Kolisa Microfinance Bank Limited — Terms and Conditions

Updated last in May 2026

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These Terms and Conditions (“Terms”) govern the relationship between Kolisa Microfinance Bank Limited (“Kolisa MFB”) and all customers, account holders, digital banking users, borrowers, depositors, agents, merchants, vendors, and users of any banking product, service, platform, application, or financial solution provided by the Bank.

By opening an account, using any banking service, accessing the Bank’s digital channels, signing any mandate form, accepting any banking product, or otherwise engaging with the Bank, you acknowledge that you have read, understood, and agreed to be legally bound by these Terms and Conditions.

These Terms are designed to reflect the operational, regulatory, technological, cybersecurity, digital banking, financial inclusion, and fintech realities applicable to Nigerian banking operations in 2026 and beyond.

1. Legal Status of the Bank

1.1 Kolisa Microfinance Bank Limited is a duly incorporated financial institution operating under the laws of the Federal Republic of Nigeria and licensed by the Central Bank of Nigeria (CBN) to provide microfinance banking services.

1.2 The Bank operates subject to:

  1. The Banks and Other Financial Institutions Act (BOFIA);
  2. Central Bank of Nigeria Guidelines and Circulars;
  3. Nigeria Data Protection Act (NDPA);
  4. Anti-Money Laundering and Counter-Terrorism Financing laws;
  5. Applicable financial services, cybersecurity, consumer protection, and fintech regulations.

1.3 The Bank reserves the right to amend its products, services, operational procedures, fees, digital systems, and policies in accordance with applicable laws and evolving banking realities.

2. Customer Eligibility

2.1 To access the Bank’s products and services, customers must satisfy applicable eligibility requirements including but not limited to:

  1. Valid identification and KYC documentation;
  2. Compliance with age requirements;
  3. Provision of accurate and complete information;
  4. Compliance with regulatory onboarding procedures;
  5. Acceptance of the Bank’s operational policies.

2.2 The Bank reserves the right to reject, suspend, restrict, or terminate any application, transaction, or banking relationship where:

  1. Regulatory concerns arise;
  2. Fraud or suspicious activity is suspected;
  3. False information is provided;
  4. There is non-compliance with applicable banking regulations;
  5. Continued operation poses legal, financial, cybersecurity, or reputational risk.

3. Account Opening and Operation

3.1 Customers may open savings, current, fixed deposit, investment, digital wallet, loan-linked, or other approved banking accounts subject to regulatory and internal compliance procedures.

3.2 The customer agrees that:

  1. All information provided during onboarding shall be accurate and complete;
  2. The Bank may verify customer information through regulatory databases, credit bureaus, identity verification systems, or third-party service providers;
  3. The Bank may request updated KYC documents periodically;
  4. Failure to provide updated information may result in restrictions on account operations.

3.3 The Bank reserves the right to:

  1. Freeze, restrict, suspend, or close accounts where required by law or regulatory directives;
  2. Decline transactions suspected to involve fraud, money laundering, cybercrime, sanctions violations, or illegal activities;
  3. Place limits on transactions, transfers, withdrawals, or digital banking activities based on risk assessments.

4. Digital Banking Services

4.1 Kolisa MFB may provide digital banking services including:

  1. Mobile banking applications;
  2. Internet banking platforms;
  3. USSD banking;
  4. ATM services;
  5. POS services;
  6. QR payment systems;
  7. Agency banking solutions;
  8. API and fintech integrations;
  9. Electronic fund transfer services.

4.2 Customers acknowledge that digital banking involves inherent operational and cybersecurity risks including:

  1. System downtime;
  2. Network disruptions;
  3. Cyberattacks;
  4. Phishing schemes;
  5. Device compromise;
  6. Unauthorized access due to customer negligence.

4.3 The Bank shall implement reasonable safeguards to maintain system integrity, however, the Bank does not guarantee uninterrupted or error-free operation of digital channels.

5. Customer Security Obligations

5.1 Customers are solely responsible for:

  1. Maintaining confidentiality of passwords, PINs, OTPs, tokens, biometric access credentials, and security information;
  2. Ensuring secure handling of mobile devices and banking applications;
  3. Promptly notifying the Bank of unauthorized transactions, suspicious activity, device theft, or credential compromise;
  4. Avoiding disclosure of sensitive information to unauthorized persons.

5.2 The Bank shall not be liable for losses arising from:

  1. Customer negligence;
  2. Unauthorized sharing of credentials;
  3. Social engineering attacks;
  4. Fraud resulting from customer compromise;
  5. Malware or device-level vulnerabilities outside the Bank’s systems.

6. Electronic Transactions and Instructions

6.1 The customer agrees that electronic instructions transmitted through approved channels shall be binding and enforceable.

6.2 The Bank may act upon:

  1. Online banking instructions;
  2. Mobile banking transactions;
  3. USSD commands;
  4. ATM transactions;
  5. Email instructions where permitted;
  6. API requests;
  7. Agency banking instructions.

6.3 Electronic transaction records maintained by the Bank shall constitute prima facie evidence of transactions conducted.

7. Fees, Charges, and Interest

7.1 The customer agrees to pay all applicable:

  1. Banking charges;
  2. Transaction fees;
  3. Regulatory levies;
  4. SMS alert charges;
  5. Card maintenance fees;
  6. Loan processing fees;
  7. Interest obligations;
  8. Default charges;
  9. Digital service fees.

7.2 The Bank reserves the right to:

  1. Amend pricing structures;
  2. Introduce new service fees;
  3. Adjust interest rates;
  4. Apply regulatory charges imposed by competent authorities.

7.3 Customers shall be notified through appropriate communication channels where required.

8. Loans, Credit Facilities, and Repayment

8.1 All loan facilities granted by the Bank shall remain subject to:

  1. Credit approval;
  2. Risk assessment;
  3. Execution of loan documentation;
  4. Availability of collateral where applicable;
  5. Compliance with repayment obligations.

8.2 The borrower agrees that:

  1. Loan proceeds shall be used solely for lawful purposes;
  2. Repayment obligations shall be honored as agreed;
  3. The Bank may report defaults to credit bureaus;
  4. Default may result in recovery actions, legal proceedings, collateral enforcement, debit mandates, or account restrictions.

8.3 The Bank reserves the right to:

  1. Demand immediate repayment upon default;
  2. Restructure or terminate facilities;
  3. Apply default interest and recovery costs;
  4. Set-off indebtedness against customer funds held with the Bank.

9. Data Protection and Privacy

9.1 The Bank shall process customer information in accordance with applicable data protection laws and the Bank’s Privacy Policy.

9.2 Customers consent to the Bank’s collection, processing, storage, disclosure, and transfer of personal data for:

  1. Regulatory compliance;
  2. Transaction processing;
  3. Fraud prevention;
  4. Credit assessment;
  5. Customer service;
  6. Cybersecurity monitoring;
  7. Product improvement;
  8. Financial analytics;
  9. AI-assisted operational systems.

9.3 The customer acknowledges that certain data may be shared with:

  1. Regulators;
  2. Credit bureaus;
  3. Payment processors;
  4. Fintech partners;
  5. Cloud service providers;
  6. Law enforcement agencies where legally required.

10. Cybersecurity, Fraud, and Financial Crime Monitoring

10.1 To protect customers and maintain regulatory compliance, the Bank may implement:

  1. Fraud detection systems;
  2. Artificial intelligence monitoring tools;
  3. Transaction analytics;
  4. Device fingerprinting technologies;
  5. Geolocation monitoring;
  6. Risk scoring systems;
  7. Behavioral analytics.

10.2 The Bank may suspend, decline, delay, or investigate transactions considered suspicious, high-risk, or potentially fraudulent.

10.3 The Bank shall cooperate fully with:

  1. Law enforcement agencies;
  2. Financial intelligence units;
  3. Regulators;
  4. Cybersecurity authorities;
  5. Anti-fraud agencies.

11. Third-Party Services and Fintech Integrations

11.1 The Bank may integrate with third-party financial technology providers, payment gateways, cloud service providers, API systems, and embedded finance platforms.

11.2 Customers acknowledge that:

  1. Third-party platforms may operate independently;
  2. Separate terms and policies may apply;
  3. The Bank shall not be liable for losses arising solely from third-party system failures outside the Bank’s reasonable control.

11.3 Customers are advised to verify the legitimacy and security of third-party applications before granting access permissions.

12. Limitation of Liability

12.1 To the maximum extent permitted by law, the Bank shall not be liable for:

  1. Indirect or consequential losses;
  2. Loss of profits or business opportunities;
  3. System outages caused by third-party infrastructure failures;
  4. Telecommunications disruptions;
  5. Cyber incidents beyond the Bank’s reasonable control;
  6. Regulatory restrictions;
  7. Acts of God or force majeure events.

12.2 Nothing in these Terms shall exclude liability where exclusion is prohibited by law.

13. Force Majeure

13.1 The Bank shall not be liable for delays, interruptions, or inability to perform obligations arising from events beyond its reasonable control including:

  1. Natural disasters;
  2. Power failures;
  3. Telecommunications disruptions;
  4. Cyberattacks;
  5. Government restrictions;
  6. Industrial actions;
  7. Civil unrest;
  8. Epidemics or pandemics;
  9. Banking infrastructure failures.

14. Intellectual Property

14.1 All trademarks, logos, software systems, applications, website content, banking platforms, operational materials, and proprietary technologies belonging to the Bank remain the exclusive property of Kolisa MFB or its licensors.

14.2 Customers shall not:

  1. Copy or reverse engineer systems;
  2. Interfere with digital infrastructure;
  3. Use Bank intellectual property without authorization;
  4. Attempt unauthorized system access.

15. Account Restriction, Suspension, and Termination

15.1 The Bank reserves the right to restrict, suspend, freeze, or terminate accounts and banking relationships where:

  1. Required by law;
  2. Directed by regulators;
  3. Fraud or suspicious activity is suspected;
  4. There is breach of these Terms;
  5. Cybersecurity concerns arise;
  6. KYC obligations remain outstanding.

15.2 Termination of banking relationships shall not extinguish outstanding obligations owed to the Bank.

16. Complaints and Dispute Resolution

16.1 Customers may submit complaints through designated customer service channels.

16.2 The Bank shall investigate complaints within reasonable timelines subject to regulatory requirements.

16.3 Where disputes cannot be resolved amicably, disputes may be referred to:

  1. Regulatory complaint mechanisms;
  2. Arbitration where applicable;
  3. Competent courts within Nigeria.

16.4 These Terms shall be governed by the laws of the Federal Republic of Nigeria.

17. Policy Updates and Amendments

17.1 The Bank reserves the right to amend, revise, or update these Terms periodically to reflect:

  1. Regulatory changes;
  2. Technological advancements;
  3. Operational developments;
  4. Cybersecurity realities;
  5. Digital banking innovations;
  6. Emerging financial sector risks.

17.2 Updated Terms may be published on the Bank’s website, mobile applications, branches, or other official communication channels.

18. Contact Information

18.1 For enquiries, complaints, or requests relating to these Terms and Conditions, customers may contact:

Kolisa Microfinance Bank Limited
Customer Service Department
Email: cservice@kolisamfb.com, info@kolisamfb.com
Telephone: +234 (0) 8166021336
Registered Office Address: 124B, Umejei Road, Ibusa, Delta State.

Acknowledgment and Acceptance of Terms and Conditions

By continuing to use any service provided by Kolisa Microfinance Bank Limited, the customer confirms acceptance of these Terms and Conditions and agrees to comply fully with all applicable banking, regulatory, cybersecurity, and operational requirements.

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© 2026 Kolisa Microfinance Bank Limited. All Rights Reserved.