Client Account Agreement Template for Nigeria

The Client Account Agreement serves as the foundational document governing the banker-customer relationship in Nigeria, setting out the terms and conditions under which bank accounts are operated and banking services are provided. This agreement is essential for compliance with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and related legislation. It covers crucial aspects such as account operation, electronic banking services, fees and charges, data protection, and anti-money laundering compliance. The document is designed to protect both the bank's and client's interests while ensuring regulatory compliance and operational efficiency. It's typically used when opening new banking relationships and may be updated as regulatory requirements or banking services evolve.

1. Parties: Identification of the bank and the client, including full legal names and addresses

2. Background: Context of the agreement and the banking relationship being established

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

4. Account Opening and Operation: Terms governing the opening and operation of the account, including authorized signatories

5. Services Provided: Description of basic banking services covered by the agreement

6. Client Obligations: Client's responsibilities including providing accurate information and maintaining minimum balances

7. Bank's Rights and Obligations: Bank's duties, responsibilities, and rights in managing the account

8. Fees and Charges: Framework for fees, charges, and interest rates

9. Security and Access: Account security measures, including online banking access and PIN/password requirements

10. Privacy and Data Protection: Handling of client data and compliance with NDPR requirements

11. Anti-Money Laundering Compliance: KYC requirements and AML compliance obligations

12. Liability and Indemnity: Allocation of risks and responsibilities between parties

13. Account Statements and Communications: Provisions for account reporting and communications between parties

14. Term and Termination: Duration of agreement and conditions for termination

15. Dispute Resolution: Process for handling disputes and jurisdiction

16. General Provisions: Standard boilerplate clauses including governing law, amendments, and notices