Privacy Policy

Paydrak is a financial technology platform that facilitates peer-to-peer cryptocurrency exchange services. We help users convert Nigerian Naira (NGN) to Indian Rupees (INR) through secure cryptocurrency transactions.

Our platform connects users with competitive exchange rates while maintaining the highest standards of security and user protection. We are committed to operating transparently and pursuing appropriate regulatory approvals as we grow.

When you use Paydrak:

• We display current exchange rates from multiple cryptocurrency markets
• You initiate transactions through our secure platform
• Payments are processed through licensed Nigerian payment providers
• We facilitate the exchange using established cryptocurrency networks
• Funds are delivered to your specified account or wallet

Our role includes rate aggregation, payment facilitation, transaction monitoring, customer support, and security oversight.

Account Information:

• Full name, email address, phone number
• Identity verification documents (as required by law)
• Payment details and account preferences

Transaction Data:

• Transaction amounts, currencies, and timestamps
• Exchange rates applied and fees charged
• Payment method and recipient details
• Transaction status and completion records

Technical Information:

• Device type, operating system, browser information
• IP address and general location data
• Usage patterns and feature interactions
• Customer support communications

We use your information to:

• Process Transactions: Complete your exchange requests accurately and efficiently
• Verify Identity: Comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements
• Prevent Fraud: Detect and prevent unauthorized access, suspicious activity, and fraudulent transactions
• Provide Support: Respond to your inquiries and resolve issues
• Improve Services: Analyze usage patterns to enhance platform functionality
• Legal Compliance: Meet regulatory obligations and respond to lawful requests
• Communication: Send transaction confirmations, security alerts, and important updates

We implement industry-standard security measures:

• Encryption: All sensitive data encrypted with AES-256 in transit and at rest
• Secure Payments: Payment processing through licensed providers (Paystack)
• Access Controls: Strict employee access limits and audit trails
• Fraud Detection: Automated monitoring for suspicious activities
• Regular Audits: Ongoing security assessments and updates
• Secure Infrastructure: Cloud hosting with enterprise-grade security (Firebase/Google Cloud)

While we implement robust security measures, no system is completely immune to risks. You should also protect your account credentials and notify us immediately of any unauthorized access.

We do not sell your personal information. We may share data with:

Service Providers:

• Payment processors (Paystack) for transaction processing
• Cloud hosting providers (Firebase/Google Cloud) for secure storage
• Identity verification services for KYC compliance
• Customer support tools for service delivery

Legal Requirements:

• When required by Nigerian law or valid legal process
• To comply with regulatory investigations or requests
• To protect against fraud, security threats, or illegal activity
• To enforce our Terms of Service and protect user rights

All third-party service providers are contractually bound to protect your data and use it only for authorized purposes.

Cryptocurrency and cross-border transactions involve inherent risks:

• Price Volatility: Cryptocurrency exchange rates can fluctuate rapidly
• Irreversibility: Completed transactions cannot be reversed or canceled
• Technical Risks: Network delays, system maintenance, or technical issues may occur
• Regulatory Changes: Laws governing cryptocurrency may evolve
• Third-Party Risks: We rely on external payment providers and blockchain networks

Only transact amounts you can afford. Paydrak works diligently to minimize these risks but cannot eliminate them entirely.

Under Nigerian data protection law, you have the right to:

• Access: Request a copy of your personal information
• Correction: Update or correct inaccurate data
• Deletion: Request removal of your account and data (subject to legal retention requirements)
• Export: Download your transaction history
• Object: Opt-out of non-essential communications
• Withdraw Consent: Revoke previously granted permissions

To exercise these rights, contact us at helpdesk@paydrak.com

We retain your data as follows:

• Active Accounts: For the duration of your service use
• Closed Accounts: Up to 7 years for regulatory and tax compliance
• Transaction Records: Minimum 7 years as required by law
• Support Communications: 3 years for quality assurance

After these periods, data is securely deleted or anonymized.

Paydrak is committed to responsible, compliant operations:

• Implementing KYC (Know Your Customer) verification procedures
• Following AML (Anti-Money Laundering) best practices
• Complying with Nigeria Data Protection Regulation (NDPR)
• Working toward appropriate licensing as we scale
• Maintaining transparent operations and clear user communication

We are actively pursuing regulatory approvals from relevant Nigerian authorities including the Securities and Exchange Commission (SEC) and adhering to Central Bank of Nigeria (CBN) guidelines.

We use cookies and similar technologies to:

• Keep you securely logged in to your account
• Remember your preferences and settings
• Analyze platform usage and performance
• Prevent fraud and enhance security

You can control cookies through your browser settings, though some features may not function properly if cookies are disabled.

Your data may be stored on secure servers located outside Nigeria (such as Google Cloud/Firebase infrastructure). We ensure these providers maintain international data protection standards and comply with applicable Nigerian regulations.

Paydrak is not intended for users under 18 years of age. We do not knowingly collect information from minors. If we discover that a minor has provided personal information, we will delete it promptly.

We may update this Privacy Policy as our services evolve and regulations change. Material changes will be communicated through:

• Email notification to registered users
• Prominent notice on our platform
• Updated "Last Modified" date at the top of this page

Continued use of Paydrak after changes constitutes acceptance of the updated policy.

This Privacy Policy is governed by the laws of the Federal Republic of Nigeria. Any disputes arising from this policy shall be resolved in Nigerian courts under Nigerian jurisdiction.