These Terms and Conditions are applicable to all accounts whether opened on the date of
agreeing to these Terms and Conditions or on a later/prior date.
I/We undertake and agrees to be bound by these Terms and Conditions.
I/We confirm and agree that my/our account(s) and all banking transactions between me/us
("the customer”, or “me”, or “us” or “we”) and FFS Microfinance Bank Ltd (“the Bank”) shall
be governed by the conditions specified below and/ or the terms of any specific agreement
between me/us and the Bank or where not regulated by either the conditions of such
agreement, by customary banking practices in Nigeria:
- 1The bank will not establish or operate the requested account(s)
unless and until it has received minimum requirements for account
- 2The Bank is hereby authorized to undertake all "Know Your
Customer" (KYC), search and due diligence procedures specified by applicable law
and/or regulations and/or bank polices including the confirmation of legal
status at the appropriate government registry. I/We hereby authorize you to
debit my/our account without further notices to me/us for the cost attended to
such KYC procedures.
- 3The Bank may, without prior notice, impose or change the minimum
balance requirements for my/our account(s) for or the charges relating to such
account(s) or any of them.
- 4The Bank is authorized, where the balance standing to the credit
of my/our account(s) is below the required minimum balance, to either amend the
rate(s) of interest payable or close the account(s) (in accordance terms of the
relevant product type)
- 5The Bank is authorized to transfer money from any deposit
account l/We maintain to any other account(s) l/We maintain with the Bank whose
balance is below the requirement minimum.
- 6The Bank shall, in addition to any right of set-off or similar
right prescribed by law, be entitled, without notice, to combine and consolidate
all or any of my/our or account(s) with the Bank (without any liabilities to the
Bank) to set off or transfer any or all amounts owed by me/us or either of us or
a related party to the Bank against any and all money which the Bank may hold on
my/our accounts or any other type of credit be it cash, cheques, valuables,
deposits, security instruments belonging to me or us whether held on current or
- 7The Bank shall be entitled to retain and not repay any amount
whatsoever that it owed to me/us or which it holds on my/our behalf, unless and
until all amounts owed by me/us or related party to the Bank have been repaid or
discharge in full and, so long as such amounts have not been discharged or
repaid in full, the Bank shall be entitled to appropriate any amount so owed to
me/us or held on my/our behalf in or towards the payment and discharge of the
amounts owed by me/us or either of us or related party to the bank. 'Related
Party' means an entity where the customer is a
- 8Any delay or omission of the Bank in exercising or enforcing
(whether wholly or in part) any right or remedy arising in respect of the
account(s) shall not be construed as a waiver of such right or remedy.
- 9l/We shall be responsible for all costs expenses and liabilities
arising from the purchase, retention and sale of investments made on our behalf
by the Bank which include but are not limited to all taxes, statutory fees,
duties and levies.
- 10>The Bank is hereby authorized, in the absence of any written
instruction to the contrary, to place my/our funds in any appropriate investment
(which for the purpose of this clause shall include but not limited to
investments in commercial paper whether guaranteed by the Bank or otherwise) or
on deposit and to renew/reinvest at maturity any investments or deposit made in
my/our name(s) on the same terms and conditions that applied prior to its
maturity or on such other terms and conditions as the Bank may, in its absolute
discretion, consider appropriate under the circumstance.
- 11>TThe Bank may, unless otherwise instructed by me/us retain on
my/our behalf, on a safe custody basis, any investment instruments issued in
respect of an investment made on my/our behalf and unless otherwise specifically
agreed. l/We will not have recourse to the bank for the value or worth of such
- 12Where the Bank, in the absence of any previous agreement as to rate
of interest and costs and charges that will apply if my/our account(s) or any of
them becomes overdrawn, in its absolute discretion allow us to make any drawing
that results in my/our account(s) or any of them becoming overdrawn, the bank
shall be entitled to charge such rate of interest and impose such charges as, in
its absolute discretion, considers appropriate in the circumstance (s)and l/We
agree to pay such interest and charges to the Bank on demand.
- 13l/We agree that where l/we give any instruction for a payment or
payments that in aggregate exceed(s) the amounts standing to the credit of
my/our account(s) against which payment is to be made. The bank reserves the
right to decline to carry out such instruction or where there is more than one
transaction, to select the transactions that shall be executed without reference
to the date of dispatch or time or receipt of my/our instructions. lf the bank
in its discretion makes any such payment for which our/my account is not funded.
We/l confirm our obligation to repay the Bank whether or not the Bank makes a
demand, any outstanding sum in addition to charges and interest accrued
- 14Where any uncleared effects credited to my/our account(s) by the
Bank are subsequently dishonored and/or the Bank for any reason is required to
repay to the paying banker or any other party all or any part of any amount
credited to our account. The Bank will be entitled to debit my/our account(s)
with the amount of such uncleared effects and/or repay amounts plus accrued
interest and applicable.
- 15No failure or delay in exercising any right power or privilege
vested in the Bank by these conditions shall operate as a waiver thereof nor
shall any partial exercise of such right power or privilege preclude any other
or further exercise thereof.
- 16lf any of the conditions or the provisions specified herein are
invalid, illegal or unenforceable in any respect under the law the validity
legality and enforceability of the remaining conditions and/or provisions
contained herein shall not in any manner be affected or impaired thereby.
- 17Commission and charges shall be levied in accordance with the
Bank's standard scale of charges in force from time to time and copies of which
are available on request. The Bank reserves the right to at any time amend its
rates of Interest, standard scale of charges and/or conditions.
- 18Where these conditions are signed by or on behalf of more than one
person as the customer, all of such persons are bound by the terms of these
- 19Any communication by the Bank shall be deemed to have been made as
soon as it is sent to the most recent address provided by me/us and the date
indicated on the duplicated copy of such letter or on the Bank's mailing list
will constitute the date on which the communication was sent' Any statement or
confirmation of any transaction between me/us or either of us and Bank shall be
deemed to have been examined by me/us and to be conclusive and binding unless
within 10 working days from the date specified on such statement/confirmation.
l/we or either of us shall advise the Bank in writing that an item contained
therein is being disputed, whether or not such item was made in accordance with
the mandate from time to time given by me/us to the Bank.
- 20l/we understand and acknowledge that electronic mail, and verbal
communications are insecure transmission media. Where I/we advise the Bank to
accept instruction in such manner, I/we However undertake to indemnify the Bank
in full for any loss it may suffer or incur by reason of its honoring my/our
letters, electronic mail, or verbal instructions, irrespective of whether same
are erroneous fraudulent or issued otherwise than in accordance with the mandate
for my/our account(s). Any and all payment instructions issued in accordance
with the mandate and which bears or purports to bear the electronic signatures
have been provided by me/us. The Bank is hereby authorized to honour for and to
the debit of my/our account(s), any and all payment instructions issued in
accordance with the mandate for the my/our account(s) and which bears or
purports to bear the facsimile or electronic mail signature of the person(s)
whose specimen signatures have been provided to the Bank by me/us. The bank is
hereby authorized to honour for and to the debit of my/our account(s), any and
all payment instructions/confirmations issued or provided by me/us using a
pre-agreed format for the same which may include but is not limited to oral or
written instructions/confirmations and where given orally such oral instruction
may if previously agreed involves the use of specific password(s) and when given
in writing may be given by Ietter, or electronic mail.
- 21l/We hereby authorize the Bank to debit my/our account with the
cost incurred in respect of cheque book for the above account.
Honour all cheques or other orders which may be drawn on the said
account provided such cheques or order are signed by me/us and to debit such
cheques or orders to the said account whether such account be for the time being
in credit or overdrawn in consequence of such debit without prejudice to your
right to refuse to allow any overdraft or increase of overdraft and in
consideration, l/we agree:
To assume full responsibility for the genuineness or correctness and
validity of all endorsements appearing on all cheques, order, bills, notes,
negotiable instruments, receipts and/or other document deposited in my/our
- (b)To be responsible for any repayment of any overdraft with
interest and to comply and be bound by the bank's rules for the conduct of a
current account receipt of which l/we hereby acknowledge.
- (c)To free the Bank from any responsibility for any loss or damage
of funds deposited with the bank due to any future Government order, law
tax, embargo, moratorium, exchange restriction and/or all other causes
beyond the Bank's control.
- (d)That all funds standing to my/our credit are payable on demand
only in such local currency as may be in circulation.
- (e)To be bound by any notification of change in the conditions
governing the account directed to my/our last known address and any notice
or letter sent to my/our last known address shall be by me/us at the time it
would be delivered in the ordinary course of post.
- (f)That if a cheque credited to my/our account is returned
dishonoured, the same may be transmitted to me/us through my/our last known
address either by bearer or by post
- (g)And l/we note that the bank will accept no liability whatsoever
for funds handed to members of the staff outside banking hours or outside
the bank's premises
- (h)That my/our attention has been drawn to the necessity of safe
guarding my/our cheque book so that unauthorized persons are unable to gain
access to it and to the fact that neglect of this precaution may be a ground
for any consequential loss being charged to my/our account without liability
to the Bank.
- (i)That my/our attention has also been drawn to the necessity of
safe guarding my/our passwords and access codes to the Bank's non-branch
channels including, but not limited to ATM, Internet Banking, Mobile Banking
and USSD banking, so that unauthorized persons are unable to access it and
to the fact that neglect of this precaution may be a ground for any
consequential loss being charged to my/our account without liability to the
- (j)where my account is not sufficiently funded the Bank is under no
obligation to honour any cheque(s) drawn on the account to cover the value
of the said cheques and l/We understand and agree that any such cheque may
be returned to me/us unpaid but if paid, I am/we are obliged to repay the
bank on demand.
- (k)That any disagreement with entries on my/our bank statements
will be made by me/us within 15 working days of the dispatch of the bank
statement. Failing receipt by the Bank of a notice of disagreement of the
entries with 15 days from the date of dispatch of my/our bank statement as
rendered is correct.
- (l)That any sum standing to the debit of the current account shall
be liable to interest charges at the rate fixed by the bank from time to
time. The bank is authorized to debit from the account the usual banking
charges, set by the management from time to time.
23l/We hereby affirm that l/We are aware that it is a crime under the laws
of the Federal Republic of Nigeria to issue cheque(s) without sufficient funds in
my/our account in the value of my/our cheques. WE/l undertake to bear all
consequences and /or liabilities arising from My/Our account where such account is
not sufficiently funded with the value of My/Our cheques.
- 24l/We hereby agree that the operational dynamics of my account can be
modified without recourse to me at any time based on the new directive from CBN as
Tier 1- low value accounts limited to a maximum single deposit of N50,000
and maximum cumulative balance of N300,000 at any point in time.
- ii.Tier 2- Medium value accounts limited to a maximum single
deposit of N100,000 and a maximum cumulative balance of N500,000 permitted
at any point in time.
- iii.Tier 3-High value accounts where customers provide an
acceptable or valid means of identification for account opening.
We confirm and agree that the following terms and conditions shall govern my/our
Electronic Banking transactions with the Bank. The following terms and conditions shall
govern the Bank's e-Banking Services.
"Customers" means a customer of the Bank who has or operates an account with the Bank
and is named in the application form. Where two individuals are named either or both of
them are customers.
"The Bank" means FFS Microfinance Bank
"Card Holders" means a customer who has been issued FFS Microfinance Bank ATM card. The
card is the property of the Bank and will be returned unconditionally and immediately to
the bank upon request by the "Bank"
"Service" means the FFS Microfinance Bank Internet Banking, Mobile App Banking, USSD,
notification (SMS alert) Automatic Teller Machine (ATM).
"Access code", passcode, Username and Password" means the enabling code with which
access the system for the service and which is known to you only.
"Account" means a current or saving account or other account maintained with the bank at
any of the bank's branches in Nigeria.
"PIN" means the Personal Identification Number
"ATM" means Automated Teller Machine that dispenses cash to account holder via the use
of debit/credit cards or accept cash deposits.
"ATM Card" means the card used by a customer for initiating transactions on the various
electronic payment channels e.g ATM, POS, and Internet.
"Secure Messages Facility" means the facility within the e-Banking Service that enables
the client to send electronic messages (e-mail, SMS) to the Bank, including and without
limitation free -format messages, fixed format messages or instructions to make
payments, request for cheque books, Bank drafts or the purchase or sale of securities
and interests in mutual funds.
2. The Service allows the customer to give the Bank instructions by use of:
ATM PIN Password, Access Code, Username and secure message (e-mail, sms) internet
banking of the following:
- (i) Obtain information regarding customer's balances as at the last date of
business with the Bank.
(ii) Obtain information with regards to any instrument in clearing or any
balance standing in the customer's account as at the last date of transaction on
the customer's account.
(iii) Authorize the Bank to debit customer's account to pay specified utility
bill such as Telco, Electricity, WATER RATE and/or any other bills as specified
by the customer subject however to availability of such bill payment under this
(iv) Authorize the Bank to effect a transfer of funds from the customer's
account to any other account with the Bank and outside the Bank.
(v) Authorize the Bank to effect/stop any payment order.
(vi) Authorize the Bank to debit customers account and load same into a
(vii) View transaction history on customers account
On receipt of instruction, the Bank will endeavor to carry out the customer's
instruction promptly, except in the event of any unforeseen circumstances such as Act of
God, force majeure and other causes beyond the Bank's control
3. For the service to be available to any customer, he/she must have any one or a
combination of the following:
- (i) Any account with the bank &
- (ii) A valid email address
- (iii) A Pass code, Access code, User name, Password or token authenticator
- (iv) A Person Identification Number (PIN)
- (v) Valid GSM/landline number
- (vi) Bank’s Verification Number (BVN)
4. Under no circumstances shall the customer allow anybody access to his/her account
through the service.
5. The Passcode/AccessCode/Username/password/E-mail:
(a) The Customer understands that his/her Passcode, Access Code/Username/Password/E-mail
is used to give instruction to the BANK and accordingly undertakes:
- (i) That under no circumstances shall the passcode/Access code/Password be disclosed
- (ii) Not to write the Passcode/Access Code/Username/password in an open place in
order to avoid third party coming across same.
(b) The customer instructs and authorizes the BANK to comply with any instructions given
to the BANK through the use of the service.
(c) Once the BANK ls instructed by means of the customer's Passcode, Access code ,
Username and PlN the BANK is entitled to assume that those are the instruction given by
the customer and to rely same.
(d) The BANK is exempted from any form of liability whatsoever for complying with any or
all instruction(s) given by means of the customer's passcode, Access Code if by any
means the Passcode, Access code becomes known to a third party or otherwise becomes
(e) Where a customer notifies the BANK through Email (and where the Bank acknowledges
receipt of same) of his/her intention to change his Passcode/Access Code arising from
loss of memory of same, or that it has come to the notice of a third party, the BANK
shall, with the consent of the customer, delete same and thereafter allow the customer
to enter a new Passcode/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 passcode/Access
code or knowledge of a third party and the time the report is lodged with the BANK.
(f) Once a customer's Passcode/Access code/Username is given, it shall be sufficient
confirmation of the authenticity of the instruction given.
(g) The customer shall be responsible for any instruction given by means of the
customer's Passcode/Access code/Username. Accordingly, the BANK shall not be responsible
for any fraudulent, duplicate or erroneous instruction given by means of the customer’s
6. CUSTOMER'S RESPONSIBILITY
(i) The customer undertakes to be absolutely responsible for safeguarding his Username,
Access code, Passcode, PIN and Password, and under no circumstance shall the customer
disclose any or all of these to any person.
(ii) The customer undertakes to ensure the secrecy of his Access code, Passcode,
Username, PIN and password by not reproducing same in any manner whatsoever either in
writing or otherwise capable of making it known to persons other than the customer.
(iii) The BANK is expressly exempted from any liability arising from authorized access
to the customer's account and/or data as contained in the BANK's recodes via the
service, which arising as a result of inability and/or otherwise of the customer to
safeguard his PlN Passcode/Access code and/or Password and/or failure to log out of the
system completely by allowing on screen display of his account information.
(iv) The BANK is further relieved of any liability as regards breach of duty of secrecy
arising out of customer's inability to scrupulously observe and implement the provisions
of clauses 3(i) (iii) above, and/or instances of breach of such duty by hackers and
other unauthorized access to the customer’s account via the service.
(v) The Customer's access code and password must be changed immediately it becomes known
to anyone else and therefore the customer is to effect the change. Where the customer
cannot effect necessary change(s) on his/her own the customer is under a duty to notify
the BANK whenever his/her Access code and/or Password have become known to another
(vi) Where a customer notifies the BANK of his intention to change his Access code
and/or passcode arising from either his loss of memory of same or that it has come to
notice of a third party, the BANK shall with the consent of the customer, delete same
and thereafter allow the customer to enter a new passcode, Access code and Password,
provided that the BANK shall not be responsible for any loss(es) that occur between the
period of such memory of the Access code/passcode and/or Password or knowledge of a
third party and time the report is lodged with the BANK.
viii The customer shall be responsible for any fraud, loss and/or liability to the BANK
or third party arising rom usage of the customer's Access code, passcode, PIN and/or
Password being used by a third party and other unauthorized access. Accordingly the BANK
shall not be responsible for any fraud that arises from usage of the customer's Access
code, passcode, PlN and/or Password.
7. Upon enrolling of a customer for the service, the customer may be charged the
applicable monthly fee and/or usage fee whether or not the customer makes use of the
service during the period in question.
8. Under no circumstances will the BANK be liable for any damages, including without
limitation direct or indirect, special, incidental or consequential damages, losses or
expenses arising in connection with this service or use thereof or inability to use by
any party, or in connection with any failure of performance, error, omission,
interruption, defect, delay in operation, transmission, computer virus or line or system
failure, even if the BANK or its representatives thereof are advised of the possibility
of such damages, losses or hyperlink to other internet resources are at the customers
9. Copyright in the pages in the screens displaying the pages, and in the information
and material therein and arrangement is owned by the BANK.
10. The BANK shall not be responsible for any electronic virus or viruses that the
customer may encounter in course of making use of this service.
For the benefit and security of our customers and to comply with applicable laws, we
have a few mandatory guidelines. Conducts that violates the rules and constitute ground
for termination these services and the bank may for whatsoever reason vary these terms
and conditions from time to time as the Bank deems fit. The customer undertakes to:
- (i) Provide accurate information. Agree to provide true, accurate, current and
complete information about himself/herself as requested in our registration form and
account opening forms and the customer agree not to misrepresent his/her identity or
information, which may include Username, Passwords or other access devices for such
(ii) Comply with the law. Customer agrees not to use the service for illegal
purposes or for the transmission of material that is unlawful, harassing, libelous
(untrue and damaging to others), invasive of another's privacy, abusive, threatening
or obscene, or that infringe the right of others.
(iii) Proprietary rights. The customer acknowledges and agrees that the BANK owns
all right to this website and the content displayed on the site. The customer is
only permitted to use this content as expressly authorized by the service. Customer
may not copy, reproduce, distribute, or create derivative work from this. A
violation of any of the above guidelines is grounds for discontinuation of the
service by the BANK.
(iv) Pledge on Cheques issued. Customer hereby agrees and pledges to ensure that
its/his/her account is adequately funded before issuing 3rd party cheques. Where the
customer violates this pledge the customer accepts and agrees that there are
attendant consequences which shall be meted out by the Central Bank of Nigeria (CBN)
as well as the Economic and Financial Crimes Commission (EFCC). The consequences
shall include but may not be restricted to investigation and prosecution by the
EFCC. A violation of any of the above guidelines is grounds for discontinuation of
the service by the BANK.
12. DISCLAIMER OF WARRANTIES
The customer expressly understands and agrees that use of the service is at their sole
risk. The service is provided on an "as is" and "as available" basis. The BANK expressly
disclaims all warranties of any kind, whether express or implied, including, but not
limited to the implied warranties of merchantability,. fitness for a particular purpose
The BANK makes no warranty that:
- (i) The service will meet customer's requirements
(ii) The service will be uninterrupted, timely, secure, or error-free
(iii) The results may be obtained from the use of the service will be accurate or
(iv) The quality of any products, service, information or other material purchased
or obtained by the customer through the service will meet their expectations, and
(v) Any error in the technology will be corrected.
13. Any material downloaded or otherwise obtained through the use of the service is done
at customer' own discretion and risk and the BANK is not responsible for any damage to
customer's computer system or loss of data that result from the download of any such
material. No advice or information, whether oral written, obtained by customer from us
or through or from service will create any warranty not expressly stated in these terms.
14. LIMITATIONS OF LIABILITY
l/We agree that the BANK will not be liable for any act, omission or damage whether
direct, indirect, incidental, special, consequential or exemplary damages, including but
not limited to damages for loss of profits, goodwill, use or other intangible losses,
even if the BANK has been advised of the possibility of such damages, resulting from:
- (l) The use or the inability to use the service
- (ii) The cost of getting substitute goods and service resulting from any products,
data, information or services purchased or obtained or messages received or
transactions entered into through or from the services;
- (iii) Unauthorized access to, or alteration or transmission of data;
- (iv) Statements or conduct of anyone on the service;
(v) Any other matter related to the service.
Except when caused by the BANK's intentional misconduct or gross negligence, customer
agree to protect and fully compensate the BANK and its affiliates and service providers
from any/and all third party claims, liability, damages, expenses and costs (including,
but not limited to, legal fees) caused by or arising from customer's use of the service,
violation of the terms or infringement, by any other user of customer's account, or any
intellectual property or other right of anyone.
16. SERVICE CHANGES AND DISCONTINUATION
The BANK reserves the right to change or discontinue, temporarily or permanently, the
service at any time without notice. ln order to maintain the security and integrity of
the service the BANK may also suspend customer's access to the service at any time
without notice. Customer agrees that the BANK will not be liable to the customer or any
third party for any modification or discontinuation of the service.
(i) The Bank shall not be considered an agent or to other legal representative of
the customer for any purpose by reason of this agreement and/or any other party whom
the customer is using this service to pay.
(ii) This agreement cannot be changed by the customer or any of the banks right
waved unless the Bank agrees in writing or customer continue using the service
following receipt of notice of any changes proposed by the Bank.
(iii) The agreement is personal to the customer and the customer shall not assign it
(iv) All notice to the customer shall be in writing via the address the customer has
provided to the bank, all address the customer has provided to the bank, all notice
to the Bank must be made in writing sent to the bank's address.
(v) The Bank and the customer shall be an independent contractor, and nothing
contained in this agreement shall be deemed to create any association, partnership,
joint venture or relation of principal, agent or master and servant, employer or
employee between parties
(vi) If any of these terms is held to be unenforceable, then such provision shall be
construed, as nearly as possible, to reflect the intentions of the parties with the
other provisions remaining in full force and effect.
(vii) The laws of the Federal Republic of Nigeria shall apply to this agreement.
18. AUTHORITY TO DEBIT MY/OUR ACCOUNT FOR CHEQUE BOOK AND ATM DEBIT CARD
ln consideration of FFS Microfinance Bank opening account on my/our behalf; l/we hereby
authorized FFS MFB to debit my/our account with the cost incurred in respect of cheque
book and or ATM Debit Card for the above account.
19. l/we hereby release and discharge FFS Microfinance Bank Ltd from its, obligation
under the Banker's duty of secrecy and forswear my/our right to Any claim and damages.
This authorization gives you authority to also accept and act upon our telephone and
telex instructions as well. l/we hereby certify that the information given on this
platform is correct and that l/We have read understood and agree with the Account
Opening Terms & Conditions governing the selected account(s).
20. CREDIT BUREAU
The Customer acknowledges that the Bank consults with various credit bureaus and
reference agencies, and may be required to disclose the Customers information to
these credit bureau for the purpose of conducting checks on the customer. The
customer hereby irrevocably and unconditionally grants his/hers/its consent to the
Bank and expressly authorizes such disclosure of any or all information on
his/her/its/ transactions with the Bank, to such credit bureaus and reference
agencies whether based internationally or locally, these includes information on
Customers Directors and other personnel, transactions and conduct on Customers
account together with details of any nonpayment or delayed payments as the Bank may
deem fit. The consent herein discharges the Bank all liabilities, claims and damages
for such disclosure made by the Bank to any credit bureau pursuant to the consent
21. If a fraudulent activity is associated with the operation of a customer’s
account, the customer agrees that the Bank has the right to apply restrictions on
the customer’s account and report to appropriate law enforcement agencies.
I/We hereby apply for the opening of account(s) with FFS Microfinance Bank Ltd. l/We
understand that the information given herein is the basis for opening such
account(s) and hereby warrant that such information is correct.
I/We hereby undertake to indemnify the bank of any loss suffered as a result of any
false information or error in the information provided to the Bank.