CBN, FG Agency Set To Review New Regulation On Bank Customers

CBN, FG Agency Set To Review New Regulation On Bank Customers

The National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, has announced that the commission and the Central Bank of Nigeria (CBN) have formed a joint committee to review the regulation that requires financial institutions to collect social media handles and other data from customers.

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

BrandSpur Nigeria recalls that in June, the CBN had issued a regulation mandating financial institutions to gather a range of customer information including social media handles, email addresses, telephone numbers, and residential addresses.

This move was aimed at enhancing the identification process within the banking system and was documented in the ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’.

The NDPC had expressed opposition to this regulation, considering it unnecessary. Dr. Olatunji revealed that the NDPC engaged in discussions with the CBN over the matter, leading to the establishment of a joint committee to find a resolution.

As a result of these discussions, the CBN reportedly agreed with the NDPC’s perspective that the collection of social media handles was not necessary.

CBN, FG Agency Set To Review New Regulation On Bank Customers

Dr. Olatunji further mentioned that the NDPC is focused on raising awareness about the Nigeria Data Protection Act and providing training to Data Protection Officers (DPOs) and individuals.

He noted that the country lacks an adequate number of certified DPOs, estimating that more than 500,000 DPOs are needed due to the shortage of this skillset.

During the same event, Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, emphasized the government’s commitment to safeguarding digital platforms to build citizens’ confidence while online.

He stressed that data privacy is a fundamental human right and stated that the government is working on regulatory structures to protect data privacy and support the nation’s journey toward digitalization.