E-Financial
ATMs @ Risk as Banks Miss Microsoft Windows Deadline
Nigerians may experience glitches at automated teller machines (ATMs) as most banks in the country are yet to migrate to Windows 8 Operating System (OS) after Microsoft Corporation retired Windows XP on April 8.
The Windows 8 is a personal computer OS developed by Microsoft as part of Windows new technology family of OS.
The application has introduced major changes to the operating system’s platform and user interface to improve its user experience on tablets.
This became exigent as Windows was now competing with mobile operating systems, including Android and iOS.
The Nation newspaper quoted Chuks Iku, chairman, Committee of e-Banking Industry Heads (CeBIH), as saying that Microsoft Nigeria had directed banks to migrate to the improved platform, which, he said would allow for enhanced banking benefits and security.
Iku who spoke at a briefing yesterday in Lagos , said Microsoft is the owner of the licence and banks are taking steps to ensure they comply.
“CeBIH has engaged Microsoft Nigeria to fashion out means of creating a uniform approach to compliance with the need for migration of ATM operating system from Windows XP to Windows Embedded 8.1 which is the new operating system designed to run on ATMs. This step ensured security of ATM transactions and helped to prevent attacks on ATM terminals,” he said.
Iku who is also the head of E-Business at Skye Bank, said the group is also looking at what happens next if the banks fail to comply, including extension of the deadline.
The Nation newspaper reported that CeBIH comprises all heads of e-business/ e-banking/ e – channels/ card services of all banks in Nigeria, aimed at promoting electronic banking services in line with global best practices.
Iku said the group is working on getting more banks to migrate their Windows XP to the new version adding that different banks have their different ways of approaching the challenge.
The banker said despite failure to comply by some lenders, ATMs remain secured and safe for transactions. He however said non-compliant ATMs might not be able to carry out improved service delivery.
“By upgrading, we are taken to a higher version, but that does not mean that the version that you have will not run. The ATMs are still working, and are not going to go down. “But the migration will only enhance the features of the ATMs. There is really no cause for alarm, the important thing is that we should do it quickly to ensure that our ATMs are in top performing levels,” he advised.
Benedict Anyalenkeya, group head, E-Business, Unity Bank, explained that not all ATMs were affected. He said some of the ATMs came with Windows 8 by default, adding that the entire industry is not having backlog of ATMs migration.
Anyalenkeya said the ATMs that were installed in the last one or two years would have been upgraded except for the old ones. He said the compliance level depends on each lender and assured that there is no cause for alarm.
He said the CeBIH has agreed with the banks to consult with Microsoft on a much cheaper way of doing it. “Each individual bank still has the responsibility of upgrading its own software. I cannot give you a timeline on compliance but it will be completed within a very short time,” he said.
Ernest Obi, head, E-Business & Channels, Keystone Bank, said banks are simply trying to buy time. He said Microsoft is also aware that it lacks the capacity to get all banks migrated to the Windows 8 adding that the CeBIH is helping lenders to buy time and solve the migration challenge.
But Kabelo Makwane, general manager Microsoft Nigeria, told The Nation that the company has the capacity to migrate all the banks that are willing and ready for the project. He said Microsoft has over 2,500 partners involved in the migration process, one of which is Zinox Technologies.
He however said several banks have identified non-migration to the new technology as a priority for them and are taking steps to address the challenge.
He said that non-migration to the Windows 8 can open the banks up for potential security vulnerability and threats.
Makwane said: “We have the capacity to migrate all the banks to the Windows 8. We have no capacity challenge at all and have been advising the banks on the need to migrate to the new technology,” he said.
He explained that Microsoft will keep supporting the banks to achieve compliance.
Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureaux de change (BDC) operators.
Jonah Onojah, director of the financial policy and regulation department, announced that the waiver took immediate effect.
“This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately,” the statement reads.
“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.
“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework,” the statement said.
On May 22, 2024, CBN approved new guidelines for BDC operations to improve compliance and oversight.
In the guideline, CBN said all existing BDCs are to re-apply for a new licence according to any of the tiers or licence categories of their choice.
CBN said the guidelines are part of its efforts to re-position the BDC market to play its envisioned role in the foreign exchange market in Nigeria.
PalmPay, a Mobile Money Operator and digital payment platform has reaffirmed its role as a mobile payment provider, correcting the insinuation that it is a loan App.
Chika Nwosu, Chief Executive Officer, PalmPay, speaking at a press conference in Lagos clarified that PalmPay’s core mission is to provide seamless payment solutions and financial services, not to issue loans.
This clarification became necessary against erroneous messages in some social media platforms that the PalmPay is a loan App, as well as individuals wearing PalmPay-branded clothing allegedly been involved in arresting loan defaulters, raising concerns about the company’s role in debt recovery practices.
He explained that all lending activities on its platform are conducted by third-party financial institutions leveraging its ecosystem, not PalmPay itself.
“PalmPay is not a loan App. We provide a platform for third-party financial institutions to offer their services, including loans, to our users. These institutions operate independently and comply with all regulatory requirements,” Nwosu explained.
More so, Chika Nwosu identified smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.
According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.
He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.
He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.
“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.
Donald Ubeh, Head, Risk and Compliance, MLRO at PalmPay, while highlighting the impact of fintech companies such as PalmPay, explained that the coming of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.
He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.
He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.
According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.
Moneipoint has denied reports that Moniepoint MFB, its microfinance bank, was hacked and some N1.1 billion allegedly stolen.
Moniepoint, in a blog post said that the report, which began on social media was malicious and misleading and should be ignored.
According to the company, the alleged theft gained traction on social media, alleging that the company is facing operational challenges due to the hack.
“We categorically state that these claims are untrue, and we urge the public to disregard them in their entirety.
Moniepoint MFB has always maintained the highest standards for digital security and customer fund protection.
It stated that as a duly authorised and licensed financial institution, customer deposits with Moniepoint MFB are insured by Nigeria Deposit Insurance Corporation (NDIC), with the Central Bank of Nigeria (CBN) supervising and regulating its operations to ensure adherence to all applicable standards.
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