1 Eligibility and Registration

1.1The Business/Corporate Entity must be a legally registered entity with the Corporate Affairs Commission (CAC) of Nigeria, providing a valid Certificate of Incorporation and relevant incorporation documents (e.g., Memorandum and Articles of Association, CAC Form 1.1, etc.).

1.2All directors, shareholders, and authorized signatories must be duly registered with the CAC, and their information must align with records on file at the CAC.

1.3The Business/Corporate Entity must provide a Tax Identification Number (TIN) and valid means of identification for all authorized signatories as part of the onboarding process, in compliance with both BOFIA and CAC requirements.

1.4The business/corporate entity agrees to provide accurate and truthful information during the account application process. False or misleading information may result in the rejection of the application or account suspension.

2 Account Setup and Role Assignments

2.1Business owners/Corporate Entities are required to submit a Board Resolution or Power of Attorney authorizing the assignment of roles (Initiator, Verifier, Approver) to specified personnel.

2.2Changes to role assignments must be submitted in writing and authorized by the Board of Directors or a designated signatory, with documentation provided to Kolomoni Microfinance Bank Limited (the “Bank”).

2.3The bank will not be held liable for disputes arising from the misuse of roles or miscommunication within the corporate structure, provided that the role assignment complies with the documentation submitted.

3 KYC, Due Diligence, and BOFIA Compliance

3.1In compliance with BOFIA and CBN regulations, the Bank shall conduct thorough Know Your Customer (KYC) and due diligence processes on all directors, shareholders, and role assignees. This includes validating CAC records and verifying the legal standing of the business/corporate entity.

3.2The business/corporate entity must provide accurate and up-to-date information during registration and notify the bank of any changes to corporate structure, shareholders, or directorships as filed with the CAC. Failure to do so may result in suspension or termination of the account.

3.3The Bank reserves the right to reject any application if any discrepancies are found during KYC checks or if the business/corporate entity is non-compliant with BOFIA and CAC regulations.

4 Transaction Controls, Limits, and Compliance

4.1The business/corporate entity agrees that all transactions initiated, verified, and approved by designated personnel within the platform will be treated as valid and binding under BOFIA, CBN, and international banking standards.

4.2The Bank will impose transaction limits in accordance with AML/CFT (Counter Financing of Terrorism) standards, BOFIA, and CBN guidelines.

4.3Suspicious transactions shall be flagged for review, and any potential money laundering activities will be reported to the Nigerian Financial Intelligence Unit (NFIU) as required by BOFIA and CBN regulations.

5 Regulatory Compliance

5.1The business/corporate entity agrees to comply with all applicable CBN guidelines, BOFIA requirements, and any other regulatory obligations imposed by the Federal Government of Nigeria.

5.2The business/corporate entity is responsible for ensuring compliance with any statutory obligations under the Companies and Allied Matters Act (CAMA) as administered by the CAC, including maintaining updated records and filings.

5.3The Bank reserves the right to amend these terms and conditions as necessary to comply with changes in BOFIA, CBN, or CAC regulations.

6 Confidentiality, Data Privacy, and BOFIA Compliance

6.1The Bank ensures that all information provided during the account setup and transactional activities shall be handled in strict confidentiality and in compliance with the Nigeria Data Protection Regulation (NDPR) and BOFIA.

6.2The Bank will not disclose confidential business/corporate entity information to any third party unless required by law, BOFIA, or CBN directives.

6.3The bank shall only disclose corporate data to third parties where mandated by law or required by relevant regulatory authorities, such as the CBN, BOFIA, or NFIU.

7 Dispute Resolution and Liability

7.1Disputes arising from the use of the platform or interpretation of these terms shall be resolved in accordance with Nigerian laws, including BOFIA provisions, and shall be subject to mediation for final resolution in accordance with the Arbitration & Mediation Act, 2023.

7.2The Bank shall not be liable for losses resulting from unauthorized use of the platform unless the bank is found to have been negligent in maintaining security standards in line with BOFIA and global best practices.

8 Issues and Transaction Notifications

8.1.1The Bank shall provide real-time notifications for all transactions processed through the corporate banking platform. Notifications will be sent via multiple secure channels, including email, SMS, and in-app alerts. The bank takes no responsibility for delayed notification occasioned by service delays or disruption by network service providers.

8.1.2For additional security, the bank may employ multi-factor authentication (MFA) to verify high-risk transactions, such as large transfers or international payments.

8.2.1If the business/corporate entity detects any unauthorized or erroneous transaction, it must report the issue to the Bank’s support team immediately and no later than 24 hours from the time of the transaction.

8.2.2The bank shall ensure that secure communication channels are available 24/7 for reporting transaction discrepancies, and a dedicated customer service line will be accessible for high-priority issues.

8.3.1The Bank utilizes advanced fraud detection algorithms and transaction monitoring systems to detect suspicious activity in real-time. If any anomaly is identified, the bank reserves the right to temporarily suspend or halt the transaction until further verification is completed.

8.3.2The business/corporate entity will be notified of any suspicious activity, and a designated representative will be contacted for verification.

8.4.1Upon receipt of a transaction dispute or issue, the bank will immediately acknowledge the report and commence an investigation. The standard investigation period shall be no longer than 72 hours. If the issue requires further investigation, the bank will provide regular updates every 48 hours.

8.4.2The business/corporate entity must cooperate with the bank by providing any additional information required to facilitate a thorough investigation.

8.4.3Where it is found that the transaction discrepancy is due to an error by Kolomoni Microfinance Bank, the bank shall promptly rectify the issue and, where applicable, refund the affected amount to the business's account.

8.5.1The bank's liability for unauthorized transactions is limited to those cases where the business/corporate entity has reported the issue within 24 hours of receiving the transaction notification.

8.5.2The business/corporate entity assumes responsibility for any losses arising from delayed reporting or negligence in securing its access credentials. The Bank will not be held liable for losses occurring due to the business's failure to report promptly.

8.6.1The Bank guarantees that all notifications are transmitted over secure, encrypted channels to ensure data privacy and security.

8.6.2The business/corporate entity agrees to notify the bank immediately if there are any changes to its preferred notification channels, including contact details for authorized personnel. The bank will update these details within 24 hours of notification.

8.7.1The business/corporate entity may modify its notification preferences by submitting a request through the platform or by providing a written instruction.

8.7.2Changes to notification preferences will take effect within a reasonable period, not exceeding 24 hours, and the business/corporate entity will receive confirmation of the change once processed.

8.8.1It is the responsibility of the business/corporate entity to ensure that the contact details provided for transaction notifications remain accurate and up-to-date.

8.8.2The business/corporate entity agrees to regularly monitor notifications and respond accordingly to any alerts or updates regarding transaction activities.

8.8.3The bank will not be liable for any losses resulting from the business/corporate’s failure to maintain or monitor its notification channels.

9 Termination of Services

9.1The Bank reserves the right to suspend or terminate the account of any business/corporate entity found to be in violation of BOFIA, CAC regulations, or engaging in fraudulent or unlawful activities.

9.2The business/corporate entity may terminate the account by providing written notice, subject to compliance with BOFIA and the settlement of any outstanding liabilities or legal obligations to the bank.