Privacy Policy – IMSUMFB

IMSU Microfinance Bank Limited: Privacy Policy

By accessing or using our Services, or by accepting our Terms and Conditions (the “Terms”) or any other terms that incorporate this Privacy Policy by reference, you agree on behalf of yourself and any organization you represent (collectively, “you”) that you have read, understood, and consent to the collection, use, and sharing of information as outlined below. If you do not agree with this Privacy Policy, please do not access or use our Services or Platforms. This Policy is incorporated into and forms a part of our Terms and Conditions.

User Privacy Rights

This Policy outlines the privacy rights of users regarding IMSU Microfinance Bank Limited’s (IMSUMFB) collection, use, storage, sharing, and protection of personal information on our Platforms and Services.

If a user creates a username, identification code, password, or other secure access information, it is treated as confidential and will not be disclosed to third parties. IMSUMFB reserves the right to disable any identification code or password at any time if, in our opinion, the user has not complied with any of the Terms (including this Privacy Policy). If you believe your security details may be compromised, please notify us at the address below:

IMSU Microfinance Bank Limited
Data Protection Officer
OCS Building, Imo State University,
Owerri, Imo State.

By using our mobile application (“Mobile App”), you acknowledge that you have carefully read and understand the terms of use and this Privacy Policy.

Your Rights Regarding Personal Data

Right to access your personal data.
Right to be informed about how your data is processed.
Right to correct any inaccurate data.
Right to review, modify, or erase personal data.
Right to restrict data processing.
Right to block data processing that violates any law.
Right to be informed of data rectification or deletion.
Right to data portability.
Right to lodge a complaint with a supervisory authority within Nigeria.

Personal Information We Collect

IMSUMFB collects information you provide when you interact with our Mobile App, including:

Personal details: Name, Bank Verification Number (BVN), valid identification, address, and profile picture.
In-app interactions: Information provided through in-app chat to assist with your inquiries.
Contact list: Accessed for certain functions, such as sending airtime or data.
Device and usage data: IP address, browser type, device ID, ISP, approximate location, and metadata for user activity.

Cookies and Tracking
We use session cookies for login convenience, persistent cookies to store login IDs (not passwords), and clear gifs or web beacons to track user engagement. You can manage cookie settings via your browser.

Governing Principles

IMSUMFB adheres to the following principles in managing personal information:

Data may be processed for archiving, research, and public interest without additional user consent.
Data is processed with accuracy and respect for individual dignity.
Data storage duration is limited to reasonable periods in compliance with relevant laws.
Data is secured against threats such as cyberattacks, theft, and unauthorized access.

Legal Basis for Processing Personal Data
We process your personal data based on your consent, contractual obligations, or legal requirements, especially for anti-money laundering and fraud prevention measures.

IMSUMFB may share user information with subsidiaries, affiliates, and trusted third-party service providers for processing purposes, subject to confidentiality and security measures. We may also disclose user information when legally required or to protect IMSUMFB’s rights and assets.

Security Measures
IMSUMFB employs encryption, firewalls, and Secure Socket Layer (SSL) technology to safeguard sensitive information, especially financial data. Only authorized personnel access personally identifiable information, strictly for job-related responsibilities.

Data Retention
We retain personal data only as long as necessary for service provision, regulatory compliance, and fraud prevention. Following the end of our services, user information is archived per legal requirements.

Data Location and Confidentiality

All personal information is stored on secure servers and physical locations, including globally accepted data centers, to ensure seamless services and business continuity. We take every necessary step to ensure secure data handling across all storage locations.

Reporting a Data Breach

IMSUMFB complies with the Nigeria Data Protection Regulation (NDPR) and other applicable laws concerning data breach reporting. In cases where a breach poses high risk to users, notifications will be made as required, using encryption and other methods to minimize potential harm.

Changes to This Policy

This Privacy Policy may be updated periodically. The revised version will be effective upon posting unless stated otherwise. Continued use of our Services indicates your consent to any amendments.

Governing Law
This Policy complies with NDPR and relevant Nigerian laws, regulations, and international conventions applicable to Nigeria.

Last Updated: May 2024