as needed.
    11. In order for Us to meet our obligations under these terms and conditions, you hereby agree to Us collecting, storing and updating your personal information.
    12. We are committed to protecting and respecting your privacy. The information you share with Us, including your personal details, profile information, passwords and banking details will be processed by PCI Data Security Standards, to ensure the privacy and security of your Account and User Account. We shall take appropriate measures to ensure personal information is kept confidential and securely stored.
    13. We do not guarantee that the Services, or any content on it is correct, neither do We warrant completeness or accuracy of the Services; nor do We promise to ensure that the Services remains available and kept up to date.
    14. We may suspend or withdraw or restrict the availability of all or any part of the Services for business and operational reasons. We will try to give you reasonable notice of any suspension or withdrawal.
15. CLOSING AN ACCOUNT

    1. You can close your Account for any reason, at any time and at no cost to you, provided that you (a). provide us with at least thirty (30) days prior written notice of your intention to close your Account; (b).repay all sums due and owing to the Bank by you (inclusive of but not limited to: card transaction fees, principal sum and interest on loans and advances granted to you by the Bank, fees on drawn cheques, and commissions).
    2. You understand that your right to close your Account is subject to the absence of any restraining judicial or quasi-judicial order, or mandate from any regulatory or law enforcement agency, or any irrevocable undertaking previously issued by you, prohibiting the closure of your Account.
    3. You understand that upon closure of your Account, you will not be able to access any Moniepoint MFB product/service. If you would like to close your Account, please get in touch with Us. You will however remain liable for any obligations related to your Account with Us (even after your Account has been closed).
    4. You agree that where legally permissible, upon giving you seven (7) days prior written notice, We shall have the sole right to close, suspend, freeze, or limit access to your Account without any liability and for any reason, inclusive of but not limited to if:
       1. The information We obtain from you does not comply with regulatory requirements;
       2. You do not meet, or are in breach of these terms and condition;
       3. You create risk or possible legal exposure for the Bank;
       4. There is reasonable suspicion of fraud involving you or your Account;
       5. We are required to do so by law; or
       6. There is a report of, or our investigations reveal that you have engaged in any fraudulent or suspicious activity.
    5. Following the closure of your Account, and after making requisite deductions to cover applicable taxes, charges and fees, We will return any amount standing to your credit in your Account by one of the following methods: (a) by issuing a manager's cheque in your name and depositing the same for pick-up at the Bank's branch/office in the location where your Account was domiciled prior to such account closure, or (b) by transferring the amount to a bank account nominated by you in writing.
    6. You understand that the Bank shall have the sole right to discontinue any of its products under which your Account is operated for any reason. In such an instance, the Bank may, at its sole discretion, exercise its right to close your Account by providing you with thirty (30) days prior written notice or if permitted by you, issue an alternative account to you under any other product of the Bank which it deems suitable, and transfer your existing funds to such alternative account.
    7. Pursuant to the provisions of clauses 15.1 to 15.6 above, you hereby agree that the closure of your Account shall be effective and binding from the date of such notice of closure communicated by the Bank to you. You hereby irrevocably waive any rights (whether in contract, tort, or otherwise) which you may have against the Bank as a result of such closure of your Account. Furthermore, you agree to indemnify the Bank for all costs, charges, losses, fines, penalties or legal fees incurred or suffered by the Bank in defending any claim or action filed by you or any third party in connection with the closure of your Account by the Bank.
16. DORMANT ACCOUNTS

    1. We consider that an Account is dormant if no activity (other than interest and charges) has taken place on such Account for a continuous period of six (6) months. To reopen such an Account, you agree and accept that you shall submit fresh identification and KYC documents in line with our request.
    2. When an Account becomes dormant, We may write to you to ascertain if the Account is still required and to obtain written confirmation from you of your mailing address (if provided already in our records). Where no response is received from you, for security reasons, We may close the Account and hold the funds in a suspense account pending receipt of instructions from you.
17. HANDLING PERSONAL INFORMATION

    1. We shall collect, use, manage and share your personal information in accordance with our privacy policy which can be accessed here- https://moniepoint.com/ng/privacy-policy.
    2. We will retain information about you after the closure of your Account, if the banking relationship has been terminated, or if your Account opening application is declined or abandoned, for as long as permitted for legal, regulatory, fraud prevention and legitimate business purposes.
    3. Where you provide personal and financial information relating to others (e.g. minors, dependants or joint account holders) for the purpose of opening or administering your Account, you confirm that you have their consent or are otherwise entitled to provide this information to Us and for Us to use it in accordance with these terms and conditions.
    4. Where a banker's reference is requested, we will make sure that We have your written approval before We provide same (to the extent legally permissible).
    5. We may share information with persons acting as our agents who have agreed to keep your personal information strictly confidential.
18. LIMITATION OF LIABILITY

    1. Under no circumstance will Moniepoint MFB be liable for any damages, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with its products, the Services or use thereof or inability to use same by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay on operation, transmission, computer virus or line or system failure even if Moniepoint MFB or its representatives have been advised on the possibility of such damages, losses or expenses. Your use of hyperlinks to other internet resources are at your risk.
    2. Moniepoint MFB shall not be liable for any:
       1. damages (regardless of their nature) for any delay or failure by you to perform your obligations under these terms and conditions;
       2. damages due to any cause beyond Moniepoint MFB's reasonable control;
       3. claim made a subject of a legal proceeding against Moniepoint MFB more than one (1) year after any such cause of action first arose; and/or
       4. actions or inactions not directly attributable to Moniepoint MFB.
    3. Moniepoint MFB shall not be liable for any delay, failure, breakdown, damage, loss, costs, claim, penalty, fine or expense arising from:
       1. use of any of Moniepoint MFB's products or the Services by you otherwise than in accordance with Moniepoint MFB's directions and/or these terms and conditions; and
       2. the actions or omissions of any telecommunications authority or a supplier of telecommunications services.
    4. Notwithstanding any other provision of these terms and conditions, the aggregate liability of Moniepoint MFB for default resulting in direct loss to you whether under contract law, tort law, warranty or otherwise shall in no event exceed the transaction fees that has accrued to Moniepoint MFB from you pursuant to these terms and conditions, in the one (1) month period preceding the date such claim first arises. The provisions of this clause shall survive the termination and expiry of these terms and conditions. The limit of liability provisions in these terms and conditions apply irrespective of the number of claims.
    5. Copyright in any proprietary information relating to any product/service that is offered by Moniepoint MFB, including the screens displaying the pages and the information and material therein are owned by Moniepoint MFB.
    6. Moniepoint MFB shall not be responsible for any electronic virus or viruses that you may encounter in the course of making use of any product or the Services that Moniepoint MFB provides.
    7. Moniepoint MFB makes no warranty that:
       1. Any of its products, or the Services will meet your requirements;
       2. Any of its product, or the Services will be uninterrupted, timely, secure, or error free;
       3. The results that may be obtained from the use of any of its products or the Services will be accurate or reliable;
       4. The quality of any products, the Services, information or other material purchased or obtained from the use of any of its products, or the Services will be accurate or reliable;
       5. The quality of any its products, the Services, information or other material purchased or obtained from any of its products, the Services will meet your expectations; and
       6. Any errors in any technology will be corrected without obligation on the part of Moniepoint MFB.
19. RIGHT OF LIEN AND SET-OFF

    1. Nothing in these terms and conditions shall be deemed as a waiver or prohibition of Moniepoint MFB's rights of banker's lien or set-off.
    2. In addition to any other general lien or similar right to which We may be entitled by law, We may at any time and without notice to you, combine or consolidate all or any of your Accounts with any liabilities to Us and set off or transfer any sum(s) standing to the credit of any one or more of such Accounts in or towards the satisfaction of your liabilities to Us on any other Account or in any other respect, whether such liabilities be contingent, primary or collateral, several or joint. Furthermore, by accepting these terms and conditions, if you access any credit facility from Us, you covenant to repay such credit facility as and when due. In the event that you fail to repay any credit facility as agreed and the credit facility becomes delinquent, We shall have the right to report the delinquent credit facility to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off your indebtedness from any money standing to your credit in any bank account and from any other financial assets they may be holding for your benefit. You covenant and warrant that We shall have the power to set-off your indebtedness under any credit facility that you obtain from Us from all such monies and funds standing to your credit/benefit in any and all such accounts or from any other financial assets belonging to you and in the custody of any such bank or financial institution. You hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that you shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi-judicial capacity.
20. CLAIMS

    1. Where notice of a court process or a court order against you or your Account is received (or, where such court process or court order involves a joint Account, or any other Account connected to you), We may not allow withdrawals or transfers from your Account until the legal process comes to an end. Any court order or court judgment will not prevent Us from using any right of set-off We may have (using money which We hold for you, or which is due from you, to pay debts owed to Us) or enforcing any other ‘security interest’ (a right over anything of interest which We can take if debts are not paid). You are responsible and shall indemnify Moniepoint MFB for any losses, costs or expenses incurred as a direct result of any dispute or legal action between you and a third party involving your Account (including, without limitation, where the Bank is dragged or included in a suit as a result of rendering the Services to you).
    2. Where any third party makes a claim for any of the funds in your Account (for example, if someone takes legal action to recover funds, they believe you owe to them), or if we are informed or believe that there is a dispute involving a third party who owns or controls funds in the Account, we may:
       1. Put a post no debit on your Account in line with any law, regulation, court process, court order or regulatory directive and refuse to pay out any funds until we are satisfied that the dispute has ended;
       2. Send the funds to the person who we have good reason to believe is legally entitled to them either by mutual consent of parties or a Court Order;
       3. Continue to rely on the current records We hold about you;
       4. Apply for a court order; or
       5. Take any other action We feel is necessary to protect Moniepoint MFB.
    3. Where We act in accordance with the preceding paragraphs, We shall not be liable to you for taking any of the steps stated therein.
21. PROHIBITION OF ILLEGAL, FRAUDULENT AND CRYPTOCURRENCY TRANSACTIONS

    1. You agree to use your Account solely for lawful purposes and in compliance with all applicable laws and regulations.
    2. You also agree not to use your Account to engage in money laundering, terrorist financing or any other illegal activity.
    3. You acknowledge that Moniepoint MFB is required to comply with all extant laws in Nigeria, including the rules, regulations, guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time. In compliance with applicable laws/regulations/guidelines, Moniepoint MFB does not deal in cryptocurrencies and does not facilitate payments for cryptocurrency transactions and other related transactions. You, therefore, confirm that you will not use your Account to deal in, trade, transact or receive any payments relating to cryptocurrencies or any other virtual assets.
    4. You acknowledge that Moniepoint MFB is obligated to comply with various anti-money laundering (AML) and KYC regulations. You agree to provide accurate and up-to-date information as requested by Moniepoint MFB to facilitate compliance with these regulations.
    5. You consent to Moniepoint MFB monitoring transactions on your Account for any suspicious or potentially illegal activity. This may include, but is not limited to, the monitoring of large or unusual transactions.
    6. You consent to Moniepoint MFB applying restrictions on your Account and reporting to relevant law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, etc., if a fraudulent or erroneous activity is associated with the operation of your Account, if you engage in any actual or suspected cryptocurrency transaction or if you breach any of the provisions of these terms and conditions.
    7. You consent to Moniepoint MFB reporting to the Nigeria Inter-Bank Settlement Systems Plc and CBN if a fraudulent activity is associated with the operation of your Account or if you engage in any actual or suspected cryptocurrency transaction.
    8. You agree to promptly report any suspicious activity or transactions involving your Account to Moniepoint MFB, subject to the requirements of applicable laws.
    9. You acknowledge that a breach of these terms and conditions may result in Moniepoint MFB suspending or terminating the banking relationship and closing your Account. You also acknowledge that a breach of these terms and conditions may result in a legal action being commenced against you.
    10. You agree to indemnify and hold harmless Moniepoint MFB and its affiliates, officers, directors, employees, and agents from any claims, damages, liabilities, costs, or expenses arising out of or related to your breach of these terms and conditions or any unlawful activity associated with your Account.
    11. As a bank, We are required to comply with international sanction laws and regulations issued by the United States of America's Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom's Treasury (HMT) as well as local laws and regulations applicable to banks, including those issued by the CBN. Therefore, We reserve the right to terminate our banking relationship and close your Account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open an Account for you if you violate any OFAC, EU, UN and HMT sanctions or if you or your Account is involved with any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.
22. FORCE MAJEURE

    1. Moniepoint MFB shall not be in breach of these terms and conditions or otherwise liable for any failure or delay in the performance of any obligation to you if such delay or failure results from events, circumstances or causes beyond our reasonable control. The time for performance of such obligation shall be extended accordingly.
23. GOVERNING LAW AND DISPUTE RESOLUTION

    1. These terms and conditions shall be governed by the laws of the Federal Republic of Nigeria.
    2. Accordingly, any dispute arising out of or in connection with the interpretation of the provisions of these Terms and Conditions shall be resolved by mutual consultation and negotiation between the Parties.
    3. Where a dispute is not resolved within ten (10) days, the dispute shall be referred to mediation at the Lagos State Multidoor Courthouse (“LMDC”), and such mediation shall be conducted in accordance with the Arbitration and Mediation Act 2023 and LMDC rules.
    4. The mediation shall be conducted by a sole mediator appointed by a consensus of the Parties hereto, or failing such consensus, by the Chief Judge of Lagos State, Nigeria.
    5. This clause shall not preclude either Party from obtaining interim reliefs on an urgent basis from a court of competent jurisdiction pending the decision of the mediator.
    6. The mediator may, in any dispute in which any matter of a technical or financial nature is relevant, appoint an assessor having the requisite experience to assist the mediator in the mediation process.
    7. The provisions of this clause:
       1. constitute an irrevocable consent by each Party to any proceedings in terms hereof and no Party shall be entitled to withdraw there from or claim at any such proceedings that it is not bound by those provisions; and
       2. are severable from the rest of these Terms and Conditions, and shall remain in effect despite the termination of or invalidity of these Terms and Conditions for any reason.
24. MISCELLANEOUS

    1. By accepting and agreeing to these terms and conditions, you represent that:
       1. By reason of the fact that some of the Services are available as an online service, you understand that your consent to these terms and conditions, our privacy policy will be in the form of an electronic consent; and
       2. You have read and understand this consent to use electronic signatures and to receive communications electronically.
    2. Assigning or sub-contracting any of your rights or obligations under these terms and conditions to any third party is prohibited unless agreed upon in writing by Us.
    3. We reserve the right to transfer, assign or sub-contract the benefit of the whole or part of any of our rights or obligations under these terms and conditions to any third party.
    4. English language shall be our primary language of communication with you. We may use emojis or colloquialisms, but We will always communicate with you in English.
    5. If you have any questions about your relationship with Moniepoint MFB, you can contact us via: [email protected].
    6. We may at our sole discretion, change these terms and conditions (including our charges and interest rates) and introduce changes to and charges for our products and the Services at any time. The necessity for a notice to you shall depend on the nature of change or amendment being made to these terms and conditions.
    7. Some of these terms and conditions are premised on anticipated regulatory/legal requirements that may be amended subsequently. If any of these terms and conditions turn out to be inconsistent with a regulatory amendment, we will treat that condition as if it were consistent. We will make any changes to the conditions to reflect the requirement by applicable laws/regulations.
    8. We may contact you by post, telephone, email, via WhatsApp or via our social media handles (which in these terms and conditions includes the internet and any form of electronic message made by any type of electronic device) using the latest address, telephone number, social media handles, or email address you have supplied.
    9. You may telephone us during normal business hours to request for information about your Account. We reserve the right not to disclose any information until we are satisfied that you have been satisfactorily identified.
    10. We may record or monitor telephone calls and monitor other electronic communications (including emails) between us so that We can check instructions and make sure that We are meeting our service standards.
    11. In the event of a joint Account, the address provided by either party to such joint Account or, in the case of a joint Account while opening same, shall be used for all communications to such joint Account owners.
    12. It is your obligation to notify the Bank as soon as possible of any changes to your name, telephone number, WhatsApp user name, residential address (and appropriate updated address verification) and email address and ensure that all information held about you is up to date. You must do this by writing to the Bank's branch where your account is domiciled.
    13. If you do not inform Us promptly of a change to your details, the security of your information could be put at risk as We will continue to send information to you at the last known address and or all medium supplied to us.
    14. If you do not tell us about a change of address and, as a result, post is returned to us, we may restrict your Account until We receive satisfactory proof of your new address.
    15. By choosing to proceed, you agree that you understand that you are opening an Account with Moniepoint MFB and that all the information you have supplied is for this purpose. You agree to abide by these terms and conditions, which govern our operations. You also agree that all information that you have supplied is true and correct.
    16. By opening an Account with Us, you consent to our carrying out regular identity and fraud prevention checks on you and your Account.
    17. Finally, you agree to indemnify Moniepoint MFB for any loss, claim, liability or damage that We may suffer or incur as a result of any false information or error in any information you have supplied.