These terms and conditions will serve as a basis of your banking relationship with us, Source Microfinance Bank Limited (“ Source MFB 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.
Source MFB is a full-service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”). Our registered office is at 167, Ipaja Road, Agege, Lagos
The objective of establishing a relationship with Source MFB is to receive special services on offer by Source MFB for its customers. Source MFB 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 Source MFB app or by picking up and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Source MFB app.
These terms are applicable when you choose to open an account with Source MFB and we generate 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(s). All updates will be detailed on our website, apps and across our social media platforms. You will be able to access the latest version of our terms at any given time.
You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen, meet our account opening requirements as defined above and have not yet opened an account with us. We do not knowingly engage with people who do not 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 Source MFB account. If you would like us to stop doing this, we would have to close your account.
Banking regulations require us to verify your identity before we can open an account for you. Subject to such other/additional requirements as may be prescribed by the Regulators from time to time, at the very least, there needs to be an active phone number, your profile picture, BVN, valid means of identification and such other documents as may be required/prescribed by the CBN. Upon presentation of these basic requirements, an account will be opened for you in accordance with the product features.
In line with regulations as may be prescribed from time to time, 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. In the case of a corporate entity, we will require to provide relevant incorporation documents.
English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.
If you have any questions about your relationship with Source Bank you can contact us via email using: support@mysourcebank.com
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 Source MFB 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 Source MFB by reason of such notifications.
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.
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 inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services. We advise that you use a strong password and a unique code as your transaction PIN and limit its use to your Source MFB account.
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.
You may close your account at any time, and this will be at no cost. If you would 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 Source MFB services.
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.We reserve the right to close, suspend, freeze or limit access to your account, if:
We collect certain data from you to fulfill the contract we have with you, or to enter into a contract with you. We use this data to:As a bank, we are required to comply with the international sanction laws and regulations as well as local laws and regulations applicable to issuing banks, including those issued by the CBN. Therefore, we reserve the right to close 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 Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN) and the United Kingdom's Treasury (HMT) sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT 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, Source MFB 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, Source MFB 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 Source MFB 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.
By opening this account, you consent to us processing your personal information:
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 the Source MFB product. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.
You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit(NFIU), the Nigerian Police Force(NPF), 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.
By choosing to proceed, you agree that you understand that you are opening an account with Source MFB Microfinance Bank 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.
Source Microfinance Bank is Licensed by the Central Bank of Nigeria and all deposits are insured by the Nigerian Deposit Insurance Corporation.
Source Microfinance Bank Limited - © 2024