BoFiNet’s Stakeholder Engagement on the Data Protection Act and the Digital Data Centre
On June 21, 2022, BoFiNet held a stakeholder engagement session with non-bank financial institutions to create awareness about the Data Protection Act (2018) which came into effect in October 2021, as well as a progress update on the Delta Data Centre currently being constructed by BoFiNet.
Presenters at the conference included Ms. Kepaletswe Somolekae, Data Protection Commissioner who gave an overview of the Data Protection Act and cyber security expert Mr. Chris Johnson. Mr. Diphetogo Lefhoko, BoFiNet’s Digital facilities Manager, provided an update on the ongoing construction of the Delta Data Centre, and its value proposition in the quest to strengthen the protection of personal data locally.
Mr. Oduetse A. Motshidisi, Chief Executive Officer of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) was invited by BoFiNet to deliver the Closing Remarks. He reminded the gathering that the Authority is mandated to contribute to the stability of the local financial system through creating an environment that fosters, inter alia, the highest standards of business conduct by regulated entities; protects consumers of products and services provided by the sector; and deters market misconduct and unfair practices.
Mr. Motshidisi welcomed the opportunity to play a part in the important conversation that concerns a state of technological advancement and development which has and continues to have profound impact on modern societies. He added that the commencement of the Data Protection Act of 2018, in 2021, was timely for Botswana, as the sheer volume and details of personal data collected by private and public entities necessitates the formation of a regulatory framework governing how such data is managed and used.
Mr. Motshidisi acknowledged that the financial services sector as a whole thrives on the effective collection, use and storage of data and that the use of personal data is integral to the design of financial products and services. He added that the protection of personal information, is a collective global concern by governments.
“It is, therefore, imperative that as service providers, you build and maintain customers’ and stakeholder confidence in the integrity of your data management and protection systems. Breaches of confidentiality are hugely detrimental, not only to your reputation as entities, but also on the privacy of the individuals concerned”, he said.
Mr. Motshidisi congratulated BoFiNet under the leadership of Mr. Mabua for establishing a vendor-neutral data centre in Botswana, which he said comes at a time when local regulatory bodies, are keen to see that the entities they regulate prioritise the interests of their customers and protection of personal information that they gather in the course of business.
In conclusion, Mr Motshidisi thanked the attendees for their engaging and insightful discussions and implored all the non-bank financial institutions to ensure full compliance with the Data Protection Act. He also pledged the Authority’s collaboration and support to the Data Protection Commission to ensure that non-bank financial institutions uphold the highest level of compliance to the Act.
