Apex Bank Calls for Stronger Cyber Defence, Faster Incident Reporting and Greater Protection of Nigeria’s Digital Financial Ecosystem.
Enugu Media Village (EMV), the Most Updated Online News Platform | September 11, 2026.
The Central Bank of Nigeria (CBN) has raised concerns over the growing cybersecurity and technology risks confronting Nigeria’s rapidly expanding digital financial ecosystem, urging banks, fintech companies, payment service providers and other financial institutions to strengthen their cyber-defence systems and operational resilience.
The warning was delivered by the Director, Payments System Supervision Department of the CBN and Chairperson of the Nigeria Electronic Fraud Forum, Dr. Rakiya Opemi Yusuf, at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
The CBN official noted that the increasing interconnectedness of Nigeria’s financial system means that a cyberattack, technological failure or operational weakness in one institution could potentially affect other organisations connected to it, creating broader risks to financial stability.
She therefore urged financial institutions to adopt a more comprehensive approach to cybersecurity, stressing that institutions should not focus exclusively on protecting their own internal systems but must also examine the security of their relationships with third-party technology providers, fintech partners, cloud-service operators and payment platforms.
CBN Demands Stronger Institutional Preparedness
According to the apex bank, financial institutions must develop the capacity to prevent cyberattacks while also ensuring that essential financial services can continue during major disruptions.
Yusuf emphasised the importance of business continuity, disaster recovery and operational resilience, particularly as millions of Nigerians increasingly depend on electronic banking, mobile payments, fintech applications and other digital financial services.
She also called for more effective monitoring systems capable of detecting suspicious activities and cyber threats in real time. Stronger Security Operations Centres, she noted, would enable institutions to identify emerging threats more quickly and respond before they cause significant damage.
The CBN further encouraged financial institutions to improve the speed and quality of cyber-incident reporting, while strengthening intelligence sharing among banks, fintechs, regulators and technology companies.
Third-Party Technology Risks Under Spotlight
The CBN’s warning comes amid the increasing reliance of financial institutions on external technology providers to deliver banking and payment services.
Yusuf urged institutions to conduct regular assessments of their third-party relationships and ensure that service providers meet appropriate cybersecurity and operational standards.
She stressed that technology vendors should not become weak points through which cybercriminals can gain access to sensitive financial systems or customer information.
The apex bank’s position reflects the reality that Nigeria’s financial ecosystem has become highly interconnected, making collaboration among banks, fintechs, payment companies, telecommunications providers and regulators increasingly important in combating cybercrime.
Artificial Intelligence Brings New Opportunities and Risks
The CBN also highlighted the growing use of Artificial Intelligence (AI) within the financial sector, noting that while emerging technologies can improve efficiency and innovation, they must be accompanied by appropriate safeguards and accountability.
Yusuf stressed the importance of maintaining human oversight in critical financial decisions, particularly where automated systems and AI-powered tools are involved.
She further raised concerns around data governance and digital sovereignty, encouraging financial institutions to understand where critical data are stored, who has access to them and how such data are being processed and used.
Protecting Public Confidence in Digital Banking
The CBN’s latest warning underscores the importance of cybersecurity in sustaining public confidence in Nigeria’s digital financial transformation.
As electronic payments and digital banking continue to expand, financial institutions are increasingly responsible for protecting customers’ funds, personal information and financial transactions from cybercriminals and other technology-related threats.
A stronger cybersecurity framework, combined with effective regulation, information sharing and institutional preparedness, is therefore expected to remain critical to the stability and credibility of Nigeria’s financial system.
The CBN’s call also reinforces the need for financial institutions to view cybersecurity not merely as an information-technology responsibility but as a core component of corporate governance, risk management and financial stability.
Enugu Media Village (EMV), the Most Updated Online News Platform, will continue to monitor developments in Nigeria’s banking, fintech, cybersecurity and digital economy sectors, bringing its readers timely and relevant information on issues affecting citizens, businesses and the nation’s economic development.
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