Al-Barakah Microfinance Bank Mobile App/Internet Banking Terms and Conditions
These are the Terms and Conditions governing my usage of Al-Barakah Microfinance Bank’s Mobile Application and Internet Banking. While Al-Barakah MFB (hereinafter called “the Bank”) considers the processing of my transactions initiated by me via the Bank’s Mobile Banking Platform or Internet Banking portal with the use of my login credentials including my Personal Identification Number (“PIN”) to consummate outward transfers/transactions whatsoever (hereinafter called “Transactions”), I, hereby fully indemnify the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority or control against any losses, costs, damages, litigation, action, proceeding, expenses (including Attorney’s fees), judicial awards of any kind, or any payments of whatsoever nature made or any cost however incurred directly or indirectly, remotely or otherwise, resulting from the Bank processing such Transactions.
I admit and know that my PIN is a last resort security check for effecting my Transactions on the Bank’s Mobile Banking Platform and Internet Banking Portal
I accept to be solely and fully responsible for all risks that may arise from the Transactions as well or together with all losses which may be suffered by me as a result of any unauthorized transfer of monies or other Transactions in my account as a result of the use of my PIN on the Bank’s Mobile Application or Internet Banking Platform. Pin, One Time Password (OTP) or Token will serve as default authentication for transaction authentication in the event of failure of your preferred authentication method. Password will serve as default authentication method for login in the event of failure of your preferred authentication method.
Additionally, I, herewith consent and acknowledge that the Bank would not be liable for any loss, fraudulent or unauthorized access or transfer of monies on my account as a result of the Bank processing Transactions consummated on my account through the Bank’s Mobile Banking Application or Internet Banking Platform.
I also unconditionally and irrevocably consent that in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time and without notice to me combine or consolidate all or any of my other deposits and accounts with and liabilities to the Bank in any currency that may at any time be in possession of the Bank and set off or transfer any sum or sums standing to the credit of any one or more of such accounts or deposits in or towards satisfaction of any claim made against the Bank or loss suffered by the Bank as a result of or pursuant to the Bank processing such Transactions.
My obligation herein shall not be limited by any claim by me against the Bank, its Directors, agents, privies, assigns, successors, employees, or any other person whomsoever acting under the Bank’s authority.
The obligation of this Indemnity shall be continuous as regards any and all matters connected to or arising from the Bank processing such Transactions.
This Indemnity shall be construed in accordance with the laws of the Federal Republic of Nigeria.
Information We Collect from Your Phone
The Bank reserves the right to obtain the location information of the user through the user’s mobile device, at the user’s request, for the purpose of initiating money transfers to other Bank users or any other related purposes. If the user does not provide consent for obtaining and utilization of their location information, the ‘Near Me’ feature will be disabled for the user’s device until such time as future permission is granted by the user and the user will be unable to transfer to other users using the geo-location information.
The “Transfer via Phone Contacts” feature will ask for permission to access your phone contacts, this will facilitate a smoother and faster user experience for you while using the app. For additional information regarding the collection, use and sharing of other user’s data, please refer to the Bank’s privacy policy https://albarakahmfb.com/private/
This Indemnity shall remain valid and in full force from the date of its execution hereof until the Bank issues a letter discharging me from my obligations herein.
This Indemnity shall be construed in accordance with the laws of the Federal Republic of Nigeria.