Dial *5355# to open an account

These Terms of Use represent an Agreement between you and Maal NI MFB Limited, set out the Terms and Conditions and apply to the entire content of the Website whose homepage is located at www.maalbanking.com, for the mobile application software, the data supplied with the software and the associated Services (the “App”) and to any correspondence by email between you (the “client” or “User” or “Borrower”) and us (the “Company”). By using our website, you represent that you have read and agree to be bound by, and to comply with, these Terms of Use. If for any reason whatsoever you do not wish to be bound by these Terms and Conditions, do not access or use the Website.

These Terms and Conditions are issued by Maal NI MFB Limited whose main business is the provision of banking and financial services as per set out in the Central Bank of Nigeria license guideline, which is accessible via CBNs website.

1. Introduction

   Our Details

   1. MAAL Non Interest MFB Ltd (we, our and us) operates the website.
   2. Our registered address is Suite C202/204, Dawaki Ultramodern Market, Bwari, Abuja, Nigeria.
   3. Our contact email address is contact@maalbanking.com

2. Additional documents governing your use of our Website.

   In addition to these Terms of Use, your use of our Website is also governed by the following documents.

   1. Our Privacy Policy, which is available at www.maalbanking.com/privacy Protecting your privacy is very important to us. We respect and are committed to protecting your privacy. Our privacy policy sets out the types of information we collect, the reasons we collect it, how we use it, where we may pass it on to any third parties, in what circumstances and for what reasons, and any other relevant information relating to our use and/or processing of your information and your rights in relation to your information.
   2. By accessing and using our website, you agree to be bound by the terms and conditions contained in these Terms of Use, you acknowledge that we will process your personal information in accordance with our privacy policy and you agree to abide by the Bye-laws of the Cooperative.

3. Modifications of Terms of Use and other documentation

   1. We reserve the right to update these Terms of Use, our privacy policy and any other documentation referred to in any of these documents from time to time.
   2. If required by law, we will provide you with notice of any changes in these Terms of Use or the other documentation referred to in them by posting a notice on the website and/or by posting an updated version of these Terms of Use or other such documentation on our website with a new effective date stated at the beginning of them.
   3. By continuing to access our website after we have updated our Terms of Use, and/or user content agreement, you agree to be bound by those updated versions. You also acknowledge that by continuing to access our website after we have updated our privacy policy and/or Terms of Use, that the practices set out in those updated policies will apply to our handling of your information and our use of cookies and similar technologies.
   4. You must check these Terms of Use and all other documentation referred to in them each time you access our website in order to ensure that you are aware of the terms that apply to you at that time.
   5. The date that these Terms of Use and/or any other documents (including our privacy policy) were last amended is set out at the top of that document and is referred to as that document’s “effective date”.

4. Accessibility of our website

   1. We make no representations and provide no warranties that:
      1. the website will be made available at any specific time or from any specific geographical location;
      2. your access to the website will be continuous or uninterrupted; or the website will be accessible or optimized on all browsers, computers, tablets, phones or viewing platforms.
   2. We reserve the right to suspend access to all or part of the website for any reason, including for business or operational reasons, such as improving the appearance or functionality of the website, content updates, periodic maintenance, or to resolve any issues that we become aware of. Wherever we anticipate that we need to suspend access to the website for a considerable period of time, we will try to provide you with prior notice where reasonably practicable.
   3. Our website is provided for users in the Nigeria. Although it may be possible to access the website from other countries, we make no representation that our website is compliant with any legal requirements enforced in any jurisdiction other than the Nigeria, or that the content available on the website will be appropriate for users in other countries or states.

5. Accounts

   1. Eligibilty

      The services offered by MAAL NI MFB can only be utilized by persons who are:

      1. Citizens of Nigeria or legal Nigerian residents.
      2. At least 18 years of age. Any access to or use of Maal App by anyone under 18 is unauthorized, unlicensed, and in violation of these Terms of Use.
   2. Opening an Account

      In order to access certain features of Maal, you must register to create a wallet account. Once the Wallet is opened and KYC is completed a bank account will be oopened for the individual.

      1. Opening account with an unverified status allows you to send electronic money (e-money), receive e-money, and/or withdraw money with certain limits. By going through the electronic form of the this website(s), you immediately obtain unverified status. To upgrade from a wallet to bank account with verified status and increase your limit you must provide a scanned color copy of your government-issued photo ID such as National I.D, driver’s license and/or Work I.D that confirms the details you provided during the account opening and also complete the KYC form;
      2. You agree that the information you provide to us on account opening through our website or mobile applications will be true, accurate, up-to-date and complete.
      3. All account information is provided for use of the named account holder only, and not for any other person. For security reasons, we ask you to not share any of your registration details (User name, Password, etc.) with any third party. You are responsible for any consequences of unauthorized access to your account.
      4. By creating an account, you automatically sign up for various types of alerts via e-mail and mobile notification. You may unsubscribe from marketing-oriented emails at any time.
   3. Closing of your Account (Termination of the Agreement)

      The period of this Agreement will extend from the day you open an Account with Maal NI MFB to the day you either decide to close the Account, or Maal NI MFB decides to close your account and terminate the Agreement for any one of the reasons stated in Section 7 below.

      1. You can close your account by working to into the branch or sending an email to (email address) requesting the withdrawal of any available balances and the closing of the account. Your balance in the account, if any, should be fully withdrawn/redeemed at the time of the account closing and the Agreement should be terminated.
      2. Your Account cannot be closed if you have an outstanding payment for a loan to make.
      3. An Account cannot be closed if it is being investigated by Maal or any government agency for fraud or other reasons that require such action. Maal has the right to hold the balance in your account, in order to protect itself or any third party against any potential liabilities of any nature.
      4. E-money in your e-wallet is valid until the time of redemption and will not be subject to any limitation. Despite the validity of the e-money in your account, if your account remains dormant (inactive) for a period of 36 months, Maal NI MFB has the right to close the account or charge maintenance fees. All accounts with zero balance will be closed in which you will be notified that your account is closed and that the Agreement has been terminated.
      5. Without prejudice to Maal’s rights under clause 5.3.4, Maal NI MFB may at its sole discretion suspend or close your Account:
         1. If Maal NI MFB is required or requested to comply with an order or instruction of or a recommendation from the government, court, regulator or other competent authority;
         2. If Maal NI MFB reasonably suspects or believes that you are in breach of these Terms and Conditions (including non-payment of any Loan amount due from you where applicable) which you fail to remedy (if remediable) within 14 days after the service of notice by email, SMS or other electronic means requiring you to do so;
         3. If Maal NI MFB decides to suspend or cease the provision of the Services for commercial reasons or for any other reason as it may determine in its absolute discretion;

6. Our Services

   Maal NI MFB offers non interest financial services and products to customers (individuals and SMEs), savings and investment service.

7. Prohibited Activities

   Maal NI MFB has listed a number of activities that are restricted or prohibited as they relate to the use of the Maal app, the terms of this agreement, the applicable laws, regulations, directives and decrees that may be issued from time to time by the Company. Such activities include:

   1. Violating any law, regulation, directive, statute or contract in relation to the Service received, including without limitation, money laundering laws and regulations, consumer and personal data protection, the Electronic Money Institution Law and its directives;
   2. Using the Account for unauthorized purposes or where we detect any abuse/misuse, breach of content, fraud or attempted fraud relating to your use of the Services;
   3. Providing inaccurate, disingenuous, or entirely false (deliberately) information without justifiable cause;
   4. Refusing to provide confirmation of your identity and verification of your details when requested upon, in order for Maal to perform an investigation when needed.
   5. Intentionally or unintentionally facilitate any malicious computer programming routines that may cause damage, harmfully interfere with, clandestinely capture or steal any system, data or information;
   6. Using any device and/or software that intentionally or unintentionally interferes with the proper operation of our platform and website;

8. Fees

   Bank charges the following fees:

   • Stamp Duty, VAT and WHT as stipulated by the Federal Government
   • Other bank charges allowed by the CBN
   • Financing and Admin facilitating charges

9. Default on Financing Facility

   An event of default (Event of Default) occurs when:

   • You fail to pay any sum payable under a finance facility in accordance with a scheduled repayment
   • Any representation/information, warranty or assurance made or given by the Borrower in connection with the application for financing facility or any information or documentation supplied by the Borrower is incorrect, inaccurate or misleading
   • The Borrower does anything which may prejudice Maal’s rights under this Agreement.
   • You use or attempt to use the App or the Services for an unauthorized purpose; or
   • The Borrower is declared bankrupt, insolvent or unable to pay his debts as they fall due under the laws of Nigeria.

   At any time after an Event of Default has occurred which is continuing, Maal NI MFB may, without prejudice to any other right or remedy granted to it under any law;

   1. Terminate this Agreement in accordance with the clause 5.3
   2. Supply information concerning the Event of Default to Credit Reference Bureaus. A copy of any adverse information concerning you sent to a Credit Reference Bureau shall be made available to you upon written request
   3. Maal reserves the right to assign its right, title and interest under the Agreement to an external collections agency who will take all reasonable steps to collect the outstanding Loan, and in this regard, Maal shall have the right to share with such collection agencies, any information about the Borrower which it deems relevant.
   4. Maal also reserves the right to institute legal proceedings for the recovery of the Loan against you without any prior notice.
   5. The Borrower shall be responsible for all legal costs and expenses incurred by Maal in connection with any enforcement action taken by Maal for the collection and repayment of the Loan.
   6. In the event that an Event of Default occurs, the Borrower grants Maal the right to notify the Borrower and any other person who, in Maal’s opinion, may assist with the recovery of the outstanding Loan amount. You agree that this information my be done by any means of communication which Maal deems appropriate.

10. Exclusion of Liability

    1. Maal shall not be responsible for any loss suffered by you should the Services be interfered with or be unavailable by reason of the failure of any of your Equipment, or any other circumstances whatsoever not within Maal’s control including , without limitation, Force Majeure or error, interruption, delay or non- availability of the System, terrorist or any enemy action, loss of power, adverse weather or atmospheric conditions, and failure of any public or private telecommunications system.
    2. You acknowledge that the App has not been developed to meet your individual requirements, and that it is therefore your responsibility to ensure that the facilities and functions of the App as described meet your requirements.
    3. We only provide the Services on the App for domestic, private use, and small and medium business financing needs, and we have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity as a result of your unauthorized use of the App.
    4. Maal will not be liable for any losses or damage suffered by you as a result of or in connection with:
       • 4.1 Any defect or fault in the App or any Service resulting from you having altered or modified the App;
       • 4.2 Any defect or fault in the App resulting from you having used the App in breach of the Terms and Conditions of this Agreement;
       • 4.3 Your breach of any of the Prohibited activities;
       • 4.4 Unavailability of sufficient funds in your Value Storage Account;
       • 4.5 Failure, malfunction, interruption or unavailability of the System, your Equipment, the Network or the Electronic Payment System; the money in your Account being subject to legal process or other encumbrance restricting payments or transfers thereof; your failure to give proper or complete instructions for payments or transfers relating to your Account;
       • 4.6 Any fraudulent or illegal use of the Services, the System and/or your Equipment; or
       • 4.7 Your failure to comply with the Terms and Conditions and any document or information provided by Maal concerning the use of the System and the Services.
    5. If for any reason other than a reason mentioned in clauses 10.1 - 10.4, the Services are interfered with or unavailable, Maal’s sole liability under this Agreement in respect thereof shall be to re-establish the Services as soon as reasonably practicable.
    6. Save as provided in clause 10.5, Maal shall not be liable to you for any interference with or unavailability of the Services, howsoever caused.
    7. Under no circumstances shall Maal be liable to you for any loss of profit or anticipated savings or for any indirect or consequential loss or damage of whatever kind, howsoever caused, arising out of or in connection with the Services even where the possibility of such loss or damage is notified to Maal.
    8. All warranties and obligations implied by law are hereby excluded to the fullest extent permitted by law.

11. Indemnity

    1. In consideration of Maal complying with your instructions or Requests in relation to your Account, you undertake to indemnify Maal and hold it harmless against any loss, charge, damage, expense, fee or claim which Maal suffers or incurs or sustains thereby and you absolve Maal from all liability for loss or damage which you may sustain from Maal acting on your instructions or Requests or in accordance with these Terms and Conditions.
    2. The indemnity in clause 1.1 shall also cover the following:
       1. All demands, claims, actions, losses and damages of whatever nature which may be brought against Maal or which it may suffer or incur arising from its acting or not acting on any Request or arising from the malfunction or failure or unavailability of any hardware, software, or equipment, the loss or destruction of any data, power failures, corruption of storage media, natural phenomena, riots, acts of vandalism, sabotage, terrorism, any other event beyond Maal’s control, interruption or distortion of communication links or arising from reliance on any person or any incorrect, illegible, incomplete or inaccurate information or data contained in any Request received by Maal.
       2. Any loss or damage that may arise from your use, misuse, abuse or possession of any third-party software, including without limitation, any operating system, browser software or any other software packages or programs.
       3. Any unauthorized access to your Account or any breach of security or any destruction or accessing of your data or any destruction or theft of or damage to any of your Equipment.
       4. Any loss or damage occasioned by the failure by you to adhere to these Terms and Conditions and/or by supplying of incorrect information or loss or damage occasioned by the failure or unavailability of third party facilities or systems or the inability of a third party to process a transaction or any loss which may be incurred by Maal as a consequence of any breach of these Terms and Conditions.
       5. Any damages and costs payable to Maal in respect of any claims against Maal for recompense for loss where the particular circumstance is within your control.

12. Disputes with Maal

    If a dispute arises between you and Maal, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost-effective means of resolving the dispute quickly. Disputes between you and Maal regarding our Services may be reported to Customer Service online via the "Email Us" link on the "Contact Us" page at any time, or by calling the Customer Service telephone number located on the Maal website(s) and by logging into your Account.

1. Scope

   This Privacy Policy sets out how we, Maal Non Interest Bank Limited, gather, store and use data about you when you use or connect with our sites, mobile application software (App) or any of the Services accessible through the App (Services).

2. Personal Data we may collect from you

   We may gather data about you when you visit our Sites or utilize our Services, including the accompanying:

   Information you provide for account opening (Personal identification information)

   This may include:

   • Full name (including middle name if applicable)
   • Mobile Phone number
   • Email address
   • Password
   • Transaction Pin
   • Date of Birth
   • Identification Information for Verification (ID card)

   Device information

   When you visit our website or make use of our mobile application on your device, Maal may collect and store sign on data from the device you use to enroll or to access your account that may uniquely identify the device. This may include:

   • Type of mobile device you use, unique identifiers (for example, your Device’s IMEI or serial number), information about the SIM card used by the Device, mobile network information, your Device’s operating system, the type of browser you use, or your Device’s location and time zone setting (Device Information);
   • information stored on your Device, including call logs, SMS logs, photos, videos or other digital content (Content Information);
   • data from your use of any other third-party application on the Device or the Service Sites; and
   • details of your use of any of our Apps or your visits to any of Our Service Sites; including, but not limited to, traffic data, location data, weblogs and other communication data (Log Information).

   Transaction Information

   When you send or receive money to or from family and friends, we may collect data on:

   • Description of the transaction and amount (Sent or Received)
   • Details of receiving client, Phone number, email address, account information.

   Contact Information

   It may be easier for us to help you transact with your friends and contacts if you choose to connect your contact list information with your Account. If you choose to connect your contact list information on your device with your Account and/or establish an account connection between a social media platform and your Account, we will collect and use your contact list or friend list information to improve your experience when you use the Services.

   Information during correspondence

   We may collect additional information from or about you when you communicate with us, contact our customer support teams or respond to a survey.

   Information about you from third-party sources

   Because of the type of the Services we provide, we are required to work with a number of third parties (including Mobile Network Providers, Payment Processors) and we may receive information about you from them.

3. How we obtain these data?

   You directly provide us with most of the data we collect. We collect data and process data when you:

   • Open an account with Maal by registering via our website, on our mobile application or by dialing our unique USSD code.
   • Voluntarily give permission to our mobile application to access your device information or use our website via your browser’s cookies.
   • From cookies. We may use mobile tracking technologies and/or Website cookies to distinguish you from other users of the App, App Site, or Services Sites and to gather information about your computer for our services and to provide statistical information regarding the use of our Website.
   • Send email to us or contact our support team

   Maal may also receive your data indirectly from the following sources:

   • Credit Bureau
   • Payment Processors and NIBBS
4. How do we use these Data?

   We may process your information for the following reasons:

   • Personal Information can be used by Maal to mainly
     • Verify your identity and authenticate your access to an Account;
     • To initiate a send or receive money request
     • To perform creditworthiness
     • Communicate with you about your Account, the Website, App or the Services; send email notifications which are of a promotional or general information nature, such as updates etc.
     • Create an account connection between your Account and a third-party account or platform;
   • To manage risk and comply with all applicable laws and regulations including but not limited to anti-money laundering obligations to help deter/prevent/detect fraudulent activities.
   • To market to you about special offers on services we think you might like.

5. Do we share Personal Data?

   If you agree, we may share your Personal Data or other information about you with for the following reasons:

   With our partner financial institutions:.

   With other companies that provide services to us: We may share information about you and your Account with third-party service providers involved in processing your transactions. The information might include:

   • Personal Data and Account Information necessary to facilitate the transaction

6. How do we protect your Personal Data?

   We implement and maintain appropriate safeguards to protect personal data, taking into account in particular the risks to you, presented by unauthorised or unlawful processing or accidental loss, destruction of, or damage to their personal data.

   Safeguarding will include the use of encryption and pseudonymisation where appropriate. It also includes protecting the confidentiality (i.e. that only those who need to know and are authorised to use personal data have access to it), integrity and availability of the personal data. we regularly evaluate and test the effectiveness of those safeguards to ensure the security of our processing of personal data.

7. How Do We Use Cookies and Tracking Technologies?

   When you visit our Websites, use our Services, or visit a third-party website for which we provide online Services, we and our business partners and vendors may use cookies and other tracking technologies (collectively, “Cookies”) to recognize you as a User and to customize your online experiences, the Services you use, and other online content and advertising; measure the effectiveness of promotions and perform analytics; and to mitigate risk, prevent potential fraud, and promote trust and safety across our Websites and Services. Certain aspects and features of our Services and Websites are only available through the use of Cookies, so if you choose to disable or decline Cookies, your use of the Websites and Services may be limited or not possible.

   Do Not Track (DNT) is an optional browser setting that allows you to express your preferences regarding tracking by advertisers and other third-parties. We do not respond to DNT signals.

8. What are your data protection rights?

   Maal would like to make sure you are fully aware of all of your data protection rights. Every user of our Services is entitled to the following:

   The right to access –You have the right to request Maal copies of your personal data. We may charge you a small fee for this service

   The right to rectification – You have the right to request that Maal correct any information you believe is inaccurate. You also have the right to request Maal to complete information you believe is incomplete.

   The right to erasure – You have the right to request that Maal erase your personal data, under certain conditions.

   The right to restrict processing> – You have the right to request that Maal restrict the processing of your personal data, under certain conditions.

   The right to object to processing– You have the right to object to Maal processing of your personal data, under certain conditions.

   The right to data portability– You have the right to request that Maal transfer data that we have collected to another organization, or directly to you, under certain conditions.

   If you make a request, we have one month to respond to you.

9. Changes to This Privacy Policy.

   We may revise this Privacy Policy from time to time to reflect changes to our business, the Websites or Services, or applicable laws. The revised Privacy Policy will be effective as of the published effective date.

   If the revised version includes a substantial change, we will provide you with 30 days prior notice by posting notice of the change on the “Policy Update” page of our website. We also may notify Users of the change using email or other means.

How to contact us?

If you have any questions about Maal’s privacy policy, the data we hold on you, or you would like to exercise one of your data protection rights, please do not hesitate to contact us.

Email us at: