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CIBN Seeks Protection for Customers over Data Breaches

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Chartered Institute of Bankers of Nigeria (CIBN) has urged the banking industry to display exemplary ethical conduct in the management of personal information.

 

CIBN made the call over concerns of data breach scandals which put millions of personal records in the hands of criminals.

 

Dr Uche Olowu, president, CIBN, spoke during the breakfast session in Lagos, said, “Another issue of concern is that of consumer consent or rather ‘consent fatigue’ where organisations seeking legitimate use of data serve customers with several consent notifications or forms.

 

“Customers, without taking the time to fully understand these forms or notifications indicate agreement. It is my personal belief that we, the banking community must display exemplary ethical conduct in the management of personal information and act as shining beacons to other industries.”

 

He said the centre, which was a wholly- owned subsidiary of the CIBN, was mandated to provide thought leadership and enlightenment on topical issues affecting the banking and finance industry, as well as the economy at large.

 

By organising the session, he said the institute aimed to bring to the consciousness of all stakeholders, the importance of data privacy and management via a robust panel discussion, providing measures/best practices to be taken in implementing such standards.

 

Olowu pointed that data management and protection issues should be of great concern to everyone.

 

Breaches in data protection guidelines and laws had resulted in reputational damage and a higher risk of illicit activities, such as money laundering and identity fraud, he noted.

 

He said, “Additionally, McAfee, a global computer security software company, reports that 40 per cent of people worldwide feel they lack control over their personal data – and rightly so.

 

“On July 12, 2019, British Airways-Owner IAG is facing a record $230m fine for the theft of data from 500,000 customers from its website last year under tough new data-protection rules policed by the UK’s Information Commissioner’s Office.”

 

He said the banking and financial sector was not immune to these threats, particularly given the sensitivity of data the industry warehouses.

 

“For example, in 2014, JP Morgan Chase one of the largest banks in America in terms of assets reported a data breach which affected seven million small businesses and 76 million households,” he said.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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