National Data Protection Commission (NDPC) has imposed a historic fine of N555.8 million on Fidelity Bank for violating customer data privacy.
Gatekeepers News reports that this decision was announced by NDPC’s National Commissioner, Vincent Olatunji, at a workshop in Abuja.
Fidelity Bank breached the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023.
The fine, equivalent to 0.1% of the bank’s annual gross revenue for 2023, is the largest penalty ever issued by the NDPC.
Olatunji stated, “Since we began enforcing data protection regulations, this is the most significant penalty we’ve issued. Fidelity Bank’s violations were serious, and despite working with them since April 2023 to address these issues, their arrogance ultimately led us to impose the full penalty.”
The NDPC emphasised the importance of data protection compliance, warning that penalties can range from N10 million to up to 2% of an organization’s gross earnings.
Fidelity Bank has 14 days to pay the fine upon receiving the notice.
