Lemmy Microfinance Bank Terms and Conditions

Lemmy Microfinance Bank Terms and Conditions

Last updated July 2026

These terms apply where your NGN account is held with Lemmy Microfinance Bank ("Lemmy MFB"), a microfinance bank licensed by the Central Bank of Nigeria (CBN). It adds to these terms and, for your NGN account, applies in addition to the sections above. Words defined in the main terms have the same meaning here.

• Your NGN account and who holds it. Your NGN account is an account held with Lemmy MFB in Nigeria. Lemmy MFB is a separate company licensed and regulated by the CBN. LemFi gives you access to the account through the app.

• Nigerian law applies to the account. Your NGN account, and the money in it, is held in Nigeria and is subject to Nigerian law and CBN regulation, including the points below. The rest of your relationship with LemFi remains governed by the main terms.

• Identity checks (KYC). Because your NGN account is a Nigerian bank account, you must meet the CBN's know-your-customer requirements, including providing a government issued identification document and any other information we or Lemmy MFB need. We or Lemmy MFB may screen you against applicable sanctions and BVN watchlist databases, and may refuse, restrict or suspend the account to meet these requirements or the law.

• Limits. Your NGN account is subject to the transaction and balance limits set by the CBN for your KYC tier. These limits may change in line with CBN regulation.

• How your money is protected. Money in your NGN account is held as a deposit with Lemmy MFB, a CBN-licensed microfinance bank. It is protected in accordance with section 5 of the UK/RightCard Terms under Nigerian law by the Nigeria Deposit Insurance Corporation (NDIC) up to the maximum cover that applies to microfinance bank deposits. It is not protected by LemFi's UK safeguarding and is not held by LemFi as electronic money.

• Interest. No interest is paid on money in your NGN account unless we tell you otherwise.

• Fees. Any fees for your NGN account are shown in the app or a fee schedule, and we will tell you before a fee applies.

• Statements and disputes. You can see your NGN account transactions in the app. If you think a transaction is wrong or unauthorised, tell us as soon as you can and in any event within 30 days, so we and Lemmy MFB can investigate.

• Dormancy and unclaimed funds. If you do not use your NGN account for the periods set by CBN rules, it may be treated as inactive or dormant and handled under those rules, including how the balance is preserved and how you reactivate the account by confirming your identity.

• Closing the account. You can close your NGN account at any time. We or Lemmy MFB may suspend, restrict or close it to comply with the law or CBN regulation, or in the circumstances set out in the main terms. If it is closed with a balance, we will make the balance available for you to withdraw or transfer, subject to any legal or regulatory requirement.

• Moving between providers. We may move your NGN account between providers (for example between Pagatech and Lemmy MFB). If we do, we will give you notice and a new account number, and your old account number will keep working until we tell you otherwise.