Recently, the Nigerian government has implemented new data regulatory directives to establish stricter measures around data privacy. These directives require every business to obtain the necessary regulatory licenses or permissions to access and store customer data regardless of size or sector. This aligns with the new Nigerian Data Protection Act, signed into law last year, including common data protection principles in international frameworks. The Act broadly defines “personal data” and imposes legal obligations on “data controllers” and “processors,” similar to other global data protection laws.
What Does This Mean For Our Customers?
As a global data infrastructure provider, our goal is to remain compliant and ensure our partners and customers can safely transact online. Due to the government’s update, we now need to request more information from our customers. Previously, we only required your business certificate, but now we need additional details, including:
- Name and ID of your director
- Relevant licenses (e.g., CBN license, NCC license, NPDR Audit certificate, NDPC certificate, etc.)
Updating this information is crucial and is a major criterion for considering you a customer, as you are also data custodians. Because you access sensitive customer information during the KYC process (e.g., NINs, BVNs, passports), you are required to have specific licenses depending on your industry. At a minimum, you must comply with the regulations governing your sector. We now ask for an operating license that enables you to provide your services. For example, if you operate in finance or banking, you need a banking license. In telecommunications, you need an NCC license.
What Are Your Immediate Next Steps?
In light of this new directive and as a leading data infrastructure provider, we aim to keep our customers informed about the importance of compliance. We request that you upload the required business licenses to continue doing business safely and compliantly.
- Upload Your Registration Document
- Login to your dashboard
- Go to settings
- Navigate to “Business information” and upload your Business Certificate
- Click “Save changes,” and you’re done.
- Upload A Relevant Operating License
- Login to your dashboard
- Navigate to settings
- Navigate to “Business information” and upload your Business License.
- Upload the Director’s Information and ID
To update your director’s information, follow these steps:
- Login to your dashboard
- Click on Settings
- Click on the “Business Information” tab
- Scroll down and fill in the required details under the “Director’s Details” section
We will confirm and approve your account from our end.
FAQs
What kind of license do I need to get?
We can’t specify the license you need as it depends on your sector. However, we can help you identify the specific license through our advisory services.
How can I get my license?
Connect with the regulatory body for your sector, apply for your license, and follow their processes.
How much will getting my license cost me?
We can’t provide a definite cost as it depends on the required licenses for your business type and industry.
What if I don’t have the license?
Book a 30-minute discovery call so we can analyze your case and determine the required license.
Can Prembly help me get my license in any way?
While we can’t issue licenses, we simplify the process through advisory services with our major partners.
How do I upload the license?
Sign in to your dashboard, navigate to settings, and under the business information tab, upload the necessary documents, including CAC documents, director’s information, and business licenses. Learn more here.
If I have uploaded my Business Document, can I skip uploading my business License?
No, CAC documents or business registration documents are different from the licenses we require. Please upload the separate license document.
What’s the timeline for updating my License?
The deadline is August 31, 2024.
Can the timeline be extended?
We are strict on the timeline, but if you’re in the process of acquiring your license with evidence, we can extend the deadline. The minimum extension requires approval in principle or evidence of third-party operation.
What should I do if my Business Leverages a Third-party License?
If leveraging a third-party license, provide a documented agreement and inform us via [email protected].
Need further information?
For additional assistance, please reach out to us via [email protected]. We are happy to assist you with this compliance update.
