We implore you to read the statement below very carefully, before proceeding:
These Terms and Conditions {"Agreement"} govern the use of the services provided by RIC Microfinance Bank {"we," "our," “us” “RIC” or "the Bank"} to its customers {"you," "your"}. By accessing or using our banking services, whether in person, through our website, mobile application, or any other communication channel, you agree to comply with and be bound by these terms.
RIC Microfinance Bank is a licensed financial institution operating in Nigeria and is regulated by the Central Bank of Nigeria {CBN} and other relevant authorities. RIC services {"Service"} enables you to borrow an amount ranging from N5, 000 up to an amount you can be qualified for over a short period of time {each a “Loan”}.
Please read these Terms and Conditions carefully before using our services.
Last reviewed date: February 11, 2025
1. This is a Contract. These Terms constitute a contract. You may not use the Service if you do not accept these Terms. By using any part of the Service, you accept these Terms. If you are under eighteen (18) years of age, you may not use the Service.
2. You must accept our privacy policy. To provide you with the Service, you must authorize the provision of certain personal information to us as described in our privacy policy. Our privacy policy governing the Service is attached to and incorporated into these Terms {"Privacy Policy"}. By accepting these Terms and using the Service, you consent to and authorize the collection and use of personal information in accordance with the Privacy Policy.
3. To open an account with RIC Microfinance Bank, you must provide all required information and documents, including but not limited to:
Once your account is successfully opened, you will be issued an account number and may access a variety of banking services such as savings accounts, loans, and other financial products.
You agree to provide truthful, accurate, and up-to-date information at all times, and notify the Bank immediately if there are any changes to the information you provided {e.g., changes in address, contact details, employment status}.
You confirm that you have full authority to provide the Account Data including in particular the information relating to the person you have provided as your relationship contact. You agree to indemnify and keep us indemnified in full against all demands or claims that may be brought against us with respect to any information related to third parties provided by you to us during your use of the Service including any information related to your relationship contact. You also agree to update the Account Data to keep it current.
4. You authorize us to verify your information. You hereby authorize us to conduct information verification checks on you should we deem it necessary. You further duly authorize us to forward your Account Data and personal information to verification suppliers, information suppliers and third parties acting on behalf of Ric to verify information about you which includes but is not limited to qualification, certification, employer background screening, employment verification, employment references, criminal records, driver’s license validation, passport validation, identity verification and any other personal information required to validate, verify and confirm your information. You understand and agree that your consent declaration will remain valid indefinitely for all existing and future personal and verification requests, screening, validation and confirmation of information regarding yourself.
You authorize us to use your information to create your RIC account on RIC platform to receive our loan service.
5. You must keep your account secure. You are responsible for maintaining the confidentiality and safeguarding your Username, Access code, Passcode, PIN and Password, and under no circumstance shall the customer disclose any or all of these to any person. Furthermore, you are entirely responsible for any and all activities that occur through the use of your account or password. You agree to immediately notify us of any unauthorized use of your account or any other breach of security. An operation of your account by either yourself and/or any other individual shall be deemed to be an authorized transaction and you hereby indemnify us against and waive any claims relating to the unauthorized use of your account.
6. Our admin fee is deductible from the loan amount requested and or disbursed amount. Following the account registration process, you may be offered the opportunity to apply for loans in certain amounts. We reserve the right to decline the loan application for any reason. However, if we accept your application and grant you a loan, we will charge a fee on loan amount disbursed to you upon repayment {"Interest"}. The Interest payable will be added with the monthly principal as at the time you apply for each Loan. The loan shall be credited into your RIC while less the admin fee which shall be deductible upon disbursement.
7. You must repay by the Due Date or you can request an extension of your repayment before the due date. You must repay the Loan by the date specified when you take the Loan {"Due Date"} It is important that you repay the Loan and Interest by the Due Date. If you fail to do so, we would at our discretion extend the repayment for a period of time determined by us {"Loan Period Extension"} and charge you a fee {"Loan Period Extension Fee"} in the amount of two percent {2%} per day on the unpaid principal. For the avoidance of doubt, no addition Interest will be charged during the Period of extension. By implication, you will then have to repay the loaned amount, Interest and Extension Fee by the end of the Extension Period.
8. If you fail to repay, you will be in default. If you still have not repaid the Loan amount and fees, by the end of the Loan Extension Period, you will be reported as a defaulter. This default may be reported by us to credit reference bureaus duly licensed under the Credit Reporting Act 2017, within 28 days of your default and such report may affect your credit rating in the future. You will become responsible for the reasonable costs we or our suppliers may incur in collecting the payment in accordance with applicable law. Overdue amounts will be rounded up to the nearest whole Nigeria Naira.
9. You grant a mandate. You expressly request, instruct and authorize us to debit from any of your accounts, which has your bank verification number {"BVN"} registered and/or from a pre-designated wallet, where your aforesaid BVN account(s) lack(s) sufficient funds to repay the Loan, and in accordance with any direct debit instruction that we issue and deliver to you herein, the amount of the Loan, Interest, Extension Fee or any other applicable fees, as necessary for the payment due in respect of the Loan on the Due Date or, before or after the Rollover Period. All such debits from your account by us in accordance with this direct debit instruction issued and delivered to you by us shall be treated as though it was personally signed by you.
You understand that the withdrawals hereby authorized will be processed by electronic funds transfer, and you also understand that details of each withdrawal will be printed on your bank statement. You expressly agree to pay any bank charges relating to this mandate.
10. By opening an account with us, you consent to receiving text {SMS}, email and including our promotional newsletters or other information about the Service. 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 unauthorized access to the information sent. Even if you choose to opt out of receiving promotional messages, you may not opt out of receiving service-related messages.
11. You must respect our rights in the Service. We grant you a limited, non-transferable, personal right and license to use the Service and any associated software application through which it may be provided. You may not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the software {except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open-sourced components included within the software}.
12 RIC reserves the right to change or discontinue, temporarily or permanently, the service at any time without notice. ln order to maintain the security and integrity of the service the BANK may also suspend customer's access to the service at any time without notice. Customer agrees that the BANK will not be liable to the customer or any third party for any modification or discontinuation of the service.
RIC reserves the right to discontinue, terminate or suspend your account or access to our services if you:
Upon termination or suspension of your account, any outstanding balances on loans or fees must be paid in full, and any services provided by the Bank will be immediately discontinued.
13. Legal Service usage permission. We and our affiliated entities enforce a strict policy against money laundering, terrorism funding and conducting of business with entities/individuals situated in territories subject to trade sanction and/or are individually subject to such sanctions {"Policies"}.
In addition to other prohibitions as set forth in this terms & Conditions of agreement, you are prohibited from using any of our channels:
You furthermore agree that any amounts paid to us by you shall not be proceeds from illegal activities. Should it be proven and/or suspected by us that our channels are being used for illegal and/or illicit purposes and/or violate our Policies we reserve the right to immediately terminate the Services available to you and furthermore reserve our rights to report your conduct to the relevant legal authorities for investigation and possible prosecution.
14. The Service is provided without any warranties or guarantees. WE TRY TO KEEP OUR SERVICES AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK.
WE PROVIDE OUR SERVICES “AS IS” WITH NO WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND (INCLUDING ANY IMPLIED WARRANTY OR CONDITION OF FITNESS FOR A PARTICULAR PURPOSE, AVAILABILITY, SECURITY, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, WE MAKE NO WARRANTY THAT OUR SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL REMAIN FREE FROM ANY INTERRUPTION, BUGS, INACCURACIES, AND ERROR FREE.
YOUR USE OF OUR SERVIES ARE AT YOUR OWN RISK AND YOU SHALL BE SOLELY RESPONSIBLE FOR ANY DAMAGE THAT RESULTS IN LOSS OF DATA OR ANY OTHER KIND OF DAMAGE TO YOUR COMPUTER OR MOBILE DEVICE. IF YOU ARE DISSATISFIED WITH ANY PORTION OF OUR SERVICE, OR WITH THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SERVICE.
15. We are not liable for any damages you may incur. IN NO EVENT WILL WE OR OUR SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA, OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICE, OR FOR ANY LOAN OBTAINED THROUGH THE SERVICE, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF APPS AND GAMES AS OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
16. This Agreement shall be governed by and construed in accordance with the Laws of the Federal Republic of Nigeria. In the event of a dispute, the Parties shall use their best efforts to amicably settle all disputes arising out of or in connection with the performance or interpretation of this Agreement. Any dispute or differences arising out of the construction, validity, interpretation or implementation of this Agreement which cannot be settled amicably between the Parties within one-month {30days} after receipt by a Party of the other Party's request for such amicable settlement, may be referred to arbitration under the Arbitration and Mediation Act 2023. The place of arbitration shall be in Lagos, Nigeria and the language of arbitration award shall be English Language, and the arbitral decision shall be final and binding on the Parties and may be made on an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing RIC MFB from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect RIC MFB name, proprietary information, trade secrets, know-how, or any other intellectual property rights.
17. No alteration, variation or agreed cancellation of this agreement, and this paragraph, shall be of any effect unless directed so by us.
18. This Agreement constitutes the whole agreement between the Parties in regard to the subject matter thereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties.
19. No relaxation or indulgence which any party may show to any other party to this Agreement shall in any way prejudice or be deemed to be a waiver of its rights hereunder.
20. Each and every provision of this Agreement {excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted} shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement {excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted} is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.
21. Any substantive provision appearing in, or as a part of, any interpretative provision of this agreement shall have effect in accordance with its tenor, notwithstanding the context in which it appears.
22. We may modify these Terms. These Terms may be modified without notice at any time in the future. Changes will be posted at https//www.ricmicrofinancebank.com.ng or its successor URL. It is your responsibility to remain informed of any changes as you are bound by the latest version of the Terms.
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