Privacy policy

Updated: 15/12/2024 16:18

The African Commerce Bank is committed to protecting your privacy and ensuring transparency in how we collect, use, and share your data. This Privacy Policy outlines the types of information we collect, our data handling practices, and your rights regarding your personal information. By using our platform, you agree to the practices described in this policy.

§ 1 Information We Collect

We collect various types of information to facilitate secure and efficient trading services:

  1. Account Information: When you create an account, we collect basic personal details, including your name, email address, and contact information. This information allows us to provide and manage your account.
  2. Contract Information: When you create, negotiate, or execute contracts on our platform, we collect information related to the contract, including transaction terms, commodities, prices, and currency preferences.
  3. Transaction Information: We gather data related to payments, currency settlements, and escrow transactions to ensure proper processing, secure financial transactions, and compliance with regulatory requirements.
  4. Statistical and Usage Data: We collect non-identifiable, aggregated data from contracts and transactions to generate statistical insights. This data includes commodity types, market trends, and transaction volumes.

§ 2 How We Use Your Information

We use the information collected for the following purposes:

  1. Platform Services: To manage user accounts, facilitate negotiations, execute contracts, and provide secure currency settlement and escrow services.
  2. Data Analytics and Insights: Non-identifiable data from contracts is used to generate aggregated statistics that enhance the platform, identify market trends, and improve user experience.
  3. Compliance and Security: We use personal and contract data to detect, prevent, and address fraud, unauthorized access, and other security issues.
  4. Communication: To send updates on transactions, account activity, and changes to platform policies. We may also contact you for customer support and to improve service offerings.

§ 3 Sharing of Information

We are committed to minimizing data sharing and protecting user privacy:

  1. Agents and Account Managers: Each user is assigned an agent who accesses contract and transaction details to manage and negotiate contracts on behalf of the user. Agents are bound by confidentiality obligations.
  2. Platform-wide Visibility: Users can choose to make contracts private or public. Private contracts are accessible only by the assigned agent, while public contracts are visible to all authorized agents. You can select contract visibility during contract creation.
  3. Service Providers: We may engage third-party service providers for escrow, payment processing, or analytics. These providers have limited access to user information necessary to perform their functions and are bound by confidentiality agreements.
  4. Legal and Regulatory Compliance: We may disclose information if required to do so by law, in response to legal process, or to comply with regulatory obligations, such as anti-money laundering or trade compliance requirements.

§ 4 Data Security

We employ industry-standard security measures to protect your information:

  1. Data Encryption: Sensitive data, including personal and financial information, is encrypted during transmission and at rest to safeguard against unauthorized access.
  2. Access Controls: Access to personal data is restricted to authorized personnel, including agents and administrators who require this information to fulfill their roles.
  3. Regular Audits and Monitoring: Our platform undergoes regular security audits, monitoring, and risk assessments to ensure data protection practices meet current standards.

§ 5 Data Retention

We retain your information as long as needed to fulfill the purposes outlined in this Privacy Policy, comply with legal obligations, and resolve any disputes:

  1. Account Information: Retained for the duration of the account’s active status and a reasonable period afterward for record-keeping and compliance purposes.
  2. Contract and Transaction Data: Retained as required by legal, regulatory, or financial obligations. Aggregated statistical data is retained indefinitely in a non-identifiable format.
  3. Data Deletion Requests: You may request deletion of certain data. However, please note that we may retain information as required by law or for legitimate business purposes.

§ 6 User Rights and Choices

You have several rights concerning your personal information:

  1. Access: You may request access to the personal information we hold about you.
  2. Correction: If any information is incorrect or outdated, you can request correction.
  3. Deletion: Subject to certain conditions, you may request that we delete your personal data. Note that deletion requests may be limited by contractual, legal, or regulatory obligations.
  4. Opt-Out: You may choose not to receive promotional emails or communications from us. However, certain operational or transactional messages are necessary for platform functionality and cannot be opted out of.
  5. Privacy Settings for Contracts: You can choose whether to make contracts private or public, allowing you control over visibility and data access.

To exercise these rights, please contact us at info@africancommercebank.com.

§ 7 Cookies and Tracking Technologies

Our platform may use cookies and similar technologies to enhance user experience, analyze platform usage, and deliver targeted content.

  1. Essential Cookies: These are necessary for platform functionality and cannot be disabled.
  2. Analytics Cookies: Used to collect information on platform usage, helping us improve services and user experience. You may choose to disable these cookies in your browser settings.
  3. Third-Party Cookies: Some content, such as embedded videos or external links, may place cookies from third parties. Please review their respective privacy policies for details.

You can manage your cookie preferences through your browser settings. Disabling certain cookies may impact your platform experience.

§ 8 International Data Transfers

Due to the global nature of our platform, your information may be transferred to, stored, or processed in countries outside your own, including jurisdictions that may not offer the same level of data protection as your country of residence. By using our platform, you consent to such transfers, and we ensure that all transfers are compliant with applicable data protection laws.

§ 9 Children’s Privacy

Our platform is intended for use by business entities and individuals over the age of 18. We do not knowingly collect personal information from children under 18 years of age. If we become aware that a minor has provided us with personal information, we will promptly delete such information from our records.

§ 10 Updates to This Privacy Policy

We may update this Privacy Policy periodically to reflect changes in our practices, technology, or legal obligations. Any significant changes will be communicated to users through our platform or other appropriate channels. Continued use of the platform after changes take effect indicates acceptance of the updated policy.

§ 11 Contact Information

If you have questions or concerns about this Privacy Policy, or if you would like to exercise your rights regarding your personal data, please contact us at:

info@africancommercebank.com

By using our platform, you acknowledge that you have read, understood, and agree to this Privacy Policy.