business

CBN Urges Stronger Cybersecurity as Nigeria Expands Open Banking

Published

2 months ago

July 1, 2025

CBN Warns Banks and Fintechs: Prioritize Cybersecurity in Nigeria’s Open Banking Push

The Central Bank of Nigeria (CBN) has issued a strong warning to banks and financial technology companies (fintechs), urging them to prioritize cybersecurity as the country accelerates its transition to open banking.

Speaking at the Q2 Regulators Forum hosted by the Fintech Association of Nigeria (FintechNGR), the CBN’s Director of Payments System Policy highlighted that while open banking promises major innovation and customer-centric services, it also presents serious cybersecurity risks if not properly managed.

“Open banking must not become an easy entry point for cybercriminals,” the CBN official cautioned. “We’ve seen global incidents of data breaches. The integrity of our financial systems must be protected at all costs.”

The Promise and the Risk of Open Banking

Open banking enables third-party providers—such as fintechs—to access consumer financial data (like account balances and transaction history) with the user’s consent. This is made possible through application programming interfaces (APIs) that connect banking platforms with external services.

However, the CBN warned that these APIs can become vulnerable points of attack without robust cybersecurity frameworks in place.

Call for Stronger Protections and Customer Education

The CBN urged financial institutions to:

Invest heavily in cybersecurity infrastructure
Ensure airtight protection of systems and APIs
Educate customers about what they’re consenting to and how their data will be used

“We don’t want criminals sending fake messages asking users to share PINs or login details,” the CBN representative said. “Sensitization is critical. Security, privacy, and consumer protection are non-negotiable.”

The regulator emphasized that uninformed customers are more susceptible to phishing attacks and social engineering tactics, especially as cybercriminals could exploit open banking channels for impersonation or fraud.

Standardization and Regulation Underway

To strengthen the ecosystem, the CBN is currently working on API standardization, which will allow fintechs to integrate with banks through a unified protocol, reducing the need for custom configurations across different institutions.

This initiative follows the CBN’s historic release of operational guidelines on March 7, 2023, making Nigeria the first African country to formally adopt open banking regulations. The framework lays out clear rules for how financial data can be accessed and shared—only with user permission.

Balancing Innovation with Security

Open banking is expected to enhance competition, spur innovation, and provide more personalized financial services. However, the CBN maintains that without strong cybersecurity, standardized APIs, and public awareness, the model could backfire and compromise both institutions and consumers.

business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 weeks ago

September 1, 2025

globa_admin

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

4 weeks ago

August 18, 2025

globa_admin

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
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We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

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Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X
Share daily job updates, business news, and smart money tips from the website
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A strong presence on social media (min. 2,500 followers on at least one platform)
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Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

business

NEXIM Bank and SMEDAN Partner to Strengthen SME Export Capacity Nationwide

Published

2 months ago

July 25, 2025

globa_admin

NEXIM Bank and SMEDAN Sign Landmark MoU to Boost SME Export Growth in Nigeria

In a bold move to strengthen Nigeria’s small business ecosystem, the Nigerian Export-Import Bank (NEXIM) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a groundbreaking Memorandum of Understanding (MoU) aimed at accelerating the growth and global competitiveness of Small and Medium Enterprises (SMEs) across the country.

A Strategic Partnership for Economic Transformation

This MoU formalizes a strategic alliance between NEXIM and SMEDAN, focusing on:

Export financing and access to global markets
Tailored financial products for SMEs
Capacity-building and training programs
Promotion of Made-in-Nigeria products internationally

The collaboration is expected to streamline trade facilitation and offer Nigerian SMEs the tools and support needed to thrive in international value chains.

Empowering SMEs for Global Competitiveness

Speaking at the signing ceremony, Abba Bello, Managing Director/CEO of NEXIM Bank, emphasized the significance of this partnership in preparing Nigerian SMEs to compete globally, particularly under the African Continental Free Trade Agreement (AfCFTA).

“This collaboration with SMEDAN is a critical step in our mission to empower Nigerian SMEs. By combining our financial instruments with SMEDAN’s development expertise, we are creating a robust support framework that enables small businesses to scale and succeed in export markets,” Bello said.

Removing Barriers and Unlocking Opportunities

On his part, Charles Odii, Director-General of SMEDAN, noted that the agreement will help eliminate major hurdles that have long hindered SMEs from tapping into international markets.

“Our goal is to ensure Nigerian SMEs have not just the skills but also the financial backing to grow. This MoU with NEXIM Bank paves the way for real participation in global trade,” Odii remarked.

He also outlined key focus areas of the collaboration:

Providing export-oriented financing solutions
Offering expert training and advisory services
Simplifying export processes for MSMEs

🇳🇬 Aligning with Nigeria’s Economic Diversification Agenda

This partnership supports the federal government’s broader vision of economic diversification and inclusive growth, particularly through public-private partnerships that empower micro, small, and medium-sized enterprises (MSMEs).

About the Agencies

NEXIM Bank, established under Act 38 of 1991, is Nigeria’s official Export Credit Agency, providing financing, risk management, and advisory services to support the development of non-oil exports.

SMEDAN, created by the SMIDA Act of 2003, is the federal government’s leading institution tasked with fostering the growth, sustainability, and global competitiveness of MSMEs across Nigeria.