Following increased outcry over alleged breach of customers’ privacy and data invasion by online banks, especially digital loan providers, the federal government has begun a probe into the matter.

This was disclosed by the Director-General, National Information Technology Development Agency, Kashifu Inuwa while addressing journalists in Abuja on Monday ahead of the National Privacy Week 2022.

Many Nigerians had recently lamented on social media over alleged unethical and dehumanizing conducts of e-commerce platforms who offer short term loans.

These loan shark platforms are alleged to resort to breach of customers’ privacy, online blackmailing, and other unethical approaches in recovering loans.

These loan shark platforms are alleged to resort to breach of customers’ privacy, online blackmailing, and other unethical approaches in recovering loans.

Meanwhile the NITDA has assured Nigerians of its commitment and that of other relevant agencies in investigating the lending platforms

He said, “We are working with relevant agencies to make sure we address that challenge because it is not only NITDA’s mandate that governs everything. When you talk about any financial services, it is the CBN. When you talk about general complaints, there is a commission for that. But NITDA plays a critical role because of the breach of data privacy.

“We have sanctioned some of them. We are working with the Nigerian police, investigating many of them. We are working to address the challenge,” Inuwa said.

Ripples Nigeria reported that one of such lending platforms, Soko Loan Lending company, was fined N10 million in August, 2021 by the NITDA for breach of data privacy.

By Oluwatobi Odeyinka…

Source: RipplesNigeria