Harnessing Digital Trust for Financial Inclusion and Technology Access: Insights from ISACA Abuja 16th Annual Conference
Digital trust has become the cornerstone of financial inclusion and technology access in today’s interconnected world. As Nigeria continues its digital transformation journey, robust cybersecurity frameworks and confidence in digital services are paramount. The ISACA Abuja 16th Annual Conference, themed “Harnessing Digital Trust for Financial Inclusion and Technology Access,” brought together industry experts, policymakers, IT professionals, and Chief Information Security Officers (CISOs) from the banking sectors to discuss the crucial role of digital trust in expanding financial services and technological innovation.
Digital Trust: The Key to Inclusive Growth
Digital trust refers to the confidence users and businesses place in digital platforms’ security, reliability, and integrity. It is the foundation upon which digital financial services and technological access are built. Without trust, individuals may be reluctant to use online banking, mobile payments, and other digital financial services, excluding large population segments from the formal financial system.
Dr. Vincent Olatunji, the National Commissioner of the Nigeria Data Protection Commission (NDPC), highlighted this in his closing keynote remarks: “Digital trust is the backbone of financial inclusion, especially in a rapidly digitizing economy like Nigeria’s. Without data privacy and cybersecurity assurance, we cannot expect widespread adoption of digital financial services.”
The Role of Cybersecurity in Building Digital Trust
Cybersecurity is at the heart of digital trust. The more secure a system is, the more likely users trust it. Financial institutions, Payment Service Banks (PSBs), and Digital Money Banks (DMBs) are prime targets for cyber threats, making cybersecurity resilience a necessity for these institutions.
During the conference, Glory O. Idehen, who led the workshop on “Enhancing Cybersecurity Resilience: Adapting to CBN’s Risk-Based Cybersecurity Framework,” emphasized that “For digital financial services to thrive, financial institutions must implement robust cybersecurity measures. The CBN’s framework provides a roadmap for achieving this, ensuring that PSBs and DMBs remain resilient in the face of evolving cyber threats.”
Financial Inclusion and Technology Access: Bridging the Gap One of Nigeria’s key goals is to achieve 95% financial inclusion by 2024, as set out in the National Financial Inclusion Strategy (NFIS). Digital financial services, such as mobile banking, fintech innovations, and mobile money, significantly reach underserved and unbanked populations.
Kayode Makinde, Acting Director of Banking Supervision at the Central Bank of Nigeria (CBN), spoke on the importance of digital trust in driving financial inclusion. “A financial system plagued by cyber incidents will deter individuals from participating, thereby hindering financial inclusion efforts. Our mission at the CBN is to ensure that our financial institutions meet compliance standards and foster trust through secure and accessible digital services,” he noted.
Technology as an Enabler of Inclusion
Technology is driving financial inclusion and providing opportunities for innovation. From mobile applications and USSD (Unstructured Supplementary Service Data) banking, a mobile banking service that allows users to access basic financial services through a simple text-based interface, to fintech innovations, technology offers scalable solutions that can reach Nigeria’s most remote areas. However, this growth must be accompanied by the right governance and oversight to protect users and ensure equitable access.
Ahmad Goni Bundi, who facilitated a session on “Embracing Digital Banking Evolution: Balancing Financial Penetration with Trust,” pointed out, “The rapid adoption of mobile banking and digital wallets has transformed access to financial services, but this also increases exposure to cybersecurity risks. Digital trust ensures that we protect users from cyber threats as we expand these services.”
Call to Action: Building a Secure and Inclusive Digital Economy
As Nigeria advances toward its goal of greater financial inclusion, the importance of digital trust cannot be overstated. It’s not just the responsibility of financial institutions to adhere to cybersecurity frameworks, protect data privacy, and foster trust. It’s a shared responsibility that requires collaboration between the public and private sectors to achieve these goals.
The ISACA Abuja Chapter calls on financial institutions, PSBs, DMBs, and aspiring Chief Information Security Officers (CISOs) to join the ongoing efforts to enhance digital trust through continuous learning and certification. With the upcoming CISM Review Class and CBN Risk-Based Cybersecurity Framework, professionals could gain the skills necessary to lead cybersecurity initiatives in their organizations, contributing to the broader mission of financial inclusion and secure digital innovation.
Join us in this mission to build a secure, resilient, and inclusive digital economy. Register for the CISM Review Class today and become a leader in cybersecurity governance.
