CBN and FG team up to reconsider rules for bank customers

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CBN and FG team up to reconsider rules for bank customers
CBN and FG team up to reconsider rules for bank customers

Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Commission, has revealed that the commission has established a collaborative committee with the Central Bank of Nigeria (CBN) to reevaluate the regulations mandating financial institutions to collect social media handles and other personal data from customers.

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

Central bank requires more customer info, data protection commission disagrees

Back in June of the same year, the Central Bank of Nigeria had mandated financial institutions to gather not only social media handles but also email addresses, phone numbers, residential addresses, and more from their customers as part of their new customer due diligence regulations.

The main objective was to enhance the identification process within the banking system, as outlined in the ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023′ document.

However, the Nigeria Data Protection Commission had expressed opposition to these regulations, deeming them unnecessary.

Dr. Olatunji explained that they engaged in discussions with the Central Bank, leading to the formation of a joint committee to resolve the issue amicably.

Dr. Olatunji emphasized the importance of raising awareness about the Nigeria Data Protection Act and enhancing the capacity of Data Protection Officers in the country.

He noted a shortage of skilled professionals, indicating a need for over 500,000 certified Data Protection Officers.

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

He stressed the significance of data privacy as a fundamental human right and highlighted the government’s efforts in establishing regulations for data privacy and protection as part of the nation’s digitalization journey.