This information was revealed in the Nigeria Data Protection Annual Report 2023, Truetells Nigeria reports.
NDPC stated that they are collaborating with regulatory bodies to clean up the digital lending sector.
“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.”
The report revealed that “over 400 cases of privacy breaches involving shadowy loan sharks are being addressed at the systemic level.”
Truetells Nigeria understands that 203 loan applications were approved under the JERTF in the fourth quarter of 2023.
Additionally, 38 applications received conditional approval, while 85 companies and apps are currently under watch. Furthermore, 47 loan apps were delisted during this period.
The commission has also indicated that regulators and security establishments are incorporating data protection measures into their policies, starting from the design phase.
It is worth mentioning that in March 2022, the FCCPC, in collaboration with enforcement agencies, raided the offices of “illegal” digital loan companies operating in Ikeja, Lagos.
This action was taken due to alleged consumer rights abuses.
The former executive vice-chairman of the commission, Babatunde Irukera, personally led the enforcement operation and emphasized the importance of bringing these loan apps under the regulatory framework.
“We discovered that this is much more serious than we thought,” Irukera stated.
Operatives of the Nigeria Police Force have reportedly arrested a popular Nigerian TikToker, Seaking, for…
Human rights activist Omoyele Sowore says the economic policies of President Bola Tinubu's administration have…
In a resolute bid to ensure unimpeded traffic flow throughout Lagos State before, during…
In an era defined by rapid technological advancements and unpredictable economic shifts,…
Celebratory seasons, such as Christmas and New Year, are times when corporate organisations churn out…
The Director General of the Imo Broadcasting Corporation (IBC) Ms. Ify Onyegbule has…