Nigeria Data Protection Commission (NDPC), in partnership with Bill Gates and Melinda Foundation and KPMG are developing open banking frameworks in a move to deepen financial inclusion.
This was the focus of discussion when Dr. Vincent Olatunji , national commissioner of the NDPC, received 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.
The commission revealed in a statement on X (formerly Twitter) that the purpose of the meeting was to discuss open banking frameworks for Nigeria, a project coordinated by the Gates Foundation.
Open banking refers to the practice of providing third-party financial service providers with access to bank account information, transaction data, and other financial data through the use of application programming interfaces.
The meeting served as a pivotal step in recognising NDPC’s crucial role in the project, formalising engagement to ensure robust input in the areas of data protection and privacy.
NDPC emphasised the crucial role of digital identity in the financial sector as well as open banking, stressing the importance of implementing measures to safeguard digital identities to foster trust and confidence
Dr. Olatunji also addressed challenges posed by digital lending companies regarding transparency in data processing activities.
The NDPC Boss noted that the Commission was already working with other stakeholders to tackle the challenges.
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 Data Protection Officer.
