Terms & Conditions

These Terms and Conditions ("Terms" or "Agreement") govern your use of the Rank App. By accepting these Terms, or opting to use our services, You ("You", "Your", "Member" "User" or "Account Holder") acknowledge that You have read, understood, and agree to be bound by them. These Terms constitute a legally binding agreement between You and Us, and they govern Your access to, and use of the Rank App.

This Agreement is personal to You, and You may not assign or transfer any rights or obligations hereunder to any third party. As a result, only You and Us have the right to enforce these Terms. In cases where a transaction between You and Us is not specifically governed by these Terms, Nigerian customary banking practices will apply.

The Rank App is a product of Rank Capital Limited. Our banking services are provided by Rank Microfinance Bank Limited (Rank MFB). Rank Capital Limited, Rank MFB, and any other subsidiary or affiliate of Rank Capital Limited, are herein referred to as “Rank” (“We”, “Us”, “Our”).

Bank is a private limited liability company, registered under the laws of the Federal Republic of Nigeria with RC No. 1719416, located at 1, Mufutau Idogo Street, opposite Beachwood Estate, Ibeju Lekki, Lagos, Nigeria. Rank is licensed by the Central Bank of Nigeria (CBN) to provide microfinance banking services, and deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

3.1.  KYC

To use the Rank App, You will need to create an account and enter Your personal information, including but not limited to: Your name, email address, Bank Verification Number and such other information as may be required to verify Your identity in compliance with applicable laws. Upon completion of your KYC, You will be assigned an account number. Accounts will be reverified from time to time to ensure compliance with the Central Bank of Nigeria’s AML/CFT guidelines.

3.2.  Types of Accounts

We operate a 3-tier account system based on the CBN guidelines. Users are assigned the following types of accounts based on their KYC level. Please note that the type of account you open, determines which of our products you will have access to. Only Tier 3 Users enjoy all the products on the Rank App.

Tier limits

3.3.  Our Products

3.3.1  Circles: Circles is a rotational savings and credit product that allows Members to join a monetary contribution group based on pre-determined criteria. Members are assigned slot numbers within the contribution group for collecting pooled funds based on pre-determined criteria and for making their contributions within the group. There are no limitations as to the amount to be contributed and the duration of same. Members are free to determine the amount that they are looking to contribute and their preferred duration for same. The specific terms and rules for this product will be displayed in the Rank App when selecting a plan of Your choice. Please refer to the product terms and conditions for more details.

3.3.2  Reserve: This is a fixed deposit product that enables You to earn up to 21% interest per annum on Your funds if deposited with us for a term of up to 12 (twelve) months or shorter periods. The specific terms and rules for this product will be displayed in the Rank app when selecting a plan of Your choice. Please refer to the product terms and conditions for more details.

3.3.3  Goals: Goals is a savings arrangement, that helps you with the discipline you need, to achieve your financial goals through periodic contributions daily, weekly or monthly. You can earn up to 19% interest per annum on your savings. Please refer to the product terms and conditions for more details.

3.4.  Interest

Interest earned on savings and credit products are subject to periodic review. Interest is calculated daily. We reserve the right to adjust interest rates with or without notice to You. We will however let you know of any interest adjustments. You agree to pay any applicable maintenance fees, withdrawal charges, and other service fees as determined by Us.

3.5.  Minimum Deposit & Account Maintenance

There is no minimum deposit required to maintain an account with us, nor is there a minimum balance required for Your account to remain active.

3.6.  Deposits & Withdrawals

Deposits and withdrawals into Your account may only be made digitally via electronic transfers to or from the Rank App. Transaction and monetary limits apply based on the account tier.

Deposit and withdrawal limits

3.7.  Charges

We may levy charges for the operation of Your account which shall be communicated to You. We will notify You of any charges for Our services via debit notifications by email, text, and/or in-App messages.

3.8.  Payments, Transfers & Top-Up

3.8.1  You are responsible for ensuring the accuracy of the recipients details when transferring money to another person on the Rank App, either by account number, phone number or username.

3.8.2  By transfering money out of Your account, You authorise Rank to process the transaction and deduct the specified amount.

3.8.3  We may process transactions through Our third-party banking partners. We will not be liable for delays or failures caused by Our external partners.

4.1  By accepting these Terms, You represent and warrant that:

4.1.1  You are at least 18 (eighteen) years old as of the date of this Agreement. The use of the Rank App by anyone under the age of 18 is unauthorised, unlicensed, and a violation of these Terms;

4.1.2  You are either a Nigerian citizen or a resident of Nigeria with the necessary permits;

4.1.3  You possess a valid form of identification, such as a National ID, Passport, or Driver’s License;

4.1.4  If a corporate entity, You are authorised by Your incorporation documents to enter into this Agreement, and have the power and authority to open a Rank account;

4.1.5  The funds deposited in the Rank App are not proceeds of money laundering or any financial crimes; and

4.1.6  The Terms hereof do not violate any obligation by which You are bound, whether arising by contract or operation of law, or otherwise.

4.2

We reserve the right to approve or reject any account opening application at Our discretion, without prior notice to You.

4.3

By opening an account on the Rank App, You agree to provide accurate personal and financial details to us for verification purposes. You agree to indemnify Us for any loss suffered because of any false information or error in the information You have supplied to Us.

4.4

You agree to use the Rank App solely for personal, non-commercial purposes and not on behalf of, or for the benefit of, any third party. Your use of the Rank App will be in full compliance with all applicable laws.

4.5

You SHALL immediately discontinue the use of the Rank App if any of the representations and warranties in these Terms are no longer true or completely accurate.

5.1

We prioritise the security and safety of the Rank App. To ensure the protection of Your account, We implement various security measures, including, but not limited to, multi-factor authentication and face identity verification.

5.2

We prioritise the security and safety of the Rank App. To ensure the protection of Your account, We implement various security measures, including, but not limited to, multi-factor authentication and face identity verification.

5.3

We prioritise the security and safety of the Rank App. To ensure the protection of Your account, We implement various security measures, including, but not limited to, multi-factor authentication and face identity verification.

5.3.1  be solely responsible for the maintenance, confidentiality, and security of Your login details;

5.3.2  understand that by accessing or logging into the Rank App, You are authorising Us to carry out transactions on Your behalf;

5.3.3  adhere to Our security requirements; and

5.3.4  hold Us harmless for any unauthorised or erroneous access to Your Rank account.

5.4

We strongly advise You to protect Your login details and account information. Do not share them with anyone. Unless proven otherwise, You will be held responsible for all transactions and activities conducted through Your Rank account, even if unauthorized by You. We are not liable for any misuse of Your login details or access to Your account due to negligence, ignorance, or recklessness on Your part.

5.5

Except where expressly stated in these Terms or required by applicable law, We are not responsible for any losses arising from the loss or theft of Your login details, mobile device, or any unauthorized or fraudulent transactions conducted on Your Rank account. If You suspect any unauthorized access or activity on Your account or mobile device, please contact Us immediately at hello@userank.com.

You acknowledge that the Rank App is provided on an "as is" basis, and that We make no warranties regarding its ability to meet Your expectations. We do not guarantee that Our services will be uninterrupted, timely, secure, or error-free. Under no circumstances shall We be liable for any damages, including but not limited to, direct, indirect, special, incidental, or consequential damages, losses, or expenses, arising from Your use of Our services or any performance failures, errors, system issues, or interruptions.

We reserve the right to place a lien on Your account if We suspect or have reason to believe that it has been used for fraudulent or suspicious transactions, or if legal action is taken against You to recover lost or stolen funds. In such cases, We will not be liable to You for taking these actions. Additionally, We may release funds to a person whom We reasonably believe is legally entitled to them.

If any account You hold with Us has a credit balance, We may use those funds to settle any amounts You owe Us, including but not limited to sums due on any other accounts You hold with Us, whether in the same name(s) or, in the case of corporate accounts, under the name of an affiliate, subsidiary, or sister company.

9.1

If a third party makes a claim to any of the funds in Your account (for example, if someone takes legal action to recover funds they believe belong to them), or if We are aware of or believe there is a dispute regarding the ownership or control of the funds in Your account, We may take the following actions:

9.1.1  place a hold on Your account and refuse to release the funds until We are satisfied that the dispute has been resolved;

9.1.2  release the funds to the person whom We reasonably believe is legally entitled to them;

9.1.3  take any other action We deem necessary to protect ourselves.

9.2

If We have acted reasonably, We will not be liable to You for any of the actions taken above.

10.1.  Suspension or Deletion of Your Rank Account by Us

We may suspend or delete Your Rank account at any time, with or without prior notice, if it is not operated in a manner satisfactory to Us or if We discover a breach of these Terms. Such circumstances may include, but are not limited to:

10.1.1  We detect fraudulent activities on Your account or find that it is being used illegally or for criminal activities;

10.1.2  You have violated any part of these Terms;

10.1.3  You have not provided complete or accurate information, or We believe the information You provided is incorrect;

10.1.4  We reasonably believe that Your use of the Rank App could damage Our reputation or business, or negatively impact us or any of Our services, based on Our due diligence checks;

10.1.5  You are listed as a blacklisted customer by the CBN;

10.1.6  You are suspected of being involved in money laundering or terrorist activities;

10.1.7  Maintaining Your account would make us liable under any applicable law, regulation, code, or other legal requirements; or

10.1.8  We are required to do so by law.

10.2

If We suspend Your use of the Rank App, Your account will only be reactivated once You have fully complied with Our requests. If We delete Your Rank account, We will close all of Your accounts and may return Your funds to a bank account of Your choice, unless prohibited by law. Rank accounts that are deleted will be blacklisted and barred from using any of Our services, now or in the future.

10.3

Any suspension or deletion of Your access to the Rank App will not affect Your existing obligations to Rank under these Terms, which will continue to apply even after such deletion or suspension. This includes any outstanding fees or obligations that must be settled by You before the account is closed.

10.4

You will be properly notified of Our intention to close Your Rank account. Any payments made into a suspended or deleted Rank account will be rejected, and transactions to or from such Rank account will not be facilitated.

10.5.  Deletion of Your Rank Account by You

We strive to provide satisfactory services to Our customers. If You are dissatisfied with the Rank App and its services and wish to delete Your account, please notify us by sending an email to compliance@userank.com. You may also delete the Rank App from Your device(s).

11.1  Consent

By signing up to use the Rank App, You HEREBY CONSENT to Us collecting, controlling and processing Your personal data (as defined in the Nigerian Data Protection Act 2023 as may be amended) for the following purposes:

11.1.1  to provide Our products and services to You, now and in the future;

11.1.2  for conducting KYC, risk profiling, product eligibility and customer verification;

11.1.3  to conduct statistical analyses and other assessments to identify potential markets, trends, and to develop, evaluate, and improve Our products and services; and

11.1.4  for any other legitimate business purposes

11.2

We may collect, store, and process personal data provided by You in connection with Your use of the Rank App. Examples of personal data that We may request from You, include but are not limited to: Bank Verification Number, Biometric Data, National Identification Number, Business Information, GPS/Location details, Photograph, and Bank Statement via third party API.

11.3

We undertake not to disclose Your personal data to third parties without Your consent, except where required by law.

11.4

You have the right to request access to, correction of, or deletion of Your personal data from Our databases, in accordance with applicable law. You also have the right to WITHDRAW CONSENT to the processing of your personal data. For more information on your rights as a data subject, please refer to Our Privacy Policy.

11.5

We undertake to handle Your personal data in compliance with the Nigerian Data Protection Act 2023 (as may be amended) and relevant data protection regulations that We are subject to. For more information on how We protect Your personal data, please refer to our Privacy Policy.

11.6.  Third Party Processing

We may share Your personal data with third-party partners for regulatory compliance or other business purposes to provide Our services to You. By using the Rank App, You consent to and authorize us to share Your personal data with Our third-party partners for such purposes. While We will take reasonable steps to ensure Your personal data is protected by Our third-party partners, We shall not be liable for any actions or failures to act by these third-party partners.

11.7

By downloading the Rank App, You hereby authorise and expressly consent to Our verification of your personal data, including biodata, contact details, account information, location data, against records maintained by third parties. You further consent to these third parties disclosing such information to Us for the purpose of identity verification.

11.8.  Disclosures in Fraud Investigations and Legal Requests

Fraud poses a serious threat to the financial ecosystem. In order to curb financial fraud within the banking industry, We may be required to disclose your personal data to regulatory and law enforcement agencies (including but not limited to the Nigerian Police Force, the EFCC, etc.). Such data may include, but is not limited to, your name, email address, and Bank Verification Number (BVN). Please note that We may or may not notify You when such disclosures are made. However, We will ensure that any data shared is done in compliance with applicable data protection laws and only upon reasonable suspicion of fraud. By downloading and using the Rank App, you EXPRESSLY CONSENT to the disclosure of your personal data for the above purposes.

You agree to indemnify, defend, and hold harmless RANK, its officers, directors, employees, agents, subsidiaries and affiliates from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable legal fees) arising out of or in connection with Your breach of any of the terms, representations, or warranties under this Agreement; any unlawful, negligent, or wrongful use of Our services, whether by You or any third party using Your Rank account; or any actions or omissions by You that result in any claim, demand, or legal action. This indemnity obligation will survive the termination or expiration of this Agreement.

You agree not to reverse engineer, decompile, disassemble, attempt to derive the source code of, or otherwise exploit any part of the Rank App. Additionally, You agree not to introduce any viruses, malware, trojans, worms, or any other harmful code, data, or programs that may interfere with, disrupt, or damage the operation of the Rank App, its servers, or any connected devices. Any unauthorized attempt to tamper with, hack into, or alter the Rank App, or introduce any form of malicious software, may result in the immediate termination of Your access to the Rank App and may also subject You to legal action.

IN NO EVENT SHALL RANK, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR AFFILIATES BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, OR ANY LOSS OF PROFITS, DATA, OR BUSINESS OPPORTUNITIES, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE RANK APP, THE QUALITY OR ACCURACY OF THE INFORMATION PROVIDED ON THE RANK APP OR ANY INVESTMENT DECISIONS YOU MAKE BASED ON SUCH INFORMATION, OR INABILITY TO USE OUR SERVICES, DELAY IN PAYMENT INSTRUCTIONS, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), OR ANY OTHER LEGAL THEORY, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. OUR TOTAL LIABILITY TO YOU FOR ANY AND ALL CLAIMS, DAMAGES, LOSSES, AND CAUSES OF ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED THE AMOUNT PAID BY YOU TO US IN THE LAST 6 MONTHS PRIOR TO THE EVENT GIVING RISE TO THE CLAIM.

You hereby represent and warrant that, to the best of Your knowledge, and having made due and careful inquiries, none of the funds deposited into Your Rank account are proceeds from money laundering or any other financial crimes, or in violation or contravention of applicable laws. Furthermore, You confirm that no contribution or deposit made by You into Your Rank account will cause us to be in breach of any applicable law.

In the event that We discover that the representations and warranties provided in these Terms are untrue or inaccurate, or if We determine that Your Rank account is being used in violation of these Terms, or for any suspicious transactions, We have an obligation to report such activities to the relevant authorities without notice or recourse to You. You hereby consent to us placing restrictions on Your Rank account and reporting any suspected financial crime or fraudulent activity to law enforcement agencies, including but not limited to the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), the Special Control Unit on Money Laundering (SCUML), and the Nigerian Police Force.

If We receive notice of a court order or judgment against You, We may refuse to allow withdrawals or transfers from Your account until the legal process is concluded. Any court order or judgment shall not prevent Us from exercising Our right of set-off (using funds We hold on Your behalf or amounts owed to You to pay any debts You owe Us) or from enforcing any other security interests (rights over assets that We may seize if debts remain unpaid). You are responsible for any reasonable losses, costs, or expenses incurred by Us as a direct result of Your involvement in any legal dispute, including those arising from Our relationship with You.

If any provision of this Agreement is determined to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired in any way. In such an event, We shall substitute the invalid, illegal, or unenforceable provision with a valid provision that most closely reflects the intent of the original provision.

No failure or delay by Us in exercising any right, power, or remedy under this Agreement shall be deemed a waiver of that right, power, or remedy. A waiver of any provision of this Agreement shall be effective only if it is in writing and signed by Us. Any waiver by either party of a breach or default of any provision of this Agreement shall not be construed as a waiver of any subsequent breach or default of the same or any other provision.

For inquiries or assistance, please contact:

Email: hello@userank.com
Phone: 02012297000
Address: 1, Mufutau Idogo Street, Opposite Beachwood Estate, Ibeju Lekki, Lagos, Nigeria.

We reserve the right to amend, modify, or change any part of these Terms with or without prior notice to You and without Your consent. We will, however, make reasonable efforts to notify You of significant changes to Our services or products through the Rank App, newsletters, emails, SMS or Our website. Any amendments or modifications to these Terms will become effective immediately upon posting, unless otherwise specified.

If You suspect fraudulent activities on Your account, kindly send us an email at: frauddesk@userank.com.

Any reference to "applicable laws" in these Terms refers to the laws of the Federal Republic of Nigeria. These Terms shall be governed by and construed in accordance with the laws of Nigeria. You hereby agree that the courts of Nigeria shall have exclusive jurisdiction to resolve any disputes between You and Us.

I/We hereby declare that I/We have read and understood the terms and conditions stated above, and agree to be bound by them.