Welcome to our Terms and Conditions of Use. These terms affect your legal rights, endeavor to read them and treat with utmost importance.

1. Terms and Conditions

These Terms and Conditions (“Terms“, “Agreement“) are an agreement between VFD Microfinance Bank (” VFD MFB, the Company“, “us“, “we” or “our“) and you (“User“, “you” or “your“).

We are a company duly registered in Nigeria (RC 1209088) and licensed by the Central Bank of Nigeria (CBN) with our address at 5th Floor, Elephant House,214 Broad Street, Marina, Lagos Island, Lagos State, Nigeria. This Agreement including our Privacy Policy sets forth the general terms and conditions of your use of the Vbiz mobile Banking application and web application, a product of the Company, or such name or product communicated by VFD MFB from time to time, including all features and functionality, the site, content, application, user interface and software associated with our service and any of its products or services (collectively, “Platform” or “Services“).

By using the Platform, you are entering into a binding contract with the Company. Your agreement with us includes these Terms and our (the “Agreements”).

• Acceptance of Terms of Use

By accessing, visiting, or using the Platform, via this site or any other device or application or other technology, you accept and agree to be bound by the Terms. Please read carefully. Further, you shall be subject to any additional terms of use that apply when you use certain products or posted guidelines or rules applicable to our Services, which may be posted and modified from time to time. All such guidelines are hereby incorporated by reference into the Terms.

ANY ACCESS, USE or PARTICIPATION IN THE SERVICES WILL CONSTITUTE ACCEPTANCE OF THE TERMS. IF YOU DO NOT AGREE TO THESE TERMS OF USE, PLEASE DO NOT USE THE SERVICES OR ANY OF OUR PLATFORM OR ACCESS OUR SERVICES.

2. Accounts

You must operate a business account with the Company to be able to use the Platform. Our Services can be accessed on a computer, laptop device and/or mobile device running an operating system supported by us. To log onto the Platform, you will need to enter your User ID and other security information that we request, or when available, by using biometric authentication which is a security process that relies on your unique biological characteristics so as to verify your identity. The current supported biometric authentication methods are touch ID and face ID methods.

You understand that when using the biometric authentication to log onto the Platform, any fingerprint, facial map, or any other biometric data stored on your mobile device can be used to access the Platform and your accounts and to give instructions for certain transactions. You therefore should ensure that your mobile device only stores your own fingerprint(s), facial map, or other biometric data, and will not store anyone else’s biometric credentials (e.g. fingerprint, facial map or any other biometric data).

The biometric authentication on the Platform is performed by the biometric authentication module of your device, and we do not control the functionality of any mode of biometric authentication including fingerprint, touch ID or face ID. We make no representation or warranty as to the security of the biometric authentication function on your mobile device and we do not have access to your fingerprint(s) or facial recognition information. For more information on how the biometric functionality works for your mobile device, please refer to your device manufacturer’s support resources.

You understand and agree that any fingerprint stored on your mobile device can be used to access your account with VFD MFB, therefore you shall take all reasonable measures to keep your mobile device and the password used to register your fingerprint(s), facial map or other biometric data on your mobile device in your safe custody, and to prevent unauthorized use or disclosure of your mobile device and the password. You shall be fully responsible for and bear the risk of any accidental or unauthorized disclosure of your mobile device and password to any other person or any unauthorized use of your mobile device and password by any other person.

We may notify you from time to time about changes in the security information. We will automatically log you out of the Platform if you are inactive for 3 minutes.

If you create an account via the Platform, you are responsible for maintaining the security of your account and you are fully responsible for all activities that occur under the account and any other actions taken in connection with it. Providing false contact information of any kind may result in the termination of your account. You must immediately notify us of any unauthorized uses of your account or any other breaches of security. We will not be liable for any acts or omissions by you, including any damages of any kind incurred as a result of such acts or omissions.

3. Third Party Service Providers

We may employ third party companies and individuals to facilitate our Services (“Service Providers“), to provide the Services on our behalf, to perform certain services or to assist us in analyzing how our Services are used. These third parties have access to your Personal Data (as defined in the Privacy Policy) only to perform these tasks on our behalf and are obligated not to disclose or use it for any other purpose.

4. Qualification for Use

Accounts are available only to people aged 18 or over and corporate entities duly incorporated in Nigeria. You must be over the age of 18 to operate an account with the Company or a corporate entity duly incorporated in Nigeria to use the Platform. under such person’s account and otherwise subject to these Terms. The User must have the contractual capacity to enter a binding contract with us and must not be barred from doing so under any applicable laws. You also warrant that any registration information that you submit to the Company is true, accurate and complete, and you always agree to keep it that way and the Company will not be held liable for any loss or damage that may arise in this respect.

5. Services
   • Here are some information about all the ways you can enjoy the Platform:

• Open a business account;
• View your account balances; transaction history
• Account management: beneficiary list, recurring payment and bulk payment
• Transfer money between your VFD Microfinance Bank account to other third-party accounts held with VFD Microfinance Bank and other local Banks;
• Open a business sub-account with special features such as,; Profiling as an Authorizer/initiator for all transactions as a Super Administrator
• Request/Manage your debit/credit cards;
• Set defined budgets;
• Per transaction and daily Limit;
• Carry out any other additional service that we may advertise on our website from time to time and provide in any future update of the Platform.
• Usage of the Platform with Transfer Limit:

The User of the platform is subject to a transfer limit based on the type of account. You may request an increase in the transfer limit by submitting a formal application through the platform, which must include relevant documentation for the requested increase. The Company reserves the right to reject or review any request for transfer limits in accordance with changes in regulatory requirements or internal policies. You will be notified of any changes to your transfer limits in a timely manner. Approval of such requests is at the sole discretion of the Company If a User’s request for an increased transfer limit is approved, the User agrees to indemnify and hold the bank harmless from any claims, losses, or damages arising from the use of the increased transfer limit. The User acknowledges responsibility for ensuring that all transactions conducted under the increased limit comply the company’s terms and conditions.

• Business account operations as Super Adminstrator (Super Admin)

You may open and operate a business account by using our Platform with one user as a Super administrator for sub accounts under the following conditions:

• Requirements

In consideration of your use of the business Account, you agree to undertake the following:

• Provide the Bank with true, accurate, complete information about you and your business. If you provide the Bank with any information that is untrue, inaccurate, incomplete or not current, or the Bank has reasonable ground to suspect that such information is untrue, inaccurate, not current or incomplete, the Bank reserves the right to delete your account and/or your sub- account from its server.
• You must operate an account with the Bank to be able to use this Account Service.
• . Sub Account Opening

Your Creation of the Sub- account Service does not guarantee an automatic account opening. You agree that the account opening will be subject to the Bank’s internal processes and reviews of which you may be required to provide further confirmations or documents. You hereby agree to comply with the standard opening documentation requirements and to meet KYC requirements as required by the Bank. The Bank hereby reserves the right to accept or reject your application.

• General Information on Sub Account Opening

The Super Administrator opens this account in-app (this account is a type of corporate account). This account will be opened by the Super Adminstrator from their own Platform by providing all the required details for the operator of the account(Initiator is required to be at least 18 years old, and the date of birth provided must be confirmed as valid by the Super Administrator) While opening the account, the Super Adminstrator will have the option to give access to the account (“Platform access”) and also set a daily transaction limit;

• After opening the account, the Super Adminstrator will still have access to view, debit or credit the account from his/her Platform (similar to a joint account)
• The Super Adminstrator will also be notified (debit/credit) for every transaction that occurs on the account.
• There will be no debit card linked to this account. Card request is disabled for Sub Account.
• The Sub account will carry the KYC details of the Business account.
• Transaction Process:

If app access is granted, the Sub account’s transactions will be subject to Super adminstrator’s approval. Super Adminstrator receives push message (similar to joint account notification) asking them to approve/reject transaction.

• Operation of Sub Account

This feature provides a User (for the purpose of this service known as “Initiator”) with access to manage an account opened under the business account (“Super Adminstrator”). The User shall be responsible for maintaining control of the account with (“sub-Account”).

• Requirements

In consideration of your use of the Sub Account Service, you agree to undertake the following:

• Provide the Bank with true, accurate, complete information about you and your business. If you provide the Bank with any information that is untrue, inaccurate, incomplete or not current, or the Bank has reasonable ground to suspect that such information is untrue, inaccurate, not current or incomplete, the Bank reserves the right to delete your account and/or your sub account from its server.
• You must operate a business account with the Bank to be able to use this Account Service.
• Access/restrictions

Access to specific features on the Platform for the Initiator will be limited and contingent upon obtaining permission from the Super Administrator. like requesting for bank statements, initiating transfer and transaction preference adjustments etc.

6. Consent

By using the Platform, you consent to receiving electronic communication from the Company relating to your account. We may communicate with you by electronic mail (e-mail), short message service (sms) or by posting notices on the Platform or through other methods. For contractual purposes, you consent to receive communications from us electronically and you agree that all agreements, notices, disclosures and other communications that we provide you electronically satisfy any legal requirement that such communication be in writing. You also consent to receiving certain other communication from us, such as newsletters, special offers, questionnaires, customer surveys or other announcements via email, sms or other methods. You may opt out of receiving non-transactional communications, including marketing communications from us by following the directions in our e-mail to “unsubscribe” from our mailing list, or by sending an e-mail request to info@vfd-mfb.com. Please be aware that if you choose not to receive such communication, certain offers attached to services you have chosen may be affected. We will still communicate with you in connection with transactional communications, including but not limited to servicing your account and customer services.

7. Suspension of the Platform

The Company can, at any time, suspend your use of the Platform in any of the following situations;

• Where concerns exist about the security of the Platform;
• Where it is suspected that your account on the Platform has been used fraudulently or in an unauthorized way;
• Where it is suspected that your account on the Platform triggers certain AML/CFT risks;
• Where there is a significantly increased risk that you will be unable to repay any overdraft or fulfill an obligation on any of your accounts;
• Where there are legal or regulatory obligations we have to meet.

We may give you advance notice of any suspension and tell you why. However, we will not do so if this would compromise our reasonable security measures or if it is unlawful to do this. Occasionally, we may not be able to contact you to give you advance notice. If you have entered incorrect log on details on the Platform on several occasions, we will suspend your access to the Platform. If this happens, you can reset your log on details within the Platform by identifying yourself and answering our security questions. Otherwise, you will need to call us on our customer care lines or email us at info@vfd-mfb.com

8. Links to other Platforms

Although this Platform may be linked to other platforms, we are not, directly or indirectly, implying any approval, association, sponsorship, endorsement, or affiliation with any linked platform, unless specifically stated herein. We are not responsible for examining or evaluating, and we do not warrant the offerings of, any businesses or individuals or the content of their platforms. We do not assume any responsibility or liability for the actions, products, services, and content of any other third-parties. You should carefully review the legal statements and other conditions of use of any platform which you access through a link from this Platform. Your linking to any other off-site platforms is at your own risk.

9. Your Submissions And Information

You grant us the right to use the materials or information that you submit to the Site and/or provide to us, including but not limited to, questions, reviews, comments, and suggestions (collectively, ‘Submissions’). When you post comments or reviews on the Site, you also grant us the right to use the name that you submit or your username in connection with such review, comment, or other content. You shall not use a false e-mail address, pretend to be someone other than yourself or otherwise mislead us or third parties as to the origin of any Submissions. We may, but shall not be obligated to, publish, remove or edit your Submissions.

You consent to and authorize the use by us of any information provided by you (including Personal Data) for the purposes of sending informational and promotional e-mails to you where you agree. Your agreement shall constitute your consent for the purpose of the provisions of any spam control laws (whether in Nigeria or elsewhere). You may subsequently opt out of receiving promotional e-mails by clicking on the appropriate hyperlink in any promotional e-mail.

You acknowledge that you have read and agree to the Privacy Policy on the Website and consent to our collection, use and disclosure of your Personal Data for the purposes as set out in the Privacy Policy.

10. Prohibited Uses

In addition to other terms as set forth in the Agreement, you are prohibited from using the Platform or its content:

(a) For any unlawful purpose;

(b) To solicit others to perform or participate in any unlawful acts;

(c) To violate any international, federal, provincial or state regulations, rules, laws, or local ordinances;

(d) To infringe upon or violate our intellectual property rights or the intellectual property rights of others;

(e) To harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability;

(f) To submit false or misleading information;

(g)To upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related Platform, other Platforms, or the Internet;

(h) To collect or track the personal information of others;

(i) To spam, phish, pharm, pretext, spider, crawl, or scrape;

(j) For any obscene or immoral purpose; or

(k) To interfere with or circumvent the security features of the Service or any related Platform, other Platforms, or the Internet. We reserve the right to terminate your use of the Service or any related Platform for violating any of the prohibited uses.

11. Intellectual Property Rights

This Agreement does not transfer to you any intellectual property owned by the Company or third parties, and all rights, titles, and interests in and to such property will remain (as between the parties) solely with the Company. All trademarks, service marks, graphics and logos used in connection with our Platform or Services, are trademarks or registered trademarks of the Company. Other trademarks, service marks, graphics and logos used in connection with our Platform or Services may be the trademarks of other third parties. Your use of our Platform and Services grants you no right or license to reproduce or otherwise use the Company or third-party trademarks.

12. Copyright Infringement

All rights reserved. No part of the Platform may be Copied, reproduced, ripped, recorded, re-engineered, decompiled, disassembled, modified reproduced, distributed, or transmitted in any form or by any means either electronic or mechanical methods, without the prior written permission of the Company.

13. Technology Limitations and Modifications

The Company will make reasonable efforts to keep the Platform operational. However, certain technical difficulties or maintenance may, from time to time, result in temporary interruptions. The Company reserves the right, periodically and at any time, to modify or discontinue, temporarily or permanently, functions and features of the Platform, with or without notice, all without liability to you for any interruption, modification, or discontinuation of the Platform Service or any function or feature thereof. You understand and agree that we have no obligation to maintain, support, upgrade, or update the Services, or to provide all or any specific content through the Service.

14. Limitation of liability

You agree that, to the extent permitted by applicable law, your sole and exclusive remedy for any problems or dissatisfaction with the Services, the third-party applications or the third-party application content is to uninstall any VFD MFB Bank software and to stop using the Services, the third-party applications or the third-party application content.

TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT WILL THE COMPANY, ITS OFFICERS, SHAREHOLDERS, EMPLOYEES, AGENTS, DIRECTORS, SUBSIDIARIES, AFFILIATES, SUCCESSORS, ASSIGNS, SUPPLIERS OR LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL (INCLUDING LOSS OF USE, DATA, BUSINESS, OR PROFITS) DAMAGES, ARISING OUT OF THE USE OR INABILITY TO USE THE SERVICES, REGARDLESS OF ANY LEGAL THEORY, WITHOUT REGARD TO WHETHER THE COMPANY HAS BEEN WARNED OF THE POSSIBILITY OF THOSE DAMAGES, AND EVEN IF A REMEDY FAILS OF ITS ESSENTIAL PURPOSE, THE AGGREGATE LIABILITY FOR ALL CLAIMS RELATING TO THE SERVICES, SHALL NOT BE MORE THAN THE AMOUNTS PAID BY YOU TO THE COMPANY DURING THE PRIOR THREE MONTHS IN QUESTION. THESE LIMITATIONS WILL APPLY TO ALL CAUSES OF ACTION, WHETHER ARISING FROM BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR ANY OTHER LEGAL THEORY.

Nothing in these Agreements removes or limits the Company’s liability for fraud, fraudulent misrepresentation, death or personal injury caused by its negligence.

15. Disclaimer Warranty

The Platform is provided on an “as is” and “as available” basis without warranties of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. No warranty is provided that the Platform will be free from defects or viruses or that operation of the Platform will be uninterrupted. Your use of the Platform and any other material or services downloaded or made available to you through the software is at your own discretion and risk, and you are solely responsible for any damage resulting from their use.

16. Restrictions

You shall not:

(i) Modify, revise or create any derivative works of the Platform;

(ii)Decompile, reverse engineer or otherwise attempt to derive the source code for the Platform;

(iii)Redistribute, sell, rent, lease, sublicense, or otherwise transfer rights to the Platform; or

(iv)Remove or alter any proprietary notices, legends, symbols or labels in the Platform, including, but not limited to, any trademark, logo or copyright.

17. Indemnification

You agree to indemnify and hold harmless the Company, along with its affiliates, directors, officers, employees, and agents, from any liabilities, losses, damages, or costs, including reasonable attorneys’ fees, arising from or related to third-party allegations, claims, actions, disputes, or demands connected to your Content or any fund transfers initiated through the platform, the bank will not be liable for any consequences resulting from these transfers on the Platform or Services, or for any willful misconduct on your part.

I/We/You (“The user”), hereby agree to indemnify and hold harmless VFD Microfinance Bank Limited (“the Company”),

18. No waiver

Our failure to enforce these Terms shall not constitute a waiver of these terms, and such failure shall not affect the right later to enforce these Terms. We would still be entitled to exercise our rights in any other situation where you breach these Terms.

19. Rights of third parties

A person or entity who is not a party to these Terms shall have no right to enforce any provision of these Terms, regardless of whether such person or entity has been identified by name, as a member of a class or as answering a particular description. For the avoidance of doubt, nothing in this Paragraph shall affect the rights of any permitted assignee or transferee of these Terms.

20. Severability

All rights and restrictions contained in this Agreement may be exercised and shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and all such remaining provisions or portions thereof shall remain in full force and effect.

21. Dispute Resolution

The validity, construction and performance of this Agreement shall be governed by the laws of the Federal Republic of Nigeria.

Parties shall use their best endeavors to amicably settle any dispute or difference of opinion arising from or in connection with this Agreement through mutual discussions in line with our Dispute Resolution and Complaint Management Control Framework.

All disputes should be logged formally by sending an email to support@vbank.ng within 90 days of the transaction date

Where the Parties are unable to resolve the dispute through mutual discussions, the dispute or difference of opinion shall be referred to mediation conducted by their legal representatives or financial auditors, where financial matters are involved. Failing which the dispute shall finally be referred to arbitration in accordance with the Arbitration and Conciliation Act Cap. A18, Laws of the Federation of Nigeria 2004, or any amendment thereto.

The place of arbitration shall be Lagos State, Nigeria and there shall be a sole arbitrator who shall be appointed jointly by the parties. Where the parties fail to jointly agree on the appointment, they shall approach the Lagos Multi-Door Court House to appoint a sole arbitrator who shall be competent to adjudicate on the issue in dispute.

The language to be used in the arbitral proceedings shall be English. The arbitral award shall be final and binding between the Parties. The reference of any dispute to arbitration shall not prevent the Parties from seeking any form of protective reliefs/injunctions/specific performance from a court of law via motion or other originating processes for the protection of any res pending the constitution of the Arbitral Panel and/or final award.

22. Changes and Amendments

We reserve the right to modify this Agreement or its policies relating to the Platform or Services at any time, effective upon posting of an updated version of this Agreement in the Platform. When we do, we will send you an email to notify you. Continued use of the Platform after any such changes shall constitute your consent to such changes.

23. Acceptance of these terms

You acknowledge that you have read this Agreement and agree to all its terms and conditions. By using the Platform or its Services you agree to be bound by this Agreement. If you do not agree to abide by the terms of this Agreement, you are not authorized to use or access the Platform and its Services.

24. Contacting Us

If you have any questions about this Agreement, please contact us.

I/We/You (“The user”), hereby agree to indemnify and hold harmless VFD Microfinance Bank Limited (“the Company”), its officers, employees, and agents from and against any and all claims, liabilities, losses, damages, costs, and expenses (including reasonable attorney’s fees) arising out of activities or in connection with any transactions conducted through VBIZ by VFD MFB (“the Platform”) including but not limited to: transaction limit, Errors or omissions in transaction processing, Fraudulent activities, Breach of security or confidentiality, Any other claims related to the use of the banking platform.

I understand and acknowledge that this indemnity is provided in consideration of the bank allowing me to use VBIZ by VFD MFB (“the Platform”) for conducting transactions. I further agree that this indemnity shall be binding upon my heirs, executors, administrators, and assigns

This indemnity shall be governed by and construed in accordance with the laws of the federal Republic of Nigeria.