Central Bank of Nigeria Consumer Protection Framework 2016.
Among the objectives of the Consumer Protection Framework is to increase public confidence, promote a stable financial system, and protect consumer information from unauthorized access and disclosure as stipulated by the Central Bank of Nigeria Act of 2007 (as amended), and the Banks and Other Financial Institutions Act (BOFIA). In order to enable disclosure under the Consumer Protection Framework, financial institutions must obtain written consent from customers before sharing their data with third parties or using it for promotional purposes.
The Nigeria Communications Commission (Registration of Telephone Subscribers) Regulations 2011.
According to Regulation 9 of the NCC Regulations, subscribers whose personal information is contained in the central database have the right to request updates, to have that information kept confidential, to have data duplicated only in accordance with Regulation 9 or an Act of the National Assembly and to preserve data. Additionally, licensees must use subscribers’ personal data in a lawful manner.
Nigeria Deposit Insurance Corporation Act, 2006.
The Nigeria Deposit Insurance Corporation Act, 2006, regulates insurance practices in Nigeria so that all deposit liabilities of banks and other financial institutions licensed for operation in Nigeria are insured.
Depositors are also provided with assistance in case of financial difficulties, ensuring payments in the event that insured banks, and other financial institutions plan to suspend their payment schedules, as well as assisting the authorities in formulating and implementing banking policies.
These regulations must be strictly obeyed by companies in the insurance sector; otherwise, they could face penalties as detailed above. Insurance companies by virtue of handling the data rights of their customers are responsible for their acts and omissions. The privacy policies of insurance companies must also be displayed on documents containing personal data. Companies should also ensure they appoint Data Protection Officers.
Regulations are intended to encourage responsible data practices for insurance companies and to retain customer trust. Companies should treat the newly enacted laws and regulations, as a significant opportunity to win customer trust and gain competitive advantages, rather than just as a compliance exercise. Despite being acutely affected by the regulation, insurers follow the same path for compliance as any other sector; reviewing systems and processes to see where gaps are to be filled and investing in filling them.