1.0. Overview of the Nigeria Data Protection Act (NDPA) 2023
Enacted to safeguard citizens financial and personal privacy, the NDPA introduces strict penalties for unlawful data processing. Merchants collecting customer information during checkouts must operate under lawful grounds.
2.0. Five Essential Data Protection Directives
- Data Minimization: Collect only data necessary for transaction processing.
- Storage Limitation: Financial records must be retained for 5 years per AML directives, then securely purged.
- 72-Hour Breach Reporting: Report suspected data breaches to the NDPC within 72 hours.