1. Privacy Policy (Mobile App)

This Privacy Policy explains how Moneyfield Microfinance Bank Limited collects, uses, shares, and protects the personal information of users of our mobile application and related services.

1.1 About This Policy

Moneyfield Microfinance Bank Limited (“Moneyfield MFB”, “we”, “us”, “our”) is committed to protecting your privacy and ensuring the security of your personal data. This Privacy Policy applies to personal information collected through our mobile application, website, and all related digital platforms.

By downloading and using our mobile application or accessing our services, you consent to the collection, use, and disclosure of your personal information as described in this Policy.

1.2 Information We Collect

We may collect the following categories of personal information:

Identity Information: Full name, date of birth, gender, nationality, government-issued identification numbers (NIN, BVN, TIN).
Contact Information: Phone number, email address, residential and mailing address.
Financial Information: Account numbers, transaction history, account balances, credit history, and payment card details.
Device & Technical Information: Device type, operating system, IP address, browser type, unique device identifiers, and mobile network information.
Biometric Data: Where applicable, facial recognition or fingerprint data used for authentication purposes.
Location Data: GPS coordinates and location data where you have granted permission.
Usage Data: Information about how you interact with our mobile application, including pages visited, features used, and time spent.

1.3 How We Use Your Information

To open, manage, and operate your account with Moneyfield MFB.
To process transactions and provide banking and financial services.
To verify your identity and prevent fraud, money laundering, and other financial crimes.
To comply with legal and regulatory obligations, including CBN directives, NDPR requirements, and anti-money laundering laws.
To communicate with you about your account, transactions, products, and services.
To improve our products, services, and customer experience.
To conduct analytics, research, and internal reporting.
To send you marketing communications where you have given your consent.

1.4 Sharing Your Information

We do not sell your personal information. We may share your information with:

Regulatory Authorities: The Central Bank of Nigeria (CBN), Nigeria Financial Intelligence Unit (NFIU), and other government agencies as required by law.
Service Providers: Third-party vendors and partners who assist us in delivering our services (e.g., payment processors, cloud infrastructure providers, identity verification platforms).
Financial Institutions: Correspondent banks and financial networks necessary to complete your transactions.
Legal & Compliance: Law enforcement agencies, courts, and other authorities where required by law or court order.

1.5 Data Retention

We retain your personal information for as long as necessary to fulfil the purposes outlined in this Policy, and as required by applicable Nigerian laws and regulations. In line with the CBN's AML/CFT Regulations and the Money Laundering (Prevention and Prohibition) Act 2022, customer transaction records, account information, and KYC documentation shall be retained for a minimum period of five (5) years from the date of the last transaction or the closure of the account, whichever is later. Biometric data and identity verification records shall similarly be retained in accordance with applicable regulatory directives. After the retention period, data is securely deleted or anonymized.

1.6 Your Rights

As a data subject under the Nigeria Data Protection Regulation (NDPR) and Nigeria Data Protection Act (NDPA), you have the right to:

Access the personal information we hold about you.
Request correction of inaccurate or incomplete data.
Request deletion of your personal data (subject to legal obligations).
Object to or restrict the processing of your data.
Data portability where technically feasible.
Withdraw consent at any time where processing is based on consent.

To exercise your rights, please contact us at: info@moneyfieldmfb.com

1.6A Lawful Basis for Processing

In compliance with the Nigeria Data Protection Act (NDPA) 2023, Moneyfield MFB processes your personal data on the following lawful bases:

Contract Performance: Processing necessary to open and manage your account and deliver our banking services.
Legal Obligation: Processing required to comply with CBN directives, AML/CFT regulations, tax laws, and other applicable legislation.
Legitimate Interests: Processing for fraud prevention, internal analytics, and security monitoring, where such interests are not overridden by your fundamental rights.
Consent: Processing for marketing communications and non-essential cookies, where you have provided explicit consent. You may withdraw consent at any time without affecting the lawfulness of prior processing.

1.7 Data Security

We implement appropriate technical and organizational security measures to protect your personal information against unauthorized access, alteration, disclosure, or destruction. These include encryption, firewalls, secure socket layer (SSL) technology, and access controls.

1.7A Data Breach Notification

In the event of a personal data breach, Moneyfield MFB shall, without undue delay and where feasible within seventy-two (72) hours of becoming aware of the breach, notify the Nigeria Data Protection Commission (NDPC) in accordance with the NDPA 2023. Where the breach is likely to result in a high risk to the rights and freedoms of affected data subjects, Moneyfield MFB shall also notify the affected individuals without undue delay, providing details of the nature of the breach, the likely consequences, and the measures taken or proposed to address it.

1.8 Cookies & Tracking Technologies

Our mobile application and website use cookies and similar tracking technologies to enhance your experience, analyze usage patterns, and deliver personalized content. Please refer to our Cookie Policy for full details of the categories of cookies we use, your rights in relation to cookies, and how to manage your cookie preferences.

1.9 Children's Privacy

Our services are not directed to individuals under the age of 18. We do not knowingly collect personal information from minors. If you believe a minor has provided us with their information, please contact us immediately.

1.10 Changes to This Policy

We reserve the right to update this Privacy Policy from time to time. Any material changes will be communicated to you via the mobile application or email. Continued use of our services following notification of changes constitutes acceptance of the updated Policy.

1.11 Contact Us

For privacy-related inquiries, please contact:
Data Protection Officer, Moneyfield Microfinance Bank Limited
Email: info@moneyfieldmfb.com | Phone: +234 706 611 8294
Address: 105, Awolowo Road, Ikoyi Lagos, Nigeria.

2. Terms of Use – Mobile Application

These Terms of Use govern your access to and use of the Moneyfield MFB mobile application. Please read these terms carefully before using the application.

2.1 Acceptance of Terms

By downloading, installing, or using the Moneyfield MFB mobile application (“the App”), you agree to be bound by these Terms of Use, our Privacy Policy, and all applicable laws and regulations. If you do not agree with these terms, please do not use the App.

2.2 Eligibility

You must be at least 18 years of age and a customer of Moneyfield MFB to use the App. By using the App, you represent and warrant that you meet these requirements. Corporate accounts must be operated by an authorized representative.

2.3 Account Security

You are responsible for maintaining the confidentiality of your login credentials, PIN, password, and biometric data. You agree to:

Not share your credentials with any third party.
Immediately notify Moneyfield MFB of any unauthorized access or suspected breach of your account.
Not use the App on jailbroken or rooted devices.
Log out of the App after each session on shared devices.

2.4 Permitted Use

The App is provided for personal, non-commercial banking purposes only. You agree not to:

Use the App for any unlawful purpose or in violation of any applicable laws.
Attempt to gain unauthorized access to any part of the App or our systems.
Reverse engineer, decompile, or disassemble the App.
Use automated tools or bots to access or interact with the App.
Transmit viruses, malware, or harmful code through the App.

2.5 Availability of Services

Moneyfield MFB will make reasonable efforts to ensure the App is available at all times. However, we do not guarantee uninterrupted access and reserve the right to suspend, modify, or discontinue the App or any feature at any time without prior notice, including for maintenance, security upgrades, or regulatory compliance.

2.6 Transactions

All transactions initiated through the App are subject to our applicable transaction limits, fees, and charges. You authorize Moneyfield MFB to execute all instructions given through the App using your credentials. You are responsible for the accuracy of all transaction details entered.

2.7 Third-Party Services

The App may contain links to or integrations with third-party services (e.g., airtime purchase, bill payment, ride-hailing, utilities). Moneyfield MFB is not responsible for the content, privacy practices, or services of any third-party provider.

2.8 Intellectual Property

All content, design, logos, trademarks, and software in the App are the exclusive property of Moneyfield MFB or its licensors. You may not copy, distribute, modify, or create derivative works without our express written consent.

2.9 Limitation of Liability

To the fullest extent permitted by law, Moneyfield MFB shall not be liable for any indirect, incidental, special, or consequential damages arising from your use of the App. The Bank shall only be liable where damages clearly result from its own negligence or gross misconduct. In all cases, the Bank's liability shall be limited to the value of the disputed transaction or such minimum liability as may be required under applicable law and regulation.

2.10 Suspension and Termination

Moneyfield MFB reserves the right to suspend or terminate your access to the App at any time without prior notice, including for breach of these Terms, suspected fraudulent activity, or regulatory requirements. The Bank shall not be liable for any losses or damages arising from such suspension or termination, except where directly attributable to the Bank's negligence or gross misconduct.

2.11 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising shall be subject to the exclusive jurisdiction of Nigerian courts.

2.12 Dispute Resolution

In the event of any dispute, the parties shall first attempt to resolve the matter through good faith negotiation within fourteen (14) days of written notice. If unresolved, either party may refer the matter to mediation under the Lagos Multi-Door Courthouse (LMDC) Mediation Rules. Only where mediation fails shall either party resort to litigation before a court of competent jurisdiction in Nigeria.

3. Terms of Use – Website

These Website Terms of Use govern your access to and use of the Moneyfield MFB website located at www.moneyfieldmfb.com.

3.1 General

By accessing our website, you agree to comply with these Terms of Use. Moneyfield MFB reserves the right to modify these terms at any time, and your continued use of the website constitutes acceptance of any changes.

3.2 Website Content

The content on our website is provided for informational purposes only and does not constitute financial advice. Moneyfield MFB makes no representations or warranties of any kind regarding the accuracy, completeness, or timeliness of the content.

3.3 Prohibited Activities

Users are prohibited from:

Using the website for any fraudulent, unlawful, or harmful purpose.
Posting or transmitting unsolicited communications or spam.
Attempting to breach the security of the website or any network connected to it.
Harvesting or collecting personal information of other users without consent.
Uploading malicious code or interfering with the website's operation.

3.4 Links to Third-Party Websites

Our website may contain links to external websites for your convenience. Moneyfield MFB does not endorse or take responsibility for the content or privacy practices of any linked third-party website.

3.5 Disclaimer

Moneyfield MFB shall not be liable for any loss or damage arising from reliance on information provided on the website. We do not guarantee that the website will be free from errors, viruses, or other harmful components.

3.6 Governing Law

Your use of this website is governed by the laws of the Federal Republic of Nigeria.

3.7 Dispute Resolution

Any dispute arising from your use of this website shall first be referred to good faith negotiation, and if unresolved within fourteen (14) days, to mediation before litigation.

4. End-User License Agreement (EULA)

This End-User License Agreement (“EULA”) is a legal agreement between you (the “User”) and Moneyfield Microfinance Bank Limited (“Moneyfield MFB”) for the use of our mobile application software.

4.1 License Grant

Subject to your compliance with this EULA, Moneyfield MFB grants you a limited, non-exclusive, non-transferable, revocable license to download, install, and use the Moneyfield MFB mobile application solely for your personal banking purposes on a device you own or control.

4.2 Restrictions

You shall not:

Copy, modify, or distribute the App or any portion thereof.
Reverse engineer, decompile, disassemble, or attempt to derive the source code of the App.
Rent, lease, loan, sell, sublicense, or transfer the App to any third party.
Remove, alter, or obscure any proprietary notices, labels, or marks on the App.
Use the App to build a competing product or service.

4.3 Intellectual Property

The App and all associated intellectual property rights are and remain the sole property of Moneyfield MFB and/or its licensors. This EULA does not transfer any ownership rights to you.

4.4 Updates and Upgrades

Moneyfield MFB may from time to time provide updates or upgrades to the App. Such updates may be mandatory for continued access to the App and our services. You agree to install all required updates promptly.

4.5 Termination

This EULA is effective until terminated. Your rights under this license will automatically terminate if you fail to comply with any of its terms. Upon termination, you must cease all use of the App and delete all copies from your devices.

4.6 Disclaimer of Warranties

The App is provided “as is” without warranties of any kind, whether express or implied. Moneyfield MFB does not warrant that the App will be uninterrupted, error-free, or free from viruses or other harmful components.

4.7 Limitation of Liability

To the maximum extent permitted by applicable law, Moneyfield MFB shall not be liable for any indirect, special, incidental, or consequential damages resulting from the use or inability to use the App.

4.8 Governing Law

This EULA is governed by the laws of the Federal Republic of Nigeria. Any disputes arising shall be subject to the jurisdiction of competent Nigerian courts.

5. Debit Card Terms and Conditions

These terms and conditions govern the issuance and use of the Moneyfield MFB Debit Card. Please read these terms carefully before activating or using your card.

5.1 Issuance of Debit Card

The Moneyfield MFB Debit Card (“the Card”) is issued to eligible customers holding a savings or current account with Moneyfield MFB. The Card is linked to your designated account and operates on the applicable payment network (Verve, Mastercard, or Visa).

5.2 Activation

Your Card must be activated before use. Activation can be completed through the Moneyfield MFB mobile application, internet banking portal, or by visiting any of our branches. You will be required to set a Personal Identification Number (PIN) during activation.

5.3 PIN Security

You are solely responsible for the security of your Card PIN. You must:

Memorize your PIN and never write it on the Card or any related material.
Never disclose your PIN to any person, including Moneyfield MFB staff.
Change your PIN immediately if you suspect it has been compromised.
Shield the keypad when entering your PIN at ATMs or POS terminals.

5.4 Transaction Limits

The Card is subject to daily transaction limits set by Moneyfield MFB in line with CBN guidelines. These limits may include ATM cash withdrawal limits, POS and web purchase limits, and international transaction limits (where applicable). You may request a review of your transaction limits through our mobile app or by visiting a branch.

5.5 Authorized Transactions

Any transaction completed using your Card and PIN is deemed authorized by you. Moneyfield MFB shall only be liable where losses clearly arise from its own negligence or gross misconduct. In all cases, the Bank's liability shall be limited to the value of the disputed transaction or such minimum liability as may be required under applicable law and regulation.

5.6 Lost, Stolen or Damaged Cards

Subject to your prompt notification of a lost or stolen Card, your maximum liability for unauthorized transactions shall be limited in accordance with the CBN Regulatory Framework for Consumer Protection. You must immediately report a lost, stolen, or damaged Card by:

Calling our 24/7 customer service helpline.
Using the Card block feature on the Moneyfield MFB mobile application.
Visiting any Moneyfield MFB branch.

You will be liable for all transactions made before the Card is reported lost or stolen. A card replacement fee shall apply.

5.6A Chargeback and Transaction Dispute Resolution

If you believe a transaction on your Card was unauthorized, erroneous, or fraudulent, you may raise a dispute by contacting our 24/7 customer service helpline or visiting any Moneyfield MFB branch within thirty (30) days of the transaction date. Moneyfield MFB shall acknowledge your dispute within two (2) business days and shall endeavour to resolve all disputes within thirty (30) business days of receiving a fully completed Dispute/Chargeback Form.

5.7 International Use

The Card may be used internationally on applicable payment networks, subject to your account type, transaction limits, and prior activation of international transaction functionality. Foreign currency transactions will be converted at the exchange rate determined by the applicable payment network or prevailing CBN-approved rate at the time of processing, plus applicable charges.

5.8 Card Fees and Charges

Fees and charges applicable to the Card include card issuance fees, annual maintenance fees, ATM withdrawal fees (outside Moneyfield MFB network), SMS alert fees, and card replacement fees. A full schedule of charges is available at our branches and on our website.

5.9 Card Expiry

The Card is valid until the expiry date embossed on its face. Moneyfield MFB will endeavour to issue a replacement card before expiry. Expired cards must be destroyed by cutting them into pieces.

5.10 Suspension and Termination

Moneyfield MFB reserves the right to suspend, cancel, or recall the Card at any time without prior notice for suspected fraud, account irregularities, regulatory requirements, or failure to comply with these terms.

6. Terms and Conditions – “Save & Win” Promo

These terms and conditions govern participation in the Moneyfield MFB “Save & Win” promotional campaign.

6.1 About the Promo

The Moneyfield MFB “Save & Win” Promo is a savings promotion designed to reward customers who save consistently with Moneyfield MFB. The Promo offers cash prizes, gifts, and other rewards to qualifying participants.

6.2 Eligibility

To be eligible for the Promo, you must:

Be an active account holder with Moneyfield MFB.
Maintain the minimum qualifying savings balance as specified for each promo period.
Not have any delinquent loan or overdrawn account with Moneyfield MFB.
Be a Nigerian resident aged 18 years and above.
Not be an employee, officer, director, or immediate family member of Moneyfield MFB staff.

6.3 How to Participate

Participation in the Promo is automatic for all eligible customers who meet the qualifying savings criteria during the promo period. Customers do not need to make any separate registration or payment to participate.

6.4 Qualifying Criteria

Qualification is based on the customer's average monthly savings balance during the promo period, as determined by Moneyfield MFB. Specific balance thresholds for each prize category will be communicated at the commencement of each promo cycle.

6.5 Prize Draws

Prize draws shall be conducted in a transparent manner under the supervision of an independent observer and in compliance with CBN Consumer Protection Guidelines. Winners will be selected by a computer-generated random draw from the pool of eligible participants.

6.6 Winners and Prizes

Winners will be notified via their registered phone number and email address. Prizes include cash rewards credited directly to winners' Moneyfield MFB accounts. Moneyfield MFB reserves the right to publish winners' names for promotional purposes, subject to applicable data protection laws.

6.7 Prize Collection

Cash prizes will be credited to the winner's Moneyfield MFB account within 14 business days of the draw. Physical prizes (where applicable) must be collected within 30 days of notification. Unclaimed prizes will be forfeited.

6.8 Taxes

All applicable taxes on prizes are the sole responsibility of the winner. Moneyfield MFB may withhold applicable withholding tax at source as required by Nigerian law.

6.9 General Conditions

Moneyfield MFB reserves the right to vary, modify, or cancel the Promo at any time.
Decisions of Moneyfield MFB on all matters relating to the Promo are final and binding.
Participants may not transfer their promo eligibility or prizes.
Fraud or manipulation of any kind will result in immediate disqualification.
The Promo is subject to regulatory approval from the CBN.

7. Copyright Statement

7.1 Ownership of Content

All content published by Moneyfield Microfinance Bank Limited, including but not limited to text, graphics, logos, icons, images, audio clips, digital downloads, data compilations, and software, is the property of Moneyfield MFB or its content suppliers and is protected by Nigerian and international copyright laws.

7.2 Permitted Use

You may access, print, and download extracts from our website and mobile application for your personal, non-commercial use, provided that:

You do not modify or alter the content in any way.
You do not use the content for commercial purposes without prior written consent.
You reproduce the copyright and proprietary notices contained in the original content.

7.3 Prohibited Use

Without the express written permission of Moneyfield MFB, you may not:

Reproduce, distribute, publish, or transmit any content from our platforms.
Modify or create derivative works from our content.
Frame or mirror our content on any other website or server.
Use our trademarks, trade names, or service marks without prior written consent.

7.4 Reporting Infringement

If you believe that any content on our platforms infringes your copyright or intellectual property rights, please contact us immediately at: digitalbanking@moneyfieldmfb.com.

8. Disclosure Statement

8.1 Regulatory Status

Moneyfield Microfinance Bank Limited is a microfinance bank licensed and regulated by the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the CBN Microfinance Policy, Regulatory and Supervisory Framework.

8.2 Deposit Insurance

Deposits with Moneyfield MFB are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the maximum insured amount per depositor as prescribed under the NDIC Act and applicable NDIC guidelines. This insurance does not cover investment products or non-deposit financial instruments.

8.3 Investment Disclaimer

Any investment products or services offered by or through Moneyfield MFB are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results. You should seek independent financial advice before making any investment decision.

8.4 Interest Rates

Interest rates on deposits and loans are subject to change in line with CBN monetary policy directives and prevailing market conditions. We will notify you of any changes to applicable rates in accordance with our terms and conditions and regulatory requirements.

8.5 Conflicts of Interest

Moneyfield MFB has adopted a Conflicts of Interest Policy to identify, manage, and where necessary disclose conflicts of interest that may arise in the course of providing services to our customers. A copy of this policy is available upon request.

8.6 Complaints

We are committed to resolving customer complaints promptly and fairly. Our complaints resolution process is set out in our Complaint Management Policy, available at our branches and on our website.

10. Statement of Commitment to Fair Dealing

10.1 Our Commitment

Moneyfield Microfinance Bank Limited is committed to dealing with all customers, staff, business partners, and stakeholders in a fair, transparent, and ethical manner. We uphold the principles of integrity, respect, and responsibility in every aspect of our business.

10.2 Fair Treatment of Customers

We are committed to ensuring that:

All customers are treated with dignity and respect, regardless of their background, financial status, or relationship with the bank.
Products and services are designed and delivered in the genuine interests of customers.
Our communications are clear, fair, and not misleading.
Customers receive the advice and information they need to make informed financial decisions.
Vulnerable customers receive appropriate care, consideration, and accommodation.
Complaints are handled promptly, professionally, and fairly.

10.3 Ethical Business Conduct

We maintain the highest standards of ethical conduct in all our business dealings. Our staff are trained to identify and avoid conflicts of interest and to report any unethical practices through our internal reporting channels.

10.4 Transparency in Pricing

We are committed to transparent pricing. All fees, charges, and interest rates applicable to our products and services are clearly disclosed to customers prior to engagement. All standard fees and charges are disclosed in our published schedule of charges, available at our branches and on our website.

10.5 Anti-Discrimination

Moneyfield MFB does not discriminate against any customer or potential customer on the basis of race, ethnicity, religion, gender, age, disability, national origin, or any other protected characteristic in the provision of our services.

10.6 Continuous Improvement

We regularly review our policies and practices to ensure we meet evolving regulatory standards and customer expectations. Customer feedback is a vital part of our service improvement process.

11. Whistleblowing Policy

Moneyfield MFB is committed to maintaining the highest standards of integrity and accountability. This policy provides a safe and confidential mechanism for reporting misconduct.

11.1 Purpose

This Whistleblowing Policy is designed to encourage and enable staff, customers, contractors, and other stakeholders to report genuine concerns about illegal activities, regulatory violations, financial irregularities, fraud, corruption, or other serious misconduct within Moneyfield MFB, without fear of retaliation.

11.2 Who Can Report?

Current and former employees of Moneyfield MFB.
Customers and account holders.
Contractors, vendors, and service providers.
Members of the public with reasonable concern.

11.3 What to Report

Reportable concerns include, but are not limited to:

Fraud, bribery, corruption, or financial misconduct.
Breach of CBN regulations, NDIC guidelines, or other applicable laws.
Money laundering or financing of terrorism.
Insider trading or market abuse.
Harassment, discrimination, or abuse of customers or staff.
Misuse of Moneyfield MFB assets or resources.
Cover-up of any of the above.

11.4 How to Report

Concerns may be reported through the following confidential channels:

Whistleblower Email: whistleblower@moneyfieldmfb.com
Dedicated Hotline: +234 700 024 8632
Written Report: the Head, Internal Control and Audit, Moneyfield MFB.

Reports may be made anonymously. However, providing your contact details may assist in our investigation.

11.5 Protection of Whistleblowers

Moneyfield MFB strictly prohibits retaliation against any person who reports a concern in good faith. Any staff member found to have victimized or harassed a whistleblower may be subject to disciplinary action. The identity of whistleblowers will be kept confidential to the fullest extent possible.

11.6 False Reports

This policy is not intended for personal grievances or malicious reports. Any person found to have made a deliberately false or misleading report may be subject to disciplinary or legal action.

11.7 Investigation Process

All reports will be acknowledged within 5 business days. Investigations will be conducted by an independent team with appropriate expertise. The outcome of the investigation will be communicated to the whistleblower where contact details are provided and where it is appropriate to do so.

12. Force Majeure

Moneyfield MFB shall not be liable for any failure or delay in the performance of its obligations under these terms and conditions where such failure or delay arises from causes beyond the Bank's reasonable control, including but not limited to: acts of God, natural disasters, pandemics or public health emergencies, cyberattacks or acts of third-party hackers, system outages of third-party infrastructure providers, regulatory directives or government orders, industrial action, power failures, or telecommunications disruptions. Where a force majeure event occurs, Moneyfield MFB shall notify customers as soon as reasonably practicable, take all reasonable steps to mitigate the impact of the event, and restore services as promptly as circumstances permit. A force majeure event shall not excuse the customer from any payment obligations already due and outstanding before the occurrence of such event.

Privacy Policy &Legal Documents