TERMS AND CONDITIONS FOR SUNBEAM MFB LTD MOBILE APP
Last Updated: June 22, 2026
- ACCEPTANCE OF TERMS
By downloading, installing, accessing, or using the Sunbeam MFB mobile banking application (the “App“), you agree to be bound by these Terms and Conditions (“Terms“). If you do not agree to these Terms, do not download, install, or use the App.
These Terms constitute a legally binding agreement between you (“User,” “you,” or “your“) and Sunbeam Microfinance Bank Limited (“Bank,” “we,” “us“).
- DESCRIPTION OF SERVICES
The App enables you to:
- Access your Sunbeam MFB account(s)
- Perform fund transfers (Nigeria Transfer System, NEFT)
- Purchase airtime and data
- Make bill payments
- View transaction history
- Apply for loans
- Save and manage savings products
- Access customer support
The Bank provides these services at its discretion and may modify, suspend, or discontinue any feature with or without notice.
- ELIGIBILITY AND ACCOUNT REQUIREMENTS
3.1 Eligibility
You must:
- Be at least 18 years old
- Have a valid Sunbeam MFB account
- Possess a valid government-issued identification (BVN, NIN)
- Have a functioning mobile device with internet access
3.2 Account Registration
- You must complete the registration process using accurate, current information
- You must provide valid BVN and NIN for KYC verification
- You must maintain accurate contact information
- The Bank may require additional verification before activating services
- USER ACCOUNT SECURITY
4.1 Security Responsibilities
You agree to:
- Create a strong, unique password
- Not share your password, PIN, or authentication codes with anyone
- Log out after each use, especially on shared devices
- Report unauthorized access immediately
- Keep your device’s operating system updated
- Not attempt to bypass security measures
4.2 Biometric Authentication
If you enable fingerprint or Face ID authentication:
- You remain responsible for all transactions performed using biometric authentication
- The Bank does not store your biometric data on our servers
- You may disable biometric authentication in App settings
4.3 Device Registration
- Your device will be registered for security purposes
- You may only use the App on registered devices
- Contact the Bank to register additional devices
- TRANSACTION LIMITS AND FEES
5.1 Transaction Limits
| Transaction Type | Daily Limit | Monthly Limit |
| Fund Transfer | ₦1,000,000 | ₦30,000,000 |
| Airtime Purchase | ₦20,000 | ₦500,000 |
| Data Purchase | ₦50,000 | ₦200,000 |
| Bill Payment | ₦50,000 | ₦200,000 |
| Loan Application | ₦100,000 | ₦1,000,000 |
Limits may vary based on your KYC level and account type.
5.2 Fees and Charges
- The Bank may charge fees for transactions as specified in our Schedule of Charges
- Fees are subject to change with reasonable notice
- All fees are disclosed before transaction confirmation
- VAT and other applicable taxes may apply
- TRANSACTION POLICIES
6.1 Transaction Confirmation
- All transactions require your authorization (password, PIN, or biometric)
- Transactions are irreversible once confirmed
- You must verify recipient details before confirming
6.2 Failed Transactions
- If a transaction fails, funds will be returned within 24-72 hours
- The Bank may charge a failed transaction fee as per our Schedule of Charges
- Contact customer support if funds are not returned within 72 hours
6.3 Suspicious Transactions
- The Bank may block or suspend transactions suspected of fraud
- We may request additional verification for suspicious activities
- You must cooperate with fraud investigation inquiries
- USER CONDUCT AND PROHIBITED ACTIVITIES
You agree NOT to:
| Prohibition | Description |
| Fraud | Attempt fraudulent transactions or identity theft |
| Unauthorized Access | Access another person’s account or the Bank’s systems |
| Malware | Introduce viruses, malware, or malicious code |
| Reverse Engineering | Attempt to decompile, reverse engineer, or extract source code |
| Interference | Disrupt the App’s functionality or servers |
| Illegal Activities | Use the App for money laundering, terrorist financing, or illegal purposes |
| False Information | Provide false, misleading, or incomplete information |
| Account Sharing | Share your account with unauthorized persons |
- PRIVACY AND DATA PROTECTION
- Your use of the App is governed by our Privacy Policy (separate document)
- The Privacy Policy is incorporated into these Terms by reference
- By using the App, you consent to data collection and processing as described in the Privacy Policy
- Intellectual property
- The App, including its design, features, content, and software, is owned by Sunbeam MFB Ltd and protected by Nigerian copyright and intellectual property laws
- You receive a limited, non-exclusive, non-transferable license to use the App for personal banking purposes
- You may not copy, modify, distribute, or create derivative works without explicit permission
- DISCLAIMERS AND WARRANTIES
10.1 Service Availability
- The App is provided “as is” and “as available“
- We do not guarantee uninterrupted, secure, or error-free operation
- We may suspend services for maintenance without notice
10.2 No Warranty
We disclaim all warranties, express or implied, including: merchantability, fitness for a particular purpose, non-infringement, accuracy of information
10.3 Internet Risks
You acknowledge that using the App involves internet transmission, which may be: subject to network interruptions, potentially insecure despite encryption, subject to third-party interference
- LIMITATION OF LIABILITY
11.1 Bank’s Liability
Except as required by Nigerian law, the Bank’s total liability for any claim arising from your use of the App is limited to:
- The amount of actual direct financial loss proven by you
- Maximum liability: ₦1,000,000.00 per incident
11.2 Excluded Liabilities
We are NOT liable for:
- Indirect, incidental, special, or consequential damages
- Loss of profits, data, or business opportunities
- Transactions authorized by you (including fraud you permitted)
- Third-party service failures (network providers, payment partners)
- Internet connectivity issues
- Unauthorized access due to your negligence
11.3 User’s Responsibility
You are responsible for:
- All transactions authorized with your credentials
- Protecting your login information
- Reporting unauthorized access immediately
- Verifying transaction details before confirmation
- FRAUD AND UNAUTHORIZED TRANSACTIONS
12.1 Reporting Requirements
- Report unauthorized transactions within 24 hours of discovery
- Contact: o.adebayo@sunbeammfb.com or esan@sunbeammfb.com
12.2 Investigation Process
- The Bank will investigate reported fraud within 7-14 business days
- You must cooperate fully with the investigation
- Provisional credit may be issued pending investigation results
12.3 Liability for Unauthorized Transactions
- If you report within 24 hours: Bank liability per CBN guidelines
- If you report after 24 hours: You may be liable for all losses
- If fraud resulted from your negligence: Full user liability
- ACCOUNT SUSPENSION AND TERMINATION
13.1 Bank’s Right to Suspension
We may suspend or terminate your App access immediately if:
- You violate these Terms
- We suspect fraud or unauthorized activity
- You provide false information
- Your account is closed at the Bank
- Regulatory requirements demand suspension
- We cease App operations
13.2 User’s Right to Termination
You may stop using the App at any time. For account closure:
- Contact customer service
- Follow Bank’s account closure procedures
- Outstanding obligations must be settled
13.3 Effect of Termination
Upon termination:
- Your App access ends immediately
- You remain liable for outstanding transactions
- The Bank retains data as required by law
- These Terms remain binding for past activities
- REGULATORY COMPLIANCE
14.1 Banking Regulations
You agree to comply with:
- Central Bank of Nigeria (CBN) regulations
- Nigeria Data Protection Act 2023
- Anti-Money Laundering (AML) Act 2022
- Counter-Terrorist Financing (CTF) Requirements
- Know Your Customer (KYC) Guidelines
14.2 Information Sharing with Regulators
The Bank may share your information with:
- Central Bank of Nigeria (CBN)
- Nigeria Data Protection Commission (NDPC)
- Financial Intelligence Unit (NFIU)
- Law enforcement agencies (as legally required)
- CHANGES TO THESE TERMS
- We may modify these Terms at any time
- Updated Terms will be posted in the App
- Material changes will be notified via:
- In-app notification
- SMS or email
- Prominent notice
- Your continued use after changes constitutes acceptance
- If you do not agree, stop using the App and close your account
- GOVERNING LAW AND DISPUTE RESOLUTION
16.1 Governing Law
These Terms are governed by the laws of The Federal Republic of Nigeria.
16.2 Dispute Resolution
- Step 1: Contact customer service to resolve informally
- Step 2: If unresolved within 14 days, submit to Bank’s complaints resolution process
- Step 3: If still unresolved, disputes may be referred to:
- Central Bank of Nigeria Consumer Protection Department
- Nigeria Financial Intelligence Unit (for fraud-related disputes)
- Courts of Nigeria (for legal proceedings)
16.3 Jurisdiction
Legal proceedings shall be conducted in courts located in [Ekiti State], Nigeria.
- FORCE MAJEURE
We are not liable for failures or delays caused by:
- Natural disasters
- Government actions
- War or terrorism
- Internet infrastructure failures
- Third-party service provider failures
- Pandemics or public health emergencies
- INDEPENDENT AGREEMENTS
- These Terms govern App use only
- Your bank account is governed by separate Account Agreement
- Loan products are governed by separate Loan Agreement
- These documents coexist; conflicts resolved by specific agreement
- SEVERABILITY
If any provision is invalid or unenforceable:
- The remaining provisions remain valid
- The invalid provision is modified to the minimum extent necessary
- The modified provision reflects the original intent as closely as possible
- WAIVER
- Failure to enforce a provision is NOT a waiver
- Waivers must be explicit and in writing
- One waiver does not constitute continuing waiver
- ASSIGNMENT
- You may NOT assign or transfer your rights under these Terms
- The Bank may assign its rights to a successor entity
- Assignment does not relieve Bank of obligations
- ENTIRE AGREEMENT
These Terms, together with our Privacy Policy and applicable Account Agreements, constitute the entire agreement between you and the Bank regarding App use, superseding all prior agreements.
- CONTACT INFORMATION
For questions, support, or complaints:
Sunbeam Microfinance Bank Limited
| Contact Method | Details |
| Customer Service | +234 810 177 6289 |
| info@sunbeammfb.com | |
| Fraud Reporting | o.esan@sunbeammfb.com |
| Data Protection Officer | a.adewuyi@sunbeammfb.com |
| Address | No. 1 Ugbonhan Street, Efon-Alaaye, Ekiti State, Nigeria |
| Website | www.sunbeammfb.com |
Regulatory Contact:
- Central Bank of Nigeria Consumer Protection: consumerprotection@cbn.gov.ng
- Nigeria Data Protection Commission: complaints@ndpc.gov.ng
- ACKNOWLEDGMENT
By downloading, installing, or using the Sunbeam MFB App, you acknowledge:
✓ You have read, understood, and agree to these Terms
✓ You are at least 18 years old
✓ You have a valid Sunbeam MFB account
✓ You agree to the Privacy Policy
✓ You authorize KYC verification (BVN, NIN)
✓ You accept transaction limits and fees
✓ You understand your security responsibilities
✓ You agree to Nigerian governing law
These Terms are effective as from June 22, 2026.
Sunbeam Microfinance Bank Limited
Licensed and Regulated by the Central Bank of Nigeria
Important Notes for Implementation:
- Fill in bracketed placeholders with your actual company details:
- Phone numbers
- Email addresses
- Registered office address
- Transaction limits
- Fee schedules
- Website URL
- Legal Review Required: These documents should be reviewed by a qualified Nigerian legal practitioner specializing in banking and data protection law before deployment.
- CBN Compliance: Ensure all transaction limits align with current CBN tiered KYC requirements.
- App Integration: Display both documents prominently in the App (typically during registration and in a “Settings” → “Legal” section).
- Consent Mechanism: Implement a mandatory checkbox during registration requiring users to confirm they’ve read and accepted both documents.
- Version Control: Maintain version history and update dates for regulatory compliance.
https://www.sunbeammfb.com/privacy-policy/