Security Policy
At PayRep MFB, your security is our top priority. We employ industry-leading measures to protect your financial data and personal information.
Last Updated: March 2026 | Effective Date: Immediate
PayRep Microfinance Bank Ltd is committed to providing a secure banking environment. We recognize that our customers trust us with their financial well-being, and we take this responsibility seriously. Our security strategy is built on multiple layers of protection, encompassing technology, processes, and people.
We continuously monitor emerging threats and update our systems to ensure your data remains protected against the latest security risks.
Encryption in Transit
All data transmitted between your device and our servers is protected using Secure Socket Layer (SSL) and Transport Layer Security (TLS) encryption.
Encryption at Rest
Sensitive customer information and transaction data are stored using industry-standard AES-256 encryption on our secure databases.
Masking & Hashing
We use cryptographic hashing for passwords and sensitive identifiers, ensuring that even in the unlikely event of a breach, your actual credentials remain unreadable.
Multi-Factor Authentication (MFA)
We require secondary verification for sensitive actions, such as transfers or profile changes, using SMS or email OTPs.
Session Management
Automatic timeouts help protect your account if you leave your device unattended. We also notify you of new logins from unrecognized devices.
Secure PINs & Passwords
We enforce strong password requirements and secure 4-digit PINs for all transaction authorizations.
Our platform is hosted on secure, world-class cloud infrastructure that provides:
We adhere to strict regulatory standards and undergo regular security assessments to ensure the integrity of our systems.
- NDPA:Fully compliant with the Nigeria Data Protection Act requirements for data security and privacy.
- CBN:Adherence to Central Bank of Nigeria's guidelines on IT standards and financial security.
Help Us Keep Your Account Secure
- •Never share your password, PIN, or OTP with anyone, including individuals claiming to be PayRep staff.
- •Use a unique, strong password for your PayRep account.
- •Enable security features on your mobile device, such as biometric lock or PIN.
- •Report any suspicious activity or lost devices immediately.
If you believe you've discovered a security vulnerability or have concerns about your account security, please contact our security team immediately.
Security Hotline
contact@payrepmfb.ng
Phone Support
+234 809 102 4666
Questions About Our Security?
Our security experts are available to clarify any concerns you might have regarding how we protect your information.