Privacy Policy

1. Introduction

Advancly Microfinance Bank Ltd ("Advancly", "we", "our", or "us") is committed to protecting your personal data. This Privacy Policy explains how we collect, use, share, and protect information about you when you use our website, mobile application, and banking services. By using our services, you agree to the practices described in this policy. This policy is governed by the Nigeria Data Protection Act 2023 (NDPA) and the regulations of the Central Bank of Nigeria (CBN).

2. Who We Are

Advancly Microfinance Bank Ltd is a licensed microfinance bank regulated by the Central Bank of Nigeria (CBN). We are the data controller responsible for your personal information. Our registered address is in Lagos, Nigeria.

3. Information We Collect

Identity & Contact Information

Full name, date of birth, gender, nationality, residential address, BVN (Bank Verification Number), NIN (National Identification Number), phone number, email address, government-issued ID documents.

Financial Information

Account balances, transaction history, salary details, credit history, loan applications, repayment records.

Device & Usage Information

IP address, browser type, device identifiers, pages visited, time spent on pages, referring URLs, app usage patterns.

4. How We Use Your Information

We use your data to: open and manage your account; verify your identity as required by CBN KYC regulations; process your transactions and payments; assess eligibility for credit products; detect, prevent, and investigate fraud and financial crime; comply with our legal and regulatory obligations (including CBN, NFIU, and NDPC reporting requirements); improve our products and services; communicate with you about your account; and, where you have given consent, send you marketing communications about new products.

5. Legal Basis for Processing

Under the NDPA 2023, we process your data based on:

• Contract — necessary to provide you with banking services.
• Legal Obligation — required by CBN regulations, AML/CFT rules, and other Nigerian law.
• Legitimate Interests — fraud prevention, security, and improving our services.
• Consent — for marketing communications and optional data collection, which you may withdraw at any time.

6. Sharing Your Information

We may share your data with:

• Regulatory and government bodies (CBN, NDPC, NFIU, EFCC, Police) as required by law.
• The Nigeria Deposit Insurance Corporation (NDIC).
• Payment processors and correspondent banks involved in your transactions.
• Identity verification and credit bureau partners (e.g., CRC, First Central).
• Technology service providers who process data on our behalf under strict confidentiality agreements.
• Professional advisers (lawyers, auditors) bound by confidentiality.

We do not sell your personal data.

7. International Transfers

Your data is primarily stored and processed within Nigeria. Where data must be transferred outside Nigeria (for example, to international payment networks), we ensure appropriate safeguards are in place in accordance with the NDPA 2023 and CBN guidelines.

8. Data Retention

We retain your personal data for as long as your account is active and for a minimum of five (5) years after account closure, in accordance with CBN guidelines on record-keeping. Transaction records are retained for the periods required by applicable Nigerian law. Where we have no ongoing legal basis to retain your data, we securely delete or anonymise it.

9. Cookies & Tracking

We use essential cookies to keep you logged in and ensure the security of your session. We also use analytics cookies (via privacy-respecting tools) to understand how visitors use our website, which helps us improve your experience. We do not use advertising or third-party tracking cookies. You can disable non-essential cookies in your browser settings at any time without affecting your ability to use our core services.

10. Your Rights Under the NDPA 2023

You have the right to:

• Access the personal data we hold about you.
• Correct inaccurate or incomplete data.
• Request erasure of your data where we have no legal basis to retain it.
• Restrict or object to certain processing.
• Data portability.
• Withdraw your consent to marketing at any time.

To exercise any of these rights, contact us at help@advanclymfb.com. We will respond within 30 days. Note that some rights may be limited where we are required by law to retain your data.

11. Data Security

We use industry-standard security measures including encryption in transit and at rest, multi-factor authentication, access controls, and regular security audits to protect your data. In the event of a data breach that affects your rights, we will notify you and the NDPC as required by the NDPA 2023.

12. Children's Privacy

Our services are intended for individuals aged 18 and above. We do not knowingly collect personal data from children under 18. If you believe we have inadvertently collected such data, please contact us immediately.

13. Changes to This Policy

We may update this Privacy Policy from time to time. We will notify you of material changes via email or a notice on our website. Continued use of our services after changes take effect constitutes your acceptance of the updated policy.

14. Contact Us