These Terms and Conditions (the “Terms”) are a legal agreement between you (“User, or “you”) and Bold Microfinance Bank (“the Bank,” “we” or “us”) regarding the use of the App, wallet, and Service (“App”). If you do not agree to these Terms, do not access, or use the App. Bold Microfinance Bank reserves the right to change these Terms at any time with or without notice, and your continued use of the App constitutes agreement to all such changes. We advise that you read these Terms carefully.

The App is strictly for your own personal use only and is not available to:

(a) individuals below 18 years of age (minors);
(b) persons who are not lawfully permitted to use the App; and
(c) persons who cannot enter legally binding contracts.

Kindly read this agreed to this Terms alongside our Privacy Policy and Chargeback Policy.

To use the App under these Terms, you must create a Profile, register for a User Account (‘Account’) and hereby consent to the Bank’s Privacy Policy and Chargeback terms. You represent and agree that all information you provide to us in connection with the registration of an Account is accurate, current, and complete, and that you have the right to provide such information to us. When logging into the App for the first time, you will be prompted to set a password. The App uses multi-factor authentication. Subsequently, to log into your Account, you will need to enter your User ID, password, and other security information that we request to verify your identity. You shall inform the Bank immediately of any changes or alterations required to the information that you had provided upon registering. You can access and update much of the information you had provided us on the App. The Bank may require you to provide additional information as a condition of continued of the App or to allow you to start using a new service, or to assist in determining whether to permit you to continue to use the App. You agree to provide such information as the Bank may require in this regard, including information necessary to validate your identity or confirm the authenticity of your Account which you register for the use of the App. Using the App also requires you to have a compatible device. We do not warrant that the App will be compatible with your device, and we disclaim all liability arising from any harm to your device. By activating your Account, you authorized the deduction of funds from your Account and the deposit funds into your Account to carry out the relevant transactions. The approval and continuance of the Account will be entirely at the discretion of the Bank.

Upon approval of your Account, an account will be created for you. You hereby expressly consent to the creation of the account and undertake to use the account for lawful purposes ONLY.

As the user of the Account, you hereby expressly acknowledge and agree that:

1. As and when required, you shall furnish the Bank with any information required by the Bank for the purpose of regulatory reporting obligations or for whatsoever reasons which the Bank deems reasonable or necessary.
2. You hereby give your express authorization and consent to the Bank to process (as defined under the Nigeria Data Protection Act 2023 (“NDPA”) and disclose your information to third parties including information relating to your personal data, particulars relating to the Account as well as disclose relevant information about you to any third party for verification, marketing, or/and for other lawful purposes.
3. All information you shall disclose to us in connection with the App is accurate, current, and complete, and based on such disclosure, you shall be liable for misrepresentation, or false, untrue or incorrect information disclosed by You for the opening of the Account and for the continued usage and/or operation of the Account, and you shall be liable and responsible for any damage or loss suffered or incurred by the Bank arising under any of your breach or default herein.

You are solely responsible for maintaining the confidentiality of your Account user-id, passwords, device passwords and any other means that you may use to securely access the App on your device (‘Authentication Procedure’). If you share these credentials with anyone, that person may be able to use your Account to make purchase of goods/services or obtain access to your personal and payment information available through the App. By using your Authentication Procedure to access the App, you authorise us to conduct the desired transaction(s) using your Account. Any requests or instructions we receive from you via your Account using your Authentication Procedure are deemed “in writing” under any relevant legislation and have the same force and legal effect as written and signed by you. You are responsible for reporting lost or stolen devices. If you have reason to believe that your device has been compromised, or unauthorized access to your account you agree to contact us immediately so that we can take action to disable your Account. We will not be liable for all the losses associated with the use of your Account, save for where such liability arose through the sole act of the Bank or its authorized personnel.

When placing an Instruction for transfer of funds, you will be required to provide us with the requisite details that you will be prompted to give which will include the unique identifier in accordance with which we will process the Transaction. It is your responsibility to ensure that any Instruction is accurate and complete. If you provide incorrect Beneficiary details, we will not be liable for any loss you incur, although at our sole discretion, we may use reasonable efforts to assist you in the recovery of the funds. We reserve the right to charge for any assistance provided in connection with the recovery of funds. Where there are insufficient funds in your Account, we will not process the Transaction. We are not responsible for any delays to the Beneficiary bank’s (or their correspondent bank’s) and cannot guarantee that the Beneficiary’s bank will make the funds available to the Beneficiary on the day that it receives the Transaction Amount. Please note that other costs, taxes, or charges may apply to you that are not charged by us and/or won’t be paid through us. You are responsible for paying such costs, taxes, or charges where these apply. It is your responsibility to determine what, if any, taxes apply to the Transactions you make or receive, and it is your responsibility to collect, report and remit the correct amount of tax to the appropriate tax authorities. If we are required to withhold any taxes, we may deduct such taxes from amounts otherwise owed to you and pay them to the appropriate authority. We reserve the right to stop the use of any means or method (including access to the App) you use to provide us with Instructions if we have reasonable grounds to believe there is a concern relating to the security of the payment instrument or the suspicion of unauthorised or fraudulent use of the payment instrument. Where you instruct us to process a Transaction from your Account, the Transaction Amount will be deducted by us from your Account balance. Each Transaction processed using funds available within your Account will be given a unique Transaction ID which will be set out in the Transaction history. You must quote this Transaction ID when communicating with a Bank Representative about a particular Transaction.

Please note we may delay, reverse, or not process fund transfer instructions if:

• we reasonably suspect that the Transaction might be associated with financial crime or otherwise unlawful or that by carrying out the Transaction, we might breach our Compliance obligations;
• an order of court or any applicable law prohibits us from executing the fund transfer instructions; 
• our policy, security procedure or requirement of any authority (including any economic and trade sanctions imposed by any regulator in any jurisdiction where we operate in prohibits us from executing the fund transfer instructions); or 
• circumstances beyond our control prevent the fund transfer from being carried out.

You shall not use the App for;

1. Any illegal items or for any illegal purpose;
2. Any munitions or firearms;
3. Pirated software, DVD or videos or item(s) otherwise infringing copyrighted works;
4. Illegal drugs, drug paraphernalia, prescription drugs or controlled substances or items that may represent these uses;
5. Viaticals;
6. Reselling prepaid cards or gift cards/certificates; 
7. Cigarettes, tobacco or e-cigarettes;
8. Internet, mail or telephone order pharmaceutical or pharmacy referral services;
9. Items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
10. Goods or services that infringe on the intellectual property rights of a third party;
11. Products or services that process pop-ups or contain, promote, reference or link to any spyware, malware, virus, back-door, drop dead device or other program installation;
12. Live animals save for lawful personal consumption or lawful use as domestic pets;
13. Loans
14. Betting with unlicensed betting platforms or APPs. 
15. Weapons (including without limitation, knives, guns, firearms or ammunition);
16. Transactions directly or indirectly involving persons (individuals or entities) with whom U.S. persons are prohibited from engaging pursuant to sanctions and export controls administered by the Departments of Treasury, Commerce and State; or UKHMT, EU, UNSC etc
17. Marijuana and related businesses; 
18. Any other category or payor that the Bank or the payment partner decides to prohibit, in its sole discretion.

The App may allow you to purchase products and/or services from third parties. Any transaction entered between you and such third parties for third party product and/ or services shall also be subject to any terms and conditions which may be stipulated by such third parties. Any such transactions are entered into at your own risk and you acknowledge and agree that we shall not take any responsibility and/or liability for the products and/or services offered by the third parties to you including but not limited to the delivery, quality (including any defects or deficiency in the products and/or services), safety or the fitness for purpose of the products and/or services purchased by you from such third parties. We shall not be responsible for the refusal of any third-party to honor or accept your purchases or payments made through the App. You further acknowledge and agree that you shall not initiate any legal proceedings against us for any claim you may have against such third parties.

The App may allow you to purchase products and/or services from third parties. Any transaction entered between you and such third parties for third party product and/ or services shall also be subject to any terms and conditions which may be stipulated by such third parties. Any such transactions are entered into at your own risk and you acknowledge and agree that we shall not take any responsibility and/or liability for the products and/or services offered by the third parties to you including but not limited to the delivery, quality (including any defects or deficiency in the products and/or services), safety or the fitness for purpose of the products and/or services purchased by you from such third parties. We shall not be responsible for the refusal of any third-party to honor or accept your purchases or payments made through the App. You further acknowledge and agree that you shall not initiate any legal proceedings against us for any claim you may have against such third parties.

The Bank may without notice to you set-off any debts or liabilities due from you or your Accounts where we suspect any fraudulent or suspicious activity, or we receive a third party complaints on your account. The exercise by the Bank of any of its rights under this clause shall be without prejudice to any other rights or remedies (including but not limited to set-off) to which the Bank or its Affiliates are otherwise entitled (by operation of law, contract, or otherwise).

1. You shall not use the App for purposes other than making payments, accessing third party services available on the App and managing your Account.
2. You shall not interfere or attempt to interfere with the operation or use of the App in any way through any means or device including, but not limited to spamming, hacking, modifying, uploading, programming, trojan horses, time bombs, cancelbots, send, use or reuse computer viruses or otherwise corrupting the security or functionality of the App.
3. You shall not reverse-engineer, copy, decompile, disassemble, derive the source code of, modify, adapt, capture, reproduce, publicly display, publicly perform, transfer, sell, license, create derivative works from or based upon, republish, upload, edit, post, transmit, distribute, exploit, circumvent or otherwise translate (or assist any other person to do any of the foregoing) the App in whole or in part.
4. You shall not circumvent user authentication or security of any host, network, or account (referred to as “cracking” or “hacking”) nor interfere with the App host or network (referred to as “denial of App attacks”) nor use the App for any other unlawful or objectionable conduct. If you violate or intend to violate the systems or network security you may incur criminal or civil liability, and the Bank will at its absolute discretion fully co-operate with law enforcement or relevant authorities’ investigations of suspected criminal violations, violation of systems or network security.
5. You shall not use the App for fraudulent purposes, or with an intention to commit a criminal offence or other unlawful, indecent, or immoral activity.
6. You must not misuse the App by knowingly introducing Malware or other material that is malicious or technologically harmful.
7. You must not use your Account to perform any Transactions for any illegal or unlawful purposes.
8.  You shall at all times remain responsible and liable for your acts and/or omissions.
9. You acknowledge that we may destroy, erase, or otherwise cease to maintain any records as we consider appropriate after such time as permitted by applicable laws.

The copyright, trademarks, logos, and service marks displayed on the App are registered and unregistered intellectual property rights of the Bank or of or right to use any intellectual property displayed on the App with the authorization of such third party that may own the intellectual property displayed on the App. The Bank grants you the right to access the App and use the App in accordance with the Terms mentioned herein. All the Intellectual Property Rights in the App is and shall remain, our sole property.

Any breach of the restrictions on use provided in these Terms is expressly prohibited by law and may result in severe civil and criminal penalties. The Bank shall be entitled to obtain equitable relief (including all damage, direct, indirect, consequential, and exemplary) over and above all other remedies available to it, to protect its interests therein.

The Bank may send you notifications relating to promotional and marketing activities from time to time. You may opt out from receiving any promotional or marketing messages from the Bank by unsubscribing via email or contacting Customer Service. You also agree that all communications on changes and terms shall be via the registered email on your account. We will not be liable for non-receipt or delivery of such emails.

The Bank may run campaigns or promotions in relation to the services provided via the App as may be notified to you from time to time. You agree that your participation in such campaign or promotion shall be subject to the specific terms and conditions of such campaign or promotion.

We will update the App from time to time and may add or remove any feature from the App. We may without notice to you make material changes, deprecations, or remove any feature from. We will endeavour to ensure that your use of the APP is with minimal interruption (where possible).

YOU UNDERSTAND AND AGREE THAT YOUR USE OF THE APP IS AT YOUR RISK. THERE IS NO GUARANTEE THAT ACCESS TO THE APP WILL BE AVAILABLE AT ALL TIMES AND WE SHALL NOT BE LIABLE IF YOU ARE UNABLE TO ACCESS THE APP, OR YOUR USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE APP. THE APP IS PROVIDED “AS IS” AND WE DISCLAIM ANY EXPRESS OR IMPLIED WARRANTIES CONCERNING THE APP, OR SOFTWARE, INCLUDING, BUT NOT LIMITED TO ANY WARRANTIES OR MERCHABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OF ANY PARTIES’ PROPRIETARY RIGHTS.THE BANK DOES NOT WARRANT THAT THE APP will 100% fraud or fail proof. WE DO NOT MAKE ANY WARRANTY, REPRESENTATION AND/OR UNDERTAKING (EXPRESSLY, IMPLIEDLY OR OTHERWISE) THAT THE APP AND ANY SUBSEQUENT REVISIONS, MODIFICATIONS, UPDATES, UPGRADES OR VERSIONS ARE AND WOULD BE COMPATIBLE WITH YOUR DEVICE. IT IS YOUR RESPONSIBILITY TO ENSURE THAT THE APP IS AND WILL BE COMPATIBLE WITH YOUR DEVICE AT ALL TIME AND YOU ACKNOWLEDGE AND AGREE THAT THE BANK SHALL NOT BE LIABLE IN ANY MANNER WHATSOEVER FOR ANY LIABILITY, LOSS, DAMAGES, COST AND EXPENSE SUFFERED AND/OR INCURRED BY YOU DUE TO THE APP BEING INCOMPATIBLE WITH YOUR DEVICE. YOU AGREE THAT THIS PARAGRAPH ON WARRANTIES SHALL SURVIVE THE TERMINATION OF THE AGREEMENT OR USE OF THE APP.

You agree to indemnify, defend, and hold harmless the Bank and its directors, officers, and employees, from and against any and all losses, cost, expenses, fees (including but not limited to, reasonably attorney’s fees and disbursements), claims, damages, liabilities and causes of actions of third parties resulting or arising from: (i) your failure to abide by or perform any obligation imposed upon you under this Terms: (ii) the willful misconduct, fraud, criminal activity, intentional tort or negligence of you or any of your representatives involving the use of the App; (iii) the actions, omissions or commissions of you, your employees, consultants, and/or agents relating to the App; and (iv) any transmission or instruction, whether or not authorized, acted upon by the Bank in good faith. You agree that this paragraph on indemnity shall survive the termination of the Agreement or use of the App.

In no case shall the Bank be liable for any loss of data, revenue, use, opportunity, profit, goodwill, special, punitive, indirect, exemplary or consequential damages of any kind or nature suffered by you arising out of or related to this agreement, and the App whether or not such claim for damages is based on tort or contract tort, negligence, strict liability or other basis even if the Bank has been advised of the possibility of such damages. The Bank shall not be liable for viruses, malicious or disruptive codes, power cuts, malware or service interruptions or other IT or hardware or software problems or faults in the use or access of the App.

In countries that do not allow the exclusion or limitation of liability, our liability is limited to the extent permitted by law.

Where there is a successful claim against the Bank arising out of or in connection with your use or inability to use the App, the Bank’s liability (including its directors, officers, and employees) shall be limited to the amount of the transaction or N200,000 whichever is less. You agree that this paragraph on liability shall survive the termination of the Terms.

The Customer recognises that the Bank is always innovating and finding ways to improve the App with new features and services. The Customer therefore agrees that the Bank without notice may change from time to time make changes to the App (Include the removal of any feature) and no warranty, representation or other commitment is given in relation to the continuity of any functionality of the App.

We do not, in any event, accept liability for any failure to perform your instruction as a result of circumstances which could reasonably be considered to be due to abnormal and unforeseen circumstances or outside our control or due to our obligations under any applicable laws, rules or regulations.

The Bank reserves the right to reject any application, suspend the processing of any transaction, and/or any connected transaction, withhold settlement or suspend or terminate your access to your Account at the Bank’s sole and absolute discretion, or if the Bank’s has reasonable beliefs that You have been blacklisted by any bank in Nigeria, or any of your Account(s) has been monitored by the Bank due to unusual, irregular, suspicious, fraudulent and/or unauthorized activities or suspected misuse, or involve other criminal activity provided always that the Bank shall have no obligation to provide the reason or evidence or grounds in declining your application. Our records and decisions are conclusive unless there is an obvious mistake. The Bank may also suspend access to your Account or otherwise restrict its functionality on reasonable grounds relating to the security of the Account or any of its security features or that any of the App security features have been compromised. We may terminate your access to the App and/or account if we have reasonable believe that there is increased risk of loss or liability to us from your use of the service.

We may notify you of any rejection, suspension, or termination and of the reasons for such suspension or termination in advance or, where we are unable to do so, immediately after the suspension or restriction has been imposed unless that would be unlawful or compromise our reasonable security interests. We will lift the suspension as soon as practicable after the reasons for the suspension have ceased to exist.

You shall not be entitled to claim or demand, any interest or other compensation whatsoever in respect to any such suspension or delay or termination.

The Laws of the Federal Republic of Nigeria shall govern these Terms.

The Parties shall endeavor to settle amicably any dispute arising from this Agreement and any dispute which cannot be resolved amicably by the Parties shall be referred to Arbitration in accordance with the provisions of the Arbitration and Mediation Act, 2023.

All claims against us should be made within thirty (30) days after the date of the occurrence of the dispute. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.