Fidelity Bank Emphasizes Commitment to Data Protection and Corporate Governance
In a recent statement, Meksley Nwagboh, Divisional Head of Brand and Communications at Fidelity Bank, reaffirmed the financial institution’s commitment to data protection and corporate governance. The bank has been under scrutiny from the Nigerian Data Protection Commission (NDPC) regarding an alleged data breach.
According to Nwagboh, the bank received a notice of investigation from the NDPC on April 30, 2023, after a complaint was filed claiming that someone had used their details to open an account without consent. Fidelity Bank conducted an internal investigation and discovered that the account was opened online, but the applicant failed to provide the required documentation, including a passport photograph and Bank Verification Number (BVN).
In compliance with its data protection policy, the bank immediately placed the account on “Post No Debit” status and subsequently closed it after 30 days when the outstanding documents were not provided. The bank responded to the NDPC on May 2, 2023, stating that no data breach occurred and the account opening process was not completed.
Despite the bank’s explanation and evidence, the NDPC reached a conclusion to impose a penalty on Fidelity Bank. The bank received two separate letters, demanding a “remedial fee” of N250 million on December 5, 2023, and later increased to N555.8 million on August 20, 2023.
Nwagboh emphasized that Fidelity Bank remains committed to upholding the highest ethical standards in its dealings with customer data, citing its history of strong corporate governance standards, which have earned the bank local and international recognition, including the prestigious CG+ award.
The bank is currently engaged in discussions with the NDPC to resolve the matter amicably.
