General Terms & Conditions
for Credit Facilities

Clause 1Scope and Application

1. These General Terms and Conditions (“General T&Cs”) constitute the master framework governing the relationship between BWAY Microfinance Bank Limited (“BWAY MFB” or the “Bank”) and any individual or entity (“Customer” or “Borrower”) who accesses, applies for, or utilizes any credit facility offered by BWAY MFB.
2. These General T&Cs apply to all credit products listed in Clause 4, whether accessed through the BWAY mobile application (“App”), USSD platform, web portal, or any other channel authorized by BWAY MFB.
3. Where a Customer applies for a specific credit product, a Product-Specific Addendum shall be issued alongside these General T&Cs. In the event of any conflict between a Product-Specific Addendum and these General T&Cs, the Product-Specific Addendum shall prevail to the extent of the inconsistency.
4. These General T&Cs shall be read together with BWAY MFB’s Privacy Policy, the relevant Product-Specific Addendum, and the loan offer details communicated to the Customer at the time of each application.
5. BWAY MFB is duly licensed by the Central Bank of Nigeria (“CBN”) as a Microfinance Bank and operates in compliance with all applicable Nigerian laws, CBN regulations, and guidelines.

Clause 2Definitions

In these General T&Cs, unless the context otherwise requires:

“Agreement” means these General T&Cs together with the applicable Product-Specific Addendum and the loan offer details accepted by the Customer.

“App” means the BWAY MFB mobile application through which credit facilities and other banking services are accessed.

“APR (Annual Percentage Rate)” means the total annualized cost of a credit facility, expressed as a percentage, calculated in accordance with the CBN-prescribed formula: (Total Cost of Credit / Principal Amount) x (365 / Tenor in Days) x 100.

“Authorised Channel” means any platform or medium approved by BWAY MFB for receiving credit applications and conducting credit-related transactions, including the App, USSD, and web portal.

“BVN” means Bank Verification Number, the unique identifier issued by the CBN to verify the identity of bank customers in Nigeria.

“Business Day” means any day (excluding Saturdays, Sundays, and public holidays declared in Nigeria) on which commercial banks are open for business in Lagos, Nigeria.

“CBN” means the Central Bank of Nigeria.

“CBN CPR” means the CBN Consumer Protection Regulation, as amended from time to time.

“Cooling-Off Period” means the three (3) working-day period following the execution of a credit contract, as provided under Section 4.3.6 of the CBN CPR, during which the Customer may cancel the facility without penalty.

“Credit Facility” means any loan, advance, overdraft, buy-now-pay-later arrangement, salary advance, or any other credit product granted by BWAY MFB to a Customer under these General T&Cs.

“Customer / Borrower” means any individual or registered business entity that applies for or utilizes a Credit Facility from BWAY MFB.

“Default” means any event specified in Clause 11 of these General T&Cs.

“Disbursement Date” means the date on which BWAY MFB credits the approved Credit Facility to the Customer’s designated Account.

“Due Date” means the date(s) on which repayment instalments or the full outstanding balance of a Credit Facility are due and payable, as set out in the applicable Repayment Schedule.

“GSI” means the Global Standing Instruction, the CBN-approved debt recovery mechanism enabling BWAY MFB to debit any account linked to the Customer’s BVN across all financial institutions in Nigeria, in the event of default.

“Interest Rate” means the rate applied to calculate the cost of a Credit Facility, expressed as a periodic rate and disclosed as an APR in the loan offer details.

“KYC” means Know Your Customer — the regulatory process of verifying the identity, address, and risk profile of a customer.

“Late Repayment Fee” means the charge imposed for failure to repay on or before a Due Date, as specified in Clause 6.

“Management Fee” means a one-time upfront administrative charge deducted from or added to the approved Credit Facility amount, as applicable.

“NDPA” means the Nigeria Data Protection Act 2023.

“NDPC” means the Nigeria Data Protection Commission.

“Offer Letter / Loan Details” means the document or in-App screen setting out the specific financial terms of a Credit Facility including amount, tenor, interest rate, fees, APR, and Repayment Schedule.

“Outstanding Balance” means, at any time, the total amount owed by a Customer to BWAY MFB in respect of a Credit Facility, including principal, accrued interest, and all fees and charges.

“Privacy Policy” means BWAY MFB’s data protection and privacy policy, compliant with the NDPA 2023, available on the App and at www.bway.ng.

“Product-Specific Addendum” means the supplementary terms and conditions applicable to a specific Credit Facility, issued alongside these General T&Cs.

“Repayment Schedule” means the table or schedule setting out all payment instalments, their respective Due Dates, and the amounts payable under a Credit Facility.

“Tenor” means the duration of a Credit Facility from the Disbursement Date to the final Due Date.

Clause 3Eligibility and KYC Requirements

To be eligible for a Credit Facility from BWAY MFB, a customer must:

1. be a Nigerian citizen or legally resident in Nigeria;
2. be at least eighteen (18) years of age;
3. hold a valid BVN issued by the CBN;
4. maintain an active bank account with a licensed financial institution in Nigeria;
5. have successfully completed BWAY MFB’s KYC verification process on the App;
6. not be listed on any credit bureau’s blacklist or have unresolved non-performing credit obligations with any financial institution; and
7. meet any additional eligibility criteria specified in the applicable Product-Specific Addendum.

The Customer shall provide the following KYC documentation as applicable:

1. Valid government-issued photo identification (National ID Card, International Passport, Driver’s License, or Voter’s Card);
2. Bank Verification Number (BVN);
3. National Identification Number (NIN);
4. Residential address verification;
5. For business credit facilities: Certificate of Incorporation, CAC documents, and other business identification documents as required.

BWAY MFB reserves the right to request additional documentation at any time for the purpose of regulatory compliance, fraud prevention, or credit assessment.

The Customer warrants that all KYC information provided is true, accurate, complete, and current. BWAY MFB bears no liability for consequences arising from false or incomplete information.

BWAY MFB shall conduct credit bureau checks and may use alternative data sources (including App usage data, with the Customer’s consent) to assess creditworthiness.

Clause 4Credit Products Covered

These General T&Cs apply to the following credit products offered by BWAY MFB. Each product is subject to a Product-Specific Addendum setting out its individual terms:

BWAY MFB reserves the right to introduce new credit products from time to time. Any new product shall be subject to these General T&Cs and a corresponding Product-Specific Addendum, of which Customers will be duly notified.

Clause 5Credit Application Process

1. Credit applications must be submitted through an Authorised Channel. BWAY MFB does not accept credit applications via unofficial channels, agents, or third parties not expressly authorized by the Bank.
2. Upon submission of an application, BWAY MFB shall conduct a credit assessment, which may include a credit bureau check, analysis of the Customer’s transaction history, income verification, and any other assessment the Bank deems necessary.
3. BWAY MFB reserves the absolute right to approve, decline, or offer a revised amount for any credit application without obligation to provide reasons.
4. Where an application is approved, the Customer shall receive an Offer Letter setting out the specific terms of the Credit Facility. The Customer must accept the Offer Letter electronically through the Authorised Channel before disbursement can proceed.
5. Acceptance of the Offer Letter constitutes the Customer’s agreement to these General T&Cs, the applicable Product-Specific Addendum, and the specific terms set out in the Offer Letter.
6. All Offer Letters and executed agreements shall be stored on the App and accessible to the Customer at all times. It is the Customer’s responsibility to retain copies of all agreements.
7. BWAY MFB shall disburse approved Credit Facilities only to the verified Account registered by the Customer on the App in the Customer’s name. Disbursement to third-party accounts is not permitted.

Clause 6Fees, Charges and APR Disclosure

The following charges may apply to Credit Facilities, as applicable and as specified in the relevant Offer Letter:

1. The APR represents the total annualized cost of a Credit Facility and is calculated in accordance with the CBN’s prescribed formula as stated in the definition of APR in Clause 2.
2. The APR applicable to each Credit Facility shall be prominently disclosed in the Offer Letter and on the App screen prior to acceptance. The Customer is advised to review and compare APRs carefully before accepting any offer.
3. BWAY MFB shall not impose charges that are not disclosed in the Offer Letter or these General T&Cs. Any new charge or amendment to existing charges shall be communicated in accordance with Clause 17.
4. All fees and charges applied by BWAY MFB are in compliance with CBN’s guidelines on bank charges and the CBN Consumer Protection Regulation.

Clause 7Cooling-Off Period

1. In accordance with Section 4.3.6 of the CBN Consumer Protection Regulation, every Customer is entitled to a Cooling-Off Period of three (3) working days from the date of executing a Credit Facility agreement, within which the Customer may cancel the Credit Facility without penalty or cancellation charge.
2. To exercise this right, the Customer must use the designated “Cancel Facility” function on the App’s loan management dashboard, or submit a written cancellation request to complaints@bway.ng. BWAY MFB shall confirm receipt of the cancellation request within 24 hours.
3. Interest shall be charged only on any portion of the approved Credit Facility that has been transferred out of the Customer’s Account during the Cooling-Off Period (“Utilized Amount”). The Customer shall repay the Utilized Amount plus accrued interest within 24 hours of cancellation.
4. If the Customer transfers any portion of the Credit Facility out of the designated Account during the Cooling-Off Period, the right to cancel is extinguished in respect of the transferred amount.
5. The Cooling-Off Period does not apply to: (i) loan top-ups; (ii) restructured or rolled-over facilities; (iii) overdraft drawdowns subsequent to the initial facility activation; or (iv) any facility where the full amount has been utilized and transferred within the Cooling-Off Period.
6. BWAY MFB shall display a visible Cooling-Off Period countdown timer on the App’s loan management screen throughout the three (3) working-day window.

Clause 8Repayment Obligations

1. The Customer shall repay each Credit Facility in full, including principal, interest, and all applicable fees and charges, in accordance with the Repayment Schedule set out in the applicable Offer Letter.
2. Repayments must be made through an Authorised Channel by 4:00 PM (WAT) on or before each Due Date. BWAY MFB shall not be liable for delays caused by payment processing issues on the Customer’s account or bank.
3. BWAY MFB is authorized to automatically debit the Repayment Amount from the Customer’s designated Account on each Due Date. The Customer shall ensure that the Account is adequately funded on each Due Date.
4. BWAY MFB shall send automated reminders to the Customer via the App notification and registered telephone number at least 48 hours before each Due Date. Failure to receive such reminder does not waive the Customer’s obligation to repay on the Due Date.
5. If BWAY MFB is unable to debit the Customer’s Account on a Due Date due to insufficient funds or technical issues, the Bank shall retry the debit at its discretion. Interest shall continue to accrue on the outstanding balance for each day of non-payment past the Due Date.
6. For the first three (3) days following a missed Due Date, BWAY MFB shall only attempt to collect the original instalment amount. From the fourth (4th) day, BWAY MFB shall attempt to collect the full Outstanding Balance comprising all overdue instalments plus all accrued interest to that date.
7. Late Repayment Fee: A Late Repayment Fee of one percent (1%) of the outstanding principal balance per default month (or part thereof) shall be charged for each month that an instalment remains unpaid beyond its Due Date. This fee is in addition to accrued interest and is payable immediately. This charge is included in the APR computation disclosed in the Offer Letter.
8. All repayments received by BWAY MFB shall be applied in the following order of priority: (i) outstanding fees and charges; (ii) accrued and unpaid interest; (iii) outstanding principal.
9. Partial payments shall be accepted but shall not constitute full repayment of any instalment. Interest and Late Repayment Fees shall continue to accrue on any unpaid balance.

Clause 9Early Repayment and Pre-Liquidation

1. The Customer may repay the outstanding balance of any Credit Facility in full or in part before the final Due Date by submitting an Early Repayment request through the App or by contacting BWAY MFB at info@bway.ng.
2. Upon receipt of an Early Repayment request, BWAY MFB shall provide the Customer with a pre-liquidation balance statement within one (1) Business Day. The pre-liquidation balance shall reflect a rebate of unearned interest for the unexpired portion of the Tenor, calculated on a pro-rata basis.
3. Payment of the pre-liquidation balance must be made on the same Business Day it is communicated. Failure to pay on the same day will result in a revised balance calculation, which shall be provided to the Customer.
4. No prepayment penalty shall be charged on any Credit Facility for Early Repayment, in line with CBN Consumer Protection guidelines.
5. Partial Early Repayments shall reduce the principal balance and may, at BWAY MFB’s discretion, result in a revised Repayment Schedule communicated to the Customer.

Clause 10Loan Rollover and Restructuring

1. Rollovers (extensions of the Tenor of an existing Credit Facility beyond the original final Due Date) are not automatically granted. They are subject to: (i) BWAY MFB’s credit re-assessment; (ii) the Customer not being in default; and (iii) CBN guidelines on loan classification.
2. Any approved rollover or restructuring shall be treated as a new credit transaction requiring fresh Customer acceptance of revised terms, including a new Offer Letter, updated interest rate disclosure, and revised APR.
3. Restructured or rolled-over facilities shall be classified and reported in BWAY MFB’s loan book in compliance with CBN Prudential Guidelines on loan classification and provisioning. The Customer acknowledges that a restructured facility may be reported to credit reference bureau and may impact the Customer’s credit score.
4. A restructuring fee may apply as specified in the applicable Product-Specific Addendum.
5. The Cooling-Off Period does not apply to rollovers or restructured facilities.

Clause 11Events of Default and Remedies

Each of the following events constitutes a Default under these General T&Cs:

1. Failure to make any repayment instalment on or before the applicable Due Date.
2. Material breach of any representation, warranty, term, condition, or covenant in these General T&Cs or any Product-Specific Addendum.
3. Provision of false, misleading, or fraudulent information in connection with any credit application.
4. The filing of a bankruptcy or insolvency petition against the Customer.
5. Detection of fraud, identity theft, or account compromise in connection with any Credit Facility at any time during the life of the facility.
6. The Customer’s inability to pay its debts as they fall due, within the meaning of the Bankruptcy Act (Cap 30) Laws of the Federation of Nigeria.
7. Any event or circumstance that, in BWAY MFB’s reasonable assessment, materially and adversely affects the Customer’s ability or willingness to repay any Credit Facility.
8. Any other breach of these General T&Cs that remains unremedied for ten (10) calendar days after written notice of the breach has been issued to the Customer.

1. Upon the occurrence of a Default, BWAY MFB may, at its sole discretion:
   1. declare the entire Outstanding Balance of all Credit Facilities immediately due and payable without further notice;
   2. suspend or cancel the Customer’s access to all current and future credit facilities on the BWAY platform;
   3. initiate debt recovery proceedings including GSI activation, legal action, and referral to credit reference bureau; and
   4. report the Default to the CBN, relevant law enforcement agencies, and credit reference bureau.

Clause 12Debt Recovery and Global Standing Instruction (GSI)

1. In addition to GSI, BWAY MFB may refer unpaid Outstanding Balances to any or all of the following: (i) licensed credit reference bureau; (ii) authorized third-party debt collection agencies; (iii) the Economic and Financial Crimes Commission (EFCC); (iv) the Special Fraud Unit of the Nigerian Police Force (in fraud-related cases); or (v) any other lawful recovery mechanism.
2. The Customer shall be liable for all reasonable costs incurred by BWAY MFB in recovering an Outstanding Balance, including legal fees, collection agency fees, and court filing fees.
3. BWAY MFB shall notify the Customer of the initiation of GSI or external recovery proceedings through the App, SMS, or email at the registered contact details.

Clause 13Set-Off Rights

1. BWAY MFB may, upon giving the Customer at least forty-eight (48) hours’ prior notice via App notification and SMS, combine or consolidate any accounts held by the Customer with BWAY MFB and set off any credit balance against any Outstanding Balance owed by the Customer to BWAY MFB.
2. The forty-eight (48) hour notice requirement shall not apply where BWAY MFB has reasonable grounds to believe that the Customer is committing fraud, engaging in identity theft, or is taking steps to dissipate assets to the prejudice of BWAY MFB.
3. This right of set-off is in addition to, and does not limit, BWAY MFB’s rights under the GSI framework or any other recovery mechanism.
4. The Customer shall not set off any amounts owed to it by BWAY MFB against any Outstanding Balance owed under any Credit Facility without the Bank’s prior written consent.

Clause 14Representations and Warranties

The Customer represents and warrants to BWAY MFB, on the date of each Credit Facility application and each drawdown, that:

1. The Customer has full legal capacity, authority, and all necessary permissions to enter into and perform its obligations under these General T&Cs and the applicable Product-Specific Addendum.
2. The Customer is not subject to any bankruptcy, insolvency, or winding-up proceedings and is not insolvent.
3. Entering into these General T&Cs does not violate any law, regulation, court order, or any agreement to which the Customer is a party.
4. All information, documents, and data provided to BWAY MFB during the application process and throughout the life of any Credit Facility are true, accurate, complete, and not misleading.
5. The Customer has the right to access and operate the Account designated for disbursement and repayment and that such Account is not subject to any lien, charge, or restriction that would prevent BWAY MFB from debiting repayment amounts.
6. The Customer has read, understood, and voluntarily accepted these General T&Cs, the applicable Product-Specific Addendum, and the Privacy Policy.
7. The Customer is not acting on behalf of any undisclosed third party in applying for or receiving any Credit Facility.

Clause 15Assignment and Disclosure of Information

1. BWAY MFB may transfer, assign, novate, or otherwise deal with its rights and obligations under any Credit Facility to any third party (including a loan purchaser, securitization vehicle, or successor institution) without the Customer’s prior consent. BWAY MFB shall notify the Customer of any such transfer within fifteen (15) calendar days.
2. The Customer’s obligations under these General T&Cs shall not be affected by any such transfer or assignment.
3. The Customer authorizes BWAY MFB to share information relating to the Customer and any Credit Facility with: (i) credit reference bureau; (ii) authorized debt collection agencies; (iii) regulators including the CBN, NDPC, and SEC; (iv) law enforcement agencies where legally required or in fraud cases; (v) technology and service providers under data processing agreements; and (vi) any transferee of a Credit Facility.
4. The Customer does not consent to the sale of their personal data to third parties for marketing or commercial purposes not connected to the provision of financial services. This is in accordance with BWAY MFB’s Privacy Policy.

Clause 16Data Protection and Privacy (NDPA 2023)

BWAY MFB is a data controller registered with the Nigeria Data Protection Commission (NDPC) under the Nigeria Data Protection Act 2023 (NDPA). BWAY MFB is fully committed to the protection of the Customer’s personal data.

1. By accessing any Credit Facility through the BWAY platform, the Customer consents to the collection and processing of the following categories of personal data as necessary for the purposes set out in Clause 16.2:
   1. Identity data: full name, date of birth, BVN, NIN, photograph;
   2. Contact data: phone number, email address, residential address;
   3. Financial data: bank account details, transaction history, credit bureau data, income information;
   4. Device data: device identifier, IP address, operating system, App usage data; and
   5. Location data: where access to location is granted by the Customer on the App.

1. Personal data collected is used exclusively for: (i) identity verification and KYC compliance; (ii) credit underwriting and risk assessment; (iii) loan disbursement and repayment management; (iv) regulatory compliance and audit; (v) fraud prevention and detection; (vi) customer support; and (vii) improving BWAY MFB’s products and services.

1. Personal data may be shared with credit reference bureau, regulators, authorized service providers, and transferees of Credit Facilities as described in Clause 15. BWAY MFB shall not sell personal data to third parties for commercial purposes unconnected to financial services.

1. Personal data shall be retained for a minimum of six (6) years following the closure of all Credit Facilities, as required by the NDPA and applicable Nigerian financial regulations.

2. Under the NDPA 2023, the Customer has the right to: (i) access their personal data held by BWAY MFB; (ii) correct inaccurate data; (iii) request erasure of data, subject to legal retention obligations; (iv) object to certain processing activities; and (v) lodge a complaint with the NDPC. Requests should be submitted to: info@bway.ng.
3. The full Privacy Policy of BWAY MFB, which forms part of these General T&Cs by reference, is available on the App and at www.bway.ng.

Clause 17Variation of Terms

4. BWAY MFB reserves the right to amend, modify, or update these General T&Cs and any Product-Specific Addendum from time to time, subject to the notice requirements below.
5. Material changes — including changes to interest rates, fees, repayment terms, data practices, or the Customer’s fundamental rights under these General T&Cs — shall be communicated to the Customer at least thirty (30) calendar days prior to the effective date of the change, via App notification, email, and SMS to the Customer’s registered contact details.
6. Upon receiving notice of a material variation, the Customer shall have the right to repay all outstanding Credit Facilities in full under the existing terms within the thirty (30) day notice period, without being subject to the revised terms or any prepayment penalty.
7. Changes required immediately by law, regulation, or directive of the CBN or any other competent authority may take effect without the thirty (30) day notice period. BWAY MFB shall notify the Customer of such changes as soon as reasonably practicable.
8. Non-material changes (such as corrections of typographical errors, clarifications that do not alter the Customer’s substantive obligations, or enhancements to the App’s user interface) may be made without prior notice.
9. A Customer’s continued use of any Credit Facility or application for a new Credit Facility after the effective date of any variation shall constitute acceptance of the revised terms.

Clause 18Complaints and Dispute Resolution

10. Customers may lodge complaints through any of the following channels: (i) the in-App complaints feature; (ii) email to complaints@bway.ng; (iii) telephone on 0700-BWAY-MFB; or (iv) written correspondence to BWAY MFB’s registered office.
11. BWAY MFB shall acknowledge all complaints within 24 hours of receipt and provide a final resolution within seven (7) Business Days. Where the complaint is complex and requires further investigation, BWAY MFB shall notify the Customer and resolve within fifteen (15) Business Days.
12. BWAY MFB shall maintain a dedicated complaints log and report complaint statistics to the CBN in accordance with the CBN Consumer Protection Regulation.

13. If the dispute remains unresolved after Tier 1 escalation, either Party may commence legal proceedings. These General T&Cs shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
14. The Parties irrevocably submit to the exclusive jurisdiction of the courts of the Federal Republic of Nigeria for the resolution of any dispute arising out of or in connection with these General T&Cs.

Clause 19General Provisions

15. Entire Agreement: These General T&Cs, together with the applicable Product-Specific Addendum, the Offer Letter, and the Privacy Policy, constitute the entire agreement between BWAY MFB and the Customer in relation to any Credit Facility and supersede all prior representations, understandings, and agreements.
16. Severability: If any provision of these General T&Cs is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect.
17. Waiver: No failure or delay by BWAY MFB in exercising any right under these General T&Cs shall constitute a waiver of that right. A waiver of any right on one occasion shall not be construed as a waiver on any subsequent occasion.
18. Notices: All formal notices from BWAY MFB to the Customer shall be delivered via App notification, email, or SMS to the Customer’s registered contact details. Notices shall be deemed received immediately upon electronic delivery. The Customer is responsible for keeping contact details current and updated on the App.
19. Indemnity: The Customer shall indemnify BWAY MFB against all losses, costs, expenses, and liabilities (including legal fees) arising from: (i) the Customer’s breach of these General T&Cs; (ii) fraud or misrepresentation by the Customer; or (iii) the enforcement of BWAY MFB’s rights under these General T&Cs.
20. Force Majeure: BWAY MFB shall not be liable for any failure or delay in performing its obligations to the extent caused by circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, government actions, telecommunications failures, or CBN directives. BWAY MFB shall notify the Customer of such circumstances and resume performance as soon as reasonably practicable.
21. Language: These General T&Cs are drafted and executed in English. The English text shall prevail in the event of any translation.
22. Updates to these General T&Cs: The most current version of these General T&Cs shall always be available on the App and at www.bway.ng. The Customer is advised to review these periodically.

Clause 20Acceptance and Electronic Consent