Fidelity Bank Plc has responded to recent reports regarding a purported data breach, which led to the Nigerian Data Protection Commission (NDPC) imposing a fine on the bank.
The financial institution has assured the public that it has upheld the highest ethical standards in compliance with existing data protection laws. In a statement signed by Dr. Meksley Nwagboh, Divisional Head of Brand & Communications, the bank emphasized that the ongoing issue with the NDPC is still under discussion.
According to the statement, the situation began on April 30th, 2023, when Fidelity Bank received a notice of investigation from the NDPC. The investigation was initiated following a complaint by an individual (whose identity has been withheld) alleging that their details were used to open an account at the bank without their consent. In response, Fidelity Bank conducted an internal review and discovered that an online account opening request had been made in the complainant’s name. However, the account was never operational as crucial documents, such as a passport photograph and BVN, were not provided, leading to the account being placed on “Post No Debit” status and eventually closed.
The bank maintained that it had adhered to its Data Protection policy throughout the process. Fidelity Bank reiterated that they had promptly blocked the account and shut it down after 30 days when the required documentation was not submitted. On May 2nd, 2023, the bank communicated this position to the NDPC, asserting that there was no data breach and that no laws had been violated. Despite this, the NDPC, after a Pre-Action meeting on July 7th, 2023, imposed a penalty on the bank, demanding a ‘remedial fee’ of N250 million, which was later increased to N555.8 million.
Fidelity Bank remains committed to resolving the issue amicably, continuing its engagement with the NDPC. The bank emphasized its strong corporate governance standards, highlighting that these principles have earned it recognition both locally and internationally. Fidelity Bank reassured its customers that their data is handled with the utmost care and that the bank will continue to operate with transparency and in full compliance with the law.
The Bank assured the public that discussions with the NDPC are ongoing and that they are confident in reaching a resolution that aligns with the bank’s longstanding commitment to ethical business practices. The bank’s commitment to corporate governance has been affirmed by accolades such as the CG+ award under the Corporate Governance Rating System (CGRS) of the Nigerian Exchange Group (NGX).
By Lekan Olofinsusi
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