In its relentless effort to address the pressing concerns within the banking sector, the National Association of Microfinance Banks (NAMB), Osun State Chapter, organized a workshop aimed at enhancing the awareness of Microfinance Banks’ Board of Directors, Managing Directors and staff regarding emerging challenges of cyber fraud across the globe.
Themed “Cybersecurity and Data Protection”, the workshop was held at the NAMB Secretariat in Osogbo on Saturday.
Experts in the field were brought by the NAMB leadership to take the staff and directors of microfinance banks in Osun through the process of securing the official portals.
Alhaji Tunde Lawal, Chairman of NAMB in Osun State, highlighted the importance of cybersecurity in the evolving banking landscape, stressing the urgent need to counter the rising cyber threats plaguing Nigeria’s financial institutions.
Lawal emphasized the need for participants not to only internalize their learnings but also disseminate the knowledge to safeguard their bank’s assets and environments.
Addressing the significance of the training, Mr Promise Nwankwo, the seminar’s facilitator, pointed out that given the Central Bank of Nigeria’s recent introduction of the open banking system has made it imperative for Microfinance Banks to have grasp knowledge and the implications of the ongoing transformation in information communication technology.
“The transition to digital banking necessitates an understanding of cybersecurity risks and the protection of client data. This is why seminars like this are important as they will equip staff with requisite knowledge about the system.” He said.
The Secretary of NAMB and Chairman of the Training Committee, Alhaji Dauda Adebisi-Balogun, echoed the importance of cybersecurity awareness, citing its role in fortifying the Microfinance Banks against both external threats and societal challenges.
He emphasized that a secured banking system is vital in the face of potential cyber attacks that could lead to significant losses.
Adebisi-Balogun added that the training event serves to bridge the knowledge gap, especially considering the relatively new landscape of electronic banking. He underscored the necessity for leadership and staff to embrace the concepts of cybersecurity, ensuring the institution’s ability to thwart potential threats.
Mr Ezekiel Akano, the Public Relations Officer of NAMB South-West and MD/CEO of Moyofade MFB, highlighted the evolving nature of the financial world and the importance of adapting to electronic banking.
He pointed out that embracing this trend will not only enhance the banking system’s income potential but also pave the way for various transactions such as point-of-sale (POS) and ATM services, leading to increased revenue for the banks.
