SwiftTrust Microfinance Bank

Overview

These Terms & Conditions form the basis of your banking relationship with SwiftTrust Microfinance Bank Ltd (STMFB). They apply to all accounts and to every transaction you carry out with us—at a branch, on our mobile app, via USSD, or through any other channel we provide. By opening or using an account, you agree to be bound by these Terms.

We may update these Terms from time to time to reflect changes in law, regulation, or our services. The latest version will always be available on our website and mobile application.

Key Definitions

Below are simplified definitions used in these Terms (they have the same meaning whether capitalised or not):

Access Code

Any secret code or credential you use to access our services (e.g., PIN, password, OTP, token, username, CVV/CVC).

Account / Account Holder

“Account” means any current, savings or other account variant held with us. “Account Holder” (or “Customer”) means anyone who has opened or uses a SwiftTrust account or service.

ATM & ATM Card

“ATM” is an automated teller machine. “ATM Card” is a debit or credit card we issue that can be used at ATMs, POS terminals, or online where allowed.

Business Day

A day when banks in Lagos, Nigeria, are open for business (excluding Saturdays, Sundays and public holidays).

CBN

The Central Bank of Nigeria established under the CBN Act 2007.

Security Details

Your PINs, passwords, Access Codes, or other sign‑in credentials for your Account or user profile.

Services

Our electronic and branch banking services including ATM/POS, internet and mobile banking, USSD, secure messaging, bill payments, credit facilities and any other digital or branch services allowed by law and regulation.

KYC

“Know Your Customer” checks we must complete to verify your identity. Depending on account tier, this may include: name, valid ID details, address proof, BVN, NIN, phone number, business registration documents (for businesses), etc.

General Terms

You confirm that you are at least 18 years old or are using our Services under the supervision of a parent/guardian.
We may decline to open an account or restrict/close one where information provided is false, incomplete, misleading, or where required by law or regulation.
We may apply restrictions on your Account and make necessary disclosures to regulators, tax authorities and law enforcement where required.
We are not liable for loss of funds caused by events beyond our control (e.g., new laws, levies, embargoes, moratoria, exchange controls, or similar).
If you disagree with any part of these Terms, please do not use our Services.

Your Responsibilities

Keep your contact details up‑to‑date and promptly notify us of any changes.
Maintain any minimum balance or other conditions applicable to your Account; we may close Accounts that are operated illegally or contrary to these Terms.
Only conduct transactions with adequate funds; you are responsible for instructions you issue.
You are responsible for all endorsements appearing on instruments deposited into your Account.
You are personally liable for overdrafts and any associated interest, commissions, or charges.
Where a facility becomes delinquent, you authorise us to report to the CBN via the Credit Risk Management System (CRMS) and acknowledge the CBN’s power to direct set‑off from funds or assets you hold across financial institutions.
Safeguard your Access Codes at all times. You are responsible for transactions completed using them.
We may adjust interest, fees, and other conditions by notice (website/app/branch). Changes take effect from the date of notice.
We may perform due diligence checks with credit bureaux/CRMS and debit your Account for the cost of such checks.

Verifying Your Identity (KYC)

Nigerian banking regulations require that we verify your identity before opening an Account. At a minimum, we’ll need an active mobile number, BVN and (where applicable) a profile photo and other supporting documents. Where permissible, you consent to us validating your details against relevant databases (e.g., NIN).

Please keep your address, email and other contact information current to avoid service disruptions.

Account Types & Joint Accounts

Depending on your chosen tier, you can fund via transfers, buy airtime, pay bills, make instant transfers, manage cards, and access savings/credit features where eligible.

For joint accounts, we will obtain KYC from all parties. Unless the mandate states otherwise, each joint holder may operate the account, and all joint holders are jointly and severally responsible for any money owed.

Notifications

By opening an Account you consent to receive SMS, email and push notifications from SwiftTrust. These are for your use alone. We are not responsible for losses caused by someone else accessing your notifications.

If you opt out of CBN‑mandated SMS alerts in favour of push notifications, you agree to indemnify SwiftTrust from claims arising from that choice.

Electronic Banking

Using our e‑banking channels (app, USSD, internet, ATM/POS and secure messaging), you can view balances, transfer funds, pay bills, place stop‑payments, and more. We will endeavour to act on valid instructions promptly, but some events are outside our control (e.g., force majeure, network issues, system failures).

Your Access Codes

Never disclose your PIN/password/OTP or write them down.
You are responsible for instructions issued via your Access Codes.
Notify us immediately if you suspect compromise so we can help you reset them.

Cards

Keep your card secure. Do not share your PIN, CVV or CVC.
Cards are for lawful transactions in Nigeria and remain the property of SwiftTrust.
We may renew, revoke or request the return of a card at our discretion.
Cash withdrawals are limited to limits we publish from time to time.
Transactions performed with your card/credentials are treated as authorised by you, including on joint accounts.
Report loss/theft promptly; you remain liable for unauthorised use up to two (2) Business Days after we receive your written report.
Fees/commissions may apply and will be debited from your Account.

Alerts & Statements

Keep your device secure. Alerts are informational and presumed authorised.
We aren’t liable for delayed/missed alerts arising from mobile network issues, maintenance or factors beyond our control.
We may charge for alerts/statements; fees will be debited from your Account.
Generate statements via the app; paper or durable‑medium statements are available on request (a fee may apply).
Review your statement and report discrepancies promptly (no later than 12 months from the disputed transaction).

Overdrafts & Other Loans

Borrowing terms (interest, fees, security) will be communicated in writing. Unless we agree otherwise, overdrafts are repayable on demand. We may cancel standing orders/direct debits if your Account is overdrawn. You are responsible for our reasonable costs related to your borrowing.

Web Transactions Indemnity

If you ask us to enable your card for websites that do not require second‑level authentication (e.g., PIN/OTP), you agree to bear the risks (card detail exposure, cloning, unauthorised use) and indemnify SwiftTrust for losses arising from such transactions. We may debit your Account for amounts paid under this indemnity.

Email Instructions Indemnity

If you instruct us to act on email instructions, you acknowledge the practical limits of verifying authenticity of every email. You agree that instructions appearing to come from you may be treated as your mandate, and you release and indemnify SwiftTrust from claims arising from acting on such instructions (including where later found to contain forgeries or alterations). We may decline to act on any email instruction at our discretion.

Referral Program

From time to time, SwiftTrust may run referral programs where customers can earn cash rewards when Invitees sign up or when Referees complete specified actions. Full details—including the program period, qualifying events, maximum referrals and reward timing—will be shown in‑app or communicated by email.

You must comply with the program terms and your account must remain active (not restricted/suspended/closed) to receive rewards.
We may reverse rewards if you breach program terms or abuse the program, and may close your account in cases of fraud.
Rewards may be taxable; you are responsible for any taxes due.
Personal data processed during the program will align with our Privacy Policy.

User Account & Security

To use our digital channels, create a user profile with your contact details and login credentials. Keep your password safe and do not allow others to use your profile. You are responsible for all activities under your User Account.

We may suspend or terminate access at our discretion where we suspect inaccurate information, misuse or breach of these Terms.
Unique identifiers we allocate remain our property and may be reclaimed upon deactivation.
Report suspected unauthorised access immediately at frauddesk@swifttrustmfb.com.
We may suspend, withdraw or restrict services for operational reasons. We’ll try to give reasonable notice.

Closing Your Account

You may close your Account at any time at no charge by giving us 30 days’ notice and settling all outstanding sums.
Your right to close is subject to any legal/regulatory holds or undertakings that prevent closure.
We may close, suspend or limit your Account with 7 days’ notice where permitted by law (e.g., regulatory non‑compliance, risk, suspected fraud, legal requirement, breach of these Terms).
After closure, remaining funds (less applicable taxes/fees) will be returned via manager’s cheque for pick‑up at the domiciled branch or transferred to a nominated account.
We may discontinue products and either close the Account on 30 days’ notice or migrate you to a suitable alternative.

Dormant Accounts

An account with no customer‑initiated activity for six (6) months may be treated as dormant. We may request fresh KYC to re‑activate it, or close the account and hold the funds in suspense pending your instructions.

Handling Personal Information

We collect and use your data in line with our Privacy Policy. We may retain information as permitted by law for legal, regulatory, fraud‑prevention and legitimate business purposes—even after relationship termination.

Where you provide information about others (e.g., joint holders or dependants), you confirm you have authority to do so. We may share information with agents who are contractually obliged to keep it confidential. We comply with applicable data protection laws.

Limitation of Liability

SwiftTrust will not be liable for indirect, incidental, special or consequential losses arising from use or inability to use our products or services, or from failures outside our control (e.g., network outages, system errors, viruses, delays).

Notwithstanding anything else, our aggregate liability for direct loss will not exceed the transaction fees that accrued to SwiftTrust from you in the one (1) month prior to the date your claim arose. These limitations survive termination.

Banker’s Lien & Set‑off

We may combine or consolidate your accounts and set‑off sums standing to your credit against your liabilities to us, whether contingent, primary, collateral, several or joint. Where you default on a credit facility, you acknowledge the CBN’s power to direct set‑off via CRMS from your funds held across financial institutions.

Claims, Disputes & Legal Process

On receipt of a court order or notice of legal process affecting your Account (including joint accounts), we may restrict withdrawals or transfers until resolution. You agree to indemnify us against losses, costs and expenses arising from disputes between you and third parties involving your Account.

Prohibited Use & Cryptocurrency

You agree not to use your Account for unlawful purposes, including money laundering or terrorist financing. In line with applicable regulations, SwiftTrust does not deal in or facilitate cryptocurrency or virtual asset transactions. We may restrict your Account and report to relevant agencies (e.g., EFCC, NFIU, NPF, NIBSS, CBN) if we detect fraudulent, suspicious, or crypto‑related activity.

We also comply with international sanctions (OFAC, EU, UN, HMT). We may terminate the relationship if you or your Account is involved with sanctioned persons/entities or jurisdictions.

Force Majeure

We are not in breach for delays or failures caused by events beyond our reasonable control. Time for performance will be extended accordingly.

Governing Law & Disputes

These Terms are governed by the laws of the Federal Republic of Nigeria. Disputes will be referred to Nigerian courts after a 10‑day amicable settlement window.

Miscellaneous

We may change these Terms (including fees and interest). Where required, we will give notice via our website/app or by email/SMS.
You may not assign your rights/obligations without our written consent. We may assign or subcontract our rights/obligations.
English is our primary language of communication (we may use emojis or colloquialisms occasionally).
Contact us: support@swifttrustmfb.com
We may communicate via post, phone, email, WhatsApp or social media using your latest details on file.
Telephone calls and electronic communications may be recorded/monitored to check instructions and service standards.
Keep your details current. If post is returned undelivered, we may restrict your Account until we verify your address.

Acceptance

By proceeding to open or use an Account with SwiftTrust Microfinance Bank Ltd, you confirm that you have read and understood these Terms & Conditions and agree to be bound by them, including clauses that limit our liability. You also consent to identity and fraud‑prevention checks as required by law.

Disclaimer: This document is provided for customer information and does not constitute legal advice.