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Banking sector must prioritise cybersecurity — NDIC



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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MoneyMaster to promote mobile wallet at Ojude Oba



Nigeria’s leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB) will be at this year’s Ojude Oba Festival to be held in Ijebu Ode, Ogun State.

The Ojude Oba festival is an annual event that typically holds on the third day of the Eid-al-Kabir whereby different cultural age groups put up a spectacular parade to pay homage to the Royal Majesty, the Awujale of Ijebualand.

As a precursor to the Ojude Oba festival, Moneymaster, has embarked on a month-long market activation, engaging indigenes of Ijebuland to onboard them on to one of its digital banking platforms – mobile wallet. With the Moneymaster mobile wallet, customers can transfer, withdraw from an agent, buy airtime and pay utility bills.

During this month-long activation, customers in Ijebuland who open an account stand a chance of winning free airtime amongst other gift items.

According to a statement by the company, the move towards a cashless economy can become a reality when the bulk of Nigerians embrace mobile wallets so as to help them cultivate a more convenient savings habit and also enable them make payment with ease.

“While we rejoice with the people of Ijebuland at this time, we also want to showcase what we have in Moneymaster’s mobile wallet that can help various people to enjoy seamless banking from their phones,” the statement noted.

Moneymaster Payment Service bank is licensed by the Central Bank of Nigeria and insured by NDIC to promote financial inclusion in furtherance of the Nigerian financial literacy initiative driven by the Central Bank of Nigeria.

With Moneymaster, Nigerians can open mobile wallets, savings account, individual and business accounts to make payments, buy airtime, and pay utility bills to over 4,000 companies.

MoneyMaster was recently appointed a payment partner to the Ounje Eko initiative by the Lagos State government in its bid to provide discounted food items to residents of the state amidst rising cost of food items. Moneymaster is positioned to support individuals and businesses in their journeys towards financial prosperity by offering bespoke financial services that meet their aspirations.

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Money market

Union Bank Nigeria urges global habitat restoration on World Environment Day



Union Bank Nigeria Limited has stressed the importance of preserving and restoring the global environment through sustainable practices.

This message was conveyed during an event co-hosted with the Nigerian Conservation Foundation in observance of World Environment Day.

A key highlight of the event was a tree-planting exercise involving participants and stakeholders representatives. This activity aligned with this year’s theme, “Land Restoration, Desertification, and Drought Resilience,” emphasising the need to rejuvenate and restore areas affected by deforestation, erosion, and desertification, both globally and in Nigeria.

During the program, the Head of Citizenship and Sustainability at Union Bank, Patricia Iwhewhe, highlighted the need to protect our environment.

In her words: “Land degradation and erosion are not things stakeholders and policymakers can afford to ignore or gloss over. We all must get involved in helping restore and reclaim parts of our environment badly impacted by deforestation and desertification. Union Bank, as a sustainability champion committed to the preservation of our dear planet, appreciates and recognises the responsibility we have as humanity to look after our environment. We will continue to support and participate in programs dedicated to protecting and enriching our precious habitat.”

The event gathered diverse stakeholders, including environmental rights activists, international partners agencies, corporate bodies, government agencies, and students from selected secondary schools, to discuss and engage in World Environment Day activities.

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Naira depreciates by 0.17% against dollar at official market



The Naira on Thursday slightly depreciated at the official market trading at N1,476.24 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58.

This represents a 0.17 percent loss when compared to the previous trading date on Tuesday when it traded at N1,473.66 to the dollar.

Also, the volume of currency traded reduced to $92.68 million on Thursday down from $385.91 million recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between 1,500 and N1,400 against the dollar.

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