Privacy Policy

Last updated: December 2024

1. Introduction

KoletMoni ("we," "our," or "us") is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our mobile application and services.

2. Information We Collect

Personal Information

  • Name (first and last name), email address, and phone number
  • Username and encrypted password for account access
  • Bank account information and BVN for verification
  • Government-issued identification for KYC compliance
  • Transaction history, payment phrases, and wallet balance
  • Referral codes and referral relationships

Financial Information

  • Account balance and transaction amounts
  • Payment card information (processed securely via Paystack/Flutterwave)
  • Virtual account details and bank transfer information
  • Bill payment history (airtime, data, electricity, cable TV)
  • QR cash transfer records and phrase usage analytics

Technical Information

  • Device information, model, and unique identifiers
  • Operating system version and app version
  • IP address and general location data (for fraud prevention)
  • App usage patterns, session duration, and feature usage
  • Log files, crash reports, and error diagnostics
  • Push notification tokens for app notifications

Biometric Information

  • Biometric authentication data (stored locally on your device only)
  • PIN and security credentials (encrypted and hashed)
  • Authentication tokens and session management data

3. How We Use Your Information

  • Process payments, transfers, and manage your digital wallet
  • Enable phrase-based payments and QR cash transfers
  • Process bill payments (airtime, data, electricity, cable TV)
  • Verify your identity (BVN verification) and prevent fraud
  • Manage virtual accounts and bank transfer services
  • Process referral rewards and track referral relationships
  • Provide customer support and respond to inquiries
  • Send transaction notifications and account updates
  • Analyze app usage to improve services and develop new features
  • Ensure security through biometric authentication and monitoring
  • Comply with financial regulations and legal requirements
  • Generate analytics for business insights (anonymized data)

4. Information Sharing

We do not sell, trade, or rent your personal information. We may share your information only in the following circumstances:

  • With banking partners and payment processors (Paystack, Flutterwave) to process transactions
  • With bill payment service providers (telecom companies, electricity distributors, cable TV providers)
  • With identity verification services for BVN and KYC compliance
  • With cloud service providers (Firebase) for app analytics and crash reporting
  • With service providers who assist in our operations under strict confidentiality agreements
  • When required by law, court order, or to protect our rights and prevent fraud
  • In connection with a business transfer, merger, or acquisition (with prior notice)

5. Data Security

We implement industry-standard security measures to protect your information:

  • End-to-end encryption for all financial transactions and sensitive data
  • Secure servers with regular security audits and penetration testing
  • Biometric authentication (fingerprint, face recognition) stored locally on device
  • Multi-factor authentication with PIN and device verification
  • Real-time transaction monitoring and fraud detection systems
  • Secure API communications with banking partners and payment processors
  • Regular security training for our staff and security awareness programs
  • Compliance with PCI DSS standards for payment card data protection

6. Your Rights

You have the right to:

  • Access and review your personal information
  • Request corrections to inaccurate data
  • Delete your account and associated data (visit our account deletion page)
  • Opt-out of marketing communications
  • Export your data in a portable format

7. Third-Party Services and Analytics

Our app integrates with the following third-party services to provide our features:

  • Firebase Analytics: For app usage analytics and crash reporting (Google)
  • Paystack & Flutterwave: For secure payment processing and card transactions
  • Nigerian Banking APIs: For bank transfers and account verification
  • Telecom APIs: For airtime and data purchases (MTN, Airtel, Glo, 9mobile)
  • Utility APIs: For electricity and cable TV bill payments
  • Device Info Services: For device identification and fraud prevention

Each third-party service has its own privacy policy. We encourage you to review their policies to understand how they handle your data.

8. Cookies and Local Storage

Our mobile app uses local storage and may use cookies on our website to:

  • Remember your login preferences and app settings
  • Store authentication tokens securely
  • Cache transaction history for offline viewing
  • Improve app performance and user experience
  • Analyze website usage patterns (website only)

You can manage your preferences through your device settings. Note that disabling certain storage may affect app functionality.

9. Data Retention

We retain your information for as long as necessary to provide our services and comply with legal obligations. Transaction records may be kept for up to 7 years as required by financial regulations.

10. Children's Privacy

Our services are not intended for children under 18. We do not knowingly collect personal information from children under 18 years of age. If we become aware that we have collected personal information from a child under 18, we will take steps to delete such information promptly.

11. International Data Transfers

Your information may be transferred to and processed in countries other than Nigeria, including the United States (for Firebase services) and other countries where our service providers operate. We ensure appropriate safeguards are in place to protect your information in accordance with this Privacy Policy.

12. Changes to This Policy

We may update this Privacy Policy from time to time. We will notify you of any material changes by posting the new policy on our app and website, and by sending you a notification through the app. Your continued use of our services after such changes constitutes acceptance of the updated policy.

13. Contact Us

If you have questions about this Privacy Policy, please contact us: