The Nigeria Data Protection Commission (NDPC), in collaboration with the Bill & Melinda Gates Foundation and KPMG, is spearheading the development of open banking frameworks to enhance financial inclusion in the country.
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Dr. Vincent Olatunji, the national commissioner of the NDPC, hosted Anna Wallace, Senior Programme Officer for Regulatory and Consumer Protection Technologies at the Bill & Melinda Gates Foundation, and John Anyanwu, KPMG Head of Cybersecurity and Privacy, in Abuja to discuss this initiative.
According to a statement released by the commission on X (formerly Twitter), the meeting aimed to explore open banking frameworks for Nigeria, a project led by the Gates Foundation.
Open banking entails granting third-party financial service providers access to bank account information, transaction data, and other financial data through application programming interfaces (APIs).
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The meeting marked a significant milestone in recognizing NDPC’s pivotal role in the project and formalizing engagement to ensure comprehensive input, particularly in the areas of data protection and privacy.
NDPC underscored the critical importance of digital identity in the financial sector and open banking, emphasizing the need for robust measures to safeguard digital identities and foster trust and confidence among users.
Dr. Olatunji also addressed challenges posed by digital lending companies regarding transparency in data processing activities, noting that the Commission is actively collaborating with other stakeholders to address these challenges.
He highlighted the misconception among some banks regarding the roles of a Chief Information Security Officer and a Data Protection Officer, stressing the legal requirement for all data controllers to have a Data Protection Officer in place.
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