Terms of Service
These Terms of Service constitute a legally binding agreement between you and BainesCredit Microfinance Bank Limited governing your accounts, credit facilities, electronic fund transfers, and digital banking platforms.
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Never Disclose Your PIN or OTP
BainesCredit staff will NEVER phone, email, or message you requesting your Password, Transaction PIN, or One-Time Password (OTP).
Key Banking Mandates
- Charges comply with the CBN Guide to Bank Charges
- Loan defaults subject to Global Standing Instruction (GSI)
- Mandatory BVN & NIN verification
- 30-day billing statement dispute window
The Banking Agreement & Acceptance
Welcome to BainesCredit Microfinance Bank Limited (hereinafter referred to as "BainesCredit", "Baines", "the Bank", "we", "us", or "our").
These Terms of Service ("Terms") govern your access to and use of all banking accounts, loan facilities, fixed and target deposits, debit cards, digital banking applications, USSD services, and electronic payment solutions provided by BainesCredit.
Binding Legal Effect:
By applying for an account, submitting KYC documentation, executing a loan offer letter, accessing our digital portals, or transacting via any BainesCredit channel, you acknowledge that you have read, understood, and irrevocably agree to be bound by these Terms and our companion Privacy Policy.
Eligibility & Account Opening (KYC)
To establish an account or apply for financial products with BainesCredit, you must satisfy all Central Bank of Nigeria (CBN) regulations and anti-money laundering requirements:
A. Individual & Retail Accounts
- • You must be at least 18 years of age and possess full legal capacity under Nigerian law.
- • You must furnish a valid Bank Verification Number (BVN) and National Identification Number (NIN).
- • You must provide verifiable proof of residential address (utility bill issued within the last 3 months).
- • Account tiers (Tier 1, Tier 2, and Tier 3) are governed strictly by CBN Know Your Customer (KYC) balance and transaction limits.
B. Business & Corporate Accounts
- • Certified true copies of Corporate Affairs Commission (CAC) registration documents.
- • Tax Identification Number (TIN) and Special Control Unit against Money Laundering (SCUML) certificate where statutory.
- • Formal Board Resolution authorizing the account opening and designating authorized signatories.
- • Verified BVNs, NINs, and valid photo identification for all directors, signatories, and Ultimate Beneficial Owners (UBOs).
The Bank reserves the right, in its sole discretion and in accordance with regulatory prudential standards, to decline any application or require enhanced due diligence prior to account activation.
Account Operations & NDIC Protection
All deposits, withdrawals, and balances maintained with BainesCredit Microfinance Bank are subject to standard banking prudential safeguards:
Eligible customer deposits held with BainesCredit are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the statutory limit prescribed for licensed microfinance banks.
Interest on savings and target investment accounts accrues daily and is credited monthly or upon agreed maturity dates, subject to statutory withholding tax regulations.
Account statements are generated electronically and delivered via registered email or accessible via the digital banking portal. Paper statements can be issued at branch offices.
The Bank reserves the legal right to combine or consolidate accounts held by the same customer to offset unpaid charges or delinquent loan obligations.
Customer Security Obligations & Anti-Phishing
You are exclusively responsible for safeguarding your login credentials, password, Debit Card PIN, USSD PIN, and One-Time Passwords (OTP). Under no circumstances will BainesCredit or any of its representatives request your PIN, password, or full card details.
- Immediate Loss Reporting: You must immediately notify the Bank if your phone, debit card, or banking credentials are lost, stolen, or compromised.
- Liability Prior to Notification: The Bank is not liable for transactions executed using your correct security credentials prior to your verified notification of compromise.
- Device Integrity: You agree not to access BainesCredit digital applications from "jailbroken" or "rooted" mobile devices where OS security controls have been modified.
Electronic Banking, Transfers & Transaction Limits
All interbank fund transfers initiated through our web or mobile platforms are processed via the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) infrastructure:
- 1. Finality of Electronic Instructions: Once you authenticate a transfer using your PIN or OTP, your instruction is irrevocable and immediately processed through the payment switch.
- 2. Transaction Limits: Transfers are subject to cumulative daily and per-transaction limits established according to your KYC tier and CBN electronic banking circulars.
- 3. Interbank Settlement Delays: While NIP transfers are normally instant, the Bank cannot be held liable for transfer reversals or delays resulting from downtime on the national switch or the receiving bank's network.
- 4. Recall & Erroneous Credits: In the event you receive funds in error, you are legally obligated to notify the Bank immediately. Unauthorized withdrawal of funds erroneously credited is a criminal offense under Nigerian law.
Credit Facilities, Loans & Lending Terms
BainesCredit offers consumer loans, salary advances, SME working capital facilities, and asset finance. All credit extensions are governed by these Terms and your individual Offer Letter / Key Facts Statement (KFS):
Global Standing Instruction (GSI) Mandate
Statutory CBN GSI Authorization:
In compliance with the Central Bank of Nigeria (CBN) Regulatory Guidelines for the Global Standing Instruction (GSI), you explicitly authorize BainesCredit Microfinance Bank Limited to execute a direct debit against any and all bank accounts, wallets, or investment balances linked to your Bank Verification Number (BVN) in ANY financial institution in Nigeria to recover overdue loan principal, accrued interest, and penalty charges upon default.
The GSI mandate constitutes an irrevocable standing order granted by the borrower at the time of credit facility application and remains active until full loan liquidation.
Bank Fees, Tariffs & Statutory Levies
BainesCredit applies tariffs and charges strictly in accordance with the Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions issued by the Central Bank of Nigeria:
- • Electronic Transfer Fees: Graduated transfer charges as defined by the CBN tariff schedule.
- • Card Issuance & Maintenance: Standard card replacement and debit card maintenance fees.
- • Statutory Levies: Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), and stamp duties mandated by the Federal Government of Nigeria.
- • SMS / Transaction Alerts: Standard cost-recovery alert charges.
The Bank maintains absolute fee transparency. Any revisions to tariff schedules are communicated in advance via email and website publications.
Anti-Money Laundering & Post-No-Debit (PND)
BainesCredit operates a zero-tolerance policy regarding financial crimes, money laundering, and illicit activities under the Money Laundering (Prevention and Prohibition) Act 2022 and terrorism financing legislation:
Prohibited Actions:
- • Operating an account on behalf of undisclosed third parties ("money muling").
- • Funneling proceeds derived from internet fraud, extortion, illegal foreign exchange trading, or unregulated gambling.
- • Falsifying KYC identity records or tax identification documentation.
The Bank holds the unconditional right to apply an immediate Post-No-Debit (PND) restriction, freeze funds, terminate service, and file a Suspicious Transaction Report (STR) with the Nigerian Financial Intelligence Unit (NFIU) without prior notice where reasonable suspicion exists.
Inactive & Dormant Accounts
In adherence to the Central Bank of Nigeria Guidelines on the Management of Dormant Accounts:
- • Accounts without customer-induced debit or credit transactions for six (6) continuous months are classified as Inactive.
- • Accounts inactive for twelve (12) consecutive months are classified as Dormant to prevent unauthorized access.
- • Reactivation requires the customer to undergo fresh KYC re-validation at a branch office or via our secure reactivation portal.
Statements & Transaction Dispute Escalation
You are obligated to inspect your electronic bank statements regularly. If you identify an erroneous debit, disputed charge, or unauthorized transaction:
30-Day Query Window:
You must lodge a formal written dispute with BainesCredit within thirty (30) calendar days of the statement date. If no objection is received within this window, the statement shall be deemed correct and accepted by you.
Disputes may be submitted via email to info@bainescredit.com. We resolve standard electronic transfer queries within regulatory turnaround timelines (usually 72 hours for NIP dispenses).
Limitation of Liability & Force Majeure
To the maximum extent permitted under Nigerian law, BainesCredit shall not be liable for any indirect, incidental, punitive, or consequential loss arising from:
- • Telecommunication network failures, internet outages, or power blackouts outside the Bank's control.
- • Downtime on central payment infrastructure, including NIBSS, payment switches, or third-party partner banks.
- • Acts of God, riots, civil commotions, industrial strikes, or government emergency enactments.
- • Losses resulting from customer negligence in safeguarding PINs, passwords, or authentication devices.
Account Suspension & Closure
Voluntary Closure by Customer: You may close your account at any time by giving written notice to the Bank, provided all outstanding loan obligations, interest, and charges have been paid in full.
Termination by the Bank: The Bank may close or suspend your account with reasonable notice, or immediately if:
- You breach any provision of these Terms of Service.
- Mandated by a court order, CBN directive, or law enforcement warrant.
- Your KYC information is found to be false, fraudulent, or unverifiable.
Governing Law & Dispute Resolution
These Terms are governed by and construed in accordance with the Laws of the Federal Republic of Nigeria and Central Bank of Nigeria regulations.
Amicable Escalation & Redress:
In the event of any disagreement or dispute, both parties shall first attempt to resolve the issue amicably through good-faith discussions within thirty (30) days. Failing amicable resolution, disputes may be referred to the Consumer Protection Department of the Central Bank of Nigeria or submitted to the exclusive jurisdiction of the competent courts in Lagos State, Nigeria.
Customer Care & Official Redress
For inquiries, service requests, or legal notices related to these Terms, please contact our Customer Care or Compliance departments:
BainesCredit Microfinance Bank Limited
161c, Raufu Taylor Close, Off Idejo Street,
Victoria Island, Lagos State, Nigeria.