Privacy policy

Who we are

PayIQ is operated by PayIQ Technologies Limited, a company registered in Nigeria. We decide how and why your personal data is used when you use this website, PayIQ and PayIQ Business. PayIQ is not a bank. Your account is held with our banking partner, Safe Haven Microfinance Bank Limited, which is licensed by the Central Bank of Nigeria and handles your data under its own obligations too.

Questions about this policy or your data go to support@payiqapp.com.

What we collect

• Waitlist: your name, email, phone number and, for businesses, your business name.
• Messages: what you send us through the contact form, by email or in the app, and our replies.
• Identity: name, date of birth, BVN, NIN, photo ID and liveness checks, and for businesses, your directors’ and owners’ details.
• Business: CAC registration, TIN, registered address and company documents.
• Account and contact: your phone number, email, address and the settings you choose.
• Transactions: what you send and receive, to whom, the references you attach, your cards, bills, savings and Ajo activity.
• Shop: what you order, the delivery addresses you save and what you sell if you run a shop.
• Ibra: the questions you type or say to Ibra and the answers it gives. Voice recordings are deleted as soon as they are read.
• Device and security: the phone or computer you sign in from, its location at sign-in, and how you use the app.
• Website: if you accept cookies, how you found the site and which pages you viewed. See our cookie policy.

How we use it

• To check who you are and open your account.
• To run your account: move money, issue cards, pay bills and deliver orders.
• To keep you safe: spot fraud, unusual sign-ins and misuse.
• To help you when you contact support.
• To give you insights about your own money, such as spending summaries and answers from Ibra.
• To improve our products and fix problems.
• To meet our legal and regulatory duties.
• To tell you about PayIQ if you joined the waitlist or asked to hear from us.

We do not sell your data, and we do not use your transaction history to target advertising.

Why we are allowed to

Most of it because the law requires it. Nigerian anti-money-laundering rules require us to identify our customers and the people who control them, and to keep those records. Much of the rest because you cannot run an account without it: we cannot send a payment without knowing where it is going, or spot a fraudulent sign-in without knowing what a normal one looks like.

Some uses rest on our legitimate interest in keeping PayIQ secure and making it better. Others rest on your consent, such as website analytics cookies and marketing messages. You can withdraw that consent at any time.

Who we share it with

• Our banking partner, payment processors and card provider, to the extent needed to provide the service you asked for.
• Identity verification partners, to run the checks described above.
• Sellers and logistics partners, when you order from a shop on PayIQ. They get what they need to fulfil and deliver the order.
• Service providers who work for us, such as hosting, messaging and analytics. They may only use the data to do that work.
• Regulators and law enforcement, where the law requires it.
• Anyone you explicitly give access, such as an accountant you invite to your business.

Some of these providers store or process data outside Nigeria. When that happens we rely on the safeguards the Nigeria Data Protection Act allows for transfers abroad.

How we keep it safe

Data is encrypted in transit and at rest. Your BVN and NIN get an extra layer of encryption. Access inside PayIQ is limited to staff who need it for the task in front of them, and access is logged. You can see and remove every device signed in to your account from Security in the app.

No system is perfectly secure. If a breach affects your data and puts you at risk, we will tell you and the regulator as the law requires.

How long we keep it

We keep data only as long as we need it to provide the service, meet our legal duties, resolve disputes, prevent fraud and pass audits. Account and transaction records are kept for at least seven years after your account closes, because Nigerian financial-records rules require it. After that we delete or anonymise them.

Waitlist details are deleted when you ask, or once we have launched and you have had a chance to sign up.

Your rights

Under the Nigeria Data Protection Act 2023 you can ask us to:

• Give you a copy of the data we hold about you.
• Correct data that is wrong or out of date.
• Delete your data, or limit how we use it.
• Send your data to you or to another provider in a usable format.
• Stop using your data for a purpose you object to, including marketing.
• Withdraw a consent you gave us.

We will ask you to prove who you are first. Some records we must keep for as long as the law says, and we will tell you when that is the case. Email support@payiqapp.com and we will respond within 30 days.

If you are not happy with our answer, you can complain to the Nigeria Data Protection Commission.

Cookies

This website uses analytics and advertising cookies only if you agree to them. Our cookie policy at payiqapp.com/cookies lists what we use and how to change your choice.

Changes to this policy

We may update this policy from time to time. The date at the top shows the current version. If a change affects how we use your data in an important way, we will tell you before it takes effect.