Terms and Conditions for Shalom Microfinance Bank

These Terms and Conditions govern the use of services and products provided by Shalom Microfinance Bank. By opening an account or using any of the bank’s services, the customer agrees to the following terms:

1. Account Opening and Maintenance

  • Customers must provide accurate and up-to-date personal information for account opening.
  • The bank reserves the right to approve or decline account applications based on its discretion and compliance with regulatory standards.
  • Customers are responsible for keeping their account information secure, including login credentials and Personal Identification Numbers (PINs).

2. Use of Services

  • The customer agrees to use the bank’s services only for lawful purposes.
  • The bank’s services, including money transfers, bill payments, and loans, must be used in accordance with applicable banking laws and regulations.
  • Any misuse of the bank’s services may result in termination of access and legal actions.

3. Deposit and Withdrawal

  • Deposits can be made into accounts through bank branches, ATMs, or online platforms.
  • Withdrawals are subject to account balance limits and transaction charges, where applicable.
  • The bank reserves the right to impose or adjust limits on withdrawals or deposits at any time.

4. Loan Products

  • All loans are subject to approval based on the bank’s credit criteria.
  • Loan amounts, interest rates, and repayment terms will be provided in a loan offer letter and agreed upon by the customer before disbursement.
  • Failure to meet repayment schedules will result in penalties, including higher interest rates, legal actions, and reporting to credit bureaus.
  • The bank reserves the right to adjust interest rates based on market conditions and communicate these changes to customers.

5. Interest Rates

  • Savings accounts and loan products carry interest rates that are subject to change at the bank’s discretion.
  • Interest on savings accounts is earned based on the specific terms of each savings product and credited periodically as outlined in the product agreement.

6. Fees and Charges

  • The customer agrees to pay all applicable fees and charges associated with the bank’s services, including but not limited to ATM fees, account maintenance fees, and loan processing fees.
  • All fees will be clearly communicated to the customer at the time of account opening or service usage, and the bank reserves the right to adjust these fees with due notice.

7. Liability and Indemnity

  • The bank shall not be liable for any loss or damage suffered by the customer due to circumstances beyond its control, including but not limited to system outages, technical failures, or natural disasters.
  • Customers agree to indemnify the bank against any claims, losses, or damages arising from the misuse of banking services or violation of these terms.

8. Dispute Resolution

  • Any disputes or complaints regarding the bank’s services should be reported to customer service for resolution.
  • In the event of unresolved disputes, the parties agree to first seek resolution through mediation before pursuing legal actions.

9. Data Privacy

  • The bank is committed to protecting the personal and financial data of its customers in accordance with applicable data protection laws.
  • Customer data will not be shared with third parties without the customer’s consent, except where required by law.

10. Amendments

  • Shalom Microfinance Bank reserves the right to modify these terms and conditions at any time.
  • Customers will be notified of any significant changes through appropriate channels, including email or SMS, and continued use of services after such notification will constitute acceptance of the amended terms.

By accessing or using any of Shalom Microfinance Bank’s services, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.

Shalom Microfinance Bank is an indigenous financial institution set up to provide financial ……

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