FairMoney Policy: How We Collect and Use Information

Fairmoney policy takes customer privacy very seriously and discloses all privacy issues to present and future Fairmoney loan customers.

We collect the following types of information about you:

The information you provide us directly:

We ask for certain information such as your username, real name, birthdate, address, phone number, BVN, and e-mail address when you register for an account on FairMoney smartphone application or when you contact us. We may also retain any messages you send through the Service and may collect information you provide in User Content you post to the Service. We use this information to operate, maintain, and provide to you the features and functionality of the Service.

Next, we collect your smartphone data if you accept to share it with us, like Geolocation, SMS, emails, call logs, phone contacts. You will be explicitly asked to give us access to this data, you should share it with us to access the full potential of our services.

Information we may receive from third parties:

We may receive information about you from third parties.

For example, if you access our websites or Service through a third-party connection or log-in, through Facebook Connect, by “following”, “liking”, etc., that third party may pass certain information about your use of its service to FairMoney.

This information could include, but is not limited to, the user ID associated with your account (for example, your Facebook UID), an access token necessary to access that service, any information that you have permitted the third party to share with us, and any information you have made public in connection with that service.

If you allow us access to your friends list, your friends’ user IDs, and your connection to those friends, may be used and stored to set up a credit score, and to allow you to invite your friends to use our Service by sending them a direct message or email – which might not be free, depending on your mobile operation service.

You should always review, and if necessary, adjust your privacy settings on third-party websites and services before linking or connecting them to the FairMoney Service. You may also unlink your third party account from the Service by adjusting your settings on the third party service.

Finding your friends on the Service:

FairMoney may develop a feature that allows you to locate your friends with FairMoney accounts and access their credit history on the platform. This feature allows you to choose to locate friends either through (i) your contact list, (ii) social media sites (such as Facebook) or (iii) through a search of names and usernames on FairMoney.

How we might use the previous information:

The data obtained from the three previous paragraphs might be used to:

Build your credit scoring decision and improve our credit scoring model.
Ensure your loan repayment by asking people like your friends, family, workplace, credit bureaus, loan collection agencies to repay for you, to make you repay via legal means, or by letting them know you didn’t repay your loan, via SMS, emails, calls in case you breach the credit agreement set with FairMoney regarding your repayment date.

Analytics information:

We may directly collect analytics data, or use third-party analytics tools and services, to help us measure traffic and usage trends for the Service. These tools collect information sent by your browser or mobile device, including the pages you visit and other information that assists us in improving the Service. We collect and use this analytics information in aggregate form such that it cannot reasonably be manipulated to identify any particular individual user.

Cookies information:

Full details can be found on our Cookie Policy. When you visit the Service, we may send one or more cookies — a small text file containing a string of alphanumeric characters — to your computer that uniquely identifies your browser and lets FairMoney help you log in faster and enhance your navigation through the site. A cookie may also convey information to us about how you use the Service (e.g., the pages you view, the links you click and other actions you take on the Service), and allow us or our business partners to track your usage of the Service over time. A persistent cookie remains on your hard drive after you close your browser. Persistent cookies may be used by your browser on subsequent visits to the site. Persistent cookies can be removed by following your web browser’s directions. A session cookie is temporary and disappears after you close your browser. You can reset your web browser to refuse all cookies or to indicate when a cookie is being sent. However, some features of the Service may not function properly if the ability to accept cookies is disabled. Full details can be found on our Cookie Policy.

Log file information:

Log file information is automatically reported by your browser or mobile device each time you access the Service. When you use our Service, our servers automatically record certain log file information. These server logs may include anonymous information such as your web request, Internet Protocol (“IP”) address, browser type, referring / exit pages and URLs, the number of clicks and how you interact with links on the Service, domain names, landing pages, pages viewed, and other such information.

Clear gifs/web beacons information:

When you use the Service, we may employ clear gifs (also known as web beacons) which are used to anonymously track the online usage patterns of our Users. In addition, we may also use clear gifs in HTML-based emails sent to our users to track which emails are opened and which links are clicked by recipients. The information allows for more accurate reporting and improvement of the Service.

Device identifiers:

When you access the Service by or through a mobile device (including but not limited to smart-phones or tablets), we may access, collect, monitor and/or remotely store one or more “device identifiers,” such as a universally unique identifier (“UUID”). Device identifiers are small data files or similar data structures stored on or associated with your mobile device, which uniquely identify your mobile device. A device identifier may be data stored in connection with the device hardware, data stored in connection with the device’s operating system or other software, or data sent to the device by FairMoney. A device identifier may convey information to us about how you browse and use the Service. A device identifier may remain persistently on your device, to help you log in faster and enhance your navigation through the Service. Some features of the Service may not function properly if use or availability of device identifiers is impaired or disabled.

Commercial and marketing communications:

We use the information we collect or receive, such as your email address, to communicate directly with you. We may send you emails containing newsletters, promotions, and special offers. If you do not want to receive such email messages, you will be given the option to opt out or change your preferences. We also use your information to send you Service-related emails (e.g., account verification, purchase and billing confirmations and reminders, changes/updates to features of the Service, technical and security notices). You may not opt out of Service-related emails. You may also be able to be “found” on FairMoney based on information that you provide.

Use of certain service type information we collect about you:

We use or may use cookies, log file, device identifiers, location data and clear gifs information to (a) remember information so that you will not have to re-enter it during your visit or the next time you visit the site; (b) provide custom, personalized content, and information; (c) to provide and monitor the effectiveness of our Service; (d) monitor aggregate metrics such as total number of visitors, traffic, and demographic patterns; (e) diagnose or fix technology problems; (f) help you efficiently access your information after you sign in; (g) to provide advertising to your browser or device, and (h) automatically update the FairMoney application on your mobile devices.

Sharing of Your Information

We will not rent or sell your information into third parties outside FairMoney and its group companies (including any parent, subsidiaries, and affiliates) without your consent, except as noted below:

We may share your information with third-party business partners such as credit bureaus, payment providers, SMS delivery services, etc. for the purpose of providing the Service to you. Third-party business partners will be given limited access to your information as is reasonably necessary to deliver the Service, and we will require that such third parties comply with this Privacy Policy, or operate under a similar privacy policy.

What happens in the event of a change of control:

We may buy or sell/divest/transfer the company (including any shares in the company), or any combination of its products, services, assets and/or businesses. Your information such as customer names and email addresses, User Content and other useful information related to the Service may be among the items sold or otherwise transferred in these types of transactions. We may also sell, assign or otherwise transfer such information in the course of corporate divestitures, mergers, acquisitions, bankruptcies, dissolutions, reorganizations, liquidations, similar transactions or proceedings involving all or a portion of the company.

Instances where we are required to share your information:

FairMoney will disclose your information where required to do so by law or subpoena or if we reasonably believe that such action is necessary to (a) comply with the law and the reasonable requests of law enforcement; (b) to enforce our Terms of Use or to protect the security, quality or integrity of our Service; and/or (c) to exercise or protect the rights, property, or personal safety of FairMoney, our Users, or others.

Sharing certain service type information we collect about you:

We may share certain service type information, including information obtained through tools such as cookies, log files, device identifiers, location data and clear gifs (such as anonymous usage data, referring/exit pages and URLs, platform types, number of clicks, etc.): (i) with our third-party business partners for the purposes described in the section above on “How We Collect and Use Information.” We may also aggregate or otherwise strip data of all personally identifying characteristics and may share that aggregated, anonymized data with third parties.

Ads on FairMoney:

We may also share certain information such as your location, browser, and cookie data and other data relating to your use of our Service with our business partners to deliver advertisements (“ads”) that may be of interest to you. FairMoney may allow third-party ad servers or ad networks to serve advertisements on the Service. These third-party ad servers or ad networks use technology to send, directly to your browser or mobile device, the ads and ad links that appear on the Service, and will automatically receive your IP address when they do so. They may also use other technologies (such as cookies, JavaScript, device identifiers, location data, and clear gifs, see above) to compile information about your browser’s or device’s visits and usage patterns on the Service and on other websites, and to measure the effectiveness of their ads and to personalize the advertising content delivered to you.

To enhance your user experience or help us improve and measure our effectiveness, FairMoney may embed code from third parties on the Service. Examples of such parties may include Facebook, Twitter, Pinterest, Google, YouTube, Hotjar, Howcast, VideoJug, AOL, and others. These third parties may collect information about you including IP address, cookies in ways FairMoney does not control.

The FairMoney Privacy Policy does not apply to, and we cannot control the activities of third-parties. Please consult the respective privacy policies of such third parties or contact such third parties for more information.

How We Store and Protect Your Information

Storage and Processing:

Your information collected through the Service may be stored and processed in Nigeria and in France or any other country in which FairMoney or its subsidiaries, affiliates, or service providers maintain facilities. FairMoney may transfer information that we collect about you, including personal information, to affiliated entities, or to other third parties across borders and from your country or jurisdiction to other countries or jurisdictions around the world. If you are located in the European Union or other regions with laws governing data collection and use that may differ from Nigerian law, please note that we may transfer information, including personal information, to a country and jurisdiction that does not have the same data protection laws as your jurisdiction, and you consent to the transfer of information to the U.S. or any other country in which FairMoney or its parent, subsidiaries, affiliates, or service providers maintain facilities and the use and disclosure of information about you as described in this Privacy Policy.

Keeping your information safe:

FairMoney cares about the security of your information and uses commercially reasonable safeguards to preserve the integrity and security of all information collected through the Service. To protect your privacy and security, we take reasonable steps (such as requesting a unique password) to verify your identity before granting you access to your account. You are responsible for maintaining the secrecy of your unique password and account information, and for controlling access to your email communications from FairMoney, at all times. However, FairMoney cannot ensure or warrant the security of any information you transmit to FairMoney or guarantee that information on the Service may not be accessed, disclosed, altered, or destroyed. Your privacy settings may also be affected by changes to the functionality of third party sites and services that you add to the FairMoney Service, such as social networks. FairMoney is not responsible for the functionality or security measures of any third party.

Compromise of information:

In the event that any information under our control is compromised as a result of a breach of security, FairMoney will take reasonable steps to investigate the situation and where appropriate, notify those individuals whose information may have been compromised and take other steps, in accordance with any applicable laws and regulations.

Your Choices about Your Information

You control your account information and settings: You may update your account information and email-communication preferences at any time by sending an email detailing what you require to laurin@fairmoney.com.ng.

We make every effort to promptly process all unsubscribe requests. As noted above, you may not opt out of Service-related communications (e.g., account verification, purchase and billing confirmations and reminders, changes/updates to features of the Service, technical and security notices). If you have any questions about reviewing or modifying your account information, you can contact us directly at laurin@fairmoney.com.ng

Opting out of the collection of your information for Tracking / Advertising:

Please refer to your mobile device or browser’s technical information for instructions on how to delete and disable cookies, and other tracking/recording tools. Depending on your type of device, it may not be possible to delete or disable tracking mechanisms on your mobile device. Note that disabling cookies and/or other tracking tools prevents FairMoney or its business partners from tracking your browser’s activities in relation to the Service, and for use in targeted advertising activities by third parties. However, doing so may disable many of the features available through the Service. If you have any questions about opting out of the collection of cookies and other tracking/recording tools, you can contact us directly at laurin@fairmoney.com.ng.

How long we keep your private profile information:

Following termination of your User account, FairMoney may retain your private profile information for a commercially reasonable time for backup, archival, or audit purposes

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