English

MarketNews

CBN: no position on crypto technology yet - THE NATION

MAY 15, 2019

 by Lucas Ajanaku

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.


SEE HOW MUCH YOU GET IF YOU SELL

NGN
Real Time Analytics