Mastercard has unveiled an AI-powered suite of tools designed to help banks assess cyber risks across their ecosystem and prevent breaches.
Drawing on the capabilities of RiskRecon, which Mastercard acquired earlier this year, the Cyber Secure suite’s AI combines multiple public and proprietary data sources.
Then, it evaluates this data against 40 security and infrastructure criteria, with the impact and importance of each vulnerability analysed to produce a cyber risk rating and issue priority navigator.
This information can be used by banks to identify and prioritise threats and vulnerabilities as well as to help their merchant clients.
Ajay Bhalla, president, cyber and intelligence, Mastercard, says: “The world today faces a $5.2 trillion cyber breach problem. This is one of the biggest threats to consumer trust. At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers.
“With Cyber Secure, we have a suite of AI-powered cyber capabilities that allows us to do just that, ensuring trust across every experience, for businesses and consumers.”
9PSB Will Drive Financial Innovation Among Youths And Women- CEO
L-R: Mr. Mohammed Edewor, Board Member 9PSB; Mr. Asega Aliga Board Member 9PSB; His Highness Emir of Bichi, Alhaji Nasir Ado Bayero and Branka Mracajac, CEO 9PSB at the launch of 9 Payment Service Bank (9PSB) in Lagos State recently.
The CEO of 9PSB, Branka Mracajac said the goal of 9PSB to drive financial innovation, especially among the youth and women across Nigeria.
She said the key mitigating strategy that would aid 9PSB in fulfilling the financial inclusion mandate of the Central Bank of Nigeria is by offering compelling products, seamless execution and excellent customer service.
“Financial innovation plays a unique role in fostering sustainable and equitable growth primarily among the unbanked and underbanked within the rural areas in Nigeria, and I am very optimistic that 9PSB will drive financial innovation, especially among the youth and women across Nigeria. This is our goal at 9PSB. It is also why we are here. It is the difference we are committed to making in the Nigerian financial sector,” she said.
While acknowledging the impact of infrastructure deficit and geographical coverage limitations on progress made so far towards achieving financial inclusion in Nigeria, Branka said that the key mitigating strategy that 9PSB is bringing to the table is to create synergies between agent banking as an important driver of financial inclusion and a superior product mix.
Explaining further, Branka said, “9PSB will deploy a wide distribution network that will serve as a channel for financial education for rural and low-income consumers. This will enable them to conduct basic banking services like cash-in and cash-out transactions.”
The Nigerian banking sector has been set on a new innovative course with the launch of a digital lifestyle bank, 9 Payment Service Bank (9PSB), the first of its kind in the financial industry.
Established with the aim of furthering financial inclusion in the country and providing financial services to Nigerians, who were previously excluded, the entrance of 9PSB as a digital lifestyle bank is designed to address critical challenges facing bank customers.
Speaking at a panel discussion at the launch of 9PSB, seasoned Fintech analysts and journalist such as Ashley Immanuel, Tunji Andrews, Tracia Ikponmwonba and Adejuwon Soyinka, offered suggestion that could bolster financial literacy and inclusion in rural and urban areas of Nigeria. The theme of the panel discussion was “Examining the challenges facing Nigerian banks and payment industry and how 9PSB can revolutionize the financial sector.”
9 Payment Service Bank (9PSB) in its uniqueness will leverage on its existing mobile and digital channels, offering a first of its kind wide network of agents as well as web and digital applications and physical structures to provide financial consumers with an experience novel to the Nigerian populace.
In his goodwill message at the event, Chairman Board of Directors, EMTS, parent company of 9PSB, HRH, Alhaji Nasiru Ado Bayero, stated that the launch of 9PSB is the beginning of an exciting chapter in the company’s growth agenda.
“We see 9PSB as yet another opportunity to serve 59 million unbanked adults through the deployment of financial services that will leverage on top mobile technology and distribution network to support the financial inclusion efforts of the Federal Government,” he said.
CIBN Forum: Emefiele To Unveil Banking Scorecard, Regulatory Roadmap
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele is set to provide economic insight into the monetary policy and regulatory direction for the coming year at the 55th annual bankers dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).
A statement by the head, marketing/ corporate communication & external relations, CIBN, Nelson Olagundoye recently, stated that the CBN governor who will be delivering the keynote address is also expected to present the banking industry score card for the current year at the event which will hold on Friday, November 27, 2020.
The event with strict adherence to the protocol against the spread of COVID-19 pandemic will be graced by over 1,500 participants across the world. This year’s edition of the Dinner will also be transmitted simultaneously through Zoom teleconferencing to accommodate participation across the globe.
Also, governor of Lagos State, Mr. Babajide Sanwo-Olu, and other state governors, are expected to grace the occasion as special guests of honour. President/Chairman of Council, CIBN, Bayo Olugbemi will deliver the welcome address while Registrar/CEO, CIBN ‘Seye Awojobi will give the vote of thanks.
The organising committee of this year’s edition of the dinner is chaired by the managing director/chief executive officer of Sterling Bank Plc, Abubakar Sulieman.
The annual bankers’ dinner is a thought-led socio-economic event of the Industry and being the biggest high-profile social forum annually organized by the Institute for the banking and finance industry, distinguished personalities including captains of industry, top Executives of Banks and non-bank institutions including CEOs and Chairmen, Diplomatic Missions, top government functionaries, legislators, accomplished businessmen, academics and other stakeholders are usually gathered to interact and network under a pleasant social setting.
9PSB Launches Digital Bank, Targets Six Million In First Year
Nigeria’s new entrant into the digital financial services, 9 Payment Service Bank (9PSB) today went live on its digital banking platform with plans to reach over six million financially excluded over the next one year.
It proposes high-end digital banking and financial inclusion services that will make transactions easier, convenient and accessible for people of all social classes in Nigeria.
Speaking during the launch in Lagos yesterday, the chief executive officer, 9PSB, Branka Mracajac, said, “The initiative which is financially included is in order to influence national economic development to improve welfare, generate standard of living for everyone, particularly in poverty reduction, employment creation.
She noted that, “The product is the first payment service designed to transform financial services in Nigeria by providing VAT and market driven solutions that will address the challenges financially.
“Currently, our key mitigating strategy is to create synergies between age integrity and something important driver of financial inclusion and the superior product mix that we are offering. We strongly believe that we will address the pain points of underpaid, the underbanked and unbanked Nigerians by offering a compelling product, seamless educate execution of processes and an excellent customer service”, she said.
Financial Innovation is a unique role in fostering sustainable equitable growth primarily among the unbanked and the underbanked. Within the rural areas in Nigeria, 9PSB we build job of financial inclusion, especially among the US and across Nigeria.
“Basically, the main difference between us and other platforms is that everyone with a phone number can have a bank account in 9PSB, which means that you don’t have to go to bank, you don’t have to have BVN, you don’t have to go to process and then to memorize your banking details. The last 10 digits of your phone number makes your account number.”
The difference between our platform and other banking platforms are that you can do everything so you can conduct banking services, from the comfort of your home, it’s only needed to have a smartphone or feature device.
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