The National Commissioner for the Nigeria Data Protection Bureau, Dr Vincent Olatunji, has kicked against the regulation of the Central Bank of Nigeria, CBN mandating financial institutions to obtain social media handles of customers among other data.
While speaking on a Television programme yesterday, he described the collection of such data as unnecessary, noting that the Commission has written to the apex bank.
He explained that there are some basic principles to follow when collecting citizens’ data including called data minimization, which means a firm must not collect data more than for the purpose for which it is needed.
He further explained that there is a limit to the level of data that must be collected.
He 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 of which includes informing the customers and stating the purpose.
You will recall that the CBN had last week mandated financial institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and other data of their customers.
