TERMS AND CONDITIONS FOR ELECTRONIC BANKING

I/We (“Account Holder”) hereby confirm and agree that the following terms and conditions shall govern my/our electronic banking transactions with Ihiala Microfinance Nig Ltd (“the Bank”):

  • “Access Code” means either the PIN, Password, Internet Token code, Secure Message (Email and SMS) codes, Username, Card Verification Value (CVV) or Card Verification Code (CVC) through which the Account Holder will access the Service.
  • “Account” means a current or savings account or other account(s) maintained with the Bank at any of the Bank’s branches in Nigeria.
  • “ATM” means Automated Teller Machine that dispenses cash to or receives cash/cheque from account holders with the use of a debit card or credit card.
  • “ATM Card” means the credit or debit card used by an Account Holder for processing transactions through the ATM and via the internet.
  • “Mailing Address” means the Account Holder’s mailing address in the Bank’s record as updated from time to time.
  • “PIN” means your personal identification number.
  • “POS” means Point of Sale.
  • “Secure Message Facility” means the facility within the e-Banking Service that enables the Account Holder to send electronic messages (e-mail and SMS) to the Bank, including without limitation free-format messages, fixed format messages or instructions to make payments, requests to for cheque books, banker’s drafts or the purchase and sale of securities and interest in mutual fund.
  • “Service” means the Electronic Banking Services of Ihiala Microfinance Bank Nig Ltd(the Bank) including ATM and POS services, Internet Banking, Telephone Banking, Mobile Banking. Secure Message Facility, USSD Banking and Bills Payment Services.


  1. The Service allows the Account Holder to give the Bank instructions by use of the Access Codes through telephone, mobile app, secure message (Email and SMS) and USSD services for the following purposes of:
  2. Obtaining information regarding Account Holder balances at the last date of business with the Bank.
  3. Obtaining information regarding any instrument in clearing, or any credit standing in the Account Holder’s account as the last date of transaction on the said Account Holder’s account.
  4. Authorizing the Bank to debit the Account Holder’s account to pay specified utility bill such as Telephone bills, Electricity bills, Water Rates and/or any other bills as specified by the Account Holder subject to validity of such bill payment under the Service.
  5. Authorizing the Bank to effect a transfer of funds from the Account Holders’ account to any other account with the Bank or any other bank.
  6. Authorizing the Bank to effect any stop payment order.
  7. Authorizing the Bank to debit Account Holders’ account and load same amount into a debit card.
  8. The Bank on its part shall endeavour to carry out the Account Holder’s instruction promptly, except in unforeseen situations such as Act of God, force majeure, system failure and any other causes outside of the Bank’s control


The Account Holder understands that his/her Access code is used to give instructions to the Bank and accordingly undertakes:

  1. a) That under no circumstance shall the Access code be disclosed to a third party. Not to write the Access Code in order to avoid same being compromised.
  2. The Account Holder instructs and authorizes the Bank to comply with any instructions given to the Bank through the use of the Service.
  3. Where an Account Holder notifies the Bank of his/her intention to change his/her Access Code arising from loss of memory of same, or that it has become known to a third party. the Bank shall with the consent of the Account Holder delete same and thereafter, allow the Account Holder to enter a new Access Code PROVIDED that the Bank shall not be responsible for any loss that occurs between the period of such loss of memory of the Access Code or its being authorized to a third party and the time a report is duly lodged with the Bank.
  4. The Account Holder shall bear full responsibility for any instruction given by any means of his/her Access codes. Accordingly, the Bank shall not be liable for any fraudulent, or erroneous instructions received by means of the Account Holder’s Access codes.
  5. The Account Holder’s Access code must be changed immediately before it becomes known to any third party. The Account Holder is therefore obliged to notify the Bank whenever his/her Access Code and or password becomes compromised.
  6. The Account Holder may be charged an applicable monthly fee and/or usage fee upon signing-on for the Services whether or not the Account Holder utilizes the Services during the period in question.
  7. The Bank shall not be liable for any loss or damage, whether direct or indirect, special, incidental or consequential including but not limited to damages for loss of profits, goodwill, use or other intangible losses arising out of or in connection with the Services or use or inability to use the Service, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation, transmission, computer virus or line or system failure, whether or not the Bank or its representatives thereof were advised of the possibility of such damages.

8. The Account Holder undertakes:


  1. To, always, provide true, accurate, and up-to-date information about himself/herself as requested by the Bank, and agrees not to misrepresent his identity or information, which may include user name, password or other access codes for such accounts.

1. Not to use the Services for illegal purpose or for transmission of material that is unlawful, libelous and obscene and further agrees that the right use of this Services is personal and not assignable or transferable.

1. In consideration of the Bank providing the Services, the Account Holder further agrees:

  1. That where an ATM Card is issued to the Account Holder, the card shall be kept secured always and the PIN, CVV and CVC will not be disclosed to any third party for any reason whatsoever.
  2. That all transactions at any ATM, POS terminal or via the internet made with the Account Holder’s ATM card and access codes shall be treated as having been authorized by the Account Holder.
  3. That if any account that may be accessed by the Account Holder’s card is a joint account with more than one signatory, all transactions at any ATM, POS terminal or via the internet that are made with the ATM card and Access Codes shall be treated as having been authorized by all the joint holders of the account.
  4. That cash withdrawals made with the ATM Card and Access Code shall not exceed the maximum limit as may be specified by the Bank from time to time.
  5. That cash withdrawals at the ATM shall be deemed to have been concluded at the point when the ATM dispenses cash to the Account Holder via the cash tray. The Bank accepts no liability whatsoever for any subsequent event occurring after cash has been dispensed.
  6. That the ATM Card issued to the Account Holder remains the property of the Bank and the Bank at its sole discretion may cancel the ATM Card or request its return at any time.
  7. That the ATM Card will be promptly returned to the Bank on demand and that the ATM may impound the ATM Card at any time if the circumstances so warrant.
  8. That the card shall expire on the date indicated thereon and may at the discretion of the Bank, be renewed.
  9. That the Bank shall not be liable for any machine malfunction, strike or dispute or any other circumstances affecting the use of the card where such matters are not within the direct control of the Bank.
  10. To be liable for all losses arising from use of the card by any person having possession of it with the Account Holder’s consent or due to the Account Holder’s negligence.
  11. The Bank reserves the right to charge fees and commission and debit the account of the Account Holder for such fees and commissions, as it may deem appropriate for the use of the Services.
  12. That if The ATM Card is lost or stolen, the Account Holder shall promptly make a written report to The Bank or its nearest branch and take necessary steps as the Bank may request assisting in the recovery of the card. The Account Holder further agrees to be liable for any loss arising from the use of his/her cards or PIN, CVV or CVC by any unauthorized person up to two working days after the Bank receives written notification of the loss of the card.
  13. If the ATM Card is lost, missing or stolen, or the Access Code is forgotten, the Account Holder shall promptly report such loss in writing or through the Account Holder management system to the Bank and shall obtain a new card from the Bank at a prescribed fee.
  14. That his/her rights under the Service are personal and therefore not assignable or transferable.
  15. That the Bank may vary the terms of the Service at any time without notice to the Account Holder.
  16. To activate the ATM Card before leaving the Bank’s branch


2. The Bank reserves the right to modify, suspend or discontinue the Services entirely at any time without notice. In order to maintain the security and integrity of the Services, the Bank may also suspend Account Holder’s access to the Services at any time without notice. The Account Holder agrees that the Bank shall not be liable to him/her or any third party for any modification or discontinuation of service.


3. HARDWARE, SOFTWARE, COMMUNICATIONS

3.1. It is entirely Your responsibility to ensure that You have, maintain and secure the hardware, software and communication systems necessary for You to make use of the Services and to access the Ihiala Microfinance Bank Service.

3.2. The only exception to clause 3.1 is where We have undertaken in writing to provide, maintain or secure any particular hardware, software or communication systems (if applicable).

3.3. We are not liable for the reliability of any third-party communication system through which the Services and/or the Ihiala Microfinance Bank Service may be accessed, unless We have both provided that system and undertaken in writing to maintain it.

3.4. You may not in any way copy or tamper with any part of the Ihiala Microfinance Bank Service, its systems and/or any embedded software and You must limit Your activities to those aspect of the Service that are permitted in terms of the Operational Guidelines and these Terms.

3.5. While We make good faith efforts to ensure that the Ihiala Microfinance Bank Service is secure, We do not warrant this to be the case.