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E-Financial

Regulators Urged to Allow Cloud Tech in Financial Services

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African regulators have to support and approve the use of cloud technology within the financial sector, says a new industry report.

The study, Cloud Banking in Africa: The Regulatory Opportunity, by Genesis Analytics and Orange Business Services, says cloud computing has the potential to unlock value in financial services through reducing costs.

It urges regulators to follow global trends in the use of cloud technology within the financial sector, saying cloud computing creates an opportunity for service providers to rethink their technology spend and significantly reduce costs.

“The report urges African regulators to develop clear policy positions and regulations on data privacy, risk and security; data sovereignty; cyber crime; protection of intellectual property; vendor risk; and migration complexity as well as operational risk, to enable financial institutions to reap the benefit of cloud banking,” says Genesis Analytics.

The report calls upon African regulators to follow their peers in the European Union, which it says has been at the forefront of defining an enabling regulatory environment for cloud banking services, which involved both the regulation of the use of data, and privacy and protection of data.

It reads: “Under the regulations, financial institutions have to ensure consumer personal data is gathered legally and under strict conditions and that consumer data is fully protected. Other developing markets like Turkey and Argentina have adopted similar legal and regulatory environments, which has enabled the use of cloud banking in their financial sectors.”

The researchers argue further that more than 700 million Africans lack access to a bank or mobile money account, and cloud solutions can ease the situation as they help reduce the costs of serving clients.

The report says cloud computing allows banks to pay less for ICT infrastructure and services, and achieve higher utilisation on ICT spend.

“Particularly for small banks in small markets where specialised ICT skills are in short supply, cloud computing can ease a critical operational constraint.

“The most compelling reason to move to the cloud is undoubtedly cost savings, but there are other business reasons too. The flexibility of cloud-based operational models allows financial institutions to experience shorter development cycles for new products, which supports a faster and more efficient response to the needs of customers.

“Cloud computing provides the computer power necessary to deliver analytical insights in real-time, which enables financial institutions to move towards a customer-centric model where the financial needs of customers are fully understood. Financial institutions can also gain a higher level of data security, resilience, fault tolerance and disaster recovery from cloud computing.”

According to the report, a few international and African banks have already realised the value of cloud banking.


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E-Financial

UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.

UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

 

The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.

Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.

“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.

UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.

Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”

Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.

“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.

She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.

 

 

 

 

 


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E-Financial

EFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria

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Economic and Financial Crimes Commission (EFCC) has said that it has uncovered a series of cyberattacks targeting Nigerian banks, with six financial institutions falling victim to highly coordinated hacking efforts by cybercriminals.

EFCC Recovers over N20Bn Stolen by Hackers from 6 Banks in Nigeria

Ola Olukoyede, chairman, EFCC

Ola Olukoyede, chairman, EFCC who disclosed this during an interview posted by TVC, asserted that the anti-graft agency has recovered billions of naira and launched a robust investigation into insider collusion fueling the fraud.

He stated that the attacks were not isolated incidents but part of a sophisticated operation involving both local and international actors.

Olukoyede confirmed that ₦9.7 billion, ₦6.7 billion, and ₦3.7 billion were successfully recovered in three separate cases, preventing what could have been catastrophic losses for the affected banks.

He lamented that the methods employed by the criminals are alarming, noting that they use specialised devices.

The perpetrators, often in collaboration with insiders within the banks, gain unauthorised access to internal banking platforms.

The EFCC boss added that once access is granted, an external accomplice—frequently operating from overseas locations such as Eastern Europe or the United States—takes over the bank’s systems remotely.

He highlighted that what makes these operations especially dangerous is the active participation of bank staff.

According to him, in all the cases investigated, the EFCC has found strong evidence of insider collusion, prompting the agency to call on bank executives to audit their internal processes and personnel.

He said, “One major crisis we may face in the near future—if we don’t act decisively, which we are already doing—is the escalating issue of bank fraud.

“As I speak to you now, about six banks have been hacked by young individuals. I won’t mention their names to protect their image. In one case, we were able to recover about ₦9.7 billion for a major bank.

In another, we recovered about ₦6.7 billion, and in a third case, ₦3.7 billion was saved. This is the kind of work we are currently doing.

“Here’s how the fraud typically happens: the perpetrators use a device which they connect to the bank’s system—often with the help of insiders, particularly some bank staff. Once this device is connected, a collaborator outside Nigeria—whether in Eastern Europe, America, or elsewhere—can remotely control the bank’s platform.

“Just like a bank officer can transfer funds in and out of an account, these criminals can also move billions of naira within seconds.

“They often distribute the stolen money across multiple customer accounts, gain back-end access to these accounts, and then move the funds into digital wallets or through POS terminals, withdraw the cash, and vanish.

“The alarming part is that many banks remain vulnerable to these attacks. However, it’s important to emphasize that these fraudulent activities are not the fault of the banks themselves, but rather of some complicit staff members.

“In every single case we’ve investigated, there has been clear evidence of insider involvement. That is why we have urged bank executives to look inward. These attacks cannot be successfully carried out without the active connivance of their staff.

“This issue has drawn our full attention at the EFCC. We are working tirelessly to combat it. However, because of the potential impact on public confidence and economic stability, we are deliberately not making too much noise about it. We do not want to trigger panic or a rush to withdraw funds.”

“Nonetheless, rest assured that we are on top of the situation,” he stated.

 

 

 


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Court to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management

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Federal High Court in Abuja on Monday, fixed July 4 for judgment in the suit filed by the Nigeria Inter-Bank Settlement System (NIBSS’) Plc against the Central Bank of Nigeria (CBN) and others.

Court to Deliver Judgment in NIBSS’ Suit against CBN, Others over BVN Database Management

NIBSS, in the suit, is seeking an order to prevent any institution from challenging its statutory authority to maintain and manage the Bank Verification Number (BVN) database in Nigeria.

Justice James Omotosho fixed the date after Babatunde Ige, lawyer to NIBSS, and Kofo Abdulsalam-Alada, CBN’s counsel, adopted their processes and presented their arguments for and against the suit.

NIBSS, through Ademolai Esan, SAN,  its lawyer, had sued the Incorporated Trustees of Digital Rights Lawyers Initiative (ITDRLI), the CBN and the Attorney-General of the Federation (AGF) as 1st to 3rd defendants respectively.

NIBSS seeks a declaration that it is statutorily empowered to maintain and manage the BVN database.

It said this is pursuant to the Central Bank Act 2007, the Banks and Other Financial Institutions Act 2020, and the Revised Regulatory Framework for the Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry 2021.

“Pursuant to the provisions of the framework, NIBSS, as a designated participant in BVN operations, is statutorily authorised to manage and maintain the BVN database and ensure its seamless operation, among other functions,” it added.

It, therefore, accused ITDRLI (1st defendant) of filing multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and alleging that such management violates constitutional privacy rights.

However, ITDRLI denied the allegations in it court processes, asking the court to dismiss the suit.

Justice Omotosho had, on May 19, dismissed a motion for joinder filed by the Incorporated Trustees of Data Privacy Lawyers Association (DPLAN), describing it as “unmeritorious.”

When the matter was called on Monday, no lawyer appeared for ITDRLI and AGF, despite being served with hearing notices.

NIBSS counsel, Ige, in his argument, prayed the court to give judgment in favour of his client.

Abdulsalam-Alada, CBN lead counsel, however, drew the court’s attention to his counter affidavit filed on Feb. 11.

In the application, the lawyer urged the court to hold that NIBSS’ management of the BVN database is statutorily authorised, constitutionally justified and essential for maintaining the stability and security of Nigeria’s financial system.

“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security,” he said.

He said the power of the apex financial system regulator to issue directives on BVN development was derived from the provisions of the CBN Act of 2007 and the Banks and Other Financial Institutions Act of 2020.

Abdulsalam-Alada submitted that the CBN had the power under Section 47(2) of the CBN Act to develop payment and settlement systems in Nigeria.

“Pursuant to this, NIBSS was established alongside all the other banks in Nigeria,” he stated.

He further said that the CBN Act empowers the apex bank to promote a sound financial system in Nigeria.

“We urge your Lordship to note that the introduction of the BVN in Nigeria is for the promotion of a sound financial system.

“The security of the deposits of the average Nigerians or even non-Nigerians who bank with banks in Nigeria is very key,” he added.

The lawyer, therefore, urged the court to consider the importance of the BVN framework and its operationalisation by NIBSS in holding that the plaintiff had the power to maintain the BVN database in Nigeria.

After hearing from the lawyers, Justice Omotosho adjourned the matter until July 4 for judgment.

BVN is a unique number that allows individual accounts to be verified across the Nigerian banking industry.

Besides, it is issued to every bank customer at enrolment and is linked to all of the customer’s bank accounts in the country.


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