Ikere Microfinance Bank

INTRODUCTION:
These terms govern the general relationship between Ikere Microfinance Bank ("we," "us," "our") and the Customer ("you," "your") and are legally binding upon opening an account with us. Ikere MFB offers various products and services as part of the VB Service, each subject to specific terms and conditions. It is important to carefully review these Terms and pay close attention to the provisions contained herein.

ACCOUNT – OPENING, ACCESS, USAGE
We have a duty to open and maintain your account provided you submit all necessary documentation and complete the Know Your Customer (KYC) procedure as stipulated by the Central Bank of Nigeria (CBN) and other relevant regulatory authorities. We reserve the right to decline the opening or closure of an account if false, incorrect, or misleading information is detected during the account creation process. You agree to promptly inform us of any changes to your information to ensure the accuracy of our records. Compliance with minimum balance requirements, if applicable, is mandatory, and failure to do so may result in the suspension or closure of your accounts.

YOUR ACCOUNT – IDENTITY CONFIRMATION
Each time you access your account or issue instructions, we are obliged to confirm your identity. For in-branch transactions, we may request a valid means of identification (e.g., national ID card, voter's card) and confirm that your signature matches our records. For off-branch transactions through our Virtual Banking Services, your security details serve as confirmation of your identity. In the event your security details are compromised or you suspect compromise, please contact us immediately.

YOUR ACCOUNT – PROXIES
In cases where you are unable to operate your account personally, you have the option to appoint a proxy to act on your behalf. This can be done by issuing a Power of Attorney or Proxy Mandate or any legally required instrument. Once we receive your instructions and the valid document, the appointed proxy will be authorized to manage your account. You are also required to notify us promptly if your security details are compromised. We reserve the right to revoke the appointment of a proxy under the following circumstances:

- You revoke the proxy's authority and inform us of this decision.
- We deem it in your best interest to restrict the proxy's access.
- The proxy breaches the terms of the agreement or violates the law.

YOUR ACCOUNT – ACCOUNT CATEGORIES, INTEREST, ACCOUNT-SPECIFIC TERMS
We provide two categories of personal banking accounts:

- Savings Account
- Current Account

Requirements for opening either account category are accessible on our website, and conditions, features, and interest rates are detailed on our website and updated as necessary.

YOUR ACCOUNT – RESTRICTING ACCESS We reserve the right to suspend your access to specific account features or services for various reasons, including but not limited to the following:

- Suspected fraud or criminal activities
- Compliance with applicable laws and regulations
- Suspected compromise of your account's security
- Concerns about your ability to meet loan repayment obligations

We will notify you prior to or immediately after any account restriction and provide a reason for our decision. Account restrictions due to inactivity may occur after the following periods:

- 12 months for current accounts
- 2 years for savings accounts

ACCOUNT INFORMATION – UPDATES, STATEMENTS, AND TRANSACTION INFORMATION
You have the right to receive regular updates about your account, including transaction notifications via text message and email by default. If you opt out of text message updates, you must complete the SMS Deactivation Indemnity Form. A monthly Statement of Account will be sent to you via email at the end of each month. If you notice any discrepancies or unusual transactions on your account, please notify us promptly. You can also generate a Statement of Account through our online and mobile applications. Should you request a paper statement, a service charge may apply.

ACCOUNT INFORMATION – PRIVACY
To meet our obligations under Anti-Money Laundering/Combating the Financing of Terrorism Regulations, we may request transaction-related information. In cases of suspected fraudulent or criminal activity, failure to provide information may lead us to seek it from alternative sources within legal boundaries. Account suspension may occur if we believe you are withholding information. Please refer to our privacy policy for information on how we handle your data.

PAYMENTS – INTO ACCOUNT
All payments must be in Naira. Funds deposited into your account become accessible immediately if made in cash at a branch or upon receipt for other payment methods.

PAYMENTS - WITHDRAWALS
You can withdraw cash at any ATM using your debit card, subject to applicable withdrawal limits. Debit card payments may not immediately deduct the amount from your account but will be processed later when the card network operator confirms the details.
Details regarding fees are available on our website.

PAYMENTS – CANCELLING PAYMENTS
Immediate payment methods, such as USSD, debit cards, and online banking, cannot be canceled. Standing orders, direct debits, and recurring card payments can be canceled with a timely instruction before the next payment is due.

PAYMENTS – PAYMENT ERRORS OR FRAUD
In cases of payments made in error or due to system errors or suspected fraud, we reserve the right to rectify the situation without prior notification. If we believe a payment is not intended for you, we will seek clarification and retain the amount in your account, possibly placing a lien for up to two weeks as needed by law. Legal remedies may be pursued by the party claiming the error.

PAYMENTS – NON-COMPLETION OF PAYMENTS
We are obligated to make payments from your account, but we may decline payments in certain situations, including insufficient funds, incorrect details, exceeding payment limits, suspicion of fraud or breach of security, or potential competing claims.

PAYMENTS – INCORRECT, UNAUTHORIZED, MISTAKEN, AND FRAUD-INDUCED OUTGOING PAYMENTS
Payments from your account may fall into one of four categories: incorrect, unauthorized, mistaken, or fraud-induced.

- Incorrect payments result from bank errors and will be refunded within 48 hours.
- Unauthorized payments are made without your permission, and we will address them in accordance with relevant guidelines.
- Mistaken payments involve incorrect details, and we will provide support but may need your involvement with the receiving bank.
- Fraud-induced payments are made due to deception and will be handled as per relevant guidelines.

Failure to notify us of an incorrect payment within 13 months may result in different procedures.

SET-OFF
While you can continue to use your funds as usual, we may exercise our right to set off funds standing to your credit in any of your accounts to settle your debts to us. We will make reasonable efforts to recover sums due to us through amicable means but are not obliged to provide prior notice before initiating set-off.

CLOSING YOUR ACCOUNT
If you wish to close your account, please notify us, and we will facilitate the closure without charges. Download any needed information from our online banking platform before closing your account. We will settle outstanding debts and transfer your remaining balance to your designated account.

CHANGES TO TERMS
These terms are subject to change to align with our operations, applicable laws, and regulations. You will receive notice of any changes before they take effect.

NOTICES
We will communicate notices to you through email, social media announcements, or on our website electronically through the VB Services. Notices will be deemed received 48 hours after being sent or posted.

APPLICABLE LAW AND DISPUTE RESOLUTION
These Terms and their interpretation will be governed by the laws of the Federal Republic of Nigeria. Disputes will be initially resolved through amicable negotiation. In case of negotiation failure, disputes will be subject to the jurisdiction of the courts of the Federal Republic of Nigeria. You submit to the exclusive jurisdiction of these courts and waive any objections. We reserve the right to initiate proceedings in other jurisdictions as needed.

MISCELLANEOUS
Both parties acknowledge potential legal uncertainties regarding specific provisions in this Agreement. This Agreement will be construed to be valid and enforceable to the maximum extent allowed by applicable law. Any invalid or unenforceable provisions will be modified or deleted as necessary, with the remainder of the Agreement remaining in effect.
Our delay in exercising our rights under these Terms does not constitute a waiver or preclude us from exercising those rights in the future.

SUMMARY
The Ikere MFB Personal Banking General Terms and Conditions outline the relationship between Ikere Microfinance Bank and its customers. It covers account opening, access, and usage requirements, identity confirmation procedures, proxy appointments, and account categories. The terms also address privacy, payments into and withdrawals from accounts, as well as payment cancellations and errors. It discusses the circumstances under which the bank may restrict account access, and the procedures for handling incorrect, unauthorized, mistaken, and fraud-induced outgoing payments. The document highlights the bank's right to set off debts, procedures for closing accounts, and the possibility of changes to the terms. It concludes with details on applicable law and dispute resolution, and general provisions for handling potential legal uncertainties.

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