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Introduction
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These terms and conditions govern the operation of the Kolo-Ajo savings account offered by Alert Microfinance Bank.
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By registering and opening a Kolo-Ajo savings account, the customer agrees to abide by these terms and conditions.
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Account Opening and Registration
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To open a Kolo-Ajo savings account, customers must complete the registration process provided by Alert Microfinance Bank.
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Customers must provide accurate and up-to-date information during the registration process.
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The bank reserves the right to accept or reject any account opening application at its discretion.
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Savings Plan
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Customers have the option to choose a savings plan that suits their financial goals.
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The customer can make deposits into the Kolo-Ajo account via Debit card,
Direct Transfer to the account number provided by the bank, or through Direct Debit as authorized by the customer.
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The bank may offer varying interest rates or benefits based on the chosen savings plan, subject to the bank's policies.
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Funding the Account
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Deposits can be made by the customer using approved methods as specified by Alert Microfinance Bank.
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The bank is not liable for any delays or issues arising from third-party payment processors or banks during the funding process.
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Withdrawals & Access
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Customers can access their funds according to the terms specified in the chosen savings plan.
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Withdrawals may be subject to certain conditions, including minimum balance requirements, notice periods, or withdrawal fees as per the account type.
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Customers are responsible for ensuring that sufficient funds are available in the account to cover any scheduled withdrawals or deposits.
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Account Management
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Customers are responsible for the security of their account details, including login credentials and personal information.
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Alert Microfinance Bank may provide online access or mobile applications for managing the Kolo-Ajo savings account.
The customer must comply with the bank's usage guidelines.
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Fees & Charges
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The bank may impose fees, charges, or penalties for specific services, transactions, or non-compliance with account terms.
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Customers will be notified of any applicable fees/charges through the bank's official communication channels.
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Account Closure
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Customers may close their Kolo-Ajo savings account by providing written notice to the bank, subject to any applicable terms and conditions.
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The bank reserves the right to close an account or suspend services if there is evidence of fraudulent activity or violation of the terms and conditions.
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Changes to Terms & Conditions
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Alert Microfinance Bank reserves the right to modify or update these terms and conditions, and customers will be notified of any changes through appropriate channels.
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Continued use of the Kolo-Ajo savings account after changes to the terms constitutes acceptance of the updated terms and conditions.
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Governing Law
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These terms and conditions shall be governed by and construed per the laws of the Federal Republic of Nigeria, the CBN, and the NDIC.
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Contact Information
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For inquiries, assistance, or complaints regarding the Kolo-Ajo savings account, customers can contact Alert Microfinance Bank through its official communication channels.
By opening a Kolo-Ajo savings account, I acknowledge and agree to be bound by these terms and conditions.