Banking
Cyber Crimes: CBN Fortifies Banking Sector Security Framework
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has said it was strengthening the security framework of financial institutions to prevent the proliferation of cyber crimes.
The Deputy Governor in charge of Financial Systems Stability at the CBN, Mrs Aishah Ahmad, made this disclosure at a recent webinar themed Cyber threat Landscape: Financial services, 2021 and beyond.
At the event organised by the Information Security Society of Africa, Nigeria (ISSAN), Mrs Ahmad, who was represented by the Director of Information Technology (IT) at CBN, Mrs Rakiya Mohammed, stated that the conversation around cyber threat could not be more important than now.
“The financial sector is particularly susceptible to cybercrime, given its crucial roles in financial intermediation in a highly connected financial system.
“CBN is committed to strengthening its regulatory and supervisory framework for cyber risk and vulnerability testing for the banking sector,” she said.
Also speaking at the event, a US-based cybersecurity expert, Dr Austen Ohwobote, advised that as the pace of digital disruption accelerates and innovative new technology reach the market, organisations should put measures in place to check cyber-crimes.
He listed the different cyber-attacks such as web-based attack, third party attack, insider threats attacks, and advised organisations to put resilient structures in place in order to understand the nature of attacks and when attacks are about to happen.
Mr Ohwobote submitted that for financial institutions to adequately check cyber-crimes, they must adapt and implement cybersecurity as a guide, recognise cybersecurity as a big issue, appoint cybersecurity ambassadors, raise customer awareness, emphasize strong password and Multi-Factor Authorization (MFA), adding that cybersecurity expert should be a member of decision making and re-emphasize third-party vendor management.
In his presentation, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, noted that Artificial Intelligence (AI) can be deployed to predict security threats and proffer solutions.
He described AI as a game-changer, stressing that the manual and semi-automated techniques of monitoring and responding to systems issues of the past were grossly inadequate to take care of the risk of the future.
“Technology has evolved and has changed the way we operate. COVID-19 only further accelerated the adoption of technology. Artificial intelligence, automation, internet have all created opportunities for business to unlock more values, but cyber threats have also increased both in complexity and volume,” Mr Akinwuntan said.
He added that, “The new normal of working from home has further exposed institutions to cyber-attacks and data breaches. Endpoints for remote access must be secured or else institutions are exposed to attack by a mismanaged endpoint. There is also the aspect of insider threat and exposure of password.”
Further, the banking executive identified other threats faced by financial institutions and organisations across the world to include cloud security threats and supply chain attack, stressing that a breach on one vendor could have ripple effects on the organizations.
In his submission, the president of ISSAN, Mr David Isiavwe, called on financial service providers and other organisations that handle large data of customers, to consider putting the right measures in place in order to safeguard their operations. He stated that the advocacy group will continue to create cybersecurity awareness and data handling.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN