Terms and Conditions - Springfield Microfinance Bank (SMFB)

2. Account Registration

• To open an account, you must be at least 18 years old and provide accurate personal information, including:
  • Bank Verification Number (BVN)
  • National Identification Number (NIN)
  • Valid government-issued ID (National ID, Passport, Voter's Card, or Driver's License)
  • Registered phone number and email address
• Your account may be used for fund transfers, savings, bill payments, airtime purchases, loan applications, and investments.
• You are responsible for keeping your Personal Identification Number (PIN), One-Time Password (OTP), and login details confidential

3. Loans & Repayments

• Loans are provided based on eligibility criteria, creditworthiness, and income verification.
• Interest rates and applicable fees will be displayed during the loan application process
• Repayments must be made on or before the due date. Late or missed payments may attract penalties, including additional charges and reporting to credit agencies.
• In case of non-repayment, SMFB reserves the right to debit your linked bank account or card to recover outstanding amounts

4. Transactions & Transfers

• Deposits and withdrawals can be made via bank transfers, debit cards, or mobile money.
• Transaction limits will be based on CBN regulations and your account tier.
• If you provide incorrect beneficiary details, SMFB is not responsible for funds sent to the wrong account

5. Prohibited Activities

• Fraud, identity theft, or unauthorized transactions
• Money laundering, financing terrorism, or illegal activities
• Purchase or sale of prohibited goods such as drugs, weapons, or counterfeit products.
• Unlicensed gambling, pyramid schemes, or high-risk investment scams.

6. Security & Data Privacy

• SMFB ensures data protection and will not share your personal details without your consent, except as required by law.
• Your transactions may be monitored for compliance with anti-money laundering (AML) laws.
• By using SMFB’s services, you authorize us to verify your identity and credit history with relevant agencies

7. Dispute Resolution & Termination

• In case of disputes, contact SMFB Customer Service for resolution
• Unresolved disputes may be referred to arbitration or the CBN Ombudsman for Financial Services.
• SMFB reserves the right to suspend or close accounts involved in fraudulent, suspicious, or non-compliant activities.