Privacy Policy

1. Who We Are

Option Financial Services Limited is a licensed credit institution offering tailored loan products and financial support to individuals and small businesses. Our services rely on technology, risk analytics, and customer data to assess eligibility, manage credit risk, and drive responsible lending decisions.

2. What Information We Collect

We collect only the information necessary to serve you efficiently and comply with regulatory obligations. This includes:

3. Why We Collect Your Data

We use your data strictly for the following purposes:

• To evaluate and process your loan application
• To verify your identity and assess creditworthiness
• To manage your account and monitor repayments
• To comply with legal and regulatory obligations (e.g., KYC, AML)
• To improve our products, services, and user experience
• To communicate with you regarding your account, updates, or support
• To prevent fraud and detect suspicious activities

We do not sell your data to third parties.

4. Legal Basis for Processing

Our lawful basis for processing your data includes:

• Your consent (e.g., when signing up or applying for a loan)
• Fulfilling a contract (e.g., loan agreements and service provision)
• Legal obligation (e.g., reporting to CBN or law enforcement)
• Legitimate interest (e.g., internal analytics, fraud prevention)

5. Data Sharing and Disclosure

We may share your personal data only with:

• Credit Bureaus for credit history verification
• Regulators such as the CBN, FCCPC, or NDIC
• Payment processors and service providers who support our operations
• External auditors, consultants, and legal advisors, where necessary
• Law enforcement, upon lawful request or investigation

All third parties handling your data on our behalf are bound by strict confidentiality and data protection obligations.

6. Your Data Rights

Under the NDPR, you have the right to:

• Access your data and request copies
• Correct or update your personal information
• Withdraw consent (where applicable)
• Request erasure (subject to legal retention obligations)
• Lodge complaints with the Nigeria Data Protection Commission (NDPC)

To exercise any of these rights, kindly send an email to [email protected].

7. How We Protect Your Information

We take the security of your information seriously. Measures we have put in place include:

• End-to-end encryption of sensitive data
• Role-based access controls for staff
• Firewall and anti-malware protections
• Secure hosting environments
• Regular system audits and vulnerability testing

8. Use of Cookies

Our website may use cookies and similar technologies to enhance your browsing experience, analyze site traffic, and personalize content. You can control cookie settings in your browser at any time.

9. Data Retention

We retain your data for as long as necessary to fulfill the purposes described in this Policy, including:

• Completion of loan transactions
• Compliance with financial and legal record-keeping
• Defense against legal claims
• Regulatory reporting

After such periods, your data will be securely deleted or anonymized.

10. Changes to This Policy

OFS may update this Privacy Policy to reflect new legal requirements or service improvements. Any changes will be posted on our website, and your continued use of our platform constitutes your acceptance of those changes.

11. Contact Us

If you have questions, feedback, or wish to exercise your data rights, please contact: