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The Funds Transfer Agreement serves as the primary contractual framework for establishing and governing the relationship between financial institutions and their clients for the purpose of executing funds transfers in Nigeria. It is essential for businesses and individuals requiring regular transfer services, whether domestic or international. The agreement ensures compliance with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020, Central Bank of Nigeria guidelines, and anti-money laundering requirements. It covers critical aspects such as transfer procedures, security measures, fee structures, and liability allocation, while addressing specific Nigerian regulatory requirements for customer due diligence and transaction reporting.

1. Parties: Identification of the financial institution and the customer, including their full legal names, addresses, and registration details

2. Background: Context of the agreement, including the purpose of establishing the funds transfer relationship

3. Definitions: Definitions of key terms used throughout the agreement, including technical banking terms and regulatory references

4. Scope of Services: Description of the funds transfer services covered by the agreement

5. Authorization and Instructions: Procedures for authorizing transfers and providing transfer instructions

6. Security Procedures: Security measures and authentication requirements for initiating and confirming transfers

7. Execution of Transfer Orders: Timing, process, and requirements for executing transfer orders

8. Fees and Charges: Details of all applicable fees, charges, and payment terms

9. Compliance Requirements: Obligations regarding AML/CFT compliance, documentation, and reporting requirements

10. Representations and Warranties: Standard representations and warranties from both parties

11. Liability and Indemnification: Allocation of risks and responsibilities between parties

12. Force Majeure: Provisions for unforeseen circumstances affecting transfer execution

13. Term and Termination: Duration of agreement and termination provisions

14. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction

15. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law