Terms of Use – Nomba Savings Product

The 'Terms of Use provided herein are an integral part of our overall Nomba Terms and Conditions. By using our services, you acknowledge and agree that this Terms of Service for the savings service is subject to, and should be read in conjunction with, the comprehensive Nomba Terms and Conditions governing your relationship with Nomba. The Nomba Savings Service provides users with a secure and efficient solution for managing and growing their savings. This Terms of Use document serves as the service agreement between Nomba and its users, governing the use of the savings product. By using the Nomba Savings Service, users can deposit, manage, and withdraw funds, as well as earn interest on their savings.

These Terms of Use ("Terms") govern your access to and use of the Nomba Savings Platform ("Platform"), provided by Nomba Financial Services Limited ("Nomba," "we," "us," or "our"). By accessing or using the savings service, you agree to comply with and be bound by these Terms. If you do not agree to these Terms, please do not use the Platform.

Acceptance of Terms

By accessing or using the Nomba savings service, you acknowledge that you have read, understood, and agreed to be bound by these Terms and all applicable laws and regulations. If you do not agree with any part of these Terms, you may not use the savings Service. The savings service is implemented through the Nomba platform and adheres to the standard approved by the Central Bank of Nigeria (CBN), ensuring security and interoperability.

Description of Service and Eligibility

At Nomba, we offer two distinct savings products to cater to your financial needs and preferences.

Fixed Savings

This provides you with the opportunity to earn competitive interest rates by locking your funds for set tenures of 30 days, 90 days, 180 days, or 365 days. By committing to these tenures, Nomba guarantees that users can enjoy the benefits of higher interest rates as a reward for entrusting your savings for a specified period. Users acknowledge and understand that whether they're saving for short-term goals or planning for the future, the Nomba Fixed Savings product offers a secure and rewarding way to grow your wealth.

Flexible Savings

The Flexible Savings product, allows users to create a separate pot of money from your main wallet without any set tenures or interest rates. This product is designed to provide you with flexibility and convenience, enabling you to allocate funds for various purposes such as emergencies, special purchases, or unforeseen expenses. By opting for Flexible Savings, you obtain the assurance that your savings are readily accessible at any time, without the restrictions of lock-in periods or interest obligations.

Whether you prefer the stability of fixed tenures and interest rates or the flexibility of on-demand access to your savings, Nomba is committed to assisting you in achieving your financial goals, subject to the eligibility criteria outlined below.

Eligibility

Age Requirement

You must be at least 18 years old to use the Service.

Account Requirements

To be eligible for the Nomba Savings Service, you must have an existing Nomba account, either as an agent or a merchant, and provide accurate and complete information during the registration process.

By meeting these eligibility criteria, you are authorized to access and use the Nomba Savings Service, subject to the terms and conditions outlined in this agreement.

Account Registration and Profile management

Account Responsibility

You are responsible for maintaining the confidentiality of your account information and for all activities that occur under your account. Our savings product is designed to cater to a diverse target audience, encompassing both individuals and businesses seeking to manage their savings efficiently. Whether you are an individual aiming to cultivate a robust savings habit or a business intending to optimize your financial reserves, our product offers tailored solutions to meet your specific needs. The percentage of interest accrued on savings will vary depending on the type of savings account selected and the amount deposited. We offer competitive interest rates structured to maximize your savings potential. Specific interest rates and comprehensive information regarding the benefits of each savings account type will be transparently disclosed at the time of account setup. This disclosure ensures that you can make informed decisions that align with your financial objectives. Our goal is to provide you with a seamless and rewarding savings experience that supports your financial well-being.

Savings Account profile

Account Opening

By opening a savings account with Nomba, user agree that the information provided during the Nomba onboarding account opening process may be utilized for the purposes of managing and maintaining your savings account. This includes, but is not limited to, the use of your personal and financial information to provide you with the necessary services.

Deposits

You may deposit funds into your savings account using the methods provided by Nomba. All deposits are subject to verification and acceptance by Nomba. The availability of deposit methods may vary, and Nomba reserves the right to change or discontinue any deposit method at any time without prior notice.

Withdrawals

You may withdraw funds from your savings account subject to the terms and conditions set by Nomba. Withdrawal limits and processing times may apply. Nomba may impose limits on the amount you can withdraw in a single transaction or over a specified period. You agree to comply with these limits and any additional security procedures required to complete your withdrawal requests.

Interest Rates

Nomba may offer interest on your savings account balance. To address the inconsistency of CBN interest rates and ensure that ongoing savings plans remain unaffected by changes, we will implement a dynamic interest rate structure. This structure allows for automatic updates of interest rates based on the latest CBN rates while ensuring that existing plans are not impacted by these fluctuations. Current interest rate and tenure options are as follows: for a 30-day tenure, the rate is 14%; for 90 days, the rate is 15%; for 180 days, the rate is 16%; and for 365 days, the rate is 17%. This dynamic approach ensures that our savings product remains competitive and fair, providing users with the best possible returns on their savings while protecting the stability of their existing plans. The percentage of interest accrued on savings will vary based on the type of savings account and the amount saved. Specific interest rates will be disclosed at the time of account setup.

Fees and Charges

Nomba reserves the right to impose fees for the use of the Service. Any applicable fees will be communicated to you in advance. Fees may be charged for account maintenance, transactions, or other services provided. Nomba will provide notice of any new fees or changes to existing fees, and your continued use of the Service constitutes your acceptance of such fees.

Account Statements

Nomba will provide periodic account statements detailing your account activity, including deposits, withdrawals, interest earned, and any fees charged. You agree to review these statements promptly and to notify Nomba of any discrepancies within a reasonable time.

Account Security

You are responsible for maintaining the security of your savings account. This includes safeguarding your login credentials and any other information used to access your account. Nomba will not be liable for any loss or damage arising from unauthorized access to your account due to your failure to secure your information.

Inactive Accounts

You are responsible for maintaining the security of your savings account. This includes safeguarding your login credentials and any other information used to access your account. Nomba will not be liable for any loss or damage arising from unauthorized access to your account due to your failure to secure your information.

Inactive Accounts

If your savings account remains inactive for an extended period, Nomba may classify your account as dormant. Dormant accounts may be subject to additional fees and may require additional verification procedures to reactivate. Nomba will notify you of any actions taken regarding dormant accounts.

Account Closure

You may close your savings account at any time by following the procedures outlined by Nomba. Upon account closure, any remaining balance, minus any applicable fees, will be returned to you. Nomba reserves the right to close your account or place a PND (Post no debit) on your account at its discretion, with or without notice, for reasons including but not limited to inactivity, fraud, or violation of these Terms of Use.

Savings Account features

Auto Savings

One of the core features of our savings product is Auto Savings, which allows you to automatically transfer a specified amount from your checking account to your savings account on a regular basis. This feature is designed to help you build your savings effortlessly, without having to remember to make manual transfers. By setting up Auto Savings, you can ensure a consistent savings habit, making it easier to reach your financial goals. Whether you choose to transfer daily, weekly, or monthly, this automated process is flexible and can be tailored to fit your financial situation and savings targets. The convenience of Auto Savings helps you stay disciplined and committed to growing your savings over time.

Goal Savings:

Our Goal Savings feature enables you to set specific financial goals and track your progress towards achieving them. This feature is perfect for those who have distinct savings objectives, such as purchasing a home, funding education, or planning a vacation. By defining your goals within the platform, you can visualize your progress and stay motivated. You can set multiple goals, allocate funds accordingly, and receive updates on how close you are to reaching each goal. This structured approach to saving not only keeps you focused but also provides a sense of accomplishment as you see your savings grow and your goals come within reach.

Savings Platforms

Our savings product is designed to be accessible and convenient, with availability on both iOS and Android platforms. Regardless of your preferred device, Users shall manage their savings account seamlessly. The mobile applications for iOS and Android offer a user-friendly interface, enabling users to access their accounts, track their savings, and manage the features remotely. Nomba undertakes that this cross-platform availability ensures continuous connectivity to users' savings, allowing users to manage their account at any time and from any location. Nomba shall ensure that this accessibility facilitates the achievement of user financial goals with greater ease. Users acknowledge and undertake to comply with the user guidelines and agree not to use the system in any manner that is not intended for its purpose.

Account Switching and Accessibility

Nomba guarantees to its users a seamless savings feature that is integrated into both personal and business accounts, allowing users to effortlessly log in and switch between these account types while maintaining full functionality in both. Nomba has provided robust security measures, including advanced encryption, two-factor authentication, and regular security audits, to ensure that data integrity and separation are maintained, keeping personal and business account information secure. This seamless switching capability allows users to manage their savings across both account types with ease, enhancing your overall user experience and financial management. Users undertake to utilize the system in accordance with its intended purpose. They agree not to engage in any activities that could compromise the system’s security, integrity, or functionality. By using the Nomba platform, users acknowledge and accept the responsibility to use the system ethically and lawfully, ensuring that their actions do not negatively impact other users or the overall performance of the platform. Any misuse or unauthorized access will be subject to the terms and conditions outlined by Nomba, and may result in the suspension or termination of user accounts, as well as potential legal action.

Maintain Existing Savings Plans

To ensure a smooth transition to this savings product, and continuous service, users' who subscribed to the previous savings plans will remain unaltered and fully functional. Existing savings plans will be prominently displayed alongside new options, allowing users to monitor and manage their ongoing plans without disruption. This approach guarantees that users' financial strategies and progress remain intact while exploring new savings opportunities with Nomba.

In addition to maintaining existing plans, users will have the ability to create and manage new Locked or Flexible Savings Plans. Our platform provides a unified interface where users can view and manage both their old and new savings plans seamlessly. This comprehensive view guarantees that all user savings efforts are consolidated in one place, making it easier to track savings progress and make informed decisions about their financial future. To facilitate a smooth transition to the new savings system, Nomba will maintain on behalf of the users the dual savings system until all existing savings plans reach their maturity or are closed. Nomba seeks to ensure with this gradual approach that users experience no interruptions or inconvenience. Once all old savings plans are completed, the system will transition to exclusively offering the new savings plans. Nomba guarantees that this phased transition is designed to provide stability and continuity, allowing users to adapt to the new system at their own pace while ensuring their financial goals are continuously supported.

Dispute Resolution

We prioritize the satisfaction and trust of our customers. In the event of a dispute in the use of our Savings platform, Nomba is committed to resolving it swiftly and fairly in accordance with the CBN Consumer Protection Regulation. Our dedicated support team will diligently investigate any reported issues and work towards finding a satisfactory resolution for all parties involved. We understand the importance of maintaining transparent communication and fostering positive relationships with our customers, and we will strive to address disputes promptly and equitably to ensure the continued confidence and satisfaction of our valued users. We urge our Users to contact Nomba customer care lines below for more information. 018885008, 018888866 and 015200061 or email[email protected]

Compliance with Regulatory Guidelines

Nomba is committed to upholding the highest standards of compliance with regulatory guidelines to ensure the integrity and reliability of our Savings platform. By aligning our operations with these regulatory frameworks, we demonstrate our commitment to transparency, accountability, and responsible business practices. Our unwavering dedication to compliance underscores our commitment to providing a secure, trustworthy, and legally compliant platform for Savings payments, thereby safeguarding the interests and confidence of our users.

Intellectual Property

The Platform and its entire contents, features, and functionality are owned by Nomba Savings Platform or its licensors. The Platform adopts appropriate Savings standards for safe and efficient payment services in Nigeria, as per the regulatory guidance.

Privacy Policy

Your use of the Nomba Savings Platform is also governed by our Privacy Policy. Please review our Privacy Policy to understand our practices which outlines how we collect, use, and protect your personal information. Kindly find Nomba Privacy policy here

Termination

Nomba retains the authority to terminate or suspend your access to the Platform at our discretion, without prior notice, and in adherence to the regulatory principles governing risk management in Savings payments within Nigeria. This action may be taken to uphold the integrity and security of the platform, ensuring compliance with established standards and regulations. Our commitment to maintaining a secure and compliant environment for Savings payments aligns with our responsibility to protect the interests of all users and stakeholders involved.

Changes to Terms

We may update these Terms from time to time. Any changes will be effective immediately upon posting. Your continued use of the Nomba Savings Platform after the posting of the updated Terms constitutes your acceptance of the changes.

Thank you for choosing Nomba Savings Payment services.