First Heritage Microfinance Bank – Terms and Conditions

Effective Date: June 19, 2025

Welcome to First Heritage Microfinance Bank. These Terms and Conditions (“Terms”) explain the rules that guide your relationship with us. By opening an account or using any of our services, you agree to follow these terms.

1. Our Services

We provide financial services, including

Other microfinance-related products.

Savings accounts

Loans and credit services

Investment products

Digital banking services

2. Account Opening

  • To open an account, you must provide accurate personal information and valid identification as required by law.
  • You are responsible for keeping your contact details up to date.
  • We reserve the right to approve or decline any account application.

3. Your Responsibilities

  • Keep your account details, passwords, and PINs secure.
  • Notify us immediately if you suspect unauthorized access to your account.
  • Use our services for lawful purposes only.
  • Provide true and accurate information at all times.

4. Deposits and Withdrawals

  • Deposits can be made in cash, via transfer, or through other channels we support.
  • Withdrawals are allowed as long as there are sufficient funds in your account.
  • Certain accounts or loan products may have specific withdrawal limits or restrictions, which will be clearly communicated to you.

5. Loans and Credit

  • Loan eligibility and approval are subject to our credit policies.
  • Loan terms, repayment schedules, interest rates, and fees will be shared with you before any loan is disbursed.
  • Late or missed payments may attract penalties or affect your credit history.

6. Fees and Charges

  • Some services may come with fees or charges, which will always be communicated upfront.
  • All applicable fees are subject to review and may change. We will notify you ahead of any changes.

7. Interest Rates

  • Interest rates on savings, loans, and investments will be clearly communicated.
  • Rates may change based on market conditions or policy changes, with proper notice given to affected customers.

8. Privacy and Data Protection

  • We take your privacy seriously. Your personal data is protected and used only for legitimate business purposes.
  • We do not share your information with third parties without your consent, except as required by law.

9. Suspension or Closure of Account

We may suspend or close your account if:

  • You violate these terms.
  • You engage in fraudulent or illegal activity.
  • We are required to do so by law or regulatory authorities.

You may also request to close your account at any time by contacting us.

10. Communication

  • We may contact you via phone, email, SMS, or other electronic means regarding your account.
  • It’s your responsibility to ensure you read all messages and stay informed.

11. Liability

  • While we take all reasonable care to ensure our services run smoothly, we are not responsible for losses caused by events beyond our control (e.g. system failures, network issues, or natural disasters).

12. Amendments

  • We may update these Terms occasionally. Significant changes will be communicated in advance.
  • Continued use of our services after updates means you accept the revised Terms.

13. Governing Law

These Terms are governed by the laws of the Federal Republic of Nigeria.

14. Contact Us

If you have any questions, concerns, or requests regarding this Privacy Policy or our data practices, please contact us at:

First Heritage Microfinance Bank
Omu-Aran Road, Oro-Ago, Ifelodun LGA,
Kwara State, Nigeria.
Email: info@firstheritagemfb.com
Phone: +234-913-9340-303, +234-703-8250-664
Website: https://firstheritagemfb.com/

Thank you for banking with First Heritage Microfinance Bank — your trusted financial partner.