back Back

PalmPay obtains Nigeria Data Protection Regulation compliance in data protection

By Edlyn Cardoza

November 16, 2022

  • Africa
  • Compliance
  • Digital Economy

NDPR, PalmPay, FinTech, Compliance, Digital Payments, Nigeria Data Protection Regulation, Digital Economy, AfricaPalmPay, a FinTech innovator aiming to make digital payment more accessible and flexible, has obtained a compliance status on obligations in accordance with the Nigeria Data Protection Regulation (NDPR) for implementing all statutory requirements.

With significant growth in the internet and digital economy sector, the use of information raises serious concerns about privacy and data protection. Any organisation that wishes to operate effectively must ensure the security of its information by implementing a data protection plan.

The National Information Technology Development Agency (NITDA) is statutorily mandated by the NITDA Act of 2007 to develop regulations for electronic governance and monitoring the use of information technology and electronic data. In response to concerns about personal data privacy and protection, as well as the serious consequences of leaving personal data processing unregulated, the National Information Technology Development Agency (NITDA) issued the Nigeria Data Protection Regulation (NDPR).

The NDPR makes provisions for the rights of data subjects, the obligations of data controllers and data processors, transfer of data to a foreign territory, amongst others.

As a data controller, PalmPay engaged a Data Protection Compliance Organization (DPCO) licensed by NITDA to perform a data protection audit. The DPCO has reviewed PalmPay’s ability to provide secure financial information, personnel data, and information entrusted to third parties. Being NDPR compliant indicates that PalmPay meets the high requirements of information security.

“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 behaviours may be tracked using the associated data. The security and safety of funds and data will continue to be priority for PalmPay.” said Chika Nwosu, Managing Director of 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.”

Previous Article

November 16, 2022

Global PayTech GPS names Sharyn Wilson as CPO

Read More
Next Article

November 16, 2022

BML Istisharat selected for three new core banking projects in the Middle East

Read More

IBSi Daily News Analysis

Saudi Arabia, banks,

February 26, 2024


UAE banking pulse: robust growth and profitability signal positive outlook

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Gilion appoints Oscar Werner to lead its growth & lending platform

Read More


REPAY teams up with Maxyfi to simplify the collection of payments

Read More


Quaint Oak Bank taps Finzly for payment modernisation & embedded banking

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023