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Data Protection Key to Open Banking, Says NDPC

The National Commissioner/CEO of the Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, was ably represented by Owa Ibukunoluwa from the Legal, Enforcement and Regulations Department of the NDPC at the KPMG Nigeria 2025 Open Banking Technical Workshop. The event provided a valuable platform for industry leaders, regulators, and stakeholders to discuss the future of open banking in Nigeria.

During the panel session on “Navigating Cyber & Privacy Risks to Build Trust in Open Banking,” Ibukunoluwa emphasised the critical need for robust consent management, enhanced security measures, data minimisation and purpose limitation among others.

She also highlighted the crucial role of financial institutions in ensuring their third-party providers comply with the Nigeria Data Protection Act, 2023 and other regulatory instruments issued by the NDPC. This includes conducting thorough due diligence on third-party providers and implementing robust contractual obligations to ensure they adhere to data protection and privacy principles.

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