Afole Microfinance Bank Limited
1. Introduction
These Terms and Conditions ("Terms") govern your relationship with Afole Microfinance Bank Limited ("AfoleMFB", "we", "us", or "our") when you open, maintain, or use any account, product, or service offered through our branches, agency banking outlets, USSD, mobile application, internet banking, ATMs, or other channels we operate (together, the "Platforms" and "Services").
By opening an account, applying for a product, accessing our Platforms, or continuing to use our Services, you confirm that you have read, understood, and agree to be bound by these Terms, our Privacy Policy, applicable product terms (including our Loan Policy where relevant), and all regulations issued by the Central Bank of Nigeria (CBN) and other competent authorities.
2. Definitions
- Account — any savings, current, wallet, or loan account maintained with AfoleMFB.
- Customer — an individual, micro-enterprise, or small business that holds or applies for an account or product with us.
- Credentials — username, password, PIN, OTP, token, biometric data, or other authentication details issued or chosen by you.
- Transaction — any deposit, withdrawal, transfer, payment, loan disbursement, repayment, or other financial activity processed through our Services.
3. Acceptance of Terms
Your acceptance of these Terms may be evidenced by signing an account opening form, clicking "I agree" on our digital channels, using our Services after notice of updated Terms, or continuing to operate your account after we publish changes. If you do not agree, you must not use our Services and should close your account in accordance with our procedures.
4. Eligibility
To open and maintain an account with AfoleMFB, you must:
- Be at least 18 years of age (or the legal age of majority in Nigeria);
- Provide valid identification and satisfy Know Your Customer (KYC) requirements, including BVN and NIN verification where applicable;
- Provide accurate, complete, and up-to-date personal or business information;
- Not be prohibited by law, court order, or regulatory directive from holding a bank account;
- Comply with all applicable anti-money laundering (AML) and counter-terrorism financing (CFT) obligations.
5. Account Opening and Use
Account opening is subject to our approval, successful KYC verification, and regulatory requirements. We reserve the right to decline or delay account opening without stating reasons where permitted by law.
You agree to:
- Use your account only for lawful purposes;
- Notify us promptly of any change to your name, address, phone number, email, or business details;
- Maintain the minimum balance and activity levels required for your account type;
- Not allow unauthorized persons to operate your account or use your credentials.
We may place holds, restrictions, or liens on your account where required by law, court order, regulatory directive, or to protect our legitimate interests including fraud prevention.
6. Banking Services
AfoleMFB offers savings, loans, domestic transfers, bill payments, airtime and data purchase, agency banking, and related financial services as made available from time to time on our Platforms. Service availability may vary by channel, location, and account type.
We may modify, suspend, or discontinue any Service with reasonable notice where practicable, or immediately where required for security, legal, or operational reasons. Scheduled maintenance may temporarily affect access to digital channels.
7. Fees and Charges
Fees, commissions, and charges applicable to your account or product are disclosed in our tariff guide, product terms, branch notices, or digital channels. By using a Service, you authorize us to debit applicable fees from your account.
We may revise our tariff with prior notice in accordance with CBN consumer protection requirements. Continued use of the affected Service after the effective date constitutes acceptance of the revised fees unless you close or migrate the product within any notice period provided.
8. Customer Obligations
You are responsible for:
- Reviewing account statements, transaction alerts, and notifications promptly;
- Reporting unauthorized transactions, errors, or suspected fraud within the timeframes specified in our alerts or account terms;
- Keeping your credentials confidential and securing your mobile device, card, and token;
- Ensuring sufficient funds are available before initiating debits or payments;
- Complying with all tax, regulatory, and contractual obligations related to your use of our Services.
AfoleMFB will never ask for your full PIN or password through unsolicited calls, SMS, or email. Report suspicious contact immediately to our customer care lines.
9. Security and Authentication
You must use strong credentials and enable available security features such as OTP verification and biometric login where offered. You are liable for transactions authorized using your credentials unless you have notified us of compromise and we have had reasonable opportunity to act, subject to applicable law and our internal investigation findings.
We implement industry-standard security controls but cannot guarantee that unauthorized access will never occur. You agree to cooperate with our fraud investigations and provide information reasonably requested.
10. Suspension and Closure
We may suspend, restrict, or close your account where we reasonably suspect fraud, money laundering, terrorism financing, breach of these Terms, regulatory non-compliance, dormancy, or misuse of our Services. We will provide notice where required by law and allow you to withdraw lawful balances subject to holds, set-offs, and regulatory restrictions.
You may request account closure at any branch or through approved digital channels, subject to settlement of outstanding obligations including loans, fees, and pending transactions.
11. Limitation of Liability
To the fullest extent permitted by law, AfoleMFB is not liable for indirect, consequential, or punitive losses arising from your use of our Services, except where such liability cannot be excluded under Nigerian law. Our liability for proven direct loss caused by our gross negligence or wilful misconduct is limited to the amount of the affected transaction or the balance in dispute, as applicable.
We are not responsible for delays or failures caused by network outages, third-party service providers, force majeure events, or circumstances beyond our reasonable control.
12. Complaints and Dispute Resolution
If you have a complaint, contact our customer care team at 0815 332 9527, 0805 621 1257, or info@afolemfb.ng. We will acknowledge and investigate complaints in line with the CBN Consumer Protection Framework.
Unresolved disputes may be escalated to the CBN Consumer Protection Department or other competent regulatory body, and ultimately to a court of competent jurisdiction in Nigeria.
13. Governing Law
These Terms are governed by the laws of the Federal Republic of Nigeria, including CBN regulations, the Nigeria Data Protection Act 2023, applicable AML/CFT laws, and the NDIC Act. Our Privacy Policy and product-specific policies form part of your agreement with us.
We may amend these Terms from time to time. Material changes will be communicated through our website, branches, or digital channels. Your continued use of our Services after the effective date constitutes acceptance unless applicable law requires your explicit consent.
14. Contact Us
Afole Microfinance Bank Limited
Beside Owa's Palace, Isale Idofin, Otan Ayegbaju, Osun State, Nigeria.
Customer Care: 0815 332 9527, 0805 621 1257 / info@afolemfb.ng
Website: https://afolemfb.ng
© 2026 Afole Microfinance Bank Limited. All rights reserved.