Banking/Finance News

Moniepoint, Data Protection Commission Urge Young People to use Personal Data Responsibly

With about 65% of Nigeria’s population under 30 years old, the need to raise awareness of data protection rights and responsibilities especially among young people has been brought to the fore. The focus on this huge youth demographic follows from its ability to serve as a great incentive to boost Nigeria’s productivity credentials and the role that they can play in championing an ethical and healthy ecosystem in view of the country’s digital economy aspirations. 

In a bid to raise awareness and ramp up sensitization for data privacy and protection as part of activities marking the National Privacy Week 2024, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank and the Nigeria Data Protection Commission (NDPC) teamed up to promote responsible use of personal data among young Nigerians.  

“Our youth are the future of Nigeria’s digital economy. It is crucial that they understand the importance of data privacy and use personal data responsibly and ethically as they engage with technology,” said National Commissioner/CEO, Nigeria Data Protection Commission, Dr Vincent Olatunji.

He also highlighted the evolution of Data Protection in Nigeria, from the establishment of the Nigeria Data Protection Bureau to its transition into a Commission. He underscored the importance of awareness, which is paramount in building a globally competitive pool of Data Protection professionals to discharge requisite duties under the Nigeria Data Protection Act, NDPA, providing a legal framework for collecting, storing, and sharing personal data. 

According to the Managing Director, Moniepoint MfB, Babatunde Olofin, “Data is not just a commodity. It is a reflection of our identity.  We recognize that young people are a huge dividend to be harnessed for Nigeria’s socio-economic transformation in terms of innovation, enterprise, and job and wealth creation. Getting young people to become more aware about issues in data protection and privacy is key to succeeding in a digital and globalized environment.”

Furthermore, he stated that, “we want to empower young people to take charge of their digital lives which starts with knowing your rights and recognizing the value of personal data. As a compliant and responsible data processor, we believe that financial happiness can only happen in an environment where data subjects behave well as responsible digital citizens and we’ll support industry stakeholders to build an ecosystem that encourages all Nigerians to take data protection and privacy seriously.”  

Moniepoint Microfinance Bank continues to heavily invest in Nigeria’s digital economy, an industry that will create enormous employment opportunities for the country’s teeming population and lift millions of Nigerians out of poverty in furtherance of its visionary resolve to create a society where the dreams of Nigerians are powered.

The National Privacy Week 2024 serves as a reminder of the fundamental right to privacy and the importance of protecting personal data from unauthorized access, misuse, and exploitation.

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