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CBN: no position on crypto technology yet

The Central Bank of Nigeria (CBN) has said it acknowledged the existence and usefulness of crypto technology but hasn’t taken any official position on it.

Its Chief Information Security Officer, Rakiya Mohammed, who spoke at Secure Enterprise 2019 organised by IT and T Solutions Ltd, IBM and Interpost at Radisson Blu, Victoria Island, Lagos, said the apex bank doesn’t recommend specific technologies to lenders but has set guidelines which take care of security issues in the financial services sector.

Represented by Ibrahim Kuka, an official of the bank, she spoke on: ‘Mobile Devices in Corporate Networks-Security Challenges’.

According to her, data released by both the Global System for Mobile Communication Association (GSMA) and the Nigerian Communications Commission (NCC) showed tremendous growth in subscriber figures, internet penetration and mobile devices stressing that with these have come challenges.

Some of these challenges include poor governance, data loss/leakage, dearth of infrastructure, impersonation, Subscriber Identity Module (SIM) swap fraud and many others.

She said the ability of bank customers to transfer cash via the use of codes and USSD such as GTBank’s *737* has made it imperative for stricter security to secure customers funds.


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8 Comments

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  1. Our banking system needs an evolution immediately

  2. Pls we really need our banks to be evoluted

  3. I am tired, complain every now and then even our account are no longer safe.

  4. please let there be evolution of bank

  5. pls let there be evolution in our banking system

  6. The customers should help their banks in securing their funds by enabling security measures on their digital devices.

  7. The bank should alterly and securly make sure that they provide ways which they use to protect individual accounts.

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