Eft Agreement for Nigeria

Eft Agreement Template for Nigeria

A comprehensive agreement governing electronic funds transfer services in Nigeria, compliant with Central Bank of Nigeria regulations and relevant Nigerian banking laws. This document establishes the terms and conditions for electronic payment services, including security protocols, transaction limits, liability provisions, and operational procedures. It incorporates requirements from the Nigerian Electronic Transactions Act, Data Protection Regulation, and anti-money laundering legislation, while defining the rights and obligations of both the financial institution and the customer in conducting electronic fund transfers.

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What is a Eft Agreement?

The EFT Agreement serves as the primary contractual framework for electronic funds transfer services in Nigeria's increasingly digital banking environment. This document is essential when establishing electronic payment relationships between financial institutions and their customers, whether corporate or individual. The agreement ensures compliance with Central Bank of Nigeria regulations, the Electronic Transactions Act, and other relevant Nigerian banking laws while addressing critical aspects such as transaction security, authentication procedures, and liability allocation. It's particularly crucial given Nigeria's growing digital payment ecosystem and the need for robust legal documentation to support electronic banking services.

What sections should be included in a Eft Agreement?

1. Parties: Identification of the financial institution and the customer entering into the EFT agreement

2. Background: Context of the agreement and the EFT services to be provided

3. Definitions: Definitions of key terms used throughout the agreement

4. Service Description: Detailed description of the EFT services, including types of transfers permitted and processing timeframes

5. Security and Authentication: Security procedures, authentication methods, and customer verification requirements

6. Fees and Charges: Schedule of fees, charges, and payment terms for EFT services

7. Customer Obligations: Customer responsibilities, including security measures and notification requirements

8. Bank Obligations: Bank's responsibilities in providing EFT services and maintaining system security

9. Transaction Limits: Daily and per-transaction limits for different types of transfers

10. Privacy and Data Protection: Handling of customer data in compliance with NDPR 2019

11. Liability and Indemnification: Allocation of liability and indemnification provisions

12. Dispute Resolution: Procedures for handling disputes and errors in transactions

13. Term and Termination: Duration of agreement and termination provisions

14. General Provisions: Standard legal provisions including governing law, notices, and amendments

What sections are optional to include in a Eft Agreement?

1. International Transfers: Additional terms for cross-border transfers, if offered

2. Mobile Banking Integration: Specific provisions for mobile banking services, if applicable

3. Corporate Multiple Users: Terms for corporate accounts with multiple authorized users

4. API Integration: Terms for customers requiring API integration with their systems

5. Bulk Payment Services: Additional terms for bulk payment processing services

6. Standing Orders: Terms for recurring payment arrangements

7. Force Majeure: Provisions for unforeseen circumstances affecting service delivery

What schedules should be included in a Eft Agreement?

1. Schedule 1 - Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Schedule 2 - Technical Requirements: Technical specifications and system requirements

3. Schedule 3 - Security Protocols: Detailed security procedures and protocols

4. Schedule 4 - Service Level Agreement: Performance standards and service levels

5. Schedule 5 - Authorized Users: List of authorized users and their access levels (for corporate customers)

6. Appendix A - Forms: Standard forms for service requests and modifications

7. Appendix B - Transaction Codes: List of transaction codes and their meanings

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

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What is a Eft Agreement?

What sections should be included in a Eft Agreement?

What sections are optional to include in a Eft Agreement?

What schedules should be included in a Eft Agreement?

Authors

Alex Denne

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