E-Financial
CBN Mortgaged Nigerian Card Technology-Okonyia
Robert Okonyia, a payment systems solution provider, has explained how Nigeria lost its card payment system to foreign based institutions, adding that the Central Bank of Nigeria (CBN) is culpable in the matter.
Speaking on Channels Television’s breakfast programme, Sunrise Daily, Mr Okonyia stated that Nigeria lost its card system during the migration from magnetic stripe card system into EMV,
“We mortgaged the card technology into visa and master card. These are foreign card scheme providers” he said.
In trying to join the EMV card system which is controlled by foreign based institutions, “we lost our own card technology” Every commercial bank will have to become either an associate, affiliate, principal member”.
He added the CBN could have found means to check the spate of fraud which marred the era of the magnetic stripe cards “but the CBN didn’t look at it”.
He continued saying, “CBN never bothered to check – how do we create our own national card to migrate into the EMV”.
The establishment of a national card would enable citizens to transact and make exchanges outside the country as it can integrate with other networks the same way Visa and Master cards collaborated to form EMV.
He also raised the issue of the Naira not being a convertible currency as a result of restrictions by the government which is why Naira cannot be exchanged in other countries.
If you allow the outflow of Naira, it affects the foreign reserve hence the restriction. This is in a bid to improve the economy, he said.
EMV is a global standard for credit and debit payment cards based on chip card technology.
E-Financial
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
E-Financial
Ecobank Serves Customers Notice of Planned Service Disruption
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
- E-Financial2 days ago
Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions
- Telecom2 days ago
MTN Nigeria to Issue N50Bn Commercial Paper
- E-Business2 days ago
Jumia Nigeria Expands E-commerce Access Nationwide as it Kicks Off 2024 Black Friday Campaign
- E-Business2 days ago
Firm Identifies Key Signs of AI Usage in Phishing Attacks
- E-Business2 days ago
How to Choose the Best Site to Convert BTC to Naira: The Key Features to Consider
- Broadcasting2 days ago
Northern Broadcasters Sue Arewa 24, 7 Others over Licensing
- Telecom2 days ago
How AI Agents can Step in as Consumer Trust Slips
- News2 days ago
Substandard CNG Cylinder is Recipe for Disaster- SON