search reults:

Home

notifications

keyboard_backspace
tokonelin24
African Economy
When Borrowing Becomes Harm and NITDA Responds, By Fatimah Yusuf Usman
Central Bank of Nigeria
In an era where a few smartphone taps can secure a loan in minutes, digital lending has become a financial lifeline for millions of Nigerians. There are no queues, no forms, no physical encounters—just seamless access to credit.

But behind this convenience lies a troubling underside. Stories abound of borrowers subjected to harassment, privacy breaches, and the misuse of their personal data.

And this is precisely where the quiet but firm intervention of the National Information Technology Development Agency, NITDA, begins. NITDA is not a lender, nor does it offer loans.

Yet it has emerged as a defender of digital dignity, stepping in to protect Nigerians from the rising tide of exploitation within the mobile lending space.

Its mission is clear: to safeguard citizens’ privacy and uphold their digital rights in an economy that increasingly moves online. Over the past decade, the rapid growth of fintech in Nigeria has given rise to an array of mobile lending apps.

Many of these platforms appeal to students, traders, artisans, and others who have been traditionally excluded from formal banking services. On the surface, this is a story of innovation and financial inclusion.

But underneath, there has been a growing trend of abuse. Some lenders harvest borrowers’ contact lists and, in the event of a missed payment, begin to send defamatory messages to family members, colleagues, and even employers.

In more extreme cases, they use borrowers’ personal photographs and sensitive information to shame or coerce them into repayment. What was once financial assistance has, in some instances, become digital bullying.

NITDA’s intervention came into the national spotlight in 2021 when it imposed a ₦10 million fine on Soko Lending Company. The company had flagrantly violated the Nigeria Data Protection Regulation by unlawfully mining personal data.

The sanction sent a strong and timely signal that the era of unchecked data abuse was coming to an end. Since then, NITDA has expanded its approach by working collaboratively with the Federal Competition and Consumer Protection Commission and the Central Bank of Nigeria.

Together, they are building a framework that compels digital lenders to operate within the bounds of both law and conscience. While NITDA does not regulate loan conditions or determine interest rates, its core focus lies in ensuring that digital lenders respect the boundaries of data protection.

Through its regulatory guidance, NITDA is promoting transparency in how apps collect and store user data. It insists that consent must be obtained before any sensitive information is accessed.

It encourages adherence to international best practices in consumer rights and cyber security. And above all, it reminds tech innovators that real progress cannot be built on the violation of personal freedoms.

These actions matter profoundly in a country where digital literacy is still evolving, and where many remain unaware of their rights in the digital space. In such a climate, silent exploitation often thrives.

NITDA is striving to change that reality—not by stifling innovation, but by making innovation safer for everyone. In doing so, it is helping to build a more trustworthy fintech ecosystem, one that attracts responsible investors and expands financial access to the underserved.

The work of NITDA is not always loud or dramatic. It rarely dominates headlines. Yet it is laying the foundation for a secure and ethical digital economy. Its efforts ensure that as Nigeria races toward a tech-driven future, the humanity of its citizens remains protected.

With the growing sophistication of AI in lending, the use of facial recognition, and data-driven credit scoring, the relationship between finance and privacy is becoming more complex.

But if Nigeria is to lead Africa’s digital transformation, then its rules must be strong, and its citizens’ rights must remain non-negotiable. NITDA’s quiet work speaks volumes.

In a space where many have been hurt silently, it is offering something rare—protection without noise, reform without applause. It is leading a digital transformation that respects people as much as it embraces progress.

Fatimah Yusuf Usman writes from PRNigeria Centre, Abuja. She can be reached via: [email protected].
0
0 share

close

Image Preview

Read more from Torty

tokonelin24
Torty news
Iran detains 19 individuals for purported connections to Israel and their online activities
On Saturday, Iranian authorities declared that 19 individuals have been apprehended in various incidents associated with online activities and purported ties to Israel, in the context of increased tensions following recent Israeli airstrikes throughout Iran.It was additionally reported that according to a police report, in the southern province of Hormozgan, 14 individuals were apprehended for the offense of "spreading rumors and disturbing public opinion" via social media platforms. The authorities did not clarify the specifics of the rumors or the content that was shared, but they underscored the government's persistent efforts to combat what they characterize as psychological warfare and disinformation campaigns."These individuals were trying to instigate panic and confusion among the public by disseminating false information," officials in Hormozgan remarked. "Their actions clearly contravened national security protocols."In a different case, prosecutors in the central Yazd province confirmed the detention of five additional individuals accused of photographing what officials referred to as "sensitive sites" and distributing material deemed sympathetic to Israel. Authorities assert that this group was collecting and transmitting intelligence, although they did not provide specifics regarding the locations or the methods of content sharing."The detained individuals had been actively creating and circulating content that endorses the Zionist regime," a statement from Yazd's prosecutor's office indicated. "This conduct constitutes cooperation with enemy entities and represents a direct threat to national security."These arrests occur in the aftermath of a series of Israeli airstrikes reportedly targeting military and strategic sites throughout Iran, as part of a broader escalation in the regional conflict. Tehran has accused Tel Aviv of executing cyber and intelligence operations aimed at destabilizing the Islamic Republic.Iranian officials have consistently cautioned citizens about the repercussions of disseminating "propaganda" or material that could be construed as assisting adversarial states. In recent years, the government has intensified its control over online platforms, particularly during times of political unrest or international tension.The government has not revealed whether those arrested will face formal charges.
0
0 share
tokonelin24
Torty news
China s Ambassador to the United Nations has accused Israel of crossing yet another red line with its strikes on Iran
China has issued a robust condemnation of Israel's recent military actions against Iran, cautioning that these actions signify a significant violation of Iran's sovereignty and a concerning escalation of regional instability.In a statement aired by China's state-run CCTV, Beijing's UN envoy Fu Cong expressed profound concern regarding Israel's alleged targeting of critical Iranian infrastructure, including nuclear facilities."Israel has once again crossed a red line," Fu asserted, accusing Tel Aviv of infringing upon Iran's sovereignty, jeopardizing its security, and neglecting its territorial integrity. He described the strikes as a "clear violation of international law" and cautioned that they could further undermine peace initiatives in the region.Fu underscored the reported assaults on nuclear sites as particularly perilous, indicating that such actions pose threats not only to Iran but also to global stability. "The targeting of nuclear facilities is profoundly alarming. This is yet another red line that must not be overlooked," he stressed.While China has consistently called for all parties to exercise restraint amid the ongoing tensions between Iran and Israel, Fu's statements represent one of the most vigorous denunciations from Beijing regarding Israeli military actions in recent history, highlighting China's increasing discomfort with the rising hostilities."China firmly opposes the escalation of this conflict and urges all parties to act responsibly," Fu added. "The world cannot bear the repercussions of ongoing aggression and retaliation."His remarks arise amidst growing international apprehension that the persistent cycle of attacks between Israel and Iran could escalate into a wider regional conflict, potentially involving major global powers and further destabilizing the Middle East.China, which maintains diplomatic relations with both countries, has positioned itself as a neutral entity advocating for de-escalation. In recent years, Beijing has enhanced its diplomatic involvement in the Middle East, including mediation efforts between conflicting states.
0
0 share
tokonelin24
African Economy
Two banks have met N500bn recapitalisation target
Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 bn share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed.The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The Class of 2025’, stated that Zenith Bank leads with a share capital and share premium of N614.65bn, followed by AccessCorp at N594.90bn. Other Tier 1 banks, including Ecobank Transnational Incorporated and Guaranty Trust Holding Company, are trailing behind with N353.51 bn and N345.30 bn, respectively.Access Bank BuildingAccess Bank Building“All Tier 1 banks are licensed for international operations. However, tier 1 borderline banks (the highest-ranked tier 2 banks) have also chosen to achieve N500bn share capital to compete aggressively in the emerging global and continental banking markets,” the report stated.The analysts noted a shift in dynamics within the banking hierarchy, with ETI displacing Zenith Bank from the top of the Tier 1 ladder, largely due to its 67.11 per cent asset growth, driven mainly by its francophone West African operations.According to the report, Fidelity Bank, despite a recent N225bn Supreme Court judgement liability tied to its legacy acquisition of FSB International Bank, is projected to return to Tier 1 classification by the end of the 2025 financial year. The report stated that Fidelity Bank could still maintain adequate liquidity if it strategically managed the impact of the judgement.Proshare analysts also evaluated the broader implications of the recapitalisation drive, especially amid shifting customer expectations and banking trends.“The recapitalisation of Nigerian banks is not new, but the era in which it is now happening is different,” the report noted. “The contemporary era is hinged on a shift in the needs of bank customers. It is more aligned with the transactional needs of customers for bespoke services.”The report further pointed out that while asset size has traditionally been used to rank banks, asset growth is becoming equally significant in measuring market dynamics. By asset growth, the top five banks include ETI (67.11 per cent), Wema Bank (59.82 per cent), FCMB (59.46 per cent), FirstHoldco (56.60 per cent), and AccessCorp (55.49 per cent).However, the report flagged concerns about non-performing loans and suboptimal use of balance sheet leverage in the Nigerian banking sector.“While off-balance sheet transactions have grown exponentially globally, this type of banking operation remains relatively underutilised in Nigeria,” it added.Despite potential short-term pressures on return on equity and capital employed, the report said the long-term outlook remains positive as banks enhance capital adequacy ratios and risk management frameworks in response to the recapitalisation mandate.Proshare concluded that the recapitalisation timeline set by the CBN, ending in March 2026, remains realistic, with most banks making visible progress, although a few banks are lagging behind.Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
0
0 share
tokonelin24
love and romance
My marriage With Mrs Modupe Owa
I met my lovely husband, Temitope Joshua, in the gospel church I attended. I was already a member before he joined. I was in the choir, while he was in the ushering unit.What were his qualities that you found attractive?At that time, to be sincere, he wasn’t really physically attractive to me. But each of those qualities that I didn’t like then are the very things I now find endearing about him. He’s tall and dark-skinned, and I still admire him to this day.How did he propose to you?He walked up to me and told me he would like us to have a relationship. When he asked me out, I asked him to go pray about it, and when our relationship was confirmed to be God-ordained through the mouths of several ministers, we got married after four years of courtship. During those four years, we met only in the church; I never went to his house.At what point in the relationship were you certain that he would marry you?Our relationship was rooted in our faith in God, and when you are in a relationship with a man whose heart is sold out to God, he will not disappoint you, because there is no lie or deceit where there is sincerity and divine leading. It’s the love of God that brings certainty.What was the most memorable part of your wedding day?I recall it was while I walked into the church that day, going towards the altar, wearing my white wedding gown. I turned back to look at the crowd present, and at that moment, I was filled with happiness and gratitude to God. You see, my parents had earlier warned me against wearing a white gown during my wedding because of their belief at that time that some brides who wore one failed to conceive. But I did.You recently celebrated your 30th wedding anniversary. What are the lessons you have learned so far?I learned that no one is immune to challenges in their marriage. Forbearance is one of the keys to a happy home. Patience is also key, because there is no perfect marriage. I also faced storms, but I held on, sought counsel, and applied wisdom, and the storms went away.What advice would you give to young people who are planning to marry?I particularly like to advise young women to seek a man whose heart is sold out to God. The times have changed; the way we were committed to the faith is not often what you see among youths today. Before you marry, cultivate personal discipline, let good elders in the faith mentor you, and most importantly, don’t rush into marriage.Thousands of companies are sacking their workers due to AI (artificial intelligence), no industry is spared, business owners are in panic mode due to its rapid change. The solution is to earn in US Dollars(up to $55,000) while living in Nigeria or Diaspora.
0
0 share