As used herein, the following terms shall have the following meaning/s: “CARD” – DEBIT Cards issued by BAINESCREDIT MFB PLC “CARDHOLDER” – The person to whom or for whose use a
CARD is issued by the ISSUER; the term shall likewise include the person to whom a supplementary credit card is issued upon the application of the primary CARDHOLDER. The primary cardholder is the main applicant for whom a credit card is
issued by the bank and who has an option of requesting for more than one card on his behalf which would be used by
other persons referred to as Supplementary Cardholders.
“ISSUER” or “BAINESCREDIT MFB” – The BAINESCREDIT MFB PLC
“CREDIT LIMIT” – The maximum outstanding balance of charges
which the CARDHOLDER and his/her supplementary
CARDHOLDERS are allowed to maintain at any given time
subject to security features and credit limit management
features that the ISSUER may impose for the benefit of the
CARDHOLDER “CBN – Central Bank of Nigeria “INSTALMENT” –
The facility which allows CARDHOLDERS to purchase selected
goods and services from merchants using their CARD and to
pay for the same, together with applicable interest and other
fees, in equal monthly payments. In certain instances, or
promotions, ISSUER may allow the CARDHOLDER to convert
cash advance transactions, existing balances on the CARD or
balances on credit cards from other issuers into instalment
transactions, which shall be payable in equal monthly
payments subject to the applicable interest and other fees.
“BAINESCREDIT MFB GROUP” means the company’s wholly or
partially owned by the ISSUER, its parent companies or under
common ownership with it. “TERMS AND CONDITIONS” or
“AGREEMENT” – These Terms and Conditions for BAINESCREDIT
MFB’s Credit Card Products

The Card

The CARD issued is the sole property of BAINESCREDIT MFB. It is
non-transferable and will be accepted at accredited merchants only
when properly signed and presented by the
CARDHOLDER whose
name and signature are indicated on
the CARD.

Card Replacement

Unless earlier terminated or cancelled, the ISSUER may
replace the
CARD from time to time at a cost to the
CARDHOLDER.

Responsibility of the CARDHOLDER

UThe CARDHOLDER shall be liable for all transactions and the amounts charged to the CARD, including cash advances,
interest and all the non-refundable fees and other charges
and taxes required by the government, whether made in
Nigeria or abroad and hereby agrees to accept and pay for
such amounts without the necessity of proof of a signed
charge slip.
All charges, advances or amounts in currencies
other than Naira shall be automatically converted at the time
of posting to the relevant billing currency at the Card
Scheme’s foreign exchange selling rate, and shall be charged
additional fees equivalent to the following: The Transactional
fees shall be imposed at the sole and absolute discretion of
the ISSUER, and may be subject to change at any time without
notice.
Such billing currency amount represents the amount
due to the ISSUER for the ISSUER’s purchase and payment on
the CARDHOLDER’s behalf of the foreign currency necessary
to discharge the amount/s due to Card Scheme and/or the
acquiring bank and/or foreign Merchants affiliate/s. For cash
advances through any designated automated teller
machines (ATM) which accept the CARD, the CARDHOLDER
shall be assigned a Personal Identification Number (PIN) by the
ISSUER. The CARDHOLDER shall change his/her ISSUERassigned
PIN through any BAINESCREDIT MFB ATM only. The
CARDHOLDER shall at all times keep his/her PIN confidential
and shall not, under any circumstance, disclose the same to
any person or compromise its confidentiality. The
CARDHOLDER agrees that transaction and/or all cash
advances using the CARD shall be conclusively presumed to
have been personally made or authorised by the
CARDHOLDER. The ISSUER may change the credit card
number and/or expiry date when issuing a replacement card to the CARDHOLDER. The CARDHOLDER is solely responsible
for communicating this change to any party with whom the
CARDHOLDER may have payment arrangements. The ISSUER
will not be responsible for any consequences arising from
declined transactions, whether submitted under the old card
number or otherwise. The CARDHOLDER shall safely keep the
CARD and not use the CARD after its expiry date or upon its
cancellation or suspension nor permit anyone to use the CARD
for any reason whatsoever The CARDHOLDER shall provide the
ISSUER with copies of additional/updated documents that the
ISSUER may reasonably require from time to time, including but
not limited to copies of his/her latest Income Tax Return
stamped received by the Internal Revenue Board.

Joining, Subscription, Monthly Maintenance and Annual Fees

The CARDHOLDER shall pay the ISSUER a joining, subscription,
monthly maintenance, and an annual fee as may be
determined by the ISSUER from time to time. The annual fee
and joining fee shall cover the administrative costs incurred by
the ISSUER for the issuance and maintenance of the CARD.
The subscription fee, such as mileage programme fee, allows
the CARDHOLDER to enjoy the benefits of the programme
subscribed to, such as redeeming miles against points under a
mileage programme. The ISSUER reserves the right to alter from
time to time any benefits and/or the credit limit applicable to
any CARDHOLDER without any prior notice to or consent from
the CARDHOLDER. Such benefits and credit limit shall further
be subject to the other terms and conditions for the use of the
CARD. All paid fees indicated herein are non-refundable even
if the credit privileges are suspended or terminated, or if the
CARD is surrendered by the CARDHOLDER before the expiry
date
.
In case of loss or theft of the CARD, the CARDHOLDER shall
immediately report such fact in writing to the ISSUER, giving
details of the place, date and circumstances of the incident
and the last transaction(s) and/or purchase(s) made prior to
the loss or theft. Liability of the CARDHOLDER for all
transactions, purchases and/or cash advances made through
the use of the lost or stolen CARD shall cease upon written
notification
by the CARDHOLDER to the ISSUER. A card
replacement fee shall be charged to the CARDHOLDER to
cover replacement of the CARD(S).

Amendments

The ISSUER may, without prior notice, at any time and for
whatever reason it may deem proper, amend, revise or
modify the terms and conditions hereof, including the
CARDHOLDER’S CREDIT LIMIT. The CARDHOLDER shall be
deemed to have accepted the change if the CARDHOLDER
continues to retain or use the CARD.

Communication

The CARDHOLDER undertakes to notify the ISSUER of any
additional means of communicating to the CARDHOLDER
aside from what is disclosed in the credit card application, as
well as any change in the CARDHOLDER’s address, office or
mailing address, e-mail, and telephone number. In case the
mailing address is not Bainescredit through mail or delivery, the
ISSUER has the option to use the other addresses notified to
ISSUER. Notwithstanding this provision, the CARDHOLDER
agrees that any communication sent to the card.

Binding Effect
The CARDHOLDER’s activation or use of the CARD shall be
deemed as his/her acceptance of and agreement to be
bound by these terms and conditions and such amendments
hereof as may be made by the ISSUER from time to time. These
terms and conditions shall bind the CARDHOLDER and his/her
heirs, executors and administrators, and successors and
assigns Signed Sealed and Delivered by the within named.