Central Bank of Nigeria (CBN) will today launch its newly redesigned website, www.cbn.gov.ng.

Mrs Hakama Sidi Ali, acting director, Corporate Communications, CBN, , made this known in a statement on Sunday in Lagos.

“We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024.

“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate.

“Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.

“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she said.

Sidi Ali said the CBN was committed to developing and enhancing the website to facilitate communication.

“Please follow our different social media channels linked on the website’s home page for more updates,” she said.

Central Bank of Nigeria (CBN) has said penalties totaling N15 billion were imposed on 29 banks for violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.

This was disclosed by Olayemi Cardoso, CBN governor, during the 2024 Bankers’ Night organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

In his remarks, Cardoso stressed the gravity of these violations and stressed the need for the affected banks to address the systemic weaknesses that allowed such lapses to occur.

“In addition to these penalties, the banks are required to address the root causes of the lapses, which is crucial for improving regulatory effectiveness. Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative,” Cardoso stated.

The Broader Implications of Compliance

The CBN governor highlighted the broader impact of compliance on the financial ecosystem, noting that institutions that prioritise regulatory adherence contribute to national growth and stability.

“A bank that prioritises compliance does more than protect itself -it strengthens the entire financial ecosystem. It directs financial resources toward growth, innovation, and prosperity rather than crime and corruption. Together, we must exceed standards, demonstrating to the public and the world that we are stewards of integrity and trust,” he added.

Cardoso also pointed out that the consequences of non-compliance extend beyond regulatory penalties. According to him, issues such as money laundering, fraud, and corruption undermine the foundation of the financial system.

“The cost of inaction is profound—fraud undermines confidence, corruption erodes trust, and money laundering perpetuates organized crime,” he remarked.

The governor articulated a vision for a robust compliance culture across Nigeria’s banking industry. He emphasised that financial institutions must not only comply with regulatory standards but also adopt a proactive approach to identifying and mitigating risks.

Cardoso explained that executives and boards must lead by example by making compliance a strategic priority and championing zero tolerance for breaches—not just in policy but in practice. He urged financial institutions to anticipate vulnerabilities and address risks in high-risk areas proactively.

He also called for the education of staff to recognise red flags and report concerns about fraud, money laundering, or unethical behavior, ensuring they are protected when they do so.

Additionally, he stressed the importance of conducting enhanced due diligence for high-risk clients, politically exposed persons, and vendors to prevent illicit funds from flowing through financial institutions.

The governor emphasised the need for industry-wide collaboration to combat systemic threats. This includes sharing intelligence on emerging risks, cooperating with law enforcement agencies, and maintaining open communication with regulators.

Cardoso acknowledged the challenges facing the sector, from cybersecurity threats to disparities in financial inclusion. However, he expressed optimism that with strengthened compliance frameworks, the Nigerian banking industry could address these challenges effectively.

Reflecting on the broader implications, he said, “Compliance is not just a regulatory requirement; it is central to our mission of fostering trust and integrity within the financial system. Together, we can build an industry that not only meets but exceeds global standards.”

Credit: Business Day

The Development Bank of Nigeria (DBN) has been honoured with the Financial Inclusion Leadership Award for its dedication to empowering Nigerian Micro, Small and Medium Enterprises (MSMEs) through accessible financing.

DBN was honored with the award at the ‘Champions of Inclusion Nigeria Financial Inclusion Awards’ during the International Financial Inclusion Conference (IFIC) 2024, hosted by the Central Bank of Nigeria (CBN) in partnership with the World Bank.

Tony Okpanachi, DBN’s managing director/CEO, expressed pride in winning the award, stating that it validated the bank’s dedication to providing financial access to Nigerian MSMEs.

“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs,” he stated.

Okpanachi noted that the award was a validation of the bank’s strategic focus geared towards financial inclusion for small businesses, “and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”

Bonaventure Okhaimo, chief operating officer of the Bank, while receiving the award on behalf of DBN, appreciated the organisers for the recognition, describing it as a significant milestone.

Okhaimo said the recognition was a significant milestone that proved the dedication of the bank to drive economic growth and create wider opportunities for MSMEs.

The COO stated further, “This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact. We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard.”

The Financial Inclusion Leadership Award is a key highlight of the International Financial Inclusion Conference (IFIC) and celebrates exceptional contributions to actions aimed at achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.

The award recognizes organizations and individuals across various sectors who are driving meaningful dialogue, and broadening access to financial services for low-income excluded priority segments, including the MSMEs sector, with inadequate funding being one of the challenges that inhibit the growth of small businesses in the country.