1. Introduction
AkountFly ("we," "our," or "us") is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our accounting software service.
We comply with the General Data Protection Regulation (GDPR), the UK Data Protection Act 2018, the California Consumer Privacy Act (CCPA), and other applicable data protection laws.
2. Information We Collect
2.1 Personal Information
- Name and email address
- Business name and address
- Phone number
- Bank account details (for payment processing)
- Financial transaction data
2.2 Automatically Collected Information
- Device information (browser type, operating system)
- IP address and location data
- Usage data and analytics
- Cookies and similar technologies
3. How We Use Your Information
We use your information to:
- Provide and maintain our accounting services
- Process your financial transactions
- Generate invoices and reports
- Connect to your bank accounts via Open Banking
- Send you service-related communications
- Improve our services and develop new features
- Comply with legal obligations
4. Legal Basis for Processing (GDPR)
We process your data based on:
- Contract: To fulfill our service agreement with you
- Legitimate Interest: To improve our services and prevent fraud
- Legal Obligation: To comply with financial regulations
- Consent: For marketing communications (where applicable)
5. Data Sharing and Disclosure
We may share your information with:
- Payment Processors: Paystack (Africa), Stripe (UK/US/EU) for subscription billing
- Open Banking Providers: Mono (Nigeria/Ghana/Kenya), Plaid (UK/US/EU), Stitch (South Africa)
- Email Services: Resend for transactional emails and invoices
- AI Processing: OpenAI for transaction classification (see Section 5.1)
- Cloud Providers: MongoDB Atlas for database, AWS for infrastructure
- Legal Authorities: When required by law
We do not sell your personal information to third parties.
5.1 AI-Powered Features
AkountFly uses artificial intelligence to enhance your experience. Specifically:
- Transaction Classification: Your bank transaction descriptions are processed by OpenAI to automatically categorize transactions and suggest GL codes. We only send transaction descriptions, amounts, and dates — never your bank credentials or full account numbers.
- AkountFly AI Advisor: Our AI Advisor feature uses OpenAI to answer your financial questions and generate reports based on your business data.
- Tax Detection: AI analyzes transactions to identify potential VAT and tax implications.
- Cash Flow Forecasting: AI predicts future cash flows based on your historical data.
You can disable AI-powered features in Settings → Privacy. Without AI, you will need to manually classify transactions.
6. Sub-Processors
We use the following third-party services to process your data:
| Service | Purpose | Location |
|---|
| MongoDB Atlas | Database hosting | AWS EU (Ireland) |
| OpenAI | AI transaction classification | USA (with SCCs) |
| Resend | Email delivery | USA (with SCCs) |
| Mono | Open Banking (Africa) | Nigeria |
| Plaid | Open Banking (UK/US/EU) | USA/EU |
| Paystack/Stripe | Payment processing | Nigeria/USA |
7. Your Rights
Under GDPR, UK DPA, and CCPA, you have the right to:
- Access: Request a copy of your personal data
- Rectification: Correct inaccurate data
- Erasure: Request deletion of your data ("Right to be Forgotten")
- Portability: Receive your data in a machine-readable format
- Object: Object to certain processing activities including AI processing
- Restrict: Request limited processing of your data
- Withdraw Consent: Withdraw previously given consent
- AI Decisions: Request human review of automated decisions that significantly affect you
To exercise these rights, visit Settings → Privacy in your account or contact us at privacy@akountfly.com.
8. Data Retention
We retain your data for as long as your account is active or as needed to provide services. Financial records are retained for 7 years to comply with tax and accounting regulations. After this period, data is securely deleted or anonymized.
9. Data Security
We implement industry-standard security measures including:
- Encryption in transit (TLS/SSL) and at rest
- Secure password hashing (bcrypt)
- Two-factor authentication (2FA)
- Regular security audits
- Access controls and monitoring
10. International Data Transfers
Your data may be transferred to and processed in countries outside your jurisdiction. We ensure appropriate safeguards are in place, including Standard Contractual Clauses (SCCs) for EU/UK data transfers to the USA.
11. Cookies
We use essential cookies to operate our service and optional analytics cookies to improve user experience. You can manage cookie preferences through our cookie consent banner or in Settings → Privacy. For detailed information about the cookies we use, please see our Cookie Policy.
12. Contact Us
For privacy-related inquiries or to exercise your rights:
13. Changes to This Policy
We may update this Privacy Policy from time to time. We will notify you of significant changes via email or through our service. Your continued use of AkountFly after changes constitutes acceptance of the updated policy.
Policy Version: 2.0 | Effective Date: March 2026