E-Financial
CBN Orders Banks to be Security Certified By 2015
The Central Bank of Nigeria (CBN) has mandated all commercial banks to be information security-certified by 2015.
Tunde Lemo, deputy governor (Operations), stated this during conferment of ISO 27001 certificate to the CBN by the British Standards Institution (BSI).
Also showing great admiration for the CBN attainment, Dr. Andrew Peacock, the UK High Commissioner described the achievement as one of the highest standards of information security management in the world. He also noted that it is a confidence building measure as well as a remarkable achievement.
The High Commissioner stated that the British government plans to double trade volume with Nigeria to about £8 billion in 2014 provided British investors were convinced the Nigerian economy was adequately regulated. He also said the CBN information security certification would open doors for such investment opportunities in the country.
The acquisition of the coveted certification puts the CBN at par with the institutions like the World Bank and International Monetary Fund (IMF) that had adopted the standard. The central bank also becomes the first organisation in the country to attain such level of certification.
Essentially, the information security and management system allows the CBN to install processes including controls, technology and people awareness to ensure that particularly classified information held in custody on behalf of its stakeholders and clients is properly protected.
Lemo said: “CBN regulates banks and other financial institutions. For those ones we regulate particularly commercial banks, we have made it mandatory for them to be so certified before the end of 2015.”
The CBN Governor, Mallam Sanusi Lamido Sanusi, also said information security had become critical to the central bank’s operations, adding that going forward, any unauthorised disclosure or compromise would be have consequences.
Represented at the occasion by Alhaji Suleman Barau, CBN Deputy Governor, Corporate Services, Sanusi said all its stakeholders and partners would now have more confidence in the bank’s ability to protect the data in its possession.
He said the CBN would do all within its powers to sustain controls and retain the certification.
However, the certification which is for an initial period of three years is presently limited to the CBN headquarters but with the possibility of extension to its branch offices in future.
Mark Basham, managing director of BSI, Europe, Middle East and Africa (EMEA), said follow-up audit would be conducted every six months to ensure the CBN standards and controls are still intact and within the requirements for which the standard was awarded.
The certificate could either be withdrawn or re-issued at expiration.
Elsewhere, Dr. Sarah Alade, CBN deputy governor, Economic Policy, congratulated some of the banks which had already adopted the standards.
She however noted “the Central Bank of Nigeria has taken the lead by certifying to a much wider scope and achieving this in less than one calendar year.” She said the driving force for the adoption was the need to have formalised processes to protect the organisation’s key information assets as some of them are information of national relevance.
Afolabi Oke, executive director, Global InfoSwift (the consulting firm which prepared the CBN for the award) said he proud of the apex bank’s reposition.
“We are indeed very proud to be part of the Central Bank of Nigeria’s success story. This is an affirmation that the CBN has adopted and complied with one of the most reputable international information security management system standards in the world.”
The Katsina State police command, on Thursday, paraded one Adewumi Gabriel, Head of ATM Operations of Access Bank Daura branch, for conspiring with a colleague to steal the sum of N18 million from a customer’s account.
Adewumi confessed to conspiring with David Mesioye, now at large, using their expertise of the bank’s operations to carry out the theft discovered during an audit.
Spokesperson of Katsina State Police Command, Abubakar Aliyu said, some of the exhibits recovered from Adewumi include the sum of N10.18million from his different bank accounts and a physical cash of N366,900, among other valuables.
In a separate incident, Bishir Abdullahi, a 37-year-old resident of Sokoto State, was arrested at an Old Generation Bank ATM in Katsina with 14 stolen ATM cards in his possession.
According to Sadiq, the suspect was a notorious fraudster who specialised in swapping ATM cards of unsuspecting members of the public at ATM points.
He explained that the suspect was arrested by a police officer on duty at the bank’s branch of Tudun Katsira quarters in the Katsina metropolis, following suspicious activities around the ATM machine.
“Upon instant search, 14 suspected stolen ATM cards of different banks were found in his possession.
“Preliminary investigation revealed that the suspect had been using the stolen ATM cards to withdraw sums of money from his victims’ accounts.
“The total amount withdrawn by the suspect from the victims’ accounts is N2.705million. The suspect will be charged to court upon completion of the investigation.”
PalmPay, a leading fintech company in Nigeria, has reiterated its commitment to combating financial fraud through cutting-edge technology. This was emphasized during a high-level courtesy visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).
Addressing the growing prevalence of fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited, stressed the need for robust collaboration between fintech companies and government agencies. “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy,” he stated.
“Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and anti-money laundering (AML) efforts. Together, we aim to ensure a safer digital experience for all Nigerians.”
Chika also highlighted the significant rise in electronic payment transactions across Nigeria’s financial system, underscoring the importance of proactive measures to address emerging threats.
PalmPay reaffirmed its support for the NFIU’s mission to safeguard the country’s financial infrastructure. The company outlined plans for close collaboration with the agency, including knowledge-sharing initiatives, stakeholder training programs, and the development of innovative solutions to combat fraud in the digital space.
Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU, commended PalmPay for its proactive approach to financial security and its commitment to aligning with national and international regulatory frameworks. She emphasized the importance of continuous collaboration between private sector players and government institutions in the fight against financial crimes.
PalmPay’s visit to the NFIU reflects its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay remains steadfast in its mission to create a digital economy where trust and security drive growth and innovation.
In a bid to provide credit protection to foster investment in Africa under the “Mattei Plan”, SACE, an Italian insurance-financial group and the African Development Bank Group (AfDB) have signed a $6bn deal.
The collaboration between SACE and AfDB is to sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses in education, agribusiness, healthcare, energy, water and infrastructure.
The signing took place during the African Investment Forum (AIF) 2024 Market Days currently underway in Rabat, Morocco. The AIF is a platform that helps develop bankable projects, secures funding, and facilitates deal closures. Its goal is to mobilize capital for key sectors, supporting the UN’s Sustainable Development Goals and Africa’s development agendas.
The collaboration agreement was signed by Michal Ron, chief international business officer of SACE responsible for the Overseas Network, and Hassatou N’Sele, AfDB’s vice president for finance and chief financial officer.
“The $6 billion Mattei plan to bolster economic links and create an energy hub for Europe, while curbing African emigration to Europe, was unveiled by Italian Prime Minister Georgia Meloni in February this year. The Italian Government and the African Development Bank Group have planned a series of joint initiatives to support the implementation of the Mattei Plan.”
This initiative establishes synergies between SACE’s products, such as the Push Strategy as an untied export credit product, traditional export credit insurance, and the financial products offered by the African Development Bank Group.
It will support the financing of high-impact projects in Africa while jointly generating opportunities for business matching between African and Italian companies.
The initiative brings together SACE’s products, including untied export credits, traditional export credit insurance, and financial solutions from the AfDB. The collaboration aims to finance high-impact projects in Africa while fostering business partnerships between African and Italian companies.
“Africa represents a market of great potential for our companies, and our collaboration under the “Mattei Plan” will strengthen their positioning in key sectors for the continent’s development, in line with the purpose of the Mattei Plan,” said Ron.
“In particular, we are already identifying new business opportunities where SACE can make a difference thanks to the Push Strategy, a financial instrument that, through guarantees, connects African buyers with Italian SMEs, involving them in strategic projects related to infrastructure, agribusiness, healthcare, energy, and education: priority sectors where Made in Italy, with SACE’s support, can offer a significant contribution.”
The collaboration also looks to expand commercial relations between Italy and Africa, encouraging the business of Italian companies interested in operating on the continent in priority sectors of the Mattei Plan: education and training, agriculture/agro-industry, healthcare, energy, water, infrastructure, including digital economy infrastructure.
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