Introduction
PayIQ ("PayIQ", "we", "us", or "our") is operated by PayIQ Technologies Limited, a company registered in Nigeria. PayIQ is an AI-powered money application that lets you send money, buy airtime and data, pay bills, save, participate in group savings (Ajo), shop, and understand your finances with the help of an AI assistant.
This Privacy Policy explains what personal information we collect, how we use and protect it, who we share it with, and the rights you have over it. We are committed to handling your data in line with the Nigeria Data Protection Act, 2023 (NDPA), the Nigeria Data Protection Regulation, 2019 (NDPR), and guidance from the Nigeria Data Protection Commission (NDPC) and the Central Bank of Nigeria (CBN).
By creating a PayIQ account or using our services, you agree to this Privacy Policy.
Who is responsible for your data
PayIQ Technologies Limited is the data controller for personal information processed through PayIQ. Banking and deposit services are provided through our licensed Microfinance Bank partner, Safe Haven Microfinance Bank ("Safe Haven MFB"), licensed by the Central Bank of Nigeria (CBN), who acts as a controller for the regulated banking activities they perform. Deposits held with Safe Haven MFB are NDIC-insured..
Contact: privacy@payiqapp.com
Data Protection Officer (DPO): dpo@payiqapp.com
Address: 1, Ogunnusi road, omole, Ikeja Lagos
Information we collect
3.1 Information you provide
Identity & KYC information: full name, date of birth, gender, photograph/selfie for face verification, government identifiers (such as BVN and NIN), and address verification documents.
Contact information: phone number, email address, and residential address.
Account credentials: PIN, password, and security settings (stored in encrypted/hashed form).
Financial information: linked accounts, beneficiaries, savings goals, Ajo group details, and payout bank details.
Marketplace & vendor information: orders, delivery addresses, and (for vendors) business profile and payout details.
Communications: messages you send to support and your interactions with our AI assistant.
3.2 Information collected automatically
Transaction data: transfers, airtime/data and bill payments, deposits, withdrawals, balances, references, and statements.
Device & technical data: device model, operating system, app version, IP address, and identifiers.
Usage data: features used, in-app activity, and diagnostics.
Location data: approximate or precise location where you enable it (e.g., for delivery or fraud checks).
3.3 Information from third parties
Identity verification and KYC providers, our MFB and payment partners, fraud-prevention and credit/identity databases, and publicly available sources, where permitted by law.
How we use your information
We use your information to:
Create and operate your account and provide the PayIQ services you request;
Verify your identity and meet KYC, AML/CFT, and other legal and regulatory obligations;
Process and settle transactions, and maintain transaction records and statements;
Power the AI assistant so it can help you move money and understand your finances (see Section 5);
Detect, prevent, and investigate fraud, security incidents, and prohibited activity;
Provide customer support and respond to your requests;
Personalize your experience and improve our products and services;
Send you service messages and, with your consent, marketing communications;
Comply with applicable laws and respond to lawful requests from regulators and authorities.
The AI assistant and your data
PayIQ's AI assistant ("Ibra") helps you act on and understand your money. To protect your privacy:
We do not share your personal or financial identifiers (such as your name, account numbers, BVN/NIN, or contact details) with third-party AI model providers.
Where AI processing involves an external model, data is scrubbed and minimized so the model can reason about your request without receiving information that identifies you or your accounts.
The assistant prepares actions for you, but no transaction is executed without your explicit confirmation.
Legal bases for processing
We process personal data on one or more of the following bases under the NDPA/NDPR:
Performance of a contract — to deliver the services you sign up for;
Legal obligation — KYC/AML, regulatory reporting, and record-keeping;
Consent — for optional features, certain data uses, and marketing (you may withdraw consent at any time);
Legitimate interests — fraud prevention, security, and improving our services, balanced against your rights;
Vital interests / public interest — where necessary to protect against harm or comply with the law.
How we share your information
We share personal information only as needed, with:
Safe Haven Microfinance Bank (our licensed banking partner) to open and operate your account, hold deposits (NDIC-insured), and settle transactions;
Payment, transfer, and bill/airtime processors to complete the transactions you request;
Identity verification and fraud-prevention providers for KYC and security;
Technology and infrastructure providers (e.g., cloud hosting, image hosting, communications) under strict confidentiality and data-protection terms;
AI model providers — strictly without your identifying personal or financial data, as described in Section 5;
Marketplace vendors and logistics partners — only the information needed to fulfil an order you place;
Professional advisors (auditors, lawyers) where necessary;
Regulators, courts, and law enforcement where required by law or to protect our rights and users;
A successor entity in connection with a merger, acquisition, or reorganization, subject to this Policy;
Other parties with your consent or at your direction.
We do not sell your personal data.
International data transfers
Some of our service providers may process data outside Nigeria. Where we transfer personal data internationally, we do so only where adequate protections are in place as required by the NDPA/NDPR (such as adequacy, contractual safeguards, or your consent), and we remain responsible for protecting it.
Data retention
We retain personal information for as long as your account is active and as required to:
Provide our services and maintain your records;
Comply with legal, regulatory, tax, accounting, and AML record-keeping obligations (which, for financial records, may require retention for a number of years after your relationship with us ends); and
Resolve disputes and enforce our agreements.
When data is no longer required, we securely delete or anonymize it.
How we protect your information
We use technical and organizational measures to safeguard your data, including encryption in transit and at rest, cryptographically signed and verified transactions, access controls, monitoring, and secure infrastructure. No system is completely secure, so we also encourage you to protect your PIN, password, and device. If we become aware of a data breach that affects you, we will notify you and the relevant authorities as required by law.
Your rights
Subject to applicable law, you have the right to:
Access the personal data we hold about you;
Correct inaccurate or incomplete data;
Delete your data ("right to be forgotten"), where we are not legally required to keep it;
Restrict or object to certain processing;
Data portability — receive your data in a portable format;
Withdraw consent at any time, without affecting prior lawful processing;
Lodge a complaint with the Nigeria Data Protection Commission (NDPC).
To exercise any right, contact us at privacy@payiqapp.com. We will respond within the timeframe required by law. Note that some requests (e.g., deletion) may be limited by our legal obligations as a financial-services provider.
Cookies and similar technologies
Our website and app use cookies and similar technologies for authentication, security, preferences, and analytics. You can control cookies through your browser or device settings; disabling some may affect functionality.
Children's privacy
PayIQ is intended for users 18 years and older. We do not knowingly collect personal data from anyone under 18. If you believe a minor has provided us data, contact us and we will delete it.
Third-party services and links
PayIQ may link to or integrate third-party services (e.g., billers, vendors). Their use of your data is governed by their own privacy policies, and we are not responsible for their practices. Please review them before sharing information.
Changes to this Privacy Policy
We may update this Policy from time to time. We will post the updated version with a new "Last updated" date and, where changes are significant, notify you in-app or by email. Your continued use of PayIQ after an update means you accept the revised Policy.
Contact us
Questions, requests, or complaints about this Policy or your data:
Email: privacy@payiqapp.com
Data Protection Officer: [dpo@payiqapp.com]