Unlocking Insights: Navigating Perceptions of Data Privacy in Digital Credit


Oluwabunmi Falebita and Oluwafemi Famakinde, Nigerian Institute of Social and Economic Research (NISER), Nigeria


This qualitative cross-sectional survey delves into the nuanced perceptions surrounding data privacy practices in the realm of digital credit in Nigeria. Through in-depth interviews (IDI) with Digital Credit Users (DCUs) across various economic hubs in Nigeria, we explore their attitudes and concerns regarding the level of sensitivity associated with personal information and their readiness to divulge it to Digital Credit Providers (DCPs). Employing a multi-stage sampling technique, clusters representing Nigeria's six zones were purposively selected, with the South-West zone chosen for its economic significance. In this zone, Lagos, Oyo, and Ogun States were further sampled based on economic activity, with 40 DCUs interviewed per state, totalling 120 DCUs. Local Government Areas (LGAs) within these states were selected based on Central Business District (CBD), urban, rural, and peri-urban criteria. Thematic analysis of interview transcripts using NVIVO 14 software revealed significant findings, suggesting that Bank Verification Numbers (BVN), National Identification Numbers (NIN), and debit card information are considered the most sensitive data for Digital Credit Users (DCUs).They expressed a high level of obligation to disclose information to DCPs and identified perceived risks such as financial loss, data breaches, and unwanted contact. Additionally, DCUs exhibited a strong preference for retaining control over their information, with many expressing a reluctance to proceed with digital credit applications if privacy breaches were anticipated. These findings shed light on the complex interplay between data privacy perceptions, risk assessment, and individual autonomy in the digital credit landscape.


Digital Credits, Digital Data Privacy, Digital Credit Providers & Digital Credit Users, Nigeria

Full Text  Volume 14, Number 12