Banking sector must prioritise cybersecurity, warns NDIC boss

18th May 2024

Bello Hassan

The Chief Executive Officer of the National Deposit Insurance Corporation, Bello Hassan

The Chief Executive Officer of the National Deposit Insurance Corporation, Bello Hassan, has urged bankers in the country to pay attention to cybersecurity.

He stated this on Friday at the swearing-in ceremony of Professor Pius Olanrewaju as the 23rd president/chairman of the council of the Chartered Institute of Bankers of Nigeria in Lagos.

“In this regard, a deliberate and collaborative approach to cyber risk involving all stakeholders is essential to protect the resilience of the banking system.”

Olanrewaju was sworn in by Justice Owolabi Dabiri at the event held chaired by Senior Advocate of Nigeria, Wole Olanipekun.

In his goodwill message, the Speaker of the House of Representatives, Tajudeen Abbas, represented by the Chairman of the House Committee on Banking, Nwachukwu Eze, hailed the immediate past CIBN President, Ken Opara and called on the new leadership of the organisation to embrace technology to boost financial inclusion.

He said, “Today, as you welcome the incoming president and new chairman of the council, we also reflect on the challenges and opportunities that lie ahead. The banking sector is constantly evolving, driven by technological advancements, regulatory changes, and shifts in customer behaviour.

“In the face of these types of changes, the CIBN must remain steadfast in its commitment to excellence and innovation. The incoming leadership must embrace new ideas, and new emerging technologies and foster collaboration within the industry to navigate these challenges and seize the opportunities that lie ahead.

“As we look to the future, we must not lose sight of the importance of financial inclusion and sustainable development. Despite progress has been made in expanding access to financial services.”

According to the speaker, millions of Nigerians remain on the side or excluded from the formal banking sector.

“It is incumbent upon all stakeholders, including the CIBN to redouble your efforts to promote financial literacy, expand access to finance, and foster inclusive growth, that leaves no one behind,” he counselled.

The chairman of the occasion, Olanipekun, speaking with journalists, called for a more active role for the institute in the framing of government policies.

“CIBN should be involved in moulding, modelling, and revitalising critical measures and fiscal policies. Where we are today, we are talking of inflation, hydra-headed inflation, runaway inflation and high prices of commodities beyond the reach of the ordinary people, you don’t expect an institution like this to fold its arms and be watching.

“They should be in the advisory role of the government. We expect that within the next two years, the institute will play a major role in the next two years. They have been trying but they need to try more. Nigerians now need the institute more than ever,” he declared.


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