Reps propose N500m fine for illegal data transfers
A bill before the House of Representatives has proposed a 10-year prison term and a minimum fine of N500m for anyone who transfers strategic payment transaction data outside Nigeria without regulatory authorisation. The proposed legislation, exclusively obtained by The PUNCH, also seeks to compel banks, financial technology companies, payment service providers and other financial institutions to…
A bill currently being examined by Nigeria's House of Representatives has proposed a decade-long prison sentence and a minimum fine of N500 million for individuals who transfer strategic payment transaction data outside the country without proper authorization. The legislation, obtained exclusively by The PUNCH, also seeks to compel financial institutions, including banks, fintech companies, and payment service providers, to store their primary payment data within Nigeria.
A fine of N1 billion and daily penalties for ongoing breaches are set for institutions that fail to comply with this requirement. The proposed legislation, sponsored by Surulere 11 Federal Constituency representative Lanre Okunlola, aims to establish the National Payment Data Protection and Sovereignty Commission as the lead authority responsible for safeguarding, regulating, and exercising sovereign control over payment transaction data within the country.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
