Last Updated: January 2024

Welcome to Lydia’s Privacy Policy. In this policy, “Lydia,” “we,” “us,” or “our” refers to Lydia and its affiliated entities. The terms outlined below govern the use of your personal information when you interact with Lydia’s services, websites, and applications.

1. Interpretation

In this Privacy Policy:

• “Agreed Purpose” refers to the use of Confidential Information disclosed to evaluate the feasibility of a business partnership with mutually agreed terms.
• “Business Day” means a day when banks are open for general business in Nigeria, excluding Saturdays, Sundays, and public holidays.
• “Confidential Information” includes all types of information concerning or relating to Lydia, its staff, contractors, officers, shareholders, or technical partners, disclosed directly or indirectly by one party to the other, whether in writing, orally, or by any other means.
• “Disclosing Party” refers to the party disclosing Confidential Information.
• “Recipient” refers to the party receiving Confidential Information.

2. Consideration

By using Lydia’s services, you acknowledge and agree that the benefits, rights, and undertakings outlined in this Privacy Policy constitute valuable consideration, and you consider them sufficient and adequate.

3. Confidentiality Undertakings

3.1 Ownership of Confidential Information 3.2 Non-Disclosure

The Recipient acknowledges that Lydia retains exclusive ownership of its Confidential Information, including intellectual property rights. This agreement does not grant the Recipient any license or conveyance of Lydia’s rights in the Confidential Information.

3.2 Non-Disclosure

The Recipient agrees not to disclose Lydia’s Confidential Information to third parties during or after the course of their relationship, except as provided in this Agreement, and without Lydia’s prior written consent. The Confidential Information shall not be sold, traded, published, or disclosed in any manner.

3.3 Return or Destruction of Information

Upon Lydia’s request, the Recipient agrees to promptly destroy or return all documents and tangible manifestations of Lydia’s proprietary information. Retention of any Confidential Information for legal, regulatory, or audit purposes shall be subject to this Agreement.

3.4 Protection of Partner Information

Lydia commits not to use or share any partner’s information, including borrower contacts uploaded in Lydia Bridge, Lidya Collect, and other platforms, for any purpose beyond the Agreed Purpose. Lydia will implement reasonable measures to prevent unauthorized use or disclosure of such information.

4. Exclusions

This Agreement does not apply to information that:

• Was in the Recipient’s possession before disclosure.
• Becomes public knowledge through a source other than the Recipient.
• Is lawfully obtained from a source other than the Disclosing Party.
• Is disclosed with the Disclosing Party’s prior written approval.
• Is required by law, regulation, or a government authority. The Recipient shall notify the Disclosing Party in advance to protect confidentiality, disclosing only what is legally required.

5. Governing Law and Jurisdiction

This Privacy Policy is governed by the laws of the Federal Republic of Nigeria. Any disputes shall be referred for mediation to the Lagos Multi-Door Courthouse (LMDC) if not resolved through mutual discussions within seven days of arising. Mediation shall be binding and last for 30 days after the initial seven days.