Federal Government has begun a probe of online banks/loan apps over their alleged breaches of customers’ data privacy.
Kashifu Inuwa, the Director-General of National Information Development Agency While addressing journalists ahead of the National Privacy Week 2022, disclosed in Abuja on Monday, January 14, 2022 that the agency was working with relevant security agencies like the police to investigate many lending outlets popularly called loan sharks.
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Inuwa said there is an agency that takes general complaints for such things as a violation of data privacy in Nigeria and that NITDA is responsible for such.
He said complaints from Nigerians have resulted in heavy fines being imposed on loan sharks in the country.
According to report from Legit NG, Following the public outcry of data privacy violation by Nigerians against lending platforms, the agency had imposed a fine of N10m on Soko Loan for data breach last August.
Meanwhile The Punch reports that last year November, NITDA collaborated with the Federal Competition and Consumer Protection Commission (FCCPC) to address the rising rates of data privacy misuse by money lending apps, particularly fintech firms.