PalmPay, a Nigerian fintech innovator democratizing digital payment access, has achieved compliance status with the Nigeria Data Protection Regulation (NDPR) for implementing all statutory requirements.
With the rapid growth of the internet and digital economy, the use of information raises serious privacy and data protection concerns.
However, any organization that wishes to function effectively must ensure the security of its information by putting in place a data protection plan.
Also, the NITDA Act of 2007 mandates the National Information Technology Development Agency (NITDA) to develop regulations for electronic governance and monitoring of the use of information technology and electronic data.
The National Information Technology Development Agency (NITDA) issued the Nigeria Data Protection Regulation in response to concerns about personal data privacy and protection, as well as the serious consequences of leaving personal data processing unregulated (NDPR).
Additionally, the NDPR includes provisions for data subjects’ rights, data controllers and data processors’ obligations, and data transfer to a foreign territory, among other things.
PalmPay, as a data controller, hired a NITDA-licensed Data Protection Compliance Organization (DPCO) to conduct a data protection audit.
Hence, the DPCO reviewed the fintech startup’s ability to provide secure financial information, personnel data, and information entrusted to third parties. PalmPay’s NDPR compliance indicates that it meets the stringent requirements of information security.
Speaking on the new milestone, Chika Nwosu, Managing Director of PalmPay says “Data protection in the payments industry today is more important than ever, where the use of digital payments is rapidly increasing, and transfers between individuals have significantly changed. Personal activities or individual behaviors may be tracked using the associated data. The security and safety of funds and data will continue to be a priority for PalmPay.”
“Customer first is one of our core values, and NDPR compliance status demonstrates how serious we are about it. We remain committed to improving data protection to meet our privacy responsibilities to our users, and merchants,” the MD concluded.