At Renti-Pay, we recognize that operating a financial savings utility comes with the utmost responsibility. We align ourselves with national and international standard practices, regulatory compliance frameworks, and licensed custody managers to guarantee that your money and your data remain shielded.
1. SEC Licensing & Custodianship
Renti-Pay is a fintech software service provider operated by RENTI PAY Limited. We are not a deposit-taking bank, nor do we issue banking licenses.
How we secure your funds:
All rent savings set aside on the Renti-Pay platform are held and processed through our banking infrastructure powered by Monnify (a CBN-licensed payment service provider by TeamApt).
Through our secure banking integration, your savings are held in dedicated virtual accounts with full CBN regulatory oversight, safeguarding your capital and ensuring seamless payout to landlords on the agreed date.
2. KYC & AML Compliance
Renti-Pay enforces rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to protect our platform from cybercrime, identity theft, and fraudulent transactions.
KYC Verification
We verify every user's identity prior to activation of withdrawals. Tenants and landlords must submit their Bank Verification Number (BVN). BVN verification is performed to validate legal ownership of linked accounts.
AML Transaction Monitoring
We screen transactions for suspicious volume and patterns. Any suspicious movements or accounts flagged for fraud are reported immediately to the appropriate financial intelligence units (e.g., NFIU) in accordance with the Money Laundering (Prevention and Prohibition) Act.
3. NDPR Data Compliance
Renti-Pay treats data privacy as a fundamental right. We are fully compliant with the Nigeria Data Protection Regulation (NDPR), which governs the processing of personal data in Nigeria.
- Data Protection Officer (DPO): We have a designated Data Protection Officer who oversees privacy processes and addresses user inquiries.
- Consent-driven Processing: We only collect information with your explicit consent, which you can modify or withdraw at any time.
- Annual Audits: Renti-Pay is subject to annual data protection audits performed by registered Data Protection Compliance Organizations (DPCO) to verify alignment with federal standards.
4. Payment and Data Security Standards
We leverage bank-grade security protocols to ensure that transactional details, records, and access tokens are completely locked down.
PCI-DSS Compliant Transactions
All bank card payments and bank-to-bank savings deposits are routed through PCI-DSS (Payment Card Industry Data Security Standard) compliant processors like Paystack and Flutterwave. Card numbers are tokens and never stored on Renti-Pay servers.
AES-256 and TLS 1.3 Encryption
Your personal data, BVN status, and bank accounts are encrypted at rest using Advanced Encryption Standard (AES-256) and in transit using Transport Layer Security (TLS 1.3) cryptographic protocols.
5. Consumer Protection & Grievance Resolution
We believe in consumer trust. Renti-Pay commits to:
- 0% Hidden Fees: Complete fee breakdown displayed for card processing, with zero platform recurring fees.
- Clear Lock Warnings: Informing users of lock periods and specific penalty structures for premature withdrawals prior to plan setup.
- Prompt Support: Resolving standard savings queries within 24 hours.
For any compliance questions or complaints, please reach out to our legal and compliance desk at info@rentipayafrica.com. We will acknowledge and address your email within 2 business days.