Data protection: Banks will be held liable for consumer data breaches – FCCPC 

This comes as part of the Commission’s broader effort to enforce compliance and protect consumer rights in Nigeria’s financial sector.

In a statement posted on its official X handle on Friday, the FCCPC said the roundtable discussion was geared towards equipping banking stakeholders with essential compliance knowledge and also to strengthen self-regulation, enhance consumer protection, and address industry-specific challenges.

The Commission underscored the importance of consumer data security, warning financial institutions about the consequences of mishandling customer information. It stated,

“There are now data protection laws in Nigeria and financial institutions will be held liable when consumers’ data is compromised.” 

FCCPC also flagged concerns about improper disposal of Know-Your-Customer (KYC) forms, highlighting that careless handling of these documents puts consumer privacy at risk.

“There must be proper disposal of Know-Your-Customer (KYC) forms in order not to end up in the wrong hands.” 

“Some of the KYC forms are seen being used by roadside sellers to package food items to people; this is wrong,” the Commission noted 

Challenges with failed transaction reversals 

Financial market transparency 

Reaffirming its stance, FCCPC pledged to ensure compliance across the financial sector to protect consumers. The Commission emphasized that it will continue engaging financial institutions to enforce regulations that uphold transparency and best practices.

This engagement forms part of FCCPC’s broader strategy to ensure Nigerian banks operate within regulatory frameworks while prioritizing consumer rights and market fairness.