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Law / Nigeria

CBN Supervisory Framework for Payment Service Banks, July 2021, Cybersecurity and IT Standards

Supervisory Framework for Payment Service Banks, July 2021, s. 9.0

archived copyRead from a public archive copy, not the publisher directly. The publisher does not serve this page to automated readers, so a direct fetch was not an option here; how we access sources. Archived . Publisher's page: https://www.cbn.gov.ng/Out/2021/CCD/Supervisory%20Framework%20for%20PSBs.pdf

In force.

A sector security regimes rule binding private bodies.

Instrument type
a regulation made under an act
Obligation class
Security

As of .

What it requires

  • This binds a payment service bank licensed by the Central Bank of Nigeria (reached by declaring that you are a bank).
  • Comply with the Nigerian Financial Services Industry IT Standard Blueprint and the Risk Based Cyber Security Framework, and with all other regulations the Central Bank issues regarding ICT infrastructure for banks (section 9.0).
  • Comply with PCI DSS and ISO 27001/27002 as the standards for information and technology security (section 9.0).
  • Put in place a cybersecurity programme that meets the minimum requirement laid out in the Risk Based Cybersecurity Framework (section 9.0).

These lines are LexLint's reading of the law's text, as of .

Who enforces it

Enforcement body

The Central Bank of Nigeria, which imposes financial and administrative sanctions on erring payment service banks and their principal officers as provided for in relevant laws, regulations and guidelines.

Settledness

As of
Open questions
Which edition of the Risk Based Cybersecurity Framework does section 9.0 of the 2021 Framework require a payment service bank to follow, given that the 2024 edition for banks and payment service banks replaced the 2018 edition?

What this law does

Drafted with AI

Drafted with AI from the cited sources under the direction of UnGovr staff. UnGovr holds editorial responsibility for this page. How this site is made

Research summary

Legal information, not legal advice. This is LexLint's own research summary of a public legal source, and it creates no attorney-client relationship. For decisions that matter, consult qualified counsel in the relevant jurisdiction. About LexLint

The CBN's Payments System Guidelines page lists the Supervisory Framework for Payment Service Banks under the reference PSM/DIR/CON/INM/011/077 as published on . The Framework provides a set of regulations that are targeted at streamlining the operations of Payment Service Banks.

Section 9.0 of the Framework requires a payment service bank to comply with the Nigerian Financial Services Industry IT Standard Blueprint and the Risk Based Cyber Security Framework, as well as all other regulations the Bank may issue regarding ICT infrastructure for banks. Section 9.0 of the Framework requires a payment service bank to comply with PCI DSS and ISO 27001/27002 as the standards for information and technology security.

Section 9.0 of the Framework requires a payment service bank to put in place a cybersecurity programme that shall meet the minimum requirement laid out in the Risk Based Cybersecurity Framework. Section 16.0 of the Framework provides that appropriate financial and administrative sanctions shall be imposed on erring payment service banks and their principal officers, as provided for in relevant laws, regulations and guidelines.

When LexLint raises it

When your app profile says your app is a bank.

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