Data Protection In Nigeria

/0 Comments/in /by

Data is that the lifeblood of the financial industry.

The rapid climb of Fintech companies within the last decade happened thanks to the requirements of consumers for faster and more convenient financial services. These needs still evolve over time and traditional financial institutions struggle to stay up. However, open banking offers financial institutions who have access to information of consumers (“Providers”) the chance to share such information with other financial institutions (“Consumers”) to stay them conscious of those needs and enable them to offer premium services.

Data and NDPR

The NDPR was issued by the National Information Technology Development Agency (NITDA) in 2019 to manage the gathering, processing, and storage of private data. Personal data is information concerning a private who is often identified, directly or indirectly, especially with regard to an identifier. It includes a reputation, address, a photo, an email address, bank details, medical information, IP address, IMEI number, IMSI number, SIM, et al..

Due to the very fact that the damage a private may suffer within the course of breach of some personal data could also be higher, data like ethnic and racial information. These data must, therefore, be subject to a better level of protection. Although the NDPR doesn’t classify financial data as sensitive, financial institutions have access to a variety of sensitive data like ethnicity and biometrics.

Data Consent

Irrespective of the info protection requirements under the Framework, the Framework specifically requires participants to suits all extant laws on data privacy like the NDPR and therefore the NDPR Implementation Framework. Under the NDPR, before personal data of a customer are often used for a purpose different from that which it had been initially given, the info controller, (in this case, the financial institution) is required to tell the customer of:

  • the purpose that the info was originally collected;
  • if there’s any connection between the first purpose and therefore the proposed purpose;
  • the possible impact of the new processing on the info subject; and
  • the existence of security safeguards to guard the info.

The Framework further requires participants to list the precise rights which customers may grant to the participants and acquire the consent of the customer for every right separately.

Providers also are expected to make sure that customers revalidate their consent annually or after 180 days in cases where the service of the provider has not been used.

Conclusion

While the Framework seeks to support innovation within the Nigerian financial sector, participants of the open exchange of knowledge are expected to reassess their data privacy practices to make sure they meet compliance requirements of the NDPR and therefore the Framework.

7 Ways you can achieve success in Life.

/0 Comments/in /by

Many people want successful living, yet they do not work towards it. Success truly is a subjective matter, and success looks different in everyone’s eyes.

No matter the definition of success, you can always increase your chances of success by following these steps outlined below.

Let’s get started!

1. Know your “Why”

Arguably, knowing your “why” is your golden ticket to becoming successful. 

If you are simply:

  1. Going through the motions
  2. Cannot connect with your work.
  3. Waiting to be paid at the end of the week.

Then life must be dull, and you might be really lazy.

2. Stop Wasting Time

Time is our most precious, non-renewable resource. 

Stop wasting it. 

You can never get back the precious minutes of the day, so why would you spend your time on something that will not help you accomplish your goals?

An Average Nigerian watches TV at least 4 hours a day.

That is by default 28 hours a week or 1,456 hours per year.

OMG.

We would like to add that aside TV, social media, and other typical distractions, we also waste so much time by:

  1. Worrying about things that will never happen.
  2. Thinking about doing something but not doing it.
  3. Being upset about someone else’s attitude or reaction
  4. Commuting to work and not learning from audiobooks or podcasts.

Why do we waste so much time?

3. Develop a Roadmap

If you were told to move from one point to another i.e., from Point A to B you would need directions to proceed. A map would come in handy. You cannot go through life without a plan.

Your roadmap to your goal really does not have to be super complex.

In fact, it can be simple – if it guides you from Point A to Point B.

Below are some tips to help you develop your roadmap to success:

  1. Define your end goal.
  2. Think about the steps involved to achieve your end goal.
  3. Prioritize the most important steps.
  4. Establish deadlines to complete those steps.
  5. Pinpoint what you need to accomplish your goals.
  6. Implement your action steps.
  7. Monitor and evaluate your progress.

You cannot win without a plan.

4. Understand Money Basics

Even if you are on track to becoming the next Fintech big shot or next Dangote, that still should not absolve you from having personal finance concepts.

In fact, the more successful you are, the more money savvy you will likely have to be to:

  1. Understand financial deals.
  2. Maximize your limited financial resources.
  3. Ensure you, your investors, and your stakeholders see the highest ROI.

And when you are still in the early stages of growing your success and making money, it is even more important to understand the money basics for a successful living-

These basics include:

  1. Investing
  2. Budgeting
  3. Tax planning
  4. Cutting debt
  5. Life insurance
  6. Estate planning
  7. Health insurance

5. Perfect Practice Makes Perfect

Have you ever heard of the phrase “practice makes perfect?”

Scratch that from your memory. Want a successful life? learn, practice.

6. Visualize your Goals

Successful living requires adequate visualization of goals:

  1. Motivation
  2. Confidence
  3. Prioritization
  4. Concentration

Simultaneously, those studies have indicated that visualizing your goals can reduce:

  1. Fear
  2. Stress
  3. Anxiety
  4. Depression

When you imagine success, you effectively program your body and mind to react opportunely to the scenario you have created in your subconscious mind. 

7. Learn Outside of the Classroom

You can only learn so much in the classroom. The rest is learned outside. And quite frankly, when I reflect on my time in school, there were only so many things that my teachers taught me:

  1. Biology
  2. Physics
  3. English
  4. History
  5. Grammar
  6. Social Studies

Although these subjects can help you advance in life, there is so much more to be learned that can help you jump ahead of the competition.

You can learn:

  1. How to self-love
  2. How to think bolder
  3. How to achieve your goals
  4. How to grow your influence
  5. How to make a bigger impact
  6. How to become resilient to stress
  7. How to increase your productivity
  8. How to become an entrepreneurial success

Remember successful living require effort from your part. Start out your journey today. You can get quick unsecured loans up to N2.5million within hours. Credit Direct Limited grants loans within hours. Click on the apply page to proceed. www.creditdirect.ng/apply

-TMW