MACRA through its Data Protection Authority (DPA), has intensified efforts to safeguard sensitive personal data within the financial sector.
Speaking in Blantyre during a Data Protection workshop for Malawi’s Financial Sector, Head of Data Protection, Daniel Chiwoni, said the Authority is conducting targeted trainings on the newly enacted Data Protection Act to help institutions understand and comply with the law. He stressed that the financial sector plays an important role in handling citizens’ financial and personal information, making compliance with the Act essential.
Chiwoni further highlighted that the Act requires institutions to adopt strong technical and cyber security measures such as securing customer accounts with strong passwords and to appoint a Data Protection Officer to oversee compliance.
Financial sector representatives have since requested for a phased grace period within which the industry can fully comply with the 2024 Data Protection Act.
