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Privacy Policy

1. Introduction

Welcome to BetaFinance ("we," "our," or "us"). We operate a digital loyalty platform that facilitates peer-to-peer (P2P) and business-to-consumer (B2C) financial services through our mobile application (the "App").

This Privacy Policy is issued in compliance with the Nigeria Data Protection Regulation (NDPR) 2019, and outlines how we collect, use, store, share, and safeguard your personal data. It applies to all users of our App and Services unless explicitly legalized by applicable laws. By using our services, you consent to the data practices described herein. If you do not agree, kindly discontinue use.

2. Information We Collect

We collect both Personal Data and Non-Personal Data from you.

a. Personally Identifiable Information (PII)

Collected directly from you:

  • Full Name
  • Phone Number
  • Email Address
  • Date of Birth
  • Gender
  • BVN (Bank Verification Number)
  • NIN (National Identification Number)
  • Residential & Work Addresses
  • Government-issued ID (e.g., National ID, Passport, Driver's License)
  • Employment/Business Information

b. Financial & Credit Data

  • Bank Account Details
  • Loan Application & Repayment History
  • Credit Score & History (from authorized bureaus)
  • Income, Expenditure & Account Statements (via Open Banking APIs)
  • Guarantor details (if applicable)

c. Device & App Usage Data

  • Device Type, OS Version, MAC
  • IP Address, Geolocation (where government)
  • App usage patterns and user preferences
  • Interaction with app features and third-party links

3. Legal Grounds for Processing

We process your data based on:

  • Your Consent – e.g., marketing via biometric KYC
  • Legal Obligation – e.g., anti-money laundering (AML) fraud prevention
  • Legitimate Interest – e.g., credit assessment and service improvement
  • Legitimate Interests – e.g., app analytics to conduct service improvement

4. How We Use Your Data

We may use your data for the following:

  • To onboard and verify your identity via KYC
  • To assess loan eligibility and creditworthiness
  • To disburse loans and manage repayment
  • To report and retrieve credit history with licensed credit bureaus
  • To provide customer support and resolve financial disputes
  • To comply with NDPR and Central Bank of Nigeria (CBN) regulations
  • To provide customer support and resolve complaints
  • To send updates about services, promotions, and new products
  • To conduct analytics, audits or data science procedures
  • To market relevant products (if you opt-in)

5. Data Sharing and Third-Party Disclosure

We do not sell your personal data. However, we may share your data with trusted third parties under strict confidentiality, including:

  • Regulatory Authorities: Such as the Nigeria Data Protection Commission (NDPC)
  • Central Bank of Nigeria (CBN), EFCC and law enforcement agencies
  • Credit Bureaus: For credit reporting and creditworthiness assessment
  • Reporting and assessment
  • Payment Processors
    • Paystack – for loan disbursement and repayment processing
    • OnionPay – for flexible alternative payment solutions
  • KYC & Identity Verification
    • Verify Me Nigeria – for identity validation and KYC compliance
  • Credit Infrastructure & Analytics – for money data training and operational analysis
  • Business Partners: Where you explicitly consent to joint service offerings

All partners operate under NDPR-compliant data protection agreements.

6. Data Residency and Cross-Border Transfers

Your data is primarily stored within Nigeria. However, for certain services (e.g., cloud hosting or analytics), your data may be transferred outside Nigeria to countries with adequate data protection frameworks.

We ensure such transfers are governed by data processing agreements and Standard Contractual Clauses, in line with NDPR Part 2.1(d).

7. Data Security Measures

We employ:

  • AES-256 encryption at rest and TLS encryption in transit
  • Biometric & multi-factor authentication (MFA)
  • Access controls and audit trails
  • Regular penetration testing
  • Staff training on data protection

You are responsible for safeguarding your login credentials. Any unauthorized access related to your negligence will not be our liability.

8. Your Rights Under NDPR

You have the right to:

  • Access your personal data
  • Rectify incorrect or incomplete data
  • Delete your data (subject to legal and contractual retention)
  • Object to or restrict data processing
  • Withdraw consent at any time
  • Lodge a complaint with the Nigeria Data Protection Commission (NDPC)

You can exercise your rights by emailing us at [Insert Email].

9. Data Retention

We retain your data:

  • For as long as your account is active
  • For a minimum of 5 years after your last loan transaction (per CBN guidelines)
  • As required for legal and audit purposes

After the retention period, your data will be securely deleted or anonymized.

10. Children's Privacy

Our App is not intended for individuals under 18 years. We do not knowingly collect data from minors. If we learn we've collected data from someone under 18, we will delete it immediately.

11. Cookies & Tracking

We may use cookies, SDKs, and tracking tools for:

  • App performance monitoring
  • Personalization
  • Fraud detection

You can opt-out of certain cookies via your device settings.

12. Policy Updates

We may update this policy to reflect changes in our business practices, or technology. Updates will be communicated via the App or your registered email.

Using BetaFinance means you read and agreed to this Privacy Policy. Please check back regularly for updates.