Nigeria Frobes Online Banks Over breach of Customers’ Data Privacy

According to reports, the Federal Government has launched an investigation against internet banks for possible data privacy violations.

Kashifu Inuwa, the Director-General of the National Information Technology Development Agency, said the agency was working with the Nigeria Police Force and other relevant agencies to examine multiple lending platforms, often known as loan shark platforms, in Abuja on Monday.

He said this while addressing journalists ahead of the National Privacy Week 2022.

“We are working with relevant agencies to make sure we address that challenge because it is not only NITDA’s mandate that governs everything. When you talk about any financial services, it is the CBN. When you talk about general complaints, there is a commission for that.

But NITDA plays a critical role because of the breach of data privacy.

“We have sanctioned some of them. We are working with the Nigerian police, investigating many of them. We are working to address the challenge,” Inuwa said.

Amidst outcry of data invasion by Nigerians against lending platforms, NITDA had imposed a fine of N10m on Soko Loan for data breach last August.

In November 2021, NITDA partnered with the Federal Competition and Consumer Protection Commission to address the increasing rates of data privacy abuse by money lending organisations, particularly fintech firms.