PalmPay (www.PalmPay.com), a fintech innovator aiming to make digital payment more accessible and flexible, has achieved compliance status on obligations under the Nigerian Data Protection Regulations (NDPR) for the implementation of all legal requirements.
With the significant growth of the Internet and the digital economy, the use of information raises serious privacy and data protection concerns. Any organization that wants to operate effectively needs to keep its information secure by having a data protection plan in place.
The National Information Technology Development Agency (NITDA) is mandated by the NITDA Act of 2007 to develop regulations for electronic governance and oversight of the use of information technology and electronic data. In response to concerns about the privacy and protection of personal data, as well as the serious consequences of not regulating the processing of personal data, the National Information Technology Development Agency (NITDA) has issued the Nigerian Regulations on data protection (NDPR).
The NDPR provides for the rights of data subjects, the obligations of controllers and processors, the transfer of data to a foreign territory, among others.
As data controller, PalmPay has engaged a NITDA-approved Data Protection Compliance Organization (DPCO) to perform a data protection audit. The DPCO reviewed PalmPay’s ability to provide secure financial information, personal data and entrusted information to third parties. Being NDPR compliant indicates that PalmPay meets high information security requirements.
“Data protection in the payments industry is now more important than ever, where the use of digital payments is growing rapidly and transfers between individuals have changed dramatically. Personal activities or individual behaviors can be tracked at any time. “Helping 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 the 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. »
Distributed by APO Group on behalf of PalmPay.
PalmPay Global Communications
About Palm Pay:
PalmPay is a fintech innovator that aims to make digital payment more accessible and flexible for consumers and merchants. We enhance users’ digital payment experiences by offering instant financial account creation, money transfers and bill payments.
Since launching in 2019, PalmPay has quickly established itself as one of the continent’s leading and fastest growing payment providers with 10 million users and a mobile money agent network of 200,000.
PalmPay raised a US$100 million Series A funding round in August 2021, with US$140 million raised in total. The company now operates in Nigeria and Ghana, and will expand its proposition to other African markets in 2022.
Learn more about PalmPay at https://www.PalmPay.com/