I understand that Cloud Microfinance Bank is a subsidiary of Latrose Finance and Company Limited and thus, functions as a part of Latrose Finance and Company AND HEREBY REQUEST AND AUTHORISE YOU TO;

1. Open an account in my name and at any time subsequently open further accounts as I may direct.

2. Honour all orders which may be drawn on the said account provided such orders are signed by me and to debit such order to the said account whether such account be for the me being in credit or overdrawn or may become overdrawn in consequence of such debit without prejudice to your right to refuse to allow any overdraft or increase of overdraft and in consideration, I agree to assume full responsibility for the genuineness, correctness and validity of endorsements appearing on all orders,negotiable instruments, receipts and/or documents deposited in my account.

3. To be responsible for the repayment of any overdraft with interest and to comply and be bound by Cloud Microfinance Bank’s rules for the conduct of a Savings Account receipt of which I hereby acknowledge.

4. To free Cloud Microfinance Bank from any responsibility for any loss or damage to funds deposited with Cloud Microfinance Bank due to any future government order, law, levy, tax, embargo and/or all other causes beyond Cloud Microfinance Bank’s control.

5. That all funds standing to my credit are payable on demand only in such local currency as may be in circulation.

6. To be bound by any notification of change in conditions governing the account directed to my last known address and any notice or letter sent to my last known address shall be considered as duly delivered and received by me at the time it will be delivered in the ordinary course of post.

7. That Cloud Microfinance Bank will accept no liability whatsoever for funds handed to members of staff without Cloud Microfinance Bank’s authorisation.

8. That any disagreements with entries on my bank statements will be made by me within 15 days of the dispatch of the bank statement. Failing receipt by Cloud Microfinance Bank of a notice of disagreement of entries within 15 days from the date of dispatch of my bank statement as rendered is correct.

9. I hereby agree that I shall, at my own expense, indemnify, defend and hold harmless Cloud Microfinance Bank from and against any and all liability any other loss that may occur, arising from or relating to the operation or use of the Account or the Services or breach, non-performance or inadequate performance by me of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in performance of its obligations.

10. Under no circumstances shall Cloud Microfinance Bank be liable to me for any indirect, incidental, consequential, special or exemplary damages in connection with the Account or the Services.

11. Cloud Microfinance Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by me.

12. I shall keep Cloud Microfinance Bank indemnified at all times against, and save Cloud Microfinance Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by Cloud Microfinance Bank in resolving any dispute relating to the Customer’s Account with Cloud Microfinance Bank or in enforcing Cloud Microfinance Bank’s rights under or in connection with these Terms and conditio contained herein, or which may have arisen either directly or indirectly out of or in connection with Cloud Microfinance Bank performing its obligations hereunder or accepting instructions, including but not limited to, fax and other telecommunications or electronic instructions, and acting or failing to act thereon.

13. If any sum due and payable by me is not paid on the due date, including without limitation any moneys claimed under this Paragraph, I shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as Cloud Microfinance Bank may from time to time stipulate from the date payment is due up to the date of payment.

14. I shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdiction in connection with establishment of my Account with Cloud Microfinance Bank and shall indemnify and keep indemnified Cloud Microfinance Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by Cloud Microfinance Bank in connection with any failure to comply with any such applicable laws/regulations.

15. The indemnities as aforesaid shall continue notwithstanding the termination of the Account.

16. That any sum standing to the debit of the account shall bear interest charges at the rate fixed by Cloud Microfinance Bank from time to time. Cloud Microfinance Bank is authorized to debit from the account the usual banking charges, interest, commissions and any service charge set by the Management from time to time.

17. I also agree that in addition to any general lien or similar right to which you as bankers may be entitled bylaw you may at any time without notice to me combine or consolidate all or any of my accounts without any liabilities to you and set off or transfer any sum or sums standing to the credit of anyone or more of such accounts or any other credits, be it cash, cheques, valuables, deposits, securities, negotiable instruments or other assets belonging to with you in or towards satisfaction of any of my/our liabilities to you or any other account or in any other respect whether such liabilities be actual or contingents, primary or collateral and joint or several.

18. I shall be solely responsible for the safe-keeping and the confidentiality of the statements of account, balance confirmation certificate, user id and passwords relating to internet banking and such other items relevant or pertaining to the Account.


Account Features​:

● Five Thousand Naira (₦5000) minimum account opening balance.

● Account details can be uploaded via our contact centre or website. Transactions are limited to Nigeria.


i. Cloud Microfinance Bank may hold and process by computer or any other means, information obtained about the account holder in consequence of this agreement.

ii. Cloud Microfinance Bank may disclose information on the account holder to:

a) Any person (including the police) for the purpose of investigation of a fraud related matter.

b) Any relevant party involved in processing Cloud Microfinance Bank transactions.

c) Any person who may assume Cloud Microfinance Bank right under this agreement.

d) Any party, if permitted or compelled to do so by the provision of any enactment, order of a court of law or any regulatory institution.


Either party may terminate this agreement with seven days written notice to the other party provided that the Cloud Microfinance Bank may terminate its agreement with or without notice if the circumstance so warrants.


Cloud Microfinance Bank reserves the right at all times to supplement, amend or vary this agreement as a result of a requirement of law or product development or such other reason communicated to the account holder at the time of notification of the change. Any such change will be effective upon notice to the account holder and notice shall be by any means the Cloud Microfinance Bank deems fit. On receipt of such notification, the account holder may at its discretion terminate this agreement in accordance with the conditions of this agreement. On termination, bankruptcy, dissolution, insolvency, liquidation or death, the account holder’s obligations will continue until all outstanding indebtedness owed to Cloud Microfinance Bank by the account holder is fully repaid. The waiver by Cloud Microfinance Bank of any breach of any term of this agreement will not prevent the subsequent enforcement of that term and will not be deemed a waiver of any subsequent breach.


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