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Security

The bank is licensed and regulated by Central Bank of Nigeria (CBN) and insured by the Nigerian Deposit Insurance Corporation (NDIC)

  • Your Identity Documents

    We ask everyone who opens a CEMCS MFB account to give us their BVN (Bank Verification Number) and a valid ID issued by the government (driver’s license, voter’s card, national ID card or NIN slip). This helps us prevent identity fraud by confirming that everyone who uses CEMCS MFB, including you, is who they say they are.

  • Your Password

    When you’re opening your CEMCS MFB account, we ask that you create a password (with any combination of letters, numbers and special characters) to secure your account. We may ask for your password to authorise any changes you make to your account information.

  • Biometrics

    The CEMCS App app is enabled for biometrics (fingerprint and Face ID options) to add an extra layer of security when you’re signing in to the app or authorising transactions, if your device has a fingerprint scanner or Face ID.

  • Transaction Alerts

    We send you real time alerts (in the form of app notifications and emails) for transactions on your account. This keeps you up to date on what’s happening with your money.

  • 3D Secure (3DS) Card Payments

    3D Secure is an extra layer of security for card payments you make online. When paying with your card online, we’ll send you a code by SMS and/or email to authorise the payment.

  • Insuring Your Money

    We insure all deposits you make into your CEMCS Microfinance Bank account with the National Deposit Insurance Commission (NDIC). If you make an insurance claim on a deposit and the claim is successful, the Deposit Insurance Fund of the NDIC is expected to pay you up to 200,000 naira in compensation.

  • Your Facial Identity

    It’s mandatory for anyone opening a CEMCS MFB account to take a photo of their face during the account opening process so that we can confirm they’re opening the account themselves. This also helps prevent identity fraud.

  • Your PINs

    When you’re opening your CEMCS MFB account, we ask that you create a password (with any combination of letters, numbers and special characters) to secure your account. We may ask for your password to authorise any changes you make to your account information.

  • Card Control

    On the CEMCS MFB app, you can set how your account should works.

  • Your Personal Information

    We use the highest level of encryption to protect your personal information including your identity and confidential account details. We don’t share your information with unauthorised third parties, we would never sell your information and we don’t use your BVN to access any other bank account(s) you may have.

Yes, we have a microfinance banking license from the Central Bank of Nigeria. Our registration number is RC 796975.

We don’t have branches (because you don’t need branches). CEMCS MFB runs entirely on your phone (with an internet connection) and we’ll deliver your debit card to any address in Nigeria. Because we don’t have branches, we save a lot of money. That’s why we can afford not to charge you ridiculous fees and pay you more interest than most banks.

We’ll give you 25 free transfers every month if you sign up with your Bank Verification Number (BVN). Extra transfers will cost you 10 naira each.

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