RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

World Bank Disburses $45.5 Million for Nigeria’s ID4D Project Amid Data Security Concerns

Stephen Akudike by Stephen Akudike
June 25, 2024
in Banking, Economics
Reading Time: 1 min read
A A
0
World Bank Emphasizes Cash Transfers to Break Poverty Cycle in Nigeria
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The World Bank has disbursed $45.5 million to the National Identity Management Commission (NIMC) for Nigeria’s Digital Identification for Development (ID4D) project, aimed at expanding the National Identification Number (NIN) enrollment. This funding, provided between December 2021 and April 2024, forms part of a broader $430 million initiative. Despite progress, concerns over data security loom large.

Recent reports indicate breaches in NIN and other government databases, where Nigerian citizens’ data are allegedly available for purchase online. This has sparked worries about the adequacy of data protection measures, especially amidst the ongoing disbursements.

AlsoRead

CBN Blacklists Chronic Loan Defaulters, Bars Them from Banking Services

32 Banks Meet CBN Recapitalisation Targets Ahead of Deadline – Cardoso

Nigeria’s Current Account Surplus Plunges 65% to $1.4 Billion in Q4 2025

The Nigeria Data Protection Commission (NDPC) has faced criticism for perceived laxity in safeguarding data under its custody. Advocacy groups like Paradigm Initiative have highlighted these vulnerabilities, citing instances where personal data sourced from government databases, including NIN, BVN, and passports, were openly traded online.

In response, the World Bank’s funding was contingent upon Nigeria passing the Data Protection Act, ostensibly ensuring robust data protection standards. However, concerns persist as unauthorized access to sensitive information continues unabated, potentially exposing individuals to security risks such as identity theft and fraud.

Despite assurances from the NIMC that stringent security measures are in place, including adherence to ISO 27001:2013 standards, doubts remain about the effectiveness of these safeguards. Paradigm Initiative’s revelations underscore the urgent need for enhanced regulatory oversight and cybersecurity measures to mitigate risks associated with data breaches.

As stakeholders await official responses and proactive measures from regulatory bodies, the integrity of Nigeria’s digital identity infrastructure remains a critical concern amid the evolving landscape of data security threats.

Tags: #NigeriaData securityID4D projectWorld Bank
Previous Post

Dangote Refinery: Weep Not Child By Duke of Shomolu

Next Post

Naira Falls to Lowest in 5 Weeks, Approaching N1,500/$1

Related News

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Blacklists Chronic Loan Defaulters, Bars Them from Banking Services

by Stephen Akudike
March 27, 2026
0

The Central Bank of Nigeria (CBN) has imposed strict restrictions on banking services for “chronic defaulters” and large-ticket obligors with...

$26 Billion for unidentified source passed through Binance-Cardoso

32 Banks Meet CBN Recapitalisation Targets Ahead of Deadline – Cardoso

by Stephen Akudike
March 27, 2026
0

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that 32 banks have already satisfied the...

CBN bans foreign bank representative offices from engaging in banking business in Nigeria..

Nigeria’s Current Account Surplus Plunges 65% to $1.4 Billion in Q4 2025

by Stephen Akudike
March 19, 2026
0

Nigeria recorded a sharp contraction in its current account surplus during the fourth quarter of 2025, falling 65.52% to $1.40...

Nigeria Witnesses a Significant Decline in Mobile Subscriptions.

CBN Limits Mobile Banking Apps to One Device in New Security Push for Instant Payments

by Stephen Akudike
March 16, 2026
0

The Central Bank of Nigeria (CBN) has introduced a major security enhancement for digital banking, restricting mobile banking applications to...

Next Post
Naira depreciates to N755/$ in the parallel market.

Naira Falls to Lowest in 5 Weeks, Approaching N1,500/$1

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Faces Fresh Pressure as US Dollar Index Climbs to 10-Month High

March 30, 2026
NGX Appoints an Advisory Panel on Digital Technology Products.

Nigeria’s Economic Reforms Driving Strong Domestic Capital Mobilisation – NGX CEO

March 30, 2026

Popular Story

  • Liquidity Crunch: Banking Sector’s Borrowing from CBN Surges to N12 Trillion.

    Banks Raise N4.6 Trillion in Recapitalisation Exercise as Sector Prepares for Lending Battle

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Economic Reforms Driving Strong Domestic Capital Mobilisation – NGX CEO

    0 shares
    Share 0 Tweet 0
  • Naira Faces Fresh Pressure as US Dollar Index Climbs to 10-Month High

    0 shares
    Share 0 Tweet 0
  • US Cuts Nigerian Crude Imports by Nearly 50% in January 2026

    0 shares
    Share 0 Tweet 0
  • FG to Sanction Elon Musk’s Starlink Over Regulatory Breach

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>