These terms and conditions herein is a legal agreement between you(I, YOU, YOUR) and VFD Microfinance Bank Limited (“Bank”, “WE” “OUR” “US”) and shall govern your access to our banking services and other products and services referred herein. These terms apply in full force and by using any of these services, you expressly accept all terms and conditions contained herein including our privacy policy. You must not use or proceed with any of the services provided, if you have any objection to any of these terms. 

I hearby: 

1. Apply to open an account for banking and related financial services of VFD Microfinance Bank. 
2. Declare that the information given in this account form is true and accurate. 
3. Agree that any information found to be false, incorrect or misleading may cause the bank to reject my application or close my account if it had been opened. 
4. Agree to promptly notify you of any subsequent change in my account details or signatories. 
5. Agree that you may roll over or reinvest on my behalf any monies standing to the credit of my account in any one of your investment securities, namely: Timely Deposit, Treasury Bills, Banker’s Acceptance or Guaranteed Commercial Papers until contrary instructions are given by me provided that you shall honour on demand all changes issued by me if there are insufficient funds in my account. 
6. Agree to hold you harmless and free from any responsibility for any loss of funds deposited with you due to any further government order, law, levy, tax, embargo, exchange restriction or other cause beyond your control and by virtue of any false or misleading information supplied by me to the Bank. 
7. Accept as due notification, any notice of change in the conditions governing my account which is sent to any or all of my last known address(es) either and to be bound by such change. 
8. Agree that if any cheque credited to my current account is returned dishonoured, the same may be returned to me through my last known address(es) either by hand or post. 
9. Agree that you may at your absolute discretion close at any time my account(s) with you. 
10. Agree that the Bank shall not be liable whatsoever for funds/tellers handed over by me to bank officers outside normal banking hours and/or outside the bank premises except as may be otherwise agreed in writing. 
11. Agree that neither the bank nor its staff shall be liable for loss arising as a result of the authority and the execution of the authority given to the bank on cheque confirmation. 
12. Agree to be bound by these and other terms and conditions regulating the operations of the bank account(s) and other financial services including but not limited to internet Banking, Mobile Banking, Card services, Telephone Banking, automated Teller machines(ATMs) and Money Transfer Services. 
13. Agree that the Bank shall have the right to set-off any sum credited to my account against any sum owed to the Bank by me either alone or jointly with any other person or persons, company or companies on any account or against any sum owed to the Bank by me as a result of my being a Surety or Guarantor to some other person or persons, company or companies. 
14. Agree that the account relationship hereby established shall be governed and construed in accordance with Nigerian law and by reference to the accepted principles and practices of banking. 
15. Agree that the Bank in compliance with local laws and regulations on record retention shall retain all records of supporting evidence, created in the ordinary course of its business relationship ended. 
16. Pledge not to issue cheques against unfunded accounts. 
17. Agree that the Bank can share my information with tax Authorities at any time. 
18. Agree to notify you that I/We am/are resident in the US for tax purpose (where applicable). 
19. Central Bank of Nigeria (CBN) policy requires that all customer complaints must be lodged within six (6) years of the transaction date to enable banks resolve any issues. This rule does not apply to cases of fraudulent transactions and some foreign transactions. 
20. The customer undertakes that as a pre-account procedure, the Bank is authorized to carry out its due diligence on me/us from the Credit Risk Management System (CRMS) and at least two other credit bureau or such other checks as may be required by any regulatory agency from time to time and that I/we shall furnish the Bank with every assistance required in this regard. 

 B. ONLINE BANKING/ELECTRONIC BANKING SERVICE

I. Debit Cards (Verve, Master Card and Visa Card) 

The use of debit card shall be subject to the following terms and conditions: I/We hereby: 

1. Agree that my/our card shall be kept secured at all times and that my/our Personal Identification Number (PIN), Card Verification Value (CVV), and Card Verification Code will not be disclosed to any third party. To assume full responsibility for the genuineness, correctness and validity of any of such instructions given using my personal details and agree that the bank shall not be liable for any loss or damage for your failure to safeguard your PIN or account or personal details linked to your account. 
2. Agree that all transactions at any Automated Teller Machine (ATM), Point of Sale (POS) terminal or internet made with my card and PIN, CVV or CVC shall be treated as having been authorized by me/us. 
3. Agree that if any account that may be accessed by my card is a joint account with more than one signatory, all transactions at any ATM, POS terminal or via internet that are made with my card and OIN, CVV or CVC shall be treated as having been authorized by me/us. 
4. Agree that cash withdrawals made with my card and PIN shall not exceed a maximum limit as ma be specified by the bank from time to time. 
5. Agree that cash withdrawal at the ATM shall be deemed to have been concluded at the point when the ATM dispenses cash to me via the cash tray. VFD Microfinance Bank accepts no liability whatsoever for any subsequent event occurring after cash had been dispensed. 
6. This card is the property of VFD Microfinance Bank and may be withdrawn at any time. It must be returned to the bank on demand. I further agree that the ATM may impound my card at any time if the circumstances so warrants. 
7. Agree that the card shall expire on the date indicated thereon and may at the discretion of VFD Mic refinance Bank, be renewed. 
8. 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 VFD Microfinance Bank. 
9. Agree to be liable for all losses arising from the use of the card by any person having possession of it with my consent or due to my negligence. 
10. VFD Microfinance Bank reserves the right to charge me fees and commission, as it may deem appropriate for the use of this service. 
11. Agree that if my card is lost or stolen, I shall promptly make a written report to VFD Microfinance Bank or its nearest branch and a=take all necessary steps as the bank may request assisting in the recovery of the card. I further agree to be liable for any loss arising from the use of my cards or PIN, CVV or CVC by any unauthorized person up to two working days after VFD Microfinance Bank receives written notification of the loss of the card. 
12. In the event that my card is lost, missing or stolen, or my PIN, CVV and CVC is forgotten, I shall be required to obtain a new card from the bank at a prescribed fee. 
13. Agree that my rights under this service are personal and therefore not assignable or transferable. 
14. Agree that VFD Microfinance Bank may vary the terms of this service with or without notice if circumstances so warrant. 
15. Either party may terminate the service with seven days written notice to the other party: however VFD Microfinance Bank may terminate this service with or without notice if circumstances so warrant. 
16. Agree to abide by the rules and regulations of relevant card associations. 
17. Agree and undertake to activate my debit card before leaving your branch.

II. Online banking: 

1. To open or create an account, you are required to provide the necessary and required information needed for the creation of the account which includes but not limited to name, BVN, address, phone numbers, corporate documents. You represent and warrant that all Account information provided is true and accurate. You hereby authorize the bank, directly or through third parties to make any inquiries it considers necessary to validate your identity and authenticate the account information provide. This may include asking you for further information or documentation or requiring you to take steps for verification during the account opening process. You also authorize the bank to create the account upon your indication and submission of all documentation required by the Bank. 
2. In connection with your use of the account created, you must not breach the terms herein, violate any law, statute infringe on our copyright, patent, trade secret, intellectual or rights of publicity or use your account for fraudulent transactions. 

III. Alert/Email Statement Banking Service. 

The use of Alert Banking Service shall be subject to the following terms and conditions: 

1. I hereby accept responsibility for the confidentiality and security of your alert messages and shall ensure that my mobile phone is kept in safe custody and that I alone have access to your email alert. 
2. The alert banking service is an information service which is given after the occurrence of all transactions by me and the VFD Microfinance Bank of Nigeria shall therefore have no liability whatsoever to me. 
3. Where I operate 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 me and VFD Microfinance Bank shall therefore not be liable to me is it turns out that such transactions were carried out without due authorization.
4. VFD Microfinance Bank shall not be liable for any loss arising from my inability to receive notification message due to system downtime arising from:

   a). Circumstance beyond its control, including strikes and dispute

   b). System maintenance, upgrading or similar circumstances. 

   c). Failure of service provider to deliver SMS on time. 

5.  Microfinance Bank to debit any of my account(s) with such fees and commission. 
6. Agree that my rights under this agreement are personal and therefore not assignable or transferable. 
7. If VFD Microfinance Bank provides by email any confidential information requested by me, I agree that VFD Microfinance Bank shall not be liable if the information provided is lost or intercepted, altered or misused by a third party. 
8. Where my mobile phone is lost, missing or stolen, I undertake to make a report to VFD Microfinance Bank within 24hours and service shall be terminated for the affected line immediately. 
9. VFD Microfinance Bank shall not be liable for any information that is disclosed to any unauthorized person due to my negligence.  Either party may terminate this service with seven days’ notice to the other. However, VFD Microfinance Bank may terminate this with or without notice if circumstances so warrant. 

IV. Others 

1. The service allows the customer to give the Bank instructions by the use of telephone, internet, token, ATM, PIN, CVV or CVC, Password/Access Code, User name and secure message (Email and SMS) for the following purposes of: 
a). Obtaining information regarding customer balances at the last date of business with the bank.
b). Obtaining information regarding any instrument in clearing, or any credit standing in the customer’s account as the last date of transaction on the said customer’s account.
c).  Authorizing VFD Microfinance Bank to debit customers account to pay as specified utility bill such as NITEL, PHCN, Water Rate and/or any other bill as specified by the customer subject to validity of such bill payment under this service.
d).  Authorizing VFD Microfinance Bank to effect a transfer of funds from the customer’s account to any other account with VFD Microfinance Bank.
e).  Authorizing VFD Microfinance Bank to effect any stop payment order.
f).  Authorizing VFD Microfinance Bank to debit customer’s account and load same amount into a debit card.
2. VFD Microfinance Bank on its part shall endeavor to carry out the customer’s instructions promptly, reasons of Force Majeure, any other circumstances beyond its control.
3. The customer understands that his/her Password/Access code/ Email is used to give instructions to the bank and accordingly undertakes:
a). That under no circumstances shall the Password/Access Codes be disclosed to a third party.
b). Not to write the Password/Access Code in an open place in order to avoid same being compromised.
4. The customer instructs and authorizes VFD Microfinance Bank to comply with any instructions given to the bank via this service.
5. Where a customer notifies VFD Microfinance Bank of his/her intention to change his/her Password/Access Code arising from loss of memory of same, or that is has become known to a third party, VFD Microfinance Bank, with the consent of the customer, delete same and thereafter, allow the customer to enter a new Password/Access Code or its being authorized to a third party and the time a report is duly lodged with VFD Microfinance Bank.
6. The customer shall bear full responsibility for any instruction given by any means of his/her Password/Access Codes. Accordingly, VFD Microfinance Bank shall not be liable for any fraudulent, or erroneous instructions received by means of the Customer’s Password/Access codes.
7. The Customer’s Password/Access Code must be change immediately before it becomes known to the third party. The customer is therefore obliged to notify the bank whenever his/her Access Code or password becomes compromised.
8. Where a customer notifies the bank of his/her intention to change his/her Password/Access Codes, the bank shall with the consent of the Customer, delete same and therefore allow the customer to enter a new Password/Access Code provided that the Bank shall not be responsible for any loss that occurs before the bank is duly notified.
9. The customer may be charged an applicable monthly fee and or usage fee upon signing –on for this service whether or not the customer utilizes the service during the period in question.
10. VFD Microfinance Bank shall not be liable for any damages, whether direct or indirect, special, incidental or consequential arising out of or in connection with this service or use thereof, or in connection with any failure of performances, 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.
11. The customer undertakes:
a.) To provide true, accurate, and up-to-date information about himself/herself as requested in this account opening form, and agrees not to misrepresent his identity or information, which may include user names, passwords or other access devices for such accounts.
b. ) Not to use the service for illegal purposes or for the transmission of material that is unlawful, libelous and obscene and further agrees that the right use of this service is personal and not assignable or transferable.
c. ) Agrees that he/she is only permitted to use this content as expressively authorized by the service and shall not copy, reproduce, distribute or create derivative work out of it and that any violation of any of these rules shall result in the discontinuation of these service by bank.

12. Customer agrees that VFD Microfinance Bank shall not be liable for any loss or damage whether direct, indirect, incidental, special or consequential including but not limited to damage for loss of profits, goodwill, use or other intangible losses, whether or not VFD Microfinance Bank has been advised of the possibility of such damages arising from the use or inability to use the service.
13. By opening this account, you consent to us processing your personal information:
a. ) To provide products and services to you in terms of this agreement and any other products and services for which you may apply;
b. ) To carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
c. ) To share same with the bank’s employees, officers, directors or third parties in furtherance of the bank’s obligations herein or we may disclose any such information as required by law or by any authority.
14. You undertake to pay all charges applicable to you and as may be determined by the Bank by virtue of operating an account with the Bank.
15. You may terminate this terms and conditions by closing your account maintained with the Bank.
16. Your use of these services is at your own risk you hereby indemnify the bank and its staff against losses, damages, costs, liabilities and expenses arising out of your breach of these terms and conditions.
17. If a particular term of the Terms and Conditions is not lawful, that will not affect the validity of the rest of the Terms and Conditions.
18. These terms shall be governed by the laws of the Federal Republic of Nigeria. All disputes in respect to your use of the account must be logged formally by sending an email to the bank.

VFD Microfinance Bank reserves the right to modify, suspend or discontinue the service entirely at any time without notice. In order to maintain the security and integrity of this service, VFD Microfinance Bank may also suspend customer’s access to the service at any time without notice. Customer agrees that VFD Microfinance Bank shall not be liable to him/her or any third party for any modification or discontinuation of the service.