The Federal Government is set to punish lending companies like NowCash, Sokoloan, 9credit over data breach.
This was disclosed by the National Information Technology Development Agency (NITDA) in a press statement on its Facebook page.
The agency says it has received over 40 petitions from members of the public on the personal data abuse of some lending companies.
The statement reads: The National Information Technology Development Agency (NITDA) in continuation of its efforts to address the alarming rates of data privacy abuse by money lending operators, has entered into a strategic partnership with the Federal Competition and Consumer Protection Commission (FCCPC).
Section 17(a) of the FCCPA, 2019 empowers the Commission to administer and enforce provisions of every Nigerian law with respect to competition and protection of consumers.
NITDA has therefore found the FCCPC as a key stakeholder in its efforts to rein in the activities of some micro-money lenders who have formed a penchant for abuse of personal data of Nigerians.
These operators execute this by abusing their personal data, breaching their privacy and sharing it with others who are not part of the initial contract.