FCMB Micro Loan is a convenient, paperless micro credit facility with no collateral required for your emergencies and urgent needs. It is an instant loan and the application is through our USSD code *329#.

Features & Benefits:

  • Instant access to funds
  • Up to N20,000 loan amount
  • No paperwork required, just apply through *329#.
  • No collateral needed
  • 30 days clean up cycle
  • Customer can apply as many times in a year as he is qualified.

 

 

LOAN AGREEMENT

Please read these terms and conditions carefully before accepting the Service. By accessing or using the Service (FCMB Microloan,) you agree to be bound by the terms and conditions stated herein. These terms and conditions are subject to changes from time to time and same shall be hosted on FCMB website.

IF you do not agree with these terms and conditions, please do not accept or subscribe to the offer or use this service.

By using this service you indicate that you unconditionally accept the terms of this agreement and you agree to abide by them.

 

Definitions
In this Agreement:

“Borrower” shall mean the subscriber to the offer and or service

“the Offer” or “the Service” shall mean FCMB Microloan

“the Bank” shall mean First City Monument Bank Limited

“USSD” shall mean Unstructured Supplementary Service Data

 

WHEREAS:

1. The Borrower has applied to the Bank through USSD for FCMB Microloan to meet urgent personal cash flow needs

2. The Bank has agreed to grant the Micro loan to the Borrower by way of principal outstanding

3. The Loan amount shall be made available by direct payment into borrower’s current or saving account with FCMB.

 

IT IS AGREED AS FOLLOWS:

1. The Loan

The Bank hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “the micro loan”), by the Bank after borrower’s risk assessment and scoring, for a period not exceeding 30 days from the date of disbursement

 

2. Service Charge

2.1 There will be a flat fee of 15% per disbursal which will be taken upfront per annum (Variable). If the Borrower fails to pay any amount which the Borrower owes the Bank in terms of this agreement on the due date, the Bank shall be entitled to charge interest on the amount at the Bank’s penal rate

2.2 Past Due Obligation Fee: The penal charge of 1% flat per day on any outstanding obligation shall apply.

 

3. Payment

3.1 The Borrower agrees that the Bank shall have the right to deduct the monthly installments in full directly from any of the borrower’s accounts with the Bank.

3.2 The Borrower hereby gives the Bank the right to deduct monies owing to it from any credit inflow into the account

 

4. Costs and Charges

All out-of-pocket expenses including registration, legal fees, stamp duties and other fees incurred by the Bank in processing of this facility including enforcement of security and recovery of facility in the event of default shall be for the account of the Borrower.

 

5. Breach

In the event of

i. any failure by the Borrower to pay any amount which is due and outstanding under this agreement

ii. any breach by the Borrower of the terms of this agreement or

iii. any failure by the Borrower to carry out his or her obligations under this agreement; then the full sum outstanding under this agreement, together with any penal charge and all other charges and expenses owing to and due to the Bank by the Borrower shall become immediately due and payable, and without giving notice to the Borrower, the Bank shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence.

 

 6.1 Set off and consolidation rights

6.1. The Bank may at any time and without notice to the Borrower combine all or any of the Borrower’s accounts and liabilities with the Bank in Nigeria (or elsewhere) whether singly or jointly with any person, or set off all or any monies standing to the credit of such account(s) including the Borrower’s deposits with the Bank (whether matured or not) towards satisfaction of any of the Borrower’s liabilities to the Bank whether as principal or surety, actual or contingent, primary or collateral, singly or jointly with any other person and the Bank may effect any necessary currency conversion at the Bank’s own rate of exchange then prevailing. Exchange risks associated with any collateral, cash or otherwise in satisfaction of outstanding debt shall be borne by the Borrower.

 

6.2. Direct Debit
By using the service, you agree to grant FCMB irrevocable authorization to issue open-ended direct debit mandates on all accounts you operate in FCMB or any other Bank in Nigeria or abroad and in the event of default on loan, you agree that FCMB has your authorization to place a banker’s lien on all accounts you own in FCMB or any other Bank in Nigeria or abroad, until all outstanding balance you owe have been recovered.

 

7. Authorization to comply

The Borrower agrees that the Bank is irrevocably authorized to comply with any instructions on the Service receives on his/her behalf through the USSD and it is agreed that such Instruction shall be irrevocably deemed to be the Borrower’s Instruction.

 

8. Notices

8.1 The Borrower agrees to accept service of all notices, processes and any other communication relating to this loan through email address and/ or SMS to phone number indicated in the application form and hereby confirms these addresses as his/ her address for service. Therefore, the Borrower also agrees that it is his/her responsibility to ensure that his/her contact details maintained with the bank are valid.

8.2 All notices and processes sent by registered post will be deemed to have been received Seven (7) days after the date of posting; all notices and processes delivered by hand shall be deemed to have been received on the day such letter is dated

 

9. Appropriation

9.1 All amounts received by the Bank will be first apportioned towards overdue interest charges/fees, and interest. Any balance outstanding thereafter shall be appropriated lastly towards the principal sum.

9.2 The Bank reserves the right to refuse acceptance of post-dated cheques or such other instruments towards payment or settlement of the credit facility.

 

10. Indemnity

The Borrower agrees to fully indemnify the Bank against all costs and expenses (including legal fees, collection commission et cetera) arising in any way in connection with the Borrower’s accounts, these terms and conditions, in enforcing these terms and conditions or in recovering any amounts due to the Bank or incurred by the Bank in any legal proceedings of whatever nature.

 

11. Waiver

11.1 No forbearance, neglect or waiver by the Bank in the enforcement of any of these terms and conditions shall prejudice the Bank’s right to strictly enforce the same. No waiver by the Bank shall be effective unless it is in writing.

11.2 In so far as any right is conferred on the Borrower with regard to any obligation imposed on the Borrower by this contract, the Borrower hereby waives and forgoes all such rights and benefits, whether conferred by a statute.

 

12 .Operations and Regulation of Credit Bureau and Credit Bureau Related Transactions in Nigeria is by Central Bank of Nigeria, the Bank hereby gives Notice to the Borrower of its duty to share information on the Borrower’s credit status and business history as may be required from time to time by Regulators

13. Assignment to Third Parties

The Bank reserves the right to assign this agreement to a third party without the permission of the Borrower.

 

14. Service Availability

14.1 Use of the Service may from time to time be unavailable, delayed, limited or slow due to, but not restricted to the following factors:

  • Force majeure
  • Industrial Strike Actions
  • Failure from hardware and software
  • system capacities overload
  • failure of or suspension of public or private telecommunication networks
  • power supply or other utilities interruption
  • government or regulatory restrictions, court or tribunal rulings, amendment of legislation or other human intervention
  • any other cause whatsoever beyond the Bank’s control

 

14.2 The Borrower acknowledges and agrees that internet and telecommunications transmissions are never completely private or secured.

14.3 All content and services on or available through the Services are provided on an "as is" basis and the Bank does not make any representation or give any warranty or guarantee in respect of the Service or its content.

14.4 The Bank may discontinue or make changes in the Service at any time without prior notice to the Borrower and without any liability whatsoever.

 

15. General Provisions and Conditions

15.1 Drawdown under the facility is subject to availability of funds.

15.2 SMS alerts / notification charges incurred in relation to this loan shall be for the account of the borrower.

15.3 The Borrower irrevocably undertakes that for the period of this agreement, he or she will maintain his or her bank account designated for the purposes of the loan with the Bank.

15.4 In the event that the facility becomes due and unpaid, the Bank reserves the right to notify Embassies, High Commissions and foreign consulates about the Borrower’s indebtedness.

15.5 The Borrower authorizes the Bank to access any information available to process his or her application, and permission to register details of the trend of the Borrower’s account with any credit bureau, and the Borrower waives any claims he or she may have against the Bank in respect of such disclosure.

15.6 The Bank reserves the right to unilaterally review the facility including pricing, prepayment and past due obligation charge from time to time in the light of changing market conditions and also to terminate this facility based on any adverse information threatening the basis of this relationship or putting the facility at the risk of loss and where the borrower is in breach of any of the terms and conditions of this facility. The Borrower shall be notified of any decision taken in this respect.

15.7 The Borrower hereby agrees and consents that such notification by the Bank shall be by way of text messages sent to the Borrowers mobile phone numbers listed on the Borrowers account package with the Bank or by e-mail messages sent to Borrower’s e-mail address listed on the Borrower’s account details/application with the Bank or through any other means the Bank may consider appropriate.

15.8 The Borrower specifically and unequivocally waives any right to contest, challenge, protest or claim upon any subsequent amendments made by the Bank to the terms of this facility or any notification sent by way of e-mail or text message to the Borrower’s e-mail address or mobile phone numbers.

15.9 The terms and conditions of this banking facility are subject to the Banking and other applicable laws of the Federal Republic of Nigeria as prescribed from time to time and the jurisdiction of the Nigerian Courts.

16.0 The Bank does not make any representation or warranty as to the accuracy or completeness of any due diligence reports or other reports, documents, or credit analyses prepared, or caused to be prepared, by it in connection with its activities under this facility or otherwise.

 

The Borrower confirms that he/she has read, understood and agreed to the above terms and conditions. By using this service the Borrower indicates that he/she unconditionally accepts the terms of this agreement and agrees to abide by these terms. The Borrower also agrees that this agreement is in effect until he/she discontinues the use of the service and all financial obligations with regard to his/her use of the service has been fully fulfilled.