"Not Neccessary": FG Data Agency Reacts to Banks Demanding Customers' Social Media Handles

• The Nigeria Data Protection Bureau has reacted to the instructions from the CBN to collect customers' social media handles and other data
• The bureau described the move as unnecessary and against data protection principles, including data minimisation and purpose limitation
• The CBN's new rules expect bank customers to submit their Facebook, Instagram, Twitter, and other social media handles when opening bank accounts

The Nigeria Data Protection Bureau (NDPB), one of the agencies of the federal government, has revealed that it has written to the Central Bank of Nigeria (CBN) regarding its latest mandate to financial institutions.

Legit.ng reported that the CBN mandated financial institutions to obtain the social media handle, e-mail addresses, and more of their customers.

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Vincent Olatunji, the bureau's National Commissioner, disclosed this during an interview on Channels Television.

He stated that the decision of the CBN is unnecessary and goes against the established principles of data protection.

Olatunji noted that if the CBN wants to use such data under public interest as a regulator to monitor financial transactions, there are guidelines to follow.

One such guideline includes informing the customers and stating the purpose, Punch reports.

His words:

“Ideally, that should not happen. We are engaging the CBN on this. We have done a letter to the CBN about what they have done because in data protection and privacy issues, there are some basic principles to follow when you want to collect citizens’ data.

“One, there is what is called data minimization. That is, you don’t collect data more than for the purpose for which you want to use it. There is a limit to the level of data you must collect.

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“Two, purpose limitation: what purpose? Why do you actually need somebody’s data? In this case, it is for financial transactions. The issue of asking for their social media is not really necessary.”

“You don’t collect data more than what you need, so there is no point in collecting such data. So, we will definitely take them up on it and work with them and look at the best solution out of it.”

"It remains naira card": CBN lifts dollar deposit restriction on bank accounts

In another report, the CBN has removed the dollar cash deposit restrictions on domiciliary accounts that were put in place under the leadership of Godwin Emefiele.

The latest development will allow Nigerians unrestricted access to funds in their accounts.

The new policy changes are expected to enhance liquidity and stability in Nigeria's foreign exchange market.

Source: Legit.ng