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Cyphalet

Privacy Policy

Last updated: April 21, 2026

1. Introduction

Cyphalet Inc. (“we”, “us”, or “our”) values your privacy and is committed to protecting your personal and business data. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our platform.

This policy is designed to comply with the Nigeria Data Protection Act (NDPA) 2023, the Nigeria Data Protection Regulation (NDPR), and other applicable global data protection standards. By using Cyphalet, you consent to the processing of your data as described herein.

2. Information We Collect

We collect information necessary to provide financial infrastructure and meet regulatory “Know Your Customer” (KYC) requirements.

Personal Information

  • Full name, email address, and phone number.
  • Residential or business address.
  • Verification data: Bank Verification Number (BVN), National Identification Number (NIN), and government-issued ID.

Business and Transactional Information

  • Corporate Details: Company name, RC Number, and Certificate of Incorporation.
  • Financial Data: Bank account details, virtual account info, and digital wallet addresses (USDT/USDC).
  • Transaction History: Records of NGN collections, payouts, and cross-border settlements.

3. Legal Basis for Processing

In accordance with the NDPA, we process your personal data under the following legal bases:

  • Consent: Where you have given clear consent for us to process your data for a specific purpose.
  • Contractual Necessity: To perform our agreement with you (e.g. processing a payment).
  • Legal Obligation: To comply with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
  • Legitimate Interests: For fraud detection, network security, and improving our services.

4. How We Use Your Information

  • To facilitate NGN and stablecoin (USDT/USDC) settlements.
  • To perform KYB (Know Your Business) and KYC checks.
  • To prevent, detect, and investigate fraud or suspicious activity.
  • To comply with requirements from the Central Bank of Nigeria (CBN) and the Nigeria Data Protection Commission (NDPC).

5. How We Share Your Information

We share data only with authorized third parties under strict data processing agreements:

  • Licensed Partners: Banking partners and settlement providers.
  • Regulatory Authorities: Including the NDPC, law enforcement, or financial regulators when mandated.
  • Verification Services: Third-party providers used for identity and business verification.

6. Data Retention and Security

  • Retention: We retain data for as long as necessary to provide services and to comply with statutory retention periods (typically 5–7 years for financial records under Nigerian law).
  • Security: We implement technical measures such as firewalls, data encryption, and access controls. In the event of a data breach, we will notify the Nigeria Data Protection Commission (NDPC) and affected users within the timelines required by law.

7. Your Rights under NDPA & NDPR

As a data subject, you have the following rights:

  • Right to Information: To know how your data is being used.
  • Right of Access: To request a copy of your personal data.
  • Right to Rectification: To correct inaccurate or incomplete info.
  • Right to Erasure: To request deletion (subject to legal retention mandates).
  • Right to Object: To stop your data from being used for marketing.
  • Right to Data Portability: To move your data to another service provider.

8. International Data Transfers

If we transfer your data outside of Nigeria (e.g. our global cloud servers), we ensure such transfers comply with the NDPA by utilizing standard contractual clauses or ensuring the destination country has adequate data protection laws.

9. Third-Party Services

Cyphalet may integrate with third-party APIs. We are not responsible for their privacy practices.

10. Changes to This Policy

We may update this policy to reflect changes in Nigerian law. Material changes will be communicated via email or platform notification.

11. Contact Us & Data Protection Officer

If you have questions about your rights or wish to lodge a complaint, please contact our support team at support@cyphalet.xyz.