Terms and Conditions

1. Introduction and Agreement

Paystack Microfinance Bank Limited (“Paystack MFB”, “the Bank”, “Our”, “We”, “Us”) is a limited liability company incorporated under the laws of Nigeria and licensed by the Central Bank of Nigeria (“CBN”) to operate as a microfinance bank. We offer our services via our website, mobile application and other digital platforms (“Platforms”).

These Terms and Conditions (“Terms”/ this “Agreement”) is a legal and binding agreement between Paystack MFB and you, (“you”, “the User”, “the Customer”). It provides a general description of the Services that Paystack may provide to you. By opening or maintaining an account with us, accessing our services, or utilizing any of our products, you agree to be bound by these Terms and any other policies, guidelines, or procedures that the Bank may establish or amend from time to time, including:

You are not permitted to access or use any of our Services unless you agree to abide by these Terms. If you do not agree to these Terms, please exit our mobile application, web page or website immediately.

2. Eligibility

Only persons that have attained the age of eighteen (18), and possess a BVN and NIN are eligible to access our services and Platforms. By using any of our services or Platforms, you represent and warrant that you have attained the age of eighteen (18). If you are under the age of eighteen (18) you represent and warrant that you are accessing our services and Platform(s) with the assistance and consent of a parent and/or legal guardian.

In the case of businesses, only registered businesses in Nigeria with tax identification numbers are eligible to use any of our services or Platforms.

If we believe that you do not meet this eligibility requirement, we may at any time, at our sole discretion and without prior notice suspend or close your account(s) with us.

3. Definition and Interpretation

Access Code: means either the PIN, password, internet token code, secure message (email and SMS) codes, username, card verification value (CVV) or card verification code (CVC) with which the Account Holder will access the Services
Account: means a savings account, current account or other account variants maintained with Paystack MFB
Account Holder/Customer: means any person who maintains an Account with Paystack MFB
Account Information: Means all documents, data, records and information (including KYC documents) relating to a Customer’s Account.
Address: means a Customer’s contact address (both physical and email address) provided by the Customer to the Bank.
Business Day: means a day (other than a Saturday, Sunday or public holiday declared by the Federal Government of Nigeria) on which banks in Nigeria are open for business
BVN: means Bank Verification Number
Card: means a credit card, debit card or similar card issued to an Account Holder by Paystack MFB
CBN: means Central Bank of Nigeria
CVC: means card verification code
CVV: means card verification value
KYC: means know-your-customer, which is the process of verifying the identity of Customers. The information required for the KYC process includes but is not limited to: Customer Name; valid identification document; Proof of address; Business registration document(s); Bank Verification Number (BVN); Customer's mobile phone number; and beneficial ownership details.
NIN: National Identification Number
PIN: means an Account Holder's confidential personal identification number used to authenticate electronic transactions
PoS: Point of Sale Terminal
Security Details: means an Account Holder's PIN, password or login credentials associated with their Account(s).
Services: means the banking and ancillary services offered by Paystack MFB including deposit products, internet banking, mobile banking, unstructured supplementary service data banking, bill payment services, loans and other products permitted by applicable regulations of the Central Bank of Nigeria.
Transaction: means any activity, instruction, or operation initiated by a Customer, or on a Customer's behalf, through any of the Bank’s service channels (including but not limited to Mobile Apps, USSD codes, ATMs, Point of Sale (POS) terminals, or physical branches) that results in a movement of funds, a change in account status, or the engagement/disengagement of the Bank's services

4. Account Opening and Operation

4.1 Pre-Conditions

To open an account with the Bank, you must meet the eligibility requirements per section 2 above. In addition, you must provide all mandatory KYC documentation and information that we may request. You agree to our using your KYC information and documents to obtain data about you from relevant identity management databases, credit bureaus and other relevant third parties.

You undertake to immediately notify Paystack MFB of any changes to your Account Information. You confirm that all Account Information that you present to us are true, accurate and up to date at the time of presentation.

4.2 Verifying your Identity

In compliance with applicable regulations, we are required to verify your identity and other information that you provide to us, before your account is opened as well as during the operation of your account with us.

4.2.1 Information Request

Depending on the Tier of your account, we will require you to provide us with some or all of your information and documents listed below:

NIN
BVN
passport photograph
government-issued identification (i.e international passport, permanent voter’s card, national drivers’ license or national identification)
Phone number, email address and physical address
Date of birth
Utility bill not older than 3 (three) months as proof of your address.

We may also require you to provide us with responses to security questions.

4.2.2 Third-Party Verification

Pursuant to applicable regulations, we will share Account Information with third parties (including government agencies) for verification purposes. You hereby authorise Paystack MFB to verify your Account Information via third party databases.

You hereby undertake to indemnify and hold us harmless from and against any claims, losses, liabilities and expenses (including legal fees and expenses) that may arise as a result of our disclosure, verification and/or reliance on such Account Information provided by you.

4.2.3 Account Mandates

For Joint and Business Accounts, the Customer shall provide the Bank with a clear operating mandate (e.g., "Sole Signatory", "Any Two to Sign", or custom digital tiered approval workflows for tech platforms) via a Board Resolution or an officially executed Mandate Form.

4.2.4 Change of Signatories and Mandates

Any modification to a Business Account’s signatories, directors, or digital approval mandates must be communicated to the Bank immediately in writing or through the designated corporate administrative portal. Changes will only be effected upon receipt of a Board Resolution (or equivalent corporate authority), updated CAC status reports (where applicable), and valid means of identification/BVN of the incoming signatories.

4.2.5 Continuous Due Diligence

In the course of the operation of your Account, we may request you to update your Account Information and you are bound by these terms to continue to provide us with correct and up-to-date Account Information. We may place a total or partial restriction on your Account until you provide any requested information.

4.3 Right to Decline

Paystack MFB reserves the right to decline an Account opening application or processing of transactions if you are unable to provide any requested KYC information or for any other reason. We are not obliged to notify or provide you with the reasons for which your Account opening application has been declined.

4.4 Types of Accounts

Paystack MFB offers various account types, including current and savings accounts. Specific features, interest rates, charges, and conditions for each account type may vary. Depending on the type and the tier of the Account that you operate, you will be able to credit and debit your Account via bank transfers and other channels that we may provide.

Savings Accounts
With your savings account you can receive and transfer funds, subject to the applicable account tier and applicable transaction limits. Other available services on savings accounts include bill payments and Cards. You may also use the funds in your savings account to invest in our fixed deposit products.

Joint Accounts
Joint Accounts allow multiple persons to open, operate and transact on a single account. In respect of such accounts, we will require up-to-date KYC information/documents from all the participating Joint Account Holders. Subject to the mandate that the Customers provide, designated Account Holder(s) will be authorised to debit the joint Account. Irrespective of the participating Joint Account Holder authorised to debit a Joint Account, all Joint Account Holders are liable for any monies or other obligations owing on the Joint Account.

Business Accounts
Business Accounts are intended for businesses duly registered with the Corporate Affairs Commission in Nigeria. It is the responsibility of the directors/partners/proprietors/trustees to authorise the opening, maintenance, and operation of Business Accounts. As such, directors/partners/proprietors/trustees are deemed to be and will be held responsible for all Transactions on their respective Business Accounts and for all Account Information provided to Paystack MFB in relation to such accounts.

Businesses are required to provide written mandates to authorise designated persons to operate their accounts. Any change in such designation must be communicated to Paystack MFB in writing.

Account Limits

5. Transactions and Account Limits

In compliance with applicable CBN regulations and our internal risk policies, we may subject certain account types and tiers to transactional limits. The current transactional limits can be found here.
The Customer shall be responsible for inputting accurate transaction details. The Customer will solely be liable for any error in information that may result in the transaction being unsuccessful, or paid to the wrong beneficiary, or in the transaction amount being wrong.

6. Notifications

To keep you informed of activities on your Account and changes to our terms and conditions, we may send you notifications via text messages (SMS), email or push notifications to the contact information that you provide to us. The notifications are confidential and are not to be shared with third parties. Should you suffer any loss as a result of unauthorized access to the notifications sent to you, Paystack MFB shall not be liable.

6.1 Notification Failures

Paystack MFB shall not be liable for any loss arising from a Customer’s non-receipt or delayed delivery of notifications because of platform downtimes or telecommunications failures.

6.2 Fraudulent and Intercepted Notifications

Paystack MFB shall not be liable for any losses, damages, or liabilities suffered by a Customer arising from notifications issued or intercepted by unauthorized third parties purporting to act on behalf of the Bank. You are solely responsible for exercising due caution before clicking on hyperlinks, responding to communications, or disclosing any Account Information or personal data in response to such notifications.

6.3 Account Statement

The Bank may provide a statement via email at a frequency agreed to with the Customer. This may upon request be sent to the last known recorded email address that the Customer provided and will contain details of all transactions that have been carried out on the Account within the designated period.

The Customer agrees to review all transactions contained in Account Statements and shall advise the Bank of any discrepancies observed as soon as possible without undue delay but in any event no later than twelve (12) months after the date of the subject transaction.

7. Charges and Fees

The Customer agrees to pay all applicable charges, fees, and commissions (“Fees”) as detailed in the Bank's Schedule of Charges and Fees, which is subject to periodic review and revision. Changes to fees will be reflected in the Schedule of Charges and Fees. The Bank will endeavour to notify Customers via electronic notifications, or our official website of changes to Fees. All Fees charged by the Bank shall be in compliance with applicable CBN regulations.

The Customer hereby authorises the Bank to deduct such applicable Fees from their Account without further recourse to them.

8. Electronic Banking Services

8.1 Scope of Services

The Bank may provide electronic banking services (“Electronic Banking”), including but not limited to, Automated Teller Machines (ATMs), PoS terminals, internet banking, and mobile banking applications. The use of these services is governed by these Terms and any specific terms applicable to each service.

The Customer may use Electronic Banking to:

Initiate and approve transactions on their Account;
Obtain transaction information and other Account Information; and
Issue instructions to the Bank.

8.2 Account Security

The Customer is responsible for maintaining the confidentiality and security of their account access credentials, including but not limited to, PINs, passwords, One-Time Passwords (OTPs), and any security tokens (“Account Credentials”). You must notify the Bank immediately if you suspect or become aware of any unauthorized use of your account or Account Credentials.

You should not disclose your Account Credentials to any third party, including law enforcement agencies or keep it in written form.

8.2.1 General Security Obligations

You hereby agree to:

comply with all reasonable instructions we issue regarding keeping your login details and password;
change your Account Credentials immediately and telling us as soon as possible if you know, or even suspect, that someone else knows any of those details, or if we ask you to;
notify us within twenty-four (24) hours of the loss of your device with which you access your Account;
keep any computer/device you use to access Electronic Banking secure and use up to date virus checking software and personal firewall software;
never access your Account from any shared device (or any public internet access device or access point) or any device connected to a local area network; and
always log out of your Account dashboard, and never leave your device unattended when you are logged in.

8.3 Electronic Banking Liability

The Bank is not liable for any loss or damage arising from the failure or malfunction of any electronic banking system, telecommunication network, or third-party service provider, unless such loss is directly caused by the Bank's gross negligence or willful misconduct.

8.4 Email Indemnity

8.4.1 Authorization to Act on Email Instructions

The Customer authorises the Bank to accept and act upon any instructions, mandates, consents, or commitments received via electronic mail (“email”) that appear to originate from the Account Holder.

8.4.2 Acknowledgment of Risks

The Customer acknowledges that email is not a secure communication channel and that it is impractical for the Bank to verify the authenticity of all email instructions. Consequently, the Customer agrees that:

The Bank is entitled to treat all emails appearing to come from the Account Holder as genuine and authorised (“Purported Email Instructions”).
The Customer will be bound by these instructions as received by the Bank, even if they differ from what was intended due to transmission errors, equipment malfunction, or communication distortions.
This indemnity applies even if the instructions are forged, unauthorized, altered, or otherwise fraudulent.

8.4.3 Waiver and Indemnity

The Customer hereby waives any rights, claims, or actions against the Bank for any losses or damages resulting from the Bank acting on Purported Email Instructions. Furthermore, the Account Holder agrees to fully indemnify and hold the Bank harmless against all claims, demands, losses, damages, costs, or liabilities the Bank may incur as a result of executing such instructions.

8.4.4 Bank’s Discretion and Compliance

The Customer shall comply with all email security procedures and restrictions imposed by the Bank. This indemnity does not constitute an admission of failure by the Bank to enforce such procedures. The Bank reserves the right, at its sole discretion and without liability, to refuse to act on any Purported Email Instruction and may terminate this email instruction arrangement at any time upon written notice.

9. General Obligations

In addition to the obligations stated other sections of these Terms, you hereby understand agree to the following:

to comply with the conditions applicable to their Account types and other products of the Bank.
to be fully responsible for the genuineness, correctness and validity of all Account Information, Transactions and instructions on their Account.
to be liable for the repayment of any overdraft with interest or obligation arising therefrom or in connection with the Account and the Bank is hereby authorized to debit the Account(s) with all interest, commission and/or other banking charges (including legal charges) incurred in connection with the Account.
to repay any facilities obtained from the Bank as and when due. Where the Customer fails to repay the facility as agreed, and the facility becomes delinquent, the Bank shall have the right to report the delinquent facility to the CBN through the Credit Risk Management System (“CRMS”) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off the Customer’s indebtedness from any money standing to the credit of the Customer in any bank account and from any other financial asset they may be holding for the Customer's benefit.
Not to issue transaction instructions without adequate funds in the Account and the Customer shall accept all responsibility and liability arising from the issuance of instructions.

10. Prohibited Use

10.1 General Prohibition

You shall not use your Account, Card any of our Services in connection with any product, service, transaction or activity that:

violates any law or government regulation, or promotes or facilitates such by third parties;
violates any Card Scheme or electronic funds transfer rule or regulation (“Card Network”);
is fraudulent, deceptive, unfair or predatory;
causes or threatens reputational damage to us or any Card Network;
involves any of the business categories listed in 8.2 below or
results in or creates a significant risk of chargebacks, penalties, damages or other harm or liability.

10.2 Certain Business Categories

You may not use your Account or any of our Services in connection with any product, service, transaction or activity that:

falls within the Prohibition List of the Nigerian Customs Administration of the Federal Republic of Nigeria
relates to the sale and/or purchase of:
1. banned narcotics, steroids, certain controlled substances or other products that present a risk a consumer's safety;
2. blood, bodily fluids or body parts;
3. burglary tools;
4. counterfeit items;
5. illegal drugs and drug paraphernalia;
6. fireworks, destructive devices and explosives;
7. identity documents, government documents, personal financial records or personal information (in any form, including mailing lists);
8. lottery tickets, sweepstakes entries or slot machines without the required licence;
9. offensive material or hate speech or items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
10. chemicals;
11. recalled items;
12. prohibited services;
13. unlicensed financial services, stocks or other securities;
14. stolen property;
15. items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
16. sales of currency without BDC licence, cryptocurrency operators;
17. obscene material or pornography;
18. certain sexually oriented materials or services;
19. certain firearms, firearm parts or accessories, ammunition, weapons or knives;
20. any product or service that is illegal or marketed or sold in such a way as to create liability to Paystack MFB; or
21. production of military and paramilitary wears and accoutrement, including those of the Police and the Customs, Immigration and Prison Services.
relate to transactions that:
1. show the personal information of third parties in violation of applicable law;
2. support pyramid or ponzi schemes, matrix programs, other "get rich quick" schemes or certain multi-level marketing programs;
3. are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card;
4. pertain to ammunitions and arms; and
5. involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from Paystack and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law.

10.3 Protective Actions

If, in our sole discretion, we believe that you have engaged in any prohibited activity, we may (with or without notice to you) take such actions as we deem appropriate to mitigate risk to Paystack MFB and any impacted third parties and to ensure compliance with these Terms. Such actions may include, without limitation:

Suspending or reversing one or more transactions;
Suspending, restricting or terminating your access to and use of your Account or any of our Services;
Taking legal action against you;
Contacting and disclosing information related to such violations to (i) any banks or Card Networks involved with your transactions, (ii) law enforcement or regulatory agencies, and (iii) other third parties that may have been impacted by such violations; or
Assessing against you any fees, penalties, assessments or expenses (including reasonable attorneys’ fees) that we may incur as a result of such violations, which you agree to pay promptly upon notice.

11. Cards

Upon your request, we may provide you with a Card valid for use at ATMs, PoS terminals, merchant websites amongst others in Nigeria.

When a Customer obtains a Card, the following shall apply:

The Card shall remain the property of the Bank and the Bank in its sole discretion may cancel the Card or request its return at any time. The Customer shall be bound to comply with any request for the return of the Card;
the Customer shall safely keep the Card and the PIN, CVV and CVC (“Card Credentials”) will not be disclosed to any third party for any reason whatsoever;
The Card shall only be used for lawful transactions within Nigeria;
the Card shall be auto-renewed upon expiration, unless the Account Holder's Account is closed or the ATM Card is revoked;
all transactions at any ATM, PoS terminal or via the internet made with the Customer's Card and Access Codes shall be treated as having been authorized by the Customer;
if the Account being accessed via the Account Holder's ATM Card is a joint Account operated by more than one signatory, all transactions carried out on the Account at any ATM, PoS terminal or by the internet via the Card and Access Codes shall be treated as having been authorized by the joint holders of the Account;
When a Customer uses their Card on transaction channels that are not owned or controlled by the Bank, the rules of use of such transaction channels shall apply in addition to those of the relevant card scheme and the Customer agrees to abide by such rules;
Paystack MFB shall not be liable for any loss or matters pertaining to the Customer’s use of the Card on third-party transaction channels;
As between Paystack MFB and the Customer, the Customer shall be solely liable for all losses arising from use of the ATM Card by any person in possession of same with or without the Customer's consent or as a result of the Account Holder's negligence;
the Bank shall charge fees and commission (“Fees”) for the issuance and use of the Card. The Customer hereby authorizes the Bank to debit their Account for such applicable Fees, for the use of the Services;
if the Card is lost or stolen, the Customer shall promptly make a written report to the Bank and take necessary steps as the Bank may advise. The Customer further agrees to be liable for any loss arising from the use of their Card or Card Credentials by any unauthorized person for a period of two (2) Business Days after the Bank receives written notification of the loss or theft of the Card from the Account Holder.

12. Account/Service Suspension

If we have any reason to believe that you are or that you may be engaged in any fraudulent activity, or that you have or intend to violate any of these Terms, you hereby authorise us to:

withhold, delay, freeze or place such restrictions as we consider appropriate on any or all funds in your Account and/or withhold any payments due to you;
suspend or restrict your Account, Card or access to any of our Services;
Ring-fence any funds in your Account; and/or
Close your account.

Subject to applicable law or regulatory directives, we may notify of any of the above actions and the reasons. The restrictions on your Account shall be maintained until the reasons for the restrictions are remediated or cease to exist.

13. Legal Processes and Claims

13.1 Responding to Legal Processes

Paystack MFB may respond to and comply with any writ of attachment, lien, levy, subpoena, warrant, or other legal order (“Legal Process”) that we believe to be valid. We may deliver or hold any funds or, subject to the terms of our Privacy Policy, any Data as required under such Legal Process, even if you are receiving funds or Data on behalf of other parties. Where practicable, we will make reasonable efforts to provide you Notice of such Legal Process by sending a copy to the email address we have on file for you. Paystack MFB is not responsible for any losses, whether direct or indirect, that you may incur as a result of our response or compliance with a Legal Process.

13.2 Effect of Court Processes and Orders

Where notice of a court process or a court order against you or your Account is received (or, where such court process or court order involves a joint Account, or any other Account connected to you), We may not allow any outbound transactions on your Account until the legal process is concluded. Any court order or court judgment will not prevent us from enforcing any right of set-off on your Account(s) or enforcing any other 'security interest'. You are responsible and shall indemnify Paystack MFB for any losses, costs or expenses incurred as a direct result of any dispute or legal action between you and a third party involving your Account (including, without limitation, where the Bank is made a party to a law suit or required to provide evidence as a result of rendering the Services to you).

13.3 Third-Party Claims

Where any third party makes a claims regarding your Account or if we are informed or believe that there is a dispute involving a third party who owns or controls the Account, we may:

Suspend outbound transactions on your Account in line with any law, regulation, court process, court order or regulatory directive until the dispute is concluded;
Release the funds in your Account to the third party pursuant to mutual written consent of parties or a Court Order;
Institute a court action; or
Take any other steps that we deem, in our best interest.

Where we act in accordance with the preceding paragraphs, We shall not be liable for any loss whatsoever, that you may incur.

14. Right of Lien and Set-Off and Regulatory Reporting

14.1 Right of Lien and Set-Off

Nothing in these Terms shall waive or restrict the Bank’s legal rights to a banker’s lien or set-off. The Bank may, at any time and without prior notice to you, consolidate your Accounts and set off any credit balances against your outstanding liabilities to the Bank. This applies whether your liabilities are actual, contingent, primary, collateral, joint, or several.

14.2 Delinquent Credit Facilities and GSI Mandate

If you default on any credit facility granted by the Bank, you explicitly agree that:

Credit Reporting: The Bank is authorized to report your delinquent account to the CBN via the CRMS or any other mandated platform.
Global Standing Instruction (“GSI”): The Bank has the right to trigger a GSI mandate through the CBN. This authorizes the CBN to direct all licensed banks and financial institutions in Nigeria to set off your indebtedness using funds from any account or financial asset held for your benefit across the entire banking industry.

14.3 Waiver of Confidentiality and Claims

You hereby irrevocably waive any rights to confidentiality, whether arising under statute, common law, or data protection regulations solely regarding the execution of these set-off and reporting rights. You agree not to challenge the validity of these provisions before any court, tribunal, or administrative authority.

15. Privacy and Data Protection

The Bank is committed to protecting your personal data in accordance with applicable data protection laws.

15.1 Data Collection

We collect, process, and store personal and financial information necessary to provide banking services, comply with regulatory requirements, and for the prevention of fraud and money laundering.

15.2 Disclosure

The Bank will not disclose your personal information to third parties except:

where required by law or a court order;
to credit bureaus or other financial institutions for the purpose of credit assessment;
to regulatory or law enforcement agencies in connection with anti-money laundering and counter-terrorism financing obligations;
to service providers acting on the Bank's behalf and under confidentiality agreements.

16. Closure of Account

You may close your account by submitting a written request to the Bank, provided all outstanding obligations are settled and the account balance is zero (or the remaining balance is disbursed according to your instructions).

17. Compliance with Regulatory Requirements

The Customer acknowledges and agrees that the Bank is required to comply with various laws, including those relating to Anti-Money Laundering (‘AML’) and Counter-Terrorism Financing (“CTF”). Accordingly, you agree to comply with requests for information regarding your use of your Account and/or transactions including:

underlying transactions;
Recipient details;
source of funds;
Evidence of supply or delivery of goods or services.

You also agree that we may cancel, or reverse any transaction, suspend your Account or refuse to open an Account in your name if you refuse to provide the requested information or if any information provided is untrue or inaccurate.

You consent to the Bank carrying out necessary verification, monitoring, and reporting activities to satisfy its AML/CTF obligations.

The Bank will not process transactions that involve individuals, entities, or countries subject to local or international sanctions.

18. Liability

18.1 Exclusion of Liability

In addition to the liability provisions set out in other clauses of these Terms, you hereby agree that:

We shall not be liable for the acts or omissions of any third party partner, or their officers, employees or agents, in relation to their performance of any services under any third party terms. We shall not be liable for non-execution or defective execution in relation to a transaction we have made in accordance with a unique identifier given to us by you which proves to be incorrect.
We are not liable for the correct execution of an instruction, if we can provide evidence that the destination account received the payment within the appropriate time period.
Under no circumstances shall the Bank, its affiliates, directors, or employees be liable to you or any third party for any indirect, incidental, special, punitive, exemplary, or consequential damages. This includes, without limitation, any loss of profits, loss of revenue, loss of data, loss of goodwill, or business interruption, arising out of or in connection with the use of, or inability to use, the Bank’s services, even if the Bank has been advised of the possibility of such damages.
Paystack MFB denies responsibility for all liability and damages to you or others caused by (a) your access or use of the under these Terms; (b) any unauthorised access of servers, infrastructure, or Data used in connection with the Services; (c) interruptions to or cessation of the Services; (d) any bugs, viruses, or other harmful code that may be transmitted to or through the Services; (e) any errors, inaccuracies, omissions, or losses in or to any Data provided to us; (f) third-party content provided by you; or (g) the defamatory, offensive, or illegal conduct of others.
We shall not be liable to you for any:
1. delay or failure to perform our obligations under this Agreement (including any delay in payment) by reason of any cause beyond our reasonable control including but not limited to any action or inaction by you or any third party, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances;
2. losses that you incur as a result of a requirement imposed on us by applicable law or
3. any unauthorised transactions carried out on your Account as a result of the compromise of your Account Credentials and related security information unless it is proven that such compromise is as a result of our direct actions or omissions.

18.2 Your Liability

You are responsible for all liabilities, financial or otherwise, incurred by Paystack MFB, other Customers, or a third party caused by or arising out of your breach of these Terms, or your use of our Services. You agree to reimburse Paystack MFB for any and all such losses suffered, to the extent not prohibited by applicable law.

You remain liable under these Terms in respect of all Fees and other amounts incurred through the use of your Account at any time, irrespective of termination, suspension or closure.

19. Intellectual Property

19.1 Ownership of Paystack IP

Paystack MFB and its licensors exclusively own all rights, title, and interest in the patents, copyrights (including rights in derivative works), moral rights, rights of publicity, trademarks or service marks, logos and designs, trade secrets, and other intellectual property embodied by, or contained in the API, Services, Dashboard, and Documentation (collectively, “Paystack MFB IP”) or any copies thereof. Paystack MFB IP is protected by copyright, trade secret, patent, Trademark and or other intellectual property Laws, and all rights in Paystack MFB IP not expressly granted to you in this Agreement are reserved.

You may choose to or we may invite you to submit comments or ideas about improvements to the Services, our platform, or any other component of our products or Services (“Ideas”). If you submit an Idea to us, we will presume that your submission was voluntary, unsolicited by us, and delivered to us without any restrictions on our use of the Idea. You also agree that Paystack MFB has no fiduciary or any other obligation to you in connection with any Idea you submit to us, and that we are free to use your Ideas without any attribution or compensation to you.

19.2 License

You are granted a revocable, nonexclusive and nontransferable licence to electronically access and use the Paystack MFB IP only in the manner described in these Terms. Paystack MFB does not sell to you, and you do not have the right to sublicense the Paystack MFB IP. We may make updates to the Paystack MFB IP or new Services available to you automatically as electronically published by Paystack MFB, but we may require action on your part before you may use the Paystack MFB IP or new Services. Paystack MFB may revoke or terminate this licence at any time if you use the Paystack MFB IP in a manner prohibited by this Agreement.

You may not: (i) claim or register ownership of Paystack MFB IP on your behalf or on behalf of others; (ii) sublicense any rights in Paystack MFB IP granted by us; (iii) import or export any Paystack MFB IP to a person or country in violation of any country’s export control Laws; (iv) use Paystack MFB IP in a manner that violates this Agreement or Laws; or (v) attempt to do any of the foregoing.

19.3 Marks and Reference to our Relationship

We may make certain of our logos or marks (“Paystack MFB Marks”) available for use by you and other users to allow you to identify Paystack MFB as your Banker. To use Paystack MFB’s Marks, you must first obtain our written consent. Paystack MFB may limit or revoke your ability to use Paystack MFB’s Marks at any time. You may never use any Paystack MFB’s Marks or Paystack MFB IP consisting of Trademarks or service marks without our express permission in writing, or in a manner that may lead people to confuse the origin of your products or services with ours.

You may publicly identify us as the provider of the Services to you and we may publicly identify you as a Paystack MFB Customer. If you do not want us to identify you as a user, please contact us in writing. Neither you nor we will imply any untrue sponsorship, endorsement, or affiliation between you and Paystack MFB. Upon closure of your Account, both you and Paystack MFB will remove any public references to our relationship from our respective websites and any other materials.

20. General Terms

20.1 Additional Services

From time to time Paystack MFB may offer additional features or services that may be subject to additional or different terms of service and Fees. You will not use these additional features and services unless you agree to the applicable terms. Paystack may also provide access to features or services that are identified as “beta” or “pre-release”. You understand that beta/pre-release services are still in development, may have bugs or errors, may be feature incomplete, may materially change or be discontinued prior to a full commercial launch, or may never be released commercially. Despite any other provision of this Agreement, any use of or reliance on beta or pre-release features or services is done at your own risk, and these features or services are provided as is, without warranty of any kind, and Paystack MFB’s liability does not extend to any beta or pre-release features or services.

20.2 Electronic Consent and Signature

By accepting and agreeing to these Terms, you represent that:

By reason of the fact that our Services are available as an online service, you understand that your consent to these terms and conditions, our privacy policy will be in the form of an electronic consent; and that
you have read and understand this consent to use electronic signatures and to receive communications electronically.

20.3 Assignment

We reserve the right to transfer, assign or sub-contract the benefit of the whole or part of any of our rights or obligations under Terms to any third party.

20.4 Severability

If any provision or part of a provision of these terms and conditions are found by any court of competent jurisdiction to be, invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions or parts of such provisions of these Terms, all of which shall remain in full force and effect.

20.5 Taxes

Where applicable, certain payments made or received by you in connection with your Account or Services provided to you may be subject to taxes. If any taxes (whether in force now or introduced in the future) are payable in connection with these payments, you understand that you are liable for these taxes. As such, you hereby agree that we may withhold amounts in your Account if we are required to do so in accordance with the directives of any tax authority, regulator or by law or regulation. You will, however, be notified if such deductions are made or you will be able to see details of such deductions on your bank statements.

20.6 Marketing

We may use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about Paystack MFB. You can unsubscribe from our newsletters at any time using the opt-out link provided for this purpose in each newsletter we send.

20.7 Entire Agreement

These Terms constitute the entire agreement between You and Paystack MFB and supersedes all previous agreements, representations and understandings between us, whether written or oral, relating to the provision of our services to you. You acknowledge that in entering into this agreement you have not relied on any statement, representation, assurance or warranty (whether made innocently or negligently) that is not expressly set out herein.

20.8 Language

You agree that English language shall be the language of communication with us.

21. Governing Law and Dispute Resolution

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

Any dispute, difference or controversy arising out of or in connection with these Terms shall first be attempted to be resolved by mutual consultation and negotiation between the Parties. If the dispute is not resolved within ten (10) days, the dispute shall be referred to mediation at the Lagos State Multidoor Courthouse ("LMDC"), and such mediation shall be conducted in accordance with the Arbitration and Mediation Act 2023 and the LMDC rules.

The mediation shall be conducted by a sole mediator appointed by a consensus of the Parties hereto, or failing such consensus, by the Chief Judge of Lagos State, Nigeria. The mediator may, in any dispute in which any matter of a technical or financial nature is relevant, appoint an assessor having the requisite experience to assist the mediator in the mediation process.

This clause shall not preclude either Party from obtaining interim reliefs on an urgent basis from a court of competent jurisdiction pending the decision of the mediator.

If the Parties are unable to resolve the dispute via mediation within sixty (60) days, either Party may institute an action before the High Court of Lagos State or any court of appropriate jurisdiction within Lagos State.

The provisions of this clause are severable from the rest of these Terms survive the termination of these Terms.

22. Contact Information

For any inquiries, complaints, or notifications regarding your account or these Terms, please contact the Bank at:

Address: 124, Joel Ogunnaike Street, Ikeja GRA, Lagos
Email: [email protected]
Official Website: www.paystackmfb.com

23. Amendment of Terms

We have the right to change or add to these Terms at any time and to change, delete, discontinue, or impose conditions on use of the Services by posting such changes on our website. We will provide you with notice of any changes via email, or through other reasonable means. If you are an existing Customer, the changes will come into effect on the date we specify in the Notice, and your use of our Services after a change has taken effect, constitutes your acceptance of the terms of the modified Agreement. You can access a copy of the current Terms on our website at any time.

I/We have read and understand the above stated terms and conditions. I/We accept and agree to be bound by the above stated terms and conditions including those excluding/limiting the Bank's liability.