Terms of Use
The agreement between you and ONEBANQ for the zero-interest credit card and mobile application. The short green lines are plain-language summaries; the full text below them is what applies.
1. Introduction and Acceptance
smsIn short: using ONEBANQ means you accept these Terms and our Privacy Policy.
These Terms of Use (the “Terms”) govern your access to and use of the ONEBANQ mobile application, website (theonebanq.com), the ONEBANQ zero-interest credit card, and related services (together, the “Services”) provided by ONEBANQ Technologies Limited (“ONEBANQ”, “we”, “us”), a company incorporated in Nigeria with registered number RC 7176112 and registered office at No 6, Mokola-UCH Road, Ibadan, Oyo State, 200221.
By creating an account, requesting a card, or using any part of the Services, you confirm that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree, do not use the Services.
ONEBANQ operates under a moneylending licence issued in Oyo State, with additional state licences in progress, and has applied for registration with the Federal Competition and Consumer Protection Commission (FCCPC) under the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations, 2025.
2. Eligibility
smsIn short: you must be 18 or older, live in Nigeria, and pass identity and credit checks.
To use the Services you must:
- Be at least 18 years old and resident in Nigeria.
- Hold a valid Bank Verification Number (BVN) and a government-issued means of identification (NIN, international passport, driver’s licence, or voter’s card).
- Provide accurate, complete, and current information during onboarding and keep it up to date.
- Pass our identity verification and credit assessment checks.
We may decline, suspend, or withdraw access where eligibility is not met, where information is false or misleading, or where required by law.
3. The Services
smsIn short: we verify you, assess you for credit, issue a card, and let you buy airtime, data, and electricity.
The Services comprise: customer onboarding and identity verification; a proprietary credit assessment to determine card eligibility and credit limit; issuance, activation, and use of a ONEBANQ credit card (physical or virtual, issued on the Verve scheme); and in-app purchase of airtime, mobile data, and electricity (processed through licensed payment partners, including Quickteller).
Credit assessment draws on information you provide, your bank transaction data (accessed with your consent through our open banking partner, Mono), and credit bureau records (First Central Credit Bureau). A credit decision, including credit limit, is at our sole discretion and may be reviewed periodically.
4. Fees and Charges
smsIn short: no interest, ever. Three fixed fees, shown before you pay them.
ONEBANQ charges no interest on your credit line. Our fees are fixed, transparent, and disclosed before you incur them:
| Fee | Amount | When charged |
|---|---|---|
| Card issuance fee | ₦1,500 (one-time) | On approval and issuance of your card |
| Monthly maintenance fee | ₦150 per month | Monthly, while your card is active |
| Transaction fee | 3% of transaction value, capped at ₦5,000 | Per transaction |
There are no hidden charges, no compound charges, and no interest on outstanding balances. Any change to fees will be notified to you at least 30 days in advance through the app and your registered email, and you may close your account before the change takes effect without penalty.
5. Repayment
smsIn short: repay by your due date. Lateness never adds interest, but can pause your card and be reported.
Your repayment schedule, billing cycle, and due dates are displayed in the app and in your card agreement before activation. You agree to repay amounts spent on your credit line by the stated due date. Late or missed repayments do not attract interest, but may result in suspension of the card, reduction of your credit limit, and reporting of default to licensed credit bureaux as permitted by law. We will always notify you before reporting a default.
6. Your Obligations
smsIn short: keep your details secret, tell the truth, and use ONEBANQ lawfully.
- Keep your login credentials, card details, and PIN confidential, and notify us immediately of any suspected unauthorised use.
- Use the Services only for lawful, personal purposes, and not for fraud, money laundering, or any prohibited activity.
- Not attempt to reverse-engineer, interfere with, or misuse the app or our systems.
- Provide truthful information at all times. Misrepresentation may lead to termination and may be reported to relevant authorities.
7. Our Obligations to You
smsIn short: clear terms, no hidden fees, ethical collections, and your data protected.
We commit to fair treatment consistent with the Federal Competition and Consumer Protection Act, 2018 (FCCPA) and the FCCPC’s 2025 consumer lending regulations. In particular, we will:
- Present all material terms (fees, limits, repayment schedule) clearly before you accept them, in plain language.
- Never charge interest, hidden fees, or fees not disclosed in these Terms or your card agreement.
- Conduct collections ethically. We will never harass, threaten, or publicly shame you, and we will never contact persons in your phone book in connection with recovery.
- Protect your personal data in line with the Nigeria Data Protection Act, 2023 and our Privacy Policy.
- Maintain an accessible complaints process (see Section 11).
8. Suspension and Termination
smsIn short: you can leave once you have settled up; we can suspend access for breach, law, or suspected fraud.
You may close your account at any time after settling any outstanding balance. We may suspend or terminate your access, with notice where practicable, if you breach these Terms, if required by law or a regulator, or if we reasonably suspect fraud or misuse. Termination does not extinguish your obligation to repay outstanding amounts or our obligation to refund amounts owed to you.
9. Liability
smsIn short: your statutory rights stand; outside those, our liability is limited as the law allows.
Nothing in these Terms excludes liability that cannot be excluded under Nigerian law, including liability under the FCCPA. Subject to that, we are not liable for losses caused by events outside our reasonable control (including network or power failure and third-party payment system downtime), losses arising from your breach of these Terms, or indirect or consequential losses. Our total liability to you in any 12-month period shall not exceed the total fees you paid to us in that period, except where the law provides otherwise.
10. Intellectual Property
smsIn short: the ONEBANQ name, app, and content are ours; you get a personal licence to use the app.
All intellectual property in the Services, including the ONEBANQ name, logo, app, and content, belongs to ONEBANQ Technologies Limited or its licensors. You are granted a limited, non-exclusive, non-transferable licence to use the app for personal use only.
11. Complaints and Dispute Resolution
smsIn short: complain free of charge, get an answer fast, and escalate to the FCCPC or NDPC if unsatisfied.
If you are dissatisfied with any aspect of the Services, contact us at support@theonebanq.com or through the in-app help centre. We will acknowledge your complaint within 24 hours and aim to resolve it within 48 hours, in line with our Complaints and Dispute Resolution process.
If you remain dissatisfied, you may escalate to the FCCPC (lenderstaskforce@fccpc.gov.ng or the Commission’s complaint portal). Data protection complaints may be made to the Nigeria Data Protection Commission (NDPC). These Terms do not limit your statutory rights or your right to approach a court of competent jurisdiction in Nigeria.
12. Changes to These Terms
smsIn short: material changes come with at least 30 days’ notice.
We may update these Terms from time to time. Material changes will be notified at least 30 days in advance through the app and your registered email. Continued use after the effective date constitutes acceptance. The current version will always be available at theonebanq.com.
13. General
smsIn short: Nigerian law governs, and the rest of the Terms survive if one part fails.
These Terms are governed by the laws of the Federal Republic of Nigeria. If any provision is found invalid, the remainder continues in force. Failure to enforce any provision is not a waiver. You may not assign your rights under these Terms; we may assign ours to a successor in compliance with applicable law.
14. Contact
smsIn short: write to us any time.
ONEBANQ Technologies Limited, No 6, Mokola-UCH Road, Ibadan, Oyo State, 200221. Email: support@theonebanq.com. Website: theonebanq.com.