These terms and conditions will serve as a basis of your banking relationship with us, Awacash Microfinance Bank Limited
awacash. By choosing to open an account with us, you agree to the terms and conditions contained herein.
You also 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 our regulatory
obligations. If you do not agree to these terms and conditions, please do not proceed and exit the application
immediately. Also, please be informed that we can terminate your relationship with us if we believe that you have
violated any of these terms
Awacash is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”). Our
registered office is at 2, Oba Oyekusi close, Aruna Ikorodu, Lagos State, Nigeria.
Objective of relationship
The objective of establishing a relationship with Awacash is to receive special services on offer by Awacash for its
customers. Awacash will manage a bank account for the customer, as well as provide additional services like the banking,
savings and granting of credit facilities.
You can operate and manage your account via our Awacash app and the prerequisite for opening an account is a smartphone,
with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and
supports the latest version of our Awacash app
When are these terms applicable?
These terms are applicable when you choose to open an account with Awacash and Awacash 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 app. You will be able to access
the latest version of our terms at any given time.
What is the scope of the relationship between Awacash & 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 Awacash 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 the very least, there
needs to be an active phone number, your profile picture and 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
Name, Phone Number, BVN, Valid ID
Name, Phone Number, BVN, Valid ID
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 Awacash, you can contact us via email using the details below:
By opening an account with us, you consent to receiving text (SMS), email 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 ofunauthorised access to the information sent.
In addition, by opening this account, you agree to opt out of mandatory SMS alerts directed by the CBN in favor of push
notifications. You agree to indemnify Awacash 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 Awacash by reason of such notifications.
With the Awacash spending account, you will be able to fund your Awacash account via bank transfers, cash at selected
partner banks, and a stored card. You will be able to pay bills, make instant transfers and manage your Awacash card.
These activities are subject to the following limits:
Basic (tier 1)
Full Tier 3
Daily Minimum Balance
Maximum Single Deposit
Maximum Total Balance
Maximum Single Transaction Limit
Daily Transaction Limit
We issue the Awacash 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
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.
Awacash Save helps you save money with minimal effort. To do this, we can either debit your Awacash Bank account at
user-determined frequency or you can make a one-time lump sum savings. Upon expiration of the tenor, the accumulated
funds will be transferred to your Awacash 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 either the interest earned if fixed or 5% of the amount withdrawn if flexible.
When things go wrong
To protect your money, we need you to keep your card, phone and PIN safe at all times. If you lose your card or spot any
suspicious transactions on your account, please freeze your card and inform us as soon as possible. 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 Awacash 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'd 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 Awacash 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
5.There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with
your Awacash account
Please note that the list above is not exhaustive.
As a bank, we are required to comply with the international sanction laws and regulations issued by the CBN. Therefore,
we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make
any payment under, or otherwise to open this account if you violate any sanctions or there is involvement by any person
(natural, corporate or governmental) listed in the local sanctions lists, or any involvement by or nexus with Cuba,
Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list,
or any of their governmental agencies.
In addition, Awacash is required to comply with all extant laws in Nigeria, including the rules, regulations,
guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time. In compliance with
the applicable laws, Awacash does not deal in crypto currencies and does not facilitate payments for crypto currency
transactions and other related transactions. You, therefore, confirm that you will not use your Awacash account to deal
in, trade, transact or receive any payments relating to virtual currencies.
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 Awacash 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, e.t.c., 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.
By choosing to proceed, you agree that you understand that you are opening an account with Awacash Microfinance Bank and
that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and
conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an
account with us, you consent to our carrying out of regular identity and fraud prevention checks.
Finally, you agree to indemnify the bank for any loss suffered as a result of any false information or error in the
information you have supplied us.
your hustle today!
Awacash iOS and Android app is available.
AwaCash Microfinance is authorised
and regulated by the Central Bank of Nigeria to
offer banking services. Deposits are insured
by the Nigerian Deposit Insurance Corporation (NDIC)