INFORMATION COLLECTION AND USE
We collect several different types of information for various purposes to provide and improve our Service to you.
Types of Data Collected
We collect Personal Data about you when you register on the Specta platform to use the Service including the following:
• Registration Information – When you request to use the Service and depending on your registration status, we will collect Personal Data as maybe required to offer the Service such as your name, address, telephone number, email address, BVN, secret question & answer, card information, device Information, Technical Usage Data, and Geolocation Information and any other information we may require you to provide us with to register and use our Services.
• Details about your banking activities and transactions with us – This includes information on any bank accounts you use, debit card numbers, financial history, information you provide to enable repayment initiation services and account information services regarding accounts you hold with other providers.
TRACKING AND COOKIES DATA
Cookies are unique identifiers that we transfer to your device or computer to enable our systems to recognize your device or computer and to provide features to make your navigation experience unique and targeted.
The acceptance of cookies is not a requirement for accessing the Platform. Cookies are tiny text files which identify your device or computer to our server as a unique user when you visit the Platform and they are stored by your Internet browser on your device or computer's hard drive. Cookies can be used to recognize your Internet Protocol address, saving you time while you are on, or want to access the Platform.
allow permissions on your mobile device, our online service experience to you may be degraded and you may not be able to enjoy the Service.
Examples of Cookies we use:
• Session Cookies: We use Session Cookies to operate our Service. Session cookies will expire at the end of your browser session and allow us to link your actions during that browser session.
• Preference Cookies: We use Preference Cookies to remember your preferences and actions, across multiple sites.
• Security Cookies: We use Security Cookies for security purposes.
USE OF DATA
We may use your data for various reasons including:
• To notify you about the changes to the Service.
• To market to you about our other products and Services and the products and services of affiliated businesses. We may also Process your Personal Data to tailor the marketing content of certain Services to better match your interests.
• To manage risk and protect the Platform, the Service and you from fraud by verifying your identity using your Personal Data, Device Information, Technical Usage Data, and Geolocation Information from the App to help detect and prevent fraud, protect your information and prevent an abuse of the Service and unsafe activities.
• To manage the Platform, such as monitoring, analyzing, and improving the Service and functionality of the Platform. For example, we analyse User behaviour and perform research about your use of the Service.
• Perform creditworthiness and other financial standing checks, evaluate applications, and compare information for accuracy and verification purposes.
We use personal data to make automated decisions relating to use of our services. This includes:
To suspend or terminate access to the Platform by users who are identified as having engaged in fraud or activities that may otherwise be offensive/harmful to the Service in general. By signing up, you agree to receive:
• emails associated with your transactions, which may contain relevant offers from third parties.
• promotional emails, SMS and push notifications from Specta.
HOW WE SHARE YOUR PERSONAL DATA
We may share your personal data with others for a number of reasons including:
With our affiliated entities: We may share your Personal Data with entities affiliated to us to, among other things, provide the Service you have requested or authorized to help detect and prevent potentially illegal and fraudulent acts and other violations of our policies and agreements. We share Personal Data with other financial institutions that we have partnered with to provide the Service. With other third parties for our business and other legal purposes and as permitted or required by law. We do not sell, trade, or otherwise transfer your personally identifiable information to unaffiliated third parties. This does not include Application Support team and other parties who assist us in operating the Platform and providing the Service to you. We may also release your information when we believe release is appropriate to comply with the law, enforce our Platform policies, or protect ours or others’ rights, property, or safety.
HOW WE PROTECT YOUR PERSONAL DATA
To protect your personal Data we maintain technical, physical, and administrative security measures designed to provide reasonable protection for your Personal Data against loss, misuse, unauthorized access, disclosure, and alteration. The security measures include firewalls, data encryption, physical access controls to our data centers, and information access authorization controls. Although we have taken measures to secure and keep your information confidential, because the security of your data is important to us, please be aware that no method of transmission over the Internet, or method of electronic storage can guarantee 100% security at all times. While we strive to use commercially acceptable means to protect your Personal Data, we cannot guarantee its absolute security, you are responsible for securing and maintaining the privacy of your password and Account/profile registration information and verifying that the Personal Data we maintain about you is valid, accurate and up to date. If we receive instructions using your profile information, we will consider that you have authorized the instructions and process your instruction accordingly and without incurring any liability for doing so.
HOW LONG WE WILL KEEP YOUR INFORMATION
We will keep your personal data for as long as we have a relationship with you, i.e. for as long as you use the Service, or partake in surveys. Once that relationship with you has come to an end (e.g. following closure of your account), we will not gather or collect any new information about you. Once the relationship is over, we will only retain personal data for a period of time. This period will vary depending on the purpose for which we hold that information and subject to business, legal and regulatory requirements.
INFORMATION SHARED SOCIALLY
The Service may allow you to connect and share your actions, comments, content, and information publicly or with friends. We are not responsible for maintaining the confidentiality of any information you share publicly or with friends. The Service may also allow you to connect with us on, share on, and use third-party websites, applications, and services. Please be mindful of your personal privacy needs and the privacy needs of others, as you choose whom to connect with and what to share and make public. We cannot control the privacy or security of information you choose to make public or share with others. We also do not control the privacy practices of third parties. Please contact those sites and services directly if you want to learn about their privacy practices.
PRIVACY OF CHILDREN
We do not knowingly collect names, email addresses, or any other personally data from children on the Platform. We do not allow children under the age of 18 to open accounts nor provide Services for anyone less than 18 years of age without the consent of a guardian. If you are a parent or guardian and you are aware that your child has provided us with Personal Data, please contact us.
MODIFICATION TO THE POLICY
If you have any inquiries about how we use your personal information which is not answered here, or you want to make a complaint about how we have handled your personal information, you can contact us by sending an email to email@example.com.
Interest rate on Loan: 25.5%-28.5%* . One off payment for Insurance: 2.5% . One off payment of Management fees: 1% . Repayment Period: 1-12months . Penalty fee- 1% .
Let’s look at Emeka. Emeka gets a loan of N2,000,000.00 from Specta for the duration of 12 months, Emeka’s interest rate will be 25.5% and he will have to pay back N188,400.98, monthly for 12 months.
This is exclusive of management fees (1%) and Insurance fees of (2.5%) which are one off fees which he will still have to pay in addition to his monthly payment of N188,400.98. If Emeka defaults
in paying back the loan, his default attracts a penal fee of 1% monthly.
* Loan rate may vary based on the risk rating analyzed by the system.