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

Banks’ Profit Rise Masks a Weaker Core: Credit Costs Fall as Interest Income Shrinks

Access Holdings Weighs Foreign Exit as CBN’s 10% Overseas Cap Forces Hard Choices

Banks Brace for ₦2.86 Trillion Liquidity Boost as OMO Bills and FAAC Payouts Approach

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

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Banks’ Profit Rise Masks a Weaker Core: Credit Costs Fall as Interest Income Shrinks

by Victoria Attah
November 12, 2026
0

Eight of Nigeria’s listed banking groups reported higher combined pre-tax profit for the nine months to September 2026 but the...

Access Holdings Weighs Foreign Exit as CBN’s 10% Overseas Cap Forces Hard Choices

by Jide Omodele
November 9, 2026
0

Access Holdings may sell or close at least one overseas banking unit as Nigeria’s largest lender by assets races to...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Banks Brace for ₦2.86 Trillion Liquidity Boost as OMO Bills and FAAC Payouts Approach

by Jide Omodele
October 26, 2026
0

Nigeria’s banking system is set to receive an estimated ₦2.858 trillion in fresh liquidity this week, driven largely by maturing...

JP Morgan Projects Naira to Appreciate and Settle at N600/$.

JPMorgan Deposits ₦50 Billion with CBN in Bid for Merchant Banking Licence

by Jide Omodele
October 21, 2026
0

JPMorgan Chase has placed ₦50 billion (about $38 million) with the Central Bank of Nigeria as part of its application...

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

World Bank Extends Nigeria’s Digital Identification Project Deadline Amid Missed Targets

World Bank Approves $500 Million to Fight Floods

November 12, 2026
Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Banks’ Profit Rise Masks a Weaker Core: Credit Costs Fall as Interest Income Shrinks

November 12, 2026

Popular Story

  • Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

    Banks’ Profit Rise Masks a Weaker Core: Credit Costs Fall as Interest Income Shrinks

    0 shares
    Share 0 Tweet 0
  • World Bank Approves $500 Million to Fight Floods

    0 shares
    Share 0 Tweet 0
  • Naira Slips to ₦1,364/$ in Sharpest One-Day Fall Since Late October

    0 shares
    Share 0 Tweet 0
  • Investors Lock Almost All Their Bids Into One-Year Treasury Bills

    0 shares
    Share 0 Tweet 0
  • Nigerian Govt To Recover N614bn Budget Support From 35 States

    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}
?>