Economy
THE Nigeria Data Protection Commission (NDPC) has said it is investigating over 400 cases of privacy breaches involving digital loan companies also known as loan sharks in Nigeria.
The commission disclosed this in a report titled, “Nigeria Data Protection Annual Report 2023”.
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According to NDPC, they are working with regulators to sanitise the digital lending space.
The report stated: “Under Joint Enforcement and Regulatory Taskforce (JERTF), we are collaborating with regulators to sanitize the digital lending space.
“For instance, the Federal Competition and Consumer Protection Commission (FCCPC) requires lending companies to obtain data protection clearance from NDPC before operation.
“NDPC insists on full compliance with the Nigeria Data Protection Act (NDPA) in this regard as each online lending company must carry out a comprehensive Data Privacy Impact Assessment.
“Over 400 cases of privacy breaches involving shadowy loan sharks are being addressed at the systemic level.
“Third party platforms being used for abuses are cooperating with regulators in implementing deterrent measures.
“As at the 4th Quarter of 2023, 203 loan Apps were approved under the JERTF, 38 received conditional approval, 85 companies and Apps are under watch, and 47 were delisted.”
The commission also hinted that regulators and security establishments are mainstreaming data protection into their policies even at the design level.
Recall that FCCPC, in collaboration with enforcement agencies, in March, 2022, raided the offices of “illegal” digital loan companies operating in Ikeja, Lagos, over alleged consumer rights abuse.
The enforcement exercise was personally led by Babatunde Irukera, the then executive vice-chairman of the commission, who said there was a need to bring the loan apps into the regulatory framework.
“We discovered that this is much more serious than we thought,” Irukera stated.
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-March 29, 2024 @ 11:15 GMT|
Tags: Babatunde Irukera FCCPC Loan sharks NDPC
