PalmPay, a digital payment and fintech company in Nigeria, has been granted compliance status for implementing all regulatory standards as required by the Nigeria Data Protection Regulation (NDPR).
The usage of information poses substantial privacy and data protection problems in light of the internet’s rapid growth and the digital economy. Any organization that wants to function efficiently must create a data protection plan to guarantee the security of its information.
The National Data Protection Regulation (NDPR) was released by the National Information Technology Development Agency (NITDA) in response to worries about the protection and privacy of personal data as well as the grave repercussions of leaving personal data processing unregulated.
Among other things, the NDPR outlines the rights of data subjects, the duties of data controllers and processors, and the transfer of data to foreign countries.
PalmPay hired a Data Protection Compliance Organization (DPCO) with an NITDA license to conduct a data protection audit on its behalf as a data controller. The DPCO has assessed PalmPay’s capacity to offer secure access to financial information, employee data, and information entrusted to third parties.
The managing director of PalmPay, Mr. Chika Nwosu, commented on this and said that by being NDPR compliant, PalmPay demonstrates that it satisfies the stringent requirements for data 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 a priority for PalmPay,” he said.
“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,” Mr Nwosu added.
After PalmPay raised a $100 million Series A round of funding in August 2021, raising a total of $140 million in its first three years of business, this development has been warmly received. Currently, the organization has operations in Ghana and Nigeria. It has reportedly had 10 million users since its launch in 2019 and a network of 200,000 mobile money agents.