TRANSFER LIMIT INCREASE INDEMNITY [INDIVIDUAL/CORPORATE]
THIS INDEMNITY is given this …… day of ………………20…. by ………………………. {insert name of
Customer} of ………………………………… {insert address of customer} (hereinafter referred to as
“the Customer” which expression shall unless contrary to the context or meaning thereof include
its heir, administrators, successors and assigns) to PERSONAL TRUST MICROFINANCE BANK LIMITED,
a Bank incorporated and licensed in Nigeria and having its registered office at Stallion Plaza, 32,
Ikorodu Road, Jibowu. Lagos (hereinafter referred to as “Personal Trust” which expression shall
unless contrary to the context or meaning thereof include its successors and assigns).
WHEREAS:
1. The Central Bank of Nigeria by Circular No. BPS/DIR/GEN/CIR/01/011 dated 13th August
2014 issued to all Banks including Personal Trust had prescribed limits of N1,000,000.00 [One
Million Naira only] for individuals and N10,000,000.00 [Ten Million Naira only] for corporate
customers for transfers and payments made through electronic platforms.
2. That by the said Circular, it is a requirement that Customers are to provide Indemnity where
they choose to initiate transactions above the prescribed limit.
3. The Bank offers normal banking services to the customer, including providing electronic
banking services on its online Platform wherein individual and corporate customers are
permitted to carry out daily Instant transfer payment on its platform.
4. The Customer has requested the Bank to increase his/their daily limit on Instant Payment
via the Internet banking/Mobile banking application above the default daily transfer limit
of One Hundred and Fifty Thousand Naira (N150,000) per transaction up to a limit of
N…………………. per transaction and N………………………………per day.
(Hereinafter referred to as “the request”).
IN CONSIDERATION of Personal Trust MFB (hereinafter called “the Bank”) agreeing to increase your
Mobile/Web transfer limit per day above the maximum default limit N450,000 (Four Hundred and
fifty thousand Naira Only) and N1,000,000 [One Million Naira only] set by the Bank and CBN
respectively from our current/savings account number ……………………………,
I/We…………………………………………………………………[insert name of
customer] of ………………………………………..…………………………….[insert address] with
telephone number …………………… hereby do affirm as follows:
a. To fully and irrevocably indemnify the Bank, its directors, agents, privies, assigns, successors,
employees or any other person whomsoever acting under the Bank’s authority or control
against any cost, losses, damages, litigation, action, proceedings, expenses [including
Attorney fees], judicial awards of any kind and/or any payment of whatsoever nature
made or any cost however incurred whether directly or indirectly, remote or otherwise,
resulting from the bank processing such Transaction
b. FURTHERMORE, I/We hereby irrevocably and unconditionally agree that in addition to any
general lien or similar right to which the Bank may be entitled to by law, the Bank may at
anytime and without any notice to me combine or consolidate all or any of my/our other
accounts and deposits and liabilities in any currency that may at any time be in possession
of the Bank and set off or transfer any sum or sums standing to the credit of any of any one
or more of such accounts or deposits in or towards the satisfaction of any claim made
against the Bank or loss suffered by the Bank as a result of or pursuant to the Bank
processing such transaction[s]
c. Our obligation herein shall not be reduced by any claim by me against the Bank, its
Directors, agents, privies, assigns, successors, employees or any other person whomsoever
acting under the Bank’s authority
d. This indemnity shall be a continuing obligation in respect of any and all matters connected
to or arising from the Bank processing such Transaction[s].
This indemnity shall remain valid and in full force from the date of its execution hereof until the
Bank issues a letter discharging me from my obligations herein
This indemnity shall be construed in accordance with the laws of the Federal Republic of Nigeria.
Dated this …………... day of …………………… 201…..
IN WITNESS WHEREOF the customer has executed these presents in the manner hereinafter
appearing the day and year first above written.
SIGNED AND DELIVERED
By the within named “Customer”
____________________________ __________________________
Name: Signature:
In the presence of:
Signature: _________________________
Name: ___________________________
Designation: ______________________
Date: _____________________________
