This Privacy Policy and Legal Agreement ("Agreement") constitutes a legally binding agreement between Finova Africa ("Finova", "Company", "we", "our", or "us") and every individual, merchant, cooperative society, financial institution, business entity, corporate organisation, partner, developer or other person ("Customer", "User", "Partner" or "Client") accessing or using any Finova Africa product, software, mobile application, web application, API, infrastructure, cloud service or digital financial solution. By creating an account, submitting information, signing any quotation, proposal, invoice, agreement, onboarding form, making payment, clicking "Register", "Create Account", "Continue", "I Agree" or otherwise accessing or using any Finova Africa service, you acknowledge that you have read, understood and agreed to be legally bound by this Agreement.
This Agreement governs the collection, processing, storage, disclosure and protection of personal information as well as the contractual relationship between Finova Africa and its Customers, Partners and Users. It also sets out the rights, responsibilities and obligations relating to the use of Finova Africa's products and services.
This Agreement applies to all products and services provided by Finova Africa including but not limited to mobile banking applications, core banking platforms, APIs, payment services, cloud hosting, software licensing, administration portals, virtual accounts, digital wallets, payment integrations, agency banking infrastructure, cooperative banking solutions, savings products and any other products or services offered by Finova Africa now or in the future.
If you do not agree with any part of this Agreement, you must immediately discontinue the registration process and cease all access to or use of Finova Africa's products and services.
Collection, processing, storage and disclosure of information.
Mandatory wallet creation and operational account authorisation.
Billing, renewal, suspension and payment obligations.
Project commencement, cancellation and refund rules.
Liability, indemnity, dispute resolution and governing law.
Identity verification, AML and regulatory obligations.
Means Finova Africa and its affiliates, successors, assigns, employees, agents, contractors and authorised representatives.
Means any individual or organisation using, subscribing to or accessing any Finova Africa service.
Means all software, APIs, mobile applications, cloud infrastructure, payment services, technical support and related solutions provided by Finova Africa.
Means this Privacy Policy, Terms of Service and all other policies incorporated by reference.
Finova Africa respects the privacy of every Customer, Merchant, Cooperative Society, Business Entity, Financial Institution, Government Agency, Developer and Partner using its products and services. This Privacy Policy explains how information is collected, processed, verified, stored, shared and protected whenever you use any Finova Africa software, website, mobile application, API, cloud infrastructure or related digital financial services.
Finova Africa processes personal and business information solely for legitimate business purposes, contractual obligations, fraud prevention, regulatory compliance, security monitoring, service delivery and platform administration.
By accessing or using any Finova Africa product or service, you expressly consent to the processing of your information in accordance with this Agreement.
Finova Africa may collect your full name, residential address, email address, telephone number, passport photograph, date of birth, gender, nationality, occupation, government-issued identification, BVN, NIN, Tax Identification Number, signature, biometric information where legally required, and any other information necessary to verify your identity.
Where services are requested on behalf of a business, we may collect business names, CAC registration details, incorporation documents, registered address, directors' information, beneficial ownership information, bank account details, tax information, licences and regulatory approvals.
We may collect transaction history, wallet information, virtual account information, bank account details, payment references, settlement records, billing information, subscription history, API usage records, merchant settlement records and other financial information necessary to provide requested services.
Finova Africa automatically collects IP addresses, browser information, operating system, device identifiers, MAC address where available, login history, location information where permitted, API request logs, audit trails, session identifiers, security logs, cookies and other technical information.
Information collected by Finova Africa may be used for one or more of the following lawful purposes:
Finova Africa processes information on one or more of the following legal bases:
By registering with Finova Africa, submitting an application, signing any quotation, executing any agreement, making payment, clicking "Register", "Create Account", "Continue", "I Agree", or by using any Finova Africa service, you expressly authorise Finova Africa to collect, verify, process, analyse, store, retrieve, share, transmit, archive and otherwise process your personal and business information for the purposes described in this Agreement.
This authorisation remains valid throughout the duration of your relationship with Finova Africa and thereafter for such period as may be necessary to comply with legal, regulatory, contractual, audit, security and operational requirements.
Finova Africa may use cookies, web beacons, pixels, device identifiers, log files and similar technologies to improve user experience, maintain secure sessions, remember preferences, detect fraud, analyse traffic, monitor performance and protect platform security.
Disabling cookies may affect the availability or functionality of certain features.
You authorise Finova Africa to communicate with you using email, SMS, telephone, WhatsApp, mobile push notifications, letters, system notifications, in-app messaging or any other communication channel provided during registration.
Such communications may include security alerts, transaction notifications, service announcements, maintenance notices, billing reminders, subscription notices, regulatory communications, legal notices and other information relating to your account.
Electronic communications shall be deemed received once successfully transmitted to your last known contact information.
The Customer warrants that all information supplied to Finova Africa is true, complete, accurate and not misleading. The Customer shall promptly notify Finova Africa of any changes to information previously supplied. Finova Africa shall not be responsible for losses arising from inaccurate, false, outdated or incomplete information provided by the Customer.
As a mandatory requirement for accessing and using Finova Africa's products and services, a Service Wallet with Kuda will be automatically created upon the successful completion of your registration.
By clicking "Create Account," "Sign Up," "Register," "Continue," "I Agree," or by submitting your personal, business or company information during registration, you expressly authorise Finova Africa to create, activate and administer your mandatory Service Wallet with Kuda. Upon successful account creation, a confirmation email containing your Service Wallet details and onboarding information will be sent to your registered email address.
The Service Wallet shall serve as the primary account for the collection of applicable recurring charges and service fees, including but not limited to cloud hosting fees, cloud maintenance fees, SMS top-up charges, CAC search fees, platform subscription fees, API service charges, verification service charges and any other approved fees applicable to your subscribed services, in accordance with Finova Africa's prevailing pricing schedule. By registering for the Services, you authorise Finova Africa to debit such charges from your Service Wallet as they become due, subject to the availability of sufficient funds.
By completing your registration, you confirm that you have read, understood and consented to the automatic creation and use of the mandatory Service Wallet as a condition of accessing and using Finova Africa's Services. Finova Africa may retain registration records, successful account opening records, Service Wallet creation records, audit logs and other system-generated records as evidence of your acceptance of this authorisation, to the extent permitted by applicable law
Finova Africa collaborates with licensed financial institutions, payment service providers, banks, switching companies, identity verification providers, cloud infrastructure providers and other technology partners to provide certain services.
You expressly authorise Finova Africa to disclose information reasonably required for the establishment, administration and operation of the services you have requested.
Finova Africa shall not be responsible for delays, interruptions, errors, downtime, failed transactions, network outages, regulatory restrictions, maintenance activities or other service disruptions arising directly or indirectly from the actions, omissions or systems of third-party financial institutions, payment processors, telecommunication providers, cloud infrastructure providers, internet service providers or regulatory authorities beyond Finova Africa's reasonable control.
Certain Finova Africa products and services are provided on a recurring subscription basis. These include, without limitation:
Customers shall maintain an active subscription throughout the duration of their use of the Services. Failure to maintain an active subscription constitutes a material breach of this Agreement.
Where subscription fees remain unpaid for two (2) consecutive calendar months, Finova Africa reserves the right, subject to the applicable agreement and any requirements of applicable law, to suspend or restrict the affected Services. Such action may include one or more of the following:
Where Services have been suspended for non-payment, Finova Africa may require payment of all outstanding subscription fees, applicable reactivation charges and any other outstanding contractual obligations before considering the restoration of Services. Restoration is subject to technical feasibility, continued availability of infrastructure and Finova Africa's approval.
All payments made to Finova Africa for software development, customisation, integration, consultancy, implementation, licensing, cloud provisioning, project management, training, API development, UI/UX design, technical configuration, or related professional services are non-refundable once the Project has commenced, except where otherwise required by applicable law or expressly agreed in writing by Finova Africa.
A Project shall be deemed to have commenced immediately upon the occurrence of any one or more of the following events:
The Customer acknowledges that Finova Africa commits significant technical, financial and operational resources upon project commencement and that payments become earned accordingly.
The Customer agrees to:
The Customer shall remain solely responsible for all activities conducted using its account unless otherwise required by applicable law.
Unless otherwise expressly agreed in writing, all intellectual property rights in and relating to Finova Africa's software, applications, APIs, databases, cloud infrastructure, payment systems, documentation, website, source code, algorithms, business processes, designs, trademarks, trade names, logos, graphics, user interfaces, workflows, architecture, proprietary technologies, technical documentation and other materials remain the exclusive property of Finova Africa.
Nothing contained in this Agreement shall be interpreted as transferring any ownership rights, copyrights, patents, trademarks or other intellectual property rights to the Customer. The Customer receives only a limited, non-exclusive, non-transferable and revocable licence to use the Services strictly in accordance with this Agreement.
The Customer shall not copy, reproduce, modify, reverse engineer, decompile, distribute, licence, sell, lease, assign or exploit any part of the Services except with the prior written approval of Finova Africa.
All source code developed, customised or deployed by Finova Africa shall remain the exclusive intellectual property of Finova Africa unless expressly assigned under a separate written Source Code Transfer Agreement signed by authorised representatives of both parties and only after all agreed fees have been paid in full.
Unless otherwise agreed in writing, Customers receive only the right to use the software during the term of the applicable agreement. Ownership of the software, source code, APIs, databases, deployment scripts, security keys, documentation and related intellectual property shall remain with Finova Africa.
The Customer shall not attempt to obtain, copy, extract, reproduce, reverse-engineer, decrypt, bypass, disassemble or otherwise gain access to any part of the source code or proprietary technology without Finova Africa's prior written consent.
The Customer acknowledges that confidential information belonging to Finova Africa may be disclosed during the course of the business relationship. Confidential Information includes but is not limited to software architecture, pricing models, APIs, documentation, implementation methods, security procedures, commercial information, technical specifications, source code, customer lists, financial information and other proprietary information.
The Customer agrees to keep all Confidential Information strictly confidential and shall not disclose such information to any third party without Finova Africa's prior written consent except where disclosure is required by law.
This confidentiality obligation survives termination of the Agreement.
Finova Africa implements commercially reasonable administrative, technical and organisational security measures designed to protect customer information and maintain the confidentiality, integrity and availability of its systems.
The Customer shall maintain the confidentiality of login credentials, implement appropriate internal security controls and immediately notify Finova Africa of any suspected unauthorised access, data breach or compromise.
Finova Africa may require Customers to complete Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), sanctions screening or other regulatory verification requirements before providing or continuing certain Services.
Finova Africa reserves the right to request additional documentation at any time where required to satisfy legal, regulatory, security or operational requirements.
Failure to provide requested information within the specified period may result in suspension, restriction or termination of Services.
The Customer represents and warrants that:
Where Finova Africa reasonably believes that any representation or warranty is false, misleading or has been breached, Finova Africa may suspend, restrict or terminate the affected Services, without prejudice to any other rights or remedies available under this Agreement or applicable law.
To the fullest extent permitted by applicable law, Finova Africa shall not be liable for any indirect, incidental, consequential, exemplary or special damages arising from or relating to the use of the Services.
This includes, without limitation:
Finova Africa provides software infrastructure and technology services. Where financial services are delivered through licensed financial institution partners or other regulated third parties, those services remain subject to the terms, policies and operational availability of those providers.
The Customer agrees to indemnify, defend and hold harmless Finova Africa, its directors, shareholders, employees, officers, consultants, contractors, successors, affiliates and authorised representatives against any claim, action, investigation, loss, liability, damage, cost or expense (including reasonable legal fees) arising from:
Finova Africa reserves the right to suspend, restrict or terminate any account, service or agreement immediately where it reasonably determines that:
Termination or suspension shall not affect accrued rights, outstanding payment obligations or any provision intended to survive termination.
By clicking any button labelled "Register", "Create Account", "Continue", "I Agree", "Accept", "Proceed", "Submit", signing electronically, or otherwise accessing or using any Finova Africa product or service, you acknowledge that:
This Agreement shall be governed by and interpreted in accordance with the laws applicable to the jurisdiction agreed between the parties.
Before commencing legal proceedings, the parties shall use reasonable efforts to resolve disputes through good-faith negotiation. Where a dispute cannot be resolved amicably, either party may pursue the remedies available under applicable law before a court or tribunal of competent jurisdiction.
This Agreement constitutes the entire understanding between Finova Africa and the Customer relating to the Services and supersedes prior discussions or understandings concerning the same subject matter.
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
Failure by Finova Africa to enforce any right under this Agreement shall not constitute a waiver of that right.
Finova Africa may assign or transfer its rights or obligations under this Agreement to an affiliate, successor or purchaser of its business without affecting the validity of this Agreement.
Clauses relating to payment obligations, confidentiality, intellectual property, limitation of liability, indemnity, dispute resolution and any provision intended by its nature to survive shall remain effective following termination of this Agreement.
For enquiries relating to this Agreement, privacy, compliance or legal matters, please contact:
Finova Africa – Legal & Compliance Department
Email: legal@finova.ng
lagosbranchoperation@finova.ng
Finova Africa reserves the right to amend, revise or update this Agreement at any time. The latest version shall be published on the Finova Africa website and shall become effective from the date of publication unless otherwise stated.