Fintech Association of Nigeria (FintechNGR), in furtherance of its advocacy drive which aims to bridge the gap between innovation and regulation held an engaging and informative Data Privacy Forum, which garnered significant participation and enthusiasm from industry professionals and stakeholders.
The webinar took place on Tuesday, July 11, at 12:00 PM (noon) via Zoom.
The Data Privacy Forum, featured esteemed guest speaker Dr. Vincent Olatunji, National Commissioner and CEO Nigeria Data Protection Commission (NDPC), and was moderated by Uche Val Obi, Managing Partner of Alliance Law Firm.
With over 150 professionals and industry experts in attendance, the webinar shed light on the ever-growing significance of data privacy in our rapidly expanding digital economy.
Dr. Vincent Olatunji highlighted the exponential growth of the global digital economy, projected to reach a staggering value of $20.8 trillion by 2025, and emphasized how data has become a strategic asset for creating both private and social value.
The webinar focused on the regulations governing data protection and privacy in Nigeria, with special emphasis on key entities such as the National Information Technology Development Agency (NITDA), and the Nigeria Data Protection Commission (NDPC). Dr. Olatunji highlighted the crucial roles played by data controllers, data regulators, data processors, and data subjects in ensuring compliance with the Nigeria Data Protection Act (NDPA) of 2023.
During the forum, the discussion encompassed the effects, costs, and examples of data privacy breaches, both in Nigeria and abroad. Dr. Olatunji contextualized the importance of data privacy within the Nigerian landscape, emphasizing the risks associated with unauthorized access, identity theft, and data breaches. He emphasized that protecting individuals’ privacy is crucial to ensure their trust and confidence in the digital ecosystem.
The Nigeria Data Protection Act, signed by President Bola Ahmed Tinubu, aims to regulate the processing of personal data in Nigeria, safeguarding individuals’ privacy rights. The act outlines essential provisions, including the definition of personal data, data protection principles, consent requirements, data subject rights, obligations of data controllers and processors, cross-border data transfers, and penalties for non-compliance.
Organizations operating in Nigeria face significant implications following the enactment of the Nigeria Data Protection Act.
Compliance with the act ensures that organizations prioritize data protection and privacy, building trust with their customers, enhancing their reputation, and mitigating risks associated with data breaches and non-compliance.
The Nigeria Data Protection Commission plays a vital role in regulating technological and organizational data measures, fostering the development of personal data protection technologies, conducting investigations into violations, and imposing penalties for non-compliance.
Looking to the future, Nigeria recognizes the need to continuously monitor and adapt its data protection laws to address emerging privacy concerns as technology evolves. By prioritizing data privacy, Nigeria aims to foster trust, innovation, and economic growth in the digital era.
FintechNGR is committed to deepening engagement between the Regulators and Innovators with the hope to making the environment more conducive for innovation ensures consumer security and protection
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