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Introduction & Acceptance
These Terms and Conditions (“Terms”) govern your use of all banking products, services, digital platforms, and financial instruments offered by Mainstreet Microfinance Bank Limited (“the Bank”, “we”, “us”), a private limited liability company licensed by the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA).
The Bank was formerly known as Afribank Microfinance Bank Ltd and incorporated in November 2008. Our registered office is at Plot 1686B, Oladele Olashore Street, Victoria Island, Lagos.
By opening an account, applying for a loan, using our mobile app, internet banking, or any of our services, you unconditionally accept these Terms and any applicable product-specific schedules.
2. Eligibility & Customer Due Diligence
To access the Bank’s services, you must:
Be at least 18 years of age (or 16 years with parental/guardian consent for minor accounts)
Provide a valid means of identification (National ID, International Passport, Driver’s Licence, or Voter’s Card)
Provide a valid Bank Verification Number (BVN) and National Identification Number (NIN) as required by the CBN
Provide satisfactory Know Your Customer (KYC) documentation as may be requested from time to time
Not be on any regulatory watchlist, sanctions list, or blacklisted by the CBN or EFCC
The Bank reserves the right to decline any application or close any account where KYC or AML/CFT requirements are not satisfactorily met, in compliance with the Money Laundering (Prevention and Prohibition) Act 2022.
3. Account Opening & Operation
Accounts may be opened in-branch or via our approved digital onboarding platforms. Account types currently available include:
Main Save (Individual Savings Account)
Main Target Savings Account
Current Account (Individual & Corporate)
Main Fix & Gold (Fixed Deposit)
Greater Tomorrow Individual Account
Corporate Account
You are responsible for maintaining accurate and up-to-date personal information. Notify the Bank promptly of any changes to your contact details, address, or employment status. The Bank may charge maintenance, administrative, or dormancy fees in accordance with its published Schedule of Charges, which may be updated periodically.
An account inactive for 6 consecutive months may be classified as dormant. Reactivation will require identity re-verification. Accounts dormant for more than 10 years with unclaimed balances shall be escheated to the CBN as required by law.
4. Deposits, Savings & Investments
All deposits are accepted subject to the Bank’s prevailing terms. Key conditions include:
Deposits are protected within applicable limits under the Nigeria Deposit Insurance Corporation (NDIC) scheme
Fixed deposits under the Main Treasure Note product are Naira-denominated with a minimum tenor of 12 months
Premature withdrawal from fixed or target savings accounts may attract penalties as stated in the product schedule
Interest is calculated and credited in accordance with the agreed product terms and may vary based on CBN monetary policy
Fixed Deposit
Minimum tenor: 12 months. Up to 20% p.a. interest (subject to CBN rates)
NDIC Coverage
Deposits insured up to the statutory limit per depositor per institution
5.Interest Rates & Fees
Interest rates on loans and deposits are determined by the Bank in accordance with the prevailing CBN Monetary Policy Rate (MPR) and market conditions. Advertised rates are indicative and subject to change with reasonable notice.
The Bank’s Schedule of Charges, which details all applicable fees, levies, and charges, is available at all branch locations and on the Bank’s website. Charges include but are not limited to: account maintenance fees, transfer fees, card issuance fees, SMS alert charges, and early loan repayment fees.
All applicable taxes, including withholding tax on interest income, shall be deducted at source in compliance with Nigerian tax laws.
6. Loans, Credit Facilities & Repayment
All loan products—including Main Essential, Main Swift Cash, Mainstreet Enterprise Loan, Equip Loan Special, Special Edu Finance, and Payee Loan—are subject to credit appraisal, approval, and execution of a separate Loan Agreement.
Loans are disbursed within 48 hours of meeting all requirements and receiving credit approval
A minimum deposit of 20% of the proposed loan facility may be required as equity contribution
Collateral (cash or in-kind) may be required depending on the loan type and amount
Failure to repay as scheduled will attract penalty interest and may result in debt recovery action, credit bureau reporting, and legal proceedings
The Bank reserves the right to set off any outstanding loan amounts against your deposits held with the Bank
After your 5th successful loan repayment, you may qualify for concessional rates as part of our loyalty incentives
Borrowers are advised to review the loan calculator on our website for indicative repayment schedules. All loan agreements are binding and governed by the provisions of BOFIA and relevant CBN guidelines.
7.Digital Banking, Mobile & E-Products
Our e-banking services—including Mobile Banking (MainStreet My MFB App), Internet Banking, USSD Banking (*XXX#), Card Services, and Instant Money Transfer—are provided for your convenience subject to these additional conditions:
You are solely responsible for the security of your login credentials, PINs, and OTPs. Do not share these with anyone, including Bank staff
Report lost or stolen cards immediately via our hotline. The Bank’s liability for unauthorized transactions is limited where timely notice is not given
The Bank shall not be liable for service interruptions caused by telecommunications failures, system maintenance, or force majeure events
Transactions initiated via digital channels are subject to daily limits as communicated by the Bank
The Bank reserves the right to suspend digital access where suspicious activity is detected, without prior notice
Lost or stolen cards: Call 0802-923-5544 or email info@mainstreetmfb.com immediately. You may also use the Lost/Stolen Cards portal on our website.
8.Data Protection & Privacy
The Bank collects, stores, and processes your personal data in accordance with the Nigeria Data Protection Act 2023 (NDPA) and the Bank’s Privacy Policy, available at mainstreetmfb.com/mainstreet-mfb-privacy-policy.
Your data is used for account administration, credit assessment, fraud prevention, regulatory compliance, and service improvement
Your data may be shared with the CBN, NDIC, EFCC, credit bureaux, and other regulatory bodies as required by law
You have the right to access, correct, and request deletion of your personal data, subject to regulatory retention obligations
The Bank does not sell your personal data to third parties for marketing purposes without your explicit consent
By providing your BVN and NIN, you consent to verification with the relevant government databases as required for KYC compliance.
9. Liability, Disputes & Complaints
The Bank shall not be liable for indirect, consequential, or special damages arising from use of its services beyond the amount of the transaction in dispute.
To raise a complaint:
Contact us at any branch, via email at info@mainstreetmfb.com, or by phone on 0802-923-5544
Complaints will be acknowledged within 24 hours and resolved within 14 working days in accordance with CBN Consumer Protection Regulations
Unresolved complaints may be escalated to the CBN Consumer Protection Department
Whistleblowing disclosures can be submitted via our dedicated portal at mainstreetmfb.com/whistle-blowing
Any dispute not resolved amicably shall be referred to arbitration under the Arbitration and Mediation Act 2023, with Lagos as the seat of arbitration.
10. Amendments, Termination & Governing Law
The Bank may amend these Terms at any time. Amendments will be communicated via SMS, email, branch notices, or the Bank’s website at least 30 days before taking effect, except where immediate implementation is required by regulation.
Your continued use of our services after the effective date constitutes acceptance of the revised Terms.
Either party may terminate the banking relationship with 30 days’ written notice, subject to settlement of all outstanding obligations. The Bank may terminate immediately for breach of these Terms, fraud, or regulatory non-compliance.
These Terms are governed by the laws of the Federal Republic of Nigeria. The Courts of Lagos State shall have non-exclusive jurisdiction over any dispute.
Contact & Regulatory Information
Head Office
Plot 1686B, Oladele Olashore Street, Victoria Island, Lagos
Phone
0802-923-5544
Email
info@mainstreetmfb.com
Regulator
Central Bank of Nigeria (CBN)
NDIC Member Institution
