3.1 Definitions
In these Terms, "Account" means any account opened by you with the Bank; "Service" means any banking, payment, savings, lending or other facility offered by the Bank; "CBN" means the Central Bank of Nigeria; "NDIC" means the Nigeria Deposit Insurance Corporation; "NDPA" means the Nigeria Data Protection Act 2023; "NIP" means the NIBSS Instant Payment system; "Tier" means the KYC tier applicable to your Account under the CBN three-tier KYC framework.
3.2 Eligibility
- You must be 18 years of age or older to open an Account in your own name, or have a verified parent or legal guardian open a minor account on your behalf where supported.
- You must be a Nigerian resident or otherwise eligible under applicable Nigerian banking and AML/CFT regulations.
- You must provide accurate, current and complete information at account opening and update us promptly when that information changes.
3.3 Account opening and KYC tiers
Accounts are opened in accordance with the CBN three-tier KYC framework. The information you must provide, the limits applied to your Account, and the services available to you depend on the KYC tier of your Account. The Bank may downgrade, suspend, or restrict your Account if KYC requirements are not maintained.
3.4 Operation of accounts
- You are responsible for the safekeeping of your authentication credentials — including PIN, password, biometric template, device, and any one-time-passwords.
- You shall not share your credentials with any person, including a member of the Bank's staff. The Bank will never ask you to disclose your full PIN, password, or full OTP.
- You must notify us immediately on any suspected compromise of your credentials, device, or Account.
3.5 Deposits and transfers
Transfers initiated through the NIP system are real-time and irrevocable once executed. You are responsible for confirming the beneficiary name, account number, and amount before authorising a transfer. The Bank shall use reasonable efforts to assist in the recovery of a transfer made in error, but cannot guarantee recovery once the receiving bank has credited the beneficiary.
3.6 Fees and charges
Fees and charges are published in the Bank's Schedule of Charges, which is available on our website and on request. We will give you at least 30 days' notice before increasing any fee or introducing any new fee, save where a shorter notice period is required by law or regulation.
3.7 Security and authentication
- High-value or sensitive transactions are subject to step-up authentication, including PIN, biometric verification, or device-bound cryptographic challenge.
- The Bank may decline or hold a transaction that appears inconsistent with your customer profile or that raises fraud, AML, or sanctions concerns, pending review.
- The Bank may suspend, freeze, or close your Account where required by law, regulation, court order, or a credible fraud or AML/CFT concern.
3.8 Liability
The Bank shall be liable to you for direct losses arising from its own negligence, wilful default, or fraud. Save as required by law, the Bank shall not be liable for indirect, consequential, or punitive losses; for losses arising from your own act or omission (including failure to safeguard credentials); or for losses arising from force majeure or the act of a third party outside the Bank's reasonable control.
3.9 Set-off
Where you have more than one Account or facility with the Bank, the Bank may apply funds in any of your credit Accounts in or towards settlement of any matured indebtedness you owe the Bank, subject to applicable law.
3.10 Notices
Notices to you may be given by in-app message, email, SMS, post to your last known address, or by publication on our website, as we consider appropriate. Notices to the Bank should be sent to the registered office set out in the Contact Information document.
3.11 Complaints
If you have a complaint, you may contact us through any of the channels in the Contact Information document. We acknowledge complaints within one (1) business day and aim to resolve them within fourteen (14) business days. If you are not satisfied with our resolution, you may escalate to the CBN Consumer Protection Department in line with the CBN Consumer Protection Framework.
3.12 Deposit insurance
Eligible deposits held with the Bank are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the prevailing statutory limit per depositor, as published from time to time by the NDIC.
3.13 Dormant accounts
An Account that has had no customer-initiated transaction for the period specified by the CBN shall be treated as dormant and may, in accordance with applicable regulations, be eventually transferred to the unclaimed-funds account managed by the CBN. You may reactivate a dormant Account by completing the Bank's reactivation requirements.
3.14 Force majeure
The Bank shall not be liable for any failure or delay in performance caused by events outside its reasonable control, including telecommunications failure, NIBSS or NIP outage, power failure, civil unrest, government action, or natural disaster.
3.15 Governing law and dispute resolution
These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute arising from or in connection with these Terms shall be referred first to negotiation in good faith, then (if unresolved) to mediation under the rules of a recognised Nigerian alternative-dispute-resolution centre, and ultimately to the courts of competent jurisdiction in Nigeria.
3.16 Amendment of these terms
The Bank may amend these Terms from time to time. We will give you at least 30 days' notice of any material change, save where a shorter period is required by law or regulator. Your continued use of any Service after the effective date of the amendment will constitute your acceptance of the amended Terms.
ValuePay Microfinance Bank Limited has received Approval-in-Principle from the Central Bank of Nigeria (ref. FPR/LAD/CON/MFB/015/047 dated 17 March 2026). The Bank shall not commence banking business until the grant of a final licence.