Terms & Conditions

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THE SERVICES OR ACCESSING THE PLATFORM.

These Terms and Conditions will serve as a basis of your banking relationship with 11thProgeny (“11th Progeny/us/we or the Bank”). By choosing to open an account with us, you agree to the Terms and Conditions contained herein. You further confirm that you have provided us with the accurate and complete information required to create your account and that you have supplied all documentation, photographs, and information that allow us to comply with relevant regulatory obligations.

If you do not agree to these Terms and Conditions, please do not proceed and exit the application, website(altogether, "the platform") immediately. Please be informed that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.

About us

11thProgeny is new age Finance Company duly licensed by the Central Bank of Nigeria (“CBN”) to provide a suite of financial services to individuals and corporate entities. Our registered office is at 65, Karimu Kotun Street, Victoria Island, Lagos.

The Objective of Our Relationship with You

The objective of establishing a relationship with you is to receive special services on offer by 11th Progeny for its customers. 11th Progeny will manage a bank account for the customer, as well as provide additional services like banking, savings and, grant of credit facilities. You can operate and manage your account via our 11th Progeny mobile application and the basic requirement for opening an account is an internet-enabled smartphone, with an active mobile number that meets our minimum technology requirements for the operating system (iOS/Android) and supports the latest version of our 11th Progeny mobile application.

Application of this Terms and Conditions

These terms are applicable when you choose to open an account with 11th Progeny and 11th Progeny generates an account number for you.

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our mobile application. You will be able to access the latest version, of our term of service at all times.

What is the scope of the relationship between 11th Progeny And the customer?

Opening an account

You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.

When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your 11th Progeny account. If you would like us to stop doing this, we would have to close your account.

Verifying your identity

Banking regulations require us to verify your identity before we can open an account for you. At least, there needs to be an active phone number, your profile picture and a Bank Verification, Number (BVN) supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

In line with regulations, we perform due diligence on all accounts, so it is your responsibility to keep your mailing address, email address, physical address and other contact information up to date in your profile.

Language and Communication

English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.

If you have any questions about your relationship with 11th Progeny, you can contact us on email via: customercare@11thprogeny.com

Notifications

By opening an account with us, you consent to receive text messages, emails and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss or damage as a result of unauthorised access to the information sent.

You agree to indemnify 11thProgeny against all losses, damages, claims, demands, and expenses whatsoever which may be incurred, imposed or suffered by the Bank as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against 11th Progeny by reason of such notifications you received from us.

Spending Account

With the 11th Progeny spending account, you will be able to fund your 11th Progeny account via bank transfers, cash at selected partner banks, and a stored card. You will be able to pay bills, make instant transfers, manage your 11th Progeny debit card and save as you spend. These activities are subject to the following limits:

Spend and Save

Upon enrolment in Spend and Save, we will transfer a user-determined percentage of any user-induced debit on your account to an interest-earning sub-account. This feature can be enabled and disabled from the Spend and Save section of the mobile applications.

11th Progeny Card

We issue the 11th Progeny Visa Card, pursuant to a license from Visa International. When we issue you a card, it must be used for only lawful transactions within Nigeria. The card will have an expiry date and is valid until the last day of the month shown on the card. Your card will be auto renewed upon expiration unless your account is closed, or the card is revoked.

Data Protection

By opening this account, you consent to us processing your personal information in accordance with NDPR and NDPA (2022). We take your privacy seriously and will only use your data to improve your banking experience and provide our services.

Closing an account

You can close your account at any time and at no cost. If you would like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us.