Saturday, July 13, 2024

CBN to implement more policies to tackle cybersecurity challenges 

According to CBN, cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.

• June 28, 2024
Flutterwave, Moniepoints, Interswitch
Flutterwave, Moniepoints, Interswitch

The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges and foster innovation to ensure the stability and integrity of the financial system.

The deputy governor of financial systems stability at CBN, Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.

According to him, cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.

Mr Ikeazor said the apex bank is working on new regulations to enhance performance and compliance in addition to existing measures. He said the new regulations would focus on two key areas: corporate governance and licensing requirements.

“The new regulation is crucial to mitigate the risks of the digital era,” he said.

He explained that the new regulation aimed to improve the level of compliance and corporate governance practice by fintechs in the country.

Mr Ikeazor said the digital banking platforms have made financial services more accessible to millions of Nigerians, fostering greater financial inclusion and convenience.

He, however, said that digitalisation also brought challenges that could erode trust if not properly managed.

“Every organisation should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important. Corporate governance is also very critical.

“Organisations need to have the right structure and be effective, transparent, and accountable in the administration of their affairs,” he said.

Also, Chizor Malize, the chief convener and CEO of FITC, said the emergence of fintech has revolutionised financial services, shifting consumer behaviour toward digital consumption and away from traditional brick-and-mortar establishments globally.

Ms Malize said the rise of companies such as PayPal and Square, alongside innovations like blockchain technology and mobile payment systems, demonstrated fintech’s immense potential to disrupt traditional banking models and enhance consumer convenience.

She noted that Africa stood at the forefront of this fintech revolution, with companies like Interswitch, Flutterwave, Moniepoint, and others leading the charge.

Ms Malize added that Nigerian banks such as Providus Bank, GTBank, Stanbic IBTC, and others embraced fintech innovations to meet evolving consumer demands.

“These initiatives showcase Africa’s potential to drive financial inclusion and economic growth through digital innovation. 

“With the widespread mobile technology adoption and growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution. 

“As we strive for peak performance and efficiency, we must uphold the highest standards of compliance and integrity,” she said.

Ms Malize added that strong regulation and compliance were essential for ensuring financial system stability, which was the focus of this conference.


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