In recent times, Nigeria has witnessed the massive growth of tech innovations especially in the fintech space which currrently ranks as the top ecosystem having enjoyed the presence of multiple investors and seen large investment.
With this massive growth of digital technology comes the need to have a more stringent data privacy policy geared towards protecting and safe guiding consumers.
Some few weeks ago, an organisation, FinTechNGR organised an online event on data privacy and its long-term effect on the Nigeria Data Protection Regulation (NDPR) for financial technology stakeholders.
The event witnessed the presence of speakers such as Abiola Abimbola, Director, Information Security, Nethost Limited; Yetunde Olasope, Head, Legal & Compliance unit, Maxut Consulting Limited’s Data Protection Practice; Franklin Akinsuyi, Chief Data Protection & Privacy Compliance, Data Analytics Privacy Technology, Ltd (DAPT), and Oyesola Diya, Associate, Aelex Legal.
They all explained the importance of data regulation and why fintech companies need to understand data privacy and protect their customers from a data breach.
Also notably among the speakers for the online event was John Obaro MD, SystemSpecs represented by Gbenga Oludaisi, Head of Enterprise Risk Management unit at SystemSpecs.
Oludaisi opined that “the NDPR requires that data processing fulfils certain conditions. These include the need for data processing recognized by regulation and in the interest of the public as well as the data subject, consent of the data subject, and the performance of an obligation under a contract to which the subject is a party.”
He further explained that “Regulation demands that data controllers ensure that they conduct data audit on a yearly basis and file the result of the audit with NITDA”.
He concluded by elaborating more on the rights of the data subject with regards to the NDPR and explained the access to data, the right to request for modification, right to request for restriction, and right to port from one controller to another seamlessly.
Don’t miss important articles during the week. Subscribe to cfamedia weekly digest for updates.
