LOAN SERVICES PRIVACY POLICY

Last updated 2026-11-07

1. Introduction

FIRSTMIDAS MICROFINANCE BANK LIMITED (“the Bank”) is committed to protecting the personal information of customers who apply for or access our loan products. This Policy explains how we collect, use, store and share your information in accordance with the Nigeria Data Protection Act 2023 and other applicable regulations.

2. Information We Collect

Depending on your loan application, we may collect:

  • Personal details, contact information, BVN, NIN and identification documents.
  • Employment details, salary information and proof of income.
  • Bank statements, financial records and existing loan obligations.
  • Credit history, repayment records and credit bureau information.
  • Guarantor, collateral and supporting documentation.
  • Relevant digital, device and transaction information.

3. How We Use Your Information

We use your information to:

  • Process and assess loan applications.
  • Verify your identity and evaluate creditworthiness.
  • Conduct credit checks and prevent fraud.
  • Approve, disburse and administer loans.
  • Process repayments and manage outstanding facilities.
  • Send loan notifications and repayment reminders.
  • Meet legal, regulatory, audit and reporting obligations.

4. Credit Checks and Information Sharing

We may obtain or share relevant information with licensed credit bureaux, regulatory authorities, identity-verification providers, payment processors and authorised service providers, where legally permitted or required.

We do not sell your personal information or permit its use for unlawful harassment, intimidation or public disclosure of your indebtedness.

5. Legal Basis for Processing

We process your information based on contractual requirements, legal obligations, legitimate interests and consent where required by law.

6. Data Security and Retention

We apply appropriate security measures to protect your information against unauthorised access, loss or disclosure. Your records are retained only for as long as necessary or as required by applicable laws and regulatory obligations.

7. Your Privacy Rights

Subject to applicable laws, you may request access to, correction of or deletion of your personal information, object to certain processing, withdraw consent where applicable, and lodge complaints with the Nigeria Data Protection Commission.

8. Automated Credit Assessment

We may use automated systems and analytical tools to assess loan applications and credit risk. Where applicable, you may request information about qualifying automated decisions and seek human review.

9. Policy Updates

We may update this Policy periodically to reflect changes in our services, operations or regulatory requirements. The latest version will be published on our official website.

Your Success, Our Business.