PRIVACY POLICY
Preferred Finance Company Limited
Licensed by the Central Bank of Nigeria
Website: https://preferredfin.com/
1. INTRODUCTION
Preferred Finance Company Limited ("we," "us," "our," or "the Company") is a finance company duly licensed by the Central Bank of Nigeria (CBN) to provide structured financing solutions, particularly to micro, small, and medium-scale enterprises (MSMEs) across Nigeria.
We are committed to protecting your privacy and ensuring the security of your personal information. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you visit our website, use our services, or interact with us in any capacity.
Effective Date: [Insert Date]
Last Updated: [Insert Date]
2. INFORMATION WE COLLECT
2.1 Personal Information
We collect personal information that you voluntarily provide to us, including but not limited to:
Identity Information: Full name, date of birth, gender, nationality, BVN (Bank Verification Number)
Contact Information: Email address, phone number, residential address, business address
Financial Information: Bank account details, income information, credit history, employment details
Business Information: Business registration details, financial statements, tax identification numbers
Documentation: Government-issued IDs, utility bills, bank statements, business licenses
Biometric Data: Photographs, signatures, and other biometric identifiers as required
2.2 Information Collected Automatically
When you visit our website or use our digital platforms, we may automatically collect:
Technical Information: IP address, browser type, operating system, device information
Usage Data: Pages visited, time spent on pages, click patterns, referral sources
Cookies and Similar Technologies: Information stored through cookies, web beacons, and similar tracking technologies
2.3 Information from Third Parties
We may obtain information about you from third parties, including:
Credit bureaus and credit reference agencies
Government agencies and regulatory bodies
Business partners and service providers
Publicly available sources
Other financial institutions (with your consent)
3. HOW WE USE YOUR INFORMATION
We use your personal information for the following purposes:
3.1 Primary Business Functions
Loan Processing: Evaluating loan applications, determining creditworthiness, and making lending decisions
Account Management: Opening, maintaining, and servicing your accounts
Risk Assessment: Conducting credit checks, fraud prevention, and risk management
Regulatory Compliance: Meeting CBN requirements and other regulatory obligations
3.2 Customer Service and Communication
Responding to your inquiries and providing customer support
Sending account statements, notices, and important updates
Communicating about our products and services
Processing your requests and transactions
3.3 Business Operations and Improvement
Improving our products, services, and website functionality
Conducting market research and analytics
Training our staff and improving our processes
Maintaining accurate records and documentation
3.4 Legal and Regulatory Requirements
Complying with applicable laws and regulations
Preventing fraud, money laundering, and other financial crimes
Cooperating with law enforcement and regulatory authorities
Protecting our rights and interests
4. LEGAL BASIS FOR PROCESSING
We process your personal information based on the following legal grounds:
Consent: Where you have given explicit consent for specific purposes
Contract Performance: To fulfill our contractual obligations to you
Legal Obligations: To comply with Nigerian laws and CBN regulations
Legitimate Interests: For our legitimate business interests, provided they don't override your rights
Vital Interests: To protect your vital interests or those of another person
5. INFORMATION SHARING AND DISCLOSURE
We may share your personal information in the following circumstances:
5.1 With Your Consent
We will share your information with third parties when you have given us explicit consent to do so.
5.2 Service Providers and Business Partners
We may share information with trusted third parties who assist us in:
Credit scoring and verification services
Payment processing and collection services
IT support and data hosting services
Marketing and communication services
Professional services (legal, accounting, auditing)
5.3 Regulatory and Legal Requirements
We may disclose information when required by:
Central Bank of Nigeria (CBN) and other regulatory authorities
Law enforcement agencies investigating suspected crimes
Courts of law pursuant to legal proceedings
Government agencies as required by applicable laws
5.4 Credit Reference Agencies
We may share your credit information with licensed credit bureaus and reference agencies for:
Credit assessment and verification
Fraud prevention and detection
Industry-wide risk management
5.5 Business Transfers
In the event of a merger, acquisition, or sale of our business, your information may be transferred to the acquiring entity.
6. DATA SECURITY MEASURES
We implement comprehensive security measures to protect your personal information:
6.1 Technical Safeguards
Encryption: All sensitive data is encrypted both in transit and at rest
Access Controls: Multi-factor authentication and role-based access controls
Firewalls and Security Systems: Advanced cybersecurity infrastructure
Regular Security Updates: Continuous monitoring and updating of security systems
6.2 Physical Security
Secure data centers with restricted access
Surveillance systems and security personnel
Environmental controls and backup systems
Secure disposal of physical documents
6.3 Administrative Safeguards
Employee training on data protection and privacy
Regular security audits and risk assessments
Incident response and breach notification procedures
Data retention and disposal policies
7. DATA RETENTION
We retain your personal information only for as long as necessary to:
Fulfill the purposes for which it was collected
Comply with legal and regulatory requirements
Resolve disputes and enforce our agreements
Protect our legitimate business interests
Retention Periods:
Active Customer Records: For the duration of the business relationship plus 7 years
Credit Information: As required by CBN regulations (typically 10 years)
Marketing Data: Until you withdraw consent or 3 years from last interaction
Website Analytics: 24 months from collection
8. YOUR RIGHTS AND CHOICES
Under Nigerian data protection laws, you have the following rights:
8.1 Access Rights
Request access to your personal information we hold
Obtain copies of your data in a portable format
Understand how your information is being used
8.2 Correction and Updates
Request correction of inaccurate or incomplete information
Update your contact details and preferences
Modify your consent preferences
8.3 Deletion and Restriction
Request deletion of your personal information (subject to legal requirements)
Restrict processing for specific purposes
Object to processing based on legitimate interests
8.4 Communication Preferences
Opt-out of marketing communications
Choose preferred communication channels
Update your communication preferences
To Exercise Your Rights:
Email: privacy@preferredfin.com
Phone: +2342092915525
9. COOKIES AND TRACKING TECHNOLOGIES
9.1 Types of Cookies We Use
Essential Cookies: Required for website functionality
Performance Cookies: Help us improve website performance
Functional Cookies: Remember your preferences and settings
Marketing Cookies: Deliver relevant advertisements
9.2 Managing Cookies
You can control cookies through your browser settings. However, disabling certain cookies may affect website functionality.
9.3 Third-Party Tracking
We may use third-party analytics and advertising services that place their own cookies on your device.
10. CROSS-BORDER DATA TRANSFERS
If we transfer your personal information outside Nigeria, we will:
Ensure adequate protection measures are in place
Obtain your explicit consent where required
Comply with CBN guidelines on cross-border data transfers
Use approved transfer mechanisms and safeguards
11. CHILDREN'S PRIVACY
Our services are not intended for individuals under 18 years of age. We do not knowingly collect personal information from minors. If we become aware that we have collected information from a minor, we will take steps to delete such information promptly.
12. CHANGES TO THIS PRIVACY POLICY
We may update this Privacy Policy periodically to reflect changes in our practices or applicable laws. We will:
Post the updated policy on our website
Notify you of material changes via email or other communication channels
Provide at least 30 days' notice before significant changes take effect
13. CONTACT INFORMATION
Data Protection Officer
Preferred Finance Company Limited
Email: privacy@preferredfin.com
Phone: +2342092915525
Address: 3rd Floor, Infinity House, Kaura Namoda Street, off Faskari Crescent, Area 3, FCT Abuja
Customer Service
Email: customerservice@preferredfin.com
Website: https://preferredfin.com/
Regulatory Information
Licensed by the Central Bank of Nigeria
License Number: 7620910
14. COMPLAINTS AND DISPUTE RESOLUTION
If you have concerns about how we handle your personal information:
Contact Us Directly: Reach out to our Data Protection Officer
Internal Review: We will investigate and respond within 30 days
Regulatory Complaint: You may file a complaint with relevant regulatory authorities
Legal Recourse: You have the right to seek legal remedies under Nigerian law
15. DEFINITIONS
CBN: Central Bank of Nigeria
MSME: Micro, Small, and Medium Enterprises
Personal Information: Any information that can identify you as an individual
Processing: Any operation performed on personal data
Third Party: Any individual or organization other than you and us
Acknowledgment: By using our services or providing your personal information to us, you acknowledge that you have read, understood, and agree to be bound by this Privacy Policy.
This Privacy Policy is governed by the laws of the Federal Republic of Nigeria and is designed to comply with the Nigeria Data Protection Regulation (NDPR) and other applicable data protection laws.
Document Version: 1.1.0
Approved By: CCO
Date: September 16, 2025
Preferred Finance Company Limited
Licensed by the Central Bank of Nigeria
Website: https://preferredfin.com/
1. INTRODUCTION
Preferred Finance Company Limited ("we," "us," "our," or "the Company") is a finance company duly licensed by the Central Bank of Nigeria (CBN) to provide structured financing solutions, particularly to micro, small, and medium-scale enterprises (MSMEs) across Nigeria.
We are committed to protecting your privacy and ensuring the security of your personal information. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you visit our website, use our services, or interact with us in any capacity.
Effective Date: [Insert Date]
Last Updated: [Insert Date]
2. INFORMATION WE COLLECT
2.1 Personal Information
We collect personal information that you voluntarily provide to us, including but not limited to:
Identity Information: Full name, date of birth, gender, nationality, BVN (Bank Verification Number)
Contact Information: Email address, phone number, residential address, business address
Financial Information: Bank account details, income information, credit history, employment details
Business Information: Business registration details, financial statements, tax identification numbers
Documentation: Government-issued IDs, utility bills, bank statements, business licenses
Biometric Data: Photographs, signatures, and other biometric identifiers as required
2.2 Information Collected Automatically
When you visit our website or use our digital platforms, we may automatically collect:
Technical Information: IP address, browser type, operating system, device information
Usage Data: Pages visited, time spent on pages, click patterns, referral sources
Cookies and Similar Technologies: Information stored through cookies, web beacons, and similar tracking technologies
2.3 Information from Third Parties
We may obtain information about you from third parties, including:
Credit bureaus and credit reference agencies
Government agencies and regulatory bodies
Business partners and service providers
Publicly available sources
Other financial institutions (with your consent)
3. HOW WE USE YOUR INFORMATION
We use your personal information for the following purposes:
3.1 Primary Business Functions
Loan Processing: Evaluating loan applications, determining creditworthiness, and making lending decisions
Account Management: Opening, maintaining, and servicing your accounts
Risk Assessment: Conducting credit checks, fraud prevention, and risk management
Regulatory Compliance: Meeting CBN requirements and other regulatory obligations
3.2 Customer Service and Communication
Responding to your inquiries and providing customer support
Sending account statements, notices, and important updates
Communicating about our products and services
Processing your requests and transactions
3.3 Business Operations and Improvement
Improving our products, services, and website functionality
Conducting market research and analytics
Training our staff and improving our processes
Maintaining accurate records and documentation
3.4 Legal and Regulatory Requirements
Complying with applicable laws and regulations
Preventing fraud, money laundering, and other financial crimes
Cooperating with law enforcement and regulatory authorities
Protecting our rights and interests
4. LEGAL BASIS FOR PROCESSING
We process your personal information based on the following legal grounds:
Consent: Where you have given explicit consent for specific purposes
Contract Performance: To fulfill our contractual obligations to you
Legal Obligations: To comply with Nigerian laws and CBN regulations
Legitimate Interests: For our legitimate business interests, provided they don't override your rights
Vital Interests: To protect your vital interests or those of another person
5. INFORMATION SHARING AND DISCLOSURE
We may share your personal information in the following circumstances:
5.1 With Your Consent
We will share your information with third parties when you have given us explicit consent to do so.
5.2 Service Providers and Business Partners
We may share information with trusted third parties who assist us in:
Credit scoring and verification services
Payment processing and collection services
IT support and data hosting services
Marketing and communication services
Professional services (legal, accounting, auditing)
5.3 Regulatory and Legal Requirements
We may disclose information when required by:
Central Bank of Nigeria (CBN) and other regulatory authorities
Law enforcement agencies investigating suspected crimes
Courts of law pursuant to legal proceedings
Government agencies as required by applicable laws
5.4 Credit Reference Agencies
We may share your credit information with licensed credit bureaus and reference agencies for:
Credit assessment and verification
Fraud prevention and detection
Industry-wide risk management
5.5 Business Transfers
In the event of a merger, acquisition, or sale of our business, your information may be transferred to the acquiring entity.
6. DATA SECURITY MEASURES
We implement comprehensive security measures to protect your personal information:
6.1 Technical Safeguards
Encryption: All sensitive data is encrypted both in transit and at rest
Access Controls: Multi-factor authentication and role-based access controls
Firewalls and Security Systems: Advanced cybersecurity infrastructure
Regular Security Updates: Continuous monitoring and updating of security systems
6.2 Physical Security
Secure data centers with restricted access
Surveillance systems and security personnel
Environmental controls and backup systems
Secure disposal of physical documents
6.3 Administrative Safeguards
Employee training on data protection and privacy
Regular security audits and risk assessments
Incident response and breach notification procedures
Data retention and disposal policies
7. DATA RETENTION
We retain your personal information only for as long as necessary to:
Fulfill the purposes for which it was collected
Comply with legal and regulatory requirements
Resolve disputes and enforce our agreements
Protect our legitimate business interests
Retention Periods:
Active Customer Records: For the duration of the business relationship plus 7 years
Credit Information: As required by CBN regulations (typically 10 years)
Marketing Data: Until you withdraw consent or 3 years from last interaction
Website Analytics: 24 months from collection
8. YOUR RIGHTS AND CHOICES
Under Nigerian data protection laws, you have the following rights:
8.1 Access Rights
Request access to your personal information we hold
Obtain copies of your data in a portable format
Understand how your information is being used
8.2 Correction and Updates
Request correction of inaccurate or incomplete information
Update your contact details and preferences
Modify your consent preferences
8.3 Deletion and Restriction
Request deletion of your personal information (subject to legal requirements)
Restrict processing for specific purposes
Object to processing based on legitimate interests
8.4 Communication Preferences
Opt-out of marketing communications
Choose preferred communication channels
Update your communication preferences
To Exercise Your Rights:
Email: privacy@preferredfin.com
Phone: +2342092915525
9. COOKIES AND TRACKING TECHNOLOGIES
9.1 Types of Cookies We Use
Essential Cookies: Required for website functionality
Performance Cookies: Help us improve website performance
Functional Cookies: Remember your preferences and settings
Marketing Cookies: Deliver relevant advertisements
9.2 Managing Cookies
You can control cookies through your browser settings. However, disabling certain cookies may affect website functionality.
9.3 Third-Party Tracking
We may use third-party analytics and advertising services that place their own cookies on your device.
10. CROSS-BORDER DATA TRANSFERS
If we transfer your personal information outside Nigeria, we will:
Ensure adequate protection measures are in place
Obtain your explicit consent where required
Comply with CBN guidelines on cross-border data transfers
Use approved transfer mechanisms and safeguards
11. CHILDREN'S PRIVACY
Our services are not intended for individuals under 18 years of age. We do not knowingly collect personal information from minors. If we become aware that we have collected information from a minor, we will take steps to delete such information promptly.
12. CHANGES TO THIS PRIVACY POLICY
We may update this Privacy Policy periodically to reflect changes in our practices or applicable laws. We will:
Post the updated policy on our website
Notify you of material changes via email or other communication channels
Provide at least 30 days' notice before significant changes take effect
13. CONTACT INFORMATION
Data Protection Officer
Preferred Finance Company Limited
Email: privacy@preferredfin.com
Phone: +2342092915525
Address: 3rd Floor, Infinity House, Kaura Namoda Street, off Faskari Crescent, Area 3, FCT Abuja
Customer Service
Email: customerservice@preferredfin.com
Website: https://preferredfin.com/
Regulatory Information
Licensed by the Central Bank of Nigeria
License Number: 7620910
14. COMPLAINTS AND DISPUTE RESOLUTION
If you have concerns about how we handle your personal information:
Contact Us Directly: Reach out to our Data Protection Officer
Internal Review: We will investigate and respond within 30 days
Regulatory Complaint: You may file a complaint with relevant regulatory authorities
Legal Recourse: You have the right to seek legal remedies under Nigerian law
15. DEFINITIONS
CBN: Central Bank of Nigeria
MSME: Micro, Small, and Medium Enterprises
Personal Information: Any information that can identify you as an individual
Processing: Any operation performed on personal data
Third Party: Any individual or organization other than you and us
Acknowledgment: By using our services or providing your personal information to us, you acknowledge that you have read, understood, and agree to be bound by this Privacy Policy.
This Privacy Policy is governed by the laws of the Federal Republic of Nigeria and is designed to comply with the Nigeria Data Protection Regulation (NDPR) and other applicable data protection laws.
Document Version: 1.1.0
Approved By: CCO
Date: September 16, 2025