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The Bank Account Agreement serves as the foundational document governing the relationship between financial institutions and their customers in Nigeria. This agreement is required whenever a new bank account is opened, whether for individuals, corporations, or other entities. It establishes the legal framework for the account relationship, ensuring compliance with Nigerian banking regulations, including BOFIA 2020, CBN guidelines, and anti-money laundering requirements. The document covers critical aspects such as account operation, fees, security measures, and customer obligations, while incorporating necessary consumer protection provisions. It's designed to protect both the bank's and customer's interests while maintaining transparency and regulatory compliance in the Nigerian banking sector.

1. Parties: Identification of the bank and the account holder(s), including full legal names and addresses

2. Background: Brief context explaining the purpose of the agreement for opening and maintaining a bank account

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Opening and Operation: Requirements and procedures for opening and operating the account, including minimum deposits and documentation requirements

5. Customer Identification and KYC: Requirements for customer identification, verification, and ongoing KYC obligations

6. Account Holder's Rights and Obligations: The rights and responsibilities of the account holder, including reporting requirements and account maintenance obligations

7. Bank's Rights and Obligations: The bank's duties, responsibilities, and rights in managing the account

8. Fees and Charges: General provisions regarding fees, charges, and how they may be modified

9. Interest: Terms regarding interest calculation, payment, and variations (if applicable)

10. Account Statements and Communications: Provisions for account statements, notifications, and communications between parties

11. Security and Access: Security measures, including PIN, passwords, and electronic access provisions

12. Data Protection and Privacy: Handling of personal information in compliance with Nigerian Data Protection Regulation

13. Termination: Conditions and procedures for account closure or termination by either party

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

15. Amendments: Process for making changes to the agreement terms

16. General Provisions: Standard clauses including severability, entire agreement, and force majeure