Banks, NDPC partner to boost data security

The Nigeria Data Protection Commission (NDPC) and banks are collaborating to create awareness of the requirements and operations of the Data Protection Act.

With more than two-thirds of Nigerians’ data and transactions over 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 customer base and data make them one of the most significant pillars of national data protection and security.

President, Association of Corporate and 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 to achieve stronger collaboration with the financial services sector.
 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.

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 minimizing 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, can only be achieved through stronger communication and advocacy efforts.

As both the ACAMB President and Chairman of NIPR’s Finance Hub Management Committee, Bolarinwa 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, thereby 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.

National Commissioner and Chief Executive Officer, Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, 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.
Olatunji welcomed ACAMB and NIPR Finance Hub’s offer to support the commission’s advocacy efforts.