The Nigerian Inter-Bank Settlement System (NIBSS), yesterday said the Nigerian banking industry lost the sum of N12.30 billion to frauds between 2014 and 2017. Managing director, NIBBS, Mr Adebisi Shonubi, disclosed this at the third annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos, Nigeria.… Continue reading Nigerian Banks Lose N12.30bn To Fraud In 4 Years.
Exposure to cyber attacks in the financial services sector is creating a growing demand for cyber-insurance. Banks and financial technology firms are beginning to see a need to explore cyber-insurance as a means of alleviating the impact of electronic payment fraud in Nigeria. Industry statistics show that Nigeria is losing about N127bn to cyber-fraud every… Continue reading Banks, tech firms combat N2.19bn e-fraud with cyber-insurance.
Insurance companies in the country who fail to pay genuine claims, risk losing a substantial part of their cumulative N30 billion statutory deposits, while managing directors of the underwriting firms will also face removal, this was revealed by reliable inside sources. Findings revealed that the 58 registered insurance companies in the country have cumulative statutory… Continue reading Unpaid Claims: Insurance Companies To Lose N30bn Statutory Deposit
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele on tuesday identified key-man risk in the banking sector as a huge challenge, just as he advised financial institutions to guard against it. Mr Emefiele pointed out that while appreciable momentum had been attained in corporate governance practices in the Nigerian Banking industry, the regulators… Continue reading Nigeria’s Central Bank Governor warns banks to guard against Key – man risk.
DON’T OFFER PRODUCTS WITH INSURANCE FEATURES- CBN WARNS BANKS The Central Bank of Nigeria (CBN) has advised banks in Nigeria to desist from offering products to their customers that incorporate insurance features. The CBN also warned banks not to offer free premium payments as a feature of any of their products. Nigerian banks are enjoined… Continue reading Nigeria’s Central Bank warns Banks against offering of products with Insurance features