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Understanding the Nigeria Data Protection Act (NDPA) for Fintech Merchants

C
Compliance Desk
Published on Aug 22, 2026
📖 1 min read â€ĸ đŸ‘ī¸ 4 views
Understanding the Nigeria Data Protection Act (NDPA) for Fintech Merchants
A practical guide for merchants processing digital payments on how to remain compliant with the NDPA 2023, manage customer consent, and enforce data privacy standards.

1.0. Overview of the Nigeria Data Protection Act (NDPA) 2023

Enacted to safeguard citizens financial and personal privacy, the NDPA introduces strict penalties for unlawful data processing. Merchants collecting customer information during checkouts must operate under lawful grounds.

2.0. Five Essential Data Protection Directives

  • Data Minimization: Collect only data necessary for transaction processing.
  • Storage Limitation: Financial records must be retained for 5 years per AML directives, then securely purged.
  • 72-Hour Breach Reporting: Report suspected data breaches to the NDPC within 72 hours.
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