Terms & Conditions for AKSU Microfinance Bank Limited
Introduction
These terms and conditions form the basis of your banking relationship with AKSU Microfinance Bank
Limited (hereinafter refered to as “AKSU Mfb” or “the Bank”). By opening an account with us, you agree to
comply with these terms and conditions, as well as the following policies incorporated by reference:
If you do not agree with these terms and conditions, please exit the mobile application or AKSU Mfb
website immediately and do not proceed with the account opening steps. We reserve the right to terminate
your relationship with us if we believe you have violated any of these terms.
Interpretation
In these terms and conditions:
- “You”, “your”, “Customer” refers to the person entering into a banking relationship with AKSU Mfb.
- “We”, “us”, “our” refers to AKSU Mfb, and any assignees of our rights.
About Us
AKSU Microfinance Bank Limited is a licensed microfinance bank regulated by the Central Bank of Nigeria
(CBN) and operating in-branch and digitally. Our deposits are insured by the Nigeria Deposit Insurance
Corporation (NDIC).
The Objective of Our Relationship with You
The objective of establishing a relationship with AKSU Mfb is to provide special financial services to our
customers. AKSU Mfb will manage your bank account and offer services such as savings, credit facilities,
bill payments, and other permissible financial services.
You can manage your account via the AKSU Mfb App, which requires a smartphone with an active phone
number and a compatible operating system (iOS/Android) and via our dedicated USSD Code to process
your transaction with the Bank.
Applicability of Terms
These terms apply when you choose to open an account with AKSU Mfb, and an account number is
generated for you. We may modify these terms and will inform you of any changes. Your continued use of
our services after notification constitutes acceptance of the modified terms. Updates will be available on our
website and mobile apps.
Scope of the Relationship
Opening an Account
To access our services, you must fulfill our onboarding and Know-Your-Customer (KYC) checks. You must
be at least 18 years old, a Nigerian citizen, and meet our technology requirements. You agree to us using
your information for payments through your AKSU Mfb account.
Verifying Your Identity
We must verify your identity to prevent fraud and Anti money laundering. You need to provide:
- Active phone number
- Profile picture
- Bank Verification Number (BVN)
- National Identification Number (NIN) for higher-tier accounts
- Proof of Residential address for full KYC (Utility Bills)
You agree to keep your information up-to-date and accurate. We may share your information with third
parties to verify it. You indemnify AKSU Mfb against any claims arising from the disclosure and reliance on
your personal information.
Spending Account
After completing KYC and AML checks, we will open an account for you with a dedicated account number.
You can receive funds, make payments, and manage your account through the AKSU Mfb App or USSD
codes or walk into any of our Physical Branches. This account is not interest-yielding.
Account Limits
Transactions are subject to limits, which may be revised based on laws, regulations, and internal processes.
Savings Product
AKSU Mfb helps you save money with options such as:
- As You Want: Save and withdraw anytime, non-interest yielding.
- Fixed Save: Save a fixed amount for a fixed duration and earn interest, with penalties for early
withdrawal.
AKSU Mfb Debit Card
You can apply for a debit card via the AKSU Mfb App or at any of our branches. The card can be used for
various transactions within Nigeria. You must use the card lawfully and comply with our Card Issuance
Terms and Conditions.
Transactions on Your AKSU Mfb Account
You are responsible for ensuring the accuracy of transaction details. We are not liable for losses due to
incorrect information you provide.
Fees
We charge fees for certain services in line with applicable laws. All fees will be disclosed before you
finalize a transaction.
Prohibited Transactions
You are prohibited from using your account for:
- Fraud, money laundering, and terrorism financing
- Cryptocurrency transactions
- Illegal goods and services
- Pornography and related activities
- Unlawful betting and pyramid schemes
We may restrict your account, refuse transactions, or report to authorities if you engage in prohibited
activities.
Keeping Your Account Safe
You must keep your account details secure and notify us immediately of any unauthorized access. We are
not liable for losses due to negligence in safeguarding your account details.
Restrictions on Use of AKSU Mfb’s Services
We may withhold, delay, or restrict funds and transactions if we suspect fraudulent or suspicious activity.
We will notify you of such actions unless prohibited by law.
Customer Warranties
You warrant that you:
- Use the services for personal benefit
- Have authority to enter into this agreement
- Will keep your account details secure
Monitoring Fraud and AML
We may request information about your transactions for AML compliance. We may cancel transactions or
suspend your account if you refuse to provide the requested information or provide false information.
Liability
You are liable for unauthorized transactions if you act fraudulently, negligently, or contrary to these terms.
We are not liable for third-party actions or non-execution of transactions due to incorrect information
provided by you.
Closing Your Account
You can close your account at any time but remain liable for any outstanding obligations. We may close
your account if you breach these terms, pose a risk, or engage in illegal activities.
Data Protection
We are committed to protecting your privacy. By opening an account, you consent to our processing and
sharing of your personal information as needed to provide services.
Marketing and Promotion
We may use your information to send updates about our products. You can unsubscribe from newsletters at
any time.
By agreeing to these terms and conditions, you consent to the policies and practices described herein.
Bank Verification Number (BVN) Operations and Watch-List
By opening an account with us:
(a) You agree that we may restrict your account and report to law enforcement agencies if we suspect
fraudulent activity.
(b) You consent to us reporting any fraudulent activities associated with your account to Nigeria Inter-Bank
Settlement Systems Plc (NIBBS) and the Central Bank of Nigeria (CBN).
Notifications
You consent to receiving text (SMS), emails, and push notifications from us. We are not liable for any losses
due to unauthorized access to these communications.
Intellectual Property
Our websites and apps, including, are protected by trademarks and copyrights. You cannot use our logos or
content without permission.
General
From time to time, we may offer additional services subject to separate terms and fees.
Severability
If any part of these terms is found invalid, the rest still apply.
Taxes
You are responsible for taxes on payments related to your AKSU Microfinance Bank Account.
Entire Agreement
These terms constitute the entire agreement between you and AKSU Microfinance Bank.
Language and Communication
All communication will be in English.
Applicable Law and Dispute Resolution
These terms are governed by Nigerian law. Any disputes will be resolved in Nigerian courts.