Tunde Lemo, the deputy governor, Operations of Central Bank of Nigeria (CBN) has said that an efficient payment system will enhance the effectiveness of monetary policy and the overall financial stability of the Nigerian economy.
He made this known at a workshop on PCI DSS and the cashless Nigeria organised by CBN in conjunction with Phillips Consulting Limited, the first indigenous Payment Card Industry Qualified Security Assessor (QSA) Company.
Lemo in his welcome address stressed that the idea of the workshop “PCI DSS and Cash-less Nigeria” provided by Phillips Consulting complements CBN’s efforts in the realization of the National Payments System Vision 2020 (PSV 2020) which is a subset of FSS 2020 aimed at promoting electronic payments in Nigeria.
He commended Phillips Consulting for its ongoing support and insight into the future of a Cashless Nigeria.
Participants at the workshop consisted of representatives of compliance/risk management departments of banks, card personalization companies, switching companies, gateways, card payment brands and card payment service providers.
The workshop sessions were facilitated by directors from CBN and PCI Qualified Security Assessors (QSA) from Phillips Consulting Limited.
In his presentation, Dipo Fatokun, director of banking and payments system department of the CBN, avowed that the rationale for the cashless policy is to modernize Nigeria’s payments system, reduce the cost of banking services (cost of credit), drive financial inclusion, improve effectiveness of monetary policy, foster transparency and curb corruption.
Jason Ikegwu, a PCI qualified security assessor (QSA) and senior consultant at Phillips Consulting thrilled the audience on the approaches and guidelines of achieving PCI DSS compliance.
The objectives of the workshop was to emphasize the importance of data security in the emerging digital economy in Nigeria, acquaint participants with the information required to prepare for and achieve compliance within a reasonable duration and budget, advice delegates on how to reduce the cost of PCI DSS compliance, enlighten delegates on the benefits of compliance and consequences of non-compliance and enlighten stakeholders on relevant compliance solutions and required resources in achieving compliance.
The Payment Card Industry (PCI) Data Security Standard (DSS) was developed to establish minimum security requirements, but there are also best practices that companies can follow to better understand the intent of the Standard, as well as to help provide smooth implementation.
The Payment Card Industry Data Security Standard is an industry standard developed to facilitate the broad adoption of consistent data security measures on a global basis.
The PCI DSS is a requirement for all merchants, issuers, acquirers and service providers that store, process, or transmit payment card data from one of the participating payment card brands. The participating payment card brands that make up the governing industry body, the PCI Security Standards Council (PCI SSC), include: American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc.
Many organisations in Nigeria believe that PCI DSS compliance is a daunting task that is achievable only by big IT spenders. This approach towards compliance does not reflect a fully informed view of the Standard or the strategic approaches towards its implementation. The workshop outlined a procedural approach to compliance by enumerating the 12 “digital dozen” and 285 detailed requirements for analysis and implementation.