Privacy Policy

Last updated: July 11, 2026

At Speedwave Microfinance Bank (referred to as "Speedwave," "we," "us," or "our"), safeguarding your personal and financial information is our highest priority. This Privacy Policy details how we collect, use, disclose, and secure your information when you visit our website, download our mobile application, or use any of our banking, payment, and financial services.

We operate in compliance with the Nigeria Data Protection Regulation (NDPR), the Nigeria Data Protection Act (NDPA), and other relevant Central Bank of Nigeria (CBN) regulations.

1. Information We Collect

To provide you with secure banking services, we collect:

  • Personal Identification Information: Full name, date of birth, gender, home address, email address, phone number, Bank Verification Number (BVN), and government-issued identification cards.
  • KYC (Know Your Customer) Verification Data: Images of identity documents (National ID, Passport, Driver’s License, or Voter's Card) uploaded directly by you, processed through our secure storage endpoints.
  • Financial Details: Your account balance, transaction histories, virtual account details (powered by Nomba), and details related to local transfers, withdrawals, and bill payments.
  • Device and Technical Information: IP address, device type, operating system version, browser type, unique device identifiers, and mobile network information.
  • Transactional Credentials: Security credentials like login passwords and 4-digit transaction PINs (stored in fully hashed, encrypted format).

2. How We Use Your Information

We use the information we collect to:

  • Verify your identity and comply with statutory KYC requirements mandated by the Central Bank of Nigeria (CBN).
  • Provision your unique Nomba virtual account for receiving instant deposits.
  • Process financial transactions, including withdrawals, transfers, airtime purchases, and bill payments.
  • Prevent, detect, and mitigate fraud, money laundering, and other unauthorized or illegal activities.
  • Provide customer support and resolve transaction disputes or technical issues.
  • Send you essential system messages, updates, and transaction alerts.
  • Optimize and improve the features and performance of our mobile app and landing page.

3. Data Protection and Security Standards

We adopt industry-best physical, technical, and administrative security measures to keep your data safe.

  • Encryption: All sensitive data transmitted between the app, landing page, and backend servers is encrypted using Secure Socket Layer (SSL) / Transport Layer Security (TLS) connections.
  • Credentials Security: Your passwords and 4-digit transaction PINs are securely hashed and stored. No employee of Speedwave can view or retrieve your raw PIN.
  • Restricted Access: Data access is restricted to authorized personnel who require the information to perform verification, compliance, or customer service functions.
  • Storage Boundaries: Personal and KYC documents are processed using industry-approved secure endpoints (such as Cloudinary configurations with restricted accessibility tokens).

4. Disclosure and Sharing of Your Information

We will never sell or rent your personal information to third parties. We may only share your data with:

  • Regulatory Authorities: Including the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), the Nigeria Data Protection Commission (NDPC), and law enforcement, where required by law.
  • Partner Banks and Financial Infrastructure Providers: Such as Nomba (which issues our virtual deposit accounts) and payment processors, solely for the purpose of completing and settling transactions.
  • Third-Party KYC Vendors: Specialized verification services used to validate BVNs and government IDs against official government databases.
  • Legal Protections: When disclosure is necessary to protect the rights, safety, and property of Speedwave, our users, or the general public.

5. Data Retention

We retain your personal and financial information only for as long as is necessary to fulfill the purposes described in this policy, or as mandated by Nigerian banking regulations (which often require records to be archived for at least six to seven years after a customer relationship ends).

6. Your Rights

Under the NDPR and NDPA, you have specific rights regarding your personal data:

  • Right to Access: You can request details of the personal data we hold about you.
  • Right to Rectification: You can request the correction of inaccurate or incomplete personal information.
  • Right to Erasure: You can request that we delete your personal data, subject to statutory retention requirements imposed on financial institutions.
  • Right to Restrict Processing: You can request that we limit the processing of your data under specific conditions.
  • Right to Data Portability: You have the right to receive your personal data in a structured, commonly used format.

7. Cookies and Tracking Technologies

Our landing page uses cookies and similar tracking tools to collect standard log info and optimize your browsing experience. You can choose to disable cookies in your browser settings, though some landing page functions may be affected.

8. Contact Us

If you have any questions, concerns, or complaints regarding this Privacy Policy or your data privacy rights, please contact our Data Protection Officer:

Email: privacy@speedwave.com
Office Address: Speedwave Microfinance Bank HQ, Lagos, Nigeria.
Customer Support: support@speedwave.com