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AB MICROFINANCE BANK NIGERIA LIMITED (AB MFB) operating on the basis of the Central Bank of Nigeria licence No. REF:OFI/GPF/POL/GEN/01/130 Hereinafter referred to as “Bank”, on the one hand, and the account holder, hereinafter referred to as the Account Holder, on the other hand have concluded among themselves the following Agreement on Wednesday, 22 October 2008.
AB MICROFINANCE BANK NIGERIA LIMITED with License No REF:OFI/GPF/POL/GEN/01/130, issued on 3rd November 2008 by the Central Bank of Nigeria, & with CAC Certificate of Incorporation No. RC 747760; with its Head Office address at No.28 Akintoye Shogunle Street (Opposite No 2 John Olugbo Street) Ikeja Lagos
The Bank shall be responsible for the account opening, acceptance and deposit of funds into the Account, transfer and withdrawal of funds from the Account, and the execution of other operations as per the Account Holder’s instructions. This account opening and account characteristics shall comply with Know Your Customer level 1 from Central Bank of Nigeria in order to promote financial inclusion.
2.1 On the basis of supporting information and documentation, the Bank shall open the account and thereon operate on behalf of the Account Holder the above mentioned account.
2.2 Account statements are available on Account Holder’s request. Upon receiving, the Account Holder must read and carefully check his/her statements as soon as possible. Unless the Bank receives any queries or complaints regarding a Statement within 14 days of the date of that Statement, then the Bank shall be entitled to assume that the Account Holder agrees that the Statement.
2.3 Cash withdrawals and money transfer instructions shall be executed by the Bank only on the basis of original written instructions received from the Account Holder, or by the account holder via available electronic means.
2.4 All operations shall be conducted within the limits of the available balance on the Account.
2.5 The Account Holder should pay for all related account fees according to the Bank’s current List of Charges and Rates
3.1.1. The Bank bears responsibility for conducting operations through the Accounts in accordance with the regulations and legislation in force in the Federal Republic of Nigeria and in accordance with generally accepted banking practices.
3.1.2. The Bank bears responsibility for the storage and safekeeping of the funds placed on the Account.
3.1.3. Bank shall accept cash and non-cash deposits from the Account Holder. The Bank shall accept
cash and non-cash withdrawals of the Account Holder. All mentioned transactions must be within the limits set by the Anti-Money Laundering Policies of the Bank & the laws of the Federal Republic of Nigeria.
3.1.4. The Bank must at all times guarantee the execution of Account Holder’s instructions for Account transactions. The Bank is paying interest on the account according to the latest List of Charges and Rates.
3.1.5. The Bank guarantees that information regarding the Account Holder, the Account and any Account operations will remain confidential.
3.1.6. The Bank reserve rights to deduct fee for Bank Operations from the balance on the Account Holder’s Account according to the current List of Charges and Rates.
3.1.7. The Bank reserves the right to amend the List of Charges and Rates from time to time without prior notification to the Account Holder.
4.1. The Agreement shall be effective from the date of its signature by both Parties or electronic acceptance/approval by both Parties. The Agreement is concluded for an unlimited period of time.
4.2. The Account Holder can terminate the Agreement at any time on the basis of a written application to close the Account. Upon the termination of this Agreement, the Bank shall proceed with account closure.
4.3. The Bank has the right to terminate this agreement if the account is considered dormant. Regarding dormant accounts, the bank is following the rules set by the Central Bank of Nigeria & the practice amongst the financial institutions conducting business in the Federal Republic of Nigeria.
4.4. Termination of this Agreement is the basis for the close of Account Holder’s account.
4.5. If the Agreement is terminated, credit funds on the Account shall be returned to the Account Holder or, upon the Account Holder’s instructions shall be transferred to another account within reasonable time.
5.1. You agree to take responsibility for protecting and ensuring safety of your user login profiles (user ID and password) at all times. Registration for the Mobile channel is for a single user only; You must not permit other persons use your user login profile nor disclose your details to third parties. AB MFB will not be liable for any losses arising from unauthorized access to, or use of your account arising from your negligence or failure to safeguard and protect your user login profile or any other customer information protection device or functionality provided by the bank to facilitate confidentiality, integrity and accuracy of your data.
5.2. Your access to the Mobile channel may be suspended at any time without notice to maintain the integrity of this service or in instances of system maintenance or failure, or for any reasons beyond AB MFB’s control. AB MFB also reserves the right to temporarily or permanently change, modify or discontinue this service at any time without notice. You hereby agree that AB MFB will not be liable to you or any third party for the exercise of these rights of suspension, modification and discontinuation.
6.1. Disputes which cannot be settled on a bilateral basis will be resolved in the courts of the Federal Republic of Nigeria and subject to the Laws of the Federal republic of Nigeria.
6.2. The Account Holder hereby acknowledges that he/she has read, understood and agreed to the provisions of the contract.