African-based fintech innovator, PalmPay has announced that it has secured a compliance status on obligations per the Nigeria Data Protection Regulation (NDPR) for implementing all statutory requirements.
The firm, which focuses on making digital payment accessible and flexible to its customers with this license, further guarantees privacy and data protection.
As a data controller, PalmPay engaged a Data Protection Compliance Organization (DPCO) licensed by NITDA, to perform a data protection audit. The DPCO has reviewed PalmPay’s ability to provide secure financial information, personnel data, and information entrusted to third parties. Being NDPR compliant indicates that PalmPay meets the high requirements of information security.
“Data protection in the payments industry today is more important than ever, where the use of digital payments is rapidly increasing, and transfers between individuals have significantly changed. Personal activities or individual behaviors may be tracked using the associated data. The security and safety of funds and data will continue to be a priority for PalmPay.” said Chika Nwosu, Managing Director of PalmPay.
“Customer first is one of our core values, and NDPR compliance status demonstrates how serious we are about it. We remain committed to improving data protection to meet our privacy responsibilities to our users, and merchants.” the firm said.
The National Information Technology Development Agency (NITDA) mandates all firms in the country to obtain the license.
This is per the NITDA Act of 2007 to develop regulations for electronic governance and monitoring of the use of information technology and electronic data.