Privacy Policy

1. Introduction

Welcome to Somemoni ("we," "our," or "us"), operated by new credage nigeria limited ("new credage" or "Company"). new credage nigeria limited is a company duly registered in Nigeria and licensed by the Federal Competition & Consumer Protection Commission ("FCCPC") to carry on the business of a Digital Money Lender. We are committed to providing financial services at affordable rates to individuals who have limited access to the formal banking system.

We are committed to protecting your personal information and your right to privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our mobile application and services.

By using Somemoni, you agree to the collection and use of information in accordance with this policy. If you do not agree with our policies and practices, please do not use our services.

2. Information We Collect

2.1 Personal Information

We collect personal information that you voluntarily provide to us when you:

• Register for an account
• Apply for a loan
• Contact customer support
• Use our services

This information may include:

• Full name, date of birth, and gender
• Phone number and email address
• National identification number (NIN) or BVN
• Residential and employment address
• Employment information and income details
• Bank account information
• Emergency contact information
• Photos for identity verification

2.2 Financial Information

To process loan applications and assess creditworthiness, we collect:

• Bank statements and transaction history
• Credit history and score
• Loan repayment history
• Income verification documents

2.3 Device and Usage Information

We automatically collect certain information when you use our app:

• Device information (model, operating system, unique identifiers)
• IP address and location data
• App usage data and analytics
• Log files and crash reports
• Cookies and similar tracking technologies

2.4 SMS and Contact Data

With your explicit permission, we may access:

• SMS messages for transaction verification and OTP authentication
• Contact list for emergency contact selection
• This data is used solely for loan application processing and fraud prevention

3. How We Use Your Information

We use your information for the following purposes:

• Loan Processing: To evaluate, approve, and disburse loans
• Identity Verification: To verify your identity and prevent fraud
• Credit Assessment: To assess your creditworthiness and determine loan eligibility
• Account Management: To create and manage your account
• Payment Processing: To process loan repayments and transactions
• Communication: To send notifications, updates, and customer support
• Legal Compliance: To comply with legal obligations and regulatory requirements
• Service Improvement: To analyze usage patterns and improve our services
• Security: To detect and prevent fraud, abuse, and security incidents
• Marketing: To send promotional offers (with your consent)

4. Information Sharing and Disclosure

We may share your information with:

4.1 Service Providers

• Payment processors and banking partners
• Credit bureaus and credit reference agencies
• Identity verification services
• Cloud storage providers
• Analytics and data processing services

4.2 Legal Requirements

We may disclose your information if required by law, court order, or governmental authority, or to:

• Comply with legal obligations
• Protect our rights, property, or safety
• Prevent fraud or illegal activities
• Respond to emergency situations

4.3 Business Transfers

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

4.4 With Your Consent

We may share your information with third parties when you explicitly consent to such sharing.

5. Data Security

We implement industry-standard security measures to protect your information:

• Encryption: All data transmissions are encrypted using SSL/TLS protocols
• Secure Storage: Personal data is stored on secure servers with restricted access
• Access Controls: Only authorized personnel can access your information
• Regular Audits: We conduct regular security audits and vulnerability assessments
• Monitoring: Continuous monitoring for suspicious activities and unauthorized access

However, no method of transmission over the Internet or electronic storage is 100% secure. While we strive to protect your information, we cannot guarantee absolute security.

6. Data Retention

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

• Provide our services to you
• Comply with legal obligations (minimum 6 years for financial records)
• Resolve disputes and enforce our agreements
• Prevent fraud and ensure security

When your information is no longer needed, we will securely delete or anonymize it.

7. Your Privacy Rights

You have the following rights regarding your personal information:

• Access: Request access to your personal information
• Correction: Request correction of inaccurate or incomplete information
• Deletion: Request deletion of your personal information (subject to legal requirements)
• Data Portability: Request a copy of your data in a structured format
• Withdraw Consent: Withdraw consent for data processing (where applicable)
• Opt-Out: Opt-out of marketing communications
• Complaint: Lodge a complaint with data protection authorities

To exercise these rights, please contact us at [email protected]

8. Children's Privacy

Somemoni is not intended for individuals under the age of 18. We do not knowingly collect personal information from children. If you believe we have collected information from a child, please contact us immediately, and we will take steps to delete such information.

9. Third-Party Services

Our app may contain links to third-party websites or services. We are not responsible for the privacy practices of these third parties. We encourage you to review their privacy policies before providing any personal information.

10. International Data Transfers

Your information may be transferred to and processed in countries outside Nigeria. We ensure that appropriate safeguards are in place to protect your information in accordance with this Privacy Policy and applicable data protection laws.

11. Changes to This Privacy Policy

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

• Posting the new Privacy Policy in the app
• Updating the "Last Updated" date
• Sending you an email or in-app notification

Your continued use of our services after changes constitutes acceptance of the updated policy.

12. Contact Us

If you have any questions, concerns, or requests regarding this Privacy Policy or our data practices, please contact us: