Privacy Policy
U Microfinance Bank Limited. (UBANK)
U Microfinance Bank Ltd. (UBANK) is committed to protecting the privacy and security of its customer’s personal information. This Privacy Policy outlines how we collect, use, store, and safeguard your information when you use our mobile application, website, and digital banking services.
Purpose of This Privacy Policy
The purpose of this Privacy Policy is to explain the way UBANK collects and uses personal information while providing banking and financial services.
Collection and Use of Personal Information
We collect and use personal information only to the extent necessary to provide secure and efficient banking services. Personal information may include, but is not limited to, your name, address, phone number, and any other information that may directly or indirectly identify you.
The primary security features of our Mobile Application and Internet Banking services are your User ID and password, which are used to authenticate your identity and authorize transaction requests from your registered UBANK and UPaisa i.e. branchless banking account.
UBANK does not request confidential or sensitive information through unsolicited emails, phone calls, SMS, or other unofficial communication channels.
UBANK reserves the right to amend or update this Privacy Policy, in whole or in part, at any time. Customers are encouraged to review this Privacy Policy periodically to remain informed of any changes.
Consent
By accessing or using UBANK digital services through our mobile application or website, you acknowledge and agree to the terms and conditions outlined in this Privacy Policy.
Information Collected by UBANK
We do not collect personally identifiable information unless you voluntarily and knowingly provide it, such as by submitting an online application or contacting us via email. Any information provided is used strictly for internal purposes and solely for the purpose for which it was submitted.
In the course of delivering online financial products and services, we may collect information from various sources, including:
- Information provided by you through applications, emails, or other communications.
- Information obtained from consumer reporting agencies, where permitted by law.
- Details of your transactions with UBANK and its affiliates.
- Information automatically generated when you visit our website or use our online financial services.
Information Collected by Service Providers
Our technology and service partners may collect limited technical information for security, operational, and analytical purposes, including:
- Browser type and version
- Pages visited within our website or application
- Referring website address
- Internet Protocol (IP) address
- Session duration, date, and time of access
Mobile Application Permissions
UBANK’s Mobile Banking Application is designed specifically for banking services. To enhance functionality and user experience, the application may request access to the following features, with clear disclosure and stated purposes:
- Location (Coarse/Fine): To identify nearby ATM locations based on the user’s current location.
- Write External Storage: To download reports such as account statements. (Mobile phone ROM Storage)
- Biometric/Fingerprint Access: To enable secure biometric login.
- Read Phone Numbers: To allow users to select phone numbers from contacts when adding beneficiaries for instant payments.
Cookies
Our website and service providers may use cookies to enhance security, functionality and user experience. In some cases, accepting cookies may be necessary to access specific features of our website.
Third-party websites or advertisements linked to our services may use their own cookies, which are governed by their respective privacy policies.
Use of Collected Information
U Microfinance Bank Ltd. (UBANK) uses collected information for the following purposes:
- To provide, operate, and maintain our products and services.
- To improve, personalize, and expand our services and offerings.
- To understand and analyze customer usage trends and services preferences.
- To protect customer data and prevent unauthorized access or fraud
- To develop new products, services and features
UBANK does not sell customer information and does not share personal data with third parties, except as described in this Privacy Policy.
Disclosure of Information
We may disclose customer information to trusted service providers who assist us in delivering online financial services, including mobile banking and bill payment services, subject to strict confidentiality obligations.
Customer information may also be disclosed where required or permitted by law, including for legal proceedings, fraud prevention, regulatory compliance, or security investigations. Additionally, information may be shared with third-party financial service providers upon your explicit consent or when you request such services.
Email Communication Policy
Upon enrollment in our online services, customers may receive a welcome email. We may also send informational emails regarding UBANK products and services.
Security-related and other mandatory regulatory notifications shall be communicated to customers electronically via email. By maintaining an account and/or using the Bank’s services, customers expressly acknowledge and consent to receive such notices electronically, including but not limited to security alerts, regulatory disclosures, and account-related communications, as required under applicable laws and regulatory guidelines.
RETENTION PERIOD
We shall maintain all necessary records on transactions for a period of 10 years as per SBP guidelines from the completion of transaction. We shall also keep record on the identification/relationship data obtained through Customer Due Diligence Process for 10 years following the termination of business relationship.
However, records can be retained for longer periods, if required by any other law or where transactions relate to any investigation, litigation, or required by Court of law or any other competent authority.