Fidelity Bank Plc has reiterated its commitment to data protection and corporate governance following recent reports that the Nigerian Data Protection Commission (NDPC) has fined the bank for an alleged data breach.
The bank, in a statement signed by Meksley Nwagboh, Divisional Head of Brand & Communications, clarified the situation and reassured the public of its adherence to the highest ethical standards.
The controversy arose from a news story claiming that the NDPC imposed a fine on Fidelity Bank due to a data breach.
According to the bank, the issue stems from a complaint involving the alleged unauthorized use of a customer’s details to open an account.
However, Fidelity Bank emphasized that it has fully complied with existing data protection laws throughout the process.
Fidelity Bank outlined its interactions with the NDPC, beginning with the receipt of a notice of investigation on April 30th, 2023.
The notice was in response to a complaint filed by an individual whose identity has been withheld. The complaint alleged that the individual’s details were used to open an account without consent.
Upon receiving the notice, Fidelity Bank conducted an internal investigation and found that an online account opening request had indeed been made in the complainant’s name.
However, the bank stated that it adhered to its Data Protection policy, which requires full documentation before any online account becomes operational.
Since the required documents, including a passport photograph and BVN, were not provided, the account was placed on a “Post No Debit” status and was eventually closed after 30 days.
The bank asserts that it responded to the NDPC on May 2nd, 2023, affirming that no data breach had occurred and that the account opening process was never completed.
Despite providing evidence to support its claims, Fidelity Bank was informed in July 2023 that the NDPC intended to impose a penalty.
On December 5th, 2023, the NDPC issued a letter to Fidelity Bank demanding the payment of a N250 million remedial fee within 21 days. The bank, disagreeing with the NDPC’s conclusion, initiated further discussions to resolve the matter, maintaining its position that no law was breached.
However, on August 20th, 2024, the NDPC sent another letter demanding an increased payment of N555.8 million. Fidelity Bank remains engaged in discussions with the Commission, seeking an amicable resolution.
Fidelity Bank has assured its customers and stakeholders that it will continue to uphold the highest standards of corporate governance.
The bank’s dedication to ethical practices has earned it several accolades, including the CG+ award, the highest rank under the Corporate Governance Rating System (CGRS) of the Nigerian Exchange Group (NGX).
In its statement, Fidelity Bank reaffirmed its commitment to protecting customer data and ensuring compliance with all relevant laws and regulations, expressing confidence in a positive outcome as discussions with the NDPC continue.