FG Begins Clampdown Of Online Loan Platforms Over Breach Of Customers’ Data Privacy

The Federal Government has started a probe into the activities of online banks over their alleged breaches of customers’ data privacy.

The clampdown on erring loan platforms was announced by the Director-General, National Information Technology Development Agency, Kashifu Inuwa in Abuja.

Inuwa made the disclosure as part of the build up to the National Privacy Week 2022.

He said that the agency is working with the Nigerian Police and other security agencies to address the issue of data breaches by online loan platforms.

Some of the online loan platforms include Paylater, Palmcredit, Branch, QuickCheck, Aella Credit, FairMoney and KiaKia.

Many customers of these online loan platforms have alleged suspicious and unauthorised activities on their accounts.

Inuwa said, “We are working with relevant agencies to make sure we address that challenge because it is not only NITDA’s mandate that governs everything.

“When you talk about any financial services, it is the CBN. When you talk about general complaints, there is a commission for that. But NITDA plays a critical role because of the breach of data privacy.

“We have sanctioned some of them. We are working with the Nigerian police, investigating many of them. We are working to address the challenge.’’