These Digital Loan Terms and Conditions (“Terms“) govern the provision of loan facilities by Wesley Microfinance Bank Limited (“Wesley Microfinance Bank“, “Wesley MFB“, “the Bank“, “we“, “our“, or “us“) to eligible customers (“Customer“, “Borrower“, “you“, or “your“) through the Wesley Mobile Application, Internet Banking Platform, USSD services, approved digital channels, branches, and other electronic platforms operated or authorized by the Bank. These Terms constitute a legally binding agreement between Wesley Microfinance Bank Limited and every customer who applies for or accepts any loan product offered by the Bank. By applying for, accepting, or utilizing any loan facility provided through our digital platforms, you acknowledge that you have read, understood, and agreed to these Terms. Wesley Microfinance Bank Limited is a licensed financial institution incorporated under the laws of the Federal Republic of Nigeria. The Bank is authorized to provide banking and lending services within Nigeria and operates in accordance with applicable laws and regulations. Wesley Microfinance Bank Limited is: All loan products offered through the Wesley Mobile Application are provided solely by Wesley Microfinance Bank Limited. Wesley Microfinance Bank Limited is the sole lender responsible for all loan products available through this application. The Bank is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). The Wesley Mobile Application facilitates electronic loan applications submitted directly to Wesley Microfinance Bank Limited for credit assessment and lending decisions. Loan approval is not guaranteed and remains subject to the Bank’s internal credit assessment policies, regulatory requirements, and applicable lending criteria. For regulatory transparency, customers are informed that Wesley Microfinance Bank Limited was formerly known as City Mission Methodist Microfinance Bank Limited. The change of corporate name was duly approved by the relevant regulatory authorities and does not affect the Bank’s legal identity, banking license, contractual obligations, or continuity of operations. Any regulatory records referring to City Mission Methodist Microfinance Bank Limited relate to Wesley Microfinance Bank Limited unless otherwise stated. These Terms are intended to: For purposes of these Terms: Application means a request submitted by a customer for any loan product offered by Wesley Microfinance Bank. Borrower means any eligible customer whose loan application has been approved by Wesley Microfinance Bank. Business Day means any day banks are open for business in Nigeria excluding weekends and officially declared public holidays. CBN means the Central Bank of Nigeria. CRMS means the Credit Risk Management System operated by the Central Bank of Nigeria. Credit Bureau means any licensed credit reporting agency authorized under Nigerian law. Digital Channels means the Wesley Mobile Application, Internet Banking, USSD platform, APIs, approved partner channels, or any electronic platform designated by the Bank. Facility means any loan approved by Wesley Microfinance Bank. Interest means the agreed cost payable by the Borrower for utilizing the Facility. Loan Offer means the electronic offer generated after approval of a Facility. Outstanding Balance means the unpaid principal together with accrued interest, fees, penalties, insurance premiums, taxes, and any other lawful charges. Repayment Date means the scheduled date for payment of any instalment. Salary Advance means a loan product offered to eligible salary earners whose salary is domiciled or agreed to be domiciled with Wesley Microfinance Bank. A customer may be eligible to apply for a loan where the customer satisfies the Bank’s eligibility requirements. Eligibility may include, but is not limited to: Meeting these conditions does not automatically guarantee approval of any loan application. The Bank may from time to time make available various loan products, including but not limited to: The features, eligibility requirements, repayment periods, applicable interest rates, fees, and conditions may vary depending on the product selected. The Bank reserves the right to introduce new loan products, suspend existing products, or modify product features without prior notice, subject to applicable laws. Loan applications may be submitted through: Customers must provide complete, accurate, and truthful information. Providing false or misleading information may result in: Every application shall undergo a credit assessment. The assessment may include: The Bank may request additional documentation before making a lending decision. Approval of any Facility remains solely at the discretion of Wesley Microfinance Bank. The Bank reserves the right to: No employee, representative, or agent of the Bank may guarantee loan approval. Where a loan application is approved, the customer will receive a Loan Offer electronically. The Loan Offer will include, where applicable: The Borrower shall carefully review the Loan Offer before acceptance. Acceptance may be completed electronically through: Electronic acceptance shall constitute a legally binding agreement equivalent to signing a physical loan agreement. Before any Facility is disbursed, the Borrower shall satisfy all conditions required by the Bank, which may include: The Bank reserves the right to delay or cancel disbursement where any condition precedent has not been satisfied. By applying for a loan, the Borrower represents and warrants that: The Borrower acknowledges that Wesley Microfinance Bank may rely on these representations in making lending decisions. Following successful completion of all required pre-disbursement conditions, Wesley Microfinance Bank shall disburse the approved loan amount into the Borrower’s designated account. Disbursement may be made: The timing of disbursement may depend on internal processing requirements, regulatory compliance checks, banking system availability, and other operational considerations. The Bank reserves the right to withhold or delay disbursement where fraud, regulatory concerns, technical issues, or material changes in the Borrower’s circumstances are identified. The amount approved may differ from the amount requested. Loan limits are determined using multiple factors including: The approved loan amount shall be communicated through the Loan Offer. Interest shall accrue on every Facility at the rate disclosed in the Loan Offer. Unless otherwise stated for a specific loan product: For the Salary Advance product, the prevailing rate is: Interest Rate: 3% per month (approximately 36% per annum), unless otherwise communicated by the Bank. Where market conditions, regulatory directives, or monetary policy require adjustment of lending rates, Wesley Microfinance Bank reserves the right to revise applicable interest rates in accordance with applicable laws and regulatory requirements. Customers shall be notified of material changes before such changes become effective where required by law. Where applicable, a Credit Life Insurance Premium or other approved insurance premium may apply. Unless otherwise specified in the Loan Offer: Insurance Premium: 1% Flat The premium forms part of the overall cost of the Facility. Insurance coverage shall be subject to the terms and conditions of the approved insurance provider. Depending on the loan product selected, the Borrower may be required to pay: All applicable fees shall be disclosed before acceptance of the Loan Offer. Wesley Microfinance Bank does not impose undisclosed charges. The Borrower agrees to repay the Facility in accordance with the repayment schedule provided in the Loan Offer. Repayment may be: Repayment shall include: Repayment shall continue until all obligations have been fully discharged. Repayment may be made through one or more of the following methods: The Borrower authorizes Wesley Microfinance Bank to debit any designated repayment account on each repayment date. For Salary Advance and other salary-backed loan products, the Borrower agrees to: Where salary payments cease before full repayment, the outstanding balance shall immediately become due unless otherwise agreed by the Bank. The Borrower may repay the loan in whole or in part before maturity. Unless otherwise stated in the Loan Offer: Following full repayment, the Facility shall be marked as settled. Where the Borrower makes payments exceeding the scheduled instalment: the Bank may apply such payments towards: Prepayments shall not automatically reduce future repayment obligations unless otherwise agreed by the Bank. Repayments become due on the dates specified in the Loan Offer. Failure to make payment on or before the due date shall constitute late payment. The Bank may: Where repayment remains outstanding after the due date: a default charge of 1% flat on overdue amounts may apply in addition to accrued interest where permitted by applicable law. Default charges shall cease upon settlement of outstanding obligations. The Borrower shall be deemed to be in default if: Upon default, Wesley Microfinance Bank may, subject to applicable law: The Borrower irrevocably authorizes Wesley Microfinance Bank to apply funds standing to the credit of any account maintained by the Borrower with the Bank towards repayment of any outstanding obligation. Where permitted under applicable laws and regulatory directives, the Bank may also exercise rights available through the Central Bank of Nigeria’s Credit Risk Management System (CRMS) and other lawful recovery mechanisms. The Borrower acknowledges and consents that Wesley Microfinance Bank may: Credit reporting shall be carried out in accordance with applicable Nigerian laws. The Borrower authorizes Wesley Microfinance Bank to: The Borrower further acknowledges that the Central Bank of Nigeria may exercise its lawful regulatory powers regarding outstanding indebtedness in accordance with applicable regulations. Where repayment remains outstanding, Wesley Microfinance Bank may undertake lawful recovery activities including: The Bank shall conduct recovery activities professionally, respectfully, and in compliance with applicable consumer protection laws. The Bank shall not engage in unlawful harassment, intimidation, public shaming, or unauthorized disclosure of customer information. Certain loan products may require guarantors. Each guarantor shall: The Bank reserves the right to pursue guarantors in accordance with applicable agreements where the Borrower defaults. Depending on the loan product, the Bank may require one or more forms of security including: Security requirements shall be communicated before loan acceptance. Where a Borrower experiences genuine financial difficulty, Wesley Microfinance Bank may, at its sole discretion, consider restructuring the Facility. Restructuring may include: Approval of restructuring is not automatic. Where approved, a restructuring fee may apply. Unless otherwise stated: Restructuring Fee: 0.5% of the outstanding balance. The Facility shall terminate upon: Termination does not extinguish outstanding obligations that accrued before termination. The Borrower agrees to: The Borrower shall not: Wesley Microfinance Bank reserves the right to: The Bank shall exercise these rights reasonably and in accordance with applicable banking regulations. Wesley Microfinance Bank is committed to responsible lending practices and seeks to ensure that credit is provided in a fair, transparent, and sustainable manner. Before approving a loan, the Bank may assess: The Bank does not guarantee approval of every application and may decline applications where granting the loan would be inconsistent with responsible lending principles or regulatory requirements. Borrowers are encouraged to borrow only amounts they can reasonably afford to repay and to carefully review all loan terms before acceptance. Borrowers have the right to: Nothing in these Terms limits any statutory rights available under applicable Nigerian laws. The Bank processes personal information in accordance with its Privacy Policy and applicable data protection laws. Information collected during the loan application process may be used for: The Borrower acknowledges having read and accepted the Wesley Microfinance Bank Privacy Policy. The Borrower agrees that the Bank may communicate electronically through: Electronic communications may include: Electronic communications shall have the same legal effect as written communications. The Borrower agrees that the Bank’s electronic records, system logs, transaction records, and digitally stored information shall constitute prima facie evidence of transactions carried out through the Bank’s systems, except where proven otherwise. Such records may be relied upon in legal or regulatory proceedings to the extent permitted by law. The Bank shall not be liable for delays or failure to perform its obligations where such delay or failure results from circumstances beyond its reasonable control, including but not limited to: The Bank shall resume performance as soon as reasonably practicable following the cessation of the relevant event. To the fullest extent permitted by applicable law, Wesley Microfinance Bank shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from: Nothing in these Terms excludes or limits liability where such exclusion or limitation is prohibited by law. The Bank may revise these Terms from time to time to reflect: Where required by law, customers will be notified of material amendments before they become effective. Continued use of the Bank’s lending services after the effective date of updated Terms constitutes acceptance of the revised Terms. The Bank may suspend or terminate access to loan services where: Suspension or termination shall not affect the Borrower’s obligation to repay any outstanding amounts. The Borrower may not assign or transfer any rights or obligations under these Terms without the prior written consent of Wesley Microfinance Bank. The Bank may assign or transfer its rights and obligations where permitted by applicable law, provided that such assignment does not materially prejudice the Borrower’s rights. Failure or delay by the Bank to enforce any provision of these Terms shall not constitute a waiver of its rights. Any waiver must be made expressly in writing by an authorized representative of the Bank. If any provision of these Terms is held to be invalid, unlawful, or unenforceable by a court or competent authority, the remaining provisions shall continue in full force and effect. The invalid provision shall be interpreted or replaced, where possible, to achieve its intended commercial purpose while remaining legally enforceable. These Terms shall be governed by and interpreted in accordance with the laws of the Federal Republic of Nigeria. The lending relationship shall be subject to applicable banking, consumer protection, and financial services regulations issued by competent Nigerian authorities. In the event of any dispute arising from these Terms or any Facility granted under them, the parties shall first seek to resolve the matter amicably through the Bank’s internal complaint resolution process. Where the dispute cannot be resolved internally within a reasonable period, either party may refer the matter to: Nothing in this clause limits the rights of customers to seek redress under applicable consumer protection laws. Customers may submit complaints through: Customer Support Data Protection Officer Website: https://www.wesleymfb.com Head Office: The Bank is committed to investigating and resolving complaints promptly, fairly, and transparently in accordance with applicable regulations. Wesley Microfinance Bank Limited is a licensed Microfinance Bank authorized to provide banking and lending services in Nigeria. The Bank is: For regulatory transparency: Wesley Microfinance Bank Limited was formerly known as City Mission Methodist Microfinance Bank Limited. The corporate name change was duly approved by the relevant regulatory authorities and does not affect the Bank’s legal identity, regulatory licences, contractual obligations, or continuity of operations. Where official regulatory records continue to reference the former name pending updates, such references relate to Wesley Microfinance Bank Limited. These Terms, together with: constitute the entire agreement between Wesley Microfinance Bank Limited and the Borrower in respect of the relevant Facility. They supersede any prior discussions, understandings, or representations relating to that Facility, except where expressly preserved by law. By selecting “I Agree”, accepting a Loan Offer electronically, entering a One-Time Password (OTP), authenticating through biometric verification or PIN, or otherwise accepting a Facility through any approved digital channel, the Borrower confirms that they: Electronic acceptance shall have the same legal force and effect as a handwritten signature. For more information and details on any of our product and services, please contact our customer service representative today on: +234-803-323-1176 Loan Terms & Conditions
1. INTRODUCTION
2. ABOUT THE LENDER
3. REGULATORY DISCLOSURE
4. FORMER CORPORATE NAME
5. PURPOSE OF THESE TERMS
6. DEFINITIONS
7. ELIGIBILITY
8. LOAN PRODUCTS
9. APPLICATION PROCESS
10. CREDIT ASSESSMENT
11. LOAN APPROVAL
12. DIGITAL ACCEPTANCE OF THE LOAN OFFER
13. CONDITIONS PRECEDENT TO DISBURSEMENT
14. CUSTOMER REPRESENTATIONS AND WARRANTIES
15. LOAN DISBURSEMENT
16. LOAN AMOUNT
17. INTEREST RATE
18. INSURANCE PREMIUM
19. FEES AND CHARGES
20. REPAYMENT
21. REPAYMENT METHODS
22. SALARY DOMICILIATION
23. EARLY REPAYMENT
24. PREPAYMENT
25. LATE PAYMENT
26. LATE PAYMENT CHARGES
27. DEFAULT
28. CONSEQUENCES OF DEFAULT
29. RIGHT OF SET-OFF
30. CREDIT BUREAU REPORTING
31. CBN CREDIT RISK MANAGEMENT SYSTEM (CRMS)
32. COLLECTION ACTIVITIES
33. GUARANTORS (WHERE APPLICABLE)
34. SECURITY
35. RESTRUCTURING
36. TERMINATION OF THE FACILITY
37. BORROWER’S OBLIGATIONS
38. THE BANK’S RIGHTS
39. RESPONSIBLE LENDING COMMITMENT
40. CUSTOMER RIGHTS
41. DATA PRIVACY
42. ELECTRONIC COMMUNICATIONS
43. RECORDS AND EVIDENCE
44. FORCE MAJEURE
45. LIMITATION OF LIABILITY
46. AMENDMENTS TO THESE TERMS
47. SUSPENSION OR TERMINATION OF SERVICES
48. ASSIGNMENT
49. WAIVER
50. SEVERABILITY
51. GOVERNING LAW
52. DISPUTE RESOLUTION
53. CUSTOMER COMPLAINTS
Email: support@wesleymfb.com (replace if different)
Email: dpo@wesleymfb.com
Wesley House
21/22, Marina, Lagos Island,
Lagos State,
Nigeria.54. REGULATORY DISCLOSURE
55. CORPORATE NAME DISCLOSURE
56. ENTIRE AGREEMENT
57. ACKNOWLEDGEMENT AND ACCEPTANCE
