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AFRICHANGE BUSINESS PRIVACY POLICIES

Africhange Technologies Limited and its subsidiaries and affiliates (collectively, "Africhange," "we," "us," or "our") are committed to protecting your privacy.

This Privacy Policy ("Policy") applies to our Business Account Services (collectively, the "Services"). It describes how we collect, use, store, and share information related to your business, which includes the Personal Information of your representatives (such as your directors, Ultimate Beneficial Owners (UBOs), employees, and authorized account users).

1. Information We Collect

We collect information to provide our Services and to meet our legal and regulatory obligations.

  • Business Information:
    • We collect information about your business, including its registered name, DBA name, address, incorporation documents, line of business, and industry.
    • We also collect operational information, such as expected transaction volume and frequency.
  • Personal Information (of Business Representatives):
    • To comply with Know Your Customer (KYC) and Know Your Business (KYB) laws, we must collect Personal Information from your directors, UBOs, and authorized users.
    • This includes: full legal name, residential address, date of birth, email address, phone number, and government-issued identification (e.g., passport, driver's license).
  • Transaction Information:
    • We collect details about your transactions, including sender and recipient details (names, bank account information, addresses), transaction amounts, currencies, time, and date.
    • We also collect usage data (how your users interact with our Site) through cookies and similar technologies.

2. How We Use Your Information

We use the information we collect for the following purposes:

  • To Provide and Manage Services: To create your Business Account, process transactions, facilitate currency conversions, and manage your multi-currency wallets.
  • For Compliance and Security (KYC/KYB/AML):
    • To verify the identity of your business and its associated individuals (directors, UBOs).
    • To conduct mandatory screening (Sanctions, PEP, Adverse Media) to prevent fraud and financial crime.
    • To monitor transactions for suspicious activity.
  • To Communicate With You: To send your authorized users transaction notifications, service updates, security alerts, and support messages.
  • To Improve Our Services: To analyze usage trends, troubleshoot issues, and enhance the user experience on our Site and Services.

3. How We Share Your Information

We do not sell your Personal Information. We only share information in the following limited circumstances:

  • Within the Africhange Group: We may share your information with our subsidiaries and affiliates to provide and manage the Services, for internal operations, and for compliance purposes.
  • With Third-Party Service Providers:
    • KYC/KYB/AML Providers: To perform the verification and screening checks described above.
    • Banking Partners & Payment Processors: To facilitate the actual movement of funds (e.g., banks, electronic transfer networks, card networks).
    • Technology & Security Partners: For services like cloud hosting, data analytics, and security monitoring.
  • To Fulfill Transactions: We must share sender and recipient details with the other parties in a transaction and their respective financial institutions.
  • For Legal and Regulatory Reasons: We will share information with legal and regulatory authorities when required by law, subpoena, court order, or to cooperate with investigations (e.g., FINTRAC in Canada, NFIU in Nigeria).

4. International Data Transfers

Our Services are international. To facilitate transactions (e.g., Canada to Nigeria, Nigeria to Ghana), your information will be processed and stored in jurisdictions outside of your home country. This includes transferring data within the Africhange group of companies.

These jurisdictions may have different data protection laws.

We take steps to ensure that your data is protected through contractual agreements and by verifying the security practices of our partners.

5. Data Security and Retention

  • Security: We implement robust technical and organizational security measures, including encryption and multi-factor authentication, to protect information against unauthorized access, loss, or misuse.
  • Retention: We retain your information for as long as your account is active and for a mandatory period thereafter (typically 5-7 years) to comply with AML, tax, and other legal record-keeping requirements.

6. Your Rights

Your company's representatives, whose Personal Information we collect, may have certain rights depending on their jurisdiction (e.g., under PIPEDA in Canada or the NDPR in Nigeria), such as:

  • The right to access the personal information we hold about them.
  • The right to correct or update inaccurate information.
  • The right to request the deletion of their information.

7. 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 Site and, where feasible, by email to your account administrator.

8. Contact Us

If you have any questions about this Privacy Policy or our data practices, please contact our Privacy Officer at: [email protected].