BUSINESS ACCOUNT INDEMNITY – Daily Transaction Limit Increase

In relation to your business account with Kuda Microfinance Bank Limited (“Kuda MFB” or the “Bank”), (the
“Account”), You, (“Name of Business”) have chosen to increase your daily transaction limit for fund transfers
(“Transfers”) to [……………….].

IN CONSIDERATION of Kuda MFB accepting your request for the Transfer, You hereby declare and covenant as
follows:

 We fully understand the risks involved with online transactions and assume responsibility for all
transactions initiated on or through this Account via Kuda MFB’s mobile banking App or online or any
of the Bank’s electronic channels and hereby authorise the Bank to presume the regularity of all
authorisations, codes, passwords or PINs provided or used in the consummation of any and all
transactions on or through this Account.
 We hereby authorise Kuda MFB to honour any debit request to the Account and any and all transfer
instructions in respect of the Transfer(s) and where such requests are honoured, in the absence of
fraud or gross negligence on the part of Kuda MFB, or any of its employees, Kuda MFB shall not be
held liable for honouring such instructions even if it is subsequently discovered that the relevant
transfer instruction should not have been complied with and/or did not actually emanate from us.
 We hereby agree to indemnify and keep fully indemnified, Kuda MFB, its officers, staff and affiliates,
against any loss, claim (including litigation costs and / or expenses), penalties, and any other liability
which may arise either directly or indirectly out of or in connection with Kuda MFB receiving,
considering and/or processing the Transfer(s).
 That all prior authorisations given by us to Kuda MFB as currently governing the operation of the
Account are hereby confirmed and remain in full force and effect except to the extent that they are
supplemented or modified by the terms of this indemnity.
 Consequently, Kuda MFB may rely upon this indemnity and we will not hold Kuda MFB liable for any
actions it may take pursuant to this indemnity unless and except it is revoked or modified by any
subsequent instrument issued by us and received and acknowledged by Kuda MFB.
 Kuda MFB may, but is not obliged to seek telephone confirmation or other form(s) of confirmation of
a transfer instruction and shall exercise its discretion to proceed or refrain from acting upon a transfer
instruction in the event that it is unable to obtain satisfactory confirmation thereof, or has any reason
to doubt the authenticity of a transfer instruction or the confirmation received in respect thereof.
 Kuda MFB has no obligation whatsoever to confirm or verify the identity of the persons sending any
transfer instruction or the genuineness of such instruction. Any transaction processed pursuant to a
transfer instruction shall be binding on me/us for all intents and purposes and whether made with or
without our authority, knowledge or consent.
 We shall ensure the security of all information, electronic devices, details and documents relating to
the Account and shall immediately notify Kuda MFB by email: help@kuda.com or by phone:
0700CALLKUDA of any compromise in the security of our electronic devices or upon the occurrence of
any circumstance(s) likely to render the continuous reliance on our instructions unsafe.
 Kuda MFB shall endeavor to refrain from processing a Transfer instruction upon receiving a
notification pursuant to the clause above. This shall, however, be without prejudice to our covenants
and obligations herein in respect of any Transfer whether prior or subsequent to the notification.
 Kuda MFB retains the sole discretion to process a Transfer instruction, or any part thereof for lawful
reasons and in accordance with the terms and conditions of the Account.
  We waive all rights of action or defenses we may have against Kuda MFB in connection with all
matters contemplated herein, and shall further hold Kuda MFB free and harmless from any
responsibility, liability or adverse consequence (whether direct or indirect) in connection with
receiving, considering and/or processing our Transfer instruction(s) to the extent permissible under
this indemnity.
 We hereby agree that in addition to any general lien or similar right to which Kuda MFB may be
entitled by law, Kuda MFB may at any time, combine or consolidate all or any of our other deposits
and accounts with and liabilities to Kuda MFB that may at any time be in its possession and set off or
transfer any sum or sums standing to the credit of any one or more of such accounts or deposits in or
towards satisfaction of any claim made against Kuda MFB or loss suffered by it as a result of or
pursuant to it acceding to our request as aforementioned.
 This Indemnity shall be a continuing security and shall remain valid and binding on us throughout the
period that the Account is maintained and operated by us with Kuda MFB and even thereafter until
such a time as the Bank shall be entitled to invoke the statute of limitation against any action that may
be brought against it for granting the request sought under this indemnity but shall cover the cost of
any such action.
 This indemnity shall be governed by and construed in accordance with the laws of the Federal
Republic of Nigeria.

Dated this ____ day of __________________, 202__

The common seal of the within named (“NAME OF BUSINESS”)

Was hereunto affixed in the presence of:

_______________________________ _____________________________

(Name of Director) (Name of Director)

DIRECTOR DIRECTOR