Welcome | Okada Microfinance Bank Limited

1. Acceptance of Terms

By opening an account or using the services of Okada Microfinance Bank Limited, you agree to be bound by these Terms and Conditions. These terms are governed by the laws of the Federal Republic of Nigeria.

2. Account Operations & KYC

All accounts are subject to strict compliance with the Central Bank of Nigeria (CBN) KYC directives. You agree to provide accurate and up-to-date information, including your BVN and valid government-issued identification. We reserve the right to freeze or close accounts that fail to meet these regulatory requirements.

3. Deposits and Insurance

Okada Microfinance Bank is fully licensed by the CBN. All eligible deposits held with us are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the maximum limit stipulated by law.

4. Loans and Credit Facilities

By accepting any loan or credit facility from us, you agree to the specified repayment schedule and interest rates. In the event of a default, we reserve the right to:

Report the default to licensed Credit Bureaus in Nigeria.
Utilize the Global Standing Instruction (GSI) mandate to recover outstanding balances from your accounts in other Nigerian banks.
Take appropriate legal action for debt recovery.

5. Limitation of Liability

While we strive for 100% uptime, we shall not be liable for any losses arising from system downtimes, network failures, or circumstances beyond our reasonable control (Force Majeure).