- Introduction
Welcome to InvestPro, an investment product offered by Bankly Microfinance Bank Limited ('Bankly', 'Our') through its mobile application and website. By using InvestPro (hereinafter defined), you, (the “Customer”) agree to the following terms and conditions, which govern your use of InvestPro
- Incorporation of Bankly’s Terms and Conditions
By participating in the investment plans offered on InvestPro, you agree to remain bound by the terms and conditions attached to your use of the mobile or web application through which InvestPro is offered by Bankly. However, in the event of any direct conflict between the different terms and conditions, the provision in these terms and conditions shall be applicable to you.
- Definitions and Interpretation
- “Customer”: refers to the individual or entity having an account with Bankly and uses InvestPro, and includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).
- “InvestPro”: refers to the investment product(s) offered by Bankly, which allows customers to lock funds for a specified period in return for interest.
- “Investment Plan”: refers to the entire structure of an investment made by a Customer on InvestPro, which includes the initial deposit made by the Customer, the interest on the initial deposit, interests accruing to subsequent deposits, the Investment Period, and the terms governing the accrual and withdrawal of Interest Earned either at maturity or prematurely.
- “Investment Period”: refers to the period (Months) for which the Customer’s funds are locked in an Investment Plan.
- “Investment Balance”: refers to the total amount invested by the Customer in an Investment Plan, including the initial and subsequent deposits.
- “Interest Earned”: refers to the interest accrued on the invested funds over an Investment Period.
- Eligibility
To participate in InvestPro, a person must be an account holder, and a registered user of the Bankly mobile application, have an active Bankly account, and meet any additional criteria set forth by Bankly from time to time
- Investment Plan
- The Customer can create an Investment Plan by selecting an Investment Period and specifying the amount he wishes to lock in. The Customer shall be informed of the potential returns on the investment amount. Upon making a call to action on the selected investment amount, the investment amount shall thereafter be debited from the Customer’s balance on his/her account held in Bankly.
- The initial investment amount will earn interest at a specified rate, with different rates potentially applying to subsequent deposits. The specified rate for each deposit shall be displayed to the Customer prior to the Customer’s payment of the deposit.
- The interest rates are set by Bankly and may vary from time to time. The rates applicable at the time of making the initial deposit shall not apply throughout the Investment Period.
- Investment Period
- The Customer must choose an Investment Period from the options provided. Once chosen, the Investment Period cannot be altered by the Customer.
- The funds will be locked in the entire Investment Period, and prematurely withdrawal may result in the loss of accrued interest.
- Interest Calculation
- Interest is calculated daily and credited at maturity. Interest earned on the initial deposit and subsequent deposits will be calculated separately.
- The Customer agrees that the interest rates offered on InvestPro may be affected by the prevailing market rate dynamics or government policies. While Bankly aims to provide competitive interest rates, the calculated return on investment is subject to terms and conditions contained herein
- Withdrawals
- Withdrawal at Maturity: At the end of an Investment Period, the Customer may withdraw his /her total Investment Balance, including the principal and interest accrued. Upon withdrawal, the Investment Balance will be moved to the Customer’s account with Bankly.
- Early Withdrawal: If the Customer withdraws funds before the maturity date, all accrued interest will be forfeited. After a successful withdrawal, the Investment Plan will be closed. Bankly reserves the right to refuse or delay withdrawal requests if there are concerns regarding the Customer’s account security, the authenticity of the withdrawal request, or related issues.
- Rollover
- Upon maturity, the Customer may choose to roll over their Investment Balance, with or without the accrued interest, into a new Investment Plan. The new plan will begin immediately after the rollover, with the Customer selecting a new Investment Period. The interest rate for the rollover plan will be determined by the prevailing market rates available at the time of rollover.
- Fees and Charges
- Bankly may charge fees for the administration of the InvestPro. Any applicable fees will be disclosed to the Customer prior to the Customer’s selection of an Investment Plan.
- Bankly reserves the right to deduct all applicable taxes and fees from earned interest.
- Bankly reserves the right to deduct any applicable fees directly from the customer’s Investment Balance.
- Termination
- Bankly may terminate or suspend the operation of InvestPro at any time, with or without notice to the customer.
- Upon termination, all active investments will be managed according to the prevailing terms, and the Customer will be informed of options to liquidate the investment.
- Limitation of liability
- To the extent permitted by the laws of the Federal Republic of Nigeria, Bankly shall not be liable, and the Customer agrees not to hold Bankly responsible, for any damages or losses (including, but not limited to goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from:
- your use of, or your inability to use, InvestPro;
- delays or disruptions in the use of InvestPro;
- glitches, bugs, errors, or inaccuracies of any information or graphics displayed on InvestPro;
- the content, actions, or inactions of third parties which affect the functioning of InvestPro;
- a suspension or other action taken with respect to the Customer’s account held with Bankly, or to the Customer’s Investment Plan; or
- Any inconvenience as a result of changes to these terms and conditions or to the policies of Bankly; or
- Any other not specifically mentioned here.
- Acceptance of Terms
By using InvestPro, you acknowledge that you have read, understood, and agree to these terms and conditions which govern your use of InvestPro.
