This document is prepared in accordance with the provisions of the Nigeria Data Protection Act 2023 (NDPA). It sets out how Akalabo MFB Limited applies and complies with the data privacy principles in processing the personal data of customers, staff, vendors, visitors, and even third parties that interact with the bank.
For personal data of individuals, this document also highlights their rights and covers the data subject(s) whose personal data is collected and processed, in compliance with the NDPA.
This privacy policy describes why and how we collect and use personal information about our customers, clients, vendors, and visitors (data subjects). It also highlights with whom we might share Personal Information and how long we keep such information. It also makes data subjects aware of their rights under the Nigeria Data Protection Act 2023.
Akalabo MFB Limited Data Protection Officer (DPO) is responsible for ensuring that this document is correct and up-to-date. The DPO also ensures that data subjects are duly notified prior to the collection and processing of their personal data by the Bank, including data collected via the Akalabo MFB Limited’s website. All Akalabo MFB Limited employees/staff who interact with personal data must also ensure to follow the provisions in this policy document.
Akalabo MFB Limited is committed to protecting the privacy and security of data subjects’ personal data. We are responsible for determining how we hold and use personal information about our data subjects. According to the Nigeria Data Protection Act (NDPA), Akalabo MFB Limited is required to notify data subjects of the information contained in this document.
Akalabo MFB Limited is incorporated under the laws of the Federal Republic of Nigeria, with our registered office at Aguata L.G.A., Anambra State, Nigeria Beside Afor Market, Amesi. We provide adapted financial services to Micro, Small and Medium-sized Enterprises (MSMEs) and individuals in Nigeria. Akalabo MFB Limited is a reputable technology-driven financial institution that is recognized for innovation, superior performance, and creation of premium value for all stakeholders. Akalabo MFB Limited is also considered a leader in the deployment of various channels of banking technology, driven by a culture of excellence and strict adherence to national and global best practices, combining vision, skilful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations while enabling businesses to thrive and grow wealth for customers.
The personal data we would collect and process, depending on the particular processing requirement, are under the following categories:
| Data Type | Description of Data |
|---|---|
| Identity Data | Full Name, maiden name, marital status, title, NIN, date of birth, gender, address and employment history, and citizenship. |
| Contact Data | Address, Email Address and Telephone Numbers. Information received during your contact with face-to-face meetings, phone calls, emails, letters and SMS |
| Financial Data | Bank account information and bank statements, Bank verification Number (BVN), your income and outgoings, your financial position, status, and credit history, debit or credit card information and account number. |
| Transaction Data | Information regarding the products and services you may have benefited from by using Akalabo Microfinance Bank Limited and any of its subsidiaries, transactional information including in respect of products which you purchase. Location data of transactions where you may use your debit card |
| Technical Data | Internet protocol (IP) address, your login data, details of your browser and operating system, time zone setting and location, browser plug-in types and versions, platforms and other technology on the devices you use to access this website |
| Profile Data | Includes your username and password |
| Job Application Data | Data submitted throughout the recruitment process eg: name, email address. Any personal information you provide to Akalabo Mfb Limited as part of the recruitment process. |
| Usage Data | Includes information about how you use our website, products and services |
| Marketing and Communications Data | Information about your communications with us. Your preferences in receiving marketing e-mails from us and consents you have given us |
Where the personal data we need to collect may fall under a special category of sensitive personal data, the Bank’s lawful basis of processing will be the explicit consent of the individual, or where applicable, compliance with a legal obligation, or for legal proceedings/advice.
Akalabo MFB Limited ensures that the personal data collected and processed is necessary for the purpose of collection, and shall not collect or process more data than is reasonably required for a particular processing activity.
Akalabo MFB Limited identifies, establishes, defines, and documents the specific purpose of processing and the legal basis for processing personal data (including any special categories of personal data processed) before any processing operation takes place under:
In addition, every processing purpose has at least one lawful basis for processing to safeguard the rights of the data subjects, as listed below:
| Purpose of Processing | Lawful Basis of Processing |
|---|---|
| Account creation, identity verification and maintenance of records | Contract |
| Vendor validation/information processing | Contract |
| Employment | Contract |
Where applicable, Akalabo MFB Limited will require the explicit consent of customers, visitors, and other relevant stakeholders to process collected personal data.
Visitors to the bank’s website are expected to read and understand the website privacy notice, and then agreeing to the website’s terms of use. And by consenting to the privacy policy, data subjects are giving Akalabo MFB Limited the permission to use/process their personal data specifically for the purpose identified before collection.
On this ground, if any data subject (customer, client, visitor, vendor, staff, or third party) does not agree Akalabo MFB Limited collecting and processing their personal data, such individual is not allowed to enjoy the Bank’s service(s) where applicable.
If, for any reason, the Bank is requesting sensitive personal data from its stakeholders (external and internal), the individuals will be rightly notified why and how the information will be used.
Where processing relates to a child under 18 years old, as in the case of NDPA , Akalabo MFB Limited shall demonstrate that consent has been provided by the person who holds parental responsibility over the child. Akalabo MFB Limited shall demonstrate that reasonable efforts have been made to verify the age of the child and establish the authenticity of the parental responsibility taking into consideration available technology.
Irrespective of initial consent given, an individual can withdraw their consent at any time by making a withdrawal of consent request.
Akalabo MFB Limited demonstrates the data subject (customer, client, visitor, vendor, staff, or third-party) has withdrawn consent to the processing of his or her personal data with a written instruction from the data subject.
For child consent, Akalabo MFB Limited shall demonstrate that the holder of parental responsibility over the specified child has withdrawn consent via a written instruction from the parent. The Bank will also demonstrate that reasonable efforts have been made to establish the authenticity of the parental responsibility, when withdrawing consent for the specified child, considering available technology.
Where applicable, the Data Protection Officer will inform the relevant process owner of this change, and the processing activities that relied upon the consent is stopped immediately, in accordance with the relevant process.
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Akalabo MFB Limited may use the information we obtain from your use of our cookies to:
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Aside situations where the Bank may be required to disclose personal data of individuals in accordance to a legal obligation in response to requests by government authorities or law courts on matters involving national security or law enforcement requirements, Akalabo MFB Limited will not pass on its data subjects’ personal data to third parties without first obtaining consent.
In situations where the processing of personal data will involve investigation of potential violations of the Bank’s Terms of Service, fraud prevention/mitigation, security issues management, and the preservation of the rights and freedom of staff, customers, and clients, the Bank shall establish an appropriate legal ground for such data transfers.
Akalabo MFB Limited has put in place, to the best of its ability and in line with standard global practices, physical, technical, and organisational measures (including secure encryption and anonymisation) to ensure the optimum protection of personal data, which also extends to data transferred or shared with third-parties.
Akalabo MFB Limited may also engage third parties abroad (such as other banks, contractors, government-authorised agencies, etc.) that will receive personal data for certain purpose(s) as part of the Bank’s processing activities and process them on the Bank’s behalf. Where this is the case, the Bank will enter into a Data Processing Agreement with the third party and also ask for your consent if the purpose of processing was not initially stated on inception and be satisfied that the third party has adequate measures in place to protect the data against accidental or unauthorised access, use, disclosure, loss, or destruction.
In such a case where the disclosure is to third parties outside the jurisdiction of the NDPA, Akalabo MFB Limited will ensure that the third party meets the core global regulatory standards prior to the transfer. This may include transferring the personal data to the third party where the Bank is satisfied that:
Akalabo MFB Limited stores a broad spectrum of personal information, which indicates that retention periods differ with the type of data collected and stored. All information Akalabo MFB Limited holds is stored and retained, stored and destroyed in compliance with NDPA’s guideline on the retention of records and personal data.
Akalabo MFB Limited will retain your personal data as long as the information is active on the Bank’s systems and necessary for the Bank’s service delivery purposes. This retention period is verified and established with special considerations to the following areas:
This retention period is established to enable the Bank use the personal data for the necessary legitimate purposes identified, in full compliance with the regulatory requirements. When the personal data is no longer needed or beyond the stipulated retention period, Akalabo MFB Limited will delete or destroy it from it’s systems and records, or take steps to securely archive it while protecting your identity and privacy rights as the case may be.
At any point while Akalabo MFB Limited is in possession of or processing personal data, the data subject, has the right to:
All of the above requests will be forwarded on should there be a third party involved in the processing of your personal data.
If for any reason a vendor/contractor, customer, or staff wishes to make a complaint about how Akalabo MFB Limited (or any of the bank’s third parties) handles or have handled their personal data, or how their complaint has been handled, they have the right to lodge a complaint directly with the supervisory authority and Akalabo MFB Limited Data Protection Officer.
Below are the details for each of these contacts:
Supervisory Authority
Email: dpo@ndpc.gov.ng
Data Protection Officer (DPO)
Email:info@akalabomfb.com, akalabomicfinbank@yahoo.com,
akalabomicfin_bank@yahoo.com