Introduction

These Terms and Conditions ("Terms") govern the relationship between you ("the Customer", "you") and Ikire Microfinance Bank ("Ikire Mfb", "the Bank", "we", "our" or "us"). By opening an account, applying for a loan, using any of our services, visiting our website, or accessing any of our channels, you agree to be bound by these Terms. Please read them carefully, as they set out your rights and obligations in relation to the services we provide.

These Terms apply to both individual and corporate clients and should be read alongside other agreements, policies, and notices that may apply to specific services, including our Privacy Policy, Loan Agreements, and Electronic Banking Agreements.

Eligibility
  • You must be at least 18 years of age and legally competent to enter into contracts.
  • Corporate customers must be duly registered with the Corporate Affairs Commission (CAC) in Nigeria and must provide relevant incorporation documents.
  • You must provide accurate, valid, and up-to-date identification details such as BVN, government-issued ID, utility bill, or other Know Your Customer (KYC) documents as required by the Bank and the Central Bank of Nigeria (CBN).
  • The Bank reserves the right to reject any application that does not meet our eligibility requirements.
Account Opening and Operation
  • Accounts may include savings, current, loan-linked, fixed deposit, and other products offered by the Bank.
  • You agree to provide correct and updated personal or corporate information during account opening and at any time the Bank requests.
  • You are responsible for the safe keeping of your account details, PINs, passwords, and other security credentials. Any transaction carried out with your credentials will be deemed authorized by you.
  • The Bank reserves the right to close any account if it remains dormant beyond the regulatory threshold, is used for fraudulent purposes, or in compliance with CBN guidelines.
  • Interest payments on deposits, if applicable, will be subject to the Bank's prevailing rates and regulatory policies.
Deposits and Withdrawals
  • Deposits can be made through cash, cheques, bank transfers, standing instructions, or other approved channels.
  • Withdrawals may be made via cheque, transfer, ATM, POS, or other methods subject to account type and applicable limits.
  • The Bank reserves the right to place restrictions on withdrawals or deposits in line with regulatory directives or account verification requirements.
  • Cheques deposited into your account will be credited subject to clearing. The Bank is not responsible for delays caused by clearing houses or other banks.
Loans and Credit Facilities
  • Loans and credit facilities are subject to a formal application, credit appraisal, and approval process.
  • Loan amounts, interest rates, repayment terms, and charges will be disclosed at the point of approval and set out in a separate loan agreement.
  • You must repay your loan installments on or before the due dates. Late or missed payments may attract penalties, additional interest, and reporting to credit bureaus.
  • The Bank reserves the right to set off any outstanding obligations against funds available in your accounts with the Bank.
  • Default may result in enforcement of securities, debt recovery actions, and legal proceedings in accordance with Nigerian law.
Fees and Charges

The Bank will levy charges as published in our official tariff guide. These may include, but are not limited to, account maintenance fees, transaction charges, loan processing fees, card issuance charges, and electronic banking charges. By operating an account or using our services, you agree to pay these fees.

Electronic and Mobile Banking
  • Electronic services include mobile banking, internet banking, USSD, ATM, POS, and debit card services.
  • You must safeguard your login credentials, devices, PINs, and passwords. The Bank will not be responsible for losses resulting from negligence or disclosure of security details.
  • Transactions carried out using your credentials will be deemed valid and binding.
  • The Bank may temporarily suspend electronic channels for maintenance, upgrades, or in response to fraud detection without prior notice.
Customer Obligations
  • Provide accurate and truthful information at all times.
  • Notify the Bank promptly of changes to your contact details or other important information.
  • Ensure your account is not used for fraudulent, illegal, or unauthorized purposes.
  • Comply with all applicable laws, regulations, and CBN guidelines while using the Bank's services.
Bank's Obligations
  • Provide banking services in accordance with applicable laws, CBN regulations, and industry best practices.
  • Maintain confidentiality of your personal and financial data except where disclosure is required by law, regulators, or a court of competent jurisdiction.
  • Implement appropriate safeguards to protect customer accounts and data from unauthorized access.
Disclosure of Information

The Bank may disclose your information to regulators, law enforcement agencies, credit bureaus, payment service providers, or courts of law if required by law or in the public interest. Such disclosure will always be within the limits of applicable Nigerian laws and regulations.

Limitation of Liability

The Bank shall not be liable for any indirect, incidental, or consequential losses arising from the use of our services. Our liability for proven claims shall be limited to the amount directly related to the disputed transaction. The Bank will not be responsible for service interruptions, delays, or failures caused by circumstances beyond our control, including power outages, system downtime, or telecommunication failures.

Suspension or Termination
  • The Bank may suspend, restrict, or terminate your account or access to services if you breach these Terms, engage in fraudulent activity, or where required by law or regulators.
  • You may also close your account by giving written notice, provided all obligations to the Bank are settled.
Data Protection and Privacy

Your personal data will be processed in line with the Bank's Privacy Policy and the Nigeria Data Protection Regulation (NDPR). We will retain data only as long as necessary for legal, regulatory, or operational purposes. For more details, please refer to our Privacy Policy.

Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute arising from these Terms shall be subject to the exclusive jurisdiction of Nigerian courts.

Amendments

The Bank reserves the right to amend these Terms periodically. Amendments will be published on our website or communicated through official channels. Unless otherwise stated, the revised Terms shall supersede previous versions, and continued use of our services will be deemed acceptance of the changes.

Complaints and Dispute Resolution
  • You may lodge complaints through our customer care channels including branch offices, email, phone, or our website.
  • The Bank will make reasonable efforts to investigate and resolve complaints promptly and fairly.
  • If unresolved, disputes may be referred to the Central Bank of Nigeria Consumer Protection Department or resolved in accordance with Nigerian law.