James Emejo writes that the banking sector regulatory authorities must step up their enforcement roles in addressing the factors which have caused cracks in financial stability in recent times
Despite regulatory overbearing, there had been an increase in fraudulent cases arising from the “increase in the sophistication of fraud related techniques such as hacking, cybercrime as well as increase in I.T related products and usage, fraudulent withdrawals and unauthorised credit.” The corporation had among other things highlighted the need for regulators and the banks to address the problem of contract/temporary staff in terms of welfare and permanent employment in view of the risk their current status poses to banks operations as well strengthen their internal controls and validate their recruitment process.
Speaking at the 2019 NDIC workshop for business editors and finance correspondents, themed:” Nigerian Banking System Stability: Tackling Emerging Issues” which was concluded recently Yola, Adamawa State, Deputy Director. Bank Examination Department, NDIC, Mr.
Further highlighting threats to the banking industry, he said: “Events in the recent past has challenged regulatory initiatives, not only in Nigeria, but globally. These events were characterised by unprecedented volatility and uncertainty, ushered in by a quick succession of bubble and burst in the financial and business cycle.
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