BVN Terms of Use

Introduction

This BVN Terms of Use outlines the collection, use, and protection of Biometric Verification Number (BVN) information by Indulge Microfinance Bank Limited. We are fully committed to safeguarding your privacy and ensuring that your BVN, as a sensitive and personal identifier, is handled in compliance with the Nigeria Data Protection Regulation (NDPR), General Data Protection Regulation (GDPR), and other applicable laws. By continuing to use our banking services, whether through online platforms or physical branches, you consent to the collection, secure storage, processing, and transmission of your BVN and associated personal data as described in this document.

 

1. Collection of BVN and Personal Data

Indulge Microfinance Bank Limited collects your BVN and other personal data from various sources, including but not limited to:

  • Account opening forms
  • Loan applications
  • Electronic interactions with our website, internet banking, and mobile apps
  • Communications with customer service
  • Third-party institutions (e.g., credit bureaus, regulators, payment gateways)

This information may include your name, address, identification numbers, contact details, biometric information, income, assets, and any other data deemed necessary for business and regulatory purposes.

 

2. Use of BVN and Personal Information

The use of your BVN and personal data by Indulge Microfinance Bank Limited is governed by the following legal principles:

  • Lawful Processing: We will process your data lawfully, transparently, and only for legitimate purposes.
  • Data Accuracy: Your data will be kept accurate and updated. In case of inaccuracies, we will take immediate corrective actions.
  • Data Minimization: Your personal data will be processed only as necessary for the purposes outlined.
  • Data Security: We maintain robust technical and organizational measures to prevent unauthorized access, misuse, or loss of your data.

Your BVN is used for:

  • Identity verification and fraud prevention
  • Managing and updating our banking records
  • Complying with legal obligations and regulatory requirements
  • Conducting credit assessments
  • Providing seamless access to our services and platforms

 

3. Disclosure of BVN and Personal Data

We may disclose your BVN and personal data in the following circumstances:

  • To regulators, law enforcement agencies, or public authorities as required by law
  • To our affiliates, auditors, or service providers for legitimate operational purposes
  • To credit bureaus, payment systems, and other financial institutions to facilitate transactions
  • To third parties where it is necessary for the performance of a contract, fraud prevention, or protection of our legal rights

We will ensure that any third party with whom we share your BVN adheres to strict data protection standards.

 

4. Security of BVN and Personal Data

Indulge Microfinance Bank Limited takes your privacy and data security seriously. We employ industry-standard encryption, firewalls, and secure data storage systems to safeguard your BVN and personal data. Our data protection protocols are regularly updated to comply with evolving legal and technological standards. Only authorized personnel with a clear business need have access to your data.

 

5. Retention and Deletion of Data

We will retain your BVN and related personal data for as long as necessary to fulfill the purposes outlined in this document, comply with legal obligations, and resolve disputes. Once the retention period expires, inline with NDPR regulatory framework, your data will be securely erased in accordance with our data deletion policy, which may include shredding, digital deletion, or anonymization.

 

6. Your Rights as a Data Subject

As a customer, you have the following rights:

  • Access: You may request access to your BVN and personal data at any time.
  • Rectification: You can request corrections to inaccurate or incomplete data.
  • Withdrawal of Consent: You may withdraw consent to the processing of your data where applicable.
  • Restriction or Objection: You have the right to restrict or object to certain types of data processing.

To exercise any of these rights, please contact us at:

Indulge Microfinance Bank Limited
Address: 56, Opebi Road, Ikeja , Lagos,  Nigeria
Email: info@indulgemfb.com
Phone: +234 9150509000

 

7. Changes to the BVN Terms of Use

This document may be updated periodically to reflect changes in laws, regulatory requirements, or our data practices. Updates will be posted on our website, and customers will be notified of significant changes .

Last Updated: 7th October, 2024.