What is electronic banking?


Electronic banking services are a range of banking and other services or facilities that use electronic equipment and include:

  • online banking
  • ATM and debit card services
  • phone banking
  • SMS banking
  • electronic alert
  • mobile banking
  • fund transfer services
  • Point of sales banking
  • Estatements
  • Other e-commerce or value added services

Please contact us for details of the electronic banking services available to you.

Using electronic equipment

When a transaction is made with electronic equipment using a security code, you authorise us to act on the instructions entered into that electronic equipment.

We treat use of a security code as evidence that you or an authorised person issued the instructions (see clause 5 (Instructions) for more details).

Problems with Instructions

If it is not possible to direct an electronic banking service to a specified account in accordance with the instructions you or an authorised person gives the electronic equipment, we may direct it to any account that is linked to your security code.

Using electronic banking services


Electronic banking services, and certain facilities under the electronic banking services, may be available only for certain types of accounts and not others.


You and each authorised person must be at least 18 years of age to use electronic banking services.

Preconditions to use

We only make an electronic banking service available if:

  • you are recorded as the legal and beneficial owner of the account and use of the electronic banking service for the account is acceptable to us
  • you have registered For the particular type of electronic banking service. Contact us to arrange this, and
  • you and each authorised person has complied with the activation procedures we specify.

If we issue any guidelines in connection with the use of any electronic banking services, the guidelines must be followed whenever anyone accesses the electronic banking service. We are not liable for any loss you incur as a result of any failure to do so.


Electronic banking services may be limited to specific amounts set by law or by us or by the owner or operator of the electronic equipment. For example, there are maximum and minimum daily withdrawal amounts that may vary.

Application of terms

These terms apply to your use of an electronic banking service whenever you subscribe for the electronic banking service even if you subscribe after you begin to use a product.

Joint accounts

If the account operating authority for a joint account each joint accountholder is taken to be subscribing to the electronic banking services, and access to the electronic banking services is restricted to viewing of information only and not conducting transactions.

  • If the operating authority for a joint account is all joint accountholders may operate the account using the electronic banking services in accordance with these Customer Terms (even if you are not registered to use the electronic banking services); and
  • any single joint accountholder may validly give instructions by the electronic banking services in connection with the joint account.
Operating times

The electronic banking services are usually available for use during normal operating hours or at the times set out in the guidelines or otherwise notified to you. However, routine maintenance requirements, excess demand on the systems and circumstances beyond our control may mean it is not always possible for the electronic banking services to be available during all normal operating hours.


When you or an authorised person uses electronic banking services you or they must:

  • not access the electronic banking services using any electronic equipment not owned by them or which they are not licensed or authorised to use: and
  • take all reasonably practical measures to ensure that any electronic equipment from which they access the electronic banking services is free of and adequately protected against any computer virus or other malicious software.
Unauthorised overdrafts

You cannot rely on the operation of the electronic banking services to prevent an unauthorised overdraft being created. For example, you must remember that cheques and any payment instructions you or an authorised person has given using the electronic banking services may not be given immediate value or immediate effect and might not always be immediately reflected in the balance owing. For the consequences of unauthorised overdrafts see clause 6 (Account overdrawing).

Phone banking

When using phone banking, if you ask and we quote any exchange rate or interest rate to you, the rates are for your reference only and are not binding on us unless we later confirm the rates in writing.

Information provided at ATMs not conclusive

Information provided at ATMs in connection with your account (such as your credit or debit balance) may not reflect the balance owing at that time.

Electronic alerts

The electronic alerts available are:

Alert Types Description
SMS alerts - automatic alerts No prior subscription required
SMS alerts - subscriber alerts You must subscribe and select the types of SMS alert which you wish to receive
Email alerts - automatic alerts No prior subscription required
Email alerts - subscription alerts You must subscribe and select the types of SMS alert which you wish to receive

We may vary the types of electronic alerts available without notice to you. They are sent only when available and practicable.


The availability and proper functioning of electronic banking services depends on many variable circumstances, including location, mobile network and internet availability and signal strength, and proper functioning of hardware, software, your mobile network operator, mobile phone and computer.


We may suspend any electronic banking service temporarily at any time for maintenance and upgrading of services.

Fees and charges

In addition to any fees and costs you must pay us, you must pay any fees or charges imposed by the provider of the electronic equipment and your telecommunications provider for using electronic banking services.


We may at any time:

  • vary the way any electronic banking service operates; or
  • add or remove or otherwise vary, end or suspend any of the facilities available under any electronic banking service.

You and each authorised person are taken to be bound by any variation to the operation of an electronic banking service if you or they continue to access the electronic banking service after we notify you of the variation.

Ownership of software

If we allow you to use any electronic banking service software, we grant you a non-exclusive licence to use the electronic banking service software only for the purpose of accessing electronic banking services. The electronic banking service software is valuable property which belongs to us or others. You must not:

  • take copies, sell, assign, transfer or
  • otherwise deal with the electronic banking service software or your licence to use it; or
  • attempt to decompile, reverse engineer; input or compile any of the electronic banking service software

If you access electronic banking services in a country other than Nigeria, you must comply with the laws of the other country including obtaining any licence you need to take the electronic banking service software into or out of the country.

SMS banking

SMS banking is only available for mobile phones and data connections which meet the specifications and configurations we specify.

You must obtain and maintain a mobile phone and data connection which meet these requirements at your own expense.

To protect your own confidential information, you must delete all incoming and outgoing SMS messages from your mobile phone immediately after you have read them. You consent to us recording SMS messages you send us or we send you.

Fund transfer services by electronic banking services

This clause applies only if the respective services are available under the fund transfer services for your type of product.

Fund transfer limits

You and each authorized person may issue as many instructions to transfer in any one aday as you wish. However, you and each authorized person may only issue instructions to transfer up to the preset or personalized limits per day or per transaction.

The preset daily limit may differ for different types of fund transfer and different types of accounts. The limits may also be applied on an aggregated basis between different fund transfer services. For details of the preset limits, see our website.

You may lower the preset limit for accounts by online banking. Your personalized limits apply to all accounts. If you want to increase the limits after lowering it (subject always to the ceiling of the preset daily limit), please contact us.

Each International Telegraphic Transfer Service transaction is subject to minimum and maximum transfer amounts per transaction, as set out on our website.

When we need not execute fund transfer instructions

We need not execute any fund transfer instruction if on the date set for effecting the fund transfer:

  • There are insufficient funds in the source account to make the fund transfer or
  • You or an authorized person did not correctly use the electronic banking services; or
  • Circumstances beyond our control prevent the fund transfer from being carried out, despite reasonable precautions taken by us.

You may elect to receive eStatement by one or both of the following methods:

Method Description
Online Banking Your eStatement is available for download by logging into online banking
Email only Your encrypted eStatement as an attachment is sent to your email address (last notified)

If you elect to receive e-statements, we automatically stop issuing paper printouts of your statements. However, if you ask, we agree to give paper printouts on the basis that you pay the applicable fee (see the tariff sheet or contact us)

We send eStatement at the frequency agreed with us when your account is opened. You are taken to receive each eStatement within 24 hours of the eStatement or eStatement Notification being sent by us. You must use only software compatible with the eStatement service to access the eStatement.

Other Services and programmes

We are not responsible for any services that are not controlled by us, through which you or an authorized person accesses any electronic banking services, and we are not liable for any loss you incur in connection with that service. You are responsible for complying with all the terms and conditions of using that service and paying all the costs in connection with it.

We may offer incentive programmes or value added services in connection with electronic banking services. These may be provided by us or a third party. We may vary or withdraw the programme or services at any time. We do not guarantee or warrant their quality and, if they are provided by a third party, they are provided on the terms offered by the third party.


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