Our Privacy Policy

Our Privacy Policy

Last reviewed date: January 31, 2025.

RIC Microfinance Bank Limited (“RIC MFB”, “we”, “our”, “us”) operates BetaKash, a mobile app designed to provide microloans, transfers, bill payments, and other financial services. We respect your privacy and are committed to protecting your personal information in line with the Nigeria Data Protection Act 2023 and other applicable regulations.

1. Consent

By downloading, signing up, or using BetaKash, you agree to this Privacy Policy and consent to the collection and use of your data as described.

2. What Data We Collect

When you use BetaKash, we may collect:

  • Onboarding details: Name, gender, date of birth, photo, address, ID details, utility bill, email, phone number, social media handles, debit/credit card details, NIN and/or BVN.
  • Transaction data: Loan details, transfers, deposits, withdrawals, merchant info, device/location data.
  • Contacts (with consent): To enable easy transactions and in app messaging.
  • Images: For account opening, KYC, and customer support.
  • Other sources: Social media complaints, surveys, or third party services linked to BetaKash.
  • Job applications: Education, employment, health, and background checks (if you apply to work with us).
Note: BetaKash is not available to users under 18.

3. Data Retention

  • Personal data is kept only as long as necessary for business, legal, or regulatory purposes.
  • As a regulated financial institution, we retain data for 10 years after account closure, and transaction records for at least 5 years.

4. How We Use Your Data

We process your data to:

  • Provide services (payments, loans, bill payments).
  • Verify identity and comply with KYC/CBN regulations.
  • Prevent fraud and manage risk.
  • Communicate with you about your account.
  • Improve BetaKash app performance.
  • Review credit/loan eligibility.
  • Comply with legal obligations.
  • Market RIC products (with your consent).
  • Provide location based services (e.g., nearby agents).
You can withdraw consent for marketing at any time.

5. Sharing Your Data

We may share your data with:

  • Affiliates/sister companies (for risk management and service delivery).
  • Third party providers (identity verification, transaction processing, customer support).
  • Financial institutions (for related services).
  • Professional advisers (lawyers, auditors, insurers).
  • Regulators or law enforcement (when legally required).
  • Credit agencies (for compliance and fraud checks).
  • Other users (when you transact with them).
  • Business transfers (mergers, acquisitions, or restructuring).
We will always ensure safeguards are in place to protect your data.

6. Cookies

BetaKash uses encrypted session cookies to improve your experience. These are temporary and erased once you log out or close the app. You can disable cookies, but some features may not work properly.

7. Your Rights

You have the right to:

  • Access your data.
  • Rectify inaccurate or incomplete data.
  • Erase data (subject to legal exceptions).
  • Object to processing (including marketing).
  • Restrict processing in certain cases.
  • Port your data to another provider.
  • Challenge automated decisions affecting you.
  • Withdraw consent at any time.
  • Lodge complaints with NITDA or relevant authorities.

8. Protecting Your Data

We use technical, physical, and administrative safeguards to protect your data. You are responsible for keeping your login credentials secure (e.g., strong passwords, two factor authentication). We will notify you of any breaches that affect your data.

9. Remedies

If your data is mishandled, our Data Protection Officer will resolve the issue within 7 days. If disclosure occurs without consent, we will retract the information within 48 hours.

10. Governing Law

This Privacy Policy complies with the Nigeria Data Protection Act (2023) and other applicable Nigerian laws.

11. Updates

We may update this Privacy Policy to reflect changes in law or our practices. You will be notified via the app, email, or website before changes take effect.

12. Global Data Transfers

Your data is stored in Nigeria unless you consent to processing outside Nigeria. If transferred, it will only be to jurisdictions with adequate data protection laws.

13. Contact Us

For questions or complaints, contact:

RIC Microfinance Bank Limited,
Head Office: 9, Kasumu Ekemode Street, Victoria Island, Lagos, Nigeria
Email: mails@ricmicrofinancebank.com.ng
Phone: +234-81530511951