Personal Details of Agent

Business Details of Agent

Director’s Details (where applicable)

Next of Kin Agent Declaration

I hereby certify that the information provided in this form is true and accurate. I agree that appropriate measures
including legal actions could be taken against me if the information I have provided here is discovered to be false
Name
Agent

Relationship Phone No

(FIP to tick as appropriate)

FIP Attestation/ Agent Aggregator

Agent Location Visited: YES NO Date of Visit: ………….…………………………
Description of Agent Location: ……………………………………………………………………………………………………………………………………………
Business Name of Agent Aggregator: IFIS Others (please specify)…………………………….....................................………………… Mobile No. of Agent Aggregator ………...........................………….
FIP Name/ Agent Aggregator: …...................................................................................................…………….. Signature: …...........................................………….. Date…………..............................……..
 IFIS AGENT SERVICE LEVEL AGREEMENT

THIS IFIS AGENT SERVICE LEVEL AGREEMENT (“This Agreement”) is made this _________ day of ____________, 20____ BETWEEN:

Interswitch Financial Inclusion Services Limited a limited liability company incorporated under the laws of the Federal Republic of Nigeria and having its principal office at
15B Oko Awo Street, Victoria Island, Lagos State, (hereinafter referred to as “IFIS” which expression shall include its successors in title and assigns);

AND

__________________________________________________________________________, of __________________________________________________________________________________,
(Hereinafter referred to as “the Agent” and which expression shall include the Agent’s successors in title and permitted assigns).
(IFIS and the Agent shall be collectively referred to as “the Parties” or individually as “a Party”).

WHEREAS a result of a Customer relationship. been duly received by the Agent.

A. IFIS is duly licensed by the Central Bank of Nigeria (CBN) as a
super-agent under Super Agent Banking regulations to provide 1.11. “Effective Date” means the date of execution of this 4.2. In the event of a dispute between the Agent and a customer
financial services relating to registration of customers, cash-in, Agreement. on whether a transaction was successful or unsuccessful, the
cash-out, bills payments, airtime recharge, funds transfer and Agent shall refer the matter to IFIS who shall confirm whether
other services that may be rolled out under the scheme from 1.12. “E-value” means the electronic value recorded in an the transaction was successful or not and determine the
time to time. IFIS Agent’s account, which shall represent the Agent’s appropriate action.
entitlements to an equivalent amount of the cash amount
B. The CBN through its guidelines has provided for agent held in the settlement bank account 4.3. In the event that any costs or loss is incurred and arises
banking as a delivery channel for banking and related from such disputed Transactions as a result of the Agent’s non-
Authorized Services. 1.13. “Marketing Materials” means badges, links, sponsored compliance with the laid down procedures herein, the Agent
e-mails, micro-sites, splash pages, other placements on the will indemnify IFIS and any other party that shall have suffered
C. The Agent is an entity that has been contracted to provide web sites, and trade, broadcast or banner advertisements, such loss as a result of the Agent’s acts or omissions.
banking and related services under the guidelines of agent press communications, and any elements, physical or
banking. otherwise, designed to promote the agent banking and 5. VERIFICATION OF CUSTOMER’S IDENTITY
financial inclusion services.
D. The Agent has represented that it has the requisite skills, 5.1. The Agent shall apply diligence in validating a Customer’s
knowledge, experience, capability and all necessary personnel 1.14. “User’s ID” means a person’s original Nigerian identity and Transactions to avoid entering into fraudulent
and facilities and are competent to provide the Authorized Identity Card or original Passport or any other acceptable transactions or dealing with fraudsters.
Services within the specified geographical area. ID. 5.2. The Agent shall comply with the prescribed customer
identification procedures.
E. The Parties wish to enter into this Agreement to set out the 1.15. “Outlet(s)” means the physical address(es) of each
6. RECORD KEEPING
rights and obligations of each party under the Agent Banking place of business from which the Agent may provide the
All Agents are required to keep proper records in relation to
Business. Services to Customers, which addresses shall be mutually
their provision of the Authorized Services, including the
agreed between the Parties.
registration particulars of each Customer for a minimum period
NOW, THEREFORE, in consideration of these recitals, the Parties
of five (5) years after consummation of each transaction.
agree as follows: 1.16. “Trademarks & Trade names” shall include without
limitation all associated trademarks and logos which have
7. TRANSACTION LIMIT
1. DEFINITIONS been assigned to the Services which may only be used
7.1. The Agent shall comply with the cash Transaction limit with
In this Agreement unless the context otherwise requires, the by the Agent in accordance with the terms of this
regard to a single Transaction and daily limit in line with
following words and expressions shall have the following Agreement.
regulatory provisions.
meanings;
1.17. “Transactions” means (as the context requires)
7.2. Any Transactions above the allowable Transaction limit
1.1. “Agent’s Account” means the account established for the receiving cash or e-value from Customers and paying out
shall be declined.
transactions and payment of Commissions in respect of the cash sums or e-value credits to Customers in accordance
Services as hereinafter detailed. with agency guidelines and shall also include, fund
7.3. Where a Customer wishes to transact above the Agents
transfers and liquidation of tokens that require exchange
specified limit, the Agent shall refer the Customer to IFIS.
1.2. “Agreement Period” shall mean the initial period of twelve (12) of cash on the IFIS platform.
months from the Effective Date and thereafter, renewed
7.4. The Agent shall not set any Transaction limits other than the
automatically annually unless earlier terminated in accordance 1.18. “Transaction Limits” means the cash limits placed on
specified Agent Transaction limits under the Agreement.
with the provisions of this Agreement. the transactions that may be effected by Agents from
specific Outlets as specified. 8. AGENT PROHIBITED ACTIVITIES
1.3. "Applicable Law" means applicable laws of the Federal
Republic of Nigeria including statutes, regulations, regulatory 2. APPOINTMENT
8.1. The Agent shall NOT engage in any of the following
guidelines and judicial or administrative interpretations, any rules 2.1. IFIS hereby appoints the Agent to offer the Authorized
prohibited activities:
or requirements established by IFIS including any amendments or Services on its behalf for the duration of the Agreement Period at
enactments thereto and any corresponding earlier enactment still the Agent’s authorized Outlet(s) and geographical area of
8.1.1. Operate when there is communication or network failure in
in force, and subordinate legislation made under a statutory operation, as may be specified from time to time. The Agent shall
the system.
provision. be required to obtain written consent, which consent shall not be
unreasonably withheld and is subject to the CBN’s approval, at
8.1.2. Subcontract another entity to carry out Agent banking on
1.4. “Authorization” means a process through which a transaction least forty-five (45) days before effecting change of Outlet(s)
its behalf without obtaining prior consent from IFIS.
is approved, or confirmation is provided to the Agent that a and/or geographical area of operation.
transaction is successfully completed. 8.1.3 Carry out offline Transactions or carry out a Transaction
2.2. The Agent shall designate a particular counter within each
when a transactional receipt or acknowledgment cannot be
1.5. “Authorization Code” means a code provided to the Agent to Outlet for agent banking and financial inclusion services. The
generated.
indicate approval. counter shall be manned by a designated authorized primary
operator who shall be duly authorized to conduct the operations
8.1.4. Charge fees outside the specified tariffs directly to the
1.6. “Authorized Services” means the services the Agent is of the Agency business. The application for authorization shall be
customers
authorized to offer in accordance with the provisions of this done by completing and submitting to IFIS the Agent Application
Agreement. form.
8.1.5. Carry on business when the Agents existing business has
ceased or the turnovers have, in the opinion of IFIS, significantly
1.7. “Commissions” means the detailed transaction charges for the 2.3. It is understood by the Parties that the Agent shall not hold
diminished.
Services and the approved commissions to be earned by the out itself as an agent or representative of IFIS. The Agent will
Agent in the course of providing the Services as agreed by the ensure that it conforms to all the existing Applicable Laws.
8.1.6. Offer any type of guarantee in favour of the Customers.
Parties.
3. CUSTOMER SERVICE STANDARDS
8.1.7. Offer banking services on its own accord (i.e. it shall not
1.8. “Confidential Information” means all information and data 3.1. The Agent shall be required to comply with the Customer
provide on its own account financial/banking services similar to
provided under this Agreement by any person or entity, whether Services Standards and rules in respect of the Authorized
those provided by it under the agency contract).
or not in material form, whatsoever and howsoever derived or Services as provided by IFIS from time to time.
acquired relating to agency banking and Services and all other 8.1.8. Provide, render or hold itself out to be providing or
confidential or secret information disclosed by or on behalf of 3.2. Upon seven (7) days’ notice to the Agent to remedy breach of
rendering any banking service which is not specifically permitted
either party to the other including the terms of this Agreement. the customer service standards as provided or any other
under this Agreement.
breaches, IFIS reserves the right to terminate the Agent’s
1.9. “Customers” shall mean any users of the agency banking appointment immediately for non-compliance with the
8.1.9. Continue with the agency business when the Agent [or any
service. stipulated customer service standards.
of its directors] has a criminal record or disciplinary case
involving fraud, dishonesty or any other financial impropriety.
1.10. “Customer Data" means all information, whether personally 4. TERMS OF APPROVAL OF A TRANSACTION
identifiable or in aggregate, that is submitted and/or obtained as 4.1. A Transaction shall be deemed to be successful
8.1.10. Approve any loan on behalf of a bank.
once the notification as stipulated in the procedure has
8.1.11. Maintain a till in excess of N100,000 at any particular advised by IFIS from time to time to protect the integrity of IFIS 13.2.1. If the Agent becomes bankrupt or insolvent or convenes a
point in time. and the provision of the Services. IFIS affirms its right to meeting of, or makes or proposes to make, any arrangement or
authorize withholding Agent payments pending investigation composition with its creditors or has a liquidator, receiver,
8.1.12. Accept cheque deposits from customers and cash where fraudulent activity is suspected or confirmed. Such administrator, manager, trustee similar officer appointed over
cheque(s). withheld funds will be used to offset fraud-related chargebacks any of its assets or is either compulsory or voluntarily wound
from Customers. up; or
8.1.13. Transact in foreign currency or decline any transactions
on the basis of race, age, religion, gender, or politics. 9.12. The Agent agrees to hold in confidence this Agreement 13.2.2. If the Agent ceases or threatens to cease to carry on
and all information, documentation, data and know-how business for whatever reason or the Agent’s account becomes
8.1.14. Provide cash advances. disclosed to it by IFIS and/or in pursuance of the Service and dormant;
shall not disclose to any third party or use Confidential
8.1.15. Hire an existing IFIS or related enterprises employee or Information other than in connection with the performance of 13.2.3. If the Agent breaches any terms of the agreement as
associate to run or manage its business without prior written this Agreement or any part thereof without the prior consent of agreed between IFIS and the Agent;
consent of IFIS. IFIS.
13.2.4. If the Agent violates a provision of the guidelines
8.1.16. Paying cash to any staff or representative of IFIS for 9.13. The Agent shall not use the information obtained from the prohibiting carrying on business;
deposit into the Agent’s wallet, POS terminal and/or any IFS- Customers who subscribe to the Services in any other way
related service. other than in furtherance of this Agreement. 13.2.5. When the Agent’s commercial activity has ceased;

9. THE AGENT SHALL: 9.14. The Agent shall not split a transaction by requiring the 13.2.6. Where the Agent is guilty of a criminal offence involving
9.1. Fulfill all documentary submissions requested and customer to undertake numerous transactions in place of a fraud, dishonesty or other financial impropriety;
commit to such being true and dependable. single transaction requested by the customer in order to
increase the Agents’ commissions. 13.2.7. When the agent sustains a loss or damage (financial or
9.2. Ensure that its respective electronic money accounts are material) to such a degree as to make it impossible in IFIS’ sole
funded. 9.15. The Agent shall only use Trademarks and Trade names for discretion for the agent to gain his financial soundness within
the purpose of promoting and providing the Authorized one month from the date of the damage or loss;
9.3. Use only recommended channels to make payment for Services during the Agreement Period and for no other purpose
IFIS services. whatsoever. 13.2.8. If an agent who is a natural person dies or becomes
mentally incapacitated;
9.4. Furthermore, the Agent shall display the following in a 9.16. The Agent shall comply with the terms of all Schedules to
conspicuous location in the Agents Outlet(s): this Agreement as may be updated from time to time. 13.2.9. If an Agent transfers, relocates or closes its place of agent
banking business without prior written consent of IFIS;
9.4.1. The Agent ID. 10. FEES AND COMMISSIONS
10.1. Transaction fees chargeable to customers for the 13.2.10. If an Agent fails to hold or renew a valid business license;
9.4.2. A list of the Services offered by the Agent as Authorized Services shall be charged in accordance with the
approved in writing. tariff guide on fees and commission. 13.2.11. If the Central Bank of Nigeria terminates the Agreement
in the exercise of its powers under the Central Bank of Nigeria
9.4.3. A notice to the effect that the Authorized Services 10.2. The Agent shall receive commissions due to it at such Act 2007, Banks and Other Financial Institutions Act, applicable
shall be provided subject to availability of funds. interval as shall be determined by IFIS. The commission Agency Guidelines issued by the CBN or any other applicable
structure is attached as an annexure to this Agreement. law; or
9.4.4. A notice to the effect that if the electronic system is
down, no transaction shall be carried out. 10.3. The Agent agrees that a right of set off shall exist against 13.2.12. If in the opinion of IFIS, the Agent does not have the
the Agent’s Account for any amounts owed by the Agent to IFIS. capacity to separate the business lines of each separate agent
9.4.5. The certificate of appointment for the commercial network from the Services contemplated under this Agreement.
activity being undertaken by the Agent. 11. SECURITY AND INSURANCE
11.1. The Agent shall be responsible for maintaining such security 13.3 The rights to terminate this Agreement given by this clause
9.4.6. The tariff guide applicable from time to time and safeguards to ensure the operating environment is secure as shall be without prejudice to any other right or remedy of either
payable to the scheme provider by the Customers. well as to obtain suitable and secure safes, cabinets as are party in respect of the breach concerned (if any) or any other
necessary for the Authorized Services offered. breach.
9.4.7. Days and hours of operation.
11.2. The Agent will keep in its care material and equipment 14. PROCESS UPON TERMINATION
9.4.8. IFIS’ dedicated customer service telephone number. entrusted to it by IFIS. 14.1. Upon the breach, termination or expiration of this
Agreement, the provisions of this sub-section shall apply and,
9.4.9. Must report any suspicious transaction observed. 11.3. The Agent will mark or identify the materials as the property consistent with the following:
of IFIS and shall be responsible for its safe keeping. 14.1.1. The Agent and IFIS shall work together to ensure an orderly
9.5. The Agent shall from time to time provide such termination of the Agency Program and to settle all financial
required information for purposes of complying with 11.4. IFIS may from time to time stipulate the minimum-security issues and accounts.
regulatory reporting obligations, or any other information standards.
that may be reasonably required concerning the activities 14.1.2. The Agent shall promptly return to IFIS any equipment
under this Agreement. The information should be supplied 11.5. IFIS shall take out necessary insurance policy to safeguard and/or materials that have been supplied to the Agent.
within the requested timelines and in the specified format. cash-in in possession of the Agent at Agent locations in line with
the provisions of agency banking guidelines. 14.1.3. Each Party shall promptly reconcile its accounts and pay
9.6. The Agent shall be required to maintain a transaction any monies owed to the other Party.
record book, being evidence of every Transaction 11.6. IFIS shall not be liable for any loss suffered by the Agent
undertaken in the specified format or in such manner as arising from insecurity or any other means not covered by IFIS’ 14.1.4. IFIS reserves the right to advice the public of the
shall be required. The transaction record book shall be the insurance policy taken on the Agent’s business. termination of the Agent in its network.
property of IFIS and shall be returned by the Agent upon
the termination of this Agreement or when it is full before a 14.1.5. The Agent shall not claim against IFIS for any loss of
new transaction record book is issued. 12. MARKETING AND PROMOTION goodwill or profits.
12.1. IFIS shall ensure the supply to the Agent of branding and
9.7. The Agent shall retain the transaction data for a period advertising support materials such as external signage, the 14.1.6. The clauses on intellectual property, confidentiality and
of five (5) years from the transaction date or such period as banks’ posters and internal point of sale material for the warranties and indemnities shall survive such termination.
shall be advised to the Agent from time to time. The record Authorized Services.
shall contain the following information; 14.2. The failure of either Party to enforce or to exercise at any
12.2. For the avoidance of doubt, materials that have been time or for any period any term of or any right pursuant to this
9.7.1. Date;
supplied to the Agent shall not be deemed the property of the Agreement shall not be construed as a waiver of any term or
9.7.2. Agent ID; Agent and shall be returned to IFIS upon demand or upon right and shall in no way affect that party’s right later to enforce
termination of this Agreement. or exercise it.
9.7.3. Transaction ID (from the electronic or printed receipt);
12.3. The Agent shall conspicuously display the logos and the 14.3. Any rights of either Party accrued at the time of termination
9.7.4. Transaction type; branding relating to the Authorized Services as prescribed herein of the Agreement or the enforcement of any breaches of the
within and outside the Outlets of the Agent and at the counter Agreement shall survive the termination of the Agreement.
9.7.5. Transaction Value; designated for the Agency program.
15. NOTICES/APPROVALS
12.4. The Agency Program Operator should also be easily 15.1. All notices and approvals required under this Agreement
9.7.6. Customer name and ID; and
identifiable from any customer or any other person within the shall be in writing, and shall be deemed delivered to the
agent premises. Agent when sent by either of the following means:
9.7.7. Customer’s signature.

12.5. The Agent shall not use any promotional material 15.1.1. By letter through registered mail to the address
9.8. The Agent shall take all reasonable steps to protect the
whatsoever to advertise the Services unless such material is provided in the Agreement;
good name and reputation of IFIS and the Authorized Services.
supplied by or approved in writing.
15.1.2. A confirmed postal address;
9.9. The Agent shall promote the products and the Authorized
13. TERMINATION
Services in order to help IFIS grow its agent banking services.
13.1. Without prejudice to any rights of the Parties in respect 15.1.3. Short message service (SMS) to the number provided
of any breach of any of the provisions herein contained, this by the Agent
Agreement shall terminate if either of the Parties shall have
9.10. The Agent shall not directly or indirectly be involved or
served on the other in writing thirty (30) days prior notice of 15.1.4. Sent to the e-mail address provided by the Agent.
knowingly or recklessly or negligently permit any other person
termination and all financial issues and accounts are settled
to be involved in any fraud and shall notify the IFIS immediately
by and with the Agent. 15.1.5. Notices sent by registered mail shall be deemed to be
upon becoming aware of any fraud or suspicious activities.
served three (3) Working Days following the day of posting.
13.2. This Agreement shall terminate forthwith upon
9.11. The Agent will implement, without delay, and comply with
occurrence of any of the following events: 15.1.6. Notices sent by e-mail or short message service shall
such procedures and rules concerning fraud as shall be
be deemed to be served on the day of transmission.
15.1.7. Notice to IFIS shall be in writing and sent by letter and shall 19.2. In the event of any dispute or claim, whether based on
be deemed to be delivered when hand delivered to the attention contract or tort, arising out of or in connection with this SIGNED for and on behalf of the within named
of ____________________, 15B Oko Awo Street, Victoria Island, Lagos. Agreement, the Parties will endeavor to resolve such dispute
through good faith negotiations as follows.
16. NO GUARANTEED INCOME FOR: [NAME OF AGENT]
No warranties or representations are made with regard to 19.2.1. In the event of any dispute arising in respect of any
provisions hereof, the Parties shall meet in a timely manner and Authorised Signatory ___________________________________________________
potential revenues that may be earned by the Agent from the
provision of the Agent Banking and no reliance should be placed negotiate in good faith towards a mutual settlement of the
Name:_____________________________________________________________________
on any statements or projections provided by IFIS, whether dispute or issue.
verbally or in writing in this respect. Designation:______________________________________________________________
19.2.2. Where a dispute cannot be mutually resolved by the
17. RIGHT OF SET-OFF Parties in accordance with Clause 18.2.1 above within fourteen (14) Date _______________________________________________________________________
17.1. IFIS or its principal bank shall have the right at all times to days, either Party may institute an action for a resolution of the
offset any sums owed to it by the Agent against any sums due dispute at a court of competent jurisdiction in the Federal
Authorised Signatory ___________________________________________________
from IFIS or its principal bank to the Agent under this Republic of Nigeria.
Agreement. Name: _____________________________________________________________________
20. ANTI-CORRUPTION
19.1 Each Party hereby undertakes that, at the date of this
Designation:______________________________________________________________
18. GOVERNING LAW AND ARBITRATION Agreement, itself, its directors, officers, employees or affiliates
have not offered, promised, given, authorized, solicited or Date _______________________________________________________________________
18.1. Agent’s Wallet PIN, Password and One-time-Password
accepted any undue pecuniary or other advantage of any kind (or
(OTP) are personal to the Agent and should never be shared
implied that they will or might do any such thing at any time in
with any third party, staff of IFIS or anybody claiming to be a
the future) in any way connected with this Agreement and that it FOR: INTERSWITCH FINANCIAL INCLUSION
staff or representative of IFIS or any of its affiliates. IFIS and its
has taken reasonable measures to prevent subcontractors,
affiliates will never request or send staff or representatives to
agents or any other third parties, subject to its control or SERVICES LIMITED
request for Agent’s PIN, OTP, card details, wallet details and/or
determining influence, from doing so..
other personal confidential information. IFIS and its affiliates
Authorised Signatory: ______________________________________________
shall not be liable for any loss or fraud arising out of the Agent’s
19.2 Each Party shall comply with all applicable anti-bribery and
disclosure of his/her Wallet PIN, Password, OTP and personal Name:_____________________________________________________________________
anti-corruption Laws in any relevant jurisdiction (including those
details.
in the Territory and the Foreign Corrupt Practice Act of the United
Designation:______________________________________________________________
States of America and the Bribery Act 2010 of the United
19. GOVERNING LAW AND ARBITRATION
Kingdom) and all applicable anti-bribery and anti-corruption Date _______________________________________________________________________
19.1.This Agreement shall be governed by, construed under and
regulations and codes of practice.
interpreted and enforced in all respects by the Laws of the
Authorised Signatory: __________________________________________________
Federal Republic of Nigeria, alongside the Agency rules and
IN WITNESS WHEREOF, the Parties have executed this Agreement
regulations issued by the CBN under which the Agent’s operate. Name: _____________________________________________________________________
by their duly authorized representatives on the dates below
written.
Designation:______________________________________________________________

Date _______________________________________________________________________

CHARACTER CONFIRMATION

I …………………………………………………… confirm that ………………………………………………… (potential agent’s name) who resides at ……………………………….………………………………………

has been known to me for ………. years as a ……………………...……………… (state relationship) is a person of good character.

I confirm that the individual’s business and residential addresses as provided in this form are correct, and that other information in this form, to the best
of my knowledge are valid and genuine.

I hereby declare and affirm that he/she is fit for consideration to be an IFIS Agent and confirm that my details herein provided are authentic and in good
faith, without prejudice or intention to deceive.

Phone Number: _________________________________________ Signature: __________________________________________ Date _______________________________

Address: _____________________________________________________________________________________________________________________________________________________________________________

Bank Name: _______________________________

Account Number: ________________________