Banking & Finance
The Banking and Financial Services sector in Zambia is heavily regulated in order to ensure stability in the sector and protect the rights of the consumers of its services. The Data Protection Act of 2021 adds to the complexity of existing legislature that governs the operations of the Banking and Financial Services Sector such as the Banking and Financial Services Act of 2017, the Bank of Zambia Act of 2022, the Cybersecurity and Cyber Crimes Act of 2021 and other relevant laws. The Data Protection Act of 2021 requirements are largely complimentary to the already existing legislation.
Banking and other financial services providers process huge volume of personal data in their operations and also as part of their compliance to KYC requirements. This scenario requires therefore that the data so collected is processed in a manner consistent with the principles of Data Protection as enshrined in the Data Protection Act. The use of personal data for profiling and automated decision making, which is quite common in banking and financial services operations. So is the sharing of data to 3rd parties and Transfer of Personal Data across borders, especially for multinational banking and financial services companies. The processing of personal data in these operations is strictly legislated in the Data Protection Act.
At Silham Consulting and Training services, we help the Banking and Financial Services Providers navigate the complexity that the Data Protection Act has introduced, in order to ensure compliance to the Act. We offer a range of data protection services that are tailored towards helping your companies overcome obstacles related to data protection. The Data Protection Awareness Training, Data Protection Advanced Training, Introduction to DPO Practice Training, Data Protection Consultancy, Outsourced Data Protection Officer and Data Protection Auditor services, are all designed to help your organisation better understand and manage the personal data you process in line with the Data Protection Act and other related laws.