At Loma MFB, we value your privacy and strive to provide you with the best online banking experience. This Cookie Policy explains how we use cookies on our website Loma (referred to as "the website") and the information we collect to enhance your browsing experience. By using our website, you consent to the use of cookies as described in this policy.

Identity Verification

When opening a Loma account, we require your BVN (Bank Verification Number) and a valid government-issued ID such as a driver’s license, voter’s card, national ID card, or NIN slip. This verification process helps us prevent identity fraud by confirming the authenticity of our users.

Facial Recognition

During the account opening process, all users must provide a photo of their face. This facial recognition feature helps us ensure that the account is being opened by the actual user, further enhancing security and preventing identity fraud.

Secure Password

To secure your Loma account, we ask you to create a strong password using a combination of letters, numbers, and special characters. This password is used to authenticate any changes you make to your account information.

Unique PINs

Each Loma account is protected by a unique six-digit PIN that only the account holder should have access to. You are also required to set a sign-in PIN for accessing the app and a separate four-digit PIN for transactions made using your Loma Card. These PINs add a layer of security to your account.

Biometric Authentication

The Loma app supports biometric authentication, including fingerprint and Face ID options. If your device has a fingerprint scanner or Face ID capability, you can use these features to sign in to the app or authorize transactions, enhancing the security of your account.

Confirmation for Unsaved Beneficiaries

When sending money to an unsaved beneficiary, we require you to confirm the transaction. This extra step allows you time to double-check and ensure you are not falling victim to a scam. Once a transfer is completed, it is extremely difficult to reverse.

Real-time Transaction Alerts

We provide real-time transaction alerts through app notifications and emails. These alerts keep you informed about the activities on your account, ensuring that you stay updated and can quickly identify any suspicious transactions.

Card Control

With the Loma app, you can control where your Loma Card can be used—whether at point-of-sale (POS) terminals, online platforms, and ATMs. In case your card is lost or stolen, you can instantly block or cancel it within the app to prevent unauthorized usage.

3D Secure (3DS) Card Payments

For added security during online card payments, we implement 3D Secure (3DS) technology. When making online transactions with your Loma Card, we send you a code via SMS and/or email to authorise the payment, providing an extra layer of protection against fraudulent activities.

Encryption and Privacy

We employ the highest level of encryption to safeguard your personal information, including your identity and confidential account details. Your information is not shared with unauthorized third parties, and we never sell your data. Additionally, we do not use your BVN to access any other bank accounts you may have, ensuring the privacy and security of your financial information.

Deposit Insurance

All deposits made into your Loma Microfinance Bank account are insured by the National Deposit Insurance Commission (NDIC). In the event of an insurance claim on a deposit, if the claim is successful, the Deposit Insurance Fund of the NDIC is expected to compensate you for up to 200,000 nairas, providing an added layer of protection for your funds.