Central bank issues guidelines to protect financial sector from cyber fraudsters


The Bank of Zambia (BoZ) has issued guidelines to enhance mitigation of risks that come with innovation and protect the financial sector from fraudsters.

The cyber and information risk management guidelines provide minimum requirements to help enhance the management of risks that come with innovation such as cyber risk.

This is according to the BoZ acting Assistant Director-Examinations and Surveillance Bank Supervision Department, Beatrice Kalale.

Kalale in Lusaka on Wednesday at the launch of the United Bank for Africa (UBA) Zambia’s Industrial branch stressed the importance of collective efforts to guard the financial sector from fraudsters.

She was of the view that doing so would promote public confidence in the sector that would in turn stir increased participation.

Read more: Bank of Zambia flags off contest on how digital financial services can improve quality of life

She noted that the opening of the bank’s branch provided an opportunity to the institution to engage customers and raise awareness on the safe use of technology, especially as it related to banking services.

“As we strive for efficiency through the increased use of technology in providing financial services and products, it is important that banks remain vigilant in mitigating the risks that come with innovation such as cyber risk,” Kalale said.

Speaking earlier, UBA Zambia Chief Executive Officer, Chinedu Obeta, stressed the bank’s utilisation of the digital platforms to provide convenient banking for customers.

Obeta also talked about the bank’s strong relationship with its customers which he cited as a key driver for opening the industrial branch.

He was optimistic that the new branch would build a stronger relationship with the customers, particularly those in industrial area.

“Coming to industrial area came as a result of requests from numerous corporate customers that we have in the bank.

“In as much as we are not trying to emphasise so much on brick and mortar banking, we equally want our branches strategic in these locations and then drive it with digital banking,” Obeta said.

Board Chairperson, Tukiya Kankasa Mabula, urged businesses to capitalise and leverage on the bank’s extensive touch points to conduct their businesses.

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