Privacy Policy
How Prospera Credit Limited protects and manages your personal information
Last updated: January 15, 2025
1.0 Introduction
Prospera Credit Limited (hereinafter referred to as "Prospera Credit" or "the Company" or "Company") values your Personal Data and we are committed to protecting your privacy whenever you interact with us.
This privacy policy is created in line with principles statutorily mandated by the Nigerian Data Protection Act 2023. By this policy, we explain to you how your Personal Data is collected, used, managed and transferred. It also explains how you can update your Personal Data with us and exercise your rights in respect of the Personal Data provided to us.
We are a microfinance company providing business loans and financial services through various channels, including our website (prosperacredit.ng), mobile applications, branch locations, and other service channels. We use your data to provide and improve our services to you. By using our services, you agree to the collection and use of your information in accordance with this Policy.
2.0 Personal Data/Information We Collect
When you use our websites and services, we collect and store your personal information, which you provide from time to time. All information supplied by you to us are collected and processed in accordance with the National Information Technology Development Agency (NITDA) Act 2007, Nigeria Data Protection Regulation (NDPR) 2019 and other extant laws and regulations relating to the use and management of personal data.
Personal Information
- • Full legal name and aliases
- • Phone number and email address
- • Mailing address and home address
- • Date of birth, age, and gender
- • State of origin and religion
- • National Identification Number (NIN)
- • Bank Verification Number (BVN)
- • Means of identification and photos
- • Occupation and employment details
- • Next of kin information
Financial & Business Information
- • Assets, income, and financial status
- • Bank account details and statements
- • Business registration details
- • Credit history and bureau reports
- • Loan application data
- • Transaction history
- • Guarantor information
- • Collateral details
Service Usage Information
- • Device type and unique ID
- • IP address and location data
- • Browser type and operating system
- • Website interaction data
- • Mobile app usage patterns
- • Online identifiers
Additional Information
- • Communication preferences
- • Customer support interactions
- • Feedback and survey responses
- • Marketing consent records
- • Job application data (if applicable)
- • Branch visit information
Data Ownership: We are the custodians of data on behalf of the users that use our services, and we do not own data; users own their data. We will store the data provided for only the period within which it is reasonably needed.
3.0 Lawful Basis for Processing
The Nigerian Data Protection Regulation says we need to have a lawful basis for using your personal information. Prospera Credit Limited will process your data on a lawful basis which fall under at least one of the following:
Consent
With your full consent as laid down by Nigeria Data Protection Regulation (NDPR) for your personal data that require consent e.g., marketing and communicating our products and services.
Performance of a Contract
This includes activity necessary to enter into or perform a contract with the data subject, such as loan agreements and financial services.
Legal Requirement
If required by legal and governmental body for legal obligation including Central Bank of Nigeria regulations, anti-money laundering laws, and tax requirements.
Legitimate Interest
This involves using of data for the purpose it's collected for, including fraud prevention, business operations, and service improvement.
Vital Interest
This is a rare processing activity that could be required to save someone's life, most seen in emergency situations.
4.0 How We Use Your Information
Prospera Credit will process your personal data for, but not limited to the following purposes:
- • To conduct our business and provide financial services
- • To manage our relationship with you
- • To update our records and maintain accurate information
- • To offer and provide services tailored to meet your needs
- • To provide customer care and support
- • To review credit or loan eligibility and fulfill loan requests
- • To manage transactions, respond to your requests, and carry out your instructions
- • To detect and prevent financial crimes, including fraud, financing for terrorism, and money laundering
- • To comply with our internal policies and legal obligations
- • To communicate with you effectively about our services
- • To provide analysis or valuable information to improve our services
- • To fulfill terms of any contract you may have with us
- • To deliver advertising and updates on special deals (with your consent)
- • To send general announcements and request your feedback
Marketing Communications
We will only send you marketing communications if you have given us your explicit consent. You can withdraw this consent at any time and should be able to select what kinds of information you receive from us via email.
5.0 Information Sharing and Disclosure
We Do Not Sell Your Personal Data
Prospera Credit Limited does not sell, rent, or trade your personal information to third parties for their marketing purposes.
We may share your personal information in the following situations:
With Service Providers
We may share your personal information with service providers to monitor and analyze the use of our service, to contact you, and to assist us in business operations. These third parties are obligated not to disclose or use it for any other purpose.
Financial Institutions and Credit Bureaus
With banks, microfinance institutions, credit bureaus, and other financial service providers as necessary for loan processing, credit assessment, and regulatory reporting.
Legal and Regulatory Compliance
We may disclose your personal data if required to do so by law or in response to valid requests by public authorities (e.g. a court, Central Bank of Nigeria, NITDA, or other government agencies).
Business Transfers
If the Company is involved in a merger, acquisition or asset sale, your personal data may be transferred. We will provide notice before your personal data is transferred and becomes subject to a different privacy policy.
With Your Consent
We may disclose your personal information for any other purpose with your explicit consent.
6.0 Security of Information
We adopt appropriate technical, data collection, storage, and processing practices and security measures to protect against unauthorized access, misuse, alteration, disclosure, or destruction of your personal information, username, password, transaction information, and data under our control.
Technical Security
- • SSL/TLS encryption
- • Secure servers and databases
- • Access controls
- • Regular security updates
Staff Security
- • Data protection training
- • Confidentiality agreements
- • Limited access principles
- • Regular policy updates
Physical Security
- • Secure office premises
- • CCTV monitoring
- • Document security
- • Visitor management
Security Disclaimer
While we strive to use commercially acceptable means to protect your personal data, we cannot guarantee its absolute security. The transmission of information via the internet is not completely secure. Where we have provided you with a password, you are responsible for keeping this password confidential.
7.0 Your Information and Your Rights
You have the following rights under Nigerian data protection law:
Access & Information Rights
- • The right to be told how we use your information
- • The right to obtain access to your information
- • The right to request a copy of your information
Control & Correction Rights
- • The right to have your information rectified or erased
- • The right to place restrictions on processing your information
- • The right to object to the processing of your information
- • The right to withdraw consent (subject to legal restrictions)
Note: If you request a copy of your information, you may be required to pay a statutory fee. If we have any information about you that is incorrect, please let us know so that we can keep our records accurate and up-to-date.
8.0 Retention of Your Personal Data
The Company will retain your personal data only for as long as is necessary for the purposes set out in this Privacy Policy. You have the right to request deletion of the data we have collected about you. However, we will retain and use your personal data to the extent necessary to comply with our legal obligations, resolve disputes, and enforce our legal agreements and policies.
Typical Retention Periods
- • Loan records: 10 years after completion (CBN requirement)
- • Customer identification: 5 years after account closure
- • Transaction records: 7 years from transaction date
- • Usage data: Generally retained for shorter periods
- • Marketing data: Until you opt out or 3 years of inactivity
- • Legal documentation: As required by applicable laws
Account closure requests will be treated and such account will be closed, but closure will not involve deletion of historical records for legal and regulatory reasons.
9.0 Transfer of Your Personal Data
Your information, including personal data, is processed at the Company's operating offices and in any other places where the parties involved in the processing are located. It means that this information may be transferred to — and maintained on — computers located outside of your state, province, country or other governmental jurisdiction where the data protection laws may differ than those from your jurisdiction.
Your consent to this Privacy Policy followed by your submission of such information represents your agreement to that transfer.
Transfer Safeguards
The Company will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy and no transfer of your personal data will take place to an organization or a country unless there are adequate controls in place including the security of your data and other personal information.
10.0 Cookies
We use data collection devices such as "cookies" on our website and applications. "Cookies" are small files stored on your hard drive that assist us in providing services customized to your requirements and tastes.
Essential
Required for website function
Analytics
Help us improve our website
Functional
Remember your preferences
Marketing
Relevant ads (with consent)
You are always free to decline our cookies if your browser permits, although in that case you may not be able to use certain features on our website and application, and you may be required to re-enter your password more frequently during a session. The use of a cookie is in no way linked to any personally identifiable information.
11.0 Third-Party Sites and Services
Prospera Credit's websites, products, applications, and services may contain links to third-party websites, products, and services. Our products and services may also use or offer products or services from third parties.
Third-Party Privacy Practices
Information collected by third parties, which may include such things as location data or contact details, is governed by their privacy practices, and we will not be liable for any breach of confidentiality or privacy of your information on such sites. We encourage you to learn about the privacy practices of those third parties.
12.0 Protecting Children's Privacy
Age Restriction
Our Service does not address anyone under the age of 18 ("Children"). We do not knowingly collect personally identifiable information from anyone under the age of 18.
If you are a parent or guardian and you are aware that your child has provided us with personal data, please contact us. If we become aware that we have collected personal data from children without verification of parental consent, we take steps to remove that information from our servers.
13.0 Notification of Changes to Privacy Policy
We review this privacy policy regularly and reserve the right to make changes at any time to take account of changes in our business and legal requirements. We may update our Privacy Policy from time to time.
How We Notify You of Changes
- • We will notify you of any changes by posting the new Privacy Policy on this page
- • We will let you know via email and/or a prominent notice on our service
- • We will update the "effective date" at the top of this Privacy Policy
- • Changes become effective as of the time they are posted
Your continued use of the service after we make changes is deemed to be acceptance of those changes. You are advised to review this Privacy Policy periodically for any changes.
14.0 Contact
We are dedicated to protecting your privacy. If you have any questions or comments regarding this policy or any complaints concerning our compliance with it, please contact our Data Protection Officer. We will use reasonable efforts to respond promptly to requests, questions, or concerns.
Data Protection Officer
General Contact
Regulatory Authority
If you have questions, comments or concerns regarding data privacy rights, you can also contact the National Information Technology Development Agency (NITDA) at info@nitda.gov.ngor visit www.nitda.gov.ng
15.0 Governing Law and Jurisdiction
Applicable Laws
This Privacy Policy is governed by and construed in accordance with:
- Nigeria Data Protection Act 2023
- Nigeria Data Protection Regulation (NDPR) 2019
- Central Bank of Nigeria Act and Regulations
- National Information Technology Development Agency (NITDA) Act 2007
- Other applicable Nigerian laws and regulations
Any disputes arising from this Privacy Policy shall be subject to the exclusive jurisdiction of the Nigerian courts.
Acknowledgment and Consent
By using our website, mobile applications, or services, you acknowledge that you have:
- Read and understood this Privacy Policy in its entirety
- Understood how we collect, use, share, and protect your personal data
- Been informed of your rights regarding your personal data
- Agreed to the collection and processing of your personal data as described
- Understood that you can withdraw consent or exercise your rights at any time
Your continued use of our services after any modifications to this Privacy Policy constitutes your acceptance of such modifications.