Data Privacy Policy
PayRep Microfinance Bank Ltd is committed to protecting and respecting your privacy
Document Version: 1.0 | Effective Date: October 2024 | Next Review: October 2026
PayRep Microfinance Bank Ltd and its affiliate companies are totally committed to protecting and respecting the privacy of our customers and agents. When you sign up and use PayRep services, you accept the terms described within this agreement.
This Privacy Policy is designed to meet our obligations under the Nigeria Data Protection Act (NDPA), a legal framework that sets guidelines for the protection and processing of personal information of individuals within the Federal Republic of Nigeria.
Note: Any modifications to this Privacy Policy will be made on this page and you will receive notification through all our channels of service.
PayRep Microfinance Bank Ltd is a Microfinance Bank dedicated to supporting rural SMEs by providing them with access to credit and digitized transaction records. Our platform, PayRep, uses technology to enable credit access, repayments, and collections.
Email Support
contact@payrepmfb.ng
Phone Support
+234 809 102 4666
Access Your Data
Request a copy of personal data we hold about you
Correct Your Data
Have incorrect or incomplete information corrected
Erase Your Data
Request deletion of your personal data
Object to Processing
Object to processing of your personal data
Restrict Processing
Ask us to suspend processing of your data
Data Portability
Receive your data in a structured, machine-readable format
Withdraw Consent
Withdraw consent for data processing at any time
How to Exercise Your Rights: Contact us using the details above. We try to respond to all legitimate requests within one month.
You can stop receiving marketing messages or modify your preferences by:
- Following the opt-out links in any marketing emails
- Using the notification settings in the PayRep application
- Contacting us directly using the contact information above
1. Customer Information
To use PayRep services, you must provide information including:
- Full name and contact details
- Date of birth and gender
- Bank Verification Number (BVN)
- ID documentation and photographs
2. Device Information
When you use the PayRep mobile app, we automatically collect:
- Device identifiers and SIM card information
- Operating system and browser settings
3. Location & Analytics
With your consent, we collect location data for certain services and use analytics tools like Google Analytics to improve our app performance.
We use your personal data for the following purposes under the Nigeria Data Protection Act (NDPA):
Service Provision
To provide our financial services, process payments, and maintain account security
Legal Compliance
To comply with financial regulations and legal obligations
Legitimate Interest
For research and development, marketing, and protecting our legal rights
We may share your personal data with the following third parties:
Service Providers
For website development, hosting, payment processing, and identity verification
Professional Advisers
Lawyers, accountants, bankers, and auditors for consultancy services
Regulatory Authorities
To comply with laws, regulations, and legal obligations
Our Affiliates
To help develop, maintain, and provide our services
PayRep is entirely committed to protecting the information we collect from you. We maintain appropriate safeguards including:
Administrative
Security policies and procedures
Technical
Firewalls and data encryption
Physical
Secure facilities and access controls
We retain your information for as long as your account is active or as reasonably needed for the purposes outlined in this policy, unless:
- You request data removal as described in your rights
- A longer retention period is required by financial regulations
- We need the data for legitimate business interests or legal compliance
Important Security Notice
- • Protect your password and PIN - never share them with anyone
- • We will never request your PIN or password via email or SMS
- • If you receive such requests, disregard them and contact us immediately
- • Change your password immediately if you believe it has been compromised
PayRep may change this Privacy Policy from time to time at our sole discretion. We will notify you when changes have been made through all our service channels. By continuing to use the mobile application or website after changes, you agree to accept the new policy.
Questions About This Policy?
If you have any questions about our privacy practices or this policy, please don't hesitate to contact us.