By A bill that may duplicate the functions and roles of the National Data Protection Commission(NDPC ) is before the House of Representative.
The bill, which is before theHouse of Representatives proposed a 10-year prison and a minimum fine of N500m for anyone who
transfers strategic payment transaction data outside
Nigeria without regulatory authorisation.
The proposed legislation, according to a Punch newspaper report seeks to compel banks, financial technology companies, payment service providers
and other financial institutions to store their primary payment data infrastructure within Nigeria, with a minimum fine of N1bn for institutions that violate the
requirement.
The bill, sponsored by the member representing
Surulere 11 Federal Constituency of Lagos State, Lanre Okunlola, seeks to establish the National
Payment Data Protection and Sovereignty Commission as the principal authority responsible for
protecting, regulating and exercising sovereign control over payment transaction data generated within the country.
Titled, ‘A Bill for an Act to Establish the National
Payment Data Protection and Sovereignty Commission,’ the proposed legislation is designed to strengthen Nigeria’s control over its financial information infrastructure, “address cybersecurity threats and reduce dependence on offshore payment data storage and processing facilities.”
The NDPC Act established it as the independent regulatory body to oversee data privacy and compliance
including data storage.
