Central Bank of Nigeria CBN has reaffirmed it’s commitment to enhancing cybersecurity and safeguarding the integrity of the nation’s financial system.
The Deputy Governor of Financial System Stability, Mr Philip Ikeazor made this statement in Lagos during his opening remark at the fourth quarter general meeting of the Nigerian electronic Fraud Forum (NeFF) with a theme “Social Engineering Financial Fraud and Cybersecurity in Nigeria”
The Deputy Governor who was represented by Deputy Director Banking Supervision Department, Mr Adekunle Adeniji highlighted the rapidly evolving digital financial landscape
and the urgent need for constant innovation to ensure the Nigerian payment system is secured and resilient.
He observed that as digital transactions become more prevalent, the sophistication of the threats targeting them also increased.
He highlighted Social Engineering fraud as a particularly deceptive and damaging form of financial crime that posed growing risks to financial stability and individual security by exploiting the trust and confidence inherent in the payment system.
He emphasized the importance of financial institutions implementing enhanced Know Your Customer(KYC)procedures and adopting Regtech solutions as key priorities for2025,noting that the CBN would mandate financial institutions,including banks and fintechs, to adopt Regtech solutions to meet regulatory requirements more efficiently and cost effectively. Additionally he encouraged stakeholders to foster a culture of vigilance and resilience.
Ikeazor said aligning the financial sector with global e-payment development trends to enhance efficiency while prioritizing staff training and capacity building in key areas such as compliance, customer service, and audit.
Earlier in his welcome remarks, the Acting Director of the Payment Systems Management Department (PSMD) and Chairman of the NeFF, Mr.Taiwo Oladimeji, underscored the significance of the carefully curated and impactful theme, emphasising its timeliness in addressing evolving threats in the digital payment landscape. He called for a more robust and unified fight against the growing menace of cyber fraud,stressing the importance of proactive measures to outpace fraudsters.
During his keynote presentation, the Chief Executive Officer of the Nigerian Interbank Settlement System(NIBSS)), Mr.Premier Oiwoh, underscored the correlation between the expansion of digital payments and the increase in cybersecurity threats,citing anecdotal evidence and data-driven insights.
