Terms & Conditions

1. Eligibility

To use Magajin-Gari MFB services you must:

• Be at least 18 years of age
• Be a Nigerian citizen or legal resident
• Possess a valid Bank Verification Number (BVN) or National Identification Number (NIN)
• Not be subject to any court order or regulatory restriction preventing you from entering into financial contracts

2. Account Opening and KYC

All accounts are subject to our Know Your Customer (KYC) process as mandated by the Central Bank of Nigeria. You agree to:

• Provide accurate, complete and up-to-date personal information
• Notify us promptly of any changes to your registered details
• Submit any additional documentation we reasonably require for identity verification
• Not open more than one individual account without our prior written consent

We reserve the right to suspend or close any account where KYC requirements are not met or where we suspect fraudulent activity.

3. Loan Terms

General loan conditions

• All loans are subject to credit assessment and approval at our sole discretion
• Loan amounts, interest rates and repayment schedules will be disclosed to you before disbursement via USSD or in writing
• By confirming a loan offer via USSD or our app, you agree to the stated terms
• Interest rates comply with CBN guidelines for microfinance banks

Repayment

• You are responsible for ensuring sufficient funds are available for repayment on the due date
• For civil servant and daily working capital, you authorise automatic deduction from your salary or account on the repayment date
• Late repayments will attract penalty charges as disclosed at the time of loan offer
• Defaulted loans may be reported to credit bureaus in accordance with CBN credit reporting guidelines

Early repayment

You may repay your loan early at any time via *367*626#. Early repayment may reduce the total interest payable as disclosed in your loan agreement.

4. Savings Accounts

• Savings account deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the applicable statutory limit
• Interest rates are variable and subject to change with notice
• Locked savings products have fixed terms and early withdrawal may result in forfeiture of accrued interest
• We reserve the right to set minimum balance requirements with reasonable notice

5. USSD Banking

• You are responsible for keeping your USSD PIN confidential at all times
• Never share your PIN with anyone, including Magajin-Gari staff — we will never ask for your PIN
• You are liable for any transactions carried out using your USSD PIN unless you have reported a suspected compromise to us before the transaction occurred
• Standard network charges from your mobile operator may apply to USSD sessions
• USSD availability is subject to network conditions and scheduled maintenance

6. Fees and Charges

All applicable fees, charges and interest rates will be clearly disclosed to you before you commit to any transaction or product. Our fee schedule complies with CBN guidelines. Key charges include:

• Account maintenance: Zero fees on standard savings accounts
• Transfer fees: Per CBN-approved interbank transfer tariffs
• Loan interest: Disclosed per product at point of application
• Late repayment penalty: Disclosed in loan offer

We reserve the right to revise our fee schedule with a minimum of 30 days notice to affected customers.

7. Customer Obligations

You agree to:

• Use our services only for lawful purposes
• Not use our services to facilitate money laundering, terrorism financing or any other illegal activity
• Report any suspicious activity or unauthorised transactions to us immediately
• Keep your contact information (phone number, email) up to date so we can reach you
• Not attempt to circumvent our security systems or access other customers' accounts

8. Termination of Account

You may close your account at any time provided all outstanding loan balances have been repaid in full. We may suspend or terminate your account immediately if:

• We suspect fraudulent or illegal activity
• You breach these Terms and Conditions
• Required by law, court order or regulatory directive
• You provide false or misleading information during onboarding or thereafter

9. Limitation of Liability

To the maximum extent permitted by Nigerian law, Magajin-Gari MFB shall not be liable for any indirect, incidental or consequential losses arising from your use of our services, including losses arising from network outages, system failures or delays beyond our reasonable control.

Our total liability to you for any direct loss shall not exceed the value of the transaction that gave rise to the claim.

10. Disputes and Governing Law

These Terms and Conditions are governed by the laws of the Federal Republic of Nigeria. Any dispute arising from your use of our services should first be referred to our customer support team for resolution.

If your complaint is not resolved to your satisfaction, you may escalate to:

• Central Bank of Nigeria (CBN) Consumer Protection Department
• Financial Services Consumer Mediation Centre

Contact us at hello@magajingari.com or call +234 801 234 5678.