Privacy Policy for Digital Banking Services

You’re profiling for and use of the FUTO MFB mobile app is subject to the following terms and conditions (rules).

By checking the “I agree” button-you premise that you have read, understood and agree to be bound by each of the rules set out below. Remember you must always keep to these rules, as they are a binding agreement between you and us- FUTO Microfinance Bank Nigeria Ltd (FUTO MFB).

Please contact us if you need further explanation on anything related to the use of your FUTO MFB mobile app.

You may contact us at futomfb@futomfbank.com or speak to a consultant at any FUTO MFB branch.

What we mean

-     “Account” means the   account opened in the name of the account holder which currency denomination is the Nigerian Naira.

-     “Account holder” means the person who has been profiled on the FUTO MFB mobile app and who will use the mobile app for its intended purpose.

-     “Acquirer” means the bank or financial institution that processes transactions for products or services provided by a merchant.

-     “ATM” means an automated teller machine.

-     “Card” means the Verve Naira Debit Card debit card including any additional, renewal or replacement card(s) that we issue to you once you open an account with us and after we have approved your application.

-     “VerveCard” means VerveCard Nationwide and its authorized agents.

-     “VerveCard Secure code’ means the additional four digit code given to you for added security against unauthorized use of your card when you shop with participating online merchants.

-     “Merchant” means a supplier of goods and services.

-     “PIN” means your personal identification number. You can change your PIN whenever you choose..

-     “Transaction” includes, but is not limited to, any payments or withdrawals or refunds arising on your account.      

-     “We”, “Us” or “FUTO Microfinance Bank Nig. Ltd” means FUTO MFB.

-     “You” or “Your” means the account holder.

-     “SMS” means short message service which is a text messaging service component of a phone, web or mobile communication system.

               1   Sign on the Mobile App

1.1  Only an account holder can sign on the mobile app with username and password, after obtaining an OTP sent to the persons registered phone number for confirmation of the PIN.

  2   FUTO MFB Mobile App Download

  2.1   The mobile app can be downloaded on the play store or apple store for Android and IOS devices. Once you have downloaded the app, you            can start profiling with your account number. You are to sign in with your username and password.

2.2    You should never disclose your PIN to a third party or write down or record your PIN  in a manner that it would be easily understood by a third party..

2.3   The bank will not be held liable for any failure on your part or otherwise to safe guard your transaction details

                3    Using the FUTO MFB Mobile

 3.1    The mobile app must be used for only lawful transactions within Nigeria. You may only use the mobile app profiled with your account.

 3.2     Your profiling on the mobile app remains valid not until the account is closed.

 3.3     The PIN registered during your profiling enables you to undergo mobile banking transactions and enquiries from the comfort of your environment.

 3.4.    All transactions will be effected on your monthly account statements.

                  4    Unauthorized use of FUTO MFB Mobile

  4.1    You are responsible for the safekeeping and proper use of your sign on details on the mobile app. You are strongly advised to memorize your log on details and PIN.

  4.2    Notify us immediately if you realize that your log on details and PIN have been compromised. We will disable the use of your profile details as soon as reasonably possible after being advised to do so.

  4.3    You will be responsible for all transactions made with your sign on before you notify us to stop the use of profile details as stated in Clause               4.2 above.

  4.4    We may call you from time to time to confirm certain transactions. To avoid the inconvenience of a security block being put on your account, please ensure that the contact details we have for you are up to date at all times.

                  5    Authority to charge your Account

  5.1    Any transaction you make using your sign on, will be charged to your Account. The transaction is your authority to us to render transfer services and to charge the amount concerned to your Account. You cannot withdraw this authority.

  5.2    We may verify and confirm any record of a deposit into your Account. Our records will be taken as correct unless the contrary is proved.              

                   6     Closing of your account.

    6.1     You must advise us in writing if you want to close your account.

.   6.2    We may choose, at any time, to disable your profile or to close your account to protect our interests.

                  7      Consents and conduct of the account

               7.1      Disclosure within the FUTO MFB

  7.2      You consent to us sharing information relating to your transfers, card application, card or account, with any of our affiliates or associates within the FUTO MFB Group for all purposes, including marketing.

  7.3      You agree that we may request or authorize any of our affiliates or associates within the FUTO MFB Group to perform any or all of our obligations under these rules and that any of our affiliates or associates within the FUTO MFB Group may exercise our rights under these rules. We may disclose information relating to your transfers, application, card or account to our affiliates or associates within the FUTO MFB Group for purposes of the above including card issuing, administration, dispute handling and debt collection.

                  8     Malfunction of electronic facilities

                         We are not responsible for any loss arising from any failure, malfunction or delay in any point-of-sale terminal, or mobile devices, or our                            supporting or shared networks, where applicable, resulting from circumstances beyond our reasonable control. However, this does not affect                        your rights to a chargeback for any unauthorized transaction that may occur in your account as a result of such malfunction or failure.

                  9      Addresses for notices

  9.1     The street address you supply on your account opening form will be regarded as your billing address and your chosen address where notices may be given and documents in legal proceedings may be served. You must immediately notify us in writing, sent to any of our branches or via email if your name, chosen street address or email addresses changes.

  9.2     You should send any legal notice to us at our chosen address: FUTO MFB, Federal University of Technology, P.M.B 1526, Owerri, Imo                    state.

  9.3      You acknowledge and agree that our agreement will be regarded as having been entered into in Nigeria and any breach of this agreement will be considered as having taken place in Nigeria.

  9.4       We are entitled, but not obliged, to send you any notice in terms of these rules to the email address you specified on your account opening form. Such email communication will be regarded as having been received by you unless the contrary is proved.

  9.5         Any correspondence that we send to you by post` will be considered to have arrived within 7 (seven) days of posting and any correspondence that we send to you by fax or email will be considered to have arrived on the day that it was sent and any correspondence we send to you by courier will be considered to have arrived when delivery was acknowledged at your chosen address.

   9.6        We are obliged by law to regularly update your personal particulars, such as your residential address and contact information. We may contact you from time to time in this regard.

                10      General

10.1      We do not warrant that the services that we provide outside these rules will always be available; we reserve the right to withdraw or vary these terms by giving you written notice. However the failure or omission in giving such notice will not invalidate such amendment.

10.2      You will be charged for any loss we may incur from your breach of these rules.

10.3       FUTO MFB will not be liable, if we are unable to provide any part of our services for reasons beyond our control such as power failure, government regulations, strikes etc known as “force majeure”. If we cannot produce or send your statements for reasons beyond our control, or you are unable to receive the statements, you will still be bound by these rules.

10.4      On renewal or replacement of your card, updated rules will be sent to your last chosen address. You are bound by the rules in force at the time of such renewal or replacement.

10.5      We will charge you for the replacement of your cards requested by you on notification in cases of lost or stolen cards and for re-issued cards in event of renewals.

10.6      You may not vary these rules. You cannot transfer or assign any rights you have under these rules to a third party.

10.7      These rules will be governed by and interpreted in accordance with the laws of Nigeria. The card(s) will be administered by FUTO MFB.

10.8       Any favour or concession we may give you will not affect any of our rights against you. Our non-enforcement of any clause and/or a breach of these rules or a delay in enforcing any clause and/ or breach will not prevent us from enforcing same against you at a later date.

 10.9      You must tell us immediately if you are under a bankruptcy order, become insolvent or have any other form of legal disability.

10.11     We can close your account, restrict activity, or suspend access to your account if we in any way know or suspect that your account is being used fraudulently, negligently or for illegal activities or if we must do so to comply with the law or any regulation that is binding on us ,without notice to you.

10.12     If we close or suspend access to your account for any reason, we will not be liable to you for any direct, indirect, consequential or special damages arising from any act or omission by us or any third party for whom we are responsible, whether arising in contract, or statute.

10.13     For your security, we may record phone conversations between you and us. We may do this to ensure your instructions are adhered to and to provide you with a high quality of service.