Terms & Conditions

Terms and condition for the opening and use of an online loan amount with Aella MFB

Version 2.0

Last updated: May 2nd, 2024



Aella is committed to transparency and full disclosure of all important information to customers. Hence, this Term and Condition shall be the Loan Agreement between you (a user of the Aella MFB Application and/or a borrower) and Aella Microfinance Bank Limited, ("Aella").


This Loan Agreement is a financial services and an end-user Licence (access to use the Aella MFB Mobile Application) agreement between you (End-user Borrower or you) and Aella Microfinance Bank Limited a company duly incorporated and licenced under the laws of Nigeria, who is also CBN Licenced and NDIC insured (Aella, Aella MFB, Aella Financial Solutions Limited, us or we) for the mobile application software, the data supplied with the software and the associated Services hereinafter defined in this agreement (the App).


This Agreement (together with our Privacy Policy) sets out the complete terms and conditions (the Terms and Conditions) which shall be applicable to the Account (as hereinafter defined) opened by you with Aella Microfinance Bank Limited.


1.1 These Terms and Conditions and any amendments or variations (in accordance to the terms of this Agreement) thereto take effect on their date of publication.

1.2 The Agreement shall have effect during and throughout the entire period of your holding an account with Aella MFB, the installation of the APP on your device, total settlement of all loans and outstanding due to Aella and the continuance of the financial services between you and Aella MFB.


For the purposes of this Agreement and the preamble above, unless the context requires otherwise or it is expressly stated the underlisted shall be interpreted as attached thereto:

"Agreement" means this Terms and Conditions and Loan Agreement;

"Account" means your account with Aella Microfinance Bank Limited;

"Business Day" means a day other than a Saturday, Sunday or national or public holiday in Nigeria;

"Credentials"means your personal credentials used to access the App and operate your Account;

"Credit Reference Bureau" includes any financial institution or a credit reference bureau duly licenced under the laws and regulations of Nigeria at every given time, to collect and facilitate the sharing of customer credit information;

"Electronic Money" means a monetary value that is electronically stored in an instrument or device representing an equal amount of cash;

"Electronic Payment Service" means the payment service delivered in electronic form by a licenced payment service provider in accordance with the laws and regulations of Nigeria;

"Electronic Payment System" means the facility operated by the Payment System Provider for the provision of the Electronic Payment Service;

"Encumbrance" includes any mortgage or charge (whether legal or equitable), lien, option, security interest, restrictive covenant, pledge, assignment, title retention, trust arrangement or other restriction of any kind or other encumbrance securing or any right conferring a priority of payment in respect of any obligation of any person;

"Equipment" includes your mobile phone handset, SIM Card and/or other equipment which when used together enables you to access the Network;

"Event of Default" shall be as provided in this Agreement;

"Force Majeure" means events, circumstances or causes beyond the reasonable control of Aella making Aella's performance of its obligations inadvisable, commercially impracticable, illegal, or impossible, including but not limited to acts of God, war, strikes or labour disputes, embargoes or government orders;

"Licence Restrictions" has the meaning given to it in this agreement;

"Loan" means the principal amount of the loan made or to be made by Aella to you under this Agreement from time to time through the App or (as the context requires) the principal amount outstanding for the time being of that loan.

"Party means 'either the borrower or Aella whilst' parties' refers to both the Borrower and Aella jointly.


3.1 The Terms and Conditions set out in this Agreement and as amended from time to time by Aella must be read and understood prior to downloading or streaming the App or opening an account with Aella.

3.2 Downloading the App and clicking the Continue or Accept button during your Loan application on Aella’s system or any other button which signifies your acceptance of these Terms and Conditions and an intention to use the App shall be deemed your acceptance of the terms and conditions.

3.3 If you do not agree with the Terms and Conditions or any content thereto please do not click Continue on Aella’s System. Declining the Terms and Conditions will prohibit your access to any of the Services provided by Aella and discontinue you from receiving any information thereto.

3.4 By downloading the App and opening an Account with Aella, you agree to comply with and be bound by the Terms and Conditions governing the operation of the Account and you affirm that the Terms and Conditions herein are without prejudice to any other right that Aella may have with respect to the Account in law or otherwise.

3.5 Downloading the App and opening an account with Aella affirms that you intend to be bound by the content thereto and agree to enjoy all rights and privileges set out therein and also fulfill all obligations required.

3.6 By using the App or any of the Services, you consent to us collecting and using technical information about the Equipment and related software, hardware and peripherals for Services that are internet-based or wireless to improve our products and to provide any Services to you. If you use these Services, you consent to us and our affiliates' and licencees' transmission, collection, retention, maintenance, processing and use of your data to determine our credit scoring services or to improve our Services and/or your experience while using the App.


4.1  In consideration of you agreeing to abide by the terms of this Agreement, we grant you a non-transferable, non-exclusive licence to use the App on your Equipment for the purpose of opening an  Account with Aella, subject to these Terms and Conditions.

4.2 Restriction of Licence

We reserve all other rights to the Application. Except as expressly set out in this Agreement or as permitted by any local law, you agree:

a. not to rent, lease, sub-licence, loan, translate, merge, adapt, vary or modify the App or any of the content thereto;

b. not to make alterations to, or modifications of, the whole or any part of the App, or permit the App or any part of it to be combined with, or become incorporated in, any other programs;

c. not to disassemble, decompile, reverse-engineer or create derivative works based on the whole or any part of the App or attempt to do any such thing except to the extent that such actions cannot be prohibited because they are essential for the purpose of achieving interoperability of the App with another software program, and provided that the information obtained by you during such activities is not disclosed or communicated without our prior written consent to any third party; and is not used to create any software which is substantially similar to the App;

d. not to use the App in an unlawful manner, for any unlawful purpose, or in any manner inconsistent with this Agreement, or act fraudulently or maliciously, either by duplicating it, altering, hacking into or inserting malicious codes, including viruses, or harmful data, into the App, any Service or any operating system;

e. You shall not infringe Aella's intellectual property rights or those of any third party in relation to your use of the App or any Service, including the submission of any material (to the extent that such use is not licenced by this Agreement);

f. not transmit any material that is defamatory, offensive or otherwise objectionable in relation to your use of the App or any Service;

g. not use the App or any Service in a way that could damage, disable, overburden, impair or compromise our systems or security or interfere with other users;

h. not collect or harvest any information or data from any Service or our systems or attempt to decipher any transmissions to or from the servers running any Service; and

i. to comply with all technology control or export laws and regulations in your country that apply to the technology used or supported by the App or any Service (the Technology).

4.3 Intellectual Property Rights

4.3.1 You consent and acknowledge that all intellectual property rights including not limited to the App, its design, format, templates, content, Technology and this Agreement in its entirety worldwide belongs to Aella and shall not be used in any way prejudicial to Aella and for the personal gain (monetary or otherwise)

4.3.2 You shall be liable for any loss, damage, delay caused to Aella for any use of the App other than for the purpose of opening, operating and applying for credit facility from Aella App without the prior written Notification And Consent Of Aella.

4.3.3 Update and Upgrade to the App

From time to time updates to the App may be issued. Depending on the update, you may not be able to use the Services until you have downloaded or streamed the latest version of the App and accepted any new terms and conditions.

4.3.4 updates in this clause that require you updating your device shall be your responsibility and Aella MFB shall not be responsible for any delay, disruption or charges borne by you prior and towards updating the App.


5.1 The Services offered by Aella can only be used by persons over the age of 18.

5.2 Aella reserves the right to verify the authenticity and status of your Bank Accounts and Bank Verification Numbers with the relevant Payment System Provider.

5.3 You confirm that personal information provided while opening an account is true and valid and Aella shall not be liable in any way for any false declaration of age and other Personal information provided.

5.4 Aella MFB acceptance of your application for an Account will be displayed on the App. You hereby acknowledge and accept that the acceptance by Aella MFB of your application for an Account does not create any contractual relationship between you and the Payment System Provider.

5.5 Aella reserves the right to decline, discontinue, revoke, prohibit and restrict your application for a Loan at any stage at Aella’s sole and absolute discretion and without assigning any reason or giving any notice thereto.

5.6 Aella reserves the right (in its sole and absolute discretion) to issue, decline to issue a Loan and/or vary the terms of any Loan depending on its assessment of the credit profile of each individual borrower from time to time.

5.7 The terms of the Loan and the interest rate payable in relation to each loan application will be displayed on the App and shall be deemed final and absolute amount unless where manifest error appears.


If you have any questions or comments about this Terms & Conditions or the manner in which we or our service providers treat your personal information, or to make data subject requests , please contact us at:


Aella MFB has been empowering financial freedom in emerging markets for over 8 years. Secured and licensed by CBN, with insured deposits by NDIC.

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