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Terms and Conditions
This initiative is a unique opportunity to be partnering with the pioneer of Agent banking, and the largest and most dependable Agent Banking Network in Nigeria!
FIRSTMONIE AGENT PLATFORM
TERMS AND CONDITIONS
INTRODUCTION
SCHEDULE 1
Transaction Type |
Transaction Band |
Commission to Firstmonie Ambassador |
All transactions except airtime purchase |
All |
0.03% of transaction amount capped at N5.00 |
Firstmonie Ambassadors will earn 0.03% commission on every transaction amount processed on all recruited Agent’s channels. The commission, which is capped at N5 is applicable to all transaction types and bands except airtime purchase.
FIRSTMONIE AGENT PLATFORM
TERMS AND CONDITIONS
INTRODUCTION
Please read the following Terms and Conditions carefully. The following Terms and Conditions below apply to the Onboarding of FirstMonie Agents on the Agent Banking Services through First Bank of Nigeria Limited (“FirstBank” or “Bank”). By accepting these Terms and Conditions, you agree and confirm that you have read, understood, and agree to be bound by the terms and conditions contained herein, and subsequent amendments thereto as well as all applicable laws and regulations now existing or which may hereafter be enacted, issued, or enforced. You agree to be bound by these terms and conditions (Terms or Agreement). You also agree that the Terms are supplementary to the Firstmonie terms and conditions and other existing terms governing the banking relationship between you and the Bank and subsequent amendments thereto (Other Terms). You further confirm that you have read, understood, and agree to be bound by the Other Terms. You are deemed to have read and understood all applicable terms, conditions, rules, regulations, or agreements referenced herein and will be bound by them (as well as their revisions) accordingly. You further agree to keep abreast of all such terms, conditions, rules, regulations, or agreements, as they are made available by the Bank from time to time. If you do not agree with the Terms and Conditions contained herein, DO NOT CLICK THE ACCEPT BOTTON ON THE FIRSTMONIE AGENT PLATFORM In these Terms, “the Bank” “we”, “us” or “our” refers to FirstBank, its successors, agents and assigns, while “Agent”, “you” or “your” refers to you and/or anyone providing Agent Banking Services to the Bank. (FirstBank and the Agent are hereinafter jointly referred to as “Parties” and each a “Party”) RECITALS- a) FirstBank is a financial institution licensed by the Central Bank of Nigeria to carry on the business of banking in Nigeria.
- b) FirstBank has been authorized by the Central Bank of Nigeria to provide Agent Banking Services in Nigeria.
- c) FirstBank is desirous of engaging the services of the Agent to provide Agent Banking Services (as hereinafter defined) to its customers.
- d) You have agreed to provide the Agent Banking Services (as hereinafter defined) on behalf of FirstBank and has indicated your capability and willingness to provide the services to FirstBank subject to the terms and conditions contained in this agreement
- e) In furtherance of the above, the Parties have agreed to enter into this Agreement, for the purpose of articulating the terms and conditions that will govern the provision of Agent Banking Services.
- DEFINITIONS AND INTERPRETATIONS
- APPOINTMENT AS AGENT
- TERM
- YOUR UNDERTAKINGS
- 25 Understand and agree that POS Terminal is free (unless otherwise communicated through the Bank’s approved official means) and shall not make any payment, deposit, or advance through FirstBank Staff member or any other person in order to obtain or fast-track the process for obtaining a POS Terminal. 4.26 You further agrees that FirstBank shall not be responsible for any claims, damages, losses you may suffer from breach of this clause 4.25 above.
- YOUR RIGHTS AND DUTIES
- You have full power and authority to enter into, and perform your obligations stated under this Agreement;
- there are no conditions, events, occurrences, or other circumstances that might materially adversely affect your ability to carry out all or any of your obligations under this Agreement;
- You have full knowledge of the relevant legislations and regulations governing the Agent Banking business in Nigeria and has the capacity to carry out the Agent Banking Services as contemplated in this Agreement and/or by the relevant laws or regulations.
- You are well established and has been carrying out commercial activities, for at least twelve (12) months immediately preceding the date of your completion of the Agent Registration/Enrolment Form and all documents provided as evidence in connection therewith are true and accurate;
- Your credit ratings at a CBN licensed credit bureau or such other relevant credit rating agency for at least 12 months prior to this Agreement has been positive and has not been classified as non-performing borrower. You shall ensure that this position remains unchanged throughout the duration of the Agreement;
- The execution and performance of your obligations under this Agreement will not contravene any provision of, or constitute a default under, any applicable law (including any Anti-Money Laundering Laws) , administrative regulation or court order or judgment applicable to you or any constitutional documents (where applicable) or other agreement(s) to which you are a party; and
- you understand that all data and information collected from Customers, FirstBank or such other applicable sources while performing its obligations under this Agreement shall remain the property of FirstBank, and it hereby waives all rights to claim on such data or information.
- You have the financial capability, technical competence, and good standing to perform each and all of your obligations under this Agreement.
- You understand that for the purposes of account reconciliation, limited to view only access, the Agent shall be profiled on the online banking platform/tool. You also understand that there are terms and conditions governing the use of online Banking, the full version of which can be accessed on www.firstbanknigeria.com as updated from time to time by Firstbank.
- You confirm that by signing this Agreement, you have read the full version of the terms and conditions governing the use of online banking and voluntarily accepts same, flowing from your understanding of the nature of your obligations.
- it has full power and authority to enter into, and perform its obligations under, this Agreement.
- there are no conditions, events, occurrences or other circumstances that might materially adversely affect its ability to carry out its obligations under this Agreement.
- its execution and performance of this Agreement will not contravene any provision of, or constitute a default under, any law, its constitutional documents or other agreement to which it is a party; and
- it has the financial capability, technical competence and good standing to perform its obligations under this Agreement.
- INDEMNIFICATION
- any breach of this Agreement by you, any sub-agent appointed by the Agent (where the appointment of such sub-agent is approved by the Bank) and your employees and/or personnel.
- any fraudulent or negligent acts or omissions on your part or your employees in performing or carrying out the Agent Banking Services.
- Any loss arising from any breach of security and/or theft which occurs at your location or Service Point.
- CONFIDENTIALITY
- opening of a new/additional service point(s) in different location(s) without obtaining prior approval from FirstBank
- receiving and cashing cheques on behalf of FirstBank
- carrying out foreign currency denominated transactions
- splitting transactions that could have been affected within a single transaction limit, in order to generate more commissions.
- using Transaction Channels not approved for Agent Banking Services to perform transactions on behalf of customers
- You becomes insolvent, is adjudged bankrupt , files or has filed against you a petition under any of the provisions of bankruptcy, insolvency or other laws relating to insolvency or bankruptcy, or if a receiver or administrative receiver is appointed over your business or property, or you make an assignment for the benefit of creditors, attempts to assign this Agreement without written consent of FirstBank, ceases or threatens to cease to carry on its business, or in case of limited liability company passes a resolution for winding up or, in the sole judgment of FirstBank, you have suffered a material impairment to your credit;
- there shall have occurred a change of control in the ownership of the Agent (where applicable) and such change is capable of adversely affecting performance of your obligations under this Agreement;
- You use your business premises for any illegal or unlawful activity such as money laundering, fraudulent purposes or any other form of illegal business/ trade.
- You fraudulently extract and uses Customer information (personal details, personal identification number (PIN), or any other financial or non- financial information of the customer).
- You breach any of the terms of this Agreement, fails to carry out any of your obligations or abandons the Agent Banking Services, or is in default under any other agreement between you and FirstBank.
- fails for any reason to carry on its or his/her business; or
- without prior notification to FirstBank fails to keep its Service Points open for normal Business hours for two (2) consecutive Business Days.
- i) you breach any one or more of the obligations in this Agreement; or
- ii) any other bank terminates its Agent Banking relationship with you
- cease to use the “Authorized Mark” including, without limitation, removing all signage from the exterior and interior of its building or premises that include the Authorized Mark;
- take all necessary steps to change its listing in telephone directories, on its website(s) as FirstBank’s Agent, and do all other acts necessary to remove any other identification of the Agent as a provider of the Agent Banking Services for FirstBank;
- remove and deliver to First Bank at your sole costs all banners, signs, samples, price lists, sales promotion materials, transaction receipts, logbook and all other Firstbank branded materials for the Agent Banking Services in your possession or at your location/Service Points that were furnished by FirstBank to you. You shall desist from continued use of FirstBank’s brand, promotional and other materials after the termination or expiration of this Agreement; and
- Supply FirstBank with such information regarding Customers as is reasonably necessary for FirstBank to assume or transfer, following expiration or termination of this Agreement, service and support responsibilities with respect to the Agent Banking Services performed by you under this Agreement.
- Deliver to FirstBank all Confidential Information and/or personal data belonging to any Customer or other individual in connection with the Agent Banking Services, which are in your possession prior to the termination of this Agreement or which subsequent comes under your possession after the termination.
- ASSIGNMENT
- We will use your information to provide our products and services, for assessment and analysis purposes (including credit and behavioral scoring and market/product analysis), to comply with AML/CFT regulations and any other relevant regulatory authority.
- By providing personal and financial information relating to others (e.g. dependents, employees, third parties or joint account holders) for the purpose of using our products and services, you confirm that you have their consent for us to use in accordance with the terms set out herein.
- We may share your information with other companies in the FBN Holdings Plc Group, service providers, debt collection agencies and our approved third-party partners to provide our products and services to you or as required by law and/or regulation. We will only share the minimum amount of information necessary to achieve such purposes.
- We may also collect information about you from 3rd parties as required to provide you with our products and services.
- If we transfer your information to a person, branch or organization located in another country, we will take steps to obtain their agreement to apply the same levels of protection as we are required to apply to your information.
- We will retain information about you after the closure of your account, if the banking business relationship has terminated, if you withdraw your consent, or if your application is declined for as long as permitted for legal, regulatory, fraud prevention and legitimate business purposes.
- You may request for access and/or update to your personal information, withdraw your consent to data processing or execute any of your privacy rights as found in our privacy policy. You can find our detailed Privacy Policy at https://www.firstbanknigeria.com/home/legal/privacy-policy/
- If you have concerns relating to the processing of your personal information, you may do so at any time by contacting the Data Protection Officer on:
- You will be considered to have given your consent to us for the processing of your Personal and Sensitive Personal Data when you agree to the stated terms on this Firstmonie Agent Platform Terms and Conditions
- WAIVER & AMENDMENTS
- INVALIDITY
- The arbitration proceedings will be held in Lagos, Nigeria and the arbitral award shall be final and binding.
- The arbitration proceedings will be conducted in the English language and the arbitrator(s) must be fluent in the English language.
- GOVERNING LAW
- COUNTERPARTS.
- Collection of documents for Opening of Accounts by FirstBank
- obtaining duly completed account opening forms containing Customer’s personal information such as name, address, email, telephone number, date of birth, mother’s maiden name, gender
- obtaining KYC documentation from each Customer as may be required by FirstBank and the CBN, from time to time.
- collection of documentation sufficient to prove such customer’s identity including utility bills, international passport, driving licence etc. and such other information as may be required by FirstBank, from time to time.
- Sending all documents and information collected under 1 (a)-(c) above to its Designated Branch.
- Transaction Services and Channels
- Cash Deposits
- Cash Withdrawals
- Airtime Top-up
- Bills Payments
- Funds Transfer Services
- Balance Enquiry
- Account Opening
- BVN Capture
- Any other transactions/service approved by FirstBank in writing.
- POS terminal supplied by FirstBank for Agent Banking services only (i.e. connected to the Agent Banking platform).
- The FirstBank USSD string connected to the Agent Banking platform, accessible via the Agent’s device.
Particulars | Agent Category | |
Registered Business | Non-Registered Business | |
Transaction Limit | 1,000,000 | 500,000 |
7 Reasons to Become a Firstmonie Agent
Quick Registration
Self-registration within minutes
Instant free POS
Get a free POS terminal when you onboard as a Firstmonie Agent
Instant credit / settlement for transactions processed
Easy / stress free liquidity management
Access to Agent credit
Quick access to working capital support
Insurance cover
Comprehensive insurance for you the Agent and your workers; priced at the cheapest rate
Excellent support structure
Over 750 branches across Nigeria ready to attend to your needs
Member of the largest Agent network
Opportunity to join the largest Agent network in Nigeria