Business Savings Terms

These Business Banking Savings Terms and Conditions (“Terms”) govern the Regular Bucket and Fixed Bucket savings products offered by 9jaPay Microfinance Bank Limited (“9jaPay”, “we”, “us”, “our”) to its business banking customers. Please review the features of each product carefully, together with these Terms, before activating a Bucket. By activating a Regular Bucket or Fixed Bucket, you (as defined below) acknowledge and undertake as set out in these Terms.

Last updated: August 14, 2026

  1. 1. Definitions

    1. “9jaPay”, “we”, “us”, “our” — means 9jaPay Microfinance Bank Limited, a licensed microfinance bank regulated by the Central Bank of Nigeria (“CBN”) and insured by the Nigeria Deposit Insurance Corporation (“NDIC”).
    2. “Business”, “Customer”, “you”, “your” — means the company, partnership, enterprise, or other business entity onboarded as a business banking customer of 9jaPay that holds a Main Account and one or more Buckets with us.
    3. “Main Account” — means the primary business account you hold with 9jaPay, from which Buckets are funded and to which withdrawals from Buckets are paid.
    4. “Authorized Signatory” — means an individual notified to and accepted by 9jaPay as authorized to give instructions, access, and transact on your Main Account and Buckets, as set out in the Business Account Mandate and supporting board resolution(s) you provided at onboarding (as updated from time to time).
    5. “Bucket” — means a Regular Bucket or a Fixed Bucket, being a sub-ledger of your Main Account through which you save and earn interest, and not a separate deposit account in its own right.
    6. “Regular Bucket” — means the flexible interest-bearing savings product described in Clause 4.1.
    7. “Fixed Bucket” — means the fixed-tenor interest-bearing savings product described in Clause 4.2.
    8. “Investment Certificate” — means the document described in Clause 6.
    9. “Business Day” — means any day other than a Saturday, Sunday, or Nigerian public holiday, on which banks are generally open for business in Nigeria.

  2. 2. Application and Acceptance

    1. These Terms govern your use of the Regular Bucket and Fixed Bucket savings products offered by 9jaPay to its business banking customers. They supplement, and should be read together with, 9jaPay’s General Terms of Use, Privacy Policy, and the Business Account Mandate you executed at account opening. In the event of any direct conflict between these Terms and the Business Account Mandate on matters of signatory authority, the Business Account Mandate shall prevail.
    2. By activating a Regular Bucket or Fixed Bucket through an Authorized Signatory, you confirm that the individual doing so has actual authority to bind you, and accept these Terms on behalf of the Business.
    3. These Terms are directed at business banking customers only. Individual/retail customers of 9jaPay are instead governed by 9jaPay’s Savings Terms and Conditions for retail customers.

  3. 3. Eligibility and Corporate Capacity

    1. You represent and warrant, on a continuing basis for as long as you hold a Bucket with us, that:
      1. you are duly incorporated or registered and validly existing under the laws of Nigeria;
      2. you have the full power and authority to open and operate the Main Account and Buckets and to accept these Terms;
      3. all information, documentation, and representations provided to 9jaPay in connection with your onboarding, including in respect of your directors, Authorized Signatories, and ultimate beneficial owners, are true, complete, and current; and
      4. opening and operating the Buckets does not breach your constitutional documents (Memorandum/Articles of Association, Partnership Agreement, or equivalent) or any law binding on you.
    2. You undertake to notify 9jaPay promptly, and in any event within five (5) Business Days, of any change in your directors, Authorized Signatories, ultimate beneficial owners, registered address, or corporate status (including any change of name, merger, acquisition, or commencement of insolvency proceedings).
    3. 9jaPay is entitled to rely, without further inquiry, on any instruction that appears to come from an Authorized Signatory acting within the authority notified to 9jaPay, until 9jaPay has received and had a reasonable opportunity (a minimum of two (2) Business Days) to act on written notice of a change in that authority. You indemnify 9jaPay against any loss arising from 9jaPay’s reasonable reliance on instructions from a person held out to it as an Authorized Signatory.

  4. 4. The Savings Products

    Regular Bucket

    1. The Regular Bucket is a flexible, interest-bearing savings product. You may hold one or more Regular Buckets, each operating as a separate sub-ledger of your Main Account.
    2. Interest rate — Balances in a Regular Bucket earn interest at 12% per annum, calculated on the daily balance and accrued daily, subject to revision by 9jaPay in accordance with Clause 10.
    3. Deposits — You may fund a Regular Bucket at any time by manual top-up from your Main Account, or by setting up an automatic (recurring) top-up on a daily, weekly, or monthly basis in accordance with Clause 9.
    4. Withdrawals — You may make a Partial Withdrawal (a portion of the Bucket balance) or a Full Withdrawal (the entire balance, reducing the Bucket to zero) at any time. On a Full Withdrawal, you may choose to close the Bucket (which will then be deleted) or keep it open, in which case the principal and any accrued interest will be paid to your Main Account and the Bucket will remain open with a nil balance.
    5. Withdrawal limit and interest forfeiture — You are entitled to up to five (5) withdrawals (partial or full, in aggregate) from a Regular Bucket free of any interest penalty within a single calendar month. A warning is displayed on your dashboard on your sixth withdrawal instruction within that month. Where withdrawals from a Regular Bucket exceed five (5) within a calendar month, all interest accrued on that Bucket for that calendar month is forfeited in its entirety. Forfeited interest is not paid to you and does not carry over to a subsequent month. This limit applies per Bucket and resets at the start of each calendar month.
    6. Renaming and deletion — You may rename a Regular Bucket at any time. A Regular Bucket may only be deleted once its balance has been reduced to zero.

    Fixed Bucket

    1. The Fixed Bucket is a fixed-tenor, interest-bearing savings product. You select a principal amount and a tenor (90, 180, or 365 days) at the time of creating the Bucket.
    2. No top-up — Once created, a Fixed Bucket’s principal is locked for the selected tenor and cannot be increased by way of top-up. To save an additional amount, on the same or a different tenor, you must open a new Fixed Bucket.
    3. Interest rate — Interest is calculated per annum on a tiered basis by reference to the principal amount and tenor selected at the time the Fixed Bucket is created, as set out in the table below. The applicable tier and rate are fixed for the life of a fixed Bucket and are not affected by any subsequent change in 9jaPay’s published rate card, save where 9jaPay exercises its rights under Clause 10.
    Investment Amount (NGN)90 Days180 Days365 Days
    10,000 – 9,990,00016.50%17.00%18.00%
    10,000,000 – 99,990,00017.00%18.00%19.00%
    100,000,000 – 499,990,00018.00%19.00%20.00%
    500,000,000 – 999,990,00019.00%20.00%21.00%
    1,000,000,000 and above20.00%21.00%22.50%
    1. Withdrawal before maturity — Where you make a Partial Withdrawal or a Full Withdrawal from a Fixed Bucket before the end of its tenor:
      1. a penalty equal to twenty-five percent (25%) of the interest accrued on that Bucket as at the withdrawal date is deducted from the accrued interest payable to you; and
      2. the Bucket is automatically closed on a Partial Withdrawal and the remaining balance (principal plus interest, net of the penalty) is paid out in full and the Bucket ceases to exist. A Partial Withdrawal from a Fixed Bucket therefore has the same practical effect as a Full Withdrawal.
    2. Withdrawal at or after maturity — Withdrawals made on or after the maturity date of a Fixed Bucket are not subject to the penalty described in Clause 4.2.4.
    3. Rollover — You may toggle rollover on or off for a Fixed Bucket. Where rollover is enabled and you have not withdrawn the Bucket by its maturity date, the principal and accrued interest are automatically compounded and reinvested for a further tenor of the same length, at the rate applicable under 9jaPay’s tier table in force on the rollover date. You may switch rollover off at any time before maturity to receive the maturing balance instead.
    4. Investment Certificate — On the creation of a Fixed Bucket, 9jaPay will make available to you an Investment Certificate in respect of that Bucket, which you may view and download as a PDF document. The status and effect of the Investment Certificate are as set out in Clause 6.

  5. 5. Interest — General

    1. All interest rates stated in these Terms or displayed on the 9jaPay platform are indicative and may be varied by 9jaPay from time to time in accordance with Clause 10, market conditions, and applicable laws.
    2. 9jaPay is not a financial adviser. We do not represent, warrant, or guarantee that the Regular Bucket or Fixed Bucket is appropriate for your business’s savings, treasury, or financial objectives, and we are not responsible for you meeting any savings or financial target you may set. You should obtain your own independent financial and tax advice before placing funds with us, particularly in respect of large or concentrated deposits.

  6. 6. Investment Certificate

    1. An Investment Certificate is issued for evidentiary purposes only, to confirm the principal, tenor, interest rate, and maturity date of a Fixed Bucket. It is not a negotiable instrument, security, bond, or certificate of deposit, and does not evidence any right to payment other than as recorded in 9jaPay’s books in respect of the relevant Fixed Bucket.
    2. You may not assign, transfer, charge, pledge, or otherwise create or purport to create any security interest over an Investment Certificate, a Fixed Bucket, or a Regular Bucket, in favour of any third party, without 9jaPay’s prior written consent. 9jaPay is not obliged to recognize, and may disregard, any purported assignment, charge, or pledge made without its consent, and reserves the right to require any third-party financier to contact 9jaPay directly to verify and, where consent is given, formally note its interest before any reliance is placed on the Investment Certificate.

  7. 7. Right of Set-Off and Lien

    1. In addition to any right of set-off or lien available to 9jaPay by law, 9jaPay may, without prior notice to you, combine, consolidate, or set off any credit balance in your Regular Bucket(s) or Fixed Bucket(s) against any amount you owe to 9jaPay or any of its affiliates under any facility, loan, overdraft, guarantee, or other obligation, whether matured or contingent.
    2. 9jaPay may decline to release funds from a Bucket, including on maturity of a Fixed Bucket, where you have an outstanding, overdue obligation to 9jaPay, pending exercise of its rights under this Clause 7.

  8. 8. Funding

    1. You may fund a Bucket by manual deposit from your Main Account, made at any time by an Authorized Signatory through the 9jaPay platform.
    2. For a Regular Bucket, you may instead (or in addition) set up an automatic recurring top-up from your Main Account, specifying the amount and frequency (daily, and if daily, the time of day; weekly, and the day of the week; or monthly, and the day of the month). You may amend or cancel an automatic top-up instruction at any time before it is next due to run. 9jaPay is not liable for any resulting shortfall in your Regular Bucket balance or interest accrual.
    3. All funding instructions are internal transfers between your own Main Account and your own Buckets and do not constitute third-party payment instructions.

  9. 9. Amendments to Rates and Features

    1. 9jaPay may at any time, revise, change, or amend the interest rates, tier thresholds, withdrawal limits, penalties, or other features applicable to the Regular Bucket or Fixed Bucket described in these Terms, whether in response to market conditions, regulatory requirements, or its own commercial assessment.
    2. 9jaPay will give you at least five (5) working days’ prior written notice of any such revision, through the 9jaPay platform or by email to the address on file for your Business. That notice will state:
      1. the reason for the variation;
      2. the date on which it takes effect;
      3. the revised rate, tier, limit, penalty, or feature, as applicable; and
      4. the alternatives available to you, including the option to withdraw the affected Bucket balance or close the Bucket without penalty before the change takes effect.
    3. Except as provided in Clause 4.2.3 (which fixes the rate applicable to an existing Fixed Bucket for its tenor), any revision under Clause 10.1 takes effect from the date notified by 9jaPay and applies to Buckets created, funded, or rolled over on or after that date.
    4. You hold 9jaPay, its directors, officers, employees, agents, successors, and assigns harmless from and against all claims, losses, damages, liabilities, costs, and expenses (including reasonable legal fees) arising from any change made in accordance with this Clause 10.

  10. 10. Taxation

    You are responsible for all applicable taxes on your Business’s earnings from the Regular Bucket and Fixed Bucket, including under the Companies Income Tax Act and any other applicable laws. You authorize 9jaPay to deduct withholding tax and any other tax required by law from your interest earnings and remit the same to the relevant tax authority, and you undertake to provide 9jaPay with your Business’s Tax Identification Number for this purpose. 9jaPay is not liable for any penalty or sanction imposed by a tax authority arising from your failure to comply with your own tax obligations.

  11. 11. Anti-Money Laundering, Counter-Terrorism Financing, and Regulatory Compliance

    1. 9jaPay conducts customer due diligence, including enhanced due diligence, on business banking customers and their directors, Authorized Signatories, and ultimate beneficial owners, in accordance with applicable CBN and Nigerian AML/CFT regulations. You undertake to provide, and keep current, all information and documentation 9jaPay reasonably requires for this purpose, including in respect of the source of funds and source of wealth for large or unusual deposits.
    2. 9jaPay reserves the right to restrict, suspend, or delay any transaction on your Main Account or Buckets, and to retain funds, on reasonable suspicion of fraud, money laundering, terrorism financing, proliferation financing, or other financial crime, or pending completion of regulatory or investigative inquiries, including in respect of large deposits into a Fixed Bucket. 9jaPay also reserves the right to report suspicious transactions on your account to, and share your account information with, law enforcement agencies and other regulatory authorities, including under any applicable currency transaction reporting threshold.
    3. 9jaPay screens its business banking customers, and their directors, Authorized Signatories, and ultimate beneficial owners, against applicable sanctions lists on an ongoing basis, and may decline to open, fund, or maintain a Bucket where required to do so by applicable sanctions or AML/CFT law.

  12. 12. Insolvency, Winding-Up, and Change of Control

    1. You undertake to notify 9jaPay promptly upon becoming aware of any petition, resolution, or step taken for your winding-up, dissolution, administration, receivership, or striking-off from the applicable companies register.
    2. On receiving such notice, or otherwise becoming aware of such a step, 9jaPay may suspend automatic top-up and rollover instructions on your Buckets, and may require confirmation of the identity and authority of any liquidator, receiver, administrator, or other officer before releasing funds, notwithstanding the maturity date of any Fixed Bucket or any rollover election previously made.
    3. Nothing in this Clause 13 obliges 9jaPay to release funds from a Bucket other than in accordance with applicable insolvency law and any court order or regulatory direction.

  13. 13. Limitation of Liability

    1. The Regular Bucket and Fixed Bucket are offered on an “as is” basis with no warranties or guarantees beyond those expressly stated in these Terms.
    2. 9jaPay is not liable for any direct or indirect loss caused to you, including consequential losses such as loss of profit or anticipated returns, arising from any act or omission of 9jaPay, except to the extent caused by 9jaPay’s fraud, gross negligence, or wilful default, or as otherwise required by applicable laws.

  14. 14. Indemnity

    You will indemnify and hold harmless 9jaPay, its officers, employees, and partners from and against all claims arising from your breach of these Terms, the General Terms of Use, the Privacy Policy, or the Business Account Mandate, including claims arising from illegal access to or use of the Regular Bucket or Fixed Bucket, fraud, or misconduct by any person purporting to act as your Authorized Signatory.

  15. 15. Privacy

    Your continued use of the Regular Bucket and Fixed Bucket signifies your continued consent to 9jaPay’s privacy policy, published and updated on the 9jaPay website and other platforms, which governs 9jaPay’s collection and use of personal information relating to your directors, Authorized Signatories, and beneficial owners in connection with these Terms.

  16. 16. Assignment

    You may not assign or transfer any of your rights or obligations under these Terms without 9jaPay’s prior written consent. 9jaPay may assign or transfer its rights and obligations under these Terms, including in connection with any merger, restructuring, or transfer of its business, subject to any consent or notification required by applicable law or its regulators.

  17. 17. Complaints Handling and Escalation

    1. 9jaPay maintains dedicated channels for lodging complaints relating to the Regular Bucket or Fixed Bucket, including through the 9jaPay platform, its customer support email, and its customer support telephone line, details of which are published on the 9jaPay app and website. 9jaPay will acknowledge a complaint within twenty-four (24) hours of receipt, and will use reasonable efforts to resolve and communicate its decision on the complaint within the timelines applicable under the CBN Consumer Protection Regulations.
    2. If you are not satisfied with 9jaPay’s resolution of a complaint, you may request a second-level review within 9jaPay, and, where you remain dissatisfied following that review, you may escalate the complaint to the Consumer Protection Department of the Central Bank of Nigeria, in accordance with the CBN Consumer Protection Regulations, without prejudice to your rights under Clause 20.

  18. 18. General

    1. If any provision of these Terms is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.
    2. Notices to you may be given through the 9jaPay platform or by email to the address in our records for your Business.

  19. 19. Governing Law and Dispute Resolution

    1. These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
    2. Any dispute or claim arising between us regarding the Regular Bucket, Fixed Bucket, or the provisions of these Terms shall be referred to mediation at the Lagos Multi-Door Courthouse (“LMDC”) upon an application by either of us in the event that we’re not able to resolve the same within fourteen (14) days of commencement of amicable resolution from the date such dispute arose. Any dispute not resolved at the LMDC within thirty (30) days of commencement of mediation shall be referred to the appropriate court in Nigeria with jurisdiction over such matters. Where disputes are resolved at the LMDC, the terms of settlement executed upon the conclusion of mediation shall be binding on us both and entered as consent judgement in the relevant court with jurisdiction.

  20. 20. Entire Agreement

    These Terms, together with 9jaPay’s General Terms of Use, Privacy Policy, and the Business Account Mandate, constitute the entire agreement between you and 9jaPay in respect of the Regular Bucket and Fixed Bucket, and supersede any prior understanding on the same subject matter.