Privacy Policy
This Privacy Agreement (“Agreement”) is made and signed electronically between :
1. PowerKwacha, a company established under Zambia Law
2.You, in this matter act for and on behalf of itself Your acceptance of this Agreement is deemed to occur when signing up for an account. If you do not accept and agree with this Agreement, you must stop using any of our services immediately.
Please read this Policy in consonance with the Terms，Before you use the service, you know and agree that platform need to collect, use, share and disclose your personal information in accordance and upload it to https://ssl.powerkwacha.app .
Provide financial services disclosures：
Loan term range：91-120 days
The annual interest rate of the loan is 10.95% - 27.98%
The service fee is charged according to the number of services, and 1% of the loan amount is charged each time.
There are no third-party links within the product.
Examples are as follows:
Loan amount: ZMW 100- ZMW 5000
Loan term: 91-120 days
Annual percentage rate (APR): 10.95% - 27.98%
Daily interest rate: 0.03% - 0.076%
Maximum Annual Percentage Rate (APR)：27.98%
Based on your credit assessment, we will give you a fair amount. There are no other hidden fees for the entire process.
If you successfully apply for a 1000 ZMW loan, the repayment period you choose is 120 days.
The Daily interest rate of the loan is 0.07%, and the service interest rate is 1%
Your final total cost is as follows:
120 days interest: 1000*0.07%*120=84 ZMW
Service fee: 1000*1%=10 ZMW
Total repayment amount: 1094 ZMW
Collection and Use of Information:
1.COLLECTION OF PERSONALLY IDENTIFIABLE INFORMATION
When you use our App, we collect and store your information (personal information) which is provided by you from time to time by explicitly seeking permissions from you to get the required information. Our primary goal in doing so is to provide you a safe, efficient, smooth and customized experience and services. This allows us to provide services and features that meets your needs, and to customize our Platform to make your experience safer and easier and to improve the services provided by us. More importantly, we collect personal information from you that we consider necessary for achieving the aforementioned purpose.
In general, you can browse App without telling us who you are or revealing any personal information about yourself. However, to create an account on the App, you must provide us with certain basic information required to provide customized services. The information we collect from you,including:
a. your full name;
b. email;
c. address;
d. Personal ID Number;
e. family details;
f. working years;
g. monthly income;
h. ID photo (National ID card or Driver's license or Voter card);
i.phone number.
While you can browse some sections of our Platform without being a registered member as mentioned above, certain activities requires registration and for you to provide the above details. The Platform shall clearly display the personal information it is collecting from you, and you have the option to not provide such personal information. However, this will limit the services provided to you on the Platform.Where possible, we indicate the mandatory and the optional fields. You always have the option to not provide your personal information by choosing not to use a particular service or feature on the Platform. We also collect other identifiable information from you when you set up a free account with us as further detailed below.
2.COLLECTION OF MOBILE NUMBER AND EMAIL ADDRESS
When you sign up with us, we collect your mobile number and email address to uniquely identify you. This helps us ensure that no unauthorised device or person is acting on your behalf.
3.COLLECTION OF LOCATION
We collect location information from your device to reduce the risk associated with your account.
4.COLLECTION OF INSTALLED APPLICATIONS
We collect a list of the installed applications’ metadata information which includes the application name, package name, installed time, updated time, version name and version code of each installed application on your device to assess your credit worthiness and enrich your profile with pre-approved customized loan offers.
5.CAMERA
We require the camera information permission to provide you an easy/smooth experience and to enable you to click photos of your KYC documents along with other requisite documents and upload the same on the App during your loan application journey.
6.COLLECTION OF DEVICE INFORMATION
The information the App collects, and how that information is used, depends on how you manage your privacy controls on your device.
When you install the App, we store the information we collect with unique identifiers tied to the device you’re using.
We collect information from the device when you download and install the App and explicitly seek permissions from YOU to get the required information from the device.
We collect information about your device to provide automatic updates and additional security so that your account is not used in other people’s devices. In addition, the information provides us valuable feedback on your identity as a device holder as well as your device behaviour, thereby allowing us to improve our services and provide an enhanced customized user experience to you.
7.SMS
We collect all your text messages , including sender name, email, phone number, to increase your credit profile. Additionally, this allows you to select your reference within the app. All SMS messages will be uploaded and stored securely on our server https://ssl.powerkwacha.app . This data is used to conduct credit risk assessments, enabling us to pay loans faster, and to identify any fraudulent activity and enhance data security. These data will be strictly encrypted and will not be leaked to any third party, if you do not agree, we will not do this, the application will not be able to provide you with normal services and exit the application.
8.USE AND DISCLOSURE OF YOUR PERSONAL AND OTHER INFORMATION
We access, store and use the information we collect from to provide our Services, to research and develop new ones.
We use personal information to provide the services you request, to customize your user experience and to improve our services. To the extent we intent to use your personal information to market any product to you, we will provide you the ability to opt-out of such uses.
We use your personal information to:
a. resolve disputes;
b. troubleshoot problems;
c. help promote a safe service;
d. analytical analysis;
e. measure consumer interest and satisfaction in our products and services;
f. inform you about online and offline offers, products, services, and updates;
g. customize your experience;
h. detect and protect us against suspicious or illegal activity, fraud and other criminal activity
i. enforce our terms and conditions;
j. improvement of our services and as otherwise described to you at the time of collection
In our efforts to continually improve our product and service offerings, we collect and analyze demographic and profile data about our users' activity on our Website.
9.USE OF YOUR DEVICE INFORMATION
We use the information provided by You in the following ways:
a. to establish identity and verify the same;
b. monitor, improve and administer our Website / Platform;
c. provide our service i.e. perform credit profiling for the purpose of facilitating loans to You.
d. design and offer customized products and services offered by our third party financial partners;
e. analyse how the Website is used, diagnose service or technical problems and maintain security;
f. send communications notifications, information regarding the products or services requested by You or process queries and applications that You have made on the Website;
g. manage Our relationship with You and inform You about other products or services We think You might find of some use;
h. conduct data analysis in order to improve the Services / Products provided to the User;
i. use the User information in order to comply with country laws and regulations;
j. to conduct KYC for our third party lending partners based on the information shared by the User;
k. use the User information in other ways permitted by law to enable You to take financial services from our lending partners.
We will use and retain Your information for such periods as necessary to provide You the Services on our Website, to comply with our legal obligations, to resolve disputes, and enforce our agreements.
10.DISCLOSURE TO THIRD PARTIES
We will share Your information with only our registered third parties including our regulated financial partners for provision of services on the Website and/or for facilitation of a loan / facility to a User. We will share Your information with third parties only in such manner as described below:
a. We share Your information with our third party partners in order to conduct data analysis in order to serve You better and provide services or Products on our Website;
b. We may disclose Your information, without prior notice, if We are under a duty to do so in order to comply with any legal obligation or an order from the government and/or a statutory authority, or in order to enforce or apply Our terms of use or assign such information in the course of corporate divestitures, mergers, or to protect the rights, property, or safety of Us, Our users, or others. This includes exchanging information with other companies and organizations for the purposes of fraud protection and credit risk reduction.
c. We will disclose the data / information provided by a User with other technology partners to track how the User interact with Website on Our behalf.
d. We and our affiliates may share Your information with another business entity should we (or our assets) merge with, or be acquired by that business entity, or re-organization, amalgamation, restructuring of business for continuity of business. Should such a transaction occur than any business entity (or the new combined entity) receiving any such information from Us shall be bound by this Policy with respect to your information.
e. We will disclose the information to our third party technology and credit partners to perform credit checks and credit analysis like Credit Bureaus or third party data source providers;
f. We will share Your information under a confidentiality agreement with the third parties and restrict use of the said Information by third parties only for the purposes detailed herein. We warrant that there will be no unauthorised disclosure of your information shared with third parties.
g. By using the Platform, you hereby grant your consent to the Company to share/disclose your Personal Information (i) To the concerned third parties in connection with the Services; and (ii) With the governmental authorities, quasi-governmental authorities, judicial authorities and quasi-judicial authorities, in accordance with applicable laws of Zambia.
In case we use or disclose your information for any purpose not specified above, we will take your explicit consent.
11.Purpose to Collect
The purpose is to control risk, increase the pass rate of user applications and reduce the cost of user loans. PowerKwacha uses this information to enhance the quality of the services that we provide and to improve the effectiveness to better tailor our services to your interests and needs.
12.Sharing of Personal Information
When you submit the information, it shall be deemed as your consent to the PowerKwacha agreements regarding the collection, storage, use and disclosure of your personal information.
PowerKwacha will never display, rent or sell your personally identifiable information to others.
13.The following circumstances are excluded
1)When your desired products and services can only be provided if your personal information is disclosed;
2)When we are required to provide information to the companies that provide products or services on our behalf; (unless we notify you otherwise, these companies do not have the right to use your personally identifiable information);
3)When we are required to comply with a court summons, court order or to comply with a legal process; 4) When we discover that you have violated the terms of use of the PowerKwacha, PowerKwacha global village or any other products or services.
14.Statements
1). PowerKwacha is not responsible for any collection, disclosure and/or use of your personal information provided by you to any third party's website which may be linked to or from our website.
2).Protection of Customer Data: Your PowerKwacha account is password protected to ensure the security of your privacy and information.
3).Under certain conditions PowerKwacha uses the universally accepted SSL encryption system to ensure the security of information transfer. PowerKwacha respect your privacy.
4).Personally identifiable information provided to PowerKwacha will be collected, processed and stored us in a secure database under our control.
5). PowerKwacha has taken reasonable steps to protect the information users share with us, including, but not limited to, setup of processes, equipment and software to avoid unauthorized access or disclosure of this information.
6). PowerKwacha only permit your Customer Data to be accessed or processed by our authorized personnel who hold such information under strict confidentiality.
7). PowerKwacha restrict access to information to PowerKwacha employees, contractors, and agents who need to know such information in order to process it for us, who are subject to strict contractual and technical safeguards and are accountable if they fail to meet these obligations.
Age To use our PowerKwacha service, you must be at least 18 years old. If you do not meet the age requirement, using the PowerKwacha service will be prohibited.
15.Amendments to Privacy Policy
PowerKwacha periodically makes changes to the privacy policy.
If there are significant changes to the privacy policy, we will promptly notify users by posting the relevant terms in a prominent position on the web page.
Questions on Our Privacy Policy If there are any questions regarding this privacy policy, you may contact us via support@powerkwacha.co.zm
Contact US
Contact: +260 772 815 047 / +260 772 815 325
Official Website Address：https://www.powerkwacha.app
Email: support@powerkwacha.co.zm