Definitions

In these Terms:

"Cashmatrix", "We", "Us", or "Our" means Asset Matrix Microfinance Bank Limited, a company licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), with its registered office at Nigeria.

"Account" means the financial account you open and maintain with us through the Cashmatrix platform, including savings, investment, and current accounts.

"Application" or "App" means the Cashmatrix mobile banking application available on iOS, Android, and web platforms.

"Services" means the financial services provided by Cashmatrix through the Application, including but not limited to savings, investments, bill payments, fund transfers, card services, and POS services.

"User", "You", or "Your" means any individual or entity that accesses or uses the Application or Services.

"KYC" means Know Your Customer, the process of verifying your identity as required by Nigerian financial regulations.

"OTP" means One-Time Password sent to your registered mobile number or email for transaction verification.

"PIN" means Personal Identification Number used to authenticate transactions and access your account.

"Card" means the virtual or physical debit card issued by Cashmatrix linked to your account.

"QR Code" means the Quick Response code used for payment transactions through the Application.

"Agent" means an individual or entity authorized by Cashmatrix to provide banking services on our behalf.

"Merchant" means a business entity that accepts payments through the Cashmatrix platform.

Consenting to These Terms

By creating an Account, accessing, or using our Services, you agree to be legally bound by these Terms, our Privacy Policy, and any other policies referenced herein.

If you do not agree to these Terms, you must not access or use our Services. Please read these Terms carefully before proceeding.

By accepting these Terms, you confirm that you are at least 18 years of age and have the legal capacity to enter into a binding agreement.

The Services We Provide

Cashmatrix provides a digital banking platform that enables you to:

Open and manage savings accounts, including Matrix Save (flexible savings) and Matrix Lock (fixed-term savings with higher interest rates).

Access investment products, including Matrix Capital (wealth management).

Make bill payments for airtime, data, electricity, cable TV, and other utilities.

Transfer funds locally to other bank accounts and within the Cashmatrix wallet.

Access virtual and physical debit cards for online and point-of-sale transactions.

Access POS services through authorized Cashmatrix agents.

We reserve the right to modify, suspend, or discontinue any Service at any time with reasonable notice to you.

Conditions to Use Our Services

To use our Services, you must:

Be at least 18 years of age and have the legal capacity to enter into binding agreements.

Be a Nigerian citizen, permanent resident, or legal entity registered in Nigeria.

Provide accurate, current, and complete information during registration and keep your information updated.

Complete the required KYC verification process, which may include providing a valid government-issued ID, proof of address, biometric data, and other documentation as required.

Maintain the security of your account credentials and not share your PIN, password, or OTP with any third party.

You may not use our Services if you are under 18 years of age, have been previously banned from using financial services, or are located outside Nigeria.

Account Registration & Verification

To create an Account, you must provide:

Your full legal name, date of birth, and residential address.

A valid Nigerian phone number and email address.

Your Bank Verification Number (BVN) and/or National Identification Number (NIN).

A valid government-issued photo identification (e.g., National ID, Driver's License, International Passport, or Voter's Card).

Proof of address (e.g., utility bill, bank statement, or tenancy agreement dated within the last 3 months).

We may require additional documentation based on your account type or transaction volume. Failure to provide accurate and complete information may result in account limitations or closure.

You are responsible for maintaining the confidentiality of your Account credentials and for all activities that occur under your Account.

KYC Levels & Transaction Limits

Cashmatrix operates a tiered KYC system in compliance with CBN regulations:

Level I (Basic): Requires name, date of birth, phone number, and BVN. Daily transaction limit of ₦50,000. Maximum account balance of ₦300,000.

Level II (Standard): Requires Level I verification plus valid government-issued ID and proof of address. Daily transaction limit of ₦200,000. Maximum account balance of ₦500,000.

Level III (Enhanced): Requires Level II verification plus additional documentation and in-person or video verification. Daily transaction limit of ₦5,000,000. No maximum account balance limit.

Transaction limits may be adjusted based on your account history, risk profile, and regulatory requirements. We will notify you of any changes to your transaction limits.

Savings & Investment Services

Cashmatrix offers the following savings and investment products:

Matrix Save: A flexible savings account that allows you to save money and earn interest at the prevailing rate. You can deposit and withdraw funds at any time subject to applicable terms.

Matrix Lock: A fixed-term savings product that locks your funds for a specified period (e.g., 30, 60, 90, 180, or 365 days) in exchange for a higher interest rate. Early withdrawal may result in forfeiture of accrued interest or applicable penalties.

Matrix Capital: A wealth management product that invests your funds in a diversified portfolio of financial instruments. Returns are not guaranteed and may vary based on market conditions.

Interest rates and investment returns are subject to change without prior notice. Past performance is not indicative of future results. Investments are not insured by the NDIC.

Card Services

Cashmatrix provides virtual and physical debit cards linked to your Account:

Virtual Card: A digital card for online transactions, subscriptions, and e-commerce purchases. You can create, freeze, or delete your virtual card through the Application.

Physical Card: A tangible debit card for point-of-sale (POS) transactions, ATM withdrawals, and online purchases. Physical cards are subject to availability and may require a separate request.

Card Usage: Your Card is for your personal use only. You are responsible for all transactions made using your Card. You must not share your Card details, PIN, or CVV with any third party.

Card Fees: Certain card transactions may attract fees, which will be disclosed to you before the transaction is completed. International transactions may be subject to currency conversion fees.

Lost or Stolen Card: You must immediately report a lost or stolen Card through the Application or by contacting our support team. We will not be liable for unauthorized transactions made before you report the loss.

Bill Payment & Transfer Services

Cashmatrix enables you to pay bills and transfer funds through the Application:

Airtime & Data: Purchase airtime and data bundles for all Nigerian telecommunications networks.

Electricity: Pay electricity bills for all distribution companies (DisCos) in Nigeria.

Cable TV: Subscribe to cable television services including DSTV, GOTV, and Startimes.

Fund Transfers: Transfer funds to other bank accounts in Nigeria through NIBSS (Nigeria Inter-Bank Settlement System) or within the Cashmatrix wallet.

All transactions are processed in Nigerian Naira (₦) unless otherwise specified. Transaction fees and processing times will be displayed before you confirm the transaction.

We are not responsible for delays or failures in processing transactions caused by third-party service providers, network issues, or circumstances beyond our reasonable control.

Deposit Insurance

Your deposits with Cashmatrix are insured by the Nigeria Deposit Insurance Corporation (NDIC) up to the maximum coverage limit prescribed by the NDIC from time to time.

As of the date of these Terms, the maximum coverage limit is ₦500,000 per depositor per bank. This means that if Cashmatrix is unable to meet its obligations, the NDIC will pay you up to ₦500,000 of your total deposits.

Investment products, including Matrix Capital, are not covered by the NDIC deposit insurance scheme.

For more information about NDIC deposit insurance, please visit www.ndic.gov.ng.

Loyalty Programmes & Promotions

Cashmatrix may offer loyalty programmes, cashback rewards, and promotional offers from time to time:

These programmes are subject to separate terms and conditions, which will be communicated to you when you opt in.

We reserve the right to modify, suspend, or terminate any loyalty programme or promotion at any time without prior notice.

Rewards and cashback are credited to your Account and may be subject to minimum withdrawal thresholds.

We reserve the right to reclaim rewards or cashback credited in error or obtained through fraudulent means.

Merchant & Third-Party Transactions

When you use our Services to make payments to merchants or third parties:

You are responsible for verifying the accuracy of the transaction details before confirming the payment.

We are not responsible for the quality, safety, legality, or availability of goods or services offered by merchants.

Refunds for merchant transactions are subject to the merchant's refund policy. We are not obligated to process refunds on behalf of merchants.

Disputes arising from merchant transactions should be resolved directly with the merchant. We may assist in facilitating communication but are not liable for the outcome.

Privacy & Data Protection

Your privacy is important to us. Our collection, use, and protection of your personal data is governed by our Privacy Policy, which is incorporated into these Terms by reference.

We collect personal data necessary to provide our Services, including identification data, financial data, transaction data, and device data.

We process your data in accordance with the Nigeria Data Protection Regulation (NDPR) and other applicable data protection laws.

We implement appropriate technical and organizational measures to protect your personal data against unauthorized access, alteration, disclosure, or destruction.

For detailed information about how we handle your data, please review our Privacy Policy.

Security Measures

You are responsible for maintaining the security of your Account:

Keep your PIN, password, and OTP confidential and do not share them with anyone, including Cashmatrix employees.

Enable biometric authentication (fingerprint or face recognition) where available for added security.

Log out of the Application after each session, especially when using shared or public devices.

Report any suspicious activity on your Account immediately by contacting our support team.

We will never ask for your PIN, password, or OTP via phone, email, or SMS. Any such request is fraudulent.

We implement industry-standard security measures including encryption, secure sockets layer (SSL) technology, and multi-factor authentication to protect your Account.

Fees & Charges

Cashmatrix may charge fees for certain Services, which will be communicated to you before the transaction is processed:

Transfer fees for fund transfers to other banks.

Card issuance and maintenance fees for physical cards.

Transaction fees for certain bill payments and services.

Foreign transaction fees for international card transactions.

We reserve the right to change our fee structure from time to time. Any changes will be communicated to you through the Application or via email at least 30 days before they take effect.

Interest Rates

Interest rates applicable to savings and investment products are determined by Cashmatrix based on prevailing market conditions and CBN monetary policy rates.

Interest rates are variable and may change without prior notice. We will notify you of significant rate changes through the Application or via email.

Interest is calculated on a daily basis and credited to your Account monthly for savings products.

For fixed-term savings (Matrix Lock), the interest rate applicable at the time of deposit will remain fixed for the duration of the lock period.

We reserve the right to offer promotional interest rates that may differ from the standard rates displayed in the Application.

User Obligations & Prohibited Activities

You agree to use our Services only for lawful purposes and in compliance with these Terms. You must not:

Use the Services for any illegal, fraudulent, or unauthorized purpose, including money laundering, terrorism financing, or any other financial crime.

Use the Services to make payments for goods or services that are illegal or prohibited under Nigerian law.

Attempt to gain unauthorized access to the Application, other user accounts, or any systems or networks connected to the Services.

Interfere with or disrupt the integrity or performance of the Application or the servers and networks used to make the Services available.

Use any automated means, including bots, scrapers, or crawlers, to access the Application or collect data.

Impersonate any person or entity, or falsely state or misrepresent your affiliation with any person or entity.

Transmit any viruses, malware, or other harmful code through the Application.

Violate any applicable Nigerian law, regulation, or these Terms.

Intellectual Property Rights

All content, trademarks, logos, designs, and other intellectual property displayed on or through the Application are the property of Cashmatrix or its licensors and are protected by Nigerian and international intellectual property laws.

You are granted a limited, non-exclusive, non-transferable license to use the Application for personal, non-commercial purposes in accordance with these Terms.

You must not reproduce, distribute, modify, create derivative works of, publicly display, or in any way exploit any content from the Application without our prior written consent.

The Cashmatrix name, logo, and all related names, logos, product and service names, designs, and slogans are trademarks of Cashmatrix or its affiliates.

Limitation of Liability

To the maximum extent permitted by applicable law, Cashmatrix shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising out of or relating to your use of the Services.

Our total liability to you for all claims arising out of or relating to these Terms or your use of the Services shall not exceed the total fees paid by you to Cashmatrix in the twelve (12) months preceding the event giving rise to the claim.

We are not liable for delays or failures in performance caused by force majeure events, including natural disasters, government actions, power outages, or network disruptions.

We are not responsible for any losses resulting from unauthorized access to your Account caused by your failure to maintain the security of your credentials.

Indemnification

You agree to indemnify, defend, and hold harmless Asset Matrix MFB Limited and its officers, directors, employees, agents, affiliates, successors, and assigns from and against any and all losses, damages, liabilities, claims, actions, judgments, settlements, penalties, fines, costs, and expenses (including reasonable attorneys' fees) arising from or relating to:

Your use of the Services or any activity on your Account.

Your breach of these Terms or any applicable law or regulation.

Your violation of any third-party rights, including intellectual property, privacy, or property rights.

Any misrepresentation or fraudulent information provided by you during registration or verification.

Account Suspension & Closure

We may suspend or close your Account at any time, with or without notice, if we reasonably believe that:

You have breached these Terms or any applicable law or regulation.

Your Account is being used for fraudulent, illegal, or unauthorized activities.

Your Account has been inactive for an extended period as determined by our internal policies.

We are required to do so by law, regulation, or a court order.

We may also suspend your Account during an investigation into suspected breaches or unauthorized activities.

If your Account is closed, any remaining funds will be transferred to your linked bank account after deducting any outstanding fees or obligations, subject to applicable legal requirements.

Termination by You

You may close your Account at any time by contacting our support team or through the Application.

Before closing your Account, you must:

Ensure all pending transactions are completed or cancelled.

Withdraw or transfer all remaining funds from your Account.

Cancel any recurring payments or standing orders linked to your Account.

Return any physical cards associated with your Account.

Account closure is irreversible. Once closed, you will not be able to access your transaction history or account data.

Dispute Resolution

If you have a complaint or dispute relating to these Terms or our Services:

You should first contact our support team at hello@cashmatrix.ng or support@cashmatrix.ng to attempt to resolve the issue informally.

If the dispute cannot be resolved informally within 30 days, either party may refer the matter to mediation administered by the Lagos Multi-Door Courthouse or a similar ADR institution in Nigeria.

If mediation fails to resolve the dispute, the dispute shall be finally resolved by arbitration conducted in accordance with the Arbitration and Mediation Act 2023 of Nigeria. The venue of arbitration shall be Lagos, Nigeria.

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

How to Contact Us

If you have any questions, concerns, or complaints about these Terms or our Services, please contact us:

Email: hello@cashmatrix.ng

Support: support@cashmatrix.ng

We will acknowledge receipt of your complaint within 24 hours and aim to resolve it within 14 business days.

If you are not satisfied with our response, you may escalate your complaint to the Central Bank of Nigeria (CBN) through the CBN Consumer Protection Department.

Changes to These Terms

We may update these Terms from time to time to reflect changes in our Services, applicable laws, or for other operational reasons.

We will notify you of material changes through the Application, via email, or by posting a notice on our website at least 30 days before the changes take effect.

Your continued use of the Services after the effective date of any changes constitutes your acceptance of the updated Terms.

If you do not agree to the updated Terms, you must stop using the Services and close your Account before the changes take effect.

General Provisions

Entire Agreement: These Terms, together with our Privacy Policy and any other policies referenced herein, constitute the entire agreement between you and Cashmatrix regarding the use of the Services.

Severability: If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.

Assignment: You may not assign or transfer your rights or obligations under these Terms without our prior written consent. We may assign our rights and obligations without restriction.

Waiver: Our failure to exercise or delay in exercising any right under these Terms shall not constitute a waiver of that right.

Force Majeure: We shall not be liable for any failure or delay in performing our obligations under these Terms if such failure or delay results from circumstances beyond our reasonable control, including natural disasters, epidemics, government actions, war, terrorism, civil unrest, power outages, or network failures.

Governing Law: These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

Survival: The provisions of these Terms that by their nature should survive termination shall survive, including but not limited to Limitation of Liability, Indemnification, Dispute Resolution, and Governing Law.