The Nigeria Data Protection Commission and banks have partnered to create awareness about the requirements and operations of the Data Protection Act.
This was disclosed in a statement issued on Sunday.
With more than two-thirds of Nigerians’ personal data and financial transactions, banks arguably have the largest private data bank and are seen as critical stakeholders in data privacy 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 President of the Association of Corporate and Marketing Communication Professionals of Banks, Mr Rasheed Bolarinwa, during a visit to NDPC headquarters in Abuja, engaged with the top management of the data protection agency to achieve stronger collaboration with the financial services sector.
He said a stronger working relationship between NDPC, 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.
During the meeting, ACAMB, the umbrella body of spokespersons for banks, and NDPC discussed aligning efforts on regulatory oversight and data protection compliance.
Bolarinwa emphasised the importance of minimising regulatory risks by fostering a clear understanding of the NDPC’s mandate within the financial sector.
He stressed that reducing data protection infractions and ensuring compliance, could only be achieved through stronger communication and advocacy efforts.
The ACAMB president and chairman of NIPR’s Finance Hub Management Committee urged the data protection commission to enhance awareness campaigns about its operations, pledging ACAMB’s full support in this endeavour.
He highlighted ACAMB’s commitment to helping financial service providers better understand the Commission’s objectives, ensuring compliance with data protection laws.
“As social engineers responsible for managing perception and corporate reputation, we cannot afford to have our brands breach the Data Protection Act. Such violations could damage corporate trust and harm the business’s long-term sustainability,” Bolarinwa said.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission, Dr Vincent Olatunji, assured ACAMB of the NDPC’s willingness to collaborate with financial sector players.
According to Olatunji, the commission’s role is not punitive but ensuring 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 was to safeguard individuals’ data privacy rights, foster safe personal data transactions, and prevent the misuse of personal data, among others.
At the meeting were other top management members of NDPC, including the Head of Legal Enforcement and Regulations Department, Babatunde Bamigboye; Head of People Management and Administrator, Mrs Fitto Danladi; and Technical Advisor to the National Commissioner and CEO, Olayinka Oyebanji.