Central Bank of Nigeria (CBN) has urged banks in the country to make significant investments in cybersecurity to safeguard depositors’ savings from hackers.

Dr. Adetona Adedeji, acting director of Banking Supervision, made this call during a panel discussion on “Fiscal and Monetary Policy Reforms: Removing Barriers to Private Sector Investment” at the ongoing Nigeria Economic Summit in Abuja.

He acknowledged the rapid innovations within the banking sector, particularly concerning electronic banking, and emphasized the need for banks to stay one step ahead of criminals to prevent customers from losing their deposits.

“There has been a lot of innovation in the banking sector today, especially in e-channels,” Dr. Adedeji stated. “Therefore, we require a robust risk management system. We expect every bank to implement a very strong cybersecurity framework.”

He continued, “We want customers to be protected from criminals. These are individuals we have been working hard to convince to deposit their money instead of keeping it under their pillows. We don’t want a situation where, after successfully encouraging them to bank their funds under financial inclusion initiatives, hackers exploit vulnerabilities and steal their money.”

Dr. Adedeji reiterated the importance of establishing secure systems, saying, “We want banks to develop a very robust cybersecurity system that guarantees the safety of customers’ money, allowing them to deposit their funds today, sleep peacefully, and wake up tomorrow to find their money intact.”

Regarding the CBN’s efforts to combat inflation, he noted that while the bank aims to reduce inflation, it remains mindful of the need to keep businesses operational.

“We are focused on targeting inflation through interest rate increases, but we understand the impact this has on businesses,” he explained. “We don’t want to reach a state of hyperinflation. We simply ask for understanding; all the policies the CBN has introduced aim to help mitigate inflation.”

Dr. Adedeji added, “Our current priority is price stability, but we are aware that businesses must continue to function.”

On the foreign exchange policy being implemented by the CBN, he remarked, “Rent seekers are facing challenges, as we strive to achieve equilibrium.” He also highlighted ongoing collaboration with fiscal authorities to address the correlation between FAAC (Federation Accounts Allocation Committee) releases and liquidity at the state level, as well as the unusual demand for foreign exchange that arises each time FAAC distributes monthly revenues to the three tiers of government.

Zenith Bank has restored access to its digital banking platforms following the completion of a major IT infrastructure upgrade.

In a message addressed to its customers, the bank confirmed that all digital channels are now fully operational, allowing users to resume transactions on their preferred platforms with ease.

The bank extended its gratitude to customers for their understanding during the upgrade process and issued an apology for any disruptions experienced.

The upgrade, which is part of Zenith Bank’s ongoing commitment to enhancing customer experience, aims to provide more efficient, reliable, and secure services across its digital platforms.

Zenith Bank assured customers that the new IT infrastructure would greatly enhance its service delivery, reinforcing its position as a leader in digital banking solutions.

The bank also expressed appreciation for the trust and continued support of its clients, reaffirming its dedication to offering exceptional banking services.

In the last one week, customers had expressed frustration as the bank’s digital platforms went under due to system upgrade.

Leading emerging markets fintech company M-KOPA is pleased to announce the appointment of Rajeev Suri as Chairperson of its Board, effective 1st December 2024.

Rajeev Suri

Suri is a recognised leader in technology and telecommunications, with deep experience leading companies across the globe.

Having served as CEO of Nokia as well as Inmarsat, and now also serving as chairperson of Digicel and board director at Singtel, his executive and board level expertise will help M-KOPA as it continues to innovate and expand its reach across markets.

M-KOPA provides financed smartphones to underbanked every day earners and builds an ongoing financial relationship through its AI credit analytics and smartphone app. Suri joins at a time when M-KOPA has achieved significant scale, with over 5 million customers and more than US $1.5bn of credit deployed across five markets.

“We are thrilled to welcome Rajeev to the board as we enter this next phase of growth for the business,” said Jesse Moore CEO & Co-Founder of M-KOPA. “His proven leadership in steering international companies through periods of rapid expansion will be invaluable.”

Commenting on his appointment Suri said “M-KOPA represents one of the most exciting fintech propositions, not only in Africa but globally. Their use of leading-edge technologies and AI to solve the critical challenge of digital and financial inclusion is compelling and has the potential to change the way we think about consumers in emerging markets. I am excited to join this team and look forward to driving impactful solutions together”

Outgoing board chair Elizabeth Littlefield will continue serving as an independent board director and chair of the ESG and Impact committee.

Commenting on the outgoing chair Moore said, “We are deeply grateful to Elizabeth for her outstanding leadership over the past six years. She and the board have guided M-KOPA through significant transformation and remarkable growth.

“While she will be stepping down as chair, we are fortunate to have her continue with the board as an independent director.”

As board chair, Rajeev will provide critical oversight, strategic insights and guidance to the M-KOPA leadership team as it navigates this next phase in its evolution as a leading global fintech.