The Central Bank of Nigeria (CBN) has called on banks, fintechs, and other financial institutions to treat cybersecurity and third-party technology risks as critical financial stability issues. Dr Rakiya Yusuf, Director of Payments System Supervision at the CBN and Chairperson of the Nigeria Electronic Fraud Forum, issued the warning at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria in Abuja. She emphasised that vulnerabilities in one institution could trigger widespread disruption across the financial system. The warning comes amid growing reliance on fintechs, payment service providers, and cloud operators.
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