Introduction

Please read these Terms and Conditions (“Terms”) which set forth the legally binding terms and conditions between you and Bankly by 5554 Microfinance Bank Limited (“Bankly” or the “Company”)

It governs your access to use the Bankly website (the “site”) and all services (the “service”) offered by Bankly.

Background

These‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌will‌ ‌serve‌ ‌as‌ ‌a‌ ‌basis‌ ‌of‌ ‌your‌ ‌banking‌ ‌relationship‌ ‌with‌ ‌us,‌ ‌Bankly‌ ‌Microfinance‌ ‌Bank‌ ‌Limited‌ ‌(“Bankly‌ ‌or‌ ‌Bank”‌ ‌).‌ ‌By‌ ‌choosing‌ ‌to‌ ‌open‌ ‌an‌ ‌account‌ ‌with‌ ‌us,‌ ‌you‌ ‌agree‌ ‌to‌ ‌the‌ ‌terms‌ ‌and‌ ‌conditions‌ ‌contained‌ ‌herein.‌ ‌You‌ ‌also‌ ‌confirm‌ ‌that‌ ‌you‌ ‌have‌ ‌provided‌ ‌us‌ ‌with‌ ‌the‌ ‌accurate‌ ‌and‌ ‌complete‌ ‌information‌ ‌required‌ ‌to‌ ‌create‌ ‌your‌ ‌account‌ ‌and‌ ‌that‌ ‌you‌ ‌have‌ ‌supplied‌ ‌all‌ ‌documentation,‌ ‌photographs‌ ‌and‌ ‌information‌ ‌that‌ ‌allow‌ ‌us‌ ‌to‌ ‌comply‌ ‌with‌ ‌our‌ ‌regulatory‌ ‌obligations.‌

If‌ ‌you‌ ‌do‌ ‌not‌ ‌agree‌ ‌to‌ ‌these‌ ‌terms‌ ‌and‌ ‌conditions,‌ ‌please‌ ‌do‌ ‌not‌ ‌proceed‌ ‌and‌ ‌exit‌ ‌the‌ ‌application‌ ‌immediately.‌ ‌

Also,‌ ‌please‌ ‌be‌ ‌informed‌ ‌that‌ ‌we‌ ‌can‌ ‌terminate‌ ‌your‌ ‌relationship‌ ‌with‌ ‌us‌ ‌if‌ ‌we‌ ‌believe‌ ‌that‌ ‌you‌ ‌have‌ ‌violated‌ ‌any‌ ‌of‌ ‌these‌ ‌terms.

About Us

Bankly by 5554 Technologies Limited is a subsidiary of 5554 Technologies Limited, and a fully registered Limited liability company duly licensed by the Central Bank of Nigeria (“CBN”) with our registered office at 11b Oko-Awo Street, Victoria Island, Lagos.

Our Vision is to grow with our customers’ needs while providing the adequate digital infrastructure to address financial needs.

The Objective Of Our Relationship With You

The objective of establishing a relationship with Bankly is to receive special services on offer by Bankly for its customers. Bankly will manage a bank account for the customer, as well as provide additional services like the banking, savings and granting of credit facilities.

You can operate and manage your account via our Bankly app and the prerequisite for opening an account is a smartphone, with an active phone numnber, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Bankly app.

Users Representations and Warranties

Representations and warranties are statements and promises made by Bankly which we rely on as being accurate in our dealings with you. You make the following representations and warranties to us at the time of agreeing to these Terms and every time you use Bankly’s services:

• You are over the age of 18 years;

• You are of sound mind and have the capacity to initiate and commence a transaction on the site;

• All personal information that you provide about yourself is accurate and true to the best of your knowledge.

• You have carefully considered the risks involved with using the website, and its services;

• If you are registered or accepting these terms on behalf of a legal entity such as a company, trust or partnership, you are legally authorized to do so and we may request evidence of such legal entitlements (by way of a copy of any document which shows the valid and subsisting authorization);

• You are not breaching any laws or regulations that are applicable to you or any company, trust, or partnership upon whose instructions you are acting

Acceptance of Terms

The Service is offered subject to acceptance of all the terms and conditions contained in these Terms and all other operating rules, policies, and procedures that may be published on the site by Bankly, which are incorporated by reference, including operating rules, policies and procedures of third-party service providers to the site that are referenced herein.

These terms apply to every user of the service. In addition, some services offered through the site may be subject to additional terms and conditions adopted by Bankly. Your use of those services is subject to those additional terms and conditions, which are incorporated into these Terms by reference.

When are these terms applicable?

These terms are applicable when you choose to open an account with Bankly and Bankly generates an account number for you

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.

What is the scope of the relationship between Bankly & the customer?

Opening an Account

You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.

When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your Bankly account. If you would like us to stop doing this, we would have to close your account.

Verifying your identity

Banking regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture and BVN supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

Account Type

Required Documentation

Basic

Name, Verifiable Phone Number, Bank Verification Number (BVN)

Complete/Full

KYC

Name, Phone Number, Bank Verification Number (BVN), Valid ID (National ID Card, Voters Card, Drivers Licence, and National Passport)

In line with regulations, we perform due diligence on all accounts so it is your responsibility to keep your mailing address, email address, physical address and other contact information up-to-date in your profile.

Language and communication

English will be the primary language of our communication to you.

If you have any questions about your relationship with Bankly, you can contact us via email using the details below: Email: hello@bankly.ng

Notifications

By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage as a result of unauthorised access to the information sent.

In addition, by opening this account, you agree to opt out of mandatory SMS alerts directed by the CBN in favor of push notifications. You agree to indemnify Bankly against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against Bankly by reason of such notifications.

Bank Account

With the Bankly account, You will be able to pay bills, make instant transfers, manage your Bankly card. These activities are subject to the following limits:

KYC TIER

REQUIREMENT

LIMIT

Tier 1

• Passport photograph

• Name

• Date of Birth

• Gender

• Address

• Phone number

Cumulative Balance Limit:

NGN 300,000.00

Maximum daily transaction

NGN 50,000.00

Tier 2

• Passport photograph

• Name

• Date of Birth

• Gender

• Address

• Phone number

• Valid BVN

• Government issued ID

Cumulative Balance Limit:

NGN 500,000.00

Maximum daily transaction

NGN 200,000.00

Tier 3

• Passport photograph

• Name

• Date of Birth

• Gender

• Address

• Phone number

• Valid BVN

• Government issued ID

• A proof of address (Utility Bill)

Cumulative Balance Limit:

Unlimited

Maximum daily transaction

NGN 1,000,000.00

For the avoidance of doubt, please note that some transaction limits may be further reduced from the approved CBN limits, this may be done based on channels or particular types of transactions as part of our risk control process.

Bankly Card

We issue the Bankly Visa Card, pursuant to a license from Visa International. When we issue you a card, it must be used for only lawful transactions within Nigeria. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto-renewed upon expiration, unless your account is closed or the card is revoked.

The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms.

When you use your card for transactions on other channels which are not owned and controlled by the Bank, the rules of use of that channel apply in addition to these rules.

Bankly Loan

We offer loans to customers who have good credit scores and meet all loan requirements as provided in our credit and underwriting policy. We normally do not prioritize collaterals nor guarantors. However, where there is a need to offer specific types of credit, loan applications may be subjected to Collateral registration with the National Collateral Registry (NCR) and/or Guarantors.

When things go wrong

To protect your money, we need you to keep your card, phone and PIN safe at all times. If you lose your card or spot any suspicious transactions on your account, please freeze your card and inform us as soon as possible.

Maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services is your sole responsibility, and we advise the use of strong passwords and a unique code as your transaction PIN and limit its use to your Bankly account only.

Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply with our security direction.

Indemnity

You agree to indemnify and hold harmless the company, its affiliates and subsidiaries, its officers, directors, employees, and agents, against all liabilities, costs, expenses, damages and losses (including any direct, indirect penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of:

• Your fraudulent or illegal use of the services or the site:

• Your negligence or any default by you of any of these terms:

• Any inaccurate or incomplete information that you have knowingly provided to us.

• You’re allowing any other person to access to access your account either with your permission or as a result of your failure to keep your username and password private.

• Any service that you have offered, whether with or without our permission to another third party using the company’s services or sites.

• Any Claim made against you for actual or alleged infringement of the company’s intellectual property rights or any actual or alleged infringement of a third party’s intellectual property rights rising out of or in connection with the services or your use of the site.

Limitation of Liability

In no event shall Bankly, it’s directors, employees, partners, agents, suppliers, or affiliates, be liable for any indirect, incidental, special, consequential or punitive damages, including without limitation, loss of profit, data, use, goodwill, or other intangible losses, resulting from your use of the site or the services or your inability to use the site or the services.

Disclaimer

Your use of the services is at the sole risk. The Service is provided on an “AS IS” and “AS AVAILABLE” basis. The service is provided without warranties of any kind, whether express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, non-infringement, or course of performance.

Bankly, its subsidiaries, affiliates, and its licensors do not warrant that.

• Services will function uninterrupted, secure or available at any particular time or location.

• Any errors or defects will be corrected.

• The service is free of viruses or other harmful components or

• The result of using the service will meet your requirements.

Closing an account

You can close your account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access any Bankly services.

We reserve the right to close, suspend, freeze or limit access to your account, if:

• The information we obtain from you does not comply with regulatory requirements;

• You do not meet, or are in breach of, the terms and conditions contained herein;

• You create risk or possible legal exposure to us;

• We are required to do so by law; or

• There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Bankly account.

Please note that the list above is not exhaustive.

As a bank, we are required to comply with the international sanction laws and regulations, as well as all local laws and regulations applicable to issuing banks, including those issued by the Central Bank of Nigeria (CBN).

Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any sanctions or there is involvement by any person (natural, corporate or governmental) listed in any international or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.

In addition, Bankly is required to comply with all extant laws in Nigeria, including the rules, regulations, guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time. In compliance with the applicable laws, Bankly does not deal in crypto currencies and does not facilitate payments for crypto currency transactions and other related transactions. You, therefore, confirm that you will not use your Bankly account to deal in, trade, transact or receive any payments relating to virtual currencies.

You further confirm that your account shall be used solely for legal purposes and shall not be used for illegal or criminal activities, including but not limited to obtaining funds under false pretences or any other fraudulent activity in contravention of extant laws in Nigeria.

Data Protection

By opening this account, you consent to us processing your personal information:

• to provide products and services to you in terms of this agreement and any other products and services for which you may apply;

• to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);

• in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policies.

Marketing and Promotion

We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about Bankly products.

Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry

• You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, e.t.c., if a fraudulent activity is associated with the operation of your account.

• You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your account.

Declaration

By choosing to proceed, you agree that you understand that you are opening an account with Bankly and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.

Finally, you agree to indemnify the bank for any loss suffered as a result of any false information or error in the information you have supplied us.