1. INTRODUCTION

1.1 These Terms and Conditions (“T&C”) govern the use of MoMo PSB’s
Thrift and Target Savings services (“the Service”). By subscribing to
and using the Service, you agree to be bound by these T&C and all
applicable laws as shall be amended by MoMo PSB from time to time.

1.2 The Service is provided by MoMo Payment Service Bank Limited
(“MoMo PSB,” “we,” “us,” or “our”) to MoMo customers (“you,” “your,”
or “customer”) who wish to save or accumulate cash towards specific
financial goals.

2. ELIGIBILITY

2.1 The Service is available to all MoMo customers with an active MoMo
account.

2.2 To subscribe to the Service, you must be at least 18 years old and
have the legal capacity to enter into a binding agreement.

3. SUBSCRIPTION TO THE SERVICE

3.1 You can subscribe to the Service via the MoMo App or USSD provided
by MoMo PSB.

3.2 When subscribing, you will be required to select a savings plan,
there are two separate offerings which you will be required to choose
from: MoMo PSB Thrift and MoMo Target Savings, specify your target
amount, and choose the frequency and duration of your savings.

3.3 You may set up one thrift savings and one target savings goals
under the Service, subject to the terms outlined in this T&C.

4. SAVINGS CONTRIBUTIONS

4.1 Contributions to your savings plan will be made through
self-deduction/self-transfer or automatic deductions from your MoMo
PSB account, as per the frequency selected during subscription.

4.2 You are responsible for ensuring that your MoMo account has
sufficient funds to cover each scheduled contribution.

4.3 If a contribution fails due to insufficient funds, MoMo PSB may
attempt to deduct the funds due within 24 hours after the failure, or
you may retry sending the amount.

4.4 Repeated failure to fund your savings account may result in the
suspension or termination of your participation in the Service.

5. TARGET SAVINGS

5.1 The target amount you specify during subscription represents the
goal you wish to achieve by the end of the savings period.

5.2 Upon reaching your target amount, you will have the option to
withdraw the full amount or continue saving.

5.3 Partial withdrawals before reaching the target amount are not
permitted unless specified otherwise.

5.4 Premature withdrawals are allowed but you agree that your interest
will be prorated upon such withdrawals.

6. THRIFT SAVINGS

6.1 Thrift savings is a pooled savings plan where you contribute a
fixed amount daily, and at the end of the cycle, you receive the total
amount saved.

6.2 You must complete the full cycle to receive your thrift savings
payout. Early withdrawal is not allowed.

6.3 In case of a group thrift savings plan, each member is responsible
for their contributions. Failure to contribute as agreed may result in
penalties or exclusion from the group.

6.4 A day’s savings will be collected by MoMo PSB at the point of
withdrawal by the end of the savings cycle.

7. INTEREST AND FEES

7.1 The Service may offer interest on your savings at a rate
determined by MoMo PSB based on prevailing market forces. Interest
rates are subject to change and will be communicated through the MoMo
app or other channels.

7.2 Fees may apply for certain transactions or services related to the
Service. These fees will be disclosed at the time of the transaction
or in the Service’s fee schedule.

8. WITHDRAWALS

8.1 You may withdraw your savings upon reaching your target or at the
end of a thrift savings cycle.

8.2 Withdrawals can be made to your MoMo PSB account, subject to any
applicable fees and withdrawal limits.

9. TERMINATION AND SUSPENSION

9.1 MoMo PSB reserves the right to suspend or terminate your
participation in the Service if you fail to comply with these T&C or
if there is suspicion of fraudulent activity.

9.2 You may terminate your participation in the Service at any time by
notifying MoMo PSB through the MoMo app or customer services.

9.3 Your account may be suspended in line with an instruction from any
of the regulators, law enforcement agency or court of competent
jurisdiction.

9.4 If your account is suspended as a result of any the conditions
above, you consent to the forfeiture of your savings.

10. LIABILITY AND INDEMNITY

10.1 MoMo PSB shall not be liable for any losses or damages arising
from your use of the Service, except where such losses or damages are
caused by our gross negligence or willful misconduct.

10.2 You agree to indemnify and hold MoMo PSB harmless from any
claims, damages, or losses arising from your breach of these T&C or
your use of the Service.

10.3 You are solely responsible for the safety and confidentiality of
your account details and information such as your PIN, mobile phone
devices used for the purpose of this services etc.

11. AMENDMENTS

11.1 MoMo PSB reserves the right to amend these T&C at any time. Any
changes will be communicated to you through the MoMo app or other
channels and will take effect upon such communication.

11.2 Continued use of the Service after amendments to these T&C
constitutes your acceptance of the revised terms.

12. GOVERNING LAW

12.1 These terms and conditions of use of the Service and all matters
of disputes arising therefrom or incidental thereto shall be governed
in accordance with the Laws of the Federal Republic of Nigeria.

12.2 In the event of a dispute or difference between You and MoMo PSB
in connection with or in relation to this Agreement or its
performance, construction or interpretation, the Party alleging the
dispute shall provide a written notice, giving particulars of the
dispute (the Notice of Dispute) to the other Party via the channel
provided in Clause 13. you and MoMo PSB agree to each appoint a
representative and to cause their respective representatives to meet
as soon as possible, in an effort to resolve the dispute amicably, in
good faith and with absolute fair play. All such representatives of
the Parties shall be referred to as ‘Settlement Nominees’ and the
period agreed on for such discussion shall be referred to as “Period
of Discussion”.

12.3 If the dispute is not resolved by formal negotiation within
fourteen (14) Business Days of the notice of dispute, the dispute
shall be referred to a court of competent jurisdiction.

12.4 Where there is any inconsistency between the provisions of these
Terms and Conditions, and any regulation of the CBN, the CBN
regulations shall prevail.

12.5 Where there is a dispute between the provisions of these Terms
and Conditions, and the terms and conditions for use of MoMo PSB bank
platform, the later shall prevail.

13. CUSTOMER SUPPORT

14. ACKNOWLEDGMENT AND ACCEPTANCE

14.1 By entering your MoMo PIN, you consent to opt in and agree to our
Terms and Conditions which are available at
www.momopsb.ng/terms-and-conditions/thrift-and-savings

14.2 By subscribing to the MoMo PSB Thrift and Target Savings
services, you acknowledge that you have read, understood, and agree to
these Terms and Conditions.