Mint MFB Limited RC7393746

TERMS AND CONDITIONS ACCOUNT OPENING AGREEMENT

I/We (“Customer”) hereby confirm and agree to the following terms and conditions in relation to all banking and other financial transactions between me/us and Mint Microfinance Bank Ltd (“the Bank”).

I/We further agree that where the services to be provided by the Bank are not regulated by the terms and conditions of this Account Opening Agreement or any other Agreement, including the Electronic Banking User Agreement, they shall be regulated by customary banking practices in Nigeria.

1. Account Opening Agreement

  1. I/We hereby apply to open an account for banking and related financial services of the Bank.
  2. I/We declare that the information given in this account opening form is true and accurate.
  3. I/We agree that any information found to be false, incorrect, or misleading may cause the Bank to reject this application or close my/our account if it had been opened.
  4. I/We agree to promptly notify the Bank of any subsequent change in Customer’s account details.
  5. The Bank will not establish or operate the requested account(s) unless and until it has received the required supporting documents for the account, a list of which has been provided to the Customer and is included with this application form.
  6. The Bank is hereby authorized to undertake all “Know Your Customer” (KYC) procedures specified by applicable law and/or regulations and/or Bank policies, including the confirmation of Customer’s details and legal status at the appropriate government registry or parastatal.
  7. I/We hereby authorize the Bank to debit Customer’s account without further notice to Customer for the attendant costs of such KYC procedures.
  8. The Bank may, without prior notice, impose or change the minimum balance requirements for Customer’s account(s) or alter the applicable interest rate(s) or charges relating to such account(s).

2. Transfers and Consolidation

  1. The Bank is authorized to transfer money from any deposit or other account Customer maintains to any other account(s) Customer maintains with the Bank whose balance is below the required minimum.
  2. The Customer agrees that in addition to any general lien, right of set-off, or similar right prescribed by law, the Bank shall be entitled, without notice, to combine and consolidate all or any of Customer’s account(s).

This includes but is not limited to cash, cheques, valuables, deposits, securities, negotiable instruments, or other assets belonging to the Customer with the Bank and/or to set off or transfer any amounts owed by Customer or related parties to the Bank against any and all money which the Bank may hold for Customer’s account(s), whether held on current, deposit, or other account, whether in Naira or any other currency (referred to as “foreign currency”).

3. Exchange Rate and Liabilities

  1. When effecting any set-off, the Bank shall be entitled, at its absolute discretion, with or without notice, to convert any Naira or foreign currency into the currency in which the amount owed was incurred at the applicable official exchange rate prevailing in Nigeria at the time of such conversion.
  2. The Bank is hereby instructed to act on any instructions given on behalf of Customer requiring foreign exchange, including:
  • The purchase or sale of any foreign exchange.
  • The opening of documentary letters of credit.
  • The signing and settlement of exchange contracts.
  • The signing and obtaining delivery of merchandise against trust receipts.
  1. The Customer undertakes to provide all exchange control documents required for any business requiring foreign exchange and further undertakes to indemnify the Bank for any loss, liability, damage, or expenses resulting from the Customer’s default.

4. Loss of Funds and Liens

  1. The Customer agrees to hold the Bank harmless and free from any responsibility for any loss of funds deposited with the Bank due to future governmental orders, laws, levies, taxes, embargoes, exchange restrictions, or other causes beyond the Bank’s control.
  2. The Bank shall be entitled to retain and not repay any amount owed to the Customer until all amounts owed by the Customer or the related party to the Bank have been repaid in full.

5. Overdrafts and Payments

  1. Where the Bank, in the absence of any previous agreement as to the rate of interest and costs and charges that will apply if Customer’s account(s) becomes overdrawn, allows Customer to make any drawing that results in Customer’s account(s) becoming overdrawn, the Bank shall be entitled to charge such interest rate and impose such charges as it considers appropriate.
  2. Where Customer gives any instruction for payment(s) that in aggregate exceed(s) the amounts standing to the credit of Customer’s account(s), the Bank reserves the right to:
  • Decline to carry out such instruction.
  • Select which transactions will be executed without reference to the date of dispatch or time of receipt of Customer’s instructions.
  • If the Bank, in its discretion, makes any such payment for which the Customer’s account is not funded, the Customer shall repay the Bank on demand, including charges and accrued interest.
  1. Where any uncleared effects credited to Customer’s account(s) by the Bank are subsequently dishonored, or the Bank for any reason is required to repay any credited amount, the Bank is entitled to debit the Customer’s account(s) for the amount of such uncleared effects or repaid amounts, plus accrued interest and charges.

6. Charges and Communication

  1. Commission and charges shall be levied in accordance with the Bank’s standard scale of charges in force at the time, which are available on request. The Bank reserves the right to amend its interest rates or charges.
  2. Any communication by the Bank to the Customer shall be deemed to have been made as soon as it is sent to:
  • The most recent address on the Bank’s mailing list (for letters/mails).
  • The most recent telephone number (for SMS).
  • The most recent email address (for electronic mail).
  • The date indicated on the communication medium will constitute the date on which the communication was sent.

7. Instructions and Indemnity

  1. Customer understands and acknowledges that electronic mail, facsimile, and verbal communications are insecure transmission media. If the Customer advises the Bank to accept instructions via such media, the Customer undertakes to indemnify the Bank for any losses incurred due to erroneous, fraudulent, or unauthorized instructions.
  2. Where any payment instructions are issued in accordance with the Customer’s account(s) mandate, and which bear or purport to bear the Customer’s authorized signature(s), the Bank is authorized to honor such instructions and debit the Customer’s account(s).
  3. The Bank is authorized to debit the Customer’s account(s) with costs incurred in issuing chequebooks, providing SMS alert services, or other services rendered to the Customer.

8. Deposits and Statements

  1. All funds standing to the Customer’s credit are payable on demand only in the local currency in circulation.
  2. The Bank shall honor the signatures on file for all purposes unless the Bank receives written notice of changes from the Customer.
  3. Neither the Bank nor its staff shall be liable for any loss arising as a result of cheque confirmations authorized by the Customer.
  4. Customer undertakes to indemnify the Bank for any losses arising from unpaid cheques, including providing replacements within three (3) working days.
  5. Customer agrees to assume full responsibility for the genuineness and validity of endorsements on all instruments deposited in their account(s).
  6. The Bank is not obligated to honor cheques unless there are sufficient funds in the Customer’s account(s). If a cheque is paid despite insufficient funds, the Customer must repay the Bank on demand.
  7. If a cheque credited to the Customer’s account(s) is returned dishonored, it will be sent to the Customer’s last known address.
  8. The Bank accepts no liability for funds handed to its staff outside banking hours or premises.
  9. Customer agrees to report any discrepancies in bank statements within fifteen (15) working days of receipt. Failing to do so implies the statements are correct.

9. Service Terms and Conditions

  1. Customer agrees to be bound by these terms and other terms regulating the Bank’s financial services, including internet banking, mobile banking, card services, ATM usage, and money transfers.
  2. If any part of these terms is invalid or unenforceable under the law, the remaining provisions shall remain valid and enforceable.
  3. No failure or delay by the Bank in exercising any rights under these terms shall operate as a waiver.
  4. The Bank reserves the right to close the Customer’s account(s) at any time at its absolute discretion.

10. Disclosure and Credit Bureau

  1. The Customer acknowledges and consents to the Bank sharing information with credit bureaus and reference agencies for conducting checks. This includes information on Directors, transactions, and account conduct.
  2. The Customer releases the Bank from liability for disclosures made to credit bureaus in compliance with these terms.
  3. These terms shall be governed by Nigerian law and customary banking principles.





ELECTRONIC BANKING USER AGREEMENT

A. Terms of Services

Mint MFB Electronic Banking Services include but are not limited to:

  • Internet Banking.
  • Automated Teller Machine (ATM) Services.
  • Electronic Fund Transfers.
  • SMS Alerts.

By using Mint MFB e-banking, you agree to be legally bound by this User Agreement. If you do not agree, do not use Mint MFB e-banking.

B. General Terms of Service and Restrictions on Use of Materials

  1. Mint Microfinance Bank Ltd reserves the right to terminate your account and access to Mint MFB e-banking if you do not comply with the user agreement.
  2. The Bank may discontinue or alter any aspect of the Service, including but not limited to:
    • Restricting the time Mint MFB e-banking is available.
    • Restricting or terminating any user’s access at the Bank’s sole discretion without prior notice or liability.
  3. Users are responsible for:
    • Charges associated with connecting to Mint MFB e-banking.
    • Providing the necessary equipment, access lines, and devices to connect to the Service.
  4. Customers must:
    • Regularly update their security settings.
    • Ensure their computer meets any requirements set by the Bank.
    • Avoid sharing or modifying the Bank’s proprietary software.
  5. Mint Microfinance Bank Ltd may access your account records on a case-by-case basis to investigate complaints, fraud, or illegal activities.
  6. All intellectual property within Mint MFB e-banking, including content, software, and trademarks, are protected and owned by Mint Microfinance Bank Ltd or its partners.

C. Account Password and Security

  1. Customers must complete the registration process by providing accurate and up-to-date information.
  2. Customers are responsible for:
    • Maintaining the confidentiality of their Security Details (e.g., passwords, PINs, CVV).
    • Ensuring no one else uses their Security Details, even in the case of joint accounts.
  3. Customers must:
    • Follow the security procedures provided by the Bank.
    • Log off after using the Service.
    • Avoid using obvious or easily guessed passwords.
  4. Customers must immediately notify the Bank if:
    • Security Details are lost, stolen, or compromised.
    • Unauthorized access to their accounts is suspected.
  5. Failure to comply with these security measures may result in termination or suspension of access to Mint MFB e-banking.

D. Illegal Activities

  1. Mint Microfinance Bank Ltd reserves the right to suspend or terminate accounts associated with fraudulent or illegal activities.
  2. If damages cannot be reasonably calculated, the Customer agrees to pay liquidated damages of ₦150,000 for each fraudulent transaction or the maximum permitted under the law.

E. Disclaimer

  1. Mint Microfinance Bank Ltd provides Mint MFB e-banking “as is,” and usage is at the Customer’s sole risk.
  2. The Bank does not warrant that:
    • The Service will meet all Customer requirements.
    • The Service will be uninterrupted or error-free.
    • The quality of products, services, or materials will meet expectations.
  3. Any material downloaded or obtained through Mint MFB e-banking is at the Customer’s own risk.
  4. The Bank disclaims all warranties, whether express or implied, including fitness for a particular purpose and non-infringement.

F. Limitation of Liability

  1. The Bank shall not be liable for any direct, indirect, incidental, or consequential damages arising from:
    • Use of the Service.
    • Unauthorized access or alteration of data.
    • Errors or failures in the Service.
  2. Total liability for damages shall not exceed the fees paid by the Customer for accessing the Service.
  3. The Bank will not be responsible for losses caused by unforeseeable circumstances beyond its control, such as industrial actions, network failures, or system breakdowns.

G. Indemnification

  1. Customers agree to indemnify and hold harmless Mint Microfinance Bank Ltd and its affiliates against any claims, damages, or costs arising from:
    • Misuse of the Service.
    • Breach of the User Agreement.
    • Infringement of any third-party rights.
  2. Customers must immediately notify the Bank of unauthorized account access or security breaches.

H. Termination and Modification

  1. Mint Microfinance Bank Ltd reserves the right to:
    • Suspend or terminate access to the Service without prior notice.
    • Discontinue providing Mint MFB e-banking or any part of it.
  2. Customers agree that termination may result in the deactivation or deletion of accounts and related information.

I. Non-Use of Account

  1. If a Customer does not log into or access their Mint MFB e-banking account for 90 consecutive days, the Bank may terminate the account and delete all associated data.

J. Variation

  1. The Bank may vary the terms of this Agreement without prior notice.
  2. Notification of changes will be made in writing or via publication, and the changes will bind the Customer.

K. Violation of the User Agreement

  1. Mint Microfinance Bank Ltd reserves the right to pursue legal and equitable remedies for any violation of this User Agreement.

L. Governing Law and Miscellaneous Terms

  1. These terms shall be governed by Nigerian law and customary banking practices.
  2. Any disputes shall be filed in state or federal courts in Nigeria.
  3. If any provision of this Agreement is deemed unlawful or unenforceable, it will not affect the validity of the remaining terms.
  4. This Agreement constitutes the entire understanding between the Customer and the Bank and may only be modified in writing signed by both parties.
  5. The User Agreement will inure to the benefit of Mint Microfinance Bank Ltd’s successors and assigns.