1. 1. It will be deemed that any member(s) opening an account with NEXT Microfinance Institution (whether resident or non-resident) has read and understood the terms and conditions set out in this Agreement and as amended from time to time by NEXT Microfinance Institution (“NEXT MFI”).
   2. NEXT MFI reserves the right at all times to vary or amend the foregoing Terms & Conditions or to introduce new Terms & Conditions. Any such variations or amendments shall become effective and binding on you upon notification by us to you. If you are unwilling to accept such variations or amendments you may terminate your accounts with us by providing written notice thereof.
   3. These Terms and Conditions and our Privacy Policy constitute the entire agreement between you and us and supersede and extinguish all previous agreements, promises, assurances, warranties, representations and understandings between us, whether written or oral, relating to its subject matter.
   4. NEXT MFI has a statutory responsibility to apply any applicable tax on all charges on customers’ accounts.
   5. NEXT MFI is authorized to effect such orders in respect of the accounts as may be required by any court order or competent authority or agency under the applicable laws of the land.
   6. Upon NEXT MFI receiving notice of the demise of an individual customer, NEXT MFI will not be obliged to allow any operation or withdrawal from the account by any person except on production of a death certificate and a court order from a court of competent jurisdiction or any other relevant document recognized by law for succession purposes which must correspond with the next of kin on the membership form signed by the member and submitted at the time of account opening.
   7. NEXT MFI solely reserves the right to terminate any type of relationship with the account holder/depositor without assigning any reason.
   8. No account shall be opened by NEXT MFI unless the Membership form is fully completed and the requisite supporting documents attached and attested by the required authorities (if any). Only valid and acceptable means of identification (International Passport, Driver’s License,  National ID, Voter’s Card) opens any account.
   9. USE OF SERVICES:
      1. The Services offered by NEXT MFI can only be utilized by persons over the age of 18. Persons under 18 years of age must have the consent of an adult. NEXT MFI reserves the right to verify the authenticity and status of your Bank Accounts and Bank Verification Numbers with the relevant Payment System Provider.
      2. NEXT MFI reserves the right to decline your application for a Loan or to revoke the same at any stage at NEXT MFI’s sole and absolute discretion and without assigning any reason or giving any notice thereto.
      3. NEXT MFI reserves the right (in its sole and absolute discretion) to issue, decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time.
   10. PERSONAL INFORMATION:
       1. NEXT MFI is authorized to verify information provided by you to NEXT MFI against the information held by the Payment System Providers pursuant to the agreement between you and the relevant Payment System Provider for the provision of its services and the Electronic Payment Service and any other information bank available to NEXT MFI in Nigeria.
       2. The information that NEXT MFI may verify against the information held by the Payment System Providers includes (without limitation): your phone number, name, date of birth, Identification Number (“ID”) or Passport Number and such other information that will enable NEXT MFI to identify you and comply with the regulatory “Know Your Customer” requirements in Nigeria (together the “Personal Information”).
       3. NEXT MFI is authorized to obtain and procure your Personal Information from the Credit Reference Bureaus and you further agree and consent to the disclosure and provision of such Personal Information by the Credit Reference Bureaus.
       4. NEXT MFI reserves the right to supply consumer credit information to the Credit Reference Bureaus, and in this regard: you confirm that NEXT MFI may transmit to the Credit Reference Bureaus your account opening and termination information.
       5. You acknowledge that information on non-compliance with the Terms and Conditions of this Agreement may be transferred to the Credit Reference Bureaus; and
       6. The Credit Reference Bureaus may provide NEXT MFI with a credit profile and possibly credit scores on your creditworthiness.
11. INACTIVE AND DORMANT ACCOUNTS:

NEXT MFI shall classify an Account as Inactive if there are no member-induced transactions for a period of six (6) months in the subject Account. An Account shall be classified as Dormant if there are no member-induced transactions for six (6) months in the account i.e. any member-induced transactions for further period of six (6) months after the account had become inactive. Member induced transactions shall mean any credit or debit transactions done by a member in Account.

1. NEXT MFI shall decline Services and/or Transaction in the Account of a member, which has been classified as inactive or dormant unless the member reactivates it in writing at its/his/her domicile branch in any way, or if received for payment more than six months after the date the cheque is drawn, or as and when the account has been classified as inactive or dormant as herein stipulated.

12. CHEQUES: NEXT MFI shall dishonour and/or return cheques unpaid which are altered, if considered by NEXT MFI to be ambiguous or suspicious.
13. FIXED DEPOSIT ACCOUNTS: The member may be allowed to open and maintain a Fixed Deposit Account(s) for any stipulated period of time and as may be agreed between NEXT MFI and such member.
14. DELAY BY MEMBERS IN LODGING COMPLAINTS: NEXT MFI shall not be liable for any matters, claims, debts, unless the Member has notified NEXT MFI within 3 (three) days after the occurrence of the issue at hand and/or after receipt by him of the notification of the matter/issue OR on such an earlier time as possible.
15. REPAYMENT OF OVERDRAWN ACCOUNT: NEXT MFI is entitled to demand the repayment with interest of any account that is overdrawn. The interest applicable thereof shall be as per the prevailing market rates plus such penal rates as shall be applicable at the time of such default, which the customer hereby agrees to be bound by.
16. LIEN: When the member is indebted to MFI , NEXT MFI shall have a general lien over all property of the member in NEXT MFI’s possession including, but not limited to cash, goods, securities or valuables deposited for safe custody or as security, cheques presented for payment, bills and any other property movable or immovable charged to secure repayment of any money whether or not that money has been repaid; and also all property over which by the general law NEXT MFI has a lien. As such, the member hereby consents to that effect.
17. VARIATION AND TERMINATION OF RELATIONSHIP: NEXT MFI may at any time, with or without notice to the member, terminate or vary its business relationship with the member and in particular but without prejudice to the generality of the foregoing NEXT MFI may cancel credits which it has granted and require the repayment of outstanding debts resulting there from within such time as NEXT MFI may determine at its sole discretion.
18. FREEZING OF ACCOUNTS: NEXT MFI may at any time freeze any account of the member if and so long as there is any dispute and/or NEXT MFI has doubt for any other reason (whether or not well founded) as to the person or persons entitled to operate the same, without any obligation to institute interpleader proceedings or to take any step of its own initiative for the determination of such dispute or doubt. The member hereby consents to such freezing.
19. You can register only one mobile phone number for multiple accounts but cannot register multiple telephone numbers for one account number. You hereby confirm, declare and acknowledge that the phone number provided to us is owned by you or in your control and that any communication from and to the said telephone number is and shall be with the knowledge of and within your control. You shall in all circumstances accept full responsibility for any and all instructions sent to us from the phone number and you hereby authorize us to act on the instructions and process any and all transactions. You agree and acknowledge that we shall in no way be held responsible or liable if you incur loss as a result of carrying out your instructions pursuant to your access of the online services of Next MFI.
20. You shall use only the mobile phone number that has been informed to us stated in the application form. You shall promptly notify us, by filling out a change request form, of any changes to information provided to us by you, you shall promptly inform us of any loss or theft of your mobile phone by calling our Help Desk at the telephone numbers provided by us. We shall not be liable for any loss or claim resulting from the relaying of any information to the designated mobile phone number prior to receipt of any notification of loss or theft, we shall deactivate the subscription until further instructions are received.
21. You shall be solely responsible for all the transactions and consequences arising out of the messages emanating from the registered mobile phone instrument. We will not assume any responsibility or liability for unauthorized messages sent by any other person without your authority.
22. We shall not assume any liability or responsibility for any failure or delay in transmitting information to you or any error in such information, unless this results from negligence or willful default on our part. We shall not assume any liability or responsibility for the consequences arising from any cause beyond our control including, without limitation, failure of your telecommunications equipment to receive information for whatever reason, any telecommunications breakdown. mechanical failure, path failure, malfunction, breakdown, interruption or accuracy of equipment or installation, force major event such as sabotage, fire, floods, explosion, acts of God, civil commotion, strikes, act of government, computer hacking, unauthorized access to computer data, computer crashes etc.
23. We shall not be liable for any losses or damages caused (a) by the disclosure of confidential information to the designated mobile phone where designated mobile phone is in another person’s possession with your consent; or to your data, designated mobile phone, communications equipment or other equipment, unless such loss or damage is directly and solely caused by our willful default or negligence.
24. We reserve the right and you hereby authorize us to send you customized messages over your mobile phone for marketing or regarding the provision of other services or for any other purposes we deem fit unless specifically instructed otherwise by you in writing.
25. Any notice from us to you may be in such manner and by such means of communication as we shall deem fit, including, without limitation, use of direct mailing material, advertisement, branded display, electronic communication such as e-mail or via the web portal and mobile app. Any notice from you to us shall be in writing at the following address unless otherwise indicated in this Terms & Conditions: Customer Service, NEXT MFI 104A Island Avenue, Dolphin Estate, Ikoyi, Lagos.
26. INDEMNITY

In consideration of NEXT MFI complying with your instructions or Requests in relation to your Account, you undertake to indemnify NEXT MFI and hold it harmless against any loss, charge, damage, expense, fee or claim which NEXT MFI suffers or incurs or sustains thereby and you absolve NEXT MFI from all liability for loss or damage which you may sustain from NEXT MFI acting on your instructions or Requests or in accordance with these Terms and Conditions.

1. The indemnity in clause 2(a) shall also cover the following:
   1. All demands, claims, actions, losses and damages of whatever nature which may be brought against NEXT MFI 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 NEXT MFI’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 NEXT MFI.
   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 NEXT MFI as a consequence of any breach of these Terms and Conditions.
   5. Any damages and costs payable to NEXT MFI in respect of any claims against NEXT MFI for recompense for loss where the circumstance is within your control..