Introduction
These Terms and Conditions govern your banking relationship with Leverage Microfinance Bank Limited (“Leverage” or “the Bank”).
By opening an account and using our mobile application, you agree to be bound by these Terms and Conditions.
You also agree to comply with the following policies:
- Privacy Policy
- Cookies Policy
If you do not agree, please exit the application and do not proceed with account registration.
We reserve the right to terminate your relationship with us if these terms are violated.
Interpretation
- “You”, “Your”, “Customer” → refers to the account holder
- “We”, “Us”, “Our” → refers to Leverage Microfinance Bank
About Us
Leverage Microfinance Bank Limited is a fully digital microfinance bank licensed by the Central Bank of Nigeria (CBN).
Deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
Objective of the Relationship
The purpose of this relationship is to provide financial services including:
- Savings
- Credit facilities
- Bill payments
- Other legally permitted financial services
Your account will be managed through the Leverage mobile application.
When These Terms Apply
These terms apply once:
- You open an account
- An account number is generated for you
We may update these terms at any time due to:
- Regulatory changes
- Business updates
Continued use of our services means you accept any updates.
Opening an Account
To open an account, you must:
- Be at least 18 years old
- Be a Nigerian citizen
- Have a smartphone with a valid phone number
- Meet our app requirements
We may update these requirements at any time.
Identity Verification (KYC)
To comply with regulations, we verify your identity.
Account Tiers
- Tier 1: Name, Phone Number, Selfie, BVN
- Tier 2: Name, Phone Number, Selfie, BVN, NIN
- Tier 3: Name, Phone Number, Selfie, BVN, NIN, Address
Personal Information Requirements
You may be required to provide:
- Full name
- Phone number
- Email address
- Date of birth
- BVN
- NIN
- Residential address
- Government-issued ID
- Utility bill (not older than 3 months)
You must ensure all information is accurate and updated at all times.
We may verify your information with third-party databases.
Account Usage
Once approved:
- You will receive an account number
- You can send/receive funds
- You can pay bills and manage finances
Spending Account
Your account allows:
- Transfers
- Bill payments
- Card usage
Note: This account is not interest-yielding.
Account Limits
Your transactions are subject to limits depending on your account tier.
Examples:
- Tier 1 → Lower limits
- Tier 2 → Moderate limits
- Tier 3 → Higher limits
Transactions exceeding limits may be declined.
Savings Products (Leverage Save)
Available Options
- As You Want
- Save anytime
- Withdraw anytime
- No interest
- Spend & Save
- Auto-save based on spending
- No interest
- Flexible Save
- Save daily/weekly/monthly
- Earn interest
- Early withdrawal may cancel interest
- Fixed Save
- Locked savings
- Earn interest
- Early withdrawal cancels interest
Prohibited Transactions
You must not use your account for:
- Fraud or money laundering
- Cryptocurrency transactions
- Weapons or illegal goods
- Pornographic services
- Gambling (illegal/unlicensed)
- Ponzi schemes
We may:
- Restrict your account
- Decline transactions
- Report to authorities
Account Security
You must:
- Keep your login details safe
- Use strong passwords
- Never share your PIN
If you notice suspicious activity, report immediately.
When Things Go Wrong
If your card or account is compromised:
- Block your card immediately
- Contact the bank
You are responsible for protecting your login credentials.