The Nigeria Data Protection Commission (NDPC) has announced that it is currently probing more than 400 instances of privacy breaches related to digital loan companies, commonly referred to as loan sharks, operating in Nigeria.
The commission revealed this information in a report titled “Nigeria Data Protection Annual Report 2023”.
According to the NDPC, they are collaborating with regulators to cleanse the digital lending sector.
The report stated: “Under Joint Enforcement and Regulatory Taskforce (JERTF), we are collaborating with regulators to sanitize the digital lending space.
“For instance, the Federal Competition and Consumer Protection Commission (FCCPC) requires lending companies to obtain data protection clearance from NDPC before operation.
“NDPC insists on full compliance with the Nigeria Data Protection Act (NDPA) in this regard as each online lending company must carry out a comprehensive Data Privacy Impact Assessment.
“Over 400 cases of privacy breaches involving shadowy loan sharks are being addressed at the systemic level.
“Third party platforms being used for abuses are cooperating with regulators in implementing deterrent measures.
“As at the 4th Quarter of 2023, 203 loan Apps were approved under the JERTF, 38 received conditional approval, 85 companies and Apps are under watch, and 47 were delisted.”