1. What Cloove is
Cloove AI Technologies Ltd is a technology company incorporated in Nigeria. It builds AI business assistants, conversational commerce and messaging tools, voice products, business dashboards, merchant tools and APIs, and it builds Flow, a conversational money assistant on WhatsApp.
Cloove is not a bank, a microfinance bank, a payment service bank, a deposit-taking institution, a switching company or a licensed financial institution. Where a Cloove product gives you access to an account, a payment, a transfer, a settlement or a bill payment, the underlying financial service is provided by a licensed financial institution or payment provider. Cloove provides the interface and the software around it, and does not hold customer funds.
2. Who does what
This is the distinction that matters most, and Cloove would rather state it here than bury it in a footnote.
Cloove operates
- Verification of businesses and the individuals who control them
- Risk classification of businesses and users
- Screening against Cloove's prohibited and restricted categories
- Monitoring of platform behaviour and fraud controls
- Product-level limits and eligibility gating
- Restriction, suspension and termination of Cloove access
- Internal investigation and escalation
- Access controls, audit trails and record keeping
The licensed institution operates
- Account issuance under its licence
- The statutory identification requirements attaching to a financial account
- Execution, clearing and settlement of payments
- Transaction monitoring on the regulated account and payment rail
- Sanctions screening of transactions and their parties
- Freezing or blocking funds where legally required
- Statutory regulatory reporting
Why this matters to you
3. The documents
AML / CFT / CPF Policy
How Cloove manages the risk that its technology could be used to launder money, finance terrorism or finance proliferation, and where a licensed institution's responsibilities begin.
Prohibited and restricted businesses
The business activities Cloove will not support, and those it supports only after additional review.
Anti-Bribery and Corruption
Cloove's position on bribery, facilitation payments, gifts, conflicts of interest, and how to report a concern.
Security
How your account and data are protected, and an honest account of what Cloove is and is not certified for.
4. Data protection
Cloove processes personal data in line with the Nigeria Data Protection Act 2023. The Privacy Notice sets out what is collected, the lawful basis for each purpose, who it is shared with, how long it is kept, and the rights you have, including the right to complain to the Nigeria Data Protection Commission. A named individual at Cloove holds day-to-day responsibility for data protection, and can be reached at privacy@clooveai.com.
5. What Cloove does not claim
Cloove holds no financial services licence, and no ISO 27001, SOC 2 or PCI DSS certification. Where a statement in these documents describes a control, it describes a control Cloove operates. Where a function belongs to a licensed institution, these documents say so rather than claiming it.
Cloove would rather be checked and found accurate than sound impressive and be found wanting. If something on these pages does not match your experience of the product, tell us.
6. Getting in touch
Compliance and financial crime: compliance@clooveai.com
Privacy and data protection: privacy@clooveai.com
Security issues: security@clooveai.com
Everything else, including complaints: support@clooveai.com
Reports of suspected misuse of Cloove products, or of bribery or corruption, may be made anonymously. Cloove does not retaliate against anyone who raises a concern in good faith.
Due diligence or a compliance question?
Our compliance team answers partner, client and regulator enquiries directly. Tell us what you need and we will send it.
Contact compliancecompliance@clooveai.com