The Central Bank of Nigeria (CBN) has warned Nigerian banks and fintechs to be wary of cybersecurity risks as they move into open banking.
The Director of Payments System Policy at the CBN, Mr. Musa Jimoh, gave this charge while speaking during the Q2 Regulators Forum of the FintechNGR themed, “Beyond Compliance: Unlocking Innovation with Nigeria’s Open Banking Framework”.
According to him, banks and fintechs need to invest heavily in cybersecurity as open banking involves the sharing of customers’ data, which could be compromised by hackers if not well protected.
