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Fidelity Bank has responded to recent reports about a fine imposed by the Nigerian Data Protection Commission (NDPC) for an alleged data breach, emphasizing its adherence to ethical standards and legal compliance regarding data protection.
The bank received a notice from the NDPC on April 30, 2023, concerning a complaint from an unnamed individual alleging that their personal details were used to open a bank account without consent. Fidelity Bank conducted an internal investigation and found that the account opening request was initiated online, but the account remained inactive due to incomplete documentation.
According to the bank’s data protection policy, online accounts are only operational once all required documents are provided. As the necessary documents, including a passport photograph and Bank Verification Number (BVN), were not submitted, the account was placed on “Post No Debit” status and was eventually closed after 30 days.
On May 2, 2023, Fidelity Bank informed the NDPC that it had not violated any laws, as the account was never operational and was promptly blocked and closed in accordance with their policies. Despite this, the NDPC proceeded with a penalty, first demanding a remedial fee of N250 million on December 5, 2023.
The bank continued to engage with the NDPC, seeking to resolve the matter. However, on August 20, 2024, the fine was increased to N555.8 million. Fidelity Bank, with a reputation for strong corporate governance and having earned the CG+ award from the Nigerian Exchange Group (NGX), remains committed to legal compliance and ethical standards.
Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank, stated that the bank is actively working towards an amicable resolution with the NDPC while maintaining its commitment to upholding high standards of data protection and corporate governance.
