Lenco Terms of Service

This page explains the terms by which you may use the banking and other financial services we make available to you on our website or on our mobile application (collectively the "Services"). By submitting your application to obtain an account with us ("Account") and to use the Services,you signify that you have read, understood, and agree to be bound by these Lenco Terms of Use, Privacy Policy and Acceptable Use Policy ("Agreement"). You also agree to receive all notices and other communications from us electronically. Lenco reserves the right to make unilateral modifications to these terms and will provide notice of these changes by posting an updated version to our Terms of Use page. "Company" or "You" means the legal entity that is applying for or that has opened an account to use the Services and the individual applying for the Account. If you are the individual applying for the Account, you represent and warrant that you are an authorized representative of Company with the authority to bind Company to this Agreement, and that you agree to this Agreement on Company's behalf.
I. About us
Welcome to Lenco.com, a "website" or "site" operated and maintained by Lenco Technologies Limited ("LENCO", "we", "our" "us") a Company incorporated under the Laws of the Federal Republic of Nigeria with RC Number 1682193 with operating address at 12, Reverend Ogunbiyi street, off Oba Akinjobi way, Ikeja GRA, Lagos, Nigeria. We are a limited liability Company regulated by the Corporate Affairs Commission of the Federal Republic of Nigeria.
You can contact us via email hi@lenco.co or call +2348094278928.
II. Acceptance of Terms and Use of the Services
  1. Eligibility:
    1. This is a contract between you and Lenco.
    2. You must therefore read carefully and agree to these terms before using the Services. If you do not agree, you may not apply for an Account or use these Services.
    3. You may only apply for an Account or use the Services if you are an individual or legal entity formed and registered in the Federal Republic of Nigeria and can enter into a binding contract with Lenco, and only in compliance with this Agreement and all applicable local, state, national and international laws, rules and regulations.
  2. Applying for an Account:
    Your Account gives you access to the Services, the business current account ("Current Account"), Business debit cards ("Cards") and other services provided by our Banking Partner ("Banking Provider"), and any other functionality that we may establish and maintain from time to time and in our sole discretion.
  3. You must specify at least one Signatory to manage your account when submitting your Application.
  4. Prohibited uses: You may not use the Site, Account or the Services:
    1. For any third parties unaffiliated with the company
    2. For any personal, household or other use that is not related to the Company's business purpose
    3. In any way that breaches any local, national or international law
  5. You agree not to reproduce, re-sell or duplicate any part of our site. Not to interfere with or damage any part of our site or networks in which the site is stored on.
    You are responsible for ensuring that all persons who access our site through your account or internet service are aware of these terms of use and privacy policy, and that they comply with them.
    However, you may choose to, or we may invite you to, submit comments or ideas about the Services, including without limitation about how to improve the Services or our products ("Feedback"). By submitting any Feedback, you agree that your disclosure is gratuitous, unsolicited and without restriction, and will not place Lenco under any fiduciary or other obligation, and that we are free to use your Feedback without any additional compensation to you, or to disclose your Feedback on a none-confidential basis or otherwise to anyone. You further acknowledge that, by acceptance of your submission, Lenco does not waive any rights to use similar or related ideas previously known Lenco, or developed by its employees, or obtained from other sources other than you.
    For the purpose of this Agreement, "Intellectual Property Rights" means all patents rights, copyrights, mask work rights, moral rights, rights of publicity, trademark, trade dress and service mark rights, goodwill, trade secret rights and other intellectual property rights as may now exist or hereafter come into existence, and all applications therefore and registrations, renewals and extensions thereof, under the laws of any state, country, territory or other jurisdiction.
III. Access to our site
You are solely responsible for the provision of the equipment needed and charges incurred to access our site. Our site is made available free of charge, we do not guarantee that our site or its content will always be available or uninterrupted. We have all rights to withdraw, suspend or shutdown any part of our site for business or operational reasons. However, we will endeavor to give you a reasonable notice.
IV. Our Intellectual Property and Proprietary Rights
Subject to the terms and conditions of this Agreement, you are hereby granted a non-exclusive, limited, non-transferable, freely revocable license to use the Services as permitted by the features of the Services.
Lenco exclusively owns the right to all Intellectual Property on our site and all material published herein. These materials both digital or paper must not be modified in any way. All such rights are reserved and protected by the prevailing intellectual property Laws of the Federal Republic of Nigeria and equivalent international bodies around the world.
Lenco reserves all rights granted to you and may terminate this license at any time for any reason or no reason.
The Services and all materials therein or transferred thereby, including, without limitation, software, images, text, illustrations, logos, trademarks, copyrights, photographs, video, user-generated content, graphics and all Intellectual Property Rights related thereto, are the exclusive property of Lenco and its licensors.
V. Right to data safety
All information you provide at the time you are creating an account or during login, you must not disclose such information to any third party regardless of your relationship with them and you are liable for the safety of those information.
You have all rights to change this login details at any time or when you feel your account has been comprised by a third party.
You must notify us immediately you notice inconsistent activities within your account.
You should notify us of any change of information in your user application such as change of address and contact information via any of our contact medium.
VI. Third-Party Links and Information on our site
Our Services may contain links to third-party sites and materials that are not owned or controlled by us. Lenco does not assume any responsibility for any such third-party services, products or materials. You expressly relieve Lenco from any and all liabilities arising from your use of any third-party website or application linked from our site. These links are provided for your information only and do not serve as an approval by Lenco.
The materials, information and content on our site is provided for general information only.
VII. No Warranty
Use of the services is at your own risk. To the maximum extent permitted by applicable law, the services are provided without warranties of any kind, whether express or implied. No advice or information, whether oral or written, obtained by you from us or through the services will create any warranty not expressly stated herein.
We do not guarantee the security of our site, however you must not attempt to gain unauthorized access to our site or it's services in any way. We will report any conduct of unauthorized entry to our site to the relevant law enforcement agencies as it would be a criminal offence under the cyber crime laws of the Federal Republic of Nigeria.
VIII. Personal data use
You voluntarily provided us with all your registrations information, materials and documents, and you hereby grant us irrevocable authority to use the information and data at our sole discretion.
You also agree that we share the required information needed for your account opening with ProvidusBank Plc ("Banking Provider") and hereby authorize Lenco to be the sole platform you will use for all your transactions.
You hereby authorize us to migrate your account with us to any other Banking provider or partner and effectively close your account with our current Banking provider at any time we deem fit provided that we shall notify you prior to such migration. However, if we do not receive an instruction not to shutdown or migrate your data from our current Banking Provider to another within 24 hours of our notice, you are deemed to have expressly authorized that we go ahead with the migration to the new Banking Provider and close your account with the old Banking Provider. Herein, the old Banking Provider is the last used bank in which your account with us is domicile in this case ProvidusBank Plc.
IX. Term and Termination of Agreement
This Agreement is effective when you submit your application to us and continues until terminated by either you or us, or in accordance with the Banking Provider Agreements or as otherwise set forth in this Agreement. You may terminate this Agreement by paying all amounts you owe and providing notice to us; except that you will still be responsible for any charges, fees, fines, and other loses caused by your action or inaction prior to terminating this Agreement. We may terminate this Agreement, or suspend your Account, by providing you notice.
X. Breach of these Agreements
When any terms of these agreement is breached we may immediately relieve you of your access to our site and or issue a legal proceedings.
XI. Indemnity and rights
You agree to defend, indemnify and hold harmless Lenco and its subsidiaries, agents, managers, and other other affiliated companies, and their employees, agents, contractors, and directors, our Banking Providers, and our third-party service providers, from and against any and all third-party claims, damages, obligations, losses, liabilities, cost or debt, and expenses (including but not limited to legal fees) arising out of, or resulting from your use of and access to our Services, your violation of any term of this Agreement, your violation of any third-party right including without limited any right of privacy or Intellectual property right. We have the right to take legal action against you based on fraud, abuse or suspicious transaction activity in connection with any of your activities relating to Lenco and you agree to cooperate with us through such investigation and legal proceedings.
We reserve the right to use your personal information or any other information provided by you to open a bank account with either our Banking Provider or any other Bank other than our Banking Provider.
XII. Limitation of liability
To the maximum extent permitted by applicable Law, in no event shall Lenco, its affiliates, agents, directors, employees, Bank Providers, or Licensors be liable for any indirect, punitive, incidental, special damages, including without limitation damages for loss of profits, goodwill, use of data or other intangible uses, arising out of or relating to the use of, or inability to use our services, under no circumstances will Lenco be responsible for any damage.
XIII. Governing law
You agree that the services shall be deemed solely based in Nigeria; and the services shall be deemed a passive one that does not give rise to personal jurisdiction over us, either specific or general, in jurisdiction other than Nigeria. This Agreement shall be governed by the internal substantive laws of Nigeria without respect to its conflict of laws principles.
XIV. Dispute resolution and Arbitration
For any dispute with Lenco, you agree to first contact us at hi@lenco.co and attempt to resolve the dispute with us informally. In the unlikely event that Lenco has not been able to resolve a dispute it has with you after ninety (90) days, we each agree to resolve any claim, dispute, or controversy arising out of or in connection with this Agreement, or the breach or alleged breach thereof by means of informal mediation, arbitration in accordance with the Arbitration and Conciliation Act, Laws of the Federation of Nigeria, 2010, or litigation depending on the subject matter which the dispute resolution mechanism shall be solely approved by us upon notification by the customer. These claims exclude any claims arising from protection of Intellectual Property Rights and breach of Confidential Information. Claims cannot be reassigned, sold or transferred. The maximum amount that can be offered in a claim will be solely determined by Lenco and can not exceed ₦30,000 if an arbitrator rule in your favour.
XV. General/Miscellaneous
This Agreement, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Lenco without restriction. Any attempted transfer or assignment in violation hereof shall be null and void.
You consent to us providing notices to you under this Agreement electronically and understand that this consent has the same legal effect as a physical signature. We will provide notices to you electronically through your Account, email or, SMS to your phone numbers. Your continued accessing and use of our site 48 hours following a notice of such revision shall conclusively be deemed acceptance of all such revisions.
This Agreement, together with any amendments and any additional agreements you may enter into with Lenco in connection with the Services, shall constitute the entire agreement between you and Lenco concerning your Account and the Services. If any provision of this Agreement is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of this Agreement, which shall remain in full force and effect.