Finance SLA Template for Nigeria

The Finance SLA is a critical document used to establish and govern the delivery of financial services in Nigeria, ensuring compliance with local banking regulations and international best practices. This agreement is typically implemented when organizations require structured financial services with defined performance metrics and service standards. The document incorporates requirements from key Nigerian legislation including the Banks and Other Financial Institutions Act (BOFIA) 2020, Central Bank of Nigeria regulations, and the Nigerian Data Protection Regulation. It is particularly relevant in scenarios involving ongoing financial services relationships, whether for traditional banking services, fintech solutions, or specialized financial operations. The Finance SLA includes comprehensive details about service delivery standards, performance measurements, compliance requirements, data protection protocols, and risk management procedures, all tailored to the Nigerian regulatory environment.

1. Parties: Identification of the financial service provider and the client, including their registered addresses and company registration details

2. Background: Context of the agreement, including the nature of financial services to be provided and the basis of the relationship

3. Definitions: Detailed definitions of technical terms, financial concepts, and key performance indicators used throughout the agreement

4. Scope of Services: Comprehensive description of the financial services to be provided, including specific deliverables and exclusions

5. Service Level Requirements: Detailed performance metrics, response times, and quality standards for each service

6. Performance Monitoring: Methods and frequency of performance measurement, reporting requirements, and review procedures

7. Fees and Payment Terms: Detailed fee structure, payment schedule, and invoicing procedures

8. Compliance and Regulatory Requirements: Obligations regarding Nigerian banking regulations, anti-money laundering requirements, and other relevant laws

9. Data Protection and Security: Requirements for handling financial and personal data in compliance with NDPR and security protocols

10. Business Continuity and Disaster Recovery: Procedures for maintaining service during disruptions and recovering from incidents

11. Dispute Resolution: Process for handling service-related disputes and escalation procedures

12. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination

13. General Provisions: Standard legal clauses including governing law, notices, and assignment rights