Terms of Use
These Terms of Use are the legally binding agreement and will serve as a basis of the banking relationship between you {whether personally or on behalf of an entity (hereinafter “you”)} and us, Support Microfinance Bank Limited (hereinafter “Chedda or Bank” ). It will guide your access and use of the https://chat.chedda.com.ng website as well as any other media form, channel, mobile website or mobile application related, linked or otherwise connected thereto (collectively, the ‘Site’). By accessing the site and choosing to open an account with us, you agree to these Terms of Use. You also confirm that you have provided us with the accurate and complete nformation required to create your account and that you have supplied all documentation and information that allow us to comply with our regulatory obligations. If you do not agree with all of these Terms of Use, then you are expressly prohibited from using the Site and you must discontinue use immediately. Please note that we can terminate your relationship with us if we believe that you are in breach of these Terms of Use.
Updates to these Terms of Use that may be posted on the Site from time to time are hereby expressly incorporated herein by reference. We reserve the right, at our sole discretion, to make changes or modifications to these Terms of Use at any time and for any reason. You will be able to access the latest version of our terms at any given time.
It is your responsibility to periodically review these Terms of Use to stay informed of updates. You will be subject to, and will be deemed to have been made aware of and to have accepted, the changes in any revised Terms of Use by your continued use of the Site after the date such revised Terms of Use are posted.
The information provided on the Site is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country.
Accordingly, those persons who choose to access the Site from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.
The Site is intended for users who are Nigerian citizens and at least 18 years old. Persons under the age of 18 are not permitted to register on the Site.
ABOUT CHEDDA
Chedda is a digital banking service of Support Microfinance Bank (Support). Support is duly registered by the Central Bank of Nigeria (“CBN”) and its office is located at 24 Yakoyo street, Ojodu, Ogun State.
Chedda Account
When you choose to open a Chedda account, you agree that we can use your information to make and receive payments on your behalf through your Chedda account. If you do not want us to do this, we would have to close your account.
There are different tiers of Chedda accounts that you can open and whatever account you choose to open, it is required that your identity be verified. The different account tiers and required identification document are as follows:
| Account Type | Required documentation |
| Basic account | Phone number, Name(s) as on BVN and BVN |
| Upgraded account | Phone number, Name(s) as on BVN, BVN, liveliness video check |
| Full KYC | Phone number, Name(s) as on BVN, BVN, liveliness video check, any national ID and Utility Bill |
If you have any issues with your Chedda account you can contact us on:
With your Chedda account, you will be able to fund your Chedda account via bank transfers and a card. You will be able to pay bills, buy airtime at a discount, make free instant transfers, manage your Chedda card, save and take a Migo loan. These activities are subject to the following limits:
| Transaction limits | Basic | Upgrade | Full KYC |
| Daily minimum Balance | #0 | #0 | #0 |
| Minimum single deposit | #50,000 | N/A | N/A |
| Maximum total balance | #300,000 | N/A | N/A |
| Maximum single transaction limit | #50,000 | #250,000 | #250,000 |
| Daily transaction limit | #1,000,000 | #1,000,000 | #1,000,000 |
*** Note that your limit can be increased after full KYC has been achieved.
Chedda Card
The Chedda Verve card is issued pursuant to a license from Verve 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.
The PIN issued with your card enables you to carry out transactions such as withdrawals and purchases from ATMs, Point of Sale terminals and Web/Online platforms.
When you use your card for transactions on other channels which are not owned and controlled by the Chedda, the rules of use of that channel apply in addition to these rules.
Chedda Save
Your Chedda savings account will be at a rate advised to you and subject to any changes which will be communicated to you.
Migo Loan
You can request for a Migo loan to be credited to your Chedda account. Once you consent to the terms of the Migo loan, please note that the Migo loan terms become operative in addition to the terms of your Chedda account.
Security
To protect your money with us, we secure data access and log in to your Chedda account with the use of OTP (one time password) sent to your registered phone number. We ask that you keep your phone safe at all times and that you do not share your log-in information with any third party to prevent any unauthorized access to your Chedda account. If your details are compromised, we will not be liable for any loss or damage which may result.
Account Closure
If you choose to close your account with us, please get in touch with us and we will oblige you at no cost. You will, however, be required to settle all liabilities due on the account with us. Once the account is closed, you will no longer be able to access the Chedda service.
We reserve the right to close, suspend, freeze or limit access to your account, if:
- The information we obtain from you does not comply with regulatory requirements;
- You do not meet, or are in breach of, these Terms of Use;
- You create risk or possible legal exposure to us;
- We are required to do so by law; or
- There is a report of, or our investigations reveal that you have engaged in fraudulent
or suspicious activity with your Chedda account.
Please note that the list above is not exhaustive.
As a Bank we are required to comply with international sanctions and regulations as well as national laws and applicable regulations including those issued by the CBN. Accordingly, we reserve the right to terminate your account without recourse and at no liability to you. In compliance with applicable laws Chedda does not deal in crypto currencies and does not facilitate payments for crypto currency transactions and other related transactions. You therefore confirm that you will not use your Chedda account to deal in, trade, transact or receive any payments relating to virtual currencies.
DATA PROTECTION AND PRIVACY POLICY
By opening this account, you consent to us processing your personal information:
- to provide products and services to you in terms of this agreement and any other products and services for which you may apply;
- to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services).
We care about your data privacy and security. By opening a Chedda account, you agree to be bound by our Privacy Policy, which is incorporated into these Terms of Use. Please view our Privacy Policy here.
MARKETING AND PROMOTION
We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about the Chedda service.
In addition, we may require you to leave reviews or ratings on the site. When posting a review, you must comply with the following:
(1) you should have firsthand experience with the Chedda (Support MFB);
(2) your reviews should not contain offensive profanity, or abusive, racist, offensive, or hate language;
(3) your reviews should not contain discriminatory references based on religion, race, gender, national origin, age, marital status, sexual orientation, or disability;
(4) your reviews should not contain references to illegal activity;
(5) you should not be affiliated with competitors if posting negative reviews;
(6) you should not make any conclusions as to the legality of conduct;
(7) you may not post any false or misleading statements;
(8) you may not organize a campaign encouraging others to post reviews, whether positive or negative.
We may accept, reject, or remove reviews in our sole discretion. We have absolutely no obligation to screen reviews or to delete reviews, even if anyone considers reviews objectionable or inaccurate. Reviews are not endorsed by us, and do not necessarily represent our opinions or the views of any of our affiliates or partners.
We do not assume liability for any review or for any claims, liabilities, or losses resulting from any review. By posting a review, you hereby grant to us a perpetual, non-exclusive, worldwide, royalty-free, fully-paid, assignable, and sublicensable right and license to reproduce, modify, translate, transmit by any means, display, perform, and/or distribute all content relating to reviews.
BANK VERIFICATION NUMBER (BVN) OPERATIONS AND WATCH-LIST FOR THE NIGERIAN BANKING INDUSTRY
- You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, e.t.c., if a fraudulent activity is associated with the operation of your account.
- You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for update on the Watchlist Database of the Nigerian Banking Industry and the CBN if a fraudulent activity is associated with the operation of your account.
GOVERNING LAW AND DISPUTE RESOLUTION
These Terms of Use and your use of the Site are governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
Any dispute arising from these Terms of Use shall be referred to mediation at the Lagos MultiDoor CourtHouse in accordance with the Lagos MultiDoor CourtHouse Rules.
Declaration
By choosing to proceed, you agree that you understand that you are opening an account with Support Microfinance Bank and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to us carrying out regular identity and fraud prevention checks.
Finally, you agree to indemnify the bank for any loss suffered as a result of any false information or error in the information you have supplied us.