What is GDPR for businesses?

GDPR (the General Data Protection Regulation) is the European Union's law governing how organizations collect, use, store, and protect personal data about individuals in the EU and EEA. It applies not only to EU companies but to any organization processing the data of people in the EU, which is why it shapes how international fintechs operate. GDPR sets principles — lawful basis, purpose limitation, data minimization, accuracy, security — and grants individuals strong rights over their data, including access and erasure. For a business, GDPR is relevant both as a data subject (your staff's and owners' data) and as a controller of your own customers' data. Financiar applies GDPR-aligned (and, in Nigeria, NDPR-aligned) handling to the personal data it processes, with encryption and clear-purpose processing as the baseline.

What GDPR requires

A lawful basis for processing, collecting only what's needed, keeping it accurate and secure, and honoring individuals' rights. Providers must be able to explain why they hold data and protect it appropriately — obligations that benefit the businesses whose data they handle.

Why it reaches beyond the EU

GDPR applies based on whose data is processed, not only where the company sits. A fintech serving EU businesses must meet it, which is why GDPR-aligned practices are a useful signal even for a business based outside Europe.