Financial Services Extension (Loans & Investment)

Financial Services & Data Use

As a licensed microfinance bank regulated by the Central Bank of Nigeria (CBN), IBILE Microfinance Bank Limited offers customers access to credit facilities (loans) and investment services (fixed deposit accounts) directly through our mobile application. These financial products are provided in full compliance with Nigerian financial regulations and Google Play Store policies.

1. Data We Collect for Loan & Investment Services

 

To provide you with appropriate loan and investment solutions, we collect and process the following personal and financial data:

 

  • – BVN (Bank Verification Number)
  • – Government-issued ID: National ID, Voter’s Card, Driver’s License, etc.
  • – Personal Info: Date of birth, gender, phone number, email address
  • – Employment & Income Details: Employer name, salary range, job title
  • – Account & Transaction History: Deposits, withdrawals, loan repayments from Credit Bureaus.
  • – Device & Behavioral Data: App usage patterns and device metadata (for risk profiling).

2. How We Use Your Data

 

We use your information to:

 

  1. Perform KYC verification, in line with CBN and NDPR requirements
  2. Analyze your creditworthiness to determine loan eligibility
  3. Calculate suitable credit limits, repayment schedules, and interest rates
  4. Monitor and manage loan repayment, including reminders and collections
  5. Recommend and manage fixed deposit (investment) offerings
  6. Prevent fraud, secure your account, and meet legal and regulatory obligations

3. Financial Risks & Disclaimers

 

Financial services carry inherent risks. By using our loan or fixed deposit features, you acknowledge that:

 

  • – Loans must be repaid according to agreed-upon terms; defaults may affect future credit access.
  • – Fixed Deposits: Interest rates may vary and early withdrawal could incur penalties.
  • – No Guarantees: Ibile MFB does not guarantee approval of loans nor promise returns on investment.
  • – You are responsible for your own financial decisions within the app.

4. Consent to Use of Data

 

By applying for loans or making fixed deposit investments through our app, you acknowledge and consent to:

 

  • – The collection and processing of your personal and financial information
  • – Its use in line with the purposes outlined in this policy
  • – Secure storage and handling under NDPR and Google Play’s User Data Policy

5. Data Retention & Rights Section

 

We retain your data only as long as necessary for service provision and legal compliance. You may request access, correction, or deletion of your data by contacting us.

📞 Contact Us

 

If you have questions or concerns about our loan or investment services, our privacy practices, or wish to exercise your data rights, please reach out:

– Email: dpo@ibilemfb.com

– Phone: 0700 444 1 444, 0700 444 0 444

– Address: 121 Obafemi Awolowo Way by Allen Junction, Ikeja Lagos

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