The Central Bank of Nigeria (CBN) warns banks and fintech companies that cybersecurity and third-party technology risks could undermine financial stability. It urges institutions to address vulnerabilities that could allow disruptions in one firm to spread across Nigeria’s payments and financial system.
In separate coverage, outlets report that the CBN calls for stronger defenses and better oversight of technology dependencies. Daily Post Nigeria highlights the need for firms such as Moniepoint and OPay to “shore up” their protections, while referencing discussion by CBN officials connected to payments supervision and fraud oversight. Vanguard Nigeria and Legit.ng similarly emphasize that weaknesses in cyber resilience and reliance on external systems are treated as systemic risks. Legit.ng also notes calls for improved reporting and safeguards related to artificial intelligence, reflecting the broader scope of expected controls.
Overall, the accounts converge on the CBN’s message: financial institutions must improve cybersecurity practices, manage third-party technology exposure, and strengthen governance to reduce the risk of instability.
