Privacy Policy

Effective Date: 07/09/2025

At TELA, we take your privacy seriously. We understand that in today’s digital age, your personal information is one of your most valuable assets. Protecting it is not only a legal obligation but also a fundamental part of the trust you place in us. This Privacy Policy explains in detail how we collect, use, store, and share your data when you use the TELA mobile application (“App”), website, and related financial technology services. It also describes your rights, our responsibilities, and the steps we take to keep your information safe.

By signing up for or using TELA, you are consenting to the collection and use of your data as described in this Privacy Policy. If you do not agree with any of the practices outlined here, you should immediately stop using our services.

1. Information We Collect

To provide you with reliable and secure financial services, we collect different types of information. This data helps us verify your identity, process your transactions, comply with regulations, improve our services, and provide personalized features.

Personal Identification Information: When you create an account on TELA, we collect information such as your full name, email address, phone number, date of birth, and (where required) your gender. In some cases, we may request your National Identification Number, Bank Verification Number (BVN), or other government-issued documents. This information ensures that we comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are mandatory for all financial institutions in Nigeria.

Financial and Transactional Information: Since TELA is a fintech platform, we collect information about your financial activities. This includes your linked bank account details, debit or credit card information, mobile money account details, and any other payment methods you use within our App. We also keep a record of your transaction history, such as transfers, deposits, payments, withdrawals, and investment activities. If you use our loan services, we will collect details about your loan applications, approvals, repayment history, and overdue balances.

Device and Usage Information: When you use TELA, we automatically collect technical details about the device you are using. This may include your IP address, device identifiers, operating system, browser type, mobile network, and other diagnostic information. We also collect usage patterns, such as how often you log in, which features you access, how long your sessions last, and the actions you take while using the App.

Location Information: If you enable location services on your device, TELA may collect geolocation data. This allows us to provide you with services relevant to your area, such as nearby agents, fraud monitoring based on unusual transaction locations, or localized offers.

Communication Information: If you contact our customer support team, fill out forms within the App, or send us feedback, we will collect the information you provide in those communications. This may include emails, chat logs, call records, or support tickets.

2. How We Collect Your Information

Directly from you: Information you provide when you register, update your profile, or perform actions such as applying for a loan or making a payment.

Automatically from your device: Usage and technical information collected as you interact with the App.

From third parties: We may collect additional data from banks, payment processors, credit bureaus, and regulators for verification, fraud prevention, and compliance purposes.

3. How We Use Your Information

Your data is used to operate TELA safely, securely, and efficiently. The main purposes include:

Account Creation and Management: We use your details to set up, verify, and maintain your account.

Service Delivery: Your financial and personal information allows us to process payments, facilitate transfers, issue loans, manage investments, and deliver other services within the App.

Transaction Security: Information is used to monitor activity, detect suspicious behavior, and prevent fraud or unauthorized access.

Customer Support: We access your information when responding to your queries or resolving disputes.

Personalization: Data is analyzed to suggest features, tools, and services that match your financial needs.

Compliance: TELA is legally required to share data with regulators for KYC, AML, and counter-terrorism financing purposes.

AI Training and Insights: With your consent, anonymized transaction and business data may be used to train our artificial intelligence models. This helps us improve fraud detection, financial recommendations, and customer insights. We never sell your personal data.

Marketing and Communication: Your email or phone number may be used to send account updates, service notifications, or promotional offers. You may opt out of marketing at any time.

4. How We Protect Your Information

Encryption: All sensitive data, including financial information, is encrypted both in transit and at rest using advanced protocols such as SSL/TLS.

Secure Servers: Your data is stored on secure servers with restricted access, regular audits, and backup protocols.

Two-Factor Authentication (2FA): Additional layers of protection are in place to safeguard your account.

Transaction Monitoring: AI-powered fraud detection systems continuously scan for unusual or risky activity.

5. Sharing Your Information

We do not share your personal information without reason. Information may only be shared under the following circumstances:

With Service Providers: Trusted third parties who help us operate, process payments, provide loans, or deliver customer support.

With Financial Institutions: Banks, credit bureaus, or regulators for verification, scoring, and compliance purposes.

With Law Enforcement: If required by law, or if we suspect fraud, money laundering, or other illegal activities, we may report to the Economic and Financial Crimes Commission (EFCC) or other authorities.

In Business Transfers: If TELA undergoes a merger, acquisition, or restructuring, your data may be transferred under strict confidentiality agreements.

6. Your Rights and Choices

Access: You can request a copy of your personal data.

Correction: You can update or request corrections to inaccurate data.

Deletion: You may request account closure and deletion of your data, except where we are legally required to keep it.

Marketing Preferences: You can opt out of promotional communications at any time.

Withdraw Consent: Where processing relies on your consent (e.g., for AI-driven personalization), you may withdraw it.

7. Data Retention

TELA retains your information only as long as necessary for business, legal, or regulatory reasons. For example, transaction data may need to be retained for several years to comply with financial record-keeping laws. Once no longer required, your data will be securely deleted or anonymized.

8. Children’s Privacy

TELA does not knowingly provide services to anyone under the age of 18. We do not intentionally collect personal information from minors. If we discover that a user under 18 has provided data, we will take immediate steps to delete it.

9. Changes to This Privacy Policy

This Privacy Policy may be updated occasionally to reflect new laws, technologies, or changes in our business practices. When updates occur, the revised version will be posted on our App and website with a new “Effective Date.” Significant changes may be communicated to you directly.

10. Contact Us

If you have any concerns, complaints, or requests regarding this Privacy Policy, you can reach us through the following channels:

Email: support@tela.ng

Phone: +234 913 312 4223

By using TELA, you confirm that you have read and understood this Privacy Policy, and that you agree to the collection, use, and handling of your data as described.