Identity verification data processing

As a crowdfunding platform we must know who our investors are, to prevent fraud and identity theft and to meet our legal and regulatory obligations. You cannot invest until your identity has been verified.

• Bank Verification Number (BVN). We check it against the names and date of birth you gave us.
• National Identification Number (NIN). Checked in the same way.
• Face (liveness) check. Confirms that you are a real person present at the time and that your face matches the record linked to your NIN.

The checks are run through third-party identity verification providers acting on our instructions. We send them only the information needed for the check, and they return a result, such as a match or no match. They may process data only for that purpose and are bound by confidentiality and security obligations.

• The outcome of each check, and the details returned (for example your name and date of birth as recorded against your BVN or NIN), so we can show how you were verified.
• Your BVN and NIN, which are stored in encrypted form.
• For the face check, only the match result and score. We do not store your selfie or identity document photos.

Enter your names exactly as they appear on your BVN. If your details do not match, the check will fail and a member of our team may need to review it before you can continue.

We keep verification records for as long as the SEC rules and other laws require, which is at least seven years. Where a legal retention duty applies, it takes priority over a request to delete.

Accepting this notice is required before we can run identity checks. If you decline, you may keep your account but you will not be able to invest.

You have the rights set out in our Privacy policy, including access to and correction of your data. You may also complain to the Nigeria Data Protection Commission.

Each version of this notice carries a version number and effective date at the top of this page. If we make a material change, we will publish a new version and ask you to accept it where required.

Questions about this notice can be sent to hello@mypennytree.com. Please do not include identity documents, BVN, NIN, passwords or bank details in email.