Banking
Fintech Poses Big Threat to Banking Sector—CBN Governor
By Modupe Gbadeyanka
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has admitted that financial technology (fintech) companies pose big threats to the banking industry in the country.
Mr Emefiele raised this alarm at the investiture of Mr Uche Messiah Olowu as the 20th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN) over the weekend.
The apex bank chief called on bankers in the country to address these threats to avoid crisis in the financial sector.
“In our industry we have common threat, the threat posed by fintech. I call on CIBN to up its ante. As far as advocacy is concerned, it should be your major focus, to find lasting solutions to the threats posed by fintech,” Mr Emefiele, who was represented at the event by his deputy in-charge of Economic Policy, Mr Uche Nnanna, disclosed.
Immediate past President of CIBN, Mr Segun Ajibola, admitted also that banks face huge threats from fintech companies.
“The threat is real, just as the environment is growing globally. Banks should, from time to time, identify those risks, evolve ways of managing and mitigating these risks so that when the risk crystallise, the negative impact on such bank will not be too phenomenal.
“This is what we cannot as a country avoid today and that is why we are pleading and preaching EMR, which will help to identify the problem before they arise, enable you to police your system in a way that it will not become vulnerable to all forms of risks,” he said.
Mr Ajibola said further that, “Banks and corporate institutions should buy into them, invest and deploy them so that the negative impact of this risk on the banks, corporate institutions and Nigerian economy will not be devastating.”
For the new CIBN chief, Mr Olowu, “We are the managers of resources of money should bring to bear ethical conducts in our behaviour.”
He promised to enthrone ethics, professionalism and transparency in the banking industry, stressing that the sector lacked proper skills-set, but assured of taking certifications on enterprise risk management as major focus.
“It is a new dawn for banking in Nigeria because we are playing at the global stage as chairman of global banking education standards board.
“So, it means we have to up our ante in terms of right knowledge, skill and quality to our stakeholders and also have proactive intervention policies to the government and the judiciary,” he disclosed at the ceremony.
Mr Olowu noted that his tenure would focus on five key strategic areas, which include rules and standards, skills and competences, research and advocacy, technology and resources, and brand visibility.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has warned banking customers to safeguard their financial information by never sharing their personal identification numbers (PINs), passwords, and other sensitive banking details with anyone.
The apex bank, in a post obtained from its X handle on Monday, advised customers as the world observes Global Money Week 2026 amid rising cases of fraud and scams targeting unsuspecting bank customers.
It emphasised that even individuals claiming to be bank officials should not be trusted with personal banking information.
“Protect your money by protecting your information. As we mark Global Money Week 2026, remember: your PINs, passwords, and banking details should never be shared with anyone, not even someone claiming to be from your bank. Stay alert. Stay safe.”
The warning comes amid worries as fraudsters often impersonate bank officials via phone calls, text messages, or emails to trick customers into revealing sensitive data. This has been made worse with the development of artificial intelligence (AI).
Global Money Week is an annual international campaign that promotes financial literacy, money management, and consumer protection. It is being observed worldwide, including in Nigeria, with a focus on safe banking practices.
This year’s theme, Smart Money Talks, focuses on supporting young people to talk openly about money, develop essential financial skills, and make informed decisions that build long‑term confidence and financial well‑being
Throughout Global Money Week, people and institutions will carry out programmes that will aid learning about the necessary money management skills, attitudes and behaviours needed to make smarter future financial decisions.
Topics like scams and fraud awareness, managing finances, understanding transactions and protecting consumer rights will also be explored across the world.
By Adedapo Adesanya
The Fintech Association of Nigeria has backed the recent slew of regulatory measures by the Central Bank of Nigeria (CBN), saying it will strengthen banking security, curb fraud and boost trust.
Mr Oluwaseun Adesanya, National Treasurer of the association, in an interview with the News Agency of Nigeria (NAN) in Lagos over the weekend, said the policies, including restricting banking applications to a single device, were designed to safeguard the financial ecosystem.
He said the regulator introduced the measures to improve security, protect customers and strengthen confidence in digital banking platforms.
Mr Adesanya, speaking on the sidelines of an induction and award ceremony organised by the Chartered Institute of Bankers of Nigeria (CIBN), said improved security will enhance convenience for customers and reinforce trust in financial institutions.
Mr Adesanya added the reforms would also help banks reduce losses from non-performing loans by strengthening credit facility frameworks.
“This will bring more sanity into the financial system and help banks avoid making provisions for loans that are no longer performing,” he said.
He noted that the regulatory initiatives were aimed at creating a safer environment for stakeholders across the financial services industry.
Last week, the CBN made some fresh regulatory moves aimed at strengthening the Nigerian banking ecosystem, including the announcement of new baseline standards requiring financial institutions to deploy automated anti-money laundering (AML) systems.
The new framework sets minimum standards for automated anti-money laundering solutions designed to strengthen the detection and reporting of financial crimes within Nigeria’s rapidly digitising financial ecosystem.
The CBN explained that the guidelines establish a baseline structure for financial institutions to deploy advanced monitoring tools capable of flagging suspicious financial activities instantly.
Also, it directed Nigerian banks to flag suspected fraud Bank Verification Numbers (BVNs) after a 24-hour watchlist from May 1, as well as updates on phone numbers linked to a BVN shall be allowed only once in a lifetime.
By Adedapo Adesanya
NOVA Bank Limited has announced the appointment of Jude Anele as its chief executive, following the approval of the Central Bank of Nigeria (CBN).
The appointment comes at a pivotal moment in the bank’s evolution, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.
Mr Anele, according to a statement over the weekend, brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail/commercial banking, corporate banking, risk management, institutional transformation and executive leadership.
Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.
The appointment reflects the board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.
Speaking on his appointment, Mr Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth. “Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate.
“Our focus now is execution — deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders,” he said.
On his part, the Bank’s Chairman, Mr Phillips Oduoza, also expressed confidence in the new leadership.
“The board is pleased to welcome Mr Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Mr Oduoza said.
He added that with recapitalisation completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.
NOVA Bank also confirmed that it had met the recapitalisation requirements set by the CBN ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability.
The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.
NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn