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Derey Microfinance Bank
These Terms and Conditions (“Terms”) govern your use of banking services provided by Derey Microfinance Bank (“Derey MFB,” “we,” “our,” or “us”). By opening an account or using any of our products or services, you agree to be bound by these Terms.
Please read these Terms carefully.
Customer/You/Your: Any individual or legal entity that maintains an account or receives services from Derey MFB.
Account: Any account opened with Derey MFB including savings, current, fixed deposit, or loan accounts.
Services: Banking services including deposits, loans, digital banking, mobile banking, and any other financial services offered.
To open an account with Derey MFB, you must:
Be at least 18 years old (or meet age requirements as per applicable law)
Provide valid identification and complete Know Your Customer (KYC) verification
Accept these Terms and Conditions
We reserve the right to approve or reject any application at our sole discretion.
Deposits can be made via cash, transfers, or approved digital channels.
Withdrawals may be subject to account type, balance, or applicable fees.
Derey MFB is not liable for delays caused by third-party payment processors.
You will receive periodic statements via email, SMS, or through our digital platforms.
Notify us within 7 days of any discrepancy; otherwise, statements are deemed accurate.
When applying for a loan:
You agree to repay in accordance with the loan agreement terms
Interest rates, repayment schedules, and penalties will be disclosed upfront
Late payments may attract penalties and affect your credit rating
Derey MFB may report loan defaults to credit bureaus as required by law.
You agree to pay all applicable fees including but not limited to:
Account maintenance fees
ATM or card replacement fees
Loan processing fees
Penalties for failed or delayed payments
A complete fee schedule is available at our branches and on our website. Fees may be revised from time to time with prior notice.
Use of our mobile and internet banking platforms is subject to:
Your obligation to keep login credentials secure
Authorization for us to process transactions initiated through your account
Derey MFB’s right to suspend access in case of suspicious activity
We are not liable for losses due to:
Unauthorized access resulting from your negligence
Technical issues beyond our control
Errors by third-party service providers
You agree to:
Provide accurate and up-to-date personal and financial information
Notify us promptly of any changes to your information
Use our services in accordance with the law and these Terms
Not engage in fraudulent, illegal, or suspicious activity
We are committed to protecting your privacy. Your data will be handled in accordance with our Privacy Policy, available on our website.
By using our services, you consent to the collection, storage, and use of your personal data for:
Account management
Credit assessments
Regulatory compliance
Marketing (subject to opt-out)
We may:
Monitor transactions for suspicious activity
Freeze or close accounts suspected of fraud or money laundering
Report fraudulent activity to law enforcement and regulators
Protect your account by not sharing passwords or PINs. Derey MFB will never ask for your full PIN or password.
We may contact you via:
SMS, email, or phone
Our mobile app or internet banking platform
All communication is deemed received once sent to your registered contact details.
We may terminate or suspend your account or access to services if:
You breach these Terms
Fraud or illegal activity is suspected
Required by law or regulatory directive
You may also close your account by notifying us in writing, provided there are no outstanding obligations.
Derey MFB is not liable for:
Indirect or consequential losses
Losses due to unauthorised transactions resulting from your negligence
Service interruptions beyond our control (e.g., system outages, third-party failures)
Our liability is limited to the amount of the transaction in question or as provided by law.
All content on our website, mobile app, and platforms—including logos, trademarks, and service marks—remains the property of Derey MFB and may not be used without prior written consent.
These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria (or specify your country). Any disputes shall be subject to the jurisdiction of the courts of [Insert Location].
Derey MFB reserves the right to amend these Terms at any time. Updated Terms will be posted on our website or communicated through our channels. Continued use of our services indicates your acceptance of the revised Terms.