TERMS AND CONDITIONS

TERMS AND CONDITIONS FOR SAVINGS PRODUCTS

Last Updated: 20 Feb 2024

Terms and Conditions

The Saving Products service, website and/or software application (collectively, the “Service”) enables you to receive our online money services in accordance with our products under these Saving Products Terms and Conditions (the “Terms”). These Terms is an agreement between Ellington Microfinance Bank Limited (hereinafter referred to as ‘Ellington Bank’) and you as our customer, holding a valid BVN, and being entitled to receive financial services under these Terms.

THIS IS A CONTRACT

These Terms constitute a contract between you and Ellington Bank in relation to the Saving Products. Please do not use the Service if you do not accept these Terms. By using any part of the Service you accept these Terms. If you are under eighteen (18) years of age, you may not use the Service.

ACCOUNT REGISTRATION

You must register an account with valid information. To use the Service, you must: (a) provide a valid mobile phone number; (b) agree to the creation of an account associated with such number; (c) accept the present Terms; and (d) submit such other and additional information as Saving Products may request during registration. You agree to provide true, accurate and complete information about yourself as prompted by Saving Products during the account registration process. You will be given the option of receiving a unique PIN for purposes of reusing your account. You are responsible for keeping your PIN secure. Your personal information is highly protected in accordance with our Privacy Policy published and updated on our platform. The Saving Products product shall only be made available to you once our Know Your Customer process has been complied with by you and your identification has been verified.

SERVICES DESCRIPTION

Various sub-products:Under our Saving Products, we may provide various kinds of sub-products for your choice to deposit investment amount and earn interests, collectively we refer to as “Saving Products”. Such sub-products contain flexible interests, fixed interests, a combination of both flexible and fixed interests or any other such method. You can find our various sub-products on the pages of our platform and choose one or more that suit to you. For detailed information on each sub-product, please refer to Q & A, sub-products policies or any such information on our platform. All written information shall be regarded as an internal part of this terms and conditions.
Deposit with interests:There are two major types of deposit modes provided to you, Term deposit or Demand deposit. But we do have various sub-types of such deposit modes, for details you can refer to specific pages on our platform No matter which of the above modes you choose, you can deposit your money electronically into the account opened in our Platform to receive our Saving Products services, and receive interest according to interest rate we offered on our platform. Under the Term Deposit mode, you can only and are obliged to redeem such investment within applicable days (the “investment term”) after investment. Under the Demand Deposit mode, you are at liberty to redeem such investment any time after investment, but the redemption day will have no interest.
Withdrawal:You are entitled to withdraw your deposited money anytime in accordance with our withdrawal policies of each sub-products published on our Platform or send to you via other methods.
Liquidate:Means you withdrawal your investment amount with the calculation of applicable interests. You are entitled to liquidate your investment amount according to liquidation policies of each investment product.
Consumption:You can use your Saving Products balance for any applicable consumption, whether online or offline.
Transfer:You can transfer your Saving Products balance to your own bank accounts, other bank accounts, other users’ Ellington Bank wallet account or any account that is supported by our APP and Platform.

AUTOMATIC TRANSFER AND INVESTMENT

You can choose automatic transfer (Automatic Transfer) under these Terms by ticking the box “Accept Automatic Investment” and clicking the button of “Turn on Auto Invest”. By clicking, You authorize Saving Products to deduct ALL balance from your Ellington Bank APP wallet and invest FULL amount of such deduction in Saving Products. By activating the Automatic Transfer, you agree to Saving Products to send deduction instructions to Ellington Bank’s APP and such instructions shall be deemed as your own instructions. You shall be responsible for the result of such instructions.
You understand and agree that, in any circumstance that Saving Products did not send deduction instructions or failed to successfully deduct your balance for investment, Saving Products will not be liable or responsible for any loss arising from such failure.
You understand and agree that, due to deduction of your balance and the corresponding investment, your balance in Ellington Bank’s APP wallet may become insufficient to support your other demands which may cause loss (including failing to make other investments and the loss of earnings), and Saving Products will not be liable or responsible for any loss of such.
You can also terminate this Agreement at any time by clicking the button “Turn off Auto Invest”. Termination of this Agreement will not affect the validity and effectiveness of deductions and investments made before such termination.
You might also be entitled to invest certain amount to Saving Products balance by deducting the balance of your debit card or through bank transfer once applicable.

INTEREST

Any interest shall only be payable on funds that have remained in your Saving Products Wallet for a period of not less than one complete working day ( i.e 24 (twenty four) working day hours), if no specific sub-products’ policies against, and which interest shall be at a rate determined by Saving Products from time to time and payable pursuant to the amount shown on the application.
You acknowledge and agree that Saving Products shall have the right to amend the interest rate applicable to the Saving Products product and you hereby indemnify and waive any/all claims of any nature against Saving Products for interest on your Saving Products product.
Your interest rate might vary according to the amount you invest, the period you kept, and the sub-products you choose. We highly recommend you to check your products, plan pages to check your interest exactly. You fully understand that you shall pay for any taxes due to your interest earnings, including but not limited to Withholding Tax.
We confirm that the interest we offer to you shall be in compliance with applicable laws and regulations. In case that any change for the laws and regulations results in the decrease of your interests received, we are not obligated to compensate for it.

ANTI FRAUD

You agree and acknowledge that where the funds in your Saving Products wallet have been flagged as or are suspected of being fraudulent in nature, Saving Products may immediately suspend your account and retain the funds pending an investigation. If you elect to lock an amount in your Saving Products wallet, such lock will remain in place for an agreed period time. If you elect to lift the lock on the account prior to the agreed date, you agree that Saving Products may impose a penalty on you for lifting such lock and which amount Saving Products may immediately deduct from your Saving Products wallet balance. Interest accrued on your Saving Products wallet will be calculated annually and credited daily. If you wish to withdraw funds from your Saving Products Wallet, such funds shall only be transferred to your Saving Products Wallet. If you are a registered KYC customer of level 1 or higher, you will have the option to have the funds in your Saving Products Wallet transfer automatically to your Saving Products account on a daily basis. You irrevocably agree that where you select the option to transfer funds from your Saving Products Wallet balance to your Saving Products account and such transfer shall take place daily at a time designated by Us. The automatic transfer can be switched off at any time by you. At our discretion, you may be granted the option to effect payment for other Saving Products services (as designated by Saving Products from time to time) with funds held in your Saving Products wallet.

NO WARRANTIES

The Service is provided without any warranties or guarantees. THE SERVICE IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. Saving Products AND ITS SUPPLIERS AND AFFILIATES DISCLAIM ALL WARRANTIES WITH REGARD TO THE SERVICE, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SERVICE, OR WITH ANY OF THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SERVICE.

NOT LIABLE FOR DAMAGES

Saving Products is not liable for any damages you may incur as a result of using the Services. IN NO EVENT SHALL BLUE RIDGE OR ITS SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF OWEALTH OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

DISPUTES AND ARBITRATION

You agree to arbitrate any disputes. This Agreement is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator to take place in Lagos, Nigeria as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitrators of the United Kingdom. The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing Saving Products from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect Saving Products’s name, proprietary information, trade secrets, know-how, or any other intellectual property rights.

ENFORCEMENT

If arbitration, a court of competent jurisdiction or other competent authority finds any part of this Agreement invalid, unlawful or unenforceable, then such part shall be severed from the remainder of this Agreement which will continue to be valid and enforceable to the fullest extent permitted by law.

NO AGENCY

Neither Party is authorised to act as an agent for, or legal representative of, the other party and neither Party shall have the authority to assume or create any obligation on behalf of, in the name of, or binding upon the other Party, save and except with the express consent in writing of the other Party.

MODIFICATION

Saving Products may modify these Terms.These Terms and related policies (including but not limited to the Privacy Policy) may be modified by Saving Products without notice at any time in the future. Changes will be posted. By using the Service, you agree to be bound by the latest version of these Terms. It is your responsibility to remain informed of any changes.

OTHERS

Alteration. No alteration, variation or agreed cancellation of this agreement, and this product, shall be of any effect unless directed so by us.

Binding Any decision, exercise of discretion, judgement or opinion or approval of any matter mentioned in this Agreement or arising from it shall be binding on the parties only if in writing unless otherwise expressly provided in this Agreement.
Notice Any notice pursuant to this Agreement shall be given by fax, electronic mail or letter and the onus of confirmation of receipt of such notices shall be on the sender.
Whole Agreement This Agreement constitutes the whole agreement between the parties in regard to the subject matter hereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties.
Waiver/Relaxation No relaxation or indulgence which Saving Products may show to you shall in any way prejudice or be deemed to be a waiver of its rights hereunder. No term shall survive at the expiry or termination of this Agreement unless expressly provided. No delay or failure by either party to exercise any of its powers, rights or remedies under this Agreement will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude any other or future exercise of them.
Survival Each and every provision of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.
Confidential Information Each Party shall keep confidential, any information concerning the other Party, which comes to its knowledge by way of obtaining, accessing, receiving or learning such information as a result of the provision of the Services or pursuant to this Agreement
Confidential Information shall mean non-public information that a Party designates as being proprietary or confidential or which by its nature or the circumstances surrounding its disclosure reasonably ought to be treated as confidential. For the purposes of this clause 20, where a Party makes confidential information available to the other Party it shall be referred to as the “Disclosing Party” and the Party receiving such information shall be referred to as the “Receiving Party”. Confidential Information includes, without limitation and in whatever format, information relating to the Disclosing Party’s software products, source code, API data files, documentation, specifications, databases, networks, system design, file layouts, tool combinations, development methods, consulting methodologies, user manuals and documentation, training materials (computer-based or otherwise), schema, flow charts, prototypes and evaluation copies of any of the foregoing, as well as information relating to the Disclosing Party’s business or financial affairs, which may include business methods, marketing strategies, pricing, competitor information, product development strategies and methods, customer lists and customer information and financial results.
Force Majeure if either Party is rendered unable, wholly or in any material part, by reason of force majeure to carry out its obligation under this Agreement, then on such Party giving notice and particulars in writing to the other Party within seven (7) days or such other reasonable time after the occurrence of the cause relied upon, such obligations shall be suspended.
The term “Force Majeure”, as employed in this Agreement, shall mean acts of God, strikes, lockouts or other disturbances, acts of public enemies, wars, blockages, insurrections, riots, epidemics, fires, floods or any governmental prohibitions issued by any legitimate authority, including restrains of rules and people, civil disturbances and any other cause not within the control of the Parties. If the period of the Force Majeure continues for more than thirty (30) days then the Parties shall decide the appropriate steps to be taken at a meeting summoned for that purpose.

The Terms and conditions for Savings Product will be reviewed annually (or sooner if necessary) by Top Management. This policy statement is communicated to all employees and persons working for or on behalf of Ellington Bank and will be made available to the public, stakeholders, and any other interested parties on request.