E-Financial

CBN Unveils Cyber Security Guidelines for Banks

Published

8 years ago

June 29, 2018

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Central Bank of Nigeria (CBN) has released a draft risk-based framework and guidelines on cyber security for deposit money banks and payment service providers (PSPs).

A publication signed by Kola Balogun, director of banking supervision, CBN, noted that the requirements were in light of a recent increase in the number and sophistication of cyber security threats against banks and PSPs.

“It has become mandatory for these institutions to strengthen their cyber defenses if they are to remain safe and sound,” the statement read.

The draft guidelines stipulating minimum requirements ranging from cybersecurity self-assessment tools to reporting templates were thus released for comments and inputs from these financial institutions on or before July 31, 2018.

“In recent times, cyber security threats have increased in number and sophistication as DMBs and PSPs, use information technology to expedite the flow of funds among entities.

“In this regard, threats such as ransomware, targeted phishing attacks and Advanced Persistent Threats (APT), have become prevalent; demanding that DMBs and PSPs remain resilient and take proactive steps to secure their critical information assets including customer information that are accessible from the cyberspace.

“It is in this regard that this framework, which outlines the minimum cyber security baseline to be put in place by DMBs and PSPs, is being issued.

“The framework is designed to provide guidance for DMBs and PSPs in the implementation of their cybersecurity programmes towards enhancing their resilience.

“Cybersecurity resilience is considered as an organisation’s ability to maintain normal operations despite all cyber threats and potential risks in its environment. Resilience provides an assurance of sustainability for the organisation using its governance, interconnected networks and culture.

“DMBs/PSPs should note that for a cybersecurity programme to be successful, it must be fully integrated into their business goals and objectives, and must be an integral part of the overall risk management processes.

“The framework provides a risk-based approach to managing cybersecurity risk. The document comprises six parts: Cybersecurity Governance and Oversight, Cybersecurity Risk Management System, Cyber Resilience Assessment, Cybersecurity Operational Resilience, Cyber-Threat Intelligence and Metrics, Monitoring & Reporting,” the circular noted.

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E-Financial

Kuda Bank Teams Up with Lovers & Frnds for Inclusive Valentine’s R&B Bash

Published

13 hours ago

February 25, 2026

Ugo Onwuaso

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Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.

Kuda Bank

The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.

Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.

Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”

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E-Financial

CBN Slashes Rate by 50bps

Published

13 hours ago

February 25, 2026

Ugo Onwuaso

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By Mathew Anthony, Market Analyst at FXTM

In another positive development for Nigeria, the CBN has proceeded with 50-basis points rate cut.

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With favourable fundamental forces at play, it was always a question of how much rather than if rates will be cut in February.

Although some were expecting a hefty 100-basis point cut, this was still a positive move by the CBN, mirroring the dovish strategy of other major banks on the continent.

Interest rates were slashed thanks to cooling inflationary pressures, a stronger Naira and rising FX reserves.

This move is likely to boost confidence over the economic outlook ahead of the Q4 GDP report scheduled for release later this month.

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E-Financial

CBN Cuts MPR by 50bps to 26.50% as Inflation Eases for 11th Month

Published

13 hours ago

February 25, 2026

Ugo Onwuaso

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Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

CBN Cuts MPR by 50bps to 26.50% as Inflation Eases for 11th Month

CBN

Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.

Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.

The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.

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