CBN Assures Nigerians of Bank Deposits’ Safety Amid Online Disruptions

Amid growing challenges of maintenance delays and internet disruptions being faced by many of the commercial banks in Nigeria, the Central Bank of Nigeria (CBN) has assured depositors and other clients that their money is intact.

Reassuring the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system, the apex bank asked Nigerians not to panic, stating that it remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

In a statement signed by Hakama Sidi Ali, Acting Director, Corporate Communications, CBN, the apex bank noted that it recognises the crucial role confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.

Ali said the CBN is actively ensuring that banks adhere to established regulations and best practices to maintain the integrity of the nation’s financial system.

According to him, regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that the financial institutions are resilient.

He added that the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing the bank to provide timely solutions to any foreseen issues.

The statement pointed out that the bank’s approach to Risk Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system.

“This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector,” it stated.

Ali disclosed that the CBN has established a Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located, adding that the collaboration enhances regulatory coordination and ensures that the nation’s banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

He further assured bank customers that the CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

The statement revealed CBN’s plans to continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.

Investors King had reported that customers of Zenith Bank recently expressed their frustration over difficulties with online banking transactions.

Just like other banks, Zenith Bank witnessed online service disruptions and maintenance delays for hours as its customers experienced hitch in sending, receiving money and viewing their balance on their bank apps.