July 30, 2019 / 11.30AM / Ottoabasi Abasiekong for Proshare WebTV / Header
Image Credit: @cibnigeria
The President/Chairman of Council of Chartered Institute of Bankers in Nigeria Dr. Uche Olowu has called on Deposit Money Banks to align with the Cyber-security guidelines of the Central Bank of Nigeria.
Dr. Olowu said this while delivering the opening address as the Digital Banking speaker at the 2nd Annual Conference of the Association of Professional Bankers in Education, which was hosted at Babcock University, Ogun State.
Olowu also recommended that regulatory authorities in the financial services industry, develop and implement a principal Data Protection and Privacy Law to ensure greater protection of personal records.
The CIBN President who lauded the organizers of the event for the forum stated that just recently the institute through its Centre for Financial Studies hosted a recent breakfast meeting, that focused on the theme “Data Protection and Management Strategies for the Banking Industry”, which was geared towards sensitizing the industry on the value of data security.
He reassured stakeholders on the commitment of the CIBN towards building the capacity of banking professionals and would-be bankers.
Considering the developments in the fourth industrial revolution , Olowu citing a recent PwC report showed that there was a change in customer preference for a certain type of communication channel in order to access the banking products, an increase in the preference for the use of mobile phones, and a decrease in the percentage of computer use.
This, according to him, was a threat to the survival of banks in the Nigerian banking industry and financial services sector.
He also informed stakeholders that the global payments and lending space had witnessed the entry of new non-bank players such as Apple, Google, Amazon, or Alibaba that operate globally and have a large number of clients.
The entry of the big tech companies, he said, had exerted significant competitive pressure on banks.
Olowu also added that Companies in other sectors, such as mobile operators, are also looking for new revenue opportunities centred on financial services, and are gearing to take advantage of the new Payments Service Bank, PSB established by the CBN.