CBN to address cybersecurity issues for financial system stability, integrity
The Deputy Governor of Financial Systems Stability at CBN, 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 added.
