Contribution to the 2023/2024 IT Standards Compliance Audit for National Microfinance Banks and Payment Service Providers

In a proactive move towards fortifying the payment ecosystem and elevating industry-wide security standards, the Bankers' Committee, in 2021, directed the inclusion of National Microfinance Banks (NMFBs) and Payment Service Providers (PSPs) in the IT Standards Blueprint. This directive aimed to prevent these entities from becoming the weakest link in the financial service industry.

Following this directive, the Shared Services Office of the Central Bank of Nigeria (CBN) developed and released the IT Standards Blueprint for NMFBs and PSPs in 2021. This blueprint outlined crucial guidelines for compliance, aligning these institutions with best practices to enhance the overall security of the financial services sector.

In anticipation of the 2023 audit cycle, a two-day IT Standard Compliance Pre-Audit Workshop was conducted, focusing on equipping entities with the requisite knowledge of processes involved and the expected requirements. Additionally, a virtual walkthrough was organised to address the checklist for maturing IT standards, ensuring comprehensive understanding and preparation.

To uphold adherence and compliance to the blueprint, the 2023 IT Standards Compliance Audit has been scheduled to take place between April and May 2024. The audit will specifically focus on the maturing IT standards of;

- Cloud Security (ISO 27017)

- Cybersecurity (ISO 27032)

- Project Management (PMP/Prince2)

It is noteworthy that the compliance audit is a meticulous process carried out by independent assessors in accordance with the terms of reference set by the IT Standards Governance Council. As part of industry standard initiatives, organisations are expected to contribute to the exercise, thereby offsetting the costs associated with the assessment.

This strategic initiative underscores our commitment to maintaining robust security measures and fostering a resilient financial services ecosystem. By aligning with globally recognised IT standards, NMFBs and PSPs can enhance their operational resilience and contribute to the overall integrity of the financial industry.

We are a reliable and experienced Business consulting, PCI DSS, Qualified Security Assessor (QSA) company and we can significantly contribute to the success of your business.

Read about our partnership with PECB.

Contact us +234 706 970 3016, +1 438 509 7383 to get started.

Feel free to follow us on Facebook, LinkedIn, Twitter, Youtube and Instagram.