CBN Issues Fresh Cybersecurity Warning to OPay, PalmPay, Zenith, Access, Other Banks
- The CBN has warned banks and fintechs that cybersecurity and technology risks could threaten Nigeria’s financial stability
- It urged financial institutions to closely monitor their technology partners and report cyber incidents quickly
- The CBN also stressed the need for human oversight of AI and stronger cooperation across the financial sector
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has warned banks, fintech companies and other financial institutions to take cybersecurity and technology risks seriously, saying weaknesses in one institution could affect the wider financial system.
The Director of Payments System Supervision at the CBN and Chairperson of the Nigeria Electronic Fraud Forum (NeFF), Dr Rakiya Yusuf, gave the warning at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Source: UGC
Speaking on “Navigating Cyber and Systemic Risks in the AI-Driven Future of Banking: Implications for Financial Stability and Business Resilience,” Yusuf said the sector’s growing reliance on fintechs, payment providers, cloud services and other technology companies had created new risks.
She said a cyberattack or major disruption affecting one institution could spread to others because of the close links within the financial system. She described the possible chain reaction as a “one-fire” effect.
CBN calls for stronger risk management
Yusuf urged financial institutions to assess not only their own systems but also the risks posed by their technology partners, Vanguard reported.
She said banks should regularly review third-party providers and ensure they can withstand and recover from cyberattacks or major disruptions.
According to her, resilience means being able to keep essential services running during an incident and restore operations quickly when problems occur.
She disclosed that the CBN was strengthening its regulatory and supervisory measures to identify risks before they threaten financial stability. Cybersecurity considerations are also being included in the approval of new financial products.
Yusuf further called for prompt reporting of cyber incidents to regulators, saying early warnings would help prevent individual breaches from becoming wider threats.
CBN says AI use requires human oversight
The CBN director also encouraged greater information sharing among financial institutions and stronger monitoring of cyber threats.
On artificial intelligence, Yusuf said the adoption of new technology must be accompanied by accountability. She stressed that human oversight should remain important when AI is used for decisions affecting customers and financial institutions.
She also urged financial institutions to improve how they protect and manage sensitive data, including knowing where important information is stored and who can access it.
Yusuf said protecting Nigeria’s financial system required cooperation among regulators, banks, fintechs, payment providers and technology companies.
She added that the industry must work towards a stronger financial ecosystem that can withstand cyber incidents, limit their impact and recover quickly.
Nigerian banks file 92% of suspicious transactions
Meanwhile, Legit.ng earlier highlighted Nigerian banks’ dominance of suspicious transaction reporting in 2025, according to NFIU data.
Banks filed 38,715 of the 42,082 reports received by the agency, accounting for about 92% of the total.
The development offers new insight into Nigeria’s expanding financial monitoring system and the sectors attracting regulatory attention.
Source: Legit.ng
