Privacy Policy

Effective Date: November. 2025

At PayOption, we value your privacy and are committed to protecting your personal information. This Privacy Policy explains how we collect, use, disclose, and safeguard your data when you use our financial technology products and services. Please read this policy carefully to understand our practices regarding your information.

1. Information We Collect

When you use PayOption, we may collect the following types of information:

a. Personal Information

  • Full name, date of birth, gender, and contact details (phone number, email address, physical address).

  • Government-issued identification (e.g., BVN, NIN, driver’s license, international passport).

  • Financial details such as bank account numbers, card information, and transaction history.

b. Technical Information

  • Device details (IP address, browser type, operating system, device ID).

  • Log data, including access times, pages visited, and interactions with our platform.

  • Geolocation data where necessary for fraud prevention and compliance.

c. Other Information

  • Feedback, inquiries, or complaints submitted through customer support.

  • Information obtained from third-party partners (such as credit bureaus, KYC/AML service providers, and payment processors).

2. How We Use Your Information

We use your information to:

  • Verify your identity and comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

  • Provide, process, and improve our services.

  • Facilitate secure transactions and prevent fraud.

  • Communicate with you regarding your account, transactions, or service updates.

  • Personalize your experience and offer tailored products.

  • Comply with legal and regulatory requirements.

3. Legal Basis for Processing (for GDPR/NDPR compliance)

We process your personal data on the following grounds:

  • Consent: When you voluntarily provide information or agree to marketing communications.

  • Contractual necessity: To provide you with our services and fulfill our agreements.

  • Legal obligation: To comply with financial, anti-fraud, and regulatory laws.

  • Legitimate interest: To improve our services, prevent misuse, and ensure security.

4. Sharing of Information

We may share your data with:

  • Financial partners (banks, payment processors, credit bureaus) to process your transactions.

  • Regulatory authorities to comply with legal obligations.

  • Service providers who help us deliver services (IT, cloud hosting, analytics, customer support).

  • Business partners with whom we collaborate to provide additional financial products.

We do not sell your personal information to third parties.

5. Data Security

We implement industry-standard measures to protect your data, including:

  • Encryption of sensitive information during transmission and storage.

  • Secure access controls and authentication protocols.

  • Regular monitoring, auditing, and risk assessments.

However, no method of electronic storage or transmission over the Internet is 100% secure. While we strive to use commercially acceptable means to protect your data, we cannot guarantee absolute security.

6. Data Retention

We retain your information for as long as necessary to:

  • Fulfill the purposes outlined in this Privacy Policy.

  • Comply with legal, regulatory, and contractual obligations.

  • Resolve disputes and enforce agreements.

When no longer needed, your data will be securely deleted or anonymized.

7. Your Privacy Rights

Depending on your location, you may have the right to:

  • Access the personal data we hold about you.

  • Request corrections or updates to inaccurate information.

  • Request deletion of your data where legally permissible.

  • Withdraw consent where processing is based on consent.

  • Restrict or object to certain types of processing.

  • Request data portability to another service provider.

To exercise your rights, please contact us (see Section 10).

8. Cookies and Tracking Technologies

We may use cookies, pixels, and similar technologies to:

  • Enhance your user experience.

  • Remember your preferences and login sessions.

  • Analyze usage patterns to improve our services.

You may manage cookies through your browser settings, but disabling them may affect the functionality of our services.

9. Children’s Privacy

Our services are not directed at individuals under the age of 18. We do not knowingly collect personal information from children. If we discover that we have unintentionally collected such data, we will promptly delete it.

10. Contact Us

If you have questions, concerns, or requests regarding this Privacy Policy or your personal data, please contact us:

PayOption Privacy Office
Email: info@payoption.ng
Phone: 07076312516, 09034969755
Address: Covel Plaza Km 46 Lekki-Epe Expressway, Opposite Beachwood Estate, Imalete Bus Stop, Ibeju Lekki, Lagos

11. Changes to this Privacy Policy

We may update this Privacy Policy from time to time to reflect changes in our practices, technologies, or legal obligations. Updates will be posted on this page with a revised “Effective Date.”