FIRST Bank of Nigeria Limited has received the Payment Card Industry Data Security Standard, PCI DSS version 3.2. This recertification, according to a statement from the bank, reaffirms its position in the payment card industry in Nigeria.
“Recently, First Bank was named the first financial institution in Nigeria and the West-Africa sub-region to issue 10 million cards to customers across the country. This makes First Bank the second bank in Africa to achieve this feat. With this milestone, the bank has maintained a 95 percent active card ratio and currently processes about 33 percent of card transactions in the entire banking industry,” it added.
The PCI DSS is a set of requirements designed to ensure companies that process, store or transmit credit/debit card information, maintain a secure environment thereby guaranteeing the protection of cardholder data throughout the transaction process.
“The award of this certificate is a strong indicator that First Bank consistently has its customers’ interest at the core of its business operations, is committed to securing customer information as well as maintaining a safe and secure environment for customer transactions. “Consequently, the bank presently has a card transaction volume of over 2700 per minute with one in every three card transactions being a First Bank card.”
According to Adesola Adeduntan, managing director/CEO, First Bank of Nigeria Limited and Subsidiaries, the bank’s recertification was a testament to its high level operational standards as well as its strict adherence to international security standards and other regulations. “In an era of increasing sophisticated attacks on systems; adhering to the PCI DSS represents an organisation’s best protection against cybercrime. First Bank remains committed to excellent information security management and would continue to apply the PCI DSS in its business practices,” he said.
– Dec 8, 2017 @ 14:40 GMT |