GTBank, Fidelity Bank, others risk fines as NDPC probes banks over data breach

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Guarantee Trust Bank (GTBank), Fidelity Bank, and other lenders are being probed by the Nigeria Data Protection Commission (NDPC) for alleged data breaches.

In a statement issued on Thursday, the National Commissioner, Vincent Olatunji, said the NDPC was also investigating Zenith Bank, Unity Bank, and Babcock University for the same infraction.

He said the commission has received complaints against the banks over alleged violation of the rights of Nigerians, unlawful data processing, and unauthorised access to personal data.

Olatunji added that the banks would be fined one percent of their annual turnover if found culpable after the investigation.

He said: “In the last few weeks, the NDPC has received complaints bothering on unlawful data processing, unauthorised access to personal data, and violation of data subjects’ rights.

READ ALSO:CBN launches new banking project that exposes Nigerians to cybercrime, data breaches

“Under part 10 of the newly-signed NDPA Act 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents one percent of the gross revenue.

“Not only that, but offenders also risk up to a one-year jail term. We are currently investigating Guarantee Trust Bank, Fidelity, Unity Bank, Zenith Bank, Leadway Insurance, and Babcock University, among others, for a data breach.”

The NDPC also received complaints against the online lending sector, and this has prompted an investigation into their activities.

“The commission is investigating over 400 complaints in the online lending sector,” the NDPC chief added.

Olatunji also revealed that Soko Loan is already working on a comeback to the digital lending market, “but yet to be approved.”

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