The Managing Director/CEO, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, in this interview speaks about efforts being taken by the bank to ensure that it actualises its five-year strategic plan, through which it aims to break into the league of tier one banks by 2022. Okonkwo also advises banks to take cyber security measures very serious. Obinna Chima brings the excerpts:
What is your take on cyber security in the industry and what is your bank doing to remain ahead of such fraudsters?
When it comes to cybersecurity, the entire banking industry is as strong as a bank with the weakest security measures. Therefore, no bank should toy with cyber security measures because there is a contagion effect. If fraudsters can penetrate one bank, what it means is that they can also affect other banks. Assuming a big fraud happens in a bank, that bank’s ability to repay my interbank placement becomes jeopardised. That is why it is a combined effort, Indeed, the central bank is very serious about cybersecurity. At the Bankers’ Committee, we have discussed this several times. Therefore, even at regulatory level, there are certain measures you are…
