CBN to implement more policies to tackle cybersecurity challenges

The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system.

The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.

The theme of the event was: “Building Trust in the Digital Age: Balancing Performance with Compliance.”

According to him, issues such as cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.

Ikeazor said the apex bank, in addition to existing measures is working on new regulations to further enhance performance and compliance.

He said the new regulations would focus on two key areas; corporate governance and licensing requirements.

“The new regulation is crucial to mitigate the risks of the digital era,” he said.

He explained that the new regulation was aimed at improving the level of compliance and corporate governance practice by fintechs in the country.

Ikeazor said the digital banking platforms have made financial services more accessible to millions of Nigerians, fostering greater financial inclusion and convenience.

He, however, said that digitalisation also brought challenges that could erode trust if not properly managed.

“Every organisation should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important.

“Corporate governance is also very critical. Organisations need to have the right structure and be effective transparent and accountable in the administration of their affairs,” he said.

Also, the Chief Convener and Chief Executive Officer of FITC, Mrs Chizor Malize, said the emergence of fintech has revolutionised financial services, shifting consumer behaviour toward digital consumption and away from traditional brick-and-mortar establishments globally.

Malize said that the rise of companies such as PayPal and Square, alongside innovations like blockchain technology and mobile payment systems had demonstrated the immense potential of fintech to disrupt traditional banking models and enhance consumer convenience.

She noted that Africa stood at the forefront of this fintech revolution with companies like Interswitch, Flutterwave, Moniepoint, and others leading the charge.

Malize added that Nigerian banks such as Providus Bank, GTBank, and Stanbic IBTC and others were embracing fintech innovations to meet evolving consumer demands.

“These initiatives showcase Africa’s potential to drive financial inclusion and economic growth through digital innovation.

“With the widespread mobile technology adoption and a growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution.

“As we strive for peak performance and efficiency, we must uphold the highest standards of compliance and integrity,” she said.

Malize added that strong regulation and compliance were essential for ensuring financial system stability, which was the focus of this conference.

Supreme News reports that the FITC is a not-for-profit professional organisation, which has the CBN, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria as members.