Definition of Terms

“The Bank” means PecanTrust Microfinance Bank.

“Customers” means a customer or PecanTrust Microfinance Bank who operates an account with the bank and is named in the application form.

“Account" means a current, savings or other account maintained with the bank.

“Card” means PecanTrust Microfinance ATM card issued to customers.

“Service" means but not limited to internet banking. Telephone banking. Secure message facility, bills payment services. Automatic Tellering, e-Alerts etc.

"Card Holders" means a customer who has been issued a PecanTrust Microfinance ATM Card.

"Pin" means Personal Identification Number.

"Access code, Username and Password" means the enabling code with which you access the system for the service and which is known to you only.

"Instruction” means the customer’s request to the bank for the services.

"Mailing Address” means the customer’s mailing address in the bank’s records.

"ATM" means Automated Teller Machine" that dispenses cash to account holders or accepts cash deposits.

"Secure Message Facility” means the facility within the e-banking service that enables the client to send electronic messages, SMS or instructions to the bank to make payments, requests for cheque books, bank drafts or the purchase or sale of securities and interests in mutual funds.

The customer undertakes to be fully responsible for safeguarding his username, Accesscode PIN and Password. and under no circumstances shall the customer discuss any of these to any person and to the fact that neglect of this precaution may be a ground for any consequential loss being charged to my/our account.

Customer’s responsibility

The customer also understands that these instruments shall be used to give instructions to the bank and shall be sufficient confirmation of the authenticity of the instructions given.

The customer undertakes to provide true, accurate, current and complete information about his/herself as requested in the registration and account opening forms and the customer agrees not to misrepresent his/her identity or information for such accounts.

The customer agrees not to use the service for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (Untrue and damaging to other), invasive of another's privacy, abusive threatening, or obscene, or that infringe the rights or others.

Bank's responsibility

Once the bank receives the customer's instruction with verified details, the bank is entitled to assume that those are the instructions given by the customer and will rely on same. The bank may not carry out such instructions only except in the event of unforeseen circumstances such as Act of God, Force Maieure, and other causes beyond the bank's control.

Where a customer notifies the bank of his intention to change his Passcode. the bank shall, with the consent of the customer delete same and allow the customer to enter a new Passcode provided that the bank shall not be responsible for any loss that occur; between the period of such loss of memory of the Passcode or Knowledge of; third party and the die time the report is lodged; with the bank.

Limitation of Liability

The bank is expressly exempted from any liability arising from unauthorized access to the customer's account and/or data as contained in the bank's records via services which arises as a result of inability and/or otherwise of the customer to safeguard his PIN, Passcode/ and/or Password and/or failure to log out from the system completely by allowing on screen display of his account information or as a result of the customer’s inability to scrupulously observe his/her account or as a result of breaches by hackers and other unauthorized access to the customer’s account via the service.

Under no circumstances will the bank be liable for any damages or liability, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses including but not limited to damages for loss of profits, goodwill, use or other intangible losses in connection with any failure or performance, error, omission, interruption, defect, delay in operation, transmission, computer virus or line or system failure, even if the bank or its representatives thereof are advised of the possibility of such damages. losses or hyperlink to other internet resources are at the customer 's risk.

Copyright in the cards and other proprietary information relating to the service including the screen displaying the pages and in the information therein is owned by the bank.

Proprietary rights.

The customer acknowledges and agrees that the bank owns all rights to information relating to the service including her website and the contend displayed on the site. The customer is only permitted to use this content as expressly authorized by the service. Customer may not copy, reproduce distribute, or create derivative work from this content. A violation of any of the rules is a ground for discontinuation of the service by the bank customer s right to use the service is personal therefore customer agrees not to assign or make any commercial use of the service

Disclaimer or Warranties.

The customer expressly understands and agrees that the use of the services provided by the bank is at his sole risk. The service is provided on an "as is and "as available" basis. The bank expressly disclaims all warranties of any kind, whether express or implied and makes no warranty that, the service will meet customer's requirement; the service will be uninterrupted, timely or secure; the results that may be obtained from the use of the service will be accurate or reliable; the quality of any products, services, information or material purchased or obtained by the customer through the service will meet the customers’ expectations, and any errors in the technology will be corrected .

Any material downloaded or otherwise obtained through the use of the service is done at customer's own discretion and risk and the bank is not responsible for any damage to customer's computer or loss of data that results from the download of any such material.

No advice or information, whether oral or written. obtained by customer from the bank or from service will create any warranty not expressly stated in these terms.

Indemnification Except when caused by the bank's intentional misconduct or gross negligence, customer agree to protect and fully compensate the bank and its affiliates and service provider from any/all third party claims, lability, damages, expenses and costs (including, but not limited to legal fees) caused by or arising from customer's use of the service, violation of the terms - or infringement, or infringement by any other user of the customer's account of any intellectual property or other right of anyone.

Service changes and discontinuation The bank reserves the right to change or discontinue, temporarily or permanently, the service at any time without notice. In other to maintain the security and integrity of the service, the bank may also suspend customers access to the service at any time, without notice.

Customer agrees that the bank will not be liable to the customer or any third party for any modification (or discontinuation of the service).

This agreement cannot be changed by the customer nor any of the bank's right waived, unless the bank agrees in writing or customer continue using the service following receipt of notice of any changes proposed by the bank

All notice to the customer shall be in writing via the address the customer has provided to the bank, all notices to the bank must be sent to the bank’s address

The bank and the customer shall be an independent contractor, and nothing contained in this agreement shall be deemed to create any association, partnership, joint venture, or relationship of principal, agent or master and servant, employer or employee between parties.

The Bank shall send notification via SMS for banking transactions on all e-channels (ATM, POS, WEB and mobile) at a cost to be borne by the customer.

If any of these terms is held to be unenforceable, then such provision shall be construed, as nearly as possible, to reflect the intention of the parties with other provision remaining in full force and effect.

Customer’s request

To PecanTrust Microfinance Bank (“the Bank”). I/We Hereby Request and Authorize You:

· To open the account specified in the form(s) and such other accounts) as I/we may further direct. · To honour all cheques or other orders which may be drawn on the said account provided such · cheques or orders are signed by me/us and to debit such cheques and orders to the time being · sufficient credit to cover the amount stated thereon. · To avail me/us Electronic Banking Channels of the bank Consequently,

I/We agree:

To assume full responsibility for the genuineness or correctness and validity of all endorsement appearing on all cheques, orders, bill notes, negotiable instruments. receipts and/or other documents deposited in mine/our account.

To absolve "the Bank" of any responsibility for any loss of funds deposited with the "Bank" due to any future Government order, Law, levy, tax, embargo; moratorium. restrictions and/or other causes beyond "the Bank".

That all funds standing to my/our credit are payable on demand only in such local currency as may be the circulation.

To be bound by any notification of change in conditions governing the account directed to my/our last known address, including electronic mail shall be considered as duly delivered and received by me/us at the time it would be delivered in the ordinary course of the past.

To be bound by any notification of charge in conditions governing the account directed to my/our last known address, including electronic mail shall be considered as duly delivered and received by me/us at the time it would be delivered in the ordinary course of the past.

That any notice of disagreements with entries on my/our bank statements will be made by me/us within 15 days of the dispatch of the statement, email notification and/or internet banking access.

Failure to give such notice within 15 days from the date of dispatch of my/our bank statement shall be deemed my/our irrevocable acceptance of the statement and the entries therein.

That "the bank" is authorized to debit from my/our account. any bank charges. commissions and service/maintenance charges by the Bank" from time to time.

That I accept that any activity performed on my/our account through the Electronic Banking Channels shall be deemed to have been performed by me/us and or duly approved by the authorized signatories to the account

To fully indemnify "the Bank" against any loss or damage(s) to me/us or to "the Bank" that may be incurred arising from the use of Electronic Banking Channels

To be irrevocably bound by all the terms and conditions set or which may herein after he set by "the Rank" for the operation of this account

That "the Bank" may at its discretion close my/our account(s) in the event that it is dissatisfied in any way with the operation thereof

I/we also agree that the addition to any general lien or similar right to which you as Bankers may be entitled by law, you may at any time and without notice to me/us, combine/consolidate all or any of my/our account without liabilities to you and set off or transfer any sum(s) standing to due credit of any one or more such accounts or any other credit, be it cash, cheques, valuables, deposits, securities, negotiable instruments or other assets belonging to me/us with you in or towards satisfaction of any of my/our labilities and or obligations to you or any other account or in any other respect whether such liabilities be actual or contingent, primary or collateral and several or joint.

The laws of the Federal Republic of Nigeria shall apply to this agreement.