Introduction

These terms guide the general relationship between the Bank (“we”, “us”, “our”) and the Customer (“you”, “your”, “yours”) and are binding immediately you open an account with us. Some other products and services may be offered by BellBank Microfinance Bank Limited as part of the Fintech Banking Service, and each of them has its own Terms and/or conditions, to which you are also bound. You are encouraged to read these Terms carefully and pay attention to the clauses contained here.

1. Your Account - Opening, Access and Usage

• We have no obligation to open or maintain an already opened account unless you provide all required documents and complete the KYC procedure as set out by the Central Bank of Nigeria (CBN) and other relevant regulators from time to time.
• We reserve the right to refuse to open or to close an account if we discover that information supplied for the creation of the account is false, incorrect, or misleading.
• You agree to immediately inform us of any change to the information you have supplied to enable us to update our records correctly.
• You must comply with the minimum balance requirement, if any, and any other conditions applicable to your accounts, including Savings and Current accounts. Non-compliance shall be grounds for us to suspend or close your accounts.

2. Your Account - Confirming It Is Your Authorized Signatories

• Each time you access your account or send instructions, we shall have to confirm that we are dealing with your authorized signatories.
• If you are in our branch, we may request to see a valid means of ID (e.g., national ID card, Voter’s card) and verify that your signature matches that on our systems.
• For other off-branch platforms comprising our Fintech Banking Services, your security details confirm that it is you. If correctly entered, we assume that you are the one issuing instructions.
• You must immediately contact us if your security details are compromised or you feel they may be compromised.

3. Your Account - Account Categories, Interest, Account-Specific Terms

• We offer two categories of accounts for business banking:
  • Savings Account
  • Current Account
• The requirements for opening either category of account are always accessible from our website.
• Conditions, features, and interest rates shall also be as contained on our website and as updated from time to time.

4. Your Account - Restricting Access

• We may at any time suspend your access to any or all parts of your accounts or any or all services available to you for reasons including but not limited to:
  • Suspicion of fraud or crime
  • Compliance with the law
  • Suspicion that the security of your account has been compromised
  • We are of the opinion that you may be unable to meet your obligations to repay a loan you owe to us
• In any case, we shall inform you prior to or immediately after restricting your account and provide you with the reason for the decision.
• Where your account has not been used for a period of time, we may restrict your account but only to protect it and always with notice. Restriction for non-usage would occur if your account is inactive:
  • 12 months for a current account
  • 2 years for a savings account

5. Account Information - Updates, Statements, and Transaction Information

• You have the right to know what is happening with your account, and we will always keep you updated. You will receive updates on transactions by text message and email by default. Should you choose to opt out of text message updates, you must sign the SMS Deactivation Indemnity Form.
• We shall also send you a monthly Statement of Account at the end of every month via email. You should notify us if you notice a discrepancy in the statement or unusual or incorrect payments on your account.
• You can also generate a Statement of Account for yourself through our online and mobile applications. If you request your statement on paper, we will make provisions for you, but this may incur a service charge.

6. Account Information - Privacy

• We may request information relating to your transactions and account with us to help us meet requirements under Anti-Money Laundering/Combating the Financing of Terrorism Regulations.
• If we suspect fraudulent or criminal activity and you refuse to provide information, we may seek it from another source within the limits of the law. We may also suspend your account if we believe you are withholding information.
• We will keep your information with us in line with our privacy policy, which can be accessed here.

7. Payments - Into Account

• All payments must be denominated in Naira.
• All monies paid into your account shall become usable for you and begin to accrue interest:
  • Immediately, if the payment is made by cash at a branch
  • As soon as we receive it, if the payment is made via other means

8. Payments - Withdrawals

• You can make cash withdrawals at any ATM point using your debit cards. There may be limits, and we will keep you informed through the FAQ section of our website.
• You can use your debit cards to make debit card payments. Note that the amount may not be deducted from your account at the point of payment even when the payment is successful. The deduction may occur later when the card network operator confirms the details to us.
• Fees shall be available on our website.

9. Payments - Cancelling Payments

• Immediate payment methods cannot be cancelled. Payments such as USSD, debit cards, and online banking cannot be cancelled. If made, you can only recover your money from the person you made the payment to.
• Standing orders, Direct Debits, recurring card payments, and other scheduled payments can be cancelled provided you give us an instruction to that effect at any time before the next payment on the schedule is due.

10. Payments - Payment to You in Error or Fraud

• If we make a payment to you due to a mistake on our part or a system error, we will remove such amount without notifying you.
• If a payment is made to you and we suspect fraud, we shall remove it without notifying you.
• Outside these two scenarios, if we are informed that a payment into your account is not intended for you, we will inform you and seek your position. If you insist it was for you, we shall retain it in your account.
• We may place a lien on the amount claimed to have been sent to you in error but not for longer than two weeks. We will inform you if we do this. We may also be required to watchlist your BVN but only as required by law.
• The party claiming the error may pursue other legal remedies, and we shall comply with the law or court or regulatory body orders as applicable.

11. Payments - When Will We Not Complete a Payment from Your Account

• We are obligated to make payments from your account; however, we may not make them in some instances including but not limited to:
  • You have insufficient money
  • We are aware that you provided incorrect details
  • Payment is over a limit which we shall inform you of when attempting payment
  • We believe that there has been fraud, breach of security, or breach of the law or regulation
  • We believe someone else may have a claim over the money

12. Payments - Incorrect, Unauthorized, Mistaken, and Fraud-Induced Outgoing Payments

• There are four broad categories of issues that may occur with payments from your account:
  • Incorrect payments: Payments not sent to the account you instructed due to an error from the bank
  • Unauthorized payments: Payments made without your permission
  • Mistaken payments: Payments made to the wrong person because you provided incorrect details
  • Fraud-induced payments: Payments made because you were tricked into making payments
• In all cases, you must immediately contact us via our contacts provided on our website.
• In cases of incorrect payment, we shall make a refund within 48 hours. However, if we discover that the payment was a mistaken payment, we shall recoup the refunded amount. If you do not notify us of an incorrect payment within 13 months, we shall not make a refund.
• In case of mistaken payment, we shall act in line with the relevant guidelines from the Central Bank of Nigeria and other applicable laws at the time. We shall provide support by contacting the receiving bank and providing transaction details. You may also need to follow up with the receiving bank personally.
• In cases of unauthorized or fraud-induced payments, we shall act in line with the relevant guidelines from the Central Bank of Nigeria and other applicable laws at the time.
• If we believe you have been grossly negligent, we shall not make refunds. Nonetheless, we shall provide full support as required to reach out to the receiving bank and law enforcement agencies as necessary under the relevant laws.

13. Set-Off

• Owing us money does not preclude you from having money funded into your account and transacting with your funds as you normally would. However, in instances where your payments become due, we may use funds standing to your credit in any of your accounts with us to set-off all or part of your debt to us.
• While we would usually do this as a last resort and make best efforts to recover sums due to us through more amicable means, we have no obligation to give you notice before exercising our right to set-off.

14. Closing Your Account

• If you wish to close your account with us, notify us, and we will close it without charge.
• Download any needed information from our online banking platform before closing your account.
• We will need to settle your debts with us first, then send your balance to your requested account.

15. Changes to Terms

• This agreement continues to exist perpetually and therefore may change to reflect the realities of our operations, applicable laws, and regulations. As such, these terms are subject to change.
• You will receive notice of changes before they take effect.

16. Notices

• All notices required under these Terms can be given through emails, social media announcements, on the website, or electronically through the Fintech Banking Services.
• All notices shall be deemed to be received by you 48 hours after being sent or posted on our social media.

17. Applicable Law and Dispute Resolution

• These Terms and their interpretation shall be governed by the laws of the Federal Republic of Nigeria.
• Any dispute or issue arising under this Agreement shall first be resolved by amicable negotiation.
• Where amicable negotiation fails, disputes and issues shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria. For our benefit, you hereby submit to the exclusive jurisdiction of these courts and waive all rights to object to the forum.
• Nothing in this Agreement shall preclude us from commencing proceedings against you in any other jurisdiction, whether concurrently or not.

18. Miscellaneous

• The parties recognize the uncertainty of the law concerning certain provisions of this Agreement and expressly stipulate that this Agreement will be construed in a manner that renders its provisions valid and enforceable to the maximum extent possible under applicable law. To the extent that any provisions are determined by a court of competent jurisdiction to be invalid or unenforceable, such provisions will be deleted or modified to make them enforceable, and the validity and enforceability of the remainder of such provisions and this Agreement will remain unaffected.
• Any delay on our part in exercising our rights or remedies under these Terms shall not constitute a waiver or preclude us from exercising such rights and remedies.