Privacy Policy

VerseCity Technology ("we," "our," or "us") operates the Escrow Deals NG mobile application (the "App"). This Privacy Policy explains how we collect, use, protect, and manage your personal and financial information when you use our escrow and transaction facilitation services.

1. Information We Collect

To provide secure escrow services and comply with Nigerian financial regulations, we collect the following information:

Information Type	Purpose & Legal Requirement	Collection Status
Full Name	Identity verification, transaction records, legal compliance, and dispute resolution	Required
Mobile Number	Account verification, transaction notifications, security alerts, and two-factor authentication	Required
Email Address	Account management, transaction confirmations, legal notices, and communication	Required
National Identification Number (NIN)	Enhanced identity verification for high-value transactions, AML compliance, and fraud prevention	Conditional*

2. How We Use Your Information

Your personal information is used exclusively for the following legitimate business and legal purposes:

• Escrow Services: Processing, managing, and securing escrow transactions between parties
• Identity Verification: Confirming your identity to prevent fraud and ensure transaction security
• Regulatory Compliance: Meeting CBN, EFCC, and other Nigerian financial regulatory requirements
• Transaction Security: Implementing fraud prevention and anti-money laundering measures
• Account Management: Creating, maintaining, and securing your Escrow Deals NG account
• Communications: Sending transaction updates, security alerts, and important notices
• Dispute Resolution: Facilitating resolution of transaction disputes when they arise
• Risk Management: Assessing and managing financial and security risks

3. Data Sharing and Disclosure

Due to the financial nature of our services, we may share your information in the following circumstances:

• Transaction Parties: Basic verification information may be shared with other parties in your escrow transaction (name and verification status only)
• Financial Institutions: Sharing necessary information with banks and payment providers to process transactions
• Regulatory Authorities: Disclosure to CBN, EFCC, NFIU, and other regulatory bodies as required by law
• Law Enforcement: Cooperation with legitimate law enforcement investigations
• Legal Proceedings: Court orders, subpoenas, and other legal processes
• Fraud Prevention: Sharing with fraud prevention services and financial crime prevention networks
• Service Providers: Trusted third parties who help operate our platform (under strict confidentiality agreements)

4. Data Security and Protection

Given the sensitive financial nature of our services, we implement bank-grade security measures:

• End-to-End Encryption: All data encrypted in transit and at rest using AES-256 encryption
• Secure Servers: Financial-grade server infrastructure with 24/7 monitoring
• Access Controls: Strict role-based access controls and multi-factor authentication
• NIN Protection: Special encryption and access restrictions for National Identification Numbers
• Transaction Security: Multi-layer verification for all escrow transactions
• Regular Audits: Third-party security audits and penetration testing
• Compliance Monitoring: Continuous monitoring for regulatory compliance

5. Data Retention

As a financial service provider, we are required to retain certain records:

• Active Accounts: Information retained while account is active and in good standing
• Transaction Records: Financial transaction data retained for 7 years as required by Nigerian law
• KYC Documents: Identity verification records retained for 5 years after account closure
• NIN Records: Securely stored and retained according to NIMC and CBN guidelines
• Closed Accounts: Most personal data deleted 90 days after account closure (excluding legally required records)

6. Your Rights and Choices

While operating within financial regulatory requirements, you have the following rights:

• Access: Request access to your personal information (subject to regulatory limitations)
• Correction: Update incorrect information in your profile
• Account Closure: Close your account (subject to completion of pending transactions)
• Communication Preferences: Choose non-essential communication preferences
• Transaction History: Access your complete transaction history

7. Transaction Privacy and Confidentiality

We maintain strict confidentiality regarding your escrow transactions:

• Transaction details are only shared with direct parties to the escrow agreement
• Third parties cannot access your transaction history without your consent or legal requirement
• All escrow communications are treated as confidential business information
• Dispute resolution processes maintain privacy while ensuring fair resolution

8. International Data Transfers

While we primarily operate within Nigeria, if international data transfers are necessary, we ensure:

• Compliance with Nigerian data protection laws
• Adequate protection equivalent to NDPR standards
• Special protections for financial and identity data
• Regulatory approval where required

9. Changes to This Privacy Policy

We may update this policy to reflect regulatory changes or service enhancements. You will be notified through:

• Email notifications to your registered email address
• SMS notifications for significant changes
• In-app notifications when you next access the service
• Posted notice on our website

10. Governing Law and Jurisdiction

This Privacy Policy is governed by Nigerian law, including but not limited to the Nigeria Data Protection Regulation (NDPR), CBN guidelines, and other applicable financial services regulations. Any disputes will be resolved in Nigerian courts.