Fidelity Bank Faces ₦555 Million Fine Following Data Breach Allegations

Fidelity Bank finds itself at the center of a storm. The bank, known for its extensive network and customer service, is currently wrestling with serious allegations of data breaches.

The Nigerian Data Protection Commission (NDPC) has slapped Fidelity Bank with a staggering ₦555 million fine. But why? And what does the bank have to say about it?

How the allegations began

The NDPC didn’t just wake up and decide to fine Fidelity Bank. This action comes after months of investigation, which began in April 2023. The commission uncovered what they describe as “serious breaches” of the Nigeria Data Protection Regulation (NDPR) of 2019 and the new Nigeria Data Protection (NDP) Act of 2023. The NDPC’s main gripe? 

They believe Fidelity Bank mishandled customer data and was less than cooperative during their investigation.

Vincent Olatunji, the National Commissioner of NDPR, expressed frustration with the bank’s attitude during the probe. According to him, “We have been working with them, investigating the issue since April 2023. But by the time we finalized our findings, they became arrogant, and we decided to issue a full penalty.”

How Fidelity Bank reacted

Fidelity Bank isn’t taking these accusations lying down. On Wednesday, August 21, the bank’s spokesman, Meksley Nwagboh, made a strong rebuttal. According to him, the bank has followed every data protection law to the letter. 

“As a bank, we remain in discussions with the NDPC over an amicable resolution to this matter,” Nwagboh stated, emphasizing the bank’s commitment to ethical standards in all operations.

The bank firmly believes that no violation has occurred that would justify such a hefty fine. Their strategy? Continue the dialogue with the NDPC, aiming for a resolution that steers clear of conflict and maintains its reputation.

What’s next?

The situation is sticky, and both sides are holding their ground. For customers of Fidelity Bank and observers of Nigeria’s financial sector, the unfolding events will be a test case for the enforcement of data protection laws in the country.