LAGOS – The prospects of active data protection and security has brightened with the partnership between Nigeria Data Protection Commission (NDPC) and banks to create awareness about the requirements and operations of the Data Protection Act.
With more than two-thirds of Nigerians’ personal data and transactions in excess of a billion, banks arguably have the largest private data bank and are seen as critical stakeholders in data privacy and security.
While banks constitute less than one per cent of the over 500,000 data processors’ organisations in Nigeria, their huge customers’ base and data make them one of the most significant pillars of national data protection and security.
The KPMG West Africa Banking Industry Customer Experience Survey 2023 found that “the security, integrity, and privacy offered by banks continue to be important values for customers”, with a sense of security and privacy moderating customers’ choices.
The survey also found a notable increase in digital lending, which exposes customers’ data to more online activities.
President, Association of Corporate & Marketing Communication Professionals of Banks (ACAMB), Mr. Rasheed Bolarinwa, during a working visit to NDPC headquarters in Abuja, engaged with the top management of the data protection agency with a view to achieving stronger collaboration with the financial services sector.
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He said a stronger working relationship between NDPC and banks and other operators in the financial services sector would enhance regulatory oversight and achievement of the goals of individuals’ data protection and private security.
Dr. Vincent Olatunji, National Commissioner and Chief Executive Officer, Nigeria Data Protection Commission (NDPC), assured ACAMB of the NDPC’s willingness to collaborate with financial sector players.
According to him, the Commission’s role is not punitive but rather to ensure full compliance with the Data Protection Act.
He welcomed ACAMB and NIPR Finance Hub’s offer to support the Commission’s advocacy efforts.
He noted that the NDPC’s mandate is to safeguard individuals’ data privacy rights, foster safe personal data transactions, and prevent the misuse of personal data, among other objectives.
Analysts said collaboration between banks and NDPC would be a game-changer for Nigerian data security given banks’ extensive investments and experience in data privacy.
