TERMS AND CONDITIONS FOR THE ACQUISITION OF POS TERMINAL FOR AGENCY LANKING AND MERCHANT (SALES) BUSINESS

Below are the terms and conditions guiding the deployment of POS terminals to qualified Agents and Merchants.

1. The prospective Agent or Merchant must be a customer of the Bank with full KYC documentation on the account.

2. POS holders are at liberty to process the POS business either on a savings account or a current account. However, holders that plan to borrow from the bank to support their POS business must operate a current account.

3. The POS terminal prospect must have a viable business location with reasonable human traffic.

4. The POS terminal prospect will make a non-refundable deposit of N30,000 (Thirty Thousand Naira) with the bank as equity/cautionary deposit.

5. The POS terminal remains a property of the Bank and can be retrieved in the event of abuse or misuse. The POS holder must make available the terminal on request to appointed staff of the Bank whenever visited for maintenance or inspection.

6. The POS prospect must provide one eligible guarantor to Indemnify the bank of possible losses.

7. The Bank is committed to providing the highest quality network and available 24/7 for backend support to maximum efficiency of the POS terminals.

8. The POS holder is expected to do a minimum monthly transaction of 1,000 counts.