The Central Bank of Nigeria continues to tighten its regulatory grip on microfinance banks — and the latest guidelines have significant implications for how MFBs manage their IT infrastructure and data.
Key Areas Affected
The new directives touch on cybersecurity audits, data residency requirements, core banking system standards, and incident reporting timelines. Any MFB that has not yet conducted a formal IT audit is now at risk of regulatory sanctions.
What You Need to Do
First, commission an IT audit. Second, ensure your core banking system is on a CBN-approved platform. Third, implement a formal Business Continuity Plan and test it annually. Finally, ensure all data is stored within Nigeria-based servers or CBN-approved cloud regions.
How Plugscenes Can Help
We have direct experience working with CBN-licensed MFBs including CoolMFB. Our IT infrastructure and compliance team can conduct your audit, prepare the documentation, and implement the required controls.