Nigeria’s banking sector is stepping up investment in data privacy training and compliance programmes as regulators intensify enforcement of the country’s data protection framework.
The Nigeria Data Protection Commission (NDPC) said on Monday that financial institutions are increasingly prioritising staff training and governance structures to strengthen compliance with national data protection requirements.
Vincent Olatunji, national commissioner and chief executive officer of the NDPC, highlighted the trend during a strategic engagement with Stanbic IBTC Bank, led by chief executive officer Wole Adeniyi.
Olatunji commended the bank’s adoption of the Virtual Privacy Academy, a training initiative designed to build internal capacity on data protection and privacy management.
“As data controllers and processors of major importance, organisations in the financial sector play a critical role in safeguarding the personal data of Nigerians,” he said.
“With banking and financial services increasingly driven by digital innovation, data protection has become a key enabler of trust, growth and sustainable development.”
He said the NDPC is focusing on balancing regulatory enforcement with economic growth, noting that compliance should support rather than hinder innovation.
The commission is also encouraging regulated entities to adopt structured privacy governance programmes aligned with Nigeria’s wider digital economy strategy under the government’s Renewed Hope Agenda.
“I appreciate the constructive engagement with Stanbic IBTC Bank and look forward to continued collaboration as we work together to strengthen Nigeria’s data protection ecosystem and deepen privacy awareness,” Olatunji said.
The engagement reflects a broader shift in Nigeria’s financial sector, where banks and other regulated institutions are expanding privacy training, internal audits and compliance frameworks in response to stricter enforcement of data protection obligations and rising expectations around responsible data governance.
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