Terms Of Use For Mobile App

Terms Of Use For Mobile App

Welcome to our Terms and Conditions of Use. These terms affect your legal rights, endeavor to read them and treat with utmost importance.

Terms and conditions

These terms and conditions ("Terms", "Agreement") are an agreement between VFD Microfinance Bank ("the Company", "us", "we" or "our") and you ("User", "you" or "your"). This Agreement sets forth the general terms and conditions of your use of the VFD Bank mobile application and any of its products or services (collectively, "Mobile Application" or "Services").


You must operate an account with the Company to be able to use the Mobile Application. The Mobile Application can be used on a mobile device running an operating system supported by us. To log onto the Mobile Application, you will need to enter your User ID and other security information that we request, or when available, by using biometric authentication. We may notify you from time to time about changes in the security information. We will automatically log you out of the Mobile Application if you have not used it for 15 minutes.
If you create an account in the Mobile Application, you are responsible for maintaining the security of your account and you are fully responsible for all activities that occur under the account and any other actions taken in connection with it. Providing false contact information of any kind may result in the termination of your account. You must immediately notify us of any unauthorized uses of your account or any other breaches of security. We will not be liable for any acts or omissions by you, including any damages of any kind incurred as a result of such acts or omissions.

Qualification For Use

Accounts are available only to people aged18 or over. You must be over the age of 18 to operate an account with the Company and use the Mobile Application. Individuals under the age of 18, may utilize the service only with the involvement of a parent or legal guardian, under such person's account and otherwise subject to these Terms. The User must have the contractual capacity to enter a binding contract with us and are not barred from doing so under any applicable laws. You also warrant that any registration information that you submit to the Company is true, accurate and complete, and you always agree to keep it that way and the Company will not be held liable for any loss or damage that may arise in this respect.


Here’s some information about all the ways you can enjoy the Mobile Application:
• View your account balances.
• Transfer money between your VFD Microfinance Bank account to other third-party accounts held with VFD Microfinance Bank and other local Banks.
• Make bill payments e.g. airtime purchase, DSTV subscription.
• Make instant loan requests.
• Open an account with VFD Microfinance Bank.
• View mini account statement
• Carry out any other additional service that we may provide in any future update of the Mobile Application.


We are not responsible for data residing in the Mobile Application. In no event shall we be held liable for any loss of any data. It is your sole responsibility to maintain appropriate backup of your data. Notwithstanding the foregoing, on some occasions and in certain circumstances, with absolutely no obligation, we may be able to restore some or all of your data that has been deleted as of a certain date and time when we may have backed up data for our own purposes. We make no guarantee that the data you need will be available.


using the Mobile Application, you consent to receiving electronic communication from the Company relating to your account. We will communicate with you by e-mail, or by posting notices on the Mobile Application or through other methods. For contractual purposes, you consent to receive communications from us electronically and you agree that all agreements, notices, disclosures and other communications that we provide you electronically satisfy any legal requirement that such communication be in writing. You also consent to receiving certain other communication from us, such as newsletters, special offers, questionnaires, customer surveys or other announcements via email or other methods. You may opt out of receiving non-transactional communications, including marketing communications from us by following the directions in our e-mail to “unsubscribe” from our mailing list, or by sending an e-mail request to info@vfd-mfb.com Please be aware that if you choose not to receive such communication, certain offers attached to services you have chosen may be affected. We will still communicate with you in connection with transactional communications, including but not limited to servicing your account and customer services.

Suspension Of The Mobile Application

The Company can, at any time, suspend your use of the Mobile Application in any of the following situations; • We have concerns about the security of the Mobile Application; • We suspect that your Mobile Application been used fraudulently or in an unauthorized way; • there is a significantly increased risk that you will be unable to repay any overdraft on any of your accounts; • There are legal or regulatory obligations we have to meet. We will usually give you advance notice of any suspension and tell you why. However, we will not do so if this would compromise our reasonable security measures or it is unlawful to do this. Occasionally we may not be able to contact you to give you advance notice. If you have entered incorrect log on details on the Mobile Application on several occasions, we will suspend your access to the Mobile Application. If this happens, you can reset your log on details within the Mobile Application you can identify yourself and answer our security questions. Otherwise, you will need to call us on info@vfd-mfb.com.

Links to other mobile applications

Although this Mobile Application may be linked to other mobile applications, we are not, directly or indirectly, implying any approval, association, sponsorship, endorsement, or affiliation with any linked mobile application, unless specifically stated herein. We are not responsible for examining or evaluating, and we do not warrant the offerings of, any businesses or individuals or the content of their mobile applications. We do not assume any responsibility or liability for the actions, products, services, and content of any other third-parties. You should carefully review the legal statements and other conditions of use of any mobile application which you access through a link from this Mobile Application. Your linking to any other off-site mobile applications is at your own risk.

Prohibited uses

In addition to other terms as set forth in the Agreement, you are prohibited from using the Mobile Application or its Content:
(a) For any unlawful purpose;
(b) To solicit others to perform or participate in any unlawful acts;
(c) To violate any international, federal, provincial or state regulations, rules, laws, or local ordinances;
(d) To infringe upon or violate our intellectual property rights or the intellectual property rights of others;
(e) To harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability;
(f) To submit false or misleading information;
(g)To upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related mobile application, other mobile applications, or the Internet;
(h) To collect or track the personal information of others;
(i) To spam, phish, pharm, pretext, spider, crawl, or scrape;
(j) For any obscene or immoral purpose; or
(k) To interfere with or circumvent the security features of the Service or any related mobile application, other mobile applications, or the Internet. We reserve the right to terminate your use of the Service or any related mobile application for violating any of the prohibited uses.

Intellectual property rights

This Agreement does not transfer to you any intellectual property owned by the Company or third-parties, and all rights, titles, and interests in and to such property will remain (as between the parties) solely with the Company. All trademarks, service marks, graphics and logos used in connection with our Mobile Application or Services, are trademarks or registered trademarks of the Company. Other trademarks, service marks, graphics and logos used in connection with our Mobile Application or Services may be the trademarks of other third-parties. Your use of our Mobile Application and Services grants you no right or license to reproduce or otherwise use the Company or third-party trademarks.

Copyright Infringement

All rights reserved. No part of the Mobile Application may be Copied, reproduced, ripped, recorded, re-engineered, decompiled, disassembled, modified reproduced, distributed, or transmitted in any form or by any means either electronic or mechanical methods, without the prior written permission of the Company.

Technology Limitations And Modifications

The Company will make reasonable efforts to keep the Mobile Application operational. However, certain technical difficulties or maintenance may, from time to time, result in temporary interruptions. The Company reserves the right, periodically and at any time, to modify or discontinue, temporarily or permanently, functions and features of the Mobile Application, with or without notice, all without liability to you for any interruption, modification, or discontinuation of the Mobile Application Service or any function or feature thereof. You understand and agree that we have no obligation to maintain, support, upgrade, or update the Service, or to provide all or any specific content through the Service.

Limitation of liability

To the fullest extent permitted by applicable law, in no event will the Company, its affiliates, officers, directors, employees, agents, suppliers or licensors be liable to any person for (a): any indirect, incidental, special, punitive, cover or consequential damages (including, without limitation, damages for lost profits, revenue, sales, goodwill, use or content, impact on business, business interruption, loss of anticipated savings, loss of business opportunity) however caused, under any theory of liability, including, without limitation, contract, tort, warranty, breach of statutory duty, negligence or otherwise, even if the Company has been advised as to the possibility of such damages or could have foreseen such damages.

Disclaimer Warranty

The Mobile Application is provided on an “as is” and “as available” basis without warranties of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement. No warranty is provided that the Mobile Application will be free from defects or viruses or that operation of the Mobile Application will be uninterrupted. Your use of the Mobile Application and any other material or services downloaded or made available to you through the software is at your own discretion and risk, and you are solely responsible for any damage resulting from their use.


You shall not:
(i) modify, revise or create any derivative works of the Mobile Application;
(ii)Decompile, reverse engineer or otherwise attempt to derive the source code for the Mobile Application;
(iii)Redistribute, sell, rent, lease, sublicense, or otherwise transfer rights to the Mobile Application; or
(iv)Remove or alter any proprietary notices, legends, symbols or labels in the Mobile Application, including, but not limited to, any trademark, logo or copyright.


You agree to indemnify and hold the Company and its affiliates, directors, officers, employees, and agents harmless from and against any liabilities, losses, damages or costs, including reasonable attorneys' fees, incurred in connection with or arising from any third-party allegations, claims, actions, disputes, or demands asserted against any of them as a result of or relating to your Content, your use of the Mobile Application or Services or any willful misconduct on your part.


All rights and restrictions contained in this Agreement may be exercised and shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and all such remaining provisions or portions thereof shall remain in full force and effect.

Dispute resolution

The validity, construction and performance of this Agreement shall be governed by the laws of the Federal Republic of Nigeria.
Parties shall use their best endeavors to amicably settle any dispute or difference of opinion arising from or in connection with this Agreement through mutual discussions.
Where the Parties are unable to resolve the dispute through mutual discussions, the dispute or difference of opinion shall be referred to mediation conducted by their legal representatives or financial auditors, where financial matters are involved. Failing which the dispute shall finally be referred to arbitration in accordance with the Arbitration and Conciliation Act Cap. A18, Laws of the Federation of Nigeria 2004, or any amendment thereto.
The place of arbitration shall be Lagos State, Nigeria and there shall be a sole arbitrator who shall be appointed jointly by the parties. Where the parties fail to jointly agree on the appointment, they shall approach the Lagos Multi-Door Court House to appoint a sole arbitrator who shall be competent to adjudicate on the issue in dispute.
The language to be used in the arbitral proceedings shall be English. The arbitral award shall be final and binding between the Parties. The reference of any dispute to arbitration shall not prevent the Parties from seeking any form of protective reliefs/injunctions/specific performance from a court of law via motion or other originating processes for the protection of any res pending the constitution of the Arbitral Panel and/or final award.

Changes and amendments

We reserve the right to modify this Agreement or its policies relating to the Mobile Application or Services at any time, effective upon posting of an updated version of this Agreement in the Mobile Application. When we do, we will send you an email to notify you. Continued use of the Mobile Application after any such changes shall constitute your consent to such changes.

Acceptance of these terms

You acknowledge that you have read this Agreement and agree to all its terms and conditions. By using the Mobile Application or its Services you agree to be bound by this Agreement. If you do not agree to abide by the terms of this Agreement, you are not authorized to use or access the Mobile Application and its Services.

Contacting us

If you have any questions about this Agreement, please contact us. This document was last updated on February 8, 2019