Nigeria: Banks Collaborate with NDPC to Strengthen Data Security

The Nigeria Data Protection Commission (NDPC) has joined forces with Nigerian banks to raise awareness about the requirements of the Data Protection Act, aiming to enhance data privacy and security practices across the financial sector.

Given that Nigerian banks hold more than two-thirds of citizens’ data and handle over a billion transactions, they are regarded as critical stakeholders in data protection. While banks represent less than one percent of the 500,000 registered data processors in the country, their vast customer base makes them one of the most influential pillars in safeguarding national data security.

During a working visit to NDPC headquarters in Abuja, the President of the Association of Corporate and Marketing Communication Professionals of Banks (ACAMB), Mr. Rasheed Bolarinwa, engaged with the leadership of the NDPC to foster deeper collaboration with the financial services sector. He emphasized that closer ties between the NDPC and the banking industry would improve regulatory oversight and enhance the protection of individuals’ data and private security.

At the meeting, ACAMB and the NDPC explored ways to align regulatory oversight with the financial sector’s data protection obligations. Bolarinwa stressed that mitigating regulatory risks can only be achieved through greater communication and education efforts. He noted that financial service providers need a clear understanding of the NDPC’s mandate to reduce data protection violations and ensure full compliance.

Bolarinwa, who also chairs the Finance Hub Management Committee of the Nigerian Institute of Public Relations (NIPR), called on the NDPC to ramp up its public awareness initiatives. He reaffirmed ACAMB’s commitment to supporting the commission’s advocacy and educational efforts.

“As professionals managing corporate reputation, banks cannot afford breaches of the Data Protection Act. Such infractions could damage corporate trust and jeopardize long-term business sustainability,” Bolarinwa warned.

In response, Dr. Vincent Olatunji, National Commissioner and CEO of the NDPC, assured ACAMB of the commission’s commitment to collaborating with banks and other financial institutions. He emphasized that the NDPC’s focus is not punitive but to ensure full compliance with the Data Protection Act. Dr. Olatunji welcomed ACAMB and NIPR’s support for the commission’s advocacy initiatives, reinforcing the importance of partnerships in achieving comprehensive data protection compliance.