Nigeria: CBN and FG Agency to Review New Regulation on Bank Customer Data

Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Commission (NDPC), has revealed that the commission has established a joint committee with the Central Bank of Nigeria (CBN) to review regulations requiring financial institutions to collect customer data, including social media handles.

This announcement was made during a two-day sensitization workshop on Data Privacy and Protection held in Abuja on Thursday.

In June of this year, the CBN issued regulations mandating financial institutions to collect various customer details, including social media handles, email addresses, telephone numbers, and residential addresses, as part of its new customer due diligence requirements. This initiative aimed to enhance the identification process within the banking system.

The CBN outlined these new regulations in its ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023′ document.

However, the NDPC opposed these regulations, deeming them unnecessary.

Olatunji explained, “When there was an issue with CBN asking for CBN handles, we actually went to the CBN and we set up a joint committee to see the best way to resolve this. We told them that was not necessary and they agreed with us.”

Furthermore, Olatunji revealed that the NDPC is actively engaged in raising awareness about the Nigeria Data Protection Act and providing training for Data Protection Officers and Nigerian citizens.

He emphasized that the country needs over 500,000 certified Data Protection Officers (DPOs) due to the current shortage of skills in this area.

During the workshop, Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, reaffirmed the Federal Government’s commitment to safeguarding digital platforms to instill confidence among citizens while they are online.

Tijani stated that the government is developing a regulatory framework for data privacy and protection, which is crucial as the nation progresses toward digitalization.

He emphasized that data privacy is not just a matter of convenience but a fundamental human right, and as the country embraces the digital age, it is essential to ensure the confidentiality of citizens’ personal and sensitive information.