Huawei Cloud Compliance with Financial Industry Regulations in Nigeria

The relevant regulatory agency in Nigeria is the Central Bank of Nigeria (CBN), who supervises and manages the cyber security defense of both banks and non-financial institutions.

CBN has released a range of regulatory requirements and provided guidance on cyber security and information technology risk management for Nigerian financial institutions in the following documents:

● Nigeria Financial Services Industry IT Standards Blueprint (Blueprint): Published in July 2019, Blueprint encourages financial institutions to develop and maintain information technology competitiveness through information technology, as well as frameworks and guidelines for using and implementing IT standards, so that they can reach the basic maturity level, which will accelerate sustainable growth, build resilience, and improve customer experience.

● Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers (DMB and PSP Guidelines): To address growing and increasingly complex cyber security threats faced by deposit money banks (DMBs) and payment service providers (PSPs), CBN issued DMB and PSP Guidelines, which came into effect on January 1, 2019. The document outlines the minimum cyber security requirements for DMBs and PSPs and provides guidance for DMBs and PSPs on how to implement cyber security plans, so that they can remain resilient and proactive in protecting information assets.

● Draft Risk-based Cybersecurity Framework and Guidelines For Other Financial Institutions (OFI Guidelines Draft): Issued by CBN on August 13, 2021, OFI Guidelines Draft outlines the minimum requirements for other financial institutions (OFIs) when they develop and implement strategies, policies, procedures, and related activities aimed at mitigating cyber risks.

Huawei Cloud User Guide to Financial Services Regulations & Guidelines in Nigeria describes how Huawei Cloud will help you meet the regulatory requirements for the financial industry.