Thank you for choosing RENMONEY. To ensure your rights are fully protected and to maintain transparency, we highly recommend reviewing our updated Privacy Protection Guidelines. If you have any questions or feedback regarding these guidelines, please don't hesitate to reach out to us through the contact information provided in Section Contact Us. We value your continued support of RENMONEY.
RENMONEY is owned and managed by RENMONEY MICROFINANCE BANK LIMITED ("We", "Our", "Us"). The software and services ("Service") are developed and provided by us, based at 23, Awolowo Road, Ikoyi, Lagos State, Nigeria, and are available to users ("You"). RENMONEY MICROFINANCE BANK LIMITED is a duly registered financial services provider in Nigeria (Registration No. RC-1031927), specializing in microfinance solutions for Nigerian citizens.
In response to an investigation by the government into potential privacy violations and other rights issues by Digital Money Lenders (DMLs), the Federal Competition and Consumer Protection Commission (FCCPC) has resumed the registration of digital money lending apps under the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022. RENMONEY MICROFINANCE BANK LIMITED received full approval from the Nigerian FCCPC in 2024, enabling us to provide comprehensive loan services to Nigerian customers online.
We are committed to respecting and safeguarding your privacy. As you use our services, we may collect and process your personal information as necessary to provide the specific services you request. The RENMONEY Privacy Policy outline how we collect, use, store, and share your information. It also explains how we offer you control over and protection of your personal data. We encourage you to carefully review them and make informed decisions based on the choices provided.
For a more in-depth explanation of how we handle your personal information, including the reasons for its collection and use, please refer to our full Privacy Policy.
Device Information
- Permission: Access device information
- Purpose: This information allows us to ensure the application is fully compatible with your device and to optimize performance based on device characteristics. It also helps prevent unauthorized access, safeguarding your data.
- Example: Recognizing your device type enables us to customize the interface design and improve application efficiency.
SMS Access
- Permission: Read SMS content
- Purpose: Analyzing SMS history assists in financial behavior assessment and provides an additional layer of authentication to enhance account security.
- Example: We may use your SMS history to determine your credit rating and to protect your account from unauthorized access.
Camera
- Permission: Utilize camera functions
- Purpose: Enables users to upload identification documents or other necessary materials, streamlining the authentication process and expediting loan applications.
- Example: Users can quickly submit application materials or complete authentication steps by taking a photo.
Location Information
- Permission: Access approximate location
- Purpose: This permission allows us to provide location-based services, such as confirming eligibility for financial services, and assists in evaluating credit scores with geographical considerations.
- Example: When accessing a particular service, we verify its legitimacy by your physical location, ensuring the service is available only to eligible users.
Installed Applications
- Permission: Read the list of installed applications
- Purpose: Analyzing other financial or loan-related applications on your device helps us assess credit risk more comprehensively.
- Example: Identifying other financial applications you use allows us to build a more accurate credit profile.
Google Advertising ID
- Permission: Access Google Advertising ID
- Purpose: Utilizing this identifier enables us to provide personalized and relevant advertising services, enhancing the content of our services.
- Example: Displaying targeted ads based on your interests and preferences to improve your experience.
1. Personal Information We Collect
When you use our services, we gather the information you voluntarily provide or that is generated through your use of the platform. This data is necessary to deliver the functionality of our services, optimize your experience, and protect the security of your account. If we intend to use your personal data for purposes other than the original intent, we will inform you and seek your explicit consent before proceeding. Note that the types of information we collect may vary depending on the operating system and device you are using, and we will only collect what is necessary for the specific features you access.
Information We May Collect From You:
1.1 Personal Data During Account Creation - Optional Profile Information:
When setting up your account, you may choose to provide additional details like a nickname or avatar. While not required, these options personalize your profile, improving your interaction with others and enriching your online experience.
1.2 Required Information for Initial Account Setup - Mandatory Details:
During registration, we require basic information, such as a display name (the name visible to others) and your mobile number. These are essential for creating a valid account, and you cannot proceed without them. After completing this step, you can explore basic services, though further authentication may be necessary to access all features.
1.3 Personal Information for Full Account Access - Authentication Process:
To unlock full access to our services, we need to verify your identity for security and legal purposes. This includes providing your full name, date of birth, and any additional details required by law. In some cases, live video verification may be needed, which requires access to your device’s camera. Failing to provide or update this information may result in limited access to certain features.
1.4 Transaction Data - Transaction Details Collection:
When you engage in financial transactions, such as applying for a loan, we collect necessary data, including your Bank Verification Number (BVN), bank account details (e-wallet number), loan purpose, professional background, and references. This information is crucial for processing requests accurately, assessing risk, and ensuring appropriate use of funds.
1.5 Credit History - Credit Evaluation:
We analyze factors such as your employment status, salary, and past repayment behavior to evaluate your financial situation and predict your creditworthiness. We may also consider emergency contacts and past interactions with financial institutions to make informed lending decisions.
1.6 Data and Automated Decisions from Service Providers - Third-Party Verification:
To verify the authenticity of the data you provide, we may use third-party services. This may involve automated decision-making processes that evaluate your information based on pre-set criteria. If there are discrepancies or identity verification issues, access to certain services may be temporarily restricted.
1.7 Technology and Usage Data - Monitoring Application Usage:
We track how you interact with our services to optimize performance and user experience. This includes logging data such as your IP address, browser type, operating system, and login frequency. All information collected is used for internal purposes and to improve the platform, with privacy protection measures in place.
Conclusion:
We are committed to collecting and using personal data lawfully to provide a secure and efficient experience. Your privacy is a priority, and we take necessary steps to protect your data from unauthorized access.
2. How We Use Your Information
We may use the data we collect for the following purposes:
2.1 Compliance with Legal and Contractual Obligations
We adhere to applicable laws, regulations, and agreements with you. The information collected is used strictly for the services outlined in this document.
2.2 Statistical and Analytical Purposes
We may use the collected data, ensuring it’s anonymized or encrypted, for statistical analysis to enhance our products and services. This helps us improve business decisions and service offerings.
2.3 Other Uses with Your Consent
With your explicit approval, we may use your data for additional purposes beyond the outlined uses.
3. Exceptions to Collecting and Using Your Personal Information Without Consent
In some situations, we may process your personal information without your consent, as permitted by relevant laws:
1. Contractual Necessity:
We need your information to enter into or execute a contract with you.
2. Legal Obligations:
We may process your data to fulfill legal obligations.
3. Emergency Situations:
In urgent cases, such as a public health emergency, or to protect your health, safety, or life, we may use your information without consent.
4. Public Interest:
We may process data to monitor public opinion or fulfill other public interest objectives, within a reasonable scope.
5. User Disclosure:
We may process data that you have voluntarily disclosed or that has been legally disclosed, under the Digital Lending 2022 Guidelines.
6. Other Legal Grounds:
Any other legal circumstances as prescribed by applicable laws and regulations.
1. Storage of Information
We retain your personal information only for as long as necessary to fulfill the purpose of the service or as required by applicable laws and regulations. If you decide to close your account, we will delete or anonymize your data, except for information that must be kept for a certain period as per legal requirements. In such cases, we will ensure that the data is deleted or anonymized once the mandatory retention period expires.
Personal information collected in Nigeria is stored in compliance with local laws and regulations. Currently, we do not transfer or store your personal data outside of the country. However, if cross-border transfers or storage become necessary in the future, we will inform you about the purpose of such transfers, the recipient, security measures in place, any associated risks, and seek your consent before proceeding.
2. Security Protection Measures
2.1 Our Commitment to Information Security
We are committed to safeguarding your personal information to prevent unauthorized disclosure, loss, misuse, or access. A variety of security measures are in place to ensure the protection of your data. These include technical safeguards, management controls, and security systems designed to protect your privacy at the highest level.
2.2 Technical Protection Measures
We use several technical methods to protect your data, including but not limited to firewalls, encryption (such as SSL), and access control mechanisms. We also continuously improve the security features of our software. For example, we encrypt data on your device to ensure secure transmission and implement signature schemes for executable programs to protect against malicious software, such as viruses and Trojans.
2.3 Management and Organizational Measures
To further protect your personal information, we have established a comprehensive management system, defined processes, and dedicated teams. Access to your data is strictly limited, and those with access are required to adhere to confidentiality obligations. We conduct regular audits to ensure compliance with these policies. Any breaches of confidentiality will be addressed according to company protocols. Additionally, we regularly review and update our security systems, processes, and organizational structures to prevent unauthorized access, use, or disclosure of your information.
2.4 Your Role in Protecting Information
We encourage you to take proactive steps to protect your personal information when using our services. We offer various security features to assist you in keeping your data safe and recommend that you follow best practices for online security.
3. Handling Security Incidents
In the event of a security breach, such as the leakage, damage, or loss of personal information, we will implement emergency measures to limit further damage. We will notify you promptly about the incident, the actions we are taking to address the situation, and any steps we recommend you take. Notifications will be sent via email, phone, or other appropriate methods. If we are unable to contact individuals directly, we will issue public announcements or warnings to keep you informed.
4. Notification of Product or Service Discontinuation
If any of our products or services are discontinued, we will notify you through push notifications, announcements, or other channels. Your personal information will be deleted or anonymized within a reasonable timeframe, unless we are required by law or regulations to retain it longer.
1. Entrusted Processing
In our collaborations with third parties, we adhere strictly to legal requirements and handle your personal data with care, ensuring that only necessary data is accessed. We require that third-party processors comply with all relevant laws and regulations, and we enforce our own privacy protection measures. These measures may include data protection agreements, commitments, and policies that ensure the security of your information.
To deliver the services you need, we may engage third-party service providers to process your personal data. These providers are obligated to handle your information solely in accordance with our agreements and data processing terms.
2. Sharing
In order to provide you with improved products and services, we may share your personal data with third-party companies, organizations, or individuals in the following circumstances. When we share your data, we ensure that these third parties adhere to our privacy policies and maintain proper confidentiality and security standards, including, but not limited to, data protection agreements, undertakings, and relevant processing guidelines. We strive to ensure that any sharing of data minimizes the risk of identifying individuals and prioritizes your privacy and security.
2.1 Advertising Purposes
To help optimize and evaluate advertising effectiveness, we may share certain data with third-party advertising partners, such as advertisers and their agents. These third parties are bound by strict privacy protection measures and are required to process your data in compliance with our policies. Currently, we share information with third-party partners as specified in our Advertising Services Third-Party Information Sharing List.
3. Transfer
As our business evolves, we, along with our affiliates, may undergo mergers, acquisitions, asset transfers, or other corporate transactions. In such cases, your personal information may be transferred as part of these business activities. We will notify you of any changes in line with applicable laws and continue to protect your data according to the terms of this policy. If your data is transferred to a new entity, we will ensure that the new entity maintains the same level of protection for your personal information.
4. Public Disclosure
We do not publicly disclose your personal information. If disclosure becomes necessary, we will notify you about the purpose, the specific information being disclosed, and any sensitive data involved. We will also obtain your explicit consent before any public disclosure occurs. In cases where your information needs to be displayed, we will employ techniques such as content replacement or anonymization to reduce the risk of exposing sensitive information and protect your privacy.
5. Sharing, Transfer, and Public Disclosure of Personal Information Without Prior Authorization
In certain circumstances defined by applicable laws, regulations, and standards, we may share, transfer, or publicly disclose your personal information without obtaining prior consent. These situations include:
1. Matters directly related to national security.
2. Issues concerning public safety, public health, or significant public interest.
3. Cases related to criminal investigations, prosecutions, trials, or the enforcement of legal judgments.
4. To protect the life, property, or other significant legal rights and interests of individuals or others, especially when obtaining consent is not feasible.
5. When the personal information subject has voluntarily disclosed their data to the public.
6. When collecting personal information from legally publicly disclosed sources, such as legitimate news outlets, government disclosures, or other lawful channels.
We take your privacy seriously and are committed to safeguarding your personal information. Please note that the settings for managing your personal data may vary depending on the operating system and version of the RENMONEY app you are using. To enhance your experience, we may update these settings periodically. Therefore, the instructions provided below are intended as a general guide, and actual procedures may differ based on your version of the app.
While using our service, you will be able to manage your personal information by accessing, correcting, deleting, or withdrawing consent. Please follow the steps outlined below:
1. Viewing Your Personal Information
In the RENMONEY app, navigate to the My Profile section where you can view your profile picture and account details.
2. Canceling Your Personal Information
To cancel or delete your personal information, you can visit the RENMONEY Official Website and select the "Log Off" option.
If you encounter difficulties managing your personal information or need to file a complaint, please contact us through the details in the "Contact Us" section. For security reasons, we may require you to submit a written request or verify your identity before processing your request.
Please be aware that we may not be able to fulfill your request under the following circumstances:
1. If it is related to our obligations under applicable laws and regulations.
2. If it pertains to national security.
3. If it is related to public safety, public health, or significant public interests.
4. If it concerns criminal investigations, prosecutions, trials, or legal judgments.
5. If there is evidence suggesting misuse or malicious intent related to your data.
6. If your request is necessary to protect the life, property, or legitimate rights of yourself or others, and obtaining consent is difficult.
7. If fulfilling the request would cause harm to the legitimate rights of yourself or others.
8. If your request involves trade secrets.
We are committed to protecting the privacy of minors. In compliance with applicable laws and regulations, we prohibit minors under the age of 18 from using RENMONEY's services or providing personal information. If we discover that a minor under 18 has provided information, we will immediately discontinue services to that individual.
If you provide information on behalf of a minor under 18, you will be fully responsible for any consequences.
We may update these guidelines from time to time. When changes are made, we will notify you appropriately and provide the effective date of the updated version. We encourage you to review the updated Privacy Guidelines carefully. Your continued use of the service will signify your acceptance of the changes and consent to the processing of your personal data as outlined in the updated guidelines.
The Privacy Policy (https://www.renmoney.live/ren_privacy.html) serves as the unified privacy policy for all RENMONEY products and services. It defines the user rights and data security measures applicable to all users. In the event of a conflict or inconsistency between the RENMONEY Privacy Policy and these Guidelines, the terms in these Guidelines will take precedence.
We have established a dedicated team to oversee personal information protection. If you have any questions, concerns, or suggestions regarding our privacy policy or how we handle your personal data, please contact us via the following methods:
1. Fill out the Feedback Form to reach us.
2. Send an email to ren_service@renmoney.live.
We will review your issue promptly and respond within 15 working days or in accordance with applicable laws and regulations.