Version 1.0 | July 12, 2024
At AKSU Microfinance Bank, the privacy of our customers, prospective customers, and users of our services is of utmost importance. This Privacy Policy explains our privacy practices, detailing how we collect, process, retain, share, and protect your personal data when you use our mobile app and other digital platforms (collectively, “Services”).
This Privacy Policy between AKSU Microfinance Bank Limited (“AKSU,” “we,” “our,” or “us”) and you, constitutes our commitment to protecting user privacy and compliance with the relevant data protection laws. It is designed to provide information regarding our privacy practices and help you understand how we handle your data, in full compliance with the provisions of applicable data protection regulations.
Lawful Basis for Processing Your Data
Depending on the circumstances of our interactions with you, our legal basis for processing your personal data may be one of the following:
- For the performance of a contract, we have or are about to enter with you;
- Based on your consent; or
- For our legitimate business interests or that of a third party.
Consent
You give your consent to our processing of your personal data when you access our platforms or when you accept our cookies policy. Your consent is also given when you use the services offered on our mobile app and digital platforms or visit any of our offices and submit your data.
What Personal Data Do We Collect?
We collect personal data about you when you use our services, including the following:
- Sign-up Information: When you register to use our services, we collect necessary personal data such as your name, date of birth, address, email, phone number, and identification information.
- Transaction Information: When you use our app for transactions, we collect details about the transaction, including the amount, merchant information, and transaction history.
- Participant Personal Data: We may collect data about other participants associated with your transactions.
- Image Information: We may collect your image for account verification purposes.
- Information from Other Sources: We may collect information from third-party sources for verification and compliance purposes.
- Other Information: Additional data may be collected when you communicate with us, respond to surveys, or use third-party services integrated with our app.
How Do We Retain Personal Data?
We retain personal data in an identifiable format only for as long as required for our business purposes and to fulfill our legal or regulatory obligations. The retention period is determined based on the purposes for which the data was collected and any legal requirements.
How Do We Process Personal Data?
We process your personal data to provide you with an efficient and secure customer experience.
This includes:
- Providing and improving our services
- Managing transactions and accounts
- Communicating with you about your account
- Preventing fraud and managing risk
- Complying with legal and regulatory obligations
Sharing Your Personal Data
We may share your personal data with:
- Other entities within AKSU Microfinance Bank Limited
- Third-party service providers performing services on our behalf
- Financial institutions for transaction processing
- Law enforcement authorities and other government officials as required by law
- Other parties with your consent
How We Use Cookies
Our app uses cookies and similar technologies to enhance user experience and collect information about how you interact with our services. You may choose to accept or decline cookies through your device settings.
What Are Your Rights?
- Access: You have the right to request access to your personal data.
- Rectification: You can ask us to correct inaccurate or incomplete personal data.
- Erasure: You can request the deletion of your personal data under certain conditions.
- Restriction: You can request the restriction of processing your personal data.
- Objection: You can object to the processing of your personal data.
- Portability: You can request your data in a portable format.
- Automated Decision-Making: You have the right to object to automated decision
making.
How Do We Protect Your Personal Data?
We employ technical, physical, and administrative security measures to protect your personal data against unauthorized access, disclosure, alteration, and destruction. These measures include data encryption, access controls, and regular security assessments.
Remedies for Violation and Time-frame for Remedy
In the unlikely event of a violation of your rights, our Data Protection Officer will address and redress the issue within 30 days of notice. Remedies may include correction or deletion of data, granting access, providing information on data processing, and other applicable measures.
Changes to Our Privacy Policy
We may update this Privacy Policy periodically to reflect changes in our practices or for legal and regulatory reasons. We will notify you of any substantial changes through our communication channels. The updated Privacy Policy will be effective as of the published date.
Contact Us
If you have any questions or concerns about this Privacy Policy or the way we handle your personal data, please contact us:
AKSU Microfinance Bank Limited
Akwa Ibom State University, Ikot Akpaden, Mkpat Enin LGA, Akwa Ibom State
Email: info@aksumfb.com.
This Privacy Policy is designed to ensure that your personal data is handled in accordance with the highest standards of privacy and security. Your trust is important to us, and we are committed to protecting your personal data.