By Esther Sandali
Malawi Communications Regulatory Authority (MACRA) has urged financial institutions to comply with Data Protection Act, noting that compliance will help the institutions to safeguard customer’s personal information in financial services.
MACRA Data Protection Enforcement Manager, Chikumbutso Phiri, made the appeal on Tuesday during a MACRA Data Protection Awareness workshop held at Sun bird Mount Soche Hotel in Blantyre where the communication regulation authority engaged the financial institutions that deal with data processing to emphasise on the need to adhere to the Act.
“The financial sector handles a significant volume of personal and sensitive data, so this training aims to familiarize participants with their obligations under the Data Protection Act.Measures have been put in place to control access to information and data processing.
“Doing this together gives protection from various means of information mishandling including compromise and loss,” said Phiri.
He said that MACRA was exercising its mandate such that it expects institutions’ compliance with the Act for their own good as well as for the benefit of their clients.
“The Act is there for the protection of customer information, to prevent identity fraud which will help in building trust and confidentiality in customers as well as reduce data breaches. Adopting the Act will also assists in compliance with international standards on data protection,” he added.
CDH Investment Bank Risk and Compliance Assistant Manager, Loveness Sitima, commended MACRA for the enforcement of the Act, saying the awareness was ideal to add knowledge among financial institutions that are obliged to safeguard customers’ personal data.
“It is important that through this workshop we will get an understanding of what is required from us on processing personal information. Through the 72 hours given period to report incidents of data breach we will be able to communicate and handle issues of data,” she added.
Other financial institutions that participated in the awareness workshop included; National Bank of Malawi, Mukuru, NICO Life General Insurance, TNM and Limbe Leaf SACCO among others.
