Over 4,500 Licenced Bureau de Change (BDCs) operators have been advised to stop use of Yahoo and Gmail for official communication especially to the Central Bank of Nigeria (CBN).
This advice was given by the Association of Bureau De Change Operators of Nigeria (ABCON), which said its members can create or reactivate over 4,000 official/corporate emails on its platform.
President of the association, Mr Aminu Gwadabe, during a chat with financial journalists in Lagos, said the advice followed a circular from the Other Financial Institutions (OFIs) Department of CBN, directing all OFIs including BDCs to adopt corporate e-mails for their communication with the apex bank.
“We are also glad to inform the gathering that over 1,000 BDCs in the South-west have so been integrated with the new CBN Forex return rendition platform.
“In due course, our members in the other zones shall soon be integrated to achieve real time on line return rendition to CBN from the comfort of their offices.
“ABCON has created over 4,000 official emails on its platform, www.abconng.org, for its members to enhance compliance,” the ABCON chief said.
Also during the chat, Mr Gwadabe said all BDC operators now have opportunity to re-active their official e-mails on the ABCON platform.
“ABCON advises all members to reactivate their emails on the automation platform to enable them comply with the CBN circular. All members are to visit national and zonal secretariats for further enquiry and any assistance where necessary,” he added.
The ABCON boss said the rising threats of cyber-security attacks on the financial system means that all stakeholders, including BDCs must be proactive to protect their data, businesses, reputation and overall operations from cyber attackers.
He said that e-mails have remained the weakest link on cyber-attacks and BDCs under his leadership will continue to upgrade their IT systems to ensure that they are ahead of the cyber criminals.
Continuing, he said that banks, OFIs, digital wallets and remittance players are prime targets for cyber criminals seeking quick monetization of stolen credentials.
“It is therefore important that we do not relent in our efforts at protecting this space and increasing public confidence in financial system,” he said.
MrGwadabe backed the OFIs Department of CBN on the policy shift, agreeing with the regulator that most cyber-attacks involve the use of web or internet based emails to send malicious software or viruses that compromise the data and IT systems of organizations with the attendant negative impact on the confidentiality, integrity and availability of critical information assets.
He urged OFIs with corporate e-mails to comply with the CBN directive by making regulatory submissions and communicate with the regulator via e-mails as the apex bank has restricted all web-based e-mails from its domain, adding that compliance is compulsory.
Mr Gwadabe advised BDC’s to comply swiftly with the CBN policy on corporate e-mails, adding that cyber-attack that can be launched through webmail and operators that are yet to integrate with the corporate e-mail may be at risk of losing huge capital or reputation, should there be system attacks.
He explained that the need to keep BDCs’ IT systems in line with global best practices prompted ABCON to launch its Live Run Automation Portal, which integrates operators’ IT with those of Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU) and the Central Bank of Nigeria (CBN) to improve the level of compliance of the BDCs with set regulations.
Mr Gwadabe said the world is going digital, and BDC operators under his leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to customers, while also keeping an eye on the IT systems risks prevalent in today’s world.
The ABCON chief said the group had fully upgraded its Information Communication Technology (ICT) platforms, to achieve full digitisation of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to regulatory agencies.
Adedapo Adesanya