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Retail Solutions
These Terms and Conditions will serve as a basis of your banking relationship with Zedvance Finance Limited (“Zedvance/us/we or the Bank”). By choosing to open an account with us, you agree to the Terms and Conditions contained herein. You further confirm that you have provided us with the accurate and complete information required to create your account and that you have supplied all documentation, photographs, and information that allow us to comply with relevant regulatory obligations.
If you do not agree to these Terms and Conditions, please do not proceed and exit the application, website(altogether, "the platform") immediately. Please be informed that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.
If you do not agree to these Terms and Conditions, please do not proceed and exit the application, website(altogether, "the platform") immediately. Please be informed that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.
About us
Zedvance Finance Limited is new age Finance Company duly licensed by the Central Bank of Nigeria (“CBN”) to provide a suite of financial services to individuals and corporate entities. Our registered office is at 65, Karimu Kotun Street, Victoria Island, Lagos.The Objective of Our Relationship with You
The objective of establishing a relationship with you is to receive special services on offer by Zedvance for its customers. Zedvance will manage a bank account for the customer, as well as provide additional services like banking, savings and, grant of credit facilities. You can operate and manage your account via our Zedvance mobile application and the basic requirement for opening an account is an internet-enabled smartphone, with an active mobile number that meets our minimum technology requirements for the operating system (iOS/Android) and supports the latest version of our Zedvance mobile application.Application of this Terms and Conditions
These terms are applicable when you choose to open an account with Zedvance and Zedvance generates an account number for you.We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our mobile application. You will be able to access the latest version, of our term of service at all times.
What is the scope of the relationship between Zedvance And the customer?
Opening an account
You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your Zedvance account. If you would like us to stop doing this, we would have to close your account.
Verifying your identity
Banking regulations require us to verify your identity before we can open an account for you. At least, there needs to be an active phone number, your profile picture and a Bank Verification, Number (BVN) supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:| Account type | Required documentation |
|---|---|
| Tier 1 |
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| Tier 2 |
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| Tier 3 |
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In line with regulations, we perform due diligence on all accounts, so it is your responsibility to keep your mailing address, email address, physical address and other contact information up to date in your profile.
Language and Communication
English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.
If you have any questions about your relationship with Zedvance, you can contact us on email via: customercare@zedvance.ng
You agree to indemnify Zedvance Finance Limited against all losses, damages, claims, demands, and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against Zedvance by reason of such notifications you received from us.
If you have any questions about your relationship with Zedvance, you can contact us on email via: customercare@zedvance.ng
Notifications
By opening an account with us, you consent to receive text messages, emails and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss or damage as a result of unauthorised access to the information sent.You agree to indemnify Zedvance Finance Limited against all losses, damages, claims, demands, and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against Zedvance by reason of such notifications you received from us.
Spending Account
With the Zedvance spending account, you will be able to fund your Zedvance account via bank transfers, cash at selected partner banks, and a stored card. You will be able to pay bills, make instant transfers, manage your Zedvance debit card and save as you spend. These activities are subject to the following limits:| Account type | Basic(Tier 1) | Tier 2 | Full(Tier 3) |
|---|---|---|---|
| Daily Minimum Balance | ₦0 | ₦0 | ₦0 |
| Maximum Single Deposit | N/A | N/A | N/A |
| Maximum Total Balance | ₦300,000 | ₦500,000 | N/A |
| Maximum Single Transaction Limit | ₦20,000 | ₦100,000 | ₦1,000,000 |
| Daily Transaction Limit | ₦50,000 | ₦200,000 | ₦5,000,000 |
In line with regulations, we perform due diligence on all accounts, so it is your responsibility to keep your mailing address, email address, physical address and other contact information up to date in your profile.
Spend and Save
Upon enrolment in Spend and Save, we will transfer a user-determined percentage of any user-induced debit on your account to an interest-earning sub-account. This feature can be enabled and disabled from the Spend and Save section of the mobile applications.Zedvance Card
We issue the Zedvance Visa Card, pursuant to a license from Visa International. When we issue you a card, it must be used for only lawful transactions within Nigeria. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto renewed upon expiration unless your account is closed, or the card is revoked.The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms. When you use your card for transactions on other channels which are not owned and controlled by the Bank, the rules of use of that channel apply in addition to these rules.
Zedvance Save
Zedvance Save helps you save money with minimal effort. To do achieve this, we can either debit your Zedvance Bank account at user frequency or you can make a one-time lump sum savings. Upon expiration of the tenor, the accumulated funds will be transferred to your Zedvance Bank account. You can make withdrawals prior to the expiration of the tenor. This can be done at no charge for recurring savings, but for one-time lump sum savings, there will be a charge. This charge is .....When things go wrong
To protect your money, we need you to keep your card, phone and PIN safe and secure at all times. If you lose your card or spot any suspicious transactions on your account, please freeze your card and inform us immediately. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services. Use a strong password and a unique code as your transaction PIN and limit its use to your Zedvance account. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.Closing an account
You can close your account at any time and at no cost. If you would like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access any of our services.We reserve the right to close, suspend, freeze or limit access to your account, if:
- The information we obtain from you does not comply with regulatory requirements;
- You do not meet, or are in breach of, the terms and conditions contained herein;
- You create risk or possible legal exposure to us;
- We are required to do so by law; or
- There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Zedvance account and
- For any other reason as we may deem fit.
You further confirm that your account shall be used solely for legal purposes and shall not be used for illegal or criminal activities, including but not limited to obtaining funds under false pretences or any other fraudulent activity in contravention of extant laws in Nigeria.
Data Protection
By opening this account, you consent to us processing your personal information:- to provide products and services to you in terms of this agreement and any other products and services for which you may apply;
- to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
- in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policies.
Marketing and Promotion
We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about the Zedvance product. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry
You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, etc., if a fraudulent activity is associated with the operation of your account.You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your account.
