Privacy Policy

SARMAYA MICROFINANCE (PRIVATE) LIMITED COMPANY

1. Introduction:

1.1 The “Jayb” online digital lending platform (“Jayb”) is owned and operated by SARMAYA MICROFINANCE (PRIVATE) LIMITED, a company incorporated under the provisions of the Companies Act, 2017, holding 0189086 incorporation number] (“Company”) and licensed as a non-banking finance company with license no. SC/NBFC-1-212/SMPL/2021/01. The Company is engaged in the business of providing micro loans to its customers in Pakistan through the Jayb Application on google play store and IOS  and Sarmaya website portal (which term includes the Jayb mobile Application (the “Application”).

1.2 References to “you” or “customer” shall mean any visitor, user, business partner, agent, supplier, vendor or customer of the Company or its Application or Website and shall include a “User”. References to “we” or “us” shall mean the Company and/or the Jayb Platform.

2. Purpose of the Policy:

2.1 The Company is committed to protecting and respecting your privacy. The purpose of this Privacy Policy is to assist you to understand how your personal information will be collected, stored, processed, shared and transferred by the Company

2.2 This Privacy Policy applies to your Personal Data when you use our Services and does not apply to online websites or services that we do not own or control, including websites or services.

2.3 This Privacy Policy explains what personal information we collect, with whom   we share it, and how you (the user of the Service) can prevent us from sharing certain information with certain parties.

3. Application Permissions:

^{For the purpose of Credit Risk Assessment, we need the following Permissions from you}

3.1 Phone Permission: Collect and monitor specific information relevant to your mobile device including its hardware model, operating system and version, component, RAM, storage and unique device identifiers  (e.g IMEI, serial number, user profile information, and mobile network information) to uniquely identify the devices and ensure that    unauthorized devices are not able to act on your behalf to prevent frauds. We will upload your device information to our servers to provide you with additional financial convenience. We will also use this information to assess the loan Applicant’s income level and match this information with other information about the Applicant to determine the Applicant’s credit worthiness and loan requirement.

3.2 Location Permission: Collect and monitor information about the location of your device to do a risk assessment for credit scoring.

3.3 Camera: When applying for a loan, you need to use your camera to scan the . CNIC certificate. After taking the photo, the relevant information will be automatically filled in, this is to reduce the input errors and save your valuable time. For the Security of your loan account, a live photo will be verified to compare whether the current operation is yours. We will collect and ask you to upload CNIC photos and live photos. We assure you that the uploaded photos are only for user loan approval and will not access the gallery or photos on your device.

3.4 Calendar: It is used to remind you of the repayment date and avoid the impact of overdue repayments on your credit.

3.5 Other Applications: Collect and monitor a list of installed applications on your device for credit profile enrichment Accounts Permissions Collect and monitor a list of accounts on your device for credit profile enrichment

3.6 Application Activity: We need access to the activity in the Application including package name, Application name time of first installation and time of Application updates to assess whether the customer is eligible for a loan. We will upload this information to our servers at www.sarmayamf.com encrypted for the purpose of identifying and analyzing behavior and risk in multiple loans to assess whether the loan can be processed, which helps prevent fraud.

3.7 Information Collected: To create an account on Application, you must provide us with the basic details and information required as part of our Customer Identification process and you agree to our User Terms and Conditions and this Privacy Policy, which governs how we treat your information. The Application collects basic information required to provide customized services (for example loan offers, content, and more relevant ads), including your name, mailing address, postal code, job title, family details, employer details, phone number, employment information, salary slips, declarations, your description  and details in your account, financial information such as bank account, etc.

3.8 Collaborations: You will register with us using your Facebook or Linked In account or Google identity (“Third party sites”). You understand that, by creating an account or by registering through Third party sites, we and others will be able to identify you by your Application profile. However, we will not be liable under any circumstance for the generation of your profile or the information you provide therein. The Application will also not be liable for the photographs and data that the Users might upload the use and misuse thereof. We will ask for your bank account details only for the Service.

4. Data Retention, Protection and Deletion:

4.1 The protection of your privacy and your data security is a top priority at SARMAYA MICROFINANCE (PRIVATE) LIMITED. We encrypt your data and store it in multiple databases. There are security group and firewall checks to control the APIs with multi-level authentication, authorization, and verifications. The information provided by the uploaded CNIC and facial photos is used only for detecting and verifying the authenticity of your identity and confirming whether the facial photo on the current operating Application matches the CNIC, ensuring they belong to the same individual. Please note that we always ask for your permission before accessing the information on your phone. We collect and monitor only your bank related financial transaction SMS, names of transacting parties, transaction description, and amount to perform a credit risk assessment.

4.2 All the information that you shall provide us is voluntary, including sensitive personal information. You understand that Application may use certain information of yours, which has been designated as ‘sensitive personal data or information’   under the IT Rules for the purpose of providing you the services and for sharing the information only with affiliates who are subject to this Privacy Policy, as will be explained further below.

4.3 The protection of your privacy and your data security is a top priority at SARMAYA MICROFINANCE (PRIVATE) LIMITED. We encrypt your data and store it in multiple databases. There are security group and firewall checks to control the APIs with multi-level authentication, authorization, and verifications.

4.4 Please note that we always ask for your permission before accessing the information on your phone. We collect and monitor only your bank-related financial transaction SMS, names of transacting parties, transaction description, and amount to perform a credit risk assessment.

5. ^{Use and Disclosure of Your Personal and Other information:}

5.1 We access, store, and use the information we collect from to provide our Services, to research and develop new ones. Information collected by us shall be used for the purpose of determining whether or not to provide a financial service or product to you, the amount of such exposure and the terms and conditions of Application to such services or product.

5.2 We use personal information to provide the services you request, to customize your user experience, and to improve our services. To the extent we intend to use your personal information to market any product to you, we will provide you the ability to opt out of such uses.

5.3 We use your information to power our services and to improve your experiences and interaction with the company.

5.4 We use your information to provide, support, improve, protect, analyze and bill for our products and services to communities with you about your service, products or Application; to market our products and services; to detect and avoid fraud; for advertising; and for research purposes. We may use information we collect from you when you purchase a product or service from us, sign up for our newsletter, respond to a survey or marketing communication, surf the Website or Application, if you register for an online account with us, download and register on one of our Application or use certain other site features in the following ways.

5.4.1 Personalize your experience and to allow us to deliver the type of content and product offering in which you are most interested

5.4.2 Improve our website/application in order to better serve you

5.4.3 Allow us to better service you in responding to your customer service needs requests

5.4.4 Administer a contest, promotion, survey or other site feature

5.4.5 Ask for rating and reviews of services or products and

5.4.6 Follow up with them after correspondence (live chat, email, phone, inquiries, or WhatsApp), either directly with the user or with and through and authorized person of reference whose information has been provided by the user to the Company. 

• This means we may;
  • Record details about the products and services you use or order from us
  • Send you product or service information messages (we may send you messages to confirm your order and tell you about any changes that might affect your service like when we have infrastructure work planned or need to fix something).
  • Let you create and log in to the online accounts we run
  • Charge you and make sure your payment reach us and
  • Give information to someone else (if we need to for the product or service you’ve ordered) or to another communications provider if you are buying some services from them and us

5.6 In addition we use the following information to provide products and services and manage your account, your contact details, and other information to confirm your identity and your communications with us. This includes your Personal Information and other relevant credentials.

• Your payment and financial information
• Your communications with us including emails, webchats and phone calls.
• We will also keep records of any settings or communications preferences you choose

6. Security Information

6.1 You can access your personal identity details on our Application through your login and password. We recommend that you do not share your password with anyone. In addition, your personal details are stored on a secure server that only selected personnel contractors and authorized Agencies have access to. We encrypt certain sensitive information using Transport Layer Security (TLS) and  Secure Socket Layer (SSL)] technology to ensure that your personal details are safe as it is transmitted to us. .

6.2 However, you understand and accept that no data transmission over the Internet   can be guaranteed to be completely secure. We cannot ensure or warrant the security of any information that you transmit to us and you do so at your own risk. Data pilferage due to unauthorized hacking, virus attacks, and technical damage is possible and we take no liabilities or responsibilities for it.

7. Privacy Policies of Third-Party Websites

7.1 This Privacy Policy only addresses the use and disclosure of information we collect from you. Other websites/applications that may be accessible through these Applications have their own privacy policies and data collection, use, and disclosure practices. If you link to any such website, we urge you to review such website ′s privacy policy. We are not responsible for the policies or practices of third parties.

7.2 We shall disclose all the information we collect from you, including personal information to any local or international law enforcement officers or competent regulatory or government agencies, in good faith belief that such disclosure is reasonable necessary to enforce any terms and conditions and/or this Privacy Policy, to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud.

7.3 We shall use your data for the purposes of compiling statistics relating to our user base or financial product or services and may disclose such information to any third party for such purposes, provided that such information will always be anonymous.

7.4 We may use other third party companies to monitor site traffic, which may in some instances store customer information. Where we use another organization, we still control your personal information and we have strict controls in place to make sure its properly protected.

7.5 We may also disclose or transfer your personal information to third parties in event that

• The company is involved in merger, bankruptcy, acquisition, reorganization, liquidation, or sale of assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets,
• The company or substantially all of its assets are acquired by a third party, personal data held by it about its customers will be one of its transferred assets.
• The company is under a duty to disclose or share your personal data in order to comply with any legal or regulatory obligation or request,
• We may use your personal information, or any other information obtained as stated in this Privacy Policy to contact you, via SMS.

8. Tracking and Cookies:

8.1 “Cookies” are small text files transferred by a web server to users’ hard drive and thereafter stored on their computer. The types of information a cookie collects include the date and time users visited, their browsing history, preferences, and username.

8.2 The company may use cookies to manage our users’ sessions and to store preferences, tracking information and language selection. Cookies may use cookies to manage our users sessions and to store preferences, tracking information and language selection. Cookies may be used whether customers register with us or not. That third-party websites and advertisers or internet advertising companies working on our behalf, sometimes use technology to send or serve data that appear on our Application. They automatically receive your IP address when that happens. They may also use cookies, JavaScript, web beacons, and other technologies to measure the effectiveness of their advertisements and to personalize advertising content. We cannot control or access cookies used by the third party service providers. This Privacy Policy covers only Cookies used by us, and not any Cookies used by third-parties. Therefore, we are not responsible for the information or content they may contain, nor are we responsible for the privacy practices employed therein. Please contact them directly for more information about their privacy policies. This Privacy Policy applies solely to information collected by us through the Application.

8.3 Any personal information will be used but not limited to allowing you to log in to your account or to resolve specific service issues, inform you of our new services or features, call center verification, or to communicate with you in relation to your use of the Application. Any other information we collect will be used for

• Our business purposes and this may include the viewing or advertising of services or relating to any associated services;
• Analytical purposes, data usage;
• Improving the Application, or your user experience; and
• Providing targeted advertisements to you.

8.4 We will share your personal information internally with those staff members who need it to carry out your instructions regarding the receipt of marketing information, Loan Processing, and recovery of Loan. We will not disclose your personal information to any third party unless required to do so by law and/or covered under this Privacy Policy. For those Users who have registered for the mailing list, their personal information is kept until we are notified that they no longer want their information stored. Persons who supply us with their telephone numbers may receive communication from us via telephone, text message, or emails, pertaining exclusively to new services or any upcoming events. If you do not wish to be  on our mailing list, you can let us know of your updated preferences by either emailing us at care@sarmayamf.com or choosing the “ unsubscribe” option. In order to provide and improve our Services and to share relevant ads with you, we use and disclose to our advertising and analytics partners non-personally identifiable information that we collect, including cookie data, some log data, and mobile data. Our Application complies fully with all the applicable and relevant laws of Pakistan.

9. Disclosures

9.1 We respect that you do not want your personal information to be shared with other companies at any time. However, we may require you to share your Personal Information/ Sensitive Information with our affiliates, business and non-business partners including but not limited to credit information companies, where we feel that you will be assisted better for the purpose of underwriting and approval of your loan or any other financial product transaction/related transaction. We share information as described below in accordance with this privacy policy. We will keep your personal information confidential and limit access to it to those who specifically need it to conduct their business activities, except as otherwise permitted by applicable law.

• Third-party advertisers
• Third-party service providers:

• We may employ other companies and individuals, call centers, payment gateways, and banks to perform functions on our behalf. Examples include delivering e-mail, analyzing data, providing marketing assistance, providing search results and links (including paid listings and links), and providing customer service. They have access to personal information needed to perform their functions but may not use it for other purposes. Further, they must process the personal information in accordance with this Privacy Policy and as permitted by applicable law.
  • As we continue to develop our business, we might sell or buy business units. In such transactions, customer information generally is one of the transferred business assets but remains subject to the promises made in any pre-existing Privacy Policy (unless, of course, the customer consents otherwise). Also, in the unlikely event that Loans, Pakistan’s assets, or substantially all of its assets are acquired, customer information will of course be one of the transferred assets
  • We release personal information when we believe release is appropriate to comply with the law; enforce or apply our User Terms and Conditions and other agreements; or protect the rights, property, or safety of the Application, our users, or others. This includes exchanging information with other companies, organizations, governments, or regulatory authorities for fraud protection and credit risk reduction.
  • If you are no longer interested in sharing your Personal and Sensitive Information, please email your request to care@sarmayamf.com. Please note that it may take about 72 business hours to process your request.
  • To the Government and other judicial bodies as required under the law in order to comply with the legal obligations (without the prior permission of customers).
  • Application shall also contain links to the other websites. Customers are requested to go through the respective privacy policies disclosed under the relevant sites to familiarize themselves.

9.3 We use the information to investigate Your creditworthiness and to obtain consumer reports about You in connection with Your application for the right to use Our Services and for as long as Your User Account is open and/or any of the Agreements with Us are in effect. We use and/or disclose such information and consumer reports for any purpose, including without limitation, to evaluate Your application, evaluate the Services provided by Us, review Your User Account, to review whether changes should be made to the Terms & Conditions of Your User Account, and to consider You for offers for Our Services. You represent to us that all information associated with Your identity held by any national credit bureau is true and correct in all material respects and that there has been no Material Adverse Change which is not reflected therein.

10. Policy Changes:

We may update this Privacy Policy to reflect changes to our information practices to facilitate the borrowers/customers. You are encouraged to check this privacy policy on a regular basis to be aware of the changes made to it to secure your privacy.

11. General Matters

11.1 Accuracy and Responsibility: The Accuracy and Confidentiality of your Account Information is your responsibility. You are responsible for maintaining the secrecy and accuracy of your password, email address, and other account information at all times. We recommend a strong password that you do not use with other services. We are not responsible for personal data transmitted to a third party as a result of an incorrect email address.

11.2 Confidentiality and Security: We use commercially reasonable security measures to protect against the loss, misuse, and alteration of the information under our control. However, we cannot absolutely guarantee the protection of any information shared with us.

11.3 We make all User information accessible to our employees, agents or partners, and third parties only on a need-to-know basis and bind all such employees to strict confidentiality obligations Notwithstanding the above, we are not responsible for the confidentiality, security or distribution of your personal information by our partners and third parties outside the scope of our agreement with such partners and third parties. Further, we shall not be responsible for any breach of security or for any actions of any third parties or events that are beyond the reasonable control of Application including, including acts of government, computer hacking, unauthorized access to computer data and storage devices, computer crashes, breach of security and encryption, poor quality of Internet service or telephone service of the User, etc. Please be aware that you can opt out of receiving service messages from us.

12. Protection of Minors:

12.1 We place great value on the protection of minors’ personal information. As required by Applicable laws and regulations, any user under the age of 18 should be banned to use our service. As the parent or statutory guardian of a minor, it is your responsibility to prohibit your child from using our service. Otherwise, all legal consequences are borne by yourself.

13. Force Majeure

13.1 Notwithstanding anything mentioned herein this Policy or elsewhere, we will not be held responsible for any loss, damage or misuse of Your Information, if such loss, damage or misuse is due to a Force Majeure Event.

13.2 “A Force Majeure Event” shall refer to any event that is beyond our reasonable control and shall include, without limitation, flood, explosion, acts of God, sabotage, fire civil commotion, strikes or industrial action of any kind, war acts or order of government, change of laws, riots, insurrection, computer backing, phishing attacks, unauthorized access to compute data and storage device, computer crashes, breach of security and encryption.

14. Disputes:

14.1 With respect to any disputes regarding this Privacy Policy including but not limited to any provision related to indemnification, limitation of liability relating to damages, choice of law and despite resolution forum, we ask you to first submit any such complaints directly to us the relevant customer services desk or helpline or GRS. All such disputes shall be amicably settled by resorting to mediation. In case the matter is not resolved, it shall be referred to Arbitration under the Arbitration Act, 1940 and place of arbitration shall be Islamabad.