Privacy Policy

1. Information We Collect

1.1 Personal Information

When you register and use MG-LOAN services, we collect:

• Identity Information: Full name, date of birth, gender, photograph
• Contact Information: Phone number, email address, residential address
• Identification Documents: BVN, NIN, driver's license, voter's card, or international passport
• Financial Information: Bank account details, bank statements, salary information, employment details
• Credit Information: Credit history, loan repayment records, credit scores

1.2 Device and Usage Information

We automatically collect information about your device and how you use our app:

• Device type, model, and operating system
• IP address and mobile network information
• App usage patterns and features accessed
• Log data and crash reports
• Cookies and similar tracking technologies

1.3 Location Information

With your consent, we may collect your location data through:

• GPS coordinates
• WiFi access points
• Cell tower triangulation

1.4 SMS and Contacts (Android Permissions)

If you grant permission, we may access:

• SMS Messages: To auto-fill OTPs and verify bank transactions
• Contacts: To identify references and emergency contacts
• Camera: To capture identification documents
• Storage: To save and upload documents

Note: We only access this data for loan processing purposes and do not share it with third parties without your consent.

2. How We Use Your Information

We use your personal information for the following purposes:

2.1 Loan Processing and Management

• Evaluate loan applications and creditworthiness
• Verify your identity and prevent fraud
• Disburse approved loans to your account
• Manage loan repayments and collections
• Communicate loan status and reminders

2.2 Service Improvement

• Enhance user experience and app functionality
• Analyze usage patterns to improve services
• Develop new features and products
• Conduct research and analytics

2.3 Communication

• Send loan updates, payment reminders, and notifications
• Provide customer support
• Send promotional offers and marketing communications (with your consent)
• Respond to inquiries and requests

2.4 Legal and Compliance

• Comply with regulatory requirements
• Prevent fraud, money laundering, and illegal activities
• Enforce our Terms of Service
• Respond to legal requests and court orders

3. How We Share Your Information

We may share your information with the following parties:

3.1 Credit Bureaus

We report your loan information to credit bureaus to help build your credit history and assess creditworthiness for future loans.

3.2 Service Providers

We work with trusted third-party service providers who help us operate our business:

• Payment processors and banks
• Identity verification services
• SMS and email service providers
• Cloud storage and hosting providers
• Analytics and marketing platforms

3.3 Collection Agencies

In case of loan default, we may share relevant information with debt collection agencies to recover outstanding amounts.

3.4 Legal Authorities

We may disclose your information to:

• Law enforcement agencies
• Regulatory bodies (CBN, NDIC, etc.)
• Courts and legal authorities
• Other parties as required by law

3.5 Business Transfers

In the event of a merger, acquisition, or sale of assets, your information may be transferred to the acquiring entity.

Note: We do not sell your personal information to third parties for marketing purposes.

4. Data Security

We implement robust security measures to protect your data:

• Encryption: All data transmissions are encrypted using SSL/TLS protocols
• Secure Storage: Personal data is stored in secure, encrypted databases
• Access Controls: Limited access to data on a need-to-know basis
• Regular Audits: Periodic security assessments and vulnerability testing
• Employee Training: Staff are trained on data protection best practices
• Incident Response: Procedures in place to respond to security breaches

While we strive to protect your data, no method of transmission over the internet is 100% secure. We cannot guarantee absolute security.

5. Data Retention

We retain your personal information for as long as necessary to:

• Provide our services to you
• Comply with legal and regulatory obligations (typically 7 years for financial records)
• Resolve disputes and enforce agreements
• Maintain business records for legitimate purposes

After the retention period, we will securely delete or anonymize your data.

6. Your Rights

Under Nigerian data protection laws, you have the following rights:

6.1 Right to Access

You can request a copy of the personal information we hold about you.

6.2 Right to Rectification

You can request correction of inaccurate or incomplete information.

6.3 Right to Erasure

You can request deletion of your data, subject to legal and regulatory requirements. See our Data Deletion Policy for details.

6.4 Right to Object

You can object to processing of your data for marketing purposes.

6.5 Right to Restrict Processing

You can request limitation of how we use your data in certain circumstances.

6.6 Right to Data Portability

You can request transfer of your data to another service provider.

To exercise these rights, contact us at [email protected] or call +234 810 344 9758.

7. Cookies and Tracking Technologies

We use cookies and similar technologies to:

• Remember your preferences and settings
• Understand how you use our app
• Analyze app performance
• Deliver personalized content

You can control cookies through your device settings, but disabling them may affect app functionality.

8. Third-Party Links

Our app may contain links to third-party websites or services. We are not responsible for the privacy practices of these external sites. We encourage you to review their privacy policies.

9. Children's Privacy

MG-LOAN is not intended for individuals under 18 years of age. We do not knowingly collect personal information from children. If we discover that a child has provided us with personal data, we will delete it immediately.

10. International Data Transfers

Your data may be transferred to and processed in countries outside Nigeria for cloud storage and processing. We ensure that such transfers comply with applicable data protection laws and implement appropriate safeguards.

11. Changes to This Privacy Policy

We may update this Privacy Policy from time to time. We will notify you of significant changes through:

• In-app notifications
• Email notifications
• Posting updates on our website

Your continued use of MG-LOAN after changes indicates acceptance of the updated policy.

12. Regulatory Compliance

MG-LOAN complies with:

• Nigeria Data Protection Regulation (NDPR) 2019
• Central Bank of Nigeria (CBN) regulations
• Other applicable Nigerian laws and regulations

13. Contact Information

For privacy-related inquiries, concerns, or to exercise your rights, contact us:

14. Complaints

If you have concerns about how we handle your data, you can:

• Contact our Data Protection Officer using the details above
• File a complaint with the Nigeria Data Protection Commission (NDPC)