E-Financial
Expert Warns Banks, Firms of Cyber-Attacks
As cyber-security threats shift from hacking for fun to deliberate efforts in order to get financial information, expert in information security has warned that banks, other financial institutions and large corporations in the country would experience cyber-attacks as the year moves to a close, unless they strengthen their cyber resilience through implementation of adequate technology.
Opeyemi Onifade, president, Information Systems Audit and Control Association [ISACA] Abuja chapter, said this recently as part of the preparation for ISACA’s forthcoming tenth year anniversary and annual conference in Abuja.
According to him, as a member of the global society, “Nigeria cannot be insulated from the opportunities and threats of globalization”.
To overcome cyber-attacks, he warned, the banks would need to strengthen their cyber resilience through implementation of adoption of process-oriented good practices, technology and standards, and engagement of right skills and competencies.
He added that, “we need to understand that we cannot succeed by accident. The cyberspace is now recognized as the fifth domain of warfare in addition to land, air, sea and space. Unfortunately, in Nigeria, our cyberspace domain is still a neglected and unprotected territory. Yet, we depend so much on mobile telecommunications, electronic banking and electronic commerce for our socio-economic survival”.
Onifade said the internet has become imperative to address Nigeria’s collective capacity to respond to the inevitability of cyber threats, especially Advanced Persistent Threats [APT].
“The purpose of the majority of APTs is to extract information from systems—this could be critical research, enterprise intellectual property or government information, among other things. Talking about the shift in the motive for hacking (i.e. compromising the security profile of information systems), you will find that there is an evolution in the motivation for attacks.
“Motivation for attacks can be explained as being attacked because you are on the Internet and you have vulnerabilities. Or because you are on the Internet and you have information of value or because of who you are, what you do or the value of your intellectual property [IP].
“These would include state-sponsored attacks and corporate espionage. According to recent research, Cyber security is a top global concern as 82% of enterprises will experience a cyber-incident in 2015”, he said.
To him, government should declare an emergency in the cyber security education domain of the country in order to promote cyber security expertise and create a formidable “army” that would ensure effective national cyber defense.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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