Afrigather Constancy Financial institution, a Nigerian tier-2 financial institution with a market capitalisation of ₦323 billion, has been fined ₦555.8 million by the nation’s knowledge safety regulator over an information infraction. The high-quality is 0.1% of the financial institution’s 2023 income and have to be paid in 14 days, stated Nigeria’s Information Safety Fee (NDPC).
The investigation into Constancy Financial institution started in April 2023 after one buyer claimed the financial institution used their private info to open an account with out consent.
“The Fee reviewed the info processing platforms of Constancy Financial institution and located that in sure essential instances, the Financial institution processes private knowledge with out knowledgeable consent of knowledge topics,” the NDPC stated on Wednesday.
It additionally claimed Constancy relied on non-compliant third-party knowledge processors to course of prospects’ knowledge in violation of the 2023 Nigeria Information Safety Act.
Constancy Financial institution didn’t instantly reply to a request for feedback.
The regulator stated it initially requested the financial institution to pay a remedial price in December 2023 and claimed the financial institution didn’t honour repeated warnings.
“The fee gave a number of alternatives for full accountability for over one yr – making an allowance for the necessity to encourage compliance as a tradition. Nevertheless, Constancy Financial institution didn’t present requisite, passable remedial plan,” it stated.
In July 2024, Nigeria’s Federal Competitors and Client Safety Fee (FCCPC) and the NDPC fined Whatsapp $200 million after a three-year investigation into the corporate’s privateness coverage.
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