NITDA to sanction loan apps, digital lenders over data privacy abuse of Nigerians
The National Information Technology Development Agency (NITDA) has finally resolved to sanction and rein on loan apps and digital lending platforms and companies operating in Nigeria over their now habitual and unethical practices of blackmailing and threatening customers, their family members and their contact lists whenever there is an alleged loan repayment default.
The Nigerian regulatory agency who made the revelation in a press statement on its facebook page on Friday says it will go further to prosecute any micro-lending platform or quick loan app operating in the country and breaching the data privacy of its customers by sending threatening messages to people who are not parties to their loan transactions.
Read the full Press Statement below:
NITDA COLLABORATES WITH THE FEDERAL COMPETITION AND CONSUMER COMMISSION (FCCPC) TO TACKLE DATA ABUSE BY MONEY LENDING OPERATORS
The National Information Technology Development Agency (NITDA) in continuation of its efforts to address the alarming rates of data privacy abuse by money lending operators, has entered into a strategic partnership with the Federal Competition and Consumer Protection Commission (FCCPC).
Section 17(a) of the FCCPA, 2019 empowers the Commission to administer and enforce provisions of every Nigerian law with respect to competition and protection of consumers.
NITDA has therefore found the FCCPC as a key stakeholder in its efforts to rein in the activities of some micro-money lenders who have formed a penchant for abuse of personal data of Nigerians.
These operators execute this by abusing their personal data, breaching their privacy and sharing it with others who are not part of the initial contract.
The Agency has received over 40 petitions from members of the public on the personal data abuse of some lending companies. Our investigation led to the imposition of Ten million naira (N10,000,000) fine and other administrative sanctions on Soko Lending Company.
As an Agency focused on using its mandate to empower Nigerians and make them active players in the digital economy, NITDA is very concerned about the worrisome effect the nefarious activities of the money lending companies is having on families, friends, and the society at large. Some of the complainants had contemplated suicide, indicating that government needed to do more to protect vulnerable Nigerians.
The partnership with FCCPC will lead to a more robust and concerted regulatory approach which we believe would ensure that Nigerians get necessary reprieve from the illegal use of their personal data for money lending operations. The partnership would entail joint investigations, enforcement and possible prosecution.
We therefore use this medium to inform all money lending operators and other data controllers and processors that NITDA is set to enforce the privacy right of Nigerians in line with the Nigeria Data Protection Regulation (NDPR) 2019. Controllers and Processors who seek guidance on Compliance with the NDPR should contact NITDA licensed Data Protection Compliance Organizations (DPCO).
Mrs. Hadiza Umar, mcipr, m.apra, mcipr
Head, Corporate Affairs and External Relations,
Original content creation costs money and time.
Unauthorized use, copying and/or duplication of this content material without prior express and written permission to the publisher/owner is strictly prohibited and infringements shall be subjected to relevant copyright laws.
To download the eNaira Speed Wallet on Google Play Store,
To download the eNaira Speed Merchant Wallet on Google Play Store,
To download the eNaira speed wallet on Apple Store
To download the eNaira speed merchant wallet app on apple store
To visit the eNaira website and get more information about the digital currency,
BECOME QUICK LOAN ARENA BUSINESS PARTNER
Register to become our business partner and enjoy our free advisory and consultancy services on getting a quick loan from our list of accredited lending partners and also guide on the process of loan application.
Disclaimer: Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We however profile and review legitimate and reputable loan agencies and seeks to educate individuals, household and small businesses about loan opportunities to help them make informed decisions and establish their businesses.
Speak with any of our Quick Loan Consultants for more information! Call or Whatsapp Speak with any of our Quick Loan Consultants for more information! Call or Whatsapp +234 (0) 915 382 1578.
Do remember to give us a feedback about your quick loan experience after the lending process is executed.
READ ALSO! Palmcredit: Get Quick Loan Up To N300,000!