Privacy Policy

Akuchukwu Microfinance Bank Ltd is a microfinance bank licensed by the Central Bank of Nigeria. We are located along All Saints Ozalla Road, Onitsha, Anambra State. We provide microfinance services to a wide variety of customers, including individuals, small and medium enterprises, low-income earners in both rural and urban areas, governmental institutions, and non-governmental organizations. Our banking services are provided at our branches and through e-channels, including the internet.

Customers and potential customers can access our services through these channels, including our website www.akuchukwumfb.com. By accessing the bank’s services through account opening at the branch or e-channels, or subscribing to any of our various products such as online instant banking and ATM card services, customers provide certain personally identifiable information.

This document details the policies of the bank guiding the collection, use, storage, destruction, and disclosure of this personally identifiable information. This policy document is available on our website at www.akuchukwumfb.com and at our branches. Please read it thoroughly before accessing our services. By opening an account or subscribing to any of the bank’s services, you give consent to the processing of your personal data in accordance with this policy.

Unless otherwise defined in this Privacy Policy, terms used in this Privacy Policy have the same meanings as in our Terms and Conditions on www.akuchukwumfb.com. Please read this Privacy Policy carefully as it will help you make informed decisions about sharing your personal information with us.

1.1 Glossary

Consent: The Data Subject’s freely given, specific, informed, and unambiguous indication of their wishes, signified through a statement or clear affirmative action, agreeing to the processing of Personal Data relating to them.
Data: Characters, symbols, and binary information on which operations are performed by a computer, which may be stored or transmitted in the form of electronic signals, stored in any format or device.
Data Protection Officer (DPO): The person appointed under the Data Protection Laws to advise AMFB Microfinance Bank (including its employees) on their responsibilities under the Data Protection Laws and to monitor compliance with these laws.
Data Subject: Any person who can be identified, directly or indirectly, by reference to an identification number or to one or more factors specific to their physical, physiological, mental, economic, cultural, or social identity.
NDPR: Nigeria Data Protection Regulation, 2019.
Our Services: The online banking services provided by the Bank to the customer, including but not limited to Online/Mobile banking and instant banking.
Personal Data: Any information relating to an identified or identifiable natural person (‘Data Subject’). An identifiable natural person is one who can be identified, directly or indirectly, by reference to an identifier such as a name, identification number, location data, online identifier, or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural, or social identity of that natural person.
Personal Identifiable Information (PII): Information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context.
PCI DSS: Payment Card Industry Data Security Standards.
Processing: Any operation or set of operations performed on Personal Data or sets of Personal Data, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure, or destruction.

2.0 Types of Data Collected

2.1 Personal Data

While using our services, we may ask you to provide us with certain personally identifiable information that can be used to contact or identify you (“Personal Data”). Personally identifiable information may include, but is not limited to:

Name and Contact Data: We collect your first, middle, and last name, email address, bank verification number (BVN), postal address, phone number, signature, date of birth, and identification documents such as a copy of your driver’s license, international passport, national identity card, Voter’s Card, and other similar contact data.

2.2 Credentials

When you subscribe to any of our products, particularly our e-channels products (online/mobile banking, instant banking, Primus Fund Transfer), you may be required to provide a User ID, a password, details from a token response device, password hints, and similar security information used for authentication and account access. You may also be required or opt to use biometric identification to access your account and authenticate transactions. While this information is required to ensure that you carry out transactions securely, appropriate security measures have been implemented to protect this data, including encryption and storage in a secured environment, if required.

2.3 Payment Data

If you subscribe to our ATM card products, we will issue you ATM cards, each with unique numbers called Personal Access Numbers (PAN), Personal Identity Numbers (PIN), and card verification numbers. You are required to keep your card and these security numbers from access by another person. For certain payment cards, a default PIN may be provided by us. In such circumstances, you are required to change the default PIN to a new PIN to enable activation and/or use of the card. When you carry out transactions or enroll in card services or online services, these card security numbers or any of them may be required for authentication. We collect data necessary to process your payment, such as your card number and the security code associated with your payment card. All payment data are processed, transmitted, and stored securely in line with PCI DSS requirements.

2.4 Usage Data

We may also collect information that your browser sends whenever you access our online services or when you access the services through a mobile device (“Usage Data”). This Usage Data may include information such as your computer’s Internet Protocol address (e.g., IP address), browser type, browser version, the pages of our service that you visit, the time and date of your visit, the time spent on those pages, unique device identifiers, and other diagnostic data.

2.5 Mobile Device Access

When you access services through a mobile device, this Usage Data may include the following:

2.5.1 Location-Based Information: We may request access or permission to track location-based information from your mobile device, either continuously or while you are using our mobile application, to provide location-based services. If you wish to change our access or permissions, you may do so in your device’s settings.
2.5.2 Mobile Device Features: We may request access or permission to certain features from your mobile device, including your microphone, Bluetooth, contacts, storage, and other features. If you wish to change our access or permissions, you may do so in your device’s settings.
2.5.3 Mobile Device Data: We may automatically collect device information when you access our services through a mobile device. This information may include your mobile device ID, model and manufacturer, operating system, version information, IP address, and diagnostic data.
2.5.4 Tracking and Cookies Data: We use cookies and similar tracking technologies to track the activity on our service. Cookies are files with a small amount of data which may include an anonymous unique identifier. Cookies are sent to your browser from a website and stored on your device. Tracking technologies also used are beacons, tags, and scripts to collect and track information and to improve and analyze our service.

2.6 Analytics

2.6.1 Google Analytics: Google Analytics is a web analytics service offered by Google that tracks and reports website traffic. Google uses the data collected to track and monitor the use of our service. This data is shared with other Google services. Google may use the collected data to contextualize and personalize the ads of its own advertising network.

2.6.2 AddThis

Oracle Corporation operates AddThis.com, a bookmarking service that can be integrated into a website with the use of a web widget. This is used to share content from our website to social media platforms such as Facebook, MySpace, WhatsApp, Bookmarks, Pinterest, Instagram, Telegram, and Twitter. AddThis analytics also allow us to track how, where, and by whom our content is being shared. In addition, the analytics show follow activity, related posts performance, visits, and conversions.

You can prevent AddThis from using your information for analytics purposes by opting out. To opt out of AddThis service, please visit this page: http://www.addthis.com/privacy/opt-out/. For more information on what type of information AddThis collects, please visit the Terms of Use page.

Links to Other Sites

Our service may contain links to other sites that are not operated by us. If you click on a third-party link, you will be directed to that third party’s site. We strongly advise you to review the Privacy Policy of every site you visit. We have no control over and assume no responsibility for the content, privacy policies, or practices of any third-party sites or services.

2.7 Use of Data

The purpose of collecting personally identifiable information is to enable us to provide you with the banking services you have subscribed to and ensure that you are able to carry out transactions without hitches. The usage of data may be extended beyond the above whenever necessary for the purposes of meeting legal, regulatory, contractual obligations, and other legitimate business interests.

Specifically, the uses the Bank could put your data into include, but are not limited to:

A. To provide and maintain our services.
B. To notify you about changes to our services.
C. To allow you to participate in interactive features of our service when you choose to do so.
D. To provide customer care and support.
E. To provide analysis or valuable information so that we can improve the services.
F. To monitor the usage of the service.
G. To detect, prevent, and address technical issues.
H. To facilitate account opening.
I. To send you marketing and promotional communications for business purposes.
J. To deliver targeted advertising to you for our business purposes and/or with your consent. We may use your information to develop and display content and advertising (and work with third parties who do so) tailored to your interests and/or location and to measure its effectiveness.

3.0 Transfer of Data

The world today is interconnected, and so is the provision of banking services. For instance, there could be many counterparties involved for a card transaction to be successfully completed. These include personalization companies, switching companies, processors, acquirers, merchants, and card schemes. Certain personal data will traverse these parties in the normal course of carrying out transactions. Except as related to the provision of banking services and meeting legal, regulatory, contractual, and other uses tangential or incidental to these, AMFB will not share your personal data with a third party.

Where it becomes necessary to do so, adequate security measures will be taken to protect the data from access by recipients other than those for which it is intended. All data we collect will reside in Akuchukwu Microfinance Bank’s computer systems in Onitsha, Anambra State, Nigeria. Since our banking software (NN|IBWLT T24) involves web services, adequate governance measures that apply to such web services will be complied with.

Akuchukwu Microfinance Bank Ltd will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy. 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.

Transfer of Personal Data to Foreign Countries

Where personal data is to be transferred to a country outside Nigeria, the Bank shall put adequate measures in place to ensure the security of such personal data. In particular, the Bank shall, among other things, conduct a detailed assessment of whether the said country is on the National Information Technology Development Agency (NITDA) White List of Countries with adequate data protection laws.

Transfer of personal data out of Nigeria would be in accordance with the provisions of the Nigeria Data Protection Regulation, 2019 (NDPR). The Bank will therefore only transfer personal data out of Nigeria on one of the following conditions:

a) The consent of the Data Subject has been obtained;
b) The transfer is necessary for the performance of a contract between the Bank and the Data Subject or implementation of pre-contractual measures taken at the Data Subject’s request;
c) The transfer is necessary to conclude a contract between the Bank and a third party in the interest of the Data Subject;
d) The transfer is necessary for reasons of public interest;
e) The transfer is for the establishment, exercise, or defense of legal claims;
f) The transfer is necessary in order to protect the vital interests of the Data Subjects or other persons, where the Data Subject is physically or legally incapable of giving consent.

Provided, in all circumstances, that the Data Subject has been manifestly made to understand through clear warnings of the specific principle(s) of data protection that are likely to be violated in the event of transfer to a third country, this proviso shall not apply to any instance where the Data Subject is answerable in duly established legal action for any civil or criminal claim in a third country.

The Bank will take all necessary steps to ensure that the personal data is transmitted in a safe and secure manner. Details of the protection given to your information when it is transferred outside Nigeria shall be provided upon the Data Subject’s request.

Where the recipient country is not on the White List and none of the conditions stipulated in this Privacy Policy are met, the Bank will engage with NITDA and the Office of the Honorable Attorney General of the Federation (HAGF) through the State Attorney General for approval with respect to such transfer.

4.0 Disclosure of Data

We only share and disclose your information in the following situations:

a) Compliance with Laws: We may disclose your information where we are legally required to do so in order to comply with applicable law, governmental requests, a judicial proceeding, court order, or legal process, such as in response to a court order or a subpoena (including in response to public authorities to meet national security or law enforcement requirements).
b) Vital Interests and Legal Rights: We may disclose your information where we believe it is necessary to investigate, prevent, or take action regarding potential violations of our policies, suspected fraud, situations involving potential threats to the safety of any person, illegal activities, or as evidence in litigation in which we are involved.
c) Vendors, Consultants, and Third Parties: We may share your data with third-party vendors, service providers, contractors, consultants, or agents who perform services for us or on our behalf. These parties require access to your information to provide the necessary banking services. Examples include, but are not limited to, payment processing, data analysis, email delivery, hosting services, customer service, and marketing efforts.
d) Business Transfers: We may share or transfer your information in connection with, or during negotiations of, any merger, sale of company assets, financing, or acquisition of all or a portion of our business to another company.
e) With your consent: We may disclose your personal information for any other purpose.

5.0 Security of Data

The security of your data is important to us. We have implemented appropriate technical and organizational security measures designed to protect the security of any personal information we process. However, please remember that we cannot guarantee that the internet itself is 100% secure. Although we will do our best to protect your personal information, transmission of personal information to and from our services is at your own

2.6.2 AddThis

Links to Other Sites

2.7 Use of Data

Specifically, the uses the Bank could put your data into include, but are not limited to:

A. To provide and maintain our services.
B. To notify you about changes to our services.
C. To allow you to participate in interactive features of our service when you choose to do so.
D. To provide customer care and support.
E. To provide analysis or valuable information so that we can improve the services.
F. To monitor the usage of the service.
G. To detect, prevent, and address technical issues.
H. To facilitate account opening.
I. To send you marketing and promotional communications for business purposes.
J. To deliver targeted advertising to you for our business purposes and/or with your consent. We may use your information to develop and display content and advertising (and work with third parties who do so) tailored to your interests and/or location and to measure its effectiveness.

3.0 Transfer of Data

Transfer of Personal Data to Foreign Countries

a) The consent of the Data Subject has been obtained;
b) The transfer is necessary for the performance of a contract between the Bank and the Data Subject or implementation of pre-contractual measures taken at the Data Subject’s request;
c) The transfer is necessary to conclude a contract between the Bank and a third party in the interest of the Data Subject;
d) The transfer is necessary for reasons of public interest;
e) The transfer is for the establishment, exercise, or defense of legal claims;
f) The transfer is necessary in order to protect the vital interests of the Data Subjects or other persons, where the Data Subject is physically or legally incapable of giving consent.

4.0 Disclosure of Data

We only share and disclose your information in the following situations:

a) Compliance with Laws: We may disclose your information where we are legally required to do so in order to comply with applicable law, governmental requests, a judicial proceeding, court order, or legal process, such as in response to a court order or a subpoena (including in response to public authorities to meet national security or law enforcement requirements).
b) Vital Interests and Legal Rights: We may disclose your information where we believe it is necessary to investigate, prevent, or take action regarding potential violations of our policies, suspected fraud, situations involving potential threats to the safety of any person, illegal activities, or as evidence in litigation in which we are involved.
c) Vendors, Consultants, and Third Parties: We may share your data with third-party vendors, service providers, contractors, consultants, or agents who perform services for us or on our behalf. These parties require access to your information to provide the necessary banking services. Examples include, but are not limited to, payment processing, data analysis, email delivery, hosting services, customer service, and marketing efforts.
d) Business Transfers: We may share or transfer your information in connection with, or during negotiations of, any merger, sale of company assets, financing, or acquisition of all or a portion of our business to another company.
e) With your consent: We may disclose your personal information for any other purpose.

5.0 Security of Data

6.0 General Principles for Processing of Personal Data

The Bank is committed to maintaining the principles in the NDPR regarding the processing of Personal Data. To demonstrate this commitment as well as our aim of creating a positive privacy culture within the Bank, the Bank adheres to the following basic principles relating to the processing of Personal Data:

6.1 Lawfulness, Fairness, and Transparency

Personal Data must be processed lawfully, fairly, and in a transparent manner at all times. This implies that Personal Data collected and processed by or on behalf of the Bank must be in accordance with the specific, legitimate, and lawful purpose consented to by the Data Subject, save where the processing is otherwise allowed by law or within other legal grounds recognized in the NDPR.

6.2 Data Accuracy

Personal Data must be accurate and kept up-to-date. In this regard, the Bank shall:

a) Ensure that any data it collects and/or processes is accurate and not misleading in a way that could be harmful to the Data Subject;
b) Make efforts to keep Personal Data updated where reasonable and applicable; and
c) Make timely efforts to correct or erase Personal Data when inaccuracies are discovered.

6.3 Purpose Limitation

The Bank collects Personal Data only for the purposes identified in the appropriate Privacy Notice provided to the Data Subject and for which consent has been obtained. Such Personal Data cannot be reused for another purpose that is incompatible with the original purpose, except where new consent is obtained.

6.4 Data Minimization

6.4.1 The Bank limits Personal Data collection and usage to data that is relevant, adequate, and absolutely necessary for carrying out the purpose for which the data is processed.

6.4.2 The Bank will evaluate whether and to what extent the processing of Personal Data is necessary and, where the purpose allows, anonymized data must be used.

6.5 Integrity and Confidentiality

6.5.1 The Bank shall establish adequate controls in order to protect the integrity and confidentiality of Personal Data, both in digital and physical format, and to prevent personal data from being accidentally or deliberately compromised.

6.5.2 Personal Data of Data Subjects must be protected from unauthorized viewing or access and from unauthorized changes to ensure that it is reliable and correct.

6.5.3 Any personal data processing undertaken by an employee who has not been authorized to carry such out as part of their legitimate duties is unauthorized.

6.5.4 Employees may have access to Personal Data only as is appropriate for the type and scope of the task in question and are forbidden to use Personal Data for their own private or commercial purposes, to disclose them to unauthorized persons, or to make them available in any other way.

6.5.5 The Human Resources Department must inform employees at the start of the employment relationship about the obligation to maintain personal data privacy. This obligation shall remain in force even after employment has ended.

6.6 Personal Data Retention

6.6.1 All personal information shall be retained, stored, and destroyed by the Bank in line with legislative and regulatory guidelines. For all Personal Data and records obtained, used, and stored within the Company, the Bank shall perform periodical reviews of the data retained to confirm the accuracy, purpose, validity, and requirement to retain.

6.6.2 To the extent permitted by applicable laws and without prejudice to the Bank’s Document Retention Policy, the length of storage of Personal Data shall, amongst other things, be determined by:

a) The contract terms agreed between the Bank and the Data Subject or as long as it is needed for the purpose for which it was obtained; or
b) Whether the transaction or relationship has statutory implications or a required retention period; or
c) Whether there is an express request for deletion of Personal Data by the Data Subject, provided that such request will only be treated where the Data Subject is not under any investigation which may require the Bank to retain such Personal Data or there is no subsisting contractual arrangement with the Data Subject that would require the processing of the Personal Data; or
d) Whether the Bank has another lawful basis for retaining that information beyond the period for which it is necessary to serve the original purpose.

Notwithstanding the foregoing and pursuant to the NDPR, the Bank shall be entitled to retain and process Personal Data for archiving, scientific research, historical research, or statistical purposes for public interest.

6.6.3 The Bank would forthwith delete Personal Data in the Bank’s possession where such Personal Data is no longer required by the Bank or in line with the Bank’s Retention Policy, provided no law or regulation being in force requires the Bank to retain such Personal Data.

6.7 Accountability

6.7.1 The Bank demonstrates accountability in line with the NDPR obligations by monitoring and continuously improving data privacy practices within the Bank.

6.7.2 Any individual or employee who breaches this Privacy Policy may be subject to internal disciplinary action (up to and including termination of their employment) and may also face civil or criminal liability if action violates the law.

If a potential breach has occurred, the Bank will investigate to determine if an actual breach has occurred and the actions required to manage and investigate the breach as follows:

a) Validate the Personal Data breach.
b) Ensure proper and impartial investigation (including digital forensics if necessary) is initiated, conducted, documented, and concluded.
c) Identify remediation requirements and track resolution.
d) Report findings to the top management.
e) Coordinate with appropriate authorities as needed.
f) Coordinate internal and external communications.
g) Ensure that impacted Data Subjects are properly notified, if necessary.

7.0 Children’s Privacy

The Bank has a children’s account. This account is opened and run by a child’s parent or guardian until the child reaches the age of majority. All personal information pertaining to such an account is provided by the guardian. A parent or guardian should therefore read this policy thoroughly to understand how the data provided is handled. Other than as related to the operation of the aforementioned children’s account, the Bank does not enter into banking relationships with minors (persons under the age of 18).

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 children have 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 will take steps to remove that information from our servers.

8.0 Personal Data Retention Period

We will only keep your personal information for as long as it is necessary for the purposes set out in this Privacy Policy, unless a longer retention period is required or permitted by law (such as tax, accounting, or other legal requirements). Upon request for account closure, your account will be closed but this closure will not involve deletion of historical records of the account for the reasons already stated. However, except as may be required by law or law enforcement agents and/or regulators, further processing of the personal information related to the account will cease from the time of closure.

9.0 Your Privacy Rights

In some regions (like the European Economic Area), you have certain rights under applicable data protection laws. These may include the right:

a) To request access and obtain a copy of your personal information,
b) To request rectification or erasure,
c) To restrict the processing of your personal information, and
d) If applicable, to data portability.

In certain circumstances as stated in section 2.8 of the Nigeria Data Protection Regulation, you may also object to the processing of your personal information. To make such a request, please use the contact details provided below. We will consider and act upon any request in accordance with applicable data protection laws.

If we are relying on your consent to process your personal information, you have the right to withdraw your consent at any time. Please note, however, that this will not affect the lawfulness of the processing before its withdrawal.

If you are resident outside Nigeria and you believe we are unlawfully processing your personal information, you also have the right to complain to your local data protection supervisory authority. You can find their contact details here: EDPB Contact Details.

Account Information

If you would at any time like to review or change the information in your account or terminate your account, you can contact us using the contact information provided.

Cookies and Similar Technologies

Most web browsers are set to accept cookies by default. If you prefer, you can usually choose to set your browser to remove cookies and to reject cookies. If you choose to remove cookies or reject cookies, this could affect certain features of our services to you. To opt-out of interest-based advertising by advertisers on our services, visit Akuchukwu Microfinance Bank.

Opting Out of Email Marketing

You can unsubscribe from our marketing email list at any time by clicking on the unsubscribe link in the emails that we send or by contacting us using the details provided below. You will then be removed from the marketing email list; however, we will still need to send you service-related emails that are necessary for the administration and use of your account. To otherwise opt-out, you may note your preferences when you register an account with the site. Access your account settings and update preferences. Contact us using the contact information provided.

10.0 Automated Individual Decision-Making or Profiling

We do not use any automated processing systems for coming to specific decisions, including profiling.

11.0 Training

The Bank shall ensure that employees who collect, access, and process Personal Data receive adequate data privacy and protection training to develop the necessary knowledge, skills, and competence required to effectively manage the compliance framework under this privacy policy and the NDPR with regard to the protection of Personal Data. On an annual basis, the Bank shall develop a capacity-building plan for its employees on data privacy and protection in line with the NDPR.

12.0 Data Protection Officer

The Bank shall appoint a Data Protection Officer(s) (DPO) responsible for overseeing the Company’s data protection strategy and its implementation to ensure compliance with the NDPR requirements. The DPO shall be a knowledgeable person on data privacy and protection principles and shall be familiar with the provisions of the NDPR. The main tasks of the DPO include:

a) Administering data protection policies and practices of the Bank;
b) Monitoring compliance with the NDPR and other data protection laws, data protection policies, awareness-raising, training, and audits;
c) Advising the business, management, employees, and third parties who carry on processing activities of their obligations under the NDPR;
d) Acting as a contact point for the Bank;
e) Monitoring and updating the implementation of the data protection policies and practices of the Bank and ensuring compliance amongst all employees of the Bank;
f) Ensuring that the Bank undertakes a Data Protection Impact Assessment and curbs potential risks in the Bank’s data processing operations; and
g) Maintaining a database of all the Bank’s personal data collection and processing operations.

13.0 Data Protection Audit

The Bank shall conduct an annual data protection audit through a licensed Data Protection Compliance Organization (DPCO) to verify the Bank’s compliance with the provisions of the NDPR and other applicable data protection laws. The audit report will be certified and filed by the DPCO to NITDA as required under the NDPR.

14.0 Changes to This Privacy Policy

We may update our Privacy Policy from time to time. We will notify you of any changes by posting the new Privacy Policy on this page and making it available at our branches. You are advised to review this Privacy Policy periodically for any changes. Changes to this Privacy Policy are effective when they are posted on this page.

15.0 Contact Us

If you have any questions or comments about this policy, you may contact our Data Protection Officer (DPO) by email at info@akuchukwumfb.com.