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Terms & Conditions

Terms & Conditions for NEKPOLY Microfinance Bank Limited

Introduction
These Terms and Conditions form the foundation of your banking relationship with NEKPOLY Microfinance Bank Limited (hereinafter referred to as “NEKPOLY Mfb” or “the Bank”). By opening an account with us, you agree to adhere to these Terms and Conditions, as well as the following policies incorporated by reference:

  • Privacy Policy
  • Cookies Policy

If you do not agree with these Terms and Conditions, please exit the mobile application or NEKPOLYMFB website immediately and refrain from proceeding with the account opening process. We reserve the right to terminate your relationship with us if we believe you have violated any of these terms.

Interpretation
In these Terms and Conditions:

  • “You,” “your,” or “Customer” refers to the person entering into a banking relationship with NEKPOLYMFB
  • “We,” “us,” or “our” refers to NEKPOLYMFB and any assignees of our rights.

About Us
Federal Polytechnic Nekede Microfinance Bank Limited is a licensed microfinance bank regulated by the Central Bank of Nigeria (CBN) and operates both in-branch and digitally. Our deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

The Objective of Our Relationship with You
The objective of establishing a relationship with NEKPOLYMFB is to provide specialized financial services to our customers. NEKPOLY Mfb will manage your bank account and offer services such as savings, credit facilities, bill payments, and other permissible financial services.

You can manage your account via the NEKPOLYMFB App, which requires a smartphone with an active phone number and a compatible operating system (iOS/Android), as well as through our dedicated USSD Code to process transactions with the Bank.

Applicability of Terms
These Terms apply when you choose to open an account with NEKPOLYMFB and an account number is generated for you. We may modify these Terms and will inform you of any changes. Your continued use of our services after notification constitutes acceptance of the modified terms. Updates will be available on our website and mobile apps.

Scope of the Relationship

Opening an Account
To access our services, you must fulfill our onboarding and Know-Your-Customer (KYC) checks. You must be at least 18 years old, a Nigerian citizen, and meet our technology requirements. By using our services, you agree to our use of your information for payments through your NEKPOLYMFB account.

Verifying Your Identity
To prevent fraud and comply with Anti-Money Laundering (AML) regulations, we must verify your identity. You need to provide:

  • An active phone number
  • A profile picture
  • Bank Verification Number (BVN)
  • National Identification Number (NIN) for higher-tier accounts
  • Proof of Residential Address for full KYC (Utility Bills)

You agree to keep your information up-to-date and accurate. We may share your information with third parties for verification purposes. You indemnify NEKPOLYMFB against any claims arising from the disclosure and reliance on your personal information.

Spending Account
After completing KYC and AML checks, we will open an account for you with a dedicated account number. You can receive funds, make payments, and manage your account through the NEKPOLYMFB App, USSD codes, or by visiting any of our physical branches. This account is not interest-yielding.

Account Limits
Transactions are subject to limits, which may be revised based on laws, regulations, and internal processes.

Savings Product
NEKPOLYMFB offers various savings options:

  • As You Want: Save and withdraw anytime, non-interest yielding.
  • Fixed Save: Save a fixed amount for a fixed duration and earn interest, with penalties for early withdrawal.

AKSU Mfb Debit Card
You can apply for a debit card via the NEKPOLYMFB App or at any of our branches. The card can be used for various transactions within Nigeria. You must use the card lawfully and comply with our Card Issuance Terms and Conditions.

Transactions on Your AKSU Mfb Account
You are responsible for ensuring the accuracy of transaction details. We are not liable for losses due to incorrect information provided by you.

Fees
We charge fees for certain services in accordance with applicable laws. All fees will be disclosed before you finalize a transaction.

Prohibited Transactions
You are prohibited from using your account for:

  • Fraud, money laundering, and terrorism financing
  • Cryptocurrency transactions
  • Illegal goods and services
  • Pornography and related activities
  • Unlawful betting and pyramid schemes

We may restrict your account, refuse transactions, or report to authorities if you engage in prohibited activities.

Keeping Your Account Safe
You must keep your account details secure and notify us immediately of any unauthorized access. We are not liable for losses due to negligence in safeguarding your account details.

Restrictions on Use of NekPolyMfb’s Services
We may withhold, delay, or restrict funds and transactions if we suspect fraudulent or suspicious activity. We will notify you of such actions unless prohibited by law.

Customer Warranties
You warrant that you:

  • Use the services for personal benefit.
  • Have authority to enter into this agreement.
  • Will keep your account details secure.

Monitoring Fraud and AML
We may request information about your transactions for AML compliance. We may cancel transactions or suspend your account if you refuse to provide the requested information or provide false information.

Liability
You are liable for unauthorized transactions if you act fraudulently, negligently, or contrary to these Terms. We are not liable for third-party actions or non-execution of transactions due to incorrect information provided by you.

Closing Your Account
You can close your account at any time but remain liable for any outstanding obligations. We may close your account if you breach these Terms, pose a risk, or engage in illegal activities.

Data Protection
We are committed to protecting your privacy. By opening an account, you consent to our processing and sharing of your personal information as needed to provide services.

Marketing and Promotion
We may use your information to send updates about our products. You can unsubscribe from newsletters at any time.

Bank Verification Number (BVN) Operations and Watch-List
By opening an account with us:

  • (a) You agree that we may restrict your account and report to law enforcement agencies if we suspect fraudulent activity.
  • (b) You consent to us reporting any fraudulent activities associated with your account to the Nigeria Inter-Bank Settlement Systems Plc (NIBSS) and the Central Bank of Nigeria (CBN).

Notifications
You consent to receiving text (SMS), emails, and push notifications from us. We are not liable for any losses due to unauthorized access to these communications.

Intellectual Property
Our websites and apps are protected by trademarks and copyrights. You cannot use our logos or content without permission.

General
From time to time, we may offer additional services subject to separate terms and fees.

Severability
If any part of these Terms is found invalid, the rest will still apply.

Taxes
You are responsible for taxes on payments related to your NEKPOLY Microfinance Bank Account.

Entire Agreement
These Terms constitute the entire agreement between you and NEKPOLY Microfinance Bank.

Language and Communication
All communication will be in English.

Applicable Law and Dispute Resolution
These Terms are governed by Nigerian law. Any disputes will be resolved in Nigerian courts.