THE Central Bank of Nigeria (CBN) has announced new information technology standards for all commercial banks in the country in an effort to ensure safety of depositors' funds. The country's apex bank said that the new IT standards would also ensure quality service delivery in the banking system. According to CBN, all commercial banks in the country has been duly notified of the development through a circular and are expected to immediately begin fully complying with the standards. CBN noted in the circular that the new standards were in pursuant to the need to identify and adopt global IT standards for Nigerian banks. It said that the standards would serve as reference points to ensure quality IT service delivery through Infrastructure Transformation programme. The circular added that the blueprints for the standards and the framework had been defined and released for adoption pending the completion and launch of the Bankers' Committee IT Standards Portal. The central bank said that the IT Standard Council would be reconstituted after two years and would drive the adoption, implementation and compliance to IT standards in the banking industry. The circular said that the compliance audit would begin at the end of the prescribed periods as indicated on the implementation roadmap. It said that the baseline assessment for 'priority 1' standards should be carried out in banks in first quarter of 2014.
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