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NDPC Sensitises DPOs, DPCOs On Data Protection Act

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The Nigeria Data Protection Commission (NDPC)  has  organised a sensitisation workshop on Data Privacy and Protection for Data Processors and Controllers with a view to strengthen the data world.
The National Commissioner, NDPC, Dr Vincent Olatunji,  at the event in Lagos, said the workshop was meant to create awareness of the NDPC Act.
Olatunji said the workshop was to sensitise  them on care and accountability to ensure that data collected is protected and secured.
He said the workshop would create awareness for data processors and controllers on the need to build confidence and trust in the Nigerian system.
According to him, building confidence and trust in our system through the proper implementation of the act would also to a large extent attract foreign investments to the country.
“With this law, we have been able to cross that stage and we know that an average investor coming to Nigeria will know that we have a law and we have an independent Data Protection Authority (DPA)”, he said.
He said it was also a major milestone here in the county, especially with the current administration.
According to him, the over 500,000 data processors and controllers in Nigeria need to register with NDPC, which is what the law says.
The commissioner said  Data Protection Officers (DPOs) and Data Protection Compliance Organisations (DPCOs) should be given six months to acquaint themselves with the provision of the law.
He also explained that that was why the awareness would be repeated in Abuja.
He said very soon, the commission would be seen on a lot of platforms and media house as well as social media to create awareness and for the data processors and controllers to register with the commission.
Olatunji said if the commission could not count the DPOs and DPCOs and did not know them, how could they be regulated.
He said those ones that could be captured within the ecosystem needed to be monitored on what the DPOs and DPCOs were doing and how they processed data.
According to him, from now and December 31, the DPOs and DPCOs are to register with the commission and from January 1 to March 31, 2024, they are to submit their annual audit reports and measures to safeguard database.
Olatunji earlier in his keynote address, highlighted the benefits of the NDPC Act as strengthening data security, building trust and consumers’ confidence.
He also highlighted promoting business competitiveness, aligning with international standard, compliance and accountability, amongst others, as benefits of the NDPC Act.
The commissioner, however, while calling for more DPOs, emphasised that the commission had the ability to create wealth and employment by creating about 500,000 digital jobs.

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Firm Unveils Digital Solutions For Cooperatives

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A subsidiary outfit of First Registrars Firm, the Cle Digital Services Limited, has launched a digital solution for cooperative societies in the country.
Business Manager of Clé Digital Services Limited, Oladipupo Olabisi, at the launch in Lagos, revealed that the product, Clé Cooperative Management Solution, was a revolutionary digital platform, professionally designed to streamline cooperative management and enhance members’ engagement.
He said, “Today marks a significant milestone in our journey as we introduce a groundbreaking digital platform designed to transform the way cooperative organisations operate and engage with their members.
“The Clé Coop Solution represents the culmination of extensive research, development, and collaboration with cooperative communities around the world.
“From multipurpose societies to housing cooperatives and agricultural cooperatives, the Clé Coop Solution empowers cooperatives of all sizes to efficiently manage their operations, communicate with members, and foster collaboration”.
Highlighting the economic and environmental significance of cooperative societies, Olabisi explained that with significant investment committed to the development of the product, members of cooperative societies, particularly administrators and executives, would have robust experience.

The business Manager added, “We also understand the challenges that many cooperatives face in navigating complex operational tasks and effectively communicating with their members.

“To this end, Clé Coop Solution is a step ahead of other platforms, as it also offers more than just cooperative management services. Members of cooperative societies can have access to a number of value-added services, such as the CLE market hub, discounts on specific products and services and much more.

“Finally, I want to reiterate our firm belief in the power of cooperation and technology to drive positive changes in the world. With the Clé Cooperative Solution, we are not just launching a product; we are embarking on a journey to empower cooperatives and create a more inclusive, resilient, and sustainable future for all”.

A Director with the Lagos State Government Ministry of Commerce, Industry and Co-operatives, represented by the Surulere Cooperatives Area Coordinator, Mr Akin Adekunle, commended the launch of the software to address specific challenges of cooperative societies.

He charged the organisation not to limit the use of the cooperative solution to the elite cooperatives but to other categories, as society was replete with various types of cooperatives.

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AI, Key To Business Profitability – NAICOM

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The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said artificial intelligence (AI) is key to the future of insurance business in Nigeria.
He, therefore, urged insurance operators to increase adoption in this area, saying it gives better productivity and enhanced profitability, while ensuring quick service delivery and claims payment to insurance consumers.
Thomas stated this while delivering a keynote address at the 8th BusinessToday annual conference & exhibition with the theme, “The World of AI: How Insurance and Pension Sectors Can Explore Opportunities for Market Penetration”, in Lagos.
Thomas, who was represented by the Deputy Director, Lagos Office of NAICOM, Ajibola Olabisi Bankole, said Technology adoption is part of the 10-year roadmap of the insurance industry, and that NAICOM, as a regulator, will continue to evolve policies that will engender the growth of the industry, increase penetration and contribute to the nation’s GDP.
Earlier in his Goodwill message, Chairman of the conference, who is also the Chairman of NEM Insurance Plc, Mr. Tope Smart, noted the level of insurance penetration in Nigeria when benchmarked with the global penetration, saying that a lot of factors were responsible for the increase in penetration level.
He said lack of or low enforcement is affecting the adoption of compulsory insurances, adding that the industry is working assiduously to partner agencies responsible for enforcement to increase insurance adoption.
“It is quite saddening that out of a population of 200 million, only about  three million people are actually insured. Lack of enforcement is a challenge but the industry is working round the clock to increase enforcement through the regulatory and enforcement bodies.
“Consumers’ apathy due to bad experience they had in the past is affecting policy renewals, but I can assure Nigerians that there are various complaint avenues for people to lodge complaints.
“If your legitimate claims are not settled, you can approach Nigerian Insurers Association (NIA) and NAICOM; if your complaints are genuine, they will be definitely resolved”, he assured.
The President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti, said the growing insurance industry will require that the nation’s economy be derisked, while seeking partnership with government  and other stakeholders to deepen insurance penetration.
He stated that AI will increase insurance premium growth, enhance service delivery, and ensure that the insurance sector contributes more to the nation’s Gross Domestic Product(GDP).

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Bank Unveils Upgraded Mobile App

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The Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has unveiled an enhanced version of its mobile app which was optimised specifically for businesses.
Head of Partnerships at Stanbic IBTC Bank, Omolara Osunsoko, in her opening remarks at the event in Lagos said the enhanced mobile app offers a range of new features designed to streamline and simplify digital banking for business owners.
She said, “The solutions added to the app will help business owners transact whilst on the go. This cutting-edge offering exemplifies our dedication to innovation, convenience and growth in our digital space. It underscores our promise to continually enhance our services”.
According to Osunsoko, the enhanced mobile app for businesses provides a comprehensive suite of tools to manage finances efficiently.
“With an intuitive interface, users can execute transactions seamlessly, transfer funds between accounts, check real-time balances, and manage beneficiaries. The app offers instant access to transaction statements, self-service options, and security features to safeguard business operations”, she added.
The Chief Executive of Stanbic IBTC Bank,  Wole Adeniyi, remarked, “We are thrilled to introduce the enhanced Stanbic IBTC Mobile App tailored specifically for our business clients.
“Our goal is to provide businesses with a seamless and efficient platform to conduct their banking activities, including transactions, statement requests, transfers, and more, all from the convenience of their mobile devices.
“This app enhancement is a significant step in our ongoing efforts to simplify our banking processes and enhance the customer experience through technology.
“With robust security measures and a user-friendly interface, our business clients can now manage their finances more efficiently and confidently”.

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