The Central Bank of Nigeria (CBN) is tightening the screws on cybersecurity, and this time, it wants the industry to grade itself first.
In a circular dated March 30, the CBN directed banks, fintechs, and other financial institutions to complete a new cybersecurity self-assessment tool (CSAT), a structured supervisory instrument designed to expose how prepared, or unprepared, they are for cyber threats.
Deposit money banks have three weeks to comply. Other financial institutions, including microfinance banks, payment service providers, payment service banks, finance companies, and development finance institutions, get five weeks.
The new directive is part of the regulator’s latest effort to strengthen Nigeria’s digital banking infrastructure against a surge in cyberattacks.
According to Check Point Software Technologies, a cybersecurity platform provider, the Nigerian banking and financial sector recorded 4,718 weekly attacks in 2024.
Also, as instant payments continue to grow, reaching ₦284.99 trillion ($185.66 billion) in the first quarter of 2025, the cyberattack surface has widened with money flowing through web, mobile apps, and agent networks.
Read more: https://techcabal.com/2026/04/01/cbn-gives-banks-21-days-to-grade-their-cyber-defences/
