Reps propose N500m fine for illegal data transfers
A bill before the House of Representatives has proposed a 10-year prison term and a minimum fine of N500m for anyone who transfers strategic payment transaction data outside Nigeria without regulatory authorisation. The proposed legislation, exclusively obtained by The PUNCH, also seeks to compel banks, financial technology companies, payment service providers and other financial institutions to Read More: https://punchng.com/reps-propose-n500m-fine-for-illegal-data-transfers/
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A bill before the House of Representatives has proposed a 10-year prison term and a minimum fine of N500m for anyone who transfers strategic payment transaction data outside Nigeria without regulatory authorisation. The proposed legislation, exclusively obtained by The PUNCH, also seeks to compel banks, financial technology companies, payment service providers and other financial institutions to
Read More: https://punchng.com/reps-propose-n500m-fine-for-illegal-data-transfers/
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About this article
- Length
- 59 words · 1 min read
- Published
- November 2, 2026
- Byline
- Punch Newspapers
- Source
- Punch Nigeria