19 Mar 2025
Imagine you're a Cypriot resident, working diligently to provide for your loved ones back home in Nigeria. The need to send money to Nigeria regularly is a vital part of your life, and you naturally want to ensure this process is not only swift and reliable but, above all, secure. In our increasingly interconnected digital age, where sensitive data traverses continents in the blink of an eye, understanding the intricacies of cross-border data protection laws becomes paramount.
The flow of remittances between Cyprus and Nigeria is substantial, and with it comes a heightened responsibility to safeguard the personal information involved. That's precisely where ACE Money Transfer steps in.
Before we delve into the legal framework, let's take a closer look at the types of data that are involved in your online money transfer from Cyprus to Nigeria.
This encompasses your personal details, such as your full name, residential address, identification documents (passport, ID card), and bank account information.
Similarly, the recipient's personal details, including their full name, residential address, and bank account details, are essential for the successful completion of the transaction.
This includes specific details about the transfer, such as the amount of money you're sending, the purpose of the transfer (e.g., family support, business transaction), and the precise date and time of the transaction.
When you initiate a transfer through our platform, your data is securely entered into ACE Money Transfer's advanced and protected system.
The data is then transmitted across international borders, often involving complex networks of global financial institutions and communication channels.
Finally, the data is stored and processed in both Cyprus and Nigeria, and in some cases, may involve trusted third-party financial institutions to facilitate the transfer.
Without the implementation of robust security measures, your highly sensitive data could be vulnerable to breaches and unauthorized access, potentially leading to identity theft, financial fraud, or other malicious activities.
Cyprus, as a member state of the European Union, is bound by the General Data Protection Regulation (GDPR), which stands as one of the most stringent data protection laws in the world.
You, as a data subject, have the right to access, rectify, erase, and restrict the processing of your personal data, as well as the right to data portability.1
ACE Money Transfer, acting as a data controller, is obligated to implement appropriate technical and organizational measures to ensure the protection of your personal data.
In addition to the GDPR, Cyprus has its own national data protection laws that further supplement and strengthen the regulatory framework.
The Cypriot Data Protection Commissioner serves as the independent supervisory authority responsible for overseeing data protection compliance within Cyprus.
ACE Money Transfer adheres to the highest standards of data protection by implementing robust security measures, including advanced data encryption, secure servers, and strict access controls, to ensure full compliance with the GDPR and Cypriot national laws.
We employ state-of-the-art encryption technologies to protect your data both in transit and at rest, and our secure servers are housed in highly secure data centers.
Nigeria has established its own data protection regulation, the Nigeria Data Protection Regulation (NDPR), and the Central Bank of Nigeria (CBN) sets forth specific regulatory requirements for financial institutions operating within the country.
Nigerian citizens have rights regarding their personal data, including the right to access, rectify, and erase their data.
The National Information Technology Development Agency (NITDA) is responsible for enforcing the NDPR and promoting data protection awareness in Nigeria.
The CBN mandates strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations for all financial institutions operating in Nigeria.
These regulations are designed to prevent financial crimes, such as money laundering and terrorist financing, and to ensure the integrity of financial transactions.
We are committed to adhering to both the NDPR and the CBN's regulatory requirements, ensuring that your data is protected in accordance with Nigerian law.
Depending on the specific regulatory requirements, data may be localized and stored securely within Nigeria to ensure compliance.
Transferring data across international borders necessitates the use of specific mechanisms to ensure compliance with data protection laws.
The European Union conducts assessments to determine the adequacy of data protection laws in third countries.
Currently, Nigeria does not have an EU adequacy decision.
ACE Money Transfer utilizes Standard Contractual Clauses (SCCs) to provide legal safeguards for your data during cross-border transfers.
These clauses ensure that your data is protected in accordance with EU standards.
These are used by multinational corporations for internal data transfers between their affiliates.
Specific situations may permit data transfers without adequacy decisions or SCCs, but these are limited.
We perform Data Transfer Impact Assessments (DTIAs) to identify and mitigate any potential risks associated with cross-border data transfers.
Here are some practical steps you can take to ensure the security of your remittances.
Use strong, unique passwords and enable two-factor authentication (2FA) for added security.
Be vigilant and cautious of suspicious emails, messages, and websites that may attempt to steal your personal information.
Take the time to read and understand ACE Money Transfer's privacy policy to learn how your data is collected, used, and protected.
The platform employs advanced encryption technologies to protect your data during transmission.
This adds an extra layer of security to your account, requiring a second form of verification.
The platform conducts regular security audits to identify and address any potential vulnerabilities in our2 systems.
We provide clear and transparent information about how we handle your data.
You have control over your personal data and can exercise your rights under GDPR and NDPR.
Our dedicated customer support team is available to assist you with any data protection inquiries.
In today's interconnected world, the security of your personal and financial information is paramount, especially when sending money across borders. Navigating the complexities of cross-border data protection laws, such as GDPR and NDPR, can seem daunting, but with ACE Money Transfer, you can rest assured that your remittances are handled with the utmost care and diligence.
The platform prioritizes the security of your data, implementing robust measures and adhering to stringent regulations to ensure your peace of mind. By choosing ACE Money Transfer, you're not just selecting a reliable platform for your money transfer from Cyprus to Nigeria; you're choosing a partner that values your privacy and security.
Yes, your personal data is safe with ACE Money Transfer. The platform employs robust security measures, including advanced encryption, secure servers, and strict compliance with GDPR, NDPR, and CBN regulations. Our systems are designed to protect your information from unauthorized access and breaches.
ACE Money Transfer collects necessary information to facilitate your transactions. This includes your personal details, such as your name, address, identification documents, and bank account information. We also collect the recipient’s details, including their name, address, and bank account information. Additionally, we record transaction details, such as the amount sent, the purpose of the transfer, and the date and time of the transaction.
ACE Money Transfer ensures data protection during cross-border transfers by using Standard Contractual Clauses (SCCs), which are legal mechanisms that guarantee your data is protected according to EU standards. The platform complies with the data protection laws of both Cyprus and Nigeria, including GDPR and NDPR. Our secure systems and encryption technologies further protect your data during transmission.
You have several rights regarding your personal data under GDPR and NDPR. These include the right to access your data, rectify any inaccuracies, erase your data, restrict its processing, and data portability. You also have the right to object to certain processing activities.
If you suspect a data breach, it is crucial to contact ACE Money Transfer’s customer support immediately. The platform has established procedures to handle data breach reports and will investigate the issue promptly. You should also change your account password and monitor your financial accounts for any suspicious activity.
