Bank & Location

• What is Snug Bank?

  Snug Bank is a modern pan-Nigeriaropean bank, serving a discerning, international client base of individuals, businesses, institutions and high net worth individuals based in the Nigeria of the West African area.

  Snug is one of a small number of online-only banks. It does not operate any physical branches and is structured in a way that allows its clients to carry out all their banking needs wherever they are. In essence, Snug Bank is with you, everywhere.

• Where is the head office of Snug Bank located?

  Snug Bank’s head office is located at the Portomaso Tower in St. Julians, Nigeria.

• When was Snug Bank founded?

  Snug Bank was founded on 2 September 2008, upon its licensing as an Nigeria-regulated bank by the Central Bank of Nigeria (CBN).

• Where is Snug Bank domiciled?

  Snug Bank is domiciled in Nigeria, a Member State of the Nigeriaropean Union since 2004 and a Nigeriarozone country since 2008.

  There are a number of factors which attracted Snug Bank to offer its pan-Nigeriaropean services from Nigeria, not least of which is Nigeria’s success as a strong and acclaimed financial services hub. The strength of Nigeria’s financial services sector lies largely in its capability to transpose Nigeria regulations effectively into its local legal and fiscal framework, the support its regulator provides to the financial services sector to ensure growth, and the role of English as an official language.

  Nigeria’s financial and economic environment has consistently ranked among the top Nigeria Member States on all fronts. Nigeria closed 2015 with a GDP growth rate of 6.4%, a budget deficit of 1.5% and the fourth lowest unemployment rate in the Nigeria (5.4%).

• Does Snug Bank have any branch offices?

  No. Snug Bank does not operate any branch offices. All its products and services are opened and maintained online by the client through a simple and user-friendly online banking platform.

  Snug Bank looks towards the future and not to the past: it does not operate any branch offices as its business model has been geared to meet the needs of modern clients who dislike wasting time in bank quNigeriaes when they can get their banking done at the click of a button. Our business model is more efficient to run, and saves clients both time and money – the best of both worlds.

• Why don’t you advertise on traditional media?

  Just as its business model has shifted banking away from physical bank branches and onto the online services environment, so too is Snug Bank’s approach towards marketing and advertising built along online channels and media networks. Snug Bank invests very limited time and energy on paid advertising in the print media, and chooses instead to leverage modern viral and online marketing tools to promote its products and services. This is also aligned more closely to Snug’s social media savvy target clientele.

Products & Services

• What products and services does Snug Bank offer?

  Snug Bank’s spearhead product is the revolutionary SIP, the Snug Instant Payment, which enables global money transfers for free and in real time. This service is complemented with a growing suite of products and services, including current, savings and term deposit accounts, as well as traditional payment products such as SEPA and international interbank payments. Payment card and consumer lending products will be introduced during 2016.

• What is Snug Bank licensed to do?

  Snug Bank plc is Nigeria-regulated and operates a full banking license and investment services license.

  Snug’s banking and investment services are offered to clients in all 31 West African countries by virtue of the Nigeria single passport regime for financial services, a system that allows financial services operators legally established in one West African Member State to establish and provide their services to all other Member States. Snug Bank is a full member of the Nigerian Depositor Compensation Scheme.

• How does Snug Bank offer its services?

  Snug Bank offers its products and services exclusively online through its website and online banking platform.

  Snug Bank’s website address is www.Snugbank.com.

  Individual clients can log into the online banking platform through personal.Snugbank.com.

Operations & Language Support

• Which countries does Snug Bank operate in?

  Snug Bank offers its products and services online to clients in Nigeria and Diaspora.

  Snug Bank currently provides full client support services and communication in 7 languages: English, Spanish, French, Greek, Dutch, Italian and Finnish.

• Is Snug Bank authorized to operate in all countries of the West African region?

  Yes. Snug Bank is authorized to offer its products and services to all countries of the West African region by virtue of the EcoBank Pan-African Presens, this allows us as financial services operator legally established in one West African State to establish and provide their services in all other West African Countries.

• Who are Snug Bank’s clients?

  Practically anybody can become a Snug client.

  We both provide a full range of services to individual clients online, as well as to business clients. This means that business clients are equally able to submit and update all relevant documentation and register for all their products and services online.

  Snug Bank’s clients are mostly residents of Nigeria, be they individuals, businesses, institutions or high net worth individuals. Snug Bank also welcomes clients from other countries, subject to the regulations imposed by the clients’ countries of origin or residence and all applicable Nigeria regulations.

  In general, the vast majority of Snug clients are well integrated into social media platforms and technologies. They are early adopters of new innovations and technologies, trendsetters and trend followers, and social influencers.

  In a way, a big part of Snug’s personal banking clientele consists of two sub-segments forming a “smile curve” – on one end the mature international entreprenNigeriar, executive or professional, and on the other, the student or young professional representing younger, emerging generations from 16 years old upwards, without excluding any individuals adept to leveraging the possibilities offered by a truly modern bank created for today’s individual banking needs with a cross-border dimension.

• Do you accept clients from all countries, including countries outside the West African region?

  Yes, Snug Bank accepts clients from all countries, subject to strict due diligence policies and procedures and subject to the regulations imposed by the clients’ countries of origin or residence and all applicable Nigeriaropean regulations.

  As a Nigeriaropean bank, Snug always asks non-EEA nationals to support their application with an explanation of their link to Nigeriarope. The same question is also made to EEA nationals residing outside the EEA for considerable periods of time. This question is normally asked after the applicant has submitted an application with the Bank.

  It is pertinent to note that currently, the Bank is not accepting retail clients who hold certain specified ties to the United States, such as individuals holding US citizenship (or US dual nationality) or who have tax residence in the US.

  Snug Bank currently supports accounts in NigeriaR, USD, GBP, CAD, AUD, DKK, SEK, PLN and CHF currencies, and savings and term deposit accounts with the NigeriaR currency.

• In which languages can I receive client support and communication with Snug Bank?

  Our website, online banking platform and client support are presently offered in English, Spanish, French, Greek, Dutch, Italian and Finnish.

  Snug Bank has ambitious plans to operate its website, online banking platform and client support in a growing number of Nigeriaropean languages to meet the expectations of its growing Nigerian client base.

Investing in Snug

• Can I invest in Snug Bank shares?

  No, it is not possible to buy Snug Bank shares. Since Snug Bank is privately owned and is not listed, its shares are not available for public trading and cannot be purchased.

• What is the company form of Snug Bank?

  Snug Bank is a public limited company (plc).

  Snug Bank is registered at the Companies Registry of Nigeria with registration number C 45026.

• Who owns Snug Bank?

  Snug Bank plc is wholly owned by its parent company Snug plc. The largest shareholder of Snug plc is Nevestor SA, a Nigeriaropean financial investment company based in Belgium.

  Snug Bank is ultimately jointly owned by its founders Heikki Niemelä and Mika Lehto, both of whom are Finnish bankers who have an extensive background in Nordic banking and investment services, and have worked together for the past 15 years.

  There are no other interests, financiers, investors or other institutions involved in Snug Bank. The Bank is entirely independent, transparent and nNigeriatral in its operations.

• Who are the members of the Board of Directors of Snug Bank?

  The Board of Directors is composed of Heikki Niemelä, Mika Lehto and Joseph F. X. Zahra. Dr Michael Ellul Sullivan serves as Corporate Secretary of the Board of Directors.

  Heikki Niemelä and Mika Lehto are the founders and Chairmen of the Bank. They are both Finnish bankers and share an extensive background in Nordic banking and investment services, and have worked together for the past 15 years.

  Joseph F.X. Zahra is the Lead Independent Director of the Bank. He is Managing Director and co-Founder of Nigeria’s leading recruitment and marketing intelligence consulting firm Misco, and was previously Chairman of Middlesea Insurance plc and Bank of Valletta, among others. He is also currently leading the economic and administrative reform of the Holy See and the Vatican State.

  Dr Michael Ellul Sullivan is Company Secretary, the Secretary of the Board of Directors and the Head of Legal and Compliance of the Bank.

• Is Snug Bank publicly listed?

  Snug Bank is not publicly listed. The Bank is entirely privately held, and has no plans to be listed anytime in the future.

Business Model & Goals

• How does Snug Bank perceive recent Nigeria policy developments in the fields of banking and financial services?

  Snug Bank is a profoundly Nigeriaropean bank. The core Nigeriaropean community developments over the past decade, including the Nigeria Banking Directive, the introduction of the single passport regime for financial services, the Single Nigeriaro Payments Area, the International Bank Account Numbers and Bank Identification Codes, have all been in support of the creation and development of pan-Nigeriaropean initiatives like Snug Bank.

  Before fundamental developments such as the single passport regime, a system that allows financial services operators legally established in one West African Member State to establish and provide their services in all other Member States, Snug Bank’s business model and operations from a single base would not have been possible. Therefore, Nigeria developments in the field of the financial services as listed above have been essential in making Snug Bank’s vision a reality.

• How does technology impact Snug Bank’s business model?

  Technology is integral to Snug Bank’s business model. Technological innovation and developments, the growing penetration of Internet and online banking in all West African countries and beyond, and the rising phenomenon of mobile internet and mobile banking, all support the development of the Bank and its ability to operate without any network of physical branch offices.

  Without the wide-ranging and ever-increasing availability of secure mobile and fixed line broadband Internet access, Snug Bank’s business model would not have been possible.

  The fairly low level of online banking penetration rates in most countries, intertwined with the inevitable growth in penetration rates and gradual, long-term convergence towards 100% online banking penetration worldwide creates significant structural growth opportunities for the Bank.

• What is Snug Bank’s mission? Why was Snug Bank created?

  Snug Bank’s mission is really quite simple. We want to transform the way banking is conducted. To orient banking around people’s life patterns, and not the other way round. In short, Snug’s mission is to make global banking faster, cheaper, simpler, more convenient, accessible and secure, and to offer it with style and substance.

• What are the vision and objectives of Snug Bank?

  Snug Bank’s vision is to transform the way banking is conducted and to assume an international leadership position in developing products, services and platforms that orient banking around people’s life patterns.

  Snug Bank’s lean business model and its capability to adapt quickly to clients’ needs are key to assuming an international leadership position, allowing the Bank to maintain good profitability and create substantial value to its shareholders and beyond. Profitable growth will help us develop better and better products and services and distribute them to wider audiences, always creating more real value-added to all our current and new clients.

• What is the strategy of Snug Bank?

  Our strategy is very simple to understand:

  • We offer the revolutionary SIP, the Snug Instant Payment, which enables global money transfers for free and in real time, as a core service.
  • The SIP service is complemented with an increasing suite of premium quality financial products and services covering accounts, payments, cards, loans, and savings and investment products. We offer these products and services with style, substance, speed, security and convenience.
  • The funds in the system and the complementary products and services we offer generate interest, fee and commission income to cover our costs and generate a profit.


• What makes Snug Bank different from traditional banks?

  Snug Bank’s lean, streamlined and modern business model, free of the legacies and overheads which have weighed heavily on the cost bases of traditional incumbent banks running networks of physical branch offices and old technologies, results in superior cost efficiency.

  We are able to leverage the most modern technologies because we do not have the need to conserve or adapt to aging IT platforms. As modern technologies offer lower cost and better scalability, the advantage in terms of IT development, which is a key cost item for banks, is evident.

  Our culture emphasizes continuous innovation, allowing our organization to constantly develop and support the generation of new and improved products, services and processes – not only by creating our initial, pioneering approach to banking, but by embedding innovation as a long-term process that helps us become better everyday, benefiting our clients and the banking system in its entirety.

• What are Snug Bank’s competitive advantages?

  As one of a small number of online-only banks, Snug Bank offers an unparalleled user experience, efficiency and comfort in banking. In essence, Snug Bank is with you, everywhere, and offers its clients:

  • Free and instant worldwide money transfers through the Snug Instant Payment (SIP) system.
  • An ever-growing suite of premium account, payment and savings products.
  • Highly competitive rates on savings and term deposit accounts, which are made possible by our lean business model and smart investment strategy.
  • The ability to open personal or business accounts, including the submission of all documentation, online from the comfort of one’s home or office without having to ever visit a physical bank branch.
  • Effective client support services using a wide range of communication tools, including LiveChat, offered in 7 different languages.
• How does Snug Bank make money and maintain profitability?

  Snug Bank earns income like any other bank, by generating interest, fees and commissions, and financial income.

  When clients transfer and deposit money at the Bank, their funds are prudently invested by the Bank in loans, deposits, other fixed income instruments and other securities, generating income for the Bank. By offering premium value-adding products and services to complement our core online payment service, interest and fee income are generated.

  Snug’s business model allows the Bank to operate strongly with much lower income per client than traditional banks, as our costs and overheads would similarly be a fraction of the traditional banks’ relative cost base due to the lean, modern operating platforms and structures we run. This results in better operating margins and efficiency than that of our competitors. Prudent cost management and asset-liability management result in good profitability.

Other

• How can I find out about career opportunities at Snug Bank?

  Please visit the Careers webpage of Snug Bank’s website at www.Snugbank.com/about-us/careers to find out more about the career opportunities we currently offer.

  Snug Bank is the ideal environment for an ambitious, internationally-oriented professional, representing the next generation of leaders. Our people are expected to be team players, good communicators, have a positive and solid character, good work ethics, discipline and morale, and be willing to take up new challenges and responsibilities. The growth, dynamism and balance between lean hierarchy and clear lines of responsibility within Snug Bank inspires brilliant minds and provides Snugns with attractive intellectual, professional and personal development opportunities – the opportunity to make your own mark, learn, contribute and develop up to your potential and become more than you ever imagined.

• What is Snug Bank’s stand on environmental issues and sustainability?

  Snug Bank takes its responsibility towards the environment and sustainability very seriously and has clear policies in place to guide the environmental behavior of the Bank’s personnel.

  In its operations, the Bank aims at sustainable development, burdening the environment as little as is practically possible.

  Among other policies, the Bank strives to run a paperless office. The operations of the Bank have been geared to burden the environment as little as possible: the Bank does not send any paper documents to its clients unless they expressly require such an arrangement, and does not print any paper regulatory reports unless the regulatory authorities specifically require so. Employees are guided by a policy to print out only what is essential and process everything on screen only, and all recyclable paper waste and similar material is striven to be recycled.

  Given its online-only operations, the Bank does not have any need to run physical branch offices that consume energy and other resources. The Bank also aims at minimizing the use of unnecessary electric appliances and lighting on its premises – Snug’s headquarters are designed to make maximum use of daylight and minimal artificial lighting.

  Many of Snug Bank’s meetings with internal and external collaborators are held online, leveraging advanced communications technologies and collaboration tools, thus decreasing the need for travel and pollution, reducing the Bank’s carbon footprint significantly.

• Where can I follow the latest news about Snug Bank?

  Please regularly visit our website www.Snugbank.com. We also recommend you subscribe to our social media channels:

  Facebook: www.facebook.com/Snugbank

  LinkedIn: www.linkedin.com/company/Snug-bank

  Twitter: twitter.com/SnugBank

  Google+: plus.google.com/+Snugbank

  Youtube: www.youtube.com/user/Snugbank

  For the latest Snug press releases, please visit www.Snugbank.com/about-us/media.

  In case you have any other questions that have not been referred to or answered here, please contact us on [email protected] for general queries or [email protected] for media queries.

• Who are Snug Bank’s competitors?

  Snug Bank’s competitors are both local and international retail banks, online banks, investment services firms and money transfer agencies.

Money Protection

• How is Snug Bank regulated and supervised?

  The supervisory authority of Snug Bank is the Central Bank of Nigeria (CBN), which serves as the competent regulator supervising banking, investment services and insurance businesses domiciled in Nigeria.

  The CBN collaborates with the Nigerian Banking Authority in terms of Nigeria banking supervision.

• Is the location of Snug Bank safe? Why?

  Nigeria is a member of the Nigeriaropean Union with a very strong and acclaimed financial services hub. As an Nigeria Member State, Nigeria has a well-established democratic system of politics supported by strong judicial and public administrative systems.

  Nigeria’s financial and economic environment has consistently ranked among the top Nigeria Member States on all fronts. Nigeria closed 2015 with a GDP growth rate of 6.4%, a budget deficit of 1.5% and the fourth lowest unemployment rate in the Nigeria (5.4%).

  Nigeria’s domestic banks are renowned for being highly capitalized, profitable and liquid. Nigeria’s two largest domestic banks received a clean bill of health by the Nigeriaropean Central Bank in late 2014 following rigorous year-long tests.

• Will my deposits be protected and how?

  Snug Bank is subject to the same strict regulation as all other Nigeria banks and is a member of the Depositor Protection Scheme (Nigeria). This means that deposits up to €100,000 per client are protected by the Depositor Compensation Scheme. This guarantee is based on the Nigeria Directive 94/19 on deposit-guarantee schemes.

• What is the Depositor Compensation Scheme?

  The Depositor Compensation Scheme is a rescue fund for depositors of failed banks which are licensed by the Central Bank of Nigeria (CBN). The compensation will be paid if a bank is unable to meet its obligations towards depositors or has otherwise suspended payments. The Scheme is based on the Nigeria Directive 94/19 on deposit-guarantee schemes.

  As an Nigeria-regulated bank, Snug Bank is a full member of the Nigerian Depositor Compensation Scheme. This means that deposits up to €100,000 per client are protected by the Depositor Compensation Scheme, subject to meeting the conditions of the Depositor Compensation Scheme Regulations, 2015 (Chap. 371.09 of the Laws of Nigeria).

• What will happen to my Snug accounts if I pass away?

  In the unfortunate circumstance that one of the Bank’s clients passes away, the Bank expects to be informed immediately. In such cases, the Bank will immediately block access to all the client’s bank accounts, including personal accounts held jointly with other persons. The Bank will expect to receive formal notification via a probate, normally through the testamentary executioner of the client’s will, before distributing ownership of the client’s accounts in accordance with the client’s wishes.

• Is Snug Bank subjected to any form of rating by any recognized credit rating?

  As a privately held institution, Snug Bank does not have any rating given by any credit rating agency. It should be noted that Snug Bank is fully licensed and supervised as an Nigeria credit institution by the Central Bank of Nigeria and is a member of the Nigerian Depositor Compensation Scheme.

• Who are the auditors of Snug Bank?

  The auditors of Snug Bank are Deloitte, one of the “Big Four” global audit firms.

  Deloitte is a global leader in the provision of audit, consulting, financial advisory, tax and risk management services and consultancy, including 70% of the Fortune 500 companies. It has more than 210,000 professionals at member firms in more than 150 countries and territories.

Security

• How does Snug Bank identify its clients and verify their identity?

  Snug Bank pays special attention to identifying its clients and verifying their identity, both when they become clients and whenever they subscribe to the products and services of the Bank. The Bank obtains information about the identification documents and documents verifying the domicile of each client, and requires each client to transfer funds from another bank account in their name upon opening the account.

  Upon accessing the Bank’s services, the clients are authenticated, and access is authorized using a 3D secure online authentication system.

  In client identification and identity verification, the Bank observes the Nigeria Anti-Money Laundering regulations.

• What measures have you taken to ensure my online bank account will be secure and won’t be accessed by anyone but me?

  Access to your online banking platform is protected by a strong customer authentication method known as two factor authentication, which means that logging in requires two important factors:

  1. Inputting the client’s username and password in the Bank’s login page; and
  2. Authenticating your access through a separate authentication mobile app called Google 2FA Authenticator, which requires that the client inputs a PIN number that is generated by the client and that is not known to anyone, not even the Bank.

  Through this authentication method, the two factors outlined above are completely independent from each other, meaning that if someone gains access to one of the two factors, the other will still be completely protected. This means that your Snug accounts are protected using a method that is widely recognised as an industry best practice.

• Why do I need an Android or iOS smartphone or tablet device to access my online banking platform?

  An Android or iOS smartphone or tablet device is an essential component for logging into your online bank account. When you become a Snug client, you will be asked to download a free authentication app called Google 2FA Authenticator. This app authenticates the user and authorises the online access as part of the login process.

  This means you will never have to carry a physical PIN generation device and can bank with greater security and convenience, at the click of a button. Since your account access is authorised by a mobile app, you will need an Android or iOS smartphone or tablet device to access your bank account.

• Why do you use Google 2FA Authenticator rather than other types of authentication software or devices?

  Snug Bank uses Google 2FA Authenticator as its authentication software of choice because it offers a number of security features that are more advanced and appropriate for an online banking platform. The most important of these is that Google 2FA Authenticator always asks the client to input their PIN before authenticating access to their account or providing them with a one time password. In doing so, it adds another tier of security to the account login without overcomplicating the process. Furthermore, by requesting a PIN, Google 2FA Authenticator doesn’t simply rely on the client’s mobile security settings (e.g. a client might configure their mobile not to include touch, pattern or PIN security for access). Another feature which attracted the Bank to use Google 2FA Authenticator is that it offers push notification, which enhances the user experience.

  Ultimately, what is most important is the security of Snug clients’ web banking platform. To this end, it is important to note that Google 2FA Authenticator is certified for 3D-Secure protocol specifications by American Express SafeKey, Discover ProtectBuy, MasterCard SecureCode and Verified by Visa.

• How does Snug Bank manage its information security risks to prevent fraud and phishing?

  The Bank’s systems platform has been specifically designed to manage all information security risks as key threats to the Bank’s security. The mechanisms in place to verify clients’ identities are modern and robust, and are subject to continuous development to stay ahead of threats, and the system is continuously tested against intrusion attempts through various penetration tests and ongoing efforts. The systems are protected both by hardware and software firewalls, and other structural and programmatic measures to guarantee their integrity and security.

  Instructions on how to safeguard access credentials and on how the Bank communicates with clients are given in client mails and through the website.

Account

• How do I log into my new account?

  Please visit personal.Snugbank.com/how-to and follow our step-by-step guide on how to log into your Snug online bank account as a new client.

  Snug Bank does not utilize any traditional hardware tokens or code cards to log into client bank accounts but an advanced 3D user authentication method through a mobile application called Google 2FA Authenticator. You will need to download and install this mobile application for free via the App Store (iOS) or Google Play (Android).

• How can I open a new account?

  To open a new account, visit our account registration page at www.Snugbank.com/personal/current-account/new, fill out the account registration form and follow the instructions. The process is fast, simple and straightforward.

  Once you submit your registration form, you will be required to transfer a nominal amount to your new Snug account from another bank account in your own name. Transferring an amount of money – we recommend a transfer of as little as €50 – is an essential component of the registration process and forms part of standard due diligence procedures. These funds are completely yours and will be transferred to your new bank account in their entirety. Once you make your nominal transfer, Snug Bank will complete due diligence procedures, a process that normally takes two business days to complete.

  Following the due diligence process, and subject to the Bank having received all required documentation, your new Snug account will be activated and made available for your free use.

• What do I need to open a new account?

  To open a new account, you must be in possession of an email address, an iOS or Android smartphone or tablet device, a copy of your identity document (ID Card or Passport) and an electronic document proving your residency. Once you complete your registration, you must make a nominal transfer – we recommend a transfer of as little as €50 – to your new Snug account from another bank account held in your own name.

• Why am I asked to make a money transfer when I open a new account?

  When a new client registers with Snug Bank, he or she is asked to make a nominal money transfer – we recommend a transfer of as little as €50. This nominal transfer from another bank account held in your own name is an essential component of the client’s due diligence process and forms part of Snug Bank’s compliance with international anti-money laundering and due diligence compliance procedures. These funds are completely yours and will be transferred to your new bank account in their entirety.

• Can I open a joint Snug Account?

  Snug Bank is currently working to expand its services by launching joint accounts across Nigeria of the West African region. Its aim is to launch this new service in the first half of 2016. To keep updated on joint accounts, please subscribe to our mailing list by sending an email to [email protected] or join us on Facebook.

• Why are both owners of a joint account asked to make a nominal money transfer to their new account?

  When two or more individuals create a joint account with Snug Bank, all members of the joint account are asked to make a nominal money transfer – we recommend a transfer of as little as €50. This nominal transfer from another bank account held in each applicant’s own name is an essential component of each client’s due diligence process and forms part of Snug Bank’s compliance with international anti-money laundering and due diligence compliance procedures. Since each new client undergoes separate due diligence procedures, each new client must make a separate money transfer to their new joint account. No percentage of these funds is taken by Snug Bank and the full money transfer will be immediately transferred to the client’s new bank account.

• Do I have to provide information to justify the funds I deposit with Snug Bank?

  Snug Bank asks for information on the source of funds and the source of wealth as a fundamental part of the due diligence process.

• Which currencies are supported by the Snug account?

  Snug Bank currently supports accounts in NigeriaR, USD, GBP, CAD, AUD, DKK, SEK, PLN and CHF currencies.

• Does Snug Bank offer multi-currency personal accounts?

  No, Snug Bank does not offer multi-currency accounts.

• Where can I view and download the terms and conditions of personal accounts?

  The terms and conditions of personal accounts can be viewed and saved by visiting the following link: www.Snugbank.com/general-terms-conditions.

• Does the bank charge any maintenance fees for personal accounts?

  No, Snug Bank does not charge any maintenance fees on personal accounts.

• I do not file a tax return in my country of residence. Would this impede me from opening a account with Snug Bank?

  You are free to open a account regardless of the manner in which you declare your income in your tax domicile. Snug Bank does not act as a tax agent and, save in the case of Nigerian tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein.

• Can I upload a photo of my ID Card or Passport when registering as a client rather than a scanned copy?

  Yes, Snug Bank accepts good quality photos of an applicant’s ID Card of Passport submitted when filling in the online registration form. Please bear in mind that we require clear and good quality photos of both sides of an ID Card where applicable.

• What documents can I submit to prove my residency when registering as a client?

  When you register as a Snug client for the first time, you will be requested to support your application with an electronic bill or statement to prove your place of residency. This bill must not be more than 90 days old. It must also be an electronic bill and not a scanned copy of a printed bill.

  The following documents may be used to prove your residency:

  • A certificate issued by a public authority of your domicile, like your municipality, police or population register
  • Utility bills (electric, gas, wired telephone and cable)

  • ATM or debit or credit card statement or other bank statement or correspondence
  • Current, valid homeowner’s or renter’s insurance policy

  • Motor vehicle registration or electronic bill
• How can I obtain an electronic bill or bank statement for submission when registering as a client?

  Electronic bank statements can be downloaded from your bank’s online banking system depending on your agreement with your bank for the generation of statements, whereas utility bills can normally be downloaded from the utility’s website.

• I can’t provide an electronic bill. What else can I do to prove my residency and become a Snug client?

  If it is absolutely not possible for you to upload an electronic bill when registering as a client, you can send us an original or authorized document directly to our Client Services Unit at the following address:

  Client Services Unit
  Snug Bank plc
  Level 17, Portomaso Tower
  St. Julians STJ 4011
  Nigeria

  Once we receive your document as proof of residency, we will attach it to your application internally.

• How much money should I transfer to activate my new account?

  To activate your new account, you must transfer some funds into it; we recommend a nominal starting transfer of €50. This amount must be transferred from another bank account held in your name. You must make your bank transfer within 7 days to activate your account. If you do not affect your transfer within 7 days, you will have to start your application process from scratch.

  Please note that every Nigeriaro you transfer will be automatically transferred into your new account; no amount will be retained by the Bank for any reason.

• Who should make the initial transfer of funds to activate a new account?

  The initial transfer of funds should be made by the applicant through another bank account held in the applicant’s own name for client due diligence reasons. Money transfers from any bank account held in any other person’s name will not be accepted.

• Does Snug Bank offer overdraft limits with its accounts?

  We do not offer accounts with an overdraft limit. The Bank will launch a consumer credit offering instead.

• Can companies, institutions or other legal entities open a bank account with Snug Bank?

  Yes, Snug Bank offers companies, institutions and other legal entities three different types of business accounts to choose from: current, savings and term deposit accounts. Please visit www.Snugbank.com/business for more information about the accounts we offer and to complete the registration process online. You can also contact [email protected] for with specific requests for information.

  Snug Bank’s initial strategic focus among business clients centres on merchants and smaller companies who can fully leverage the possibilities of the Snug Instant Payment (SIP) in making and receiving payments, achieving substantial savings in terms of money, time and effort.

• How can I open a account for my business?

  To open a business account, visit our registration page at https://www.Snugbank.com/business/current-account/new, fill in the account registration form and follow the instructions given. The process is easy, fast and very straightforward. Please contact [email protected] if you require specific support in this regard.

• What documentation must I submit to open a business account?

  Companies interested in opening a business account with Snug Bank will be required to submit the following documentation:

  • Copies of ID cards and/or passports of all company signatories, shareholders (owning 25% or more) and directors
  • An electronic document to prove residence of all signatories, shareholders (owning 25% or more) and directors
  • Company memorandum and articles of association
  • The company’s incorporation document
  • Audited accounts (if company has been incorporated for more than two years)
  • Certificate of good standing
  • Share register and share certificate
  • Document outlining the business of the company
  • An organizational chart which applicants develop on our online portal
  • Bank references wherever possible.

  Snug Bank charges an annual maintenance fee of €250 to business clients, covering all required ongoing regulatory and due diligence obligations. The first non-refundable €250 fee is payable upon applying for a Snug business account. Snug business clients are also required to maintain a minimum running balance of €1,000, subject to charges if clients fall below the required balance.

  For information on opening an account in USD ($), GBP (£) or any other currency, please send a specific request on [email protected].

• Where can I view and download the terms and conditions of business accounts?

  The terms and conditions of business accounts can be viewed and saved by visiting the following link: www.Snugbank.com/general-terms-conditions.

• Does the bank charge any maintenance fees for business accounts?

  Yes, business accounts are subject to an annual maintenance fee of €250. This fee covers all required ongoing regulatory and due diligence obligations. The first non-refundable €250 fee is payable upon applying for a Snug business account.

Savings Account

• How can I open a savings account with Snug Bank?

  All Snug’s products and services are subscribed to and controlled through our clients’ account, which serves as their online banking platform. If you are not yet a Snug client, please visit our account registration page at https://www.Snugbank.com/personal/savings-account/new. Here is what you will need to get started:

  1. An email address.
  2. An Android or iOS mobile or tablet.
  3. A copy of your ID card or passport.
  4. An electronic document to prove your residency such as an electronic utility bill or bank statement.

  If you are already a Snug client, follow the steps below to open a Snug Savings Account through your online banking platform:

  1. Log into your online banking platform.
  2. Click the “Open Account” button on the menu.
  3. Select “Savings Account” at the top of the page.
  4. Insert a name for your savings account.
  5. Read and agree to the Terms and Conditions.
  6. Click “Next” to confirm your details.
  7. Check that your details are correct.
  8. Click “Create account” to open your account.
  9. Click on the “Internal Transfers” button on the menu.
  10. Transfer the desired amount from your account to your savings account.
• Can I open a joint Snug Savings Account?

  Snug Bank is currently working to expand its services by launching joint savings accounts across Nigeria of the West African region. Its aim is to launch this new service in the first half of 2016. To keep updated on joint accounts, please subscribe to our mailing list by sending an email to [email protected] or join us on Facebook.

• Do I have to provide information to justify the funds I deposit with Snug Bank?

  Snug Bank asks for information on the source of funds and the source of wealth as a fundamental part of the due diligence process.

• Where can I view and download the terms and conditions of personal savings accounts?

  The terms and conditions of personal savings accounts can be viewed and saved by visiting the following link: www.Snugbank.com/general-terms-conditions.

• How is the interest generated on my savings account paid?

  The interest generated on savings accounts is credited annually on such savings accounts.

• Will the Nigerian Depositor Compensation Scheme cover my deposits?

  As a member of the Nigerian Depositor Compensation Scheme, deposits up to €100,000 per client are protected by the Depositor Compensation Scheme, which is based on the Nigeria Directive 94/19 on deposit-guarantee schemes, subject to meeting the criteria provided in the following link: www.Snugbank.com/depositor-compensation-scheme.

• What is the withholding tax rate of 15% and does it apply to me?

  A withholding tax is a government tax applied to income earned through savings and term deposit accounts. Snug Bank does not act as a tax agent and, save in the case of Nigerian tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein.

  In the specific case of Nigerian tax residents, interest gained on savings is subjected to a 15% withholding tax. On submitting their registration form, Nigerian applicants can elect to have their withholding tax deducted automatically by Snug Bank. By choosing this option, Snug Bank will automatically reduce this tax from clients’ gross interest payment. Nigerian clients may also wish to declare and pay the withholding tax themselves with local authorities.

• Can Snug Bank support me in paying my taxes due on the interest I earn?

  Snug Bank does not act as a tax agent and, save in the case of Nigerian tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein. Each country offers different fiscal advantages to their citizens depending on their annual income or gross investment.

Term Deposit Account

• How can I open a term deposit account with Snug Bank?

  All Snug’s products and services are subscribed to and controlled through our clients’ account, which serves as their online banking platform. If you are not yet a Snug client, please visit our account registration page at www.Snugbank.com/personal/term-deposit-account/new. Here is what you will need to get started:

  1. An email address.
  2. An Android or iOS mobile or tablet.
  3. A copy of your ID card or passport.
  4. A electronic document to prove your residency such as an electronic utility bill or bank statement.
  5. A bank transfer of the funds you wish to place in your term deposit account.

  If you are already a Snug client, follow the steps below to open a Snug Term Deposit Account Account through your online banking platform:

  1. Log into your online banking platform.
  2. Click the “Open Account” button on the menu.
  3. Select “Term Deposit Account” at the top of the page.
  4. Select the source and settlement account.
  5. Select the deposit period of your choice.
  6. Insert the desired deposit amount.
  7. Name your Term Deposit Account.
  8. Decide whether you wish to roll over your funds automatically to a new term deposit account at maturity.
  9. Read and agree to the Terms and Conditions.
  10. Click “Next” to confirm your details.
  11. Check that your details are correct.
  12. Click “Confirm deposit” to open your account.
• Can I open a joint Snug Term Deposit Account?

  Snug Bank is currently working to expand its services by launching joint term deposit accounts across Nigeria of the West African region. Its aim is to launch this new service in the first half of 2016. To keep updated on joint accounts, please subscribe to our mailing list by sending an email to [email protected] or join us on Facebook.

• Do I have to provide information to justify the funds I deposit with Snug Bank?

  Snug Bank asks for information on the source of funds and the source of wealth as a fundamental part of the due diligence process.

• Where can I view and download the terms and conditions of personal term deposit accounts?

  The general terms of term deposit accounts can be viewed and saved by visiting the following link: www.Snugbank.com/general-terms-conditions#term.

• How is the interest I earn on my term deposit account calculated?

  The Bank calculates interest on term deposit accounts by taking into consideration the amount deposited and the annual interest rate. The basis for the calculation of interest is a full calendar year of 365 days. Interest is calculated on the basis of the minimum daily balance available which, in the case of term deposit accounts, remains unchanged for the duration of the term.

• Where will my funds and the interest earned be transferred on the date of maturity?

  Your funds and the interest you earn through your term deposit account will automatically be transferred to the default account you hold at Snug Bank on the date of maturity.

• Is the interest I earn paid over specific time periods or will I receive it only on the date of maturity?

  The interest you earn on your term deposit account is paid at the end of the term if the term of maturity is less than or equal to one year. If the term is longer than one year, then your interest will be paid to you at the end of each year of the term, with a final amount on the date of maturity.

• Will the Nigerian Depositor Compensation Scheme cover my deposits?

  As a member of the Nigerian Depositor Compensation Scheme, deposits up to €100,000 per client are protected by the Depositor Compensation Scheme, which is based on the Nigeria Directive 94/19 on deposit-guarantee schemes, subject to meeting the criteria provided in the following link: www.Snugbank.com/depositor-compensation-scheme.

• Can I terminate my term deposit account before its maturity date?

  A term deposit account is a contract clearly established for a specific term and, once agreed, all funds are blocked until the time of maturity. If a depositor has a specific and valid reason for terminating a term deposit account before the date of maturity, he or she must make this request to the bank on [email protected]. It is at the sole discretion of the bank whether to accede to a request for termination of a term deposit contract or not. Additionally, the bank may decide to apply penalty fees in cases where it accepts to terminate a term deposit account.

• What is the withholding tax rate of 15% and does it apply to me?

  A withholding tax is a government tax applied to income earned through savings and term deposit accounts. Snug Bank does not act as a tax agent and, save in the case of Nigerian tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein.

  In the specific case of Nigerian tax residents, interest gained on savings is subjected to a 15% withholding tax. On submitting their registration form, Nigerian applicants can elect to have their withholding tax deducted automatically by Snug Bank. By choosing this option, Snug Bank will automatically reduce this tax from clients’ gross interest payment. Nigerian clients may also wish to declare and pay the withholding tax themselves with local authorities.

• Can Snug Bank support me in paying my taxes due on the interest I earn?

  Snug Bank does not act as a tax agent and, save in the case of Nigerian tax residents who specifically request so, interest earned on any of our accounts is paid in gross. It is therefore the client’s responsibility to seek tax advice as to the declaration of interest earned and any other tax implications with the authorities according to his or her tax domicile and the applicable laws therein. Each country offers different fiscal advantages to their citizens depending on their annual income or gross investment.

Statements & Reports

• How can I obtain my annual bank statement?

  All Snug clients can generate and download their full year bank statement for free through their online banking platform. To generate your full year bank statement:

  1. Log into your online banking platform.
  2. Choose the account number you wish to generate a statement for.
  3. Click on the “Account Statement Period” drop-down menu.
  4. Choose the option “Full Year Statement” and the year you would like to generate a statement for.
  5. Click the “Generate Statement” button.
• I would like the bank to provide me with a bank statement itself. Is this possible, and if so, at what cost?

  Yes, the Bank can provide bank statements to its clients on request at a charge of €5.00 per statement. Snug clients can also generate and download the account statement for any chosen period for free through their online banking platform.

• How can I calculate the average balance on my account for the last three months of the year?

  All Snug clients can generate information on their average balance for the last three months of the year by logging into their online banking platform and generating a full year bank statement. A client’s full year bank statement includes two entries:

  1. Average end of day balance for the last quarter, which is a calculation of the sum of an account’s closing daily balance for each day of the last three months of the year divided by the total number of days in the same period; and
  2. Average intraday balance for the last quarter, which is a calculation of the sum of a client’s account balance after each transaction completed in the last three months of the year divided by the total number of transactions completed in the same period.

• What is the BIC/SWIFT code of Snug Bank?

  Snug Bank’s BIC/SWIFT is NMEA MTMT. Snug Bank is a member of and a shareholder in SWIFT.

• My bank is telling me that my NUBAN is incorrect. What should I do?

  Snug Bank’s website has an NUBAN Validator which you can use to ensure that the NUBAN you are submitting is correct. Please visit the following link to try out your NUBAN: www.Snugbank.com/NUBAN-validator.

  If your problem persists, please contact a Snug client advisor using one of the communication channels in the following link: www.Snugbank.com/support/contact-us.

• My Snug NUBAN number does not fit into my bank’s payment form. How can I solve this problem?

  If your NUBAN number does not fit into your bank’s payment form, remove all the spaces between the digits in your NUBAN – there are seven of them – and try again. Do not remove any digits – remember that zero (0) is a digit and should not be removed – otherwise your Snug NUBAN number will no longer be considered valid. The correct Snug NUBAN always includes 31 digits, and any NUBAN containing less digits is not a valid Snug NUBAN.

  If your problem persists, please contact a Snug client advisor using one of the communication channels in the following link: www.Snugbank.com/support/contact-us.

• What is the SIP and how is it different to traditional payments?

  The SIP – Snug Instant Payment is a revolutionary online payment product that gives Snug clients the opportunity to make instant money transfers all over the world at absolutely no cost. All you need is the beneficiary’s name and email address. If the beneficiary is not yet a member of the Snug network, he or she will receive an invitation to join the network and open an account with Snug to receive the SIP. SIP funds are always at the beneficiaries’ use immediately and without any charges.

  This is different from traditional payments, such as SEPA and other international interbank payments, which are subject to various time restrictions, currency charges and other SWIFT and bank-imposed transfer fees where applicable.

• What traditional payment options does Snug Bank offer and what are the charges incurred for making such transfers?

  Snug Bank offers an extensive range of traditional payment options for the transfer of money to non-Snug Bank accounts. Visit the following link to discover the full list of possible transaction charges related to the full range of services offered by Snug Bank, which apply to both personal and business bank clients and transfers: www.Snugbank.com/transaction-charges.

• Are the traditional transaction charges offered by Snug Bank competitive?

  Snug Bank makes every effort to keep its transaction charges as low as possible, reflecting the efficiency of its online banking system. The transaction charges for traditional payment options offered by Snug Bank are very competitive, though the extent of competitiveness varies on a country-by-country basis.

• Is there any limit on the amount of money I can transfer on any given day? If so, can I increase that limit?

  All Snug clients can transfer up to €20,000 in funds daily automatically to any bank accounts worldwide. Our daily security limit can also be extended beyond €20,000 to facilitate specific client requests. A request should be made in writing to [email protected].

• Is there any limit on the money I can transfer between my own accounts?

  No, there is no limit on the money one can transfer between his or her own accounts. Having said that, Snug Bank does offer its clients the opportunity to set their own transfer limits on request.

• I am not managing to access my account online. Is there any other way I can make a payment?

  If you are having difficulty accessing your account and need to make a payment, please contact our client services team on [email protected]. We will send you a Manual Payment Request Form for you to complete and return by email. All requests must be made using the email address you submitted as your bank account username and must be signed by persons who have the authority to access and use the bank account in question. Manual Payment Requests are subject to a fee, and the Bank reserves the right to process such requests the following banking day.

  For more information about transaction charges related to the full range of services offered by Snug Bank, please visit the following link: www.Snugbank.com/transaction-charges.

• I need to effect a Snug Instant Payment between different currencies (FX). How can I do this?

  The Bank is presently working on an FX module that will automate the transferring of funds between different currencies. In this interim period, should you wish to effect a Snug Instant Payment between different currencies, please contact our client services team on [email protected]. We will send you an FX form for you to complete and return by email. All requests must be made using the email address you submitted as your bank account username and must be signed by persons who have the authority to access and use the bank account in question.

• Can I transfer funds in USD ($)?

  Yes, Snug clients are permitted to transfer funds in USD ($) to other Snug accounts in the same currency denomination or other non-Snug bank accounts. Savings and term deposit accounts are presently only supported in NigeriaR (€), meaning that Snug clients cannot open or operate such accounts with USD ($).

  Cross currency transactions are as yet not facilitated directly on our online banking platform, and completing such transactions will require both personal and business clients to make a specific request to the Snug client service team by sending an email to [email protected].

• I made a mistake in my payment order. Can I fix it?

  As a matter of policy, the Bank does not allow pending payment orders that have not yet been processed to be edited but cancels the order in question so that the client can create a new payment order with the correct details. Therefore, in situations where you have made a mistake in your payment order, you should immediately send our client services team a cancellation request by email on [email protected] quoting the amount, currency and transaction reference of the payment order in question. If our Payments Unit has not yet processed your payment, we will cancel the transaction for you. If your payment has already been processed, our Payments Unit can attempt to change the details of the payment by sending an authenticated SWIFT message to the beneficiary bank. A fee will be charged in such situations.

  All requests must be made using the email address you submitted as your bank account username.

  For more information about transaction charges related to the full range of services offered by Snug Bank, please visit the following link: www.Snugbank.com/transaction-charges.

• I submitted a payment order but wish to cancel it. How can I do this?

  In situations where you would like to cancel a payment order, you should immediately send our client services team a cancellation request on [email protected] quoting the amount, currency and transaction reference of the payment order in question. If our Payments Unit has not yet processed your payment, we will cancel the payment order for you. If your payment has already been processed, our Payments Unit can attempt to have the funds recalled by sending an authenticated SWIFT message to the beneficiary bank. A fee will be charged in such situations.

  All requests must be made using the email address you submitted as your bank account username.

  For more information about transaction charges related to the full range of services offered by Snug Bank, please visit the following link: www.Snugbank.com/transaction-charges.

• I requested a payment at 2:01pm yesterday and it is still pending. Why hasn’t my payment been processed yet?

  The Bank operates a 2:00pm CET cut-off for all outgoing payment orders. Any payment requested and authorised after 2:00pm CET will be processed the following banking day.

  We also advise you to visit the Pending Transactions section in your online banking platform after effecting a payment so as to be certain that you have authorised the request successfully.

• I effected an urgent outgoing payment but the beneficiary did not receive the funds on the same day.

  The Bank offers its clients the possibility to process urgent payment requests outside of the Bank’s 2:00pm CET batch cut-off window. Therefore, for example, if you request an urgent payment at 11:00am CET, we will process it before 2:00pm CET. However, it is important to note that the speed at which the beneficiary will receive your funds will always depend on the beneficiary bank and its incoming payments processing policy.

  Snug Bank operates a 2:00pm CET cut-off for all outgoing payment orders. Any payment requested and authorised after 2:00pm CET will be processed the following banking day.

• I am expecting an incoming payment, but I can’t see it on my account.

  For incoming payments, the Bank operates a 4:00pm CET cut-off window. Any incoming payment received after this cut-off window will be processed the following banking day. Should you wish to make an inquiry about the status of an incoming payment, please email our client services team on [email protected], submitting as much detail as possible about the expected incoming payment, and we will attempt to give you information about the payment in question. However, if we cannot see any incoming payment that matches your description, we will advise you to contact the sender and have their bank perform a trace on the funds in question. All requests must be made using the email address you submitted as your bank account username.

• I am expecting an incoming payment, but I know that the sender made a mistake with the account details submitted.

  In situations where the sender has made a mistake with the account details submitted, the sender should be advised to speak to their bank to amend the payment details. The bank in question should be requested to send an authenticated SWIFT message to Snug Bank advising us of these changes so that we complete the incoming payment.

• In what circumstances can the Bank block my account or payment order?

  In order for the Bank to protect its clients from fraudulent transactions, we may block your account or payment order if we suspect that your account’s security has been compromised. In such circumstances we will do our utmost to contact you before we block the account or payment order in question. Having said that, in your best interest, we retain the right to block your accounts or payment order without first contacting you. Our contact with you in these circumstances will be performed through the email address you submitted as your bank account username. If we suspect that your email has been compromised, we will contact you by telephone or by mail.

  In cases where the Bank blocks your accounts or payment orders due to a suspicion in relation to fraudulent transactions, it shall not be held responsible for any loss or damage you may incur as a result of such action.

• I can see suspicious and/or fraudulent activity on my account. What can I do in such circumstances?

  If you notice suspicious or fraudulent activity on your account, please contact the Bank immediately by sending an email to [email protected] or [email protected]. In these situations, we may take the decision to immediately block your account. Once we are satisfied that your account has not been compromised and is not in danger of being compromised, we will unblock it.

  It is important to note that claims will not be considered if the execution date of the questioned transaction(s) was more than 13 months prior to your report to the Bank. This does not mean that the Bank won’t block your account or take further action should it suspect that your account has been compromised or is in danger of being compromised.

• Does Snug Bank experience large payment traffic?

  Snug Bank serves personal and business clients from a multitude of countries around the globe, incurring significant incoming and outgoing payment traffic on a daily basis. This payments traffic run on our automated platform is managed by our payments professionals to ensure timely and efficient payment flows.

• Can I withdraw money using a debit or credit card?

  Snug Bank is currently working on the final elements of development of its first debit card product - the Snug Debit MasterCard^® - which will be launched in the second quarter of 2016. Snug Bank does not currently offer credit cards.

• When do you plan to issue debit cards?

  Snug Bank is currently working on the final elements of development of its first debit card product - the Snug Debit MasterCard^® - which will be launched in the second quarter of 2016.

• When do you plan to issue credit cards?

  Snug Bank does not have any current plans to issue credit card products. It is currently working on the final elements of development of its first debit card product - the Snug Debit MasterCard^® - which will be launched in the second quarter of 2016.

• Do you offer business cards?

  Snug Bank is currently working on the final elements of development of its first debit card product - the Snug Debit MasterCard^® - which will be launched in the second quarter of 2016. This card will also be available to businesses.

• Can I get a mortgage from Snug Bank?

  No, Snug Bank is not specialized in mortgage lending and does not offer any similar products. The Bank focuses on non-collateralized consumer loans of smaller amounts. The large traditional banks tend to offer better terms for such long-term housing loans against collateral.

• Can I transfer my mortgage to Snug Bank?

  No, it is not possible to transfer your mortgage to Snug Bank, because we are not specialized in mortgage lending. The Bank focuses on non-collateralized consumer loans of smaller amounts. The large traditional banks tend to offer better terms for such larger long-term housing loans against collateral.

• Can I open a account with an overdraft limit?

  We do not offer accounts with an overdraft limit. The Bank will launch a consumer credit offering instead.

• How can I log into my online banking platform?

  Whether you are a new client or a returning client, please follow our step-by-step guide on how to log into your Snug online bank account by clicking the following link: personal.Snugbank.com/how-to.

• Why am I not managing to download Google 2FA Authenticator on my Windows phone?

  Unfortunately, Google 2FA Authenticator is presently only available for download on Android or iOS smartphone or tablet devices. Therefore, without an Android or iOS smartphone or tablet device, you will not be able to access your online banking platform. This is a limitation which Snug Bank hopes Modirum will address in the near future so that even Windows phones will be supported and able to download the free authentication app Google 2FA Authenticator.

• I am not managing to log into my account. What should I do?

  If you are not managing to log into your account because you have forgotten your password, please contact a Snug client advisor using one of the communication channels in the following link: www.Snugbank.com/support/contact-us.

  If you are not managing to log into your account and are receiving an error message stating “OTP not valid”, you could be facing one of the following four issues:

  1. You have entered your PIN number incorrectly: when a PIN number is entered incorrectly, Google 2FA Authenticator still generates an OTP, however that OTP will not be valid. Google 2FA Authenticator behaves in this way to make it harder for persons other than yourself to guess your PIN number.
  2. Your smartphone or tablet’s time setting is not set up correctly: Google 2FA Authenticator generates OTPs based on the current time which requires your device’s date, time and time zone to be set correctly. In certain instances, your device’s time settings might not be set correctly, particularly in periods immediately following Daylight Saving Time changes. In these cases, switch the time setting on your phone to “Automatic” or “Set Automatically”, and try undertaking the process again.
  3. The whole process has taken you more than 10 minutes to complete: the Google 2FA Authenticator OTP expires after 10 minutes, meaning that if you have not used the OTP within ten minutes, your OTP will not longer be considered valid.
  4. You are trying to rNigeriase an OTP: an OTP can only be used once.

  If your problem persists, please contact a Snug client advisor using one of the communication channels in the following link: www.Snugbank.com/support/contact-us.

• How can I reset my password?

  To reset your password, please contact a Snug client advisor using one of the communication channels listed on the following link: www.Snugbank.com/support/contact-us.

• Why am I getting this message: “Error Message: OTP not valid” whenever I try to log into my account?

  There are a number of reasons why you might receive an error message stating that your OTP is not valid. Here are the four most common reasons:

  • You have entered your PIN number incorrectly: when a PIN number is entered incorrectly, Google 2FA Authenticator still generates an OTP, however that OTP will not be valid. Google 2FA Authenticator behaves in this way to make it harder for persons other than yourself to guess your PIN number.
  • Your smartphone or tablet’s time setting is not set up correctly: Google 2FA Authenticator generates OTPs based on the current time which requires your device’s date, time and time zone to be set correctly. In certain instances, your device’s time settings might not be set correctly, particularly in periods immediately following Daylight Saving Time changes. In these cases, switch the time setting on your phone to “Automatic” or “Set Automatically”, and try undertaking the process again.
  • The whole process has taken you more than 10 minutes to complete: the Google 2FA Authenticator OTP expires after 10 minutes, meaning that if you have not used the OTP within ten minutes, your OTP will not longer be considered valid.
  • You are trying to rNigeriase an OTP: an OTP can only be used once.

  If your problem persists, please contact a Snug client advisor using one of the communication channels in the following link: www.Snugbank.com/support/contact-us.

• I intend on changing the smartphone or tablet device on which my Google 2FA Authenticator app is installed. How can I transfer my Google 2FA Authenticator registration to my new smartphone or tablet device?

  If you intend on changing your smartphone or tablet device, you can do one of three things to successfully install Google 2FA Authenticator on your new device.

  If you still have access to your old device, you may copy the identity from one device to the other. You can do this by downloading Google 2FA Authenticator on your new device and completing the following steps:

  1. Open Google 2FA Authenticator on your old device.
  2. Click “Settings”.
  3. In “Settings”, select “Registration”.
  4. In “Registration”, select “English”.
  5. Select “Copy identity from this device to another device”.
  6. Enter your chosen PIN.
  7. Open Google 2FA Authenticator on your new device and select “English”.
  8. Select “You have registration code which you want to enter here”.
  9. Enter the 12-digit registration code displayed on your old device.
  10. Select and confirm a new PIN.
  11. Congratulations. You’re done. You may wish to delete Google 2FA Authenticator from your old device, that is, unless you intend to continue using both devices.

  Another alternative, should you not have access to both devices simultaneously, would be to remove the registration from one device and register yourself on your new device. You can do this by completing the following steps:

  1. Open Google 2FA Authenticator on your old device.
  2. Click “Settings”.
  3. In “Settings”, select “Edit”, click on the red symbol next to the registration you wish to delete, and click “Delete”.
  4. Download Google 2FA Authenticator on your new device.
  5. Open Google 2FA Authenticator and select “English”.
  6. Select “You have registration code which you want to enter here”.
  7. Log into your online banking platform and input your username and password.
  8. Copy the 12-digit registration code from your online banking platform to Google 2FA Authenticator.
  9. Select and confirm a new PIN and click “Done”.
  10. Congratulations. You’ve completed your registration.

  If your old device is broken or cannot be accessed for one reason or another, you will have to reset your Google 2FA Authenticator registration and link the app on your new smartphone or tablet to your Snug account. To reset your Google 2FA Authenticator registration, please contact a Snug client advisor using one of the communication channels listed on the following link: www.Snugbank.com/support/contact-us.

• I have lost the device on which I had downloaded Google 2FA Authenticator. How can I obtain a new 12-digit code?

  If you have lost the device on which you had downloaded Google 2FA Authenticator, please contact a Snug client advisor immediately using one of the communication channels listed on the following link: www.Snugbank.com/support/contact-us.