The Nigeria Data Protection Commission is partnering with the Bill and Melinda Gates Foundation and KPMG, to develop open banking frameworks aimed at enhancing financial inclusion.
Financial inclusion is the provision of banking and financial services to individuals, offering basic financial services such as savings, credit, payments, and insurance, to capture everyone in society.
NDPC Chief Executive Officer, Vincent Olatunji, recently met with the Senior Programme Officer at the Bill and Melinda Gates Foundation, Anna Wallace, and Partner and Head of Cybersecurity and Privacy at KPMG, John Anyanwu, in Abuja.
This was revealed in a statement via the NDPC official X handle.
In the statement, the commission said the purpose of the meeting was to discuss open banking frameworks aimed at driving financial inclusion in Nigeria, a project coordinated by the Bill and Melinda Gates Foundation.
The statement stressed the achievement to date and acknowledged NDPC as a key stakeholder thus formally engaging the Commission in the area of data protection and privacy.
The statement read in part, “NDPC emphasised the crucial role of digital identity in the financial sector and open banking, stressing the importance of implementing measures to safeguard digital identities to foster trust and confidence.”
Also, NDPC’s CEO discussed the challenges posed by digital lending companies regarding transparency.
He pointed out that the Commission is already working with other stakeholders to address these challenges.
In addition, he highlighted the misconception among some banks regarding the roles of a Chief Information Security Officer and a Data Protection Officer, emphasising the legal requirement for all data controllers to have a DPO.
