The Central Bank of Nigeria (CBN) has introduced a new cybersecurity audit tool for Banks and fintech companies, directing all regulated institutions to complete the audit.
In a circular dated March 30, the apex bank said the move is part of broader efforts to strengthen the resilience of Nigeria’s financial system against rising cyber threats. The directive applies to commercial banks, microfinance banks, payment service providers, and other financial institutions under its supervision.
Strengthening Digital Security Across Finance
According to the CBN, the cybersecurity audit tool for Banks designed to help institutions evaluate their cybersecurity readiness. Identify vulnerabilities, and improve their overall risk management frameworks.
The initiative aligns with provisions of the Banks and Other Financial Institutions Act 2020. Reinforcing the regulator’s mandate to ensure financial stability and consumer protection.
With Nigeria’s rapid shift toward digital banking and fintech innovation, regulators are placing greater emphasis. On protecting financial infrastructure from cyberattacks, fraud, and data breaches.
Banks and Fintechs Face Compliance Pressure
Financial institutions expected to complete the assessment within a specified timeline and submit results for regulatory review. The CBN warned that compliance will closely monitored, with potential penalties for institutions that fail to meet required standards.
Industry experts say the tool will push organizations to adopt global cybersecurity best practices, invest in stronger systems, and improve internal controls.
A Proactive Move Amid Rising Cyber Threats
The rollout comes at a time when cybercrime is becoming more sophisticated. Targeting digital payments, online banking platforms, and financial data systems.
Analysts view the cybersecurity audit tool for Banks as a proactive step that could boost trust in Nigeria’s financial ecosystem, especially as fintech adoption continues to grow.
By enforcing stricter cybersecurity measures, the CBN aims to safeguard customers, protect financial assets. And ensure the long-term stability of the country’s rapidly evolving digital economy.
