Data Retention Policy

This Data Retention Policy establishes the guidelines and timelines under which Honemekpoint stores, maintains, and securely disposes of customer records, financial transaction histories, and digital interaction logs.

1. Purpose and Scope

We retain user information only for as long as necessary to fulfill the operational purposes for which it was collected, including satisfying legal, accounting, anti-money laundering (AML), and regulatory compliance obligations.

2. Retention Periods by Data Category

• Active Account Records: Profile data, verification documents (BVN/NIN), and contact directories are stored continuously while the user account remains active.
• Financial Transaction Ledgers: Savings history, daily contributions, bills payments, and asset purchase records are retained for a minimum of 5 to 7 years post-transaction to meet standard legal auditing rules.
• Inactive or Closed Accounts: Data associated with closed profiles is archived securely for statutory retention windows, after which it undergoes permanent cryptographic destruction or anonymization.
• System Logs and Technical Cookies: Browser session data and access logs are routinely purged or scrubbed on a rolling 12-month cycle.

3. Secure Disposal Protocols

Once retention windows expire, customer files are permanently purged from live databases and secure backup media using certified data destruction practices to prevent unauthorized recovery.