Data Deletion Policy

1. Your Right to Data Deletion

Under the Nigeria Data Protection Regulation (NDPR) and our commitment to user privacy, you have the right to request deletion of your personal data from MG-LOAN, subject to certain conditions and legal obligations.

2. What Data Can Be Deleted

Upon approval of your deletion request, we will delete or anonymize the following information:

• Personal identification information (name, date of birth, gender, photograph)
• Contact information (phone number, email address, residential address)
• Account credentials and login information
• Device and usage data collected through the app
• Communication history (messages, emails, call logs)
• App preferences and settings

3. Data We Must Retain

Even after account deletion, we are legally required to retain certain information for compliance purposes:

3.1 Financial Records

As a financial services provider, we must retain loan and transaction records for 7 years as required by Nigerian law and Central Bank of Nigeria (CBN) regulations. This includes:

• Loan application records
• Loan agreements and terms
• Payment and transaction history
• Bank account information used for disbursements and repayments

3.2 Compliance and Regulatory Data

We must retain information necessary for:

• Anti-money laundering (AML) compliance
• Know Your Customer (KYC) requirements
• Fraud prevention and detection
• Tax reporting obligations
• Audit and regulatory inquiries

3.3 Legal Obligations

Data may be retained if required for:

• Ongoing legal proceedings or investigations
• Dispute resolution
• Debt collection activities
• Court orders or legal requests

Retained data will be stored securely and used only for the specific legal purposes required. It will not be used for marketing or other purposes.

4. Eligibility for Data Deletion

You can request data deletion if:

• You have no active or pending loans
• All previous loans have been fully repaid
• You have no outstanding balances, fees, or charges
• There are no ongoing disputes or legal proceedings involving your account
• You are not under investigation for fraud or policy violations

Ineligibility Conditions

Your deletion request will be denied if:

• You have an active loan or pending application
• You have overdue or unpaid loans
• Your account is in default or collections
• There are pending transactions or disputes
• Your account is flagged for fraudulent activity
• Legal proceedings involving your account are ongoing

5. How to Request Data Deletion

6. Verification Process

To protect your account from unauthorized deletion requests, we will verify your identity through:

• OTP Verification: We'll send a one-time password to your registered phone number and email
• Security Questions: You may be asked to answer security questions
• ID Verification: In some cases, we may require a copy of your government-issued ID
• Account Review: We'll verify your account status and loan history

7. Deletion Timeline

Total Processing Time: Up to 30 days from request submission.

8. What Happens After Deletion

8.1 Immediate Effects

• Your account will be deactivated immediately upon approval
• You will lose access to the MG-LOAN app
• You cannot log in or use any services
• Your app data will be cleared

8.2 Data Removal

• Personal data will be deleted from our active databases
• Marketing and communication lists will be updated
• Third-party service providers will be notified to delete your data
• Backup systems will be purged according to our data retention schedule

8.3 Future Access

• You cannot reactivate a deleted account
• If you wish to use MG-LOAN again, you must create a new account
• Previous loan history may still be accessible by credit bureaus

9. Canceling a Deletion Request

You can cancel your deletion request at any time before the deletion is processed (typically within the first 7 days). To cancel:

• Contact us immediately at [email protected]
• Provide your request reference number
• Verify your identity

Note: Once deletion is completed, it cannot be reversed.

10. Deletion of Specific Data

If you don't want to delete your entire account but wish to remove specific data:

• Profile Information: Update through the app settings
• Contact Details: Modify in your account profile
• Communication Preferences: Opt-out of marketing emails
• Specific Documents: Request removal via customer support

Contact us at [email protected] for selective data removal requests.

11. Third-Party Data

MG-LOAN shares data with third parties as described in our Privacy Policy. Upon account deletion:

• We will notify our service providers to delete your data
• Credit bureau data may be retained per their policies
• Payment processor data is retained per financial regulations
• Social media platform data (if applicable) must be managed through their platforms

12. Contact Information

For data deletion inquiries or assistance: