Data Policy for escrownig.com
1. Introduction
At escrownig.com, we recognize that trust is paramount when handling sensitive information. This Data Policy sets forth how we collect, use, store, and protect personal data in the course of providing our online escrow services. By accessing our platform, users agree to the practices detailed below. Our procedures are informed by the Nigeria Data Protection Regulation (NDPR) 2019 and other relevant Nigerian legal frameworks, underscoring our commitment to your privacy and security.
2. Scope
This Data Policy applies to all data processed by escrownig.com in connection with our escrow services, including data collected directly from users, as well as data provided by third parties in relation to transactions on our platform.
3. Definitions
· Personal Data: Any information that relates to an identified or identifiable natural person (the "Data Subject").
· Processing: Any operation or set of operations performed on personal data, including collection, storage, analysis, transfer, or deletion.
· Data Subject: An individual whose personal data is being processed.
· Sensitive Data: Data that requires extra protection (e.g., financial details, biometric data) due to its confidential nature.
4. Data Collection
4.1 Types of Data Collected
· Personal Information:
o Full name
o Email address, telephone number, and mailing address
· Financial and Transaction Data:
o Bank account details
o Payment records and transaction histories
o Know Your Customer (KYC) documents and identity verification data
· Technical Data:
o IP address, device type, browser type, and operating system
o Log files and metadata regarding your use of our services
· Cookies/Tracking Data: Information collected via cookies and similar technologies to improve user experience and analyze site usage.
4.2 Purpose of Data Collection
· Service Fulfillment: To execute and manage escrow transactions efficiently while meeting contractual obligations.
· Compliance: To adhere to legal and regulatory requirements including KYC, Anti-Money Laundering (AML), and NDPR mandates.
· Improvement: To analyze usage patterns for continuous service improvement.
· Communication: To provide customer support and updates relevant to your transactions and account status.
4.3 Lawful Basis for Processing
We process personal data based on:
· Consent: When explicitly granted by the Data Subject.
· Contractual Necessity: For the execution and management of escrow agreements.
· Legal and Regulatory Obligations: To satisfy NDPR and other legal standards.
5. Data Use and Processing
· Operational Use: Personal and transaction data is used solely for the processing and management of escrow services.
· Analytical Purposes: Aggregated and anonymized data may be analyzed to improve our service offerings.
· Communication: Your data may be used to notify you about service updates, security alerts, and promotional offers (subject to your preferences).
Every processing activity is governed by the core principles of data minimization, purpose limitation, accuracy, and accountability.
6. Data Sharing and Disclosure
Your data may be shared under the following circumstances:
· With Service Providers: Third-party vendors (e.g., payment processors, KYC verification agencies) who perform services on our behalf. These providers are contractually obligated to uphold strict data protection standards.
· Regulatory Compliance: In response to lawful requests from Nigerian regulatory bodies or as required by law (e.g., Central Bank of Nigeria directives, anti-money laundering investigations).
· Business Transfers: In the event of a merger, acquisition, or sale of all or part of our business, provided the prospective recipient agrees to treat the information with the same level of protection.
Note: escrownig.com does not sell, trade, or otherwise share your personal data with unauthorized third parties.
7. Data Storage, Retention, and Security
7.1 Data Storage and Protection
· Secure Infrastructure: All personal data is stored on secure servers with up-to-date encryption technologies. We enforce industry-standard security measures such as firewalls, access controls, and regular security audits.
· Redundancy and Backups: Your data is regularly backed-up to mitigate the risk of data loss.
7.2 Data Retention
· Retention Periods: Personal data is retained only for as long as necessary to fulfill the purposes for which it was collected. Transaction records, for instance, may be held for a legally mandated period (e.g., several years) to satisfy financial and regulatory obligations.
· Deletion Protocols: When personal data is no longer required, it is securely archived or destroyed, in compliance with our retention policies and applicable laws.
7.3 Data Breach Procedures
In the unlikely event of a data breach, our incident response plan includes:
· Immediate containment and assessment of the breach.
· Timely notification to affected Data Subjects and relevant regulators as required by law.
· Remediation measures to prevent future occurrences.
8. International Data Transfers
If any data is transferred outside Nigeria, it will be done securely with appropriate safeguards in place, such as:
· Binding Corporate Rules: For intra-group transfers.
· Standard Contractual Clauses: As approved by relevant regulatory authorities.
· Adequacy Decisions: Ensuring that foreign jurisdictions guarantee data protection standards equivalent to those in Nigeria.
9. User Rights
In accordance with the NDPR 2019, you have the following rights regarding your personal data:
· Access: You may request details on what personal data we hold about you.
· Correction: You may request that we correct any inaccuracies in your data.
· Deletion: Subject to legal and contractual obligations, you may ask for your data to be deleted.
· Objection and Restriction: You may object to certain processing activities or request a block on data processing.
· Data Portability: You may request to receive your data in a structured, commonly used, and machine-readable format.
To exercise any of these rights, please contact our Data Protection Officer using the details provided in Section 11.
10. Cookies and Tracking Technologies
Our website may use cookies and similar technologies to:
· Enhance the user experience.
· Analyze website usage for performance optimization.
· Deliver personalized content and advertisements.
Users can manage their cookie preferences via our cookie settings.
11. Contact Information
For questions, concerns, or to exercise your data protection rights, please contact us:
· Data Protection Officer: Mayowa F
· Email Address: mayowa@escrownig,com
12. Updates to This Policy
escrownig.com reserves the right to modify or update this Data Policy as necessary. Any changes will be communicated either through a notice on our website or via direct communication to registered users. The revised policy will specify the new effective date.
13. Legal Compliance
Our data processing activities at escrownig.com are conducted in full compliance with the Nigeria Data Protection Regulation (NDPR) 2019 and other applicable Nigerian legal requirements. Should you have any concerns about our practices, you may also contact or file a complaint with the National Information Technology Development Agency (NITDA).
In Conclusion
At escrownig.com, your privacy and security remain our highest priorities. We are committed to safeguarding your personal data while providing a secure, efficient, and transparent escrow service. This Data Policy is intended to serve as a clear guide to how we manage your information throughout your experience on our platform.
What’s Next?
Beyond this policy, you might be interested in our guidelines on transaction security, our user terms and conditions, and our comprehensive FAQs on KYC and AML compliance. Understanding the full landscape of digital trust and security can empower you and deepen your confidence as you engage with our services. Feel free to explore these areas or reach out if you have further questions.